Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Mar. 25, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | SUBURBAN PROPANE PARTNERS LP | |
Entity Central Index Key | 1,005,210 | |
Current Fiscal Year End Date | --09-30 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $ 1,623,532,000 | |
Entity Common Stock, Shares Outstanding | 61,105,000 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Document Type | 10-K | |
Trading Symbol | SPH | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,789 | $ 37,341 |
Accounts receivable, less allowance for doubtful accounts of $3,044 and $2,441, respectively | 65,683 | 53,802 |
Inventories | 53,220 | 45,352 |
Other current assets | 17,801 | 10,804 |
Total current assets | 139,493 | 147,299 |
Property, plant and equipment, net | 692,627 | 742,129 |
Goodwill | 1,094,635 | 1,094,635 |
Other intangible assets, net | 219,876 | 276,329 |
Other assets | 24,652 | 21,907 |
Total assets | 2,171,283 | 2,282,299 |
Current liabilities: | ||
Accounts payable | 38,652 | 32,286 |
Accrued employment and benefit costs | 27,402 | 16,495 |
Accrued insurance | 13,660 | 16,270 |
Customer deposits and advances | 97,023 | 106,155 |
Accrued interest | 13,682 | 16,589 |
Other current liabilities | 19,947 | 17,259 |
Total current liabilities | 210,366 | 205,054 |
Long-term borrowings | 1,272,164 | 1,224,502 |
Accrued insurance | 54,921 | 43,406 |
Other liabilities | 80,850 | 101,106 |
Total liabilities | 1,618,301 | 1,574,068 |
Commitments and contingencies | ||
Partners' capital: | ||
Common Unitholders (60,78961,105 and 60,531789 units issued and outstanding at September 30, 2017 and September 24, 2016, respectively) | 581,794 | 754,063 |
Accumulated other comprehensive loss | (28,812) | (45,832) |
Total partners' capital | 552,982 | 708,231 |
Total liabilities and partners' capital | $ 2,171,283 | $ 2,282,299 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 |
Current assets: | ||
Allowance for doubtful accounts | $ 3,044 | $ 2,441 |
Partners' capital: | ||
Common units issued (in units) | 61,105,000 | 60,789,000 |
Common units outstanding (in units) | 61,104,544 | 60,789,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Revenues | |||
Propane | $ 1,011,078 | $ 884,169 | $ 1,176,980 |
Fuel oil and refined fuels | 78,126 | 68,759 | 127,495 |
Natural gas and electricity | 55,103 | 50,763 | 66,865 |
All other | 43,579 | 42,420 | 45,639 |
Total Revenues | 1,187,886 | 1,046,111 | 1,416,979 |
Costs and expenses | |||
Cost of products sold | 476,661 | 361,953 | 593,380 |
Operating | 410,665 | 412,756 | 444,251 |
General and administrative | 57,338 | 61,149 | 68,296 |
Depreciation and amortization | 127,938 | 129,616 | 133,294 |
Total Expenses | 1,072,602 | 965,474 | 1,239,221 |
Gain on sale of business | 0 | 9,769 | 0 |
Operating income | 115,284 | 90,406 | 177,758 |
Loss on debt extinguishment | 1,567 | 292 | 15,072 |
Interest expense, net | 75,263 | 75,086 | 77,634 |
Income before provision for income taxes | 38,454 | 15,028 | 85,052 |
Provision for income taxes | 459 | 588 | 700 |
Net income | $ 37,995 | $ 14,440 | $ 84,352 |
Net income per Common Unit - basic | $ 0.62 | $ 0.24 | $ 1.39 |
Weighted average number of Common Units outstanding - basic | 61,224 | 60,956 | 60,650 |
Net income per Common Unit - diluted | $ 0.62 | $ 0.24 | $ 1.38 |
Weighted average number of Common Units outstanding - diluted | 61,542 | 61,176 | 60,907 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 37,995 | $ 14,440 | $ 84,352 |
Other comprehensive income: | |||
Net unrealized (losses) gains on cash flow hedges | (10) | 6 | (1,159) |
Reclassification of realized losses on cash flow hedges into earnings | 215 | 1,100 | 1,388 |
Amortization of net actuarial losses and prior service credits into earnings and net change in funded status of benefit plans | 10,715 | (55) | (5,207) |
Recognition in earnings of net actuarial loss for pension settlement | 6,100 | 2,000 | 2,000 |
Other comprehensive income (loss) | 17,020 | 3,051 | (2,978) |
Total comprehensive income | $ 55,015 | $ 17,491 | $ 81,374 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 37,995 | $ 14,440 | $ 84,352 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization | 127,938 | 129,616 | 133,294 |
Loss on debt extinguishment | 1,567 | 292 | 15,072 |
Gain on sale of business | 0 | (9,769) | 0 |
Pension settlement charge | 6,100 | 2,000 | 2,000 |
Other, net | 9,261 | 9,181 | 11,605 |
Changes in assets and liabilities: | |||
Accounts receivable | (11,881) | 6,258 | 36,986 |
Inventories | (7,916) | 2,415 | 43,279 |
Other current and noncurrent assets | (9,613) | 2,037 | 3,223 |
Accounts payable | 7,088 | (1,885) | (14,761) |
Accrued employment and benefit costs | 9,933 | (13,055) | 5,203 |
Accrued insurance | 8,905 | 2,593 | (5,367) |
Customer deposits and advances | (9,132) | 1,163 | (2,239) |
Contributions to defined benefit pension plan | (11,523) | (715) | 0 |
Other current and noncurrent liabilities | 1,640 | 12,537 | 11,562 |
Net cash provided by operating activities | 160,362 | 157,108 | 324,209 |
Cash flows from investing activities: | |||
Capital expenditures | (28,168) | (38,375) | (41,213) |
Acquisition of business | 0 | (42,945) | (6,500) |
Proceeds from sale of property, plant and equipment | 5,180 | 5,950 | 11,741 |
Proceeds from sale of business | 0 | 21,465 | 0 |
Net cash (used in) investing activities | (22,988) | (53,905) | (35,972) |
Cash flows from financing activities: | |||
Proceeds from long-term borrowings | 350,000 | 0 | 250,000 |
Repayments of long-term borrowings (includes premium and fees) | (360,931) | 0 | (260,852) |
Proceeds from borrowings under revolving credit facility | 374,845 | 100,000 | 0 |
Repayments of borrowings under revolving credit facility | (312,200) | (100,000) | 0 |
Issuance costs associated with long-term borrowings | (7,064) | (2,678) | (4,568) |
Partnership distributions | (216,576) | (215,522) | (213,118) |
Net cash (used in) financing activities | (171,926) | (218,200) | (228,538) |
Net (decrease) increase in cash and cash equivalents | (34,552) | (114,997) | 59,699 |
Cash and cash equivalents at beginning of period | 37,341 | 152,338 | 92,639 |
Cash and cash equivalents at end of period | 2,789 | 37,341 | 152,338 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | $ 76,606 | $ 74,289 | $ 75,597 |
CONSOLIDATED STATEMENTS OF PART
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - USD ($) shares in Thousands, $ in Thousands | Total | Common Unitholders [Member] | Accumulated Other Comprehensive (Loss) [Member] |
Balance at Sep. 27, 2014 | $ 1,021,453 | $ 1,067,358 | $ (45,905) |
Balance (in units) at Sep. 27, 2014 | 60,317 | ||
Net income | 84,352 | $ 84,352 | |
Net unrealized (losses) gains on cash flow hedges | (1,159) | (1,159) | |
Reclassification of realized losses on cash flow hedges into earnings | 1,388 | 1,388 | |
Amortization of net actuarial losses and prior service credits into earnings and net change in funded status of benefit plans | (5,207) | (5,207) | |
Recognition in earnings of net actuarial loss for pension settlement | 2,000 | 2,000 | |
Partnership distributions | (213,118) | $ (213,118) | |
Common Units issued under Restricted Unit Plans (in units) | 214 | ||
Compensation cost recognized under Restricted Unit Plans, net of forfeitures | 8,611 | $ 8,611 | |
Balance at Sep. 26, 2015 | 898,320 | $ 947,203 | (48,883) |
Balance (in units) at Sep. 26, 2015 | 60,531 | ||
Net income | 14,440 | $ 14,440 | |
Net unrealized (losses) gains on cash flow hedges | 6 | 6 | |
Reclassification of realized losses on cash flow hedges into earnings | 1,100 | 1,100 | |
Amortization of net actuarial losses and prior service credits into earnings and net change in funded status of benefit plans | (55) | (55) | |
Recognition in earnings of net actuarial loss for pension settlement | 2,000 | 2,000 | |
Partnership distributions | (215,522) | $ (215,522) | |
Common Units issued under Restricted Unit Plans (in units) | 258 | ||
Compensation cost recognized under Restricted Unit Plans, net of forfeitures | 7,942 | $ 7,942 | |
Balance at Sep. 24, 2016 | 708,231 | $ 754,063 | (45,832) |
Balance (in units) at Sep. 24, 2016 | 60,789 | ||
Net income | 37,995 | $ 37,995 | |
Net unrealized (losses) gains on cash flow hedges | (10) | (10) | |
Reclassification of realized losses on cash flow hedges into earnings | 215 | 215 | |
Amortization of net actuarial losses and prior service credits into earnings and net change in funded status of benefit plans | 10,715 | 10,715 | |
Recognition in earnings of net actuarial loss for pension settlement | 6,100 | 6,100 | |
Partnership distributions | (216,576) | $ (216,576) | |
Common Units issued under Restricted Unit Plans (in units) | 316 | ||
Compensation cost recognized under Restricted Unit Plans, net of forfeitures | 6,312 | $ 6,312 | |
Balance at Sep. 30, 2017 | $ 552,982 | $ 581,794 | $ (28,812) |
Balance (in units) at Sep. 30, 2017 | 61,105 |
Partnership Organization and Fo
Partnership Organization and Formation | 12 Months Ended |
Sep. 30, 2017 | |
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 61,104,544 Common Units outstanding at September 30, 2017. The holders of Common Units are entitled to participate in distributions and exercise the rights and privileges available to limited partners under the Third Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”), as amended. Rights and privileges under the Partnership Agreement include, among other things, the election of all members of the Board of Supervisors and voting on the removal of the general partner. Suburban Propane, L.P. (the “Operating Partnership”), a Delaware limited partnership, is the Partnership’s operating subsidiary formed to operate the propane business and assets. In addition, Suburban Sales & Service, Inc. (the “Service Company”), a subsidiary of the Operating Partnership, was formed to operate the service work and appliance and parts businesses of the Partnership. The Operating Partnership, together with its direct and indirect subsidiaries, accounts for substantially all of the Partnership’s assets, revenues and earnings. The Partnership, the Operating Partnership and the Service Company commenced operations in March 1996 in connection with the Partnership’s initial public offering. The general partner of both the Partnership and the Operating Partnership is Suburban Energy Services Group LLC (the “General Partner”), a Delaware limited liability company, the sole member of which is the Partnership’s Chief Executive Officer. Other than as a holder of 784 Common Units that will remain in the General Partner, the General Partner does not have any economic interest in the Partnership or the Operating Partnership. The Partnership’s fuel oil and refined fuels, natural gas and electricity and services businesses are structured as either limited liability companies that are treated as corporations or corporate entities (collectively referred to as the “Corporate Entities”) and, as such, are subject to corporate level U.S. income tax. Suburban Energy Finance Corp., a direct 100%-owned subsidiary of the Partnership, was formed on November 26, 2003 to serve as co-issuer, jointly and severally with the Partnership, of the Partnership’s senior notes. The Partnership serves approximately 1.0 million residential, commercial, industrial and agricultural customers through 668 locations in 41 states. The Partnership’s operations are principally concentrated in the east and west coast regions of the United States, as well as portions of the Midwest region of the United States and Alaska. No single customer accounted for 10% or more of the Partnership’s revenues during fiscal 2017, 2016 or 2015. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation. The consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100% limited partner interest in the Operating Partnership. Fiscal Period. The Partnership uses a 52/53 week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally 13 weeks in duration. When the Partnership’s fiscal year is 53 weeks long, as was the case for fiscal 2017, the corresponding fourth quarter is 14 weeks in duration. Fiscal 2016 and 2015 included 52 weeks of operations. Revenue Recognition. Sales of propane, fuel oil and refined fuels are recognized at the time product is delivered to the customer. Revenue from the sale of appliances and equipment is recognized at the time of sale or when installation is complete, as applicable. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from annually billed service contracts is recognized ratably over the service period. Revenue from the natural gas and electricity business is recognized based on customer usage as determined by meter readings for amounts delivered, some of which may be unbilled at the end of each accounting period. Revenue from annually billed tank fees is deferred at the time of billings and recognized on a straight-line basis over one year. Fair Value Measurements. The Partnership measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. Business Combinations. The Partnership accounts for business combinations using the acquisition method and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. The primary drivers that generate goodwill are the value of synergies between the acquired entities and the Partnership, and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Identifiable intangible assets with finite lives are amortized over their useful lives. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. The Partnership expenses all acquisition-related costs as incurred. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates have been made by management in the areas of self-insurance and litigation reserves, pension and other postretirement benefit liabilities and costs, valuation of derivative instruments, depreciation and amortization of long-lived assets, asset impairment assessments, tax valuation allowances, allowances for doubtful accounts, and purchase price allocation for acquired businesses. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term. Cash and Cash Equivalents. The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short maturity of these instruments. Inventories. Inventories are stated at the lower of cost or market. Cost is determined using a weighted average method for propane, fuel oil and refined fuels and natural gas, and a standard cost basis for appliances, which approximates average cost. Derivative Instruments and Hedging Activities Commodity Price Risk. Given the retail nature of its operations, the Partnership maintains a certain level of priced physical inventory to help ensure its field operations have adequate supply commensurate with the time of year. The Partnership’s strategy is to keep its physical inventory priced relatively close to market for its field operations. The Partnership enters into a combination of exchange-traded futures and option contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to hedge price risk associated with propane and fuel oil physical inventories, as well as future purchases of propane or fuel oil used in its operations and to help ensure adequate supply during periods of high demand. In addition, the Partnership sells propane and fuel oil to customers at fixed prices, and enters into derivative instruments to hedge a portion of its exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. Under this risk management strategy, realized gains or losses on derivative instruments will typically offset losses or gains on the physical inventory once the product is sold or delivered as it pertains to fixed price contracts. All of the Partnership’s derivative instruments are reported on the consolidated balance sheet at their fair values. In addition, in the course of normal operations, the Partnership routinely enters into contracts such as forward priced physical contracts for the purchase or sale of propane and fuel oil that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Partnership does not use derivative instruments for speculative trading purposes. Market risks associated with derivative instruments are monitored daily for compliance with the Partnership’s Hedging and Risk Management Policy which includes volume limits for open positions. Priced on-hand inventory is also reviewed and managed daily as to exposures to changing market prices. On the date that derivative instruments are entered into, other than those designated as normal purchases or normal sales, the Partnership makes a determination as to whether the derivative instrument qualifies for designation as a hedge. Changes in the fair value of derivative instruments are recorded each period in current period earnings or other comprehensive income (“OCI”), depending on whether the derivative instrument is designated as a hedge and, if so, the type of hedge. For derivative instruments designated as cash flow hedges, the Partnership formally assesses, both at the hedge contract’s inception and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of derivative instruments designated as cash flow hedges are reported in OCI to the extent effective and reclassified into earnings during the same period in which the hedged item affects earnings. The mark-to-market gains or losses on ineffective portions of cash flow hedges are recognized in earnings immediately. Changes in the fair value of derivative instruments that are not designated as cash flow hedges, and that do not meet the normal purchase and normal sale exemption, are recorded within earnings as they occur. Cash flows associated with derivative instruments are reported as operating activities within the consolidated statement of cash flows. Interest Rate Risk. A portion of the Partnership’s borrowings bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus an applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1% or the agent bank’s prime rate, or LIBOR plus 1%, plus the applicable margin. The applicable margin is dependent on the level of the Partnership’s total leverage (the ratio of total debt to income before deducting interest expense, income taxes, depreciation and amortization (“EBITDA”)). Therefore, the Partnership is subject to interest rate risk on the variable component of the interest rate. From time to time, the Partnership manages part of its variable interest rate risk by entering into interest rate swap agreements. The interest rate swaps have been designated as, and are accounted for as, cash flow hedges. The fair value of the interest rate swaps are determined using an income approach, whereby future settlements under the swaps are converted into a single present value, with fair value being based on the value of current market expectations about those future amounts. Changes in the fair value are recognized in OCI until the hedged item is recognized in earnings. However, due to changes in the underlying interest rate environment, the corresponding value in OCI is subject to change prior to its impact on earnings. Valuation of Derivative Instruments. The Partnership measures the fair value of its exchange-traded options and futures contracts using quoted market prices found on the New York Mercantile Exchange (the “NYMEX”) (Level 1 inputs); the fair value of its swap contracts using quoted forward prices, and the fair value of its interest rate swaps using model-derived valuations driven by observable projected movements of the 3-month LIBOR (Level 2 inputs); and the fair value of its over-the-counter options contracts using Level 3 inputs. The Partnership’s over-the-counter options contracts are valued based on an internal option model. The inputs utilized in the model are based on publicly available information as well as broker quotes. The significant unobservable inputs used in the fair value measurements of the Partnership’s over-the-counter options contracts are interest rate and market volatility. Long-Lived Assets Property, plant and equipment. Property, plant and equipment are stated at cost. Expenditures for maintenance and routine repairs are expensed as incurred while betterments are capitalized as additions to the related assets and depreciated over the asset’s remaining useful life. The Partnership capitalizes costs incurred in the acquisition and modification of computer software used internally, including consulting fees and costs of employees dedicated solely to a specific project. At the time assets are retired, or otherwise disposed of, the asset and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized within operating expenses. Depreciation is determined under the straight‑line method based upon the estimated useful life of the asset as follows: Buildings 40 Years Building and land improvements 20 Years Transportation equipment 3-10 Years Storage facilities 7-30 Years Office equipment 5-10 Years Tanks and cylinders 10-40 Years Computer software 3-7 Years The weighted average estimated useful life of the Partnership’s storage facilities and tanks and cylinders is approximately 22 years and 28 years, respectively. The Partnership reviews the recoverability of long-lived assets when circumstances occur that indicate that the carrying value of an asset may not be recoverable. Such circumstances include a significant adverse change in the manner in which an asset is being used, current operating losses combined with a history of operating losses experienced by the asset or a current expectation that an asset will be sold or otherwise disposed of before the end of its previously estimated useful life. Evaluation of possible impairment is based on the Partnership’s ability to recover the value of the asset from the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the expected undiscounted cash flows are less than the carrying amount of such asset, an impairment loss is recorded as the amount by which the carrying amount of an asset exceeds its fair value. The fair value of an asset will be measured using the best information available, including prices for similar assets or the result of using a discounted cash flow valuation technique. Goodwill. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is subject to an impairment review at a reporting unit level, on an annual basis as of the end of fiscal July of each year, or when an event occurs or circumstances change that would indicate potential impairment. The Partnership has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform the first step of the two-step impairment test. Under the two-step impairment test, the Partnership assesses the carrying value of goodwill at a reporting unit level based on an estimate of the fair value of the respective reporting unit. Fair value of the reporting unit is estimated using discounted cash flow analyses taking into consideration estimated cash flows in a ten-year projection period and a terminal value calculation at the end of the projection period. If the fair value of the reporting unit exceeds its carrying value, the goodwill associated with the reporting unit is not considered to be impaired. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized to the extent that the carrying amount of the associated goodwill, if any, exceeds the implied fair value of the goodwill. Other Intangible Assets. Other intangible assets consist of customer relationships, tradenames, non-compete agreements and leasehold interests. Customer relationships and tradenames are amortized under the straight-line method over the estimated period for which the assets are expected to contribute to the future cash flows of the reporting entities to which they relate, ending periodically between fiscal years 2019 and 2025. Non-compete agreements are amortized under the straight-line method over the periods of the related agreements. Leasehold interests are amortized under the straight-line method over the shorter of the lease term or the useful life of the related assets, through fiscal 2025. Accrued Insurance. Accrued insurance represents the estimated costs of known and anticipated or unasserted claims for self-insured liabilities related to general and product, workers’ compensation and automobile liability. Accrued insurance provisions for unasserted claims arising from unreported incidents are based on an analysis of historical claims data. For each claim, the Partnership records a provision up to the estimated amount of the probable claim utilizing actuarially determined loss development factors applied to actual claims data. The Partnership maintains insurance coverage such that its net exposure for insured claims is limited to the insurance deductible, claims above which are paid by the Partnership’s insurance carriers. For the portion of the estimated liability that exceeds insurance deductibles, the Partnership records an asset related to the amount of the liability expected to be covered by insurance. Pension and Other Postretirement Benefits. The Partnership estimates the rate of return on plan assets, the discount rate used to estimate the present value of future benefit obligations and the expected cost of future health care benefits in determining its annual pension and other postretirement benefit costs. In October 2014, the Society of Actuaries (“SOA”) issued new mortality tables (RP-2014) and a new mortality improvement scale (MP-2014). 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. Customer Deposits and Advances. The Partnership offers different payment programs to its customers including the ability to prepay for usage and to make equal monthly payments on account under a budget payment plan. The Partnership establishes a liability within customer deposits and advances for amounts collected in advance of deliveries. Income Taxes. As discussed in Note 1, the Partnership structure consists of two limited partnerships, the Partnership and the Operating Partnership, and the Corporate Entities. For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are included in the tax returns of the Common Unitholders. As a result, except for certain states that impose an income tax on partnerships, no income tax expense is reflected in the Partnership’s consolidated financial statements relating to the earnings of the Partnership and the Operating Partnership. The earnings attributable to the Corporate Entities are subject to federal and state income tax. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Common Unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the Partnership Agreement. Income taxes for the Corporate Entities are provided based on the asset and liability approach to accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets when it is more likely than not that the full amount will not be realized. Loss Contingencies. In the normal course of business, the Partnership is involved in various claims and legal proceedings. The Partnership records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. The liability includes probable and estimable legal costs to the point in the legal matter where the Partnership believes a conclusion to the matter will be reached. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Asset Retirement Obligations. Asset retirement obligations apply to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. The Partnership has recognized asset retirement obligations for certain costs to remove and properly dispose of underground and aboveground fuel oil storage tanks and contractually mandated removal of leasehold improvements. The Partnership records a liability at fair value for the estimated cost to settle an asset retirement obligation at the time that liability is incurred, which is generally when the asset is purchased, constructed or leased. The Partnership records the liability, which is referred to as the asset retirement obligation, when it has a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Partnership records the liability when sufficient information is available to estimate the liability’s fair value. Unit-Based Compensation. The Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity or equity-based compensation based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on remeasurement of the award’s fair value at the conclusion of each interim and annual reporting period until the date of settlement, taking into consideration the probability that the performance conditions will be satisfied. Costs and Expenses. The cost of products sold reported in the consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, as well as the cost of natural gas and electricity sold, including transportation costs to deliver product from the Partnership’s supply points to storage or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances, equipment and related parts sold or installed by the Partnership’s customer service centers computed on a basis that approximates the average cost of the products. Unrealized (non-cash) gains or losses from changes in the fair value of commodity derivative instruments that are not designated as cash flow hedges are recorded in each reporting period within cost of products sold. Cost of products sold is reported exclusive of any depreciation and amortization as such amounts are reported separately within the consolidated statements of operations. All other costs of operating the Partnership’s retail propane, fuel oil and refined fuels distribution and appliance sales and service operations, as well as the natural gas and electricity marketing business, are reported within operating expenses in the consolidated statements of operations. These operating expenses include the compensation and benefits of field and direct operating support personnel, costs of operating and maintaining the vehicle fleet, overhead and other costs of the purchasing, training and safety departments and other direct and indirect costs of operating the Partnership’s customer service centers. All costs of back office support functions, including compensation and benefits for executives and other support functions, as well as other costs and expenses to maintain finance and accounting, treasury, legal, human resources, corporate development and the information systems functions are reported within general and administrative expenses in the consolidated statements of operations. Net Income Per Unit. Computations of basic income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units, and vested (and unissued) restricted units granted under the Partnership’s Restricted Unit Plan, 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 Plan. In computing diluted net income per Common Unit, weighted average units outstanding used to compute basic net income per Common Unit were increased by 317,632, 220,112 and 256,794 units for fiscal 2017, 2016 and 2015, respectively, to reflect the potential dilutive effect of the unvested restricted units outstanding using the treasury stock method. Comprehensive Income. The Partnership reports comprehensive income (the total of net income and all other non-owner changes in partners’ capital) within the consolidated statement of comprehensive income. Other comprehensive income includes unrealized gains and losses on derivative instruments accounted for as cash flow hedges and reclassifications of realized losses on cash flow hedges into earnings, amortization of net actuarial losses and prior service credits into earnings and changes in the funded status of pension and other postretirement benefit plans, and net actuarial losses recognized in earnings associated with pension settlements. Reclassifications. Certain prior period amounts have been reclassified to conform with current period presentation. See Recently Adopted Accounting Pronouncements, below. Recently Issued Accounting Pronouncements. In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). This update provides guidance on the capitalization, presentation and disclosure of net benefit costs. ASU 2017-07 is 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 2019 and will be applied retrospectively upon adoption. The Partnership is currently evaluating the impact that the standard will have on the Partnership’s consolidated statements of operations. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). This update eliminates the second of the two-step goodwill impairment test, as described above. Instead, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit to its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for the first interim period within annual reporting periods beginning after December 15, 2019, which will be the Partnership’s first quarter of fiscal 2021. Early adoption of ASU 2017-04 is permitted. The Partnership does not expect the adoption of ASU 2017-04 will have a material impact on the Partnership’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). This update addresses eight specific cash flow issues and is intended to reduce diversity in practice on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is 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 2019. Early adoption of ASU 2016-15 is permitted. The Partnership is currently evaluating the impact that the standard will have on the Partnership’s . In March 2016, the FASB issued ASU 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 2018. Early adoption of ASU 2016-09 is permitted. The adoption of ASU 2016-09 will not have a material impact on the Partnership’s consolidated financial statements. 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 2020. 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 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 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 its adoption will have a material impact on the Partnership’s consolidated financial statements. Recently Adopted Accounting Pronouncements. During the first quarter of fiscal 2017, the Partnership adopted new accounting guidance regarding the classification of deferred debt issuance costs under ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs.” Deferred debt issuance costs associated with long-term debt are now reflected as a direct deduction from the carrying amount of such debt rather than as a deferred charge. Total deferred debt issuance costs were $19,219 and $17,391 at September 30, 2017 and September 24, 2016, respectively. Deferred debt issuance costs associated with line-of-credit arrangements remain classified as other assets on the Partnership’s consolidated balance sheet. As of September 30, 2017 and September 24, 2016, the Partnership has reflected $15,481 and $13,670 of such costs as a reduction to long-term debt on the condensed consolidated balance sheets, respectively. Refer to Note 8, “Long-Term Borrowings” for a tabular display of long-term borrowings. |
Acquisitions and Dispositions o
Acquisitions and Dispositions of Businesses | 12 Months Ended |
Sep. 30, 2017 | |
Business Combination Disposition [Abstract] | |
Acquisitions and Dispositions of Businesses | 3 . Acquisition and Disposition of Businesses On April 22, 2016, the Operating Partnership sold certain assets and operations in a non-strategic market of its propane segment for $26,000, including $5,000 representing non-compete consideration that will be received over a five-year period, resulting in a gain of $9,769 that was recognized during the third quarter of fiscal 2016. The corresponding net assets and results of operations were not material to the Partnership’s results of operations, financial position and cash flows. 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, including $3,000 for non-compete consideration, plus working capital acquired. As of September 24, 2016, $42,945 was paid, of which $41,250 was paid at closing, and the remainder of the purchase price will be funded in accordance with the terms of the 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. |
Distributions of Available Cash
Distributions of Available Cash | 12 Months Ended |
Sep. 30, 2017 | |
Distributions Made To Members Or Limited Partners [Abstract] | |
Distributions of Available Cash | 4 . Distributions of Available Cash The Partnership makes distributions to its partners no later than 45 days after the end of each fiscal quarter in an aggregate amount equal to its Available Cash for such quarter. Available Cash, as defined in the Partnership Agreement, generally means all cash on hand at the end of the respective fiscal quarter less the amount of cash reserves established by the Board of Supervisors in its reasonable discretion for future cash requirements. These reserves are retained for the proper conduct of the Partnership’s business, the payment of debt principal and interest and for distributions during the next four quarters. The following summarizes the quarterly distributions per Common Unit declared and paid in respect of each of the quarters in the three fiscal years in the period ended September 30, 2017: Fiscal Fiscal Fiscal 2017 2016 2015 First Quarter $ 0.8875 $ 0.8875 $ 0.8750 Second Quarter 0.8875 0.8875 0.8875 Third Quarter 0.8875 0.8875 0.8875 Fourth Quarter 0.6000 0.8875 0.8875 |
Selected Balance Sheet Informat
Selected Balance Sheet Information | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Selected Balance Sheet Information | 5 . Selected Balance Sheet Information Inventories consist of the following: As of September 30, September 24, 2017 2016 Propane, fuel oil and refined fuels and natural gas $ 51,844 $ 43,905 Appliances 1,376 1,447 $ 53,220 $ 45,352 The Partnership enters into contracts for the supply of propane, fuel oil and natural gas. Such contracts generally have a term of one year subject to annual renewal, with purchase quantities specified at the time of order and costs based on market prices at the date of delivery. Property, plant and equipment consist of the following: As of September 30, September 24, 2017 2016 Land and improvements $ 192,256 $ 193,194 Buildings and improvements 111,013 109,345 Transportation equipment 51,037 57,823 Storage facilities 110,573 110,528 Equipment, primarily tanks and cylinders 849,175 845,650 Computer software 53,826 52,643 Construction in progress 4,248 3,845 1,372,128 1,373,028 Less: accumulated depreciation (679,501 ) (630,899 ) $ 692,627 $ 742,129 Depreciation expense for fiscal 2017, 2016 and 2015 amounted to $71,484, $72,471 and $75,920, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6 . Goodwill and Other Intangible Assets The Partnership’s fiscal 2017 and fiscal 2016 annual goodwill impairment review resulted in no adjustments to the carrying amount of goodwill. The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: Propane Fuel oil and refined fuels Natural gas and electricity Total Balance as of September 30, 2017 and September 24, 2016 Goodwill $ 1,082,297 $ 10,900 $ 7,900 $ 1,101,097 Accumulated adjustments — (6,462 ) — (6,462 ) $ 1,082,297 $ 4,438 $ 7,900 $ 1,094,635 Other intangible assets consist of the following: As of September 30, September 24, 2017 2016 Customer relationships $ 492,656 $ 492,656 Non-compete agreements 31,040 31,040 Other 1,967 1,967 525,663 525,663 Less: accumulated amortization Customer relationships (279,287 ) (225,634 ) Non-compete agreements (25,242 ) (22,533 ) Other (1,258 ) (1,167 ) (305,787 ) (249,334 ) $ 219,876 $ 276,329 Aggregate amortization expense related to other intangible assets for fiscal 2017, 2016 and 2015 was $56,454, $57,145 and $57,374, respectively. Aggregate amortization expense for each of the five succeeding fiscal years related to other intangible assets held as of September 30, 2017 is estimated as follows: 2018 - $56,094; 2019 - $55,071; 2020 - $54,086; 2021 - $44,577; and 2022 - $3,457. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7 . Income Taxes For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are not subject to income tax at the partnership level. With the exception of those states that impose an entity-level income tax on partnerships, the taxable income or loss attributable to the Partnership and to the Operating Partnership, which may vary substantially from the income (loss) before income taxes reported by the Partnership in the consolidated statement of operations, are includable in the federal and state income tax returns of the Common Unitholders. The aggregate difference in the basis of the Partnership’s net assets for financial and tax reporting purposes cannot be readily determined as the Partnership does not have access to each Common Unitholder’s basis in the Partnership. As described in Note 1 and Note 2, the earnings of the Corporate Entities are subject to corporate level federal and state income tax. However, based upon past performance, the Corporate Entities are currently reporting an income tax provision composed primarily of minimum state income taxes. A full valuation allowance has been provided against the deferred tax assets based upon an analysis of all available evidence, both negative and positive at the balance sheet date, which, taken as a whole, indicates that it is more likely than not that sufficient future taxable income will not be available to utilize the assets. Management’s periodic reviews include, among other things, the nature and amount of the taxable income and expense items, the expected timing of when assets will be used or liabilities will be required to be reported and the reliability of historical profitability of businesses expected to provide future earnings. Furthermore, management considered tax-planning strategies it could use to increase the likelihood that the deferred tax assets will be realized. The income tax provision of all the legal entities included in the Partnership’s consolidated statement of operations, which is composed primarily of state income taxes in the few states that impose taxes on partnerships and minimum state income taxes on the Corporate Entities, consists of the following: Year Ended September 30, September 24, September 26, 2017 2016 2015 Current Federal $ 13 $ 7 $ 23 State and local 446 581 677 459 588 700 Deferred — — — $ 459 $ 588 $ 700 The provision for income taxes differs from income taxes computed at the United States federal statutory rate as a result of the following: Year Ended September 30, September 24, September 26, 2017 2016 2015 Income tax provision at federal statutory tax rate $ 13,459 $ 5,260 $ 29,768 Impact of Partnership income not subject to federal income taxes (13,892 ) (9,844 ) (32,148 ) Permanent differences 3 182 210 Change in valuation allowance 406 4,737 2,181 State income taxes 864 (211 ) 253 Other (381 ) 464 436 Provision for income taxes - current $ 459 $ 588 $ 700 The components of net deferred taxes and the related valuation allowance using currently enacted tax rates are as follows: Year Ended September 30, September 24, 2017 2016 Deferred tax assets: Net operating loss carryforwards $ 59,731 $ 60,628 Allowance for doubtful accounts 315 184 Inventory 572 457 Deferred revenue 1,041 1,091 AMT credit carryforward 1,086 1,086 Other accruals 1,883 1,179 Total deferred tax assets 64,628 64,625 Deferred tax liabilities: Intangible assets 1,223 775 Property, plant and equipment 4,217 5,068 Total deferred tax liabilities 5,440 5,843 Net deferred tax assets 59,188 58,782 Valuation allowance (59,188 ) (58,782 ) Net deferred tax assets $ — $ — |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long Term Borrowings | 8. Long-Term Borrowings Long-term borrowings consist of the following: As of September 30, September 24, 2017 2016 (1) 7.375% senior notes, due August 1, 2021, including unamortized premium of $-0- and $16,992, respectively $ — $ 363,172 5.5% senior notes, due June 1, 2024 525,000 525,000 5.75% senior notes, due March 1, 2025 250,000 250,000 5.875% senior notes, due March 1, 2027 350,000 — Revolving Credit Facility, due March 3, 2021 162,645 100,000 Subtotal 1,287,645 1,238,172 Less: unamortized debt issuance costs (15,481 ) (13,670 ) $ 1,272,164 $ 1,224,502 (1) Long-term borrowings as of September 24, 2016 reflect the retrospective impact from the adoption of new accounting guidance regarding the balance sheet classification of debt issuance costs (See Note 2). Senior Notes 2021 Senior Notes On August 1, 2012, the Partnership and its 100%-owned subsidiary, Suburban Energy Finance Corp., issued $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 conjunction with the acquisition of the retail propane assets and operations of Inergy, L.P. (“Inergy”). The 2021 Senior Notes required semi-annual interest payments in February and August. On December 19, 2012, the Partnership completed an offer to exchange its then-outstanding unregistered 7.375% senior notes due 2021 for an equal principal amount of 7.375% senior notes due 2021 that were 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 a 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 February 14, 2017, the Partnership repurchased, satisfied and discharged all of its remaining outstanding 2021 Senior Notes with net proceeds from the issuance of the 2027 Senior Notes, as defined below, and borrowings under the Revolving Credit Facility, also as defined below, 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 $1,567 consisting of $15,078 for the redemption premium and related fees, as well as the write-off of $2,272 and ($15,783) in unamortized debt origination costs and unamortized premium, 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, satisfy and discharge all of the Partnership’s then-outstanding 7.5% senior notes due 2018. The 2024 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after June 1, 2019, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. Year Percentage 2019 102.750% 2020 101.833% 2021 100.917% 2022 and thereafter 100.000% 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, satisfy and discharge all of the Partnership’s then-outstanding 7.375% senior notes due in 2020. The 2025 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 1, 2020, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. Year Percentage 2020 102.875% 2021 101.917% 2022 100.958% 2023 and thereafter 100.000% 2027 Senior Notes On February 14, 2017, the Partnership and its 100%-owned subsidiary, Suburban Energy Finance Corp., completed a public offering of $350,000 in aggregate principal amount of 5.875% senior notes due March 1, 2027 (the “2027 Senior Notes”). The 2027 Senior Notes were issued at 100% of the principal amount and require semi-annual interest payments in March and September. The net proceeds from the issuance of the 2027 Senior Notes, along with borrowings under the Revolving Credit Facility, were used to repurchase, satisfy and discharge all of the 2021 Senior Notes. The 2027 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 1, 2022, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. Year Percentage 2022 102.938% 2023 101.958% 2024 100.979% 2025 and thereafter 100.000% The Partnership’s obligations under the 2024 Senior Notes, 2025 Senior Notes and 2027 Senior Notes (collectively, the “Senior Notes”) are unsecured and rank senior in right of payment to any future subordinated indebtedness and equally in right of payment with any future senior indebtedness. The Senior Notes are structurally subordinated to, which means they rank effectively behind, any debt and other liabilities of the Operating Partnership. The Partnership is permitted to redeem some or all of the Senior Notes at redemption prices and times as specified in the indentures governing the Senior Notes. The Senior Notes each have a change of control provision that would require the Partnership to offer to repurchase the notes at 101% of the principal amount repurchased, if a change of control, as defined in the indenture, occurs and is followed by a rating decline (a decrease in the rating of the notes by either Moody’s Investors Service or Standard and Poor’s Rating Group by one or more gradations) within 90 days of the consummation of the change of control. Credit Agreement The Operating Partnership has an amended and restated credit agreement, dated March 3, 2016 (the “Amended Credit Agreement”) that provides for a five-year $500,000 revolving credit facility (the “Revolving Credit Facility”) with a maturity date of March 3, 2021, of which $162,645 and $100,000 was outstanding as of September 30, 2017 and September 24, 2016, respectively. Borrowings under the Revolving Credit Facility may be used for general corporate purposes, including working capital, capital expenditures and acquisitions. The Operating Partnership has the right to prepay any borrowings under the Revolving Credit Facility, in whole or in part, without penalty at any time prior to maturity. In connection with the March 3, 2016 amendment and restatement, the Partnership recognized a non-cash charge of $292 during the second quarter of fiscal 2016 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, its subsidiaries and the Partnership, as well as certain financial covenants, including (a) requiring the Partnership’s Consolidated Interest Coverage Ratio, as defined in the Amended Credit Agreement, to be not less than 2.5 to 1.0 as of the end of any fiscal quarter, (b) prohibiting the Total Consolidated Leverage Ratio, as defined in the Amended Credit Agreement, of the Partnership from being greater than 5.5 to 1.0 as of the end of any fiscal quarter and (c) prohibiting the Senior Secured Consolidated Leverage Ratio, as defined in the Amended Credit Agreement, of the Operating Partnership from being greater than 3.0 to 1.0 as of the end of any fiscal quarter. On May 1, 2017, the Operating Partnership secured an amendment to the Amended Credit Agreement that provides for certain modifications to the terms of the Amended Credit Agreement, including the following: (i) amendment of the definition of Applicable Rate (as defined in the Amended Credit Agreement) to add an additional pricing level of 3.00% for Eurodollar Rate Loans and Letter of Credit Fees, 2.00% for Base Rate Loans and 0.500% for Commitment Fee, which would be applicable should the Total Consolidated Leverage Ratio exceed 5.5 to 1.0 at the end of the applicable measuring period and (ii) amendment of the maximum permitted Total Consolidated Leverage Ratio from 5.5 to 1.0 at the end of any fiscal quarter to 5.95 to 1.0 for each fiscal quarter ending in June, September and December 2017, and March and June 2018, 5.75 to 1.0 for the fiscal quarter ending in September 2018, and 5.5 to 1.0 for the fiscal quarter ending in December 2018 and for each fiscal quarter thereafter. The Partnership and certain subsidiaries of the Operating Partnership act as guarantors 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 bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus the Applicable Rate, or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1%, the administrative agent bank’s prime rate, or LIBOR plus 1%, plus in each case the Applicable Rate. The Applicable Rate is dependent upon the Partnership’s Total Consolidated Leverage Ratio. As of September 30, 2017, the interest rate for borrowings under the Revolving Credit Facility was approximately 3.8%. The interest rate and the Applicable Rate will be reset following 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 paid a fixed interest rate of 1.63% to the issuing lender on the notional principal amount outstanding, and the issuing lender paid the Operating Partnership a floating rate, namely LIBOR, on the same notional principal amount. The interest rate swap was designated as a cash flow hedge. The Partnership did not enter into a new interest rate swap agreement upon termination. As of September 30, 2017, the Partnership had standby letters of credit issued under the Revolving Credit Facility of $41,413 which expire periodically through April 3, 2018. The Amended Credit Agreement and the Senior Notes both contain various restrictive and affirmative covenants applicable to the Operating Partnership, its subsidiaries and the Partnership, respectively, including (i) restrictions on the incurrence of additional indebtedness, and (ii) restrictions on certain liens, investments, guarantees, loans, advances, payments, mergers, consolidations, distributions, sales of assets and other transactions. Under the Amended Credit Agreement and the indentures governing the Senior Notes, the Operating Partnership and the Partnership are generally permitted to make cash distributions equal to available cash, as defined, as of the end of the immediately preceding quarter, if no event of default exists or would exist upon making such distributions, and with respect to the indentures governing the Senior Notes, the Partnership’s Consolidated Fixed Charge Coverage Ratio, as defined, is greater than 1.75 to 1. The Partnership and the Operating Partnership were in compliance with all covenants and terms of the Senior Notes and the Amended Credit Agreement as of September 30, 2017. Debt origination costs representing the costs incurred in connection with the placement of, and the subsequent amendment to, the Amended Credit Agreement are capitalized within other assets and amortized on a straight-line basis over the term of the Amended Credit Agreement. Debt origination costs associated with the Partnership’s Senior Notes are reflected as a direct deduction from the carrying amount of such debt and amortized on a straight-line basis over the terms of the respective Senior Notes. During fiscal 2017, the Partnership recognized charges of $1,567 to write-off unamortized debt origination costs associated with the tender offer and redemption of its 2021 Senior Notes and capitalized $6,100 in connection with the issuance of the 2027 Senior Notes. During fiscal 2016, the Partnership recognized charges of $292 to write-off unamortized debt origination costs and capitalized $2,678 in costs incurred in connection with the amendments to the Amended Credit Agreement. During fiscal 2015, the Partnership recognized charges of $2,855 to write-off unamortized debt origination costs associated with the tender offer and redemption of its 2020 Senior Notes. Other assets at September 30, 2017 and September 24, 2016 include debt origination costs associated with our Amended Credit Agreement with a net carrying amount of $3,738 and $3,721, respectively. The aggregate amounts of long-term debt maturities subsequent to September 30, 2017 are as follows: fiscal 2018: $-0-; fiscal 2019: $-0-; fiscal 2020: $-0-; fiscal 2021: $162,645; fiscal 2022: $-0-; and thereafter: $1,125,000. |
Unit-Based Compensation Arrange
Unit-Based Compensation Arrangements | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unit-Based Compensation Arrangements | 9 . Unit-Based Compensation Arrangements As described in Note 2, the Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity, or equity-based compensation, based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on 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 September 30, 2017. 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. The following is a summary of activity in the Restricted Unit Plan: Weighted Grant Date Fair Units Value Per Unit Outstanding September 27, 2014 694,927 $ 32.07 Awarded 154,403 37.59 Forfeited (7,607 ) (31.04 ) Vested (214,324 ) (36.68 ) Outstanding September 26, 2015 627,399 31.87 Awarded 307,559 23.62 Forfeited (12,057 ) (25.44 ) Vested (1) (268,781 ) (35.19 ) Outstanding September 24, 2016 654,120 26.74 Awarded 323,715 21.00 Forfeited (6,737 ) (23.51 ) Vested (1) (350,053 ) (29.74 ) Outstanding September 30, 2017 621,045 $ 22.10 (1) During fiscal 2017 and 2016, the Partnership withheld 34,883 and 10,477, respectively, Common Units from participants for income tax withholding purposes for those executive officers of the Partnership whose shares of restricted units vested during the period. As of September 30, 2017, unrecognized compensation cost related to unvested restricted units awarded under the Restricted Unit Plan amounted to $3,144. Compensation cost associated with the unvested awards is expected to be recognized over a weighted-average period of 1.2 years. Compensation expense for the Restricted Unit Plan for fiscal 2017, 2016 and 2015 was $7,286, $8,256 and $8,611, respectively. Distribution Equivalent Rights Plan. On January 17, 2017, the Partnership adopted the Distribution Equivalent Rights Plan (the “DER Plan”), which gives the Compensation Committee of the Partnership’s Board of Supervisors discretion to award distribution equivalent rights (“DERs”) to executive officers of the Partnership. Once awarded, DERs entitle the grantee to a cash payment each time the Board of Supervisors declares a cash distribution on the Partnership’s Common Units, which cash payment will be equal to an amount calculated by multiplying the number of unvested restricted units which are held by the grantee on the record date of the distribution, by the amount of the declared distribution per Common Unit. Compensation expense recognized under the DER Plan was $778 for the year ended September 30, 2017. Long-Term Incentive Plan. On August 6, 2013, the Partnership 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. Compensation expense (income), which includes adjustments to previously recognized compensation expense (income) for current period changes in the fair value of unvested awards, for fiscal 2017, 2016 and 2015 was ($389), ($1,362) and $1,814, respectively. The cash payouts in fiscal 2017, 2016 and 2015, which related to the fiscal 2014, 2013 and 2012 awards, were $-0-, $1,473 and $-0-, respectively. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Employee Benefit Plans | 10 . Employee Benefit Plans Defined Contribution Plan. The Partnership has an employee Retirement Savings and Investment Plan (the “401(k) Plan”) covering most employees. Employer matching contributions relating to the 401(k) Plan prior to the 2017 calendar year were a percentage of the participating employees’ elective contributions based on a sliding scale depending on the Partnership’s achievement of annual fiscal performance targets. Pursuant to an amendment to the 401(k) Plan adopted as of January 1, 2017, the employer contribution will be a match of $0.50 on up to 6% of eligible compensation contributed beginning with the 2017 calendar year with the opportunity to earn an additional performance-based matching contribution if certain annual fiscal performance targets are achieved. These contribution costs were $4,041, $1,477 and $1,844 for fiscal 2017, 2016 and 2015, respectively. Defined Pension and Retiree Health and Life Benefits Arrangements Pension Benefits. The Partnership has a noncontributory defined benefit pension plan which was originally designed to cover all eligible employees of the Partnership who met certain requirements as to age and length of service. Effective January 1, 1998, the Partnership amended its defined benefit pension plan to provide benefits under a cash balance formula as compared to a final average pay formula which was in effect prior to January 1, 1998. Effective January 1, 2000, participation in the defined benefit pension plan was limited to eligible existing participants on that date with no new participants eligible to participate in the plan. On September 20, 2002, the Board of Supervisors approved an amendment to the defined benefit pension plan whereby, effective January 1, 2003, future service credits ceased and eligible employees receive interest credits only toward their ultimate retirement benefit. Contributions, as needed, are made to a trust maintained by the Partnership. Contributions to the defined benefit pension plan are made by the Partnership in accordance with the Employee Retirement Income Security Act of 1974 minimum funding standards plus additional amounts made at the discretion of the Partnership, which may be determined from time to time. Contributions of $11,523 and $715 were made by the Partnership in fiscal 2017 and 2016, respectively. There were no minimum funding requirements for the defined benefit pension plan in fiscal 2015. In fiscal 2010, the Internal Revenue Service completed its review of the Partnership’s defined benefit pension plan and issued a favorable determination letter pertaining to the cash balance formula. However, there can be no assurances that future legislative developments will not have an adverse effect on the Partnership’s results of operations or cash flows. Retiree Health and Life Benefits. The Partnership provides postretirement health care and life insurance benefits for certain retired employees. Partnership employees hired prior to July 1993 and who retired prior to March 1998 are eligible for postretirement health care benefits if they reached a specified retirement age while working for the Partnership. Partnership employees hired prior to July 1993 and who retired prior to January 1998 are eligible for life insurance benefits if they reached a specified retirement age while working for the Partnership. Effective January 1, 2017, the Partnership terminated postretirement life insurance benefits to all retirees that retired after December 31, 1997. Effective March 31, 1998, the Partnership froze participation in its postretirement health care benefit plan, with no new retirees eligible to participate in the plan. All active employees who were eligible to receive health care benefits under the postretirement plan subsequent to March 1, 1998, were provided an increase to their accumulated benefits under the cash balance pension plan. The Partnership’s postretirement health care and life insurance benefit plans are unfunded. Effective January 1, 2006, the Partnership changed its postretirement health care plan from a self-insured program to one that is fully insured under which the Partnership pays a portion of the insurance premium on behalf of the eligible participants. The Partnership recognizes the funded status of pension and other postretirement benefit plans as an asset or liability on the balance sheet and recognizes changes in the funded status in other comprehensive income (loss) in the year the changes occur. The Partnership uses the date of its consolidated financial statements as the measurement date of plan assets and obligations. Projected Benefit Obligation, Fair Value of Plan Assets and Funded Status. The following tables provide a reconciliation of the changes in the benefit obligations and the fair value of the plan assets for fiscal 2017 and 2016 and a statement of the funded status for both years. Under the Partnership’s cash balance defined benefit pension plan, the accumulated benefit obligation and the projected benefit obligation are the same. Pension Benefits Retiree Health and Life Benefits 2017 2016 2017 2016 Reconciliation of benefit obligations: Benefit obligation at beginning of year $ 150,363 $ 146,907 $ 13,778 $ 15,294 Interest cost 4,164 5,041 385 520 Actuarial (gain) loss (4,018 ) 11,547 123 (1,198 ) Lump sum benefits paid (20,799 ) (5,816 ) — — Ordinary benefits paid (7,063 ) (7,316 ) (1,187 ) (838 ) Plan amendment — — (3,246 ) — Benefit obligation at end of year $ 122,647 $ 150,363 $ 9,853 $ 13,778 Reconciliation of fair value of plan assets: Fair value of plan assets at beginning of year $ 101,077 $ 104,303 $ — $ — Actual return on plan assets 911 9,191 — — Employer contributions 11,523 715 1,187 838 Lump sum benefits paid (20,799 ) (5,816 ) — — Ordinary benefits paid (7,063 ) (7,316 ) (1,187 ) (838 ) Fair value of plan assets at end of year $ 85,649 $ 101,077 $ — $ — Funded status: Funded status at end of year $ (36,998 ) $ (49,286 ) $ (9,853 ) $ (13,778 ) Amounts recognized in consolidated balance sheets consist of: Net amount recognized at end of year $ (36,998 ) $ (49,286 ) $ (9,853 ) $ (13,778 ) Less: current portion — — 1,243 922 Noncurrent benefit liability $ (36,998 ) $ (49,286 ) $ (8,610 ) $ (12,856 ) Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (loss): Actuarial net (loss) gain $ (37,311 ) $ (51,391 ) $ 5,253 $ 5,764 Prior service credits — — 3,246 — Net amount recognized in accumulated other comprehensive (loss) income $ (37,311 ) $ (51,391 ) $ 8,499 $ 5,764 The amounts in accumulated other comprehensive loss as of September 30, 2017 that are expected to be recognized as components of net periodic benefit costs during fiscal 2018 are expenses of $3,683 and credits of ($1,152) for pension and other postretirement benefits, respectively. Plan Assets. The Partnership’s investment policies and strategies, as set forth in the Investment Management Policy and Guidelines, are monitored by a Benefits Committee comprised of six members of management. The Partnership employs a liability driven investment strategy, which seeks to increase the correlation of the plan’s assets and liabilities to reduce the volatility of the plan’s funded status. This strategy has resulted in an asset allocation that is largely comprised of investments in funds of fixed income securities. The target asset mix is as follows: (i) fixed income securities portion of the portfolio should range between 80% and 90%; and (ii) equity securities portion of the portfolio should range between 10% and 20%. The following table presents the actual allocation of assets held in trust as of: September 30, September 24, 2017 2016 Fixed income securities 85% 85% Equity securities 15% 15% 100% 100% The Partnership’s valuations include the use of the funds’ reported net asset values for commingled fund investments. Commingled funds are valued at the net asset value of its underlying securities. The assets of the defined benefit pension plan have no significant concentration of risk and there are no restrictions on these investments. The following table describes the measurement of the Partnership’s pension plan assets by asset category as of: September 30, September 24, 2017 2016 Short term investments (1) $ 1,498 $ 1,456 Equity securities: (1) (2) Domestic 4,701 5,397 International 8,006 9,501 Fixed income securities (1) (3) 71,444 84,723 $ 85,649 $ 101,077 (1) Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer. (2) Includes funds which invest primarily in a diversified portfolio of publicly traded U.S. and Non-U.S. common stock. (3) Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities. Projected Contributions and Benefit Payments. The Partnership expects to contribute approximately $10,290 to the defined benefit pension plan during fiscal 2018. Estimated future benefit payments for both pension and retiree health and life benefits are as follows: Pension Retiree Health and Fiscal Year Benefits Life Benefits 2018 $ 27,178 $ 1,243 2019 10,212 1,166 2020 9,383 1,074 2021 9,760 988 2022 8,761 901 2023 through 2027 36,652 3,231 Estimated future pension benefit payments assumes that age 65 or older active and non-active eligible participants in the pension plan that had not received a benefit payment prior to fiscal 2018 will elect to receive a benefit payment in fiscal 2018. In addition, for all periods presented, estimated future pension benefit payments assumes that participants will elect a lump sum payment in the fiscal year that the participant becomes eligible to receive benefits. Effect on Operations. The following table provides the components of net periodic benefit costs included in operating expenses for fiscal 2017, 2016 and 2015: Pension Benefits Retiree Health and Life Benefits 2017 2016 2015 2017 2016 2015 Interest cost $ 4,164 $ 5,041 $ 5,128 $ 385 $ 520 $ 575 Expected return on plan assets (2,150 ) (3,418 ) (4,913 ) — — — Amortization of prior service credit — — — — (399 ) (490 ) Settlement charge 6,100 2,000 2,000 — — — Recognized net actuarial loss (gain) 5,201 5,218 4,522 (389 ) (299 ) (196 ) Net periodic benefit costs $ 13,315 $ 8,841 $ 6,737 $ (4 ) $ (178 ) $ (111 ) Effective June 1, 2017, the Partnership amended the defined benefit pension plan to provide eligible terminated vested participants with a limited-time opportunity to elect immediate distribution of their benefits in the form of a single lump sum. Lump sum pension settlement payments for fiscal 2017 included $16,237 in benefits paid to those that participated in this limited-time opportunity, which expired in August 2017. During fiscal 2017, fiscal 2016 and fiscal 2015, lump sum pension settlement payments to either terminated or retired individuals amounted to $20,799, $5,816 and $5,777, respectively, which exceeded the settlement threshold (combined service and interest costs of net periodic pension cost) of $4,164, $5,041 and $5,128, respectively. As a result, the Partnership was required to recognize a non-cash settlement charge of $6,100, $2,000 and $2,000 during fiscal 2017, fiscal 2016 and fiscal 2015, respectively. The non-cash charges were required to accelerate recognition of a portion of cumulative unamortized losses in the defined benefit pension plan. Actuarial Assumptions. The assumptions used in the measurement of the Partnership’s benefit obligations as of September 30, 2017 and September 24, 2016 are shown in the following table: Pension Benefits Retiree Health and Life Benefits 2017 2016 2017 2016 Weighted-average discount rate 3.500 % 3.125 % 3.000 % 2.875 % Average rate of compensation increase n/a n/a n/a n/a Health care cost trend n/a n/a 6.570 % 6.840 % The assumptions used in the measurement of net periodic pension benefit and postretirement benefit costs for fiscal 2017, 2016 and 2015 are shown in the following table: Pension Benefits Retiree Health and Life Benefits 2017 2016 2015 2017 2016 2015 Weighted-average discount rate 3.125 % 3.875 % 3.875 % 2.875 % 3.500 % 3.500 % Average rate of compensation increase n/a n/a n/a n/a n/a n/a Weighted-average expected long-term rate of return on plan assets 2.400 % 3.900 % 4.900 % n/a n/a n/a Health care cost trend n/a n/a n/a 6.840 % 7.100 % 7.120 % The discount rate assumption takes into consideration current market expectations related to long-term interest rates and the projected duration of the Partnership’s pension obligations based on a benchmark index with similar characteristics as the expected cash flow requirements of the Partnership’s defined benefit pension plan over the long-term. The expected long-term rate of return on plan assets assumption reflects estimated future performance in the Partnership’s pension asset portfolio considering the investment mix of the pension asset portfolio and historical asset performance. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. The market-related value of pension plan assets is the fair value of the assets. Unrecognized actuarial gains and losses in excess of 10% of the greater of the projected benefit obligation and the market-related value of plan assets are amortized over the expected average remaining service period of active employees expected to receive benefits under the plan. The 6.57% increase in health care costs assumed at September 30, 2017 is assumed to decrease gradually to 4.50% in fiscal 2040 and to remain at that level thereafter. An increase or decrease of the assumed health care cost trend rates by 1.0% in each year would have no material impact to the Partnership’s benefit obligation as of September 30, 2017 nor the aggregate of service and interest components of net periodic postretirement benefit expense for fiscal 2017. The Partnership has concluded that the prescription drug benefits within the retiree medical plan do not entitle the Partnership to an available Medicare subsidy. Multi-Employer Pension Plans. As a result of the acquisition of the retail propane assets of Inergy, the Partnership contributes to multi-employer pension plans (“MEPPs”) in accordance with various collective bargaining agreements covering union employees. As one of the many participating employers in these MEPPs, the Partnership is responsible with the other participating employers for any plan underfunding. During fiscal 2013, the Partnership established an accrual of $7,000 for its estimated obligation to certain MEPPs due to the Partnership’s voluntary partial withdrawal from one such MEPP and full withdrawal from four MEPPs. During fiscal 2015, the Partnership accrued $11,300 for its further voluntary partial withdrawal, and during fiscal 2016 the Partnership accrued an additional $6,600 for its voluntary full withdrawal. As of September 30, 2017 and September 24, 2016, the Partnership’s estimated obligation to these MEPPs was $23,665 and $24,205, respectively. Due to the uncertainty regarding future factors that could impact the withdrawal liability, the Partnership is unable to determine the timing of the payment of the future withdrawal liability, or additional future withdrawal liability, if any. The Partnership’s contributions to a particular MEPP are established by the applicable collective bargaining agreements (“CBAs”); however, the required contributions may increase based on the funded status of a MEPP and legal requirements of the Pension Protection Act of 2006 (the “PPA”), which requires substantially underfunded MEPPs to implement a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) to improve their funded status. Factors that could impact funded status of a MEPP include, without limitation, investment performance, changes in the participant demographics, decline in the number of contributing employers, changes in actuarial assumptions and the utilization of extended amortization provisions. While no multi-employer pension plan that the Partnership contributed to is individually significant to the Partnership, the table below discloses the MEPPs to which the Partnership contributes. The financial health of a MEPP is indicated by the zone status, as defined by the PPA, which represents the funded status of the plan as certified by the plan's actuary. Plans in the red zone are less than 65% funded, the yellow zone are between 65% and 80% funded, and green zone are at least 80% funded. Total contributions made by the Partnership to multi-employer pension plans for the fiscal year ended September 30, 2017 are shown below. PPA Zone Status Contributions Contributions greater than 5% of Expiration Pension Fund EIN/Pension Plan Number 2017 2016 FIP/RP Status 2017 2016 2015 Total Plan Contributions date of CBA Local 282 Pension Trust (a) 11-6245313 Green Green n/a $ 252 $ 281 $ 269 No August 2019 Teamsters Industrial Employees Pension Fund (b) 22-6099363 Green Green n/a 190 207 200 No March 2021 Other (c) n/a 25 260 604 No n/a $ 467 $ 748 $ 1,073 (a) Based on most recent available valuation information for plan year ended February 2016. ( b ) Based on most recent available valuation information for plan year ended December 2015. ( c ) Includes the MEPPs from which the Partnership withdrew. Additionally, the Partnership contributes to certain multi-employer plans that provide health and welfare benefits and defined annuity plans. Contributions to those plans were $1,089, $1,446 and $1,817 for fiscal 2017, 2016 and 2015, respectively. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Risk Management | 1 1 . Financial Instruments and Risk Management Cash and Cash Equivalents. The fair value of cash and cash equivalents is not materially different from their carrying amount because of the short-term maturity of these instruments. Derivative Instruments and Hedging Activities. The Partnership measures the fair value of its exchange-traded commodity-related options and futures contracts using Level 1 inputs, the fair value of its commodity-related swap contracts and interest rate swaps using Level 2 inputs and the fair value of its over-the-counter commodity-related options contracts using Level 3 inputs. The Partnership’s over-the-counter options contracts are valued based on an internal option model. The inputs utilized in the model are based on publicly available information, as well as broker quotes. The following summarizes the fair value of the Partnership’s derivative instruments and their location in the consolidated balance sheets as of September 30, 2017 and September 24, 2016, respectively: As of September 30, 2017 As of September 24, 2016 Asset Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging instruments: Commodity-related derivatives Other current assets $ 11,164 Other current assets $ 3,306 Other assets 771 Other assets 1,546 $ 11,935 $ 4,852 Liability Derivatives Location Fair Value Location Fair Value Derivatives designated as hedging instruments: Interest rate swap Other current liabilities $ — Other current liabilities $ 205 $ — $ 205 Derivatives not designated as hedging instruments: Commodity-related derivatives Other current liabilities $ 1,978 Other current liabilities $ 1,002 Other liabilities 432 Other liabilities 1,353 $ 2,410 $ 2,355 The following summarizes the reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Fiscal 2017 Fiscal 2016 Assets Liabilities Assets Liabilities Beginning balance of over-the-counter options $ 809 $ — $ 2,781 $ 347 Beginning balance realized during the period (667 ) — (2,781 ) (347 ) Contracts purchased during the period 3,686 737 809 — Change in the fair value of outstanding contracts 280 — — — Ending balance of over-the-counter options $ 4,108 $ 737 $ 809 $ — As of September 30, 2017 and September 24, 2016, the Partnership’s outstanding commodity-related derivatives had a weighted average maturity of approximately five and six months, respectively. The effect of the Partnership’s derivative instruments on the consolidated statements of operations for fiscal 2017, 2016 and 2015 are as follows: Amount of Gains Gains (Losses) Reclassified from (Losses) Accumulated OCI into Income Recognized in OCI (Effective Portion) Derivatives in Cash Flow Hedging Relationships (Effective Portion) Location Amount Interest rate swaps: Fiscal 2017 $ (10 ) Interest expense $ (215 ) Fiscal 2016 $ 6 Interest expense $ (1,100 ) Fiscal 2015 $ (1,159 ) Interest expense $ (1,388 ) Unrealized Gains (Losses) Recognized in Income Derivatives Not Designated as Hedging Instruments Location Amount Commodity-related derivatives: Fiscal 2017 Cost of products sold $ 6,277 Fiscal 2016 Cost of products sold $ (1,190 ) Fiscal 2015 Cost of products sold $ 1,855 The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: As of September 30, 2017 Net amounts presented in the Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 16,378 $ (4,443 ) $ 11,935 $ 16,378 $ (4,443 ) $ 11,935 Liability Derivatives Commodity-related derivatives $ 6,853 $ (4,443 ) $ 2,410 $ 6,853 $ (4,443 ) $ 2,410 As of September 24, 2016 Net amounts presented in the Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 6,842 $ (1,990 ) $ 4,852 Interest rate swap 230 (230 ) — $ 7,072 $ (2,220 ) $ 4,852 Liability Derivatives Commodity-related derivatives $ 4,345 $ (1,990 ) $ 2,355 Interest rate swap 435 (230 ) 205 $ 4,780 $ (2,220 ) $ 2,560 The Partnership had $-0- and $206 posted cash collateral as of September 30, 2017 and September 24, 2016, respectively, with its brokers for outstanding commodity-related derivatives. Concentrations. The Partnership’s principal customers are residential and commercial end users of propane and fuel oil and refined fuels served by 668 locations in 41 states. No single customer accounted for more than 10% of revenues during fiscal 2017, 2016 or 2015 and no concentration of receivables exists as of September 30, 2017 or September 24, 2016. During fiscal 2017, Crestwood Equity Partners L.P., Targa Liquids Marketing and Trade LLC, Phillips 66 Company, Enterprise Products Partners L.P. and Plains Marketing Company provided approximately 19%, 14%, 11%, 11% and 10% of the Partnership’s total propane purchases, respectively. No other single supplier accounted for more than 10% of the Partnership’s propane purchases in fiscal 2017. The Partnership believes that, if supplies from any of these suppliers were interrupted, it would be able to secure adequate propane supplies from other sources without a material disruption of its operations. Credit Risk. Exchange-traded futures and options contracts are traded on and guaranteed by the NYMEX and as a result, have minimal credit risk. Futures contracts traded with brokers of the NYMEX require daily cash settlements in margin accounts. The Partnership is subject to credit risk with over-the-counter swaps and options contracts entered into with various third parties to the extent the counterparties do not perform. The Partnership evaluates the financial condition of each counterparty with which it conducts business and establishes credit limits to reduce exposure to credit risk based on non-performance. The Partnership does not require collateral to support the contracts. Bank Debt and Senior Notes. The fair value of the Revolving Credit Facility approximates the carrying value since the interest rates are adjusted quarterly to reflect market conditions. Based upon quoted market prices, the fair value of the Partnership’s 2024 Senior Notes, 2025 Senior Notes, and 2027 Senior Notes was, $527,888, $248,750, $349,125 respectively, as of September 30, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 2 . Commitments and Contingencies Commitments. The Partnership leases certain property, plant and equipment, including portions of the Partnership’s vehicle fleet, for various periods under noncancelable leases. Rental expense under operating leases was $30,582, $29,171 and $32,737 for fiscal 2017, 2016 and 2015, respectively. Future minimum rental commitments under noncancelable operating lease agreements as of September 30, 2017 are as follows: Fiscal Year Minimum Lease Payments 2018 $ 22,126 2019 17,971 2020 15,144 2021 11,506 2022 7,282 2023 and thereafter 13,729 Contingencies Self-Insurance. As described in Note 2, the Partnership is self-insured for general and product, workers’ compensation and automobile liabilities up to predetermined amounts above which third party insurance applies. At September 30, 2017 and September 24, 2016, the Partnership had accrued liabilities of $68,581 and $59,676, respectively, representing the total estimated losses under these self-insurance programs. For the portion of the estimated liability that exceeds insurance deductibles, the Partnership records an asset within other assets (or prepaid expenses and other current assets, as applicable) related to the amount of the liability expected to be covered by insurance which amounted to $18,626 and $15,524 as of September 30, 2017 and September 24, 2016, respectively. Legal Matters. The Partnership’s operations are subject to operating hazards and risks normally incidental to handling, storing and delivering combustible liquids such as propane. The Partnership has been, and will continue to be, a defendant in various legal proceedings and litigation as a result of these operating hazards and risks, and as a result of other aspects of its business. Although any litigation is inherently uncertain, based on past experience, the information currently available to the Partnership, and the amount of its accrued insurance liabilities, the Partnership does not believe that currently pending or threatened litigation matters, or known claims or known contingent claims, will have a material adverse effect on its results of operations, financial condition or cash flow. |
Guarantees
Guarantees | 12 Months Ended |
Sep. 30, 2017 | |
Guarantees [Abstract] | |
Guarantees | 1 3 . 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 2024. Upon completion of the lease period, the Partnership guarantees that the fair value of the equipment will equal or exceed the guaranteed amount, or the Partnership will pay the lessor the difference. Although the fair value of equipment at the end of its lease term has historically exceeded the guaranteed amounts, the maximum potential amount of aggregate future payments the Partnership could be required to make under these leasing arrangements, assuming the equipment is deemed worthless at the end of the lease term, was $14,704 as of September 30, 2017. The fair value of residual value guarantees for outstanding operating leases was de minimis as of September 30, 2017 and September 24, 2016. |
Amounts Reclassified Out of Acc
Amounts Reclassified Out of Accumulated Other Comprehensive Income | 12 Months Ended |
Sep. 30, 2017 | |
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 years ended September 30, 2017, September 24, 2016 and September 26, 2015: Year Ended September 30, September 24, September 26, 2017 2016 2015 Cash Flow Hedges Balance, beginning of period $ (205 ) $ (1,311 ) $ (1,540 ) Other comprehensive income before reclassifications: Unrealized gains (losses) (10 ) 6 (1,159 ) Reclassifications to earnings: Realized losses ( a 215 1,100 1,388 Other comprehensive income 205 1,106 229 Balance, end of period $ — $ (205 ) $ (1,311 ) Pension Benefits Balance, beginning of period $ (51,391 ) $ (52,836 ) $ (49,034 ) Other comprehensive income before reclassifications: Net change in funded status of benefit plan 2,779 (5,773 ) (10,324 ) Reclassifications to earnings: Recognition of net actuarial loss for pension settlement ( b 6,100 2,000 2,000 Amortization of net loss ( b 5,201 5,218 4,522 Other comprehensive income (loss) 14,080 1,445 (3,802 ) Balance, end of period $ (37,311 ) $ (51,391 ) $ (52,836 ) Postretirement Benefits Balance, beginning of period $ 5,764 $ 5,264 $ 4,669 Other comprehensive income before reclassifications: Prior service credits $ 3,246 $ — $ — Net change in plan obligation (122 ) 1,198 1,281 Reclassifications to earnings: Amortization of prior service credits ( b — (399 ) (490 ) Amortization of net gain ( b (389 ) (299 ) (196 ) Other comprehensive income (loss) 2,735 500 595 Balance, end of period $ 8,499 $ 5,764 $ 5,264 Accumulated Other Comprehensive Income (Loss) Balance, beginning of period $ (45,832 ) $ (48,883 ) $ (45,905 ) Other comprehensive income before reclassifications 5,893 (4,569 ) (10,202 ) Recognition of net actuarial loss for pension settlement 6,100 2,000 2,000 Reclassifications to earnings 5,027 5,620 5,224 Other comprehensive income (loss) 17,020 3,051 (2,978 ) Balance, end of period $ (28,812 ) $ (45,832 ) $ (48,883 ) (a) Reclassification of realized losses on cash flow hedges are recognized in interest expense. (b) These amounts are included in the computation of net periodic benefit cost. See Note 10, “Employee Benefit Plans”. |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 1 5 . Segment Information The Partnership manages and evaluates its operations in four operating segments, three of which are reportable segments: Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity. The chief operating decision maker evaluates performance of the operating segments using a number of performance measures, including gross margins and income before interest expense and provision for income taxes (operating profit). Costs excluded from these profit measures are captured in Corporate and include corporate overhead expenses not allocated to the operating segments. Unallocated corporate overhead expenses include all costs of back office support functions that are reported as general and administrative expenses within the consolidated statements of operations. In addition, certain costs associated with field operations support that are reported in operating expenses within the consolidated statements of operations, including purchasing, training and safety, are not allocated to the individual operating segments. Thus, operating profit for each operating segment includes only the costs that are directly attributable to the operations of the individual segment. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies in Note 2. The propane segment is primarily engaged in the retail distribution of propane to residential, commercial, industrial 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: Year Ended September 30, September 24, September 26, 2017 2016 2015 Revenues: Propane $ 1,011,078 $ 884,169 $ 1,176,980 Fuel oil and refined fuels 78,126 68,759 127,495 Natural gas and electricity 55,103 50,763 66,865 All other 43,579 42,420 45,639 Total revenues $ 1,187,886 $ 1,046,111 $ 1,416,979 Operating income (loss): Propane $ 205,035 $ 184,213 $ 280,761 Fuel oil and refined fuels 8,552 5,649 7,621 Natural gas and electricity 13,826 10,755 14,614 All other (23,017 ) (25,945 ) (25,409 ) Corporate (89,112 ) (84,266 ) (99,829 ) Total operating income 115,284 90,406 177,758 Reconciliation to net income: Loss on debt extinguishment 1,567 292 15,072 Interest expense, net 75,263 75,086 77,634 Provision for income taxes 459 588 700 Net income $ 37,995 $ 14,440 $ 84,352 Depreciation and amortization: Propane $ 111,374 $ 110,067 $ 110,728 Fuel oil and refined fuels 2,610 2,725 3,885 Natural gas and electricity — 3 8 All other 283 304 288 Corporate 13,671 16,517 18,385 Total depreciation and amortization $ 127,938 $ 129,616 $ 133,294 As of September 30, September 24, 2017 2016 Assets: Propane $ 2,066,997 $ 2,141,108 Fuel oil and refined fuels 49,863 53,266 Natural gas and electricity 12,455 13,415 All other 2,147 2,185 Corporate 39,821 72,325 Total assets $ 2,171,283 $ 2,282,299 |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Sep. 30, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Beginning of Charged (credited) to Costs and Expenses Other Additions Deductions (a) Balance at End of Period Year Ended September 26, 2015 Allowance for doubtful accounts $ 11,122 $ (397 ) $ — $ (7,205 ) $ 3,520 Valuation allowance for deferred tax assets 51,864 2,181 — — 54,045 Year Ended September 24, 2016 Allowance for doubtful accounts $ 3,520 $ 1,146 $ — $ (2,225 ) $ 2,441 Valuation allowance for deferred tax assets 54,045 4,737 — — 58,782 Year Ended September 30, 2017 Allowance for doubtful accounts $ 2,441 $ 3,545 $ — $ (2,942 ) $ 3,044 Valuation allowance for deferred tax assets 58,782 406 — — 59,188 (a) Represents amounts that did not impact earnings. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100% limited partner interest in the Operating Partnership. |
Fiscal Period | Fiscal Period. The Partnership uses a 52/53 week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally 13 weeks in duration. When the Partnership’s fiscal year is 53 weeks long, as was the case for fiscal 2017, the corresponding fourth quarter is 14 weeks in duration. Fiscal 2016 and 2015 included 52 weeks of operations. |
Revenue Recognition | Revenue Recognition. Sales of propane, fuel oil and refined fuels are recognized at the time product is delivered to the customer. Revenue from the sale of appliances and equipment is recognized at the time of sale or when installation is complete, as applicable. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from annually billed service contracts is recognized ratably over the service period. Revenue from the natural gas and electricity business is recognized based on customer usage as determined by meter readings for amounts delivered, some of which may be unbilled at the end of each accounting period. Revenue from annually billed tank fees is deferred at the time of billings and recognized on a straight-line basis over one year. |
Fair Value Measurements | Fair Value Measurements. The Partnership measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Business Combinations | Business Combinations. The Partnership accounts for business combinations using the acquisition method and accordingly, the assets and liabilities of the acquired entities are recorded at their estimated fair values at the acquisition date. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. The primary drivers that generate goodwill are the value of synergies between the acquired entities and the Partnership, and the acquired assembled workforce, neither of which qualifies as an identifiable intangible asset. Identifiable intangible assets with finite lives are amortized over their useful lives. The results of operations of acquired businesses are included in the consolidated financial statements from the acquisition date. The Partnership expenses all acquisition-related costs as incurred. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates have been made by management in the areas of self-insurance and litigation reserves, pension and other postretirement benefit liabilities and costs, valuation of derivative instruments, depreciation and amortization of long-lived assets, asset impairment assessments, tax valuation allowances, allowances for doubtful accounts, and purchase price allocation for acquired businesses. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term. |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short maturity of these instruments. |
Inventories | Inventories. Inventories are stated at the lower of cost or market. Cost is determined using a weighted average method for propane, fuel oil and refined fuels and natural gas, and a standard cost basis for appliances, which approximates average cost. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Commodity Price Risk. Given the retail nature of its operations, the Partnership maintains a certain level of priced physical inventory to help ensure its field operations have adequate supply commensurate with the time of year. The Partnership’s strategy is to keep its physical inventory priced relatively close to market for its field operations. The Partnership enters into a combination of exchange-traded futures and option contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to hedge price risk associated with propane and fuel oil physical inventories, as well as future purchases of propane or fuel oil used in its operations and to help ensure adequate supply during periods of high demand. In addition, the Partnership sells propane and fuel oil to customers at fixed prices, and enters into derivative instruments to hedge a portion of its exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. Under this risk management strategy, realized gains or losses on derivative instruments will typically offset losses or gains on the physical inventory once the product is sold or delivered as it pertains to fixed price contracts. All of the Partnership’s derivative instruments are reported on the consolidated balance sheet at their fair values. In addition, in the course of normal operations, the Partnership routinely enters into contracts such as forward priced physical contracts for the purchase or sale of propane and fuel oil that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Partnership does not use derivative instruments for speculative trading purposes. Market risks associated with derivative instruments are monitored daily for compliance with the Partnership’s Hedging and Risk Management Policy which includes volume limits for open positions. Priced on-hand inventory is also reviewed and managed daily as to exposures to changing market prices. On the date that derivative instruments are entered into, other than those designated as normal purchases or normal sales, the Partnership makes a determination as to whether the derivative instrument qualifies for designation as a hedge. Changes in the fair value of derivative instruments are recorded each period in current period earnings or other comprehensive income (“OCI”), depending on whether the derivative instrument is designated as a hedge and, if so, the type of hedge. For derivative instruments designated as cash flow hedges, the Partnership formally assesses, both at the hedge contract’s inception and on an ongoing basis, whether the hedge contract is highly effective in offsetting changes in cash flows of hedged items. Changes in the fair value of derivative instruments designated as cash flow hedges are reported in OCI to the extent effective and reclassified into earnings during the same period in which the hedged item affects earnings. The mark-to-market gains or losses on ineffective portions of cash flow hedges are recognized in earnings immediately. Changes in the fair value of derivative instruments that are not designated as cash flow hedges, and that do not meet the normal purchase and normal sale exemption, are recorded within earnings as they occur. Cash flows associated with derivative instruments are reported as operating activities within the consolidated statement of cash flows. Interest Rate Risk. A portion of the Partnership’s borrowings bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus an applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1% or the agent bank’s prime rate, or LIBOR plus 1%, plus the applicable margin. The applicable margin is dependent on the level of the Partnership’s total leverage (the ratio of total debt to income before deducting interest expense, income taxes, depreciation and amortization (“EBITDA”)). Therefore, the Partnership is subject to interest rate risk on the variable component of the interest rate. From time to time, the Partnership manages part of its variable interest rate risk by entering into interest rate swap agreements. The interest rate swaps have been designated as, and are accounted for as, cash flow hedges. The fair value of the interest rate swaps are determined using an income approach, whereby future settlements under the swaps are converted into a single present value, with fair value being based on the value of current market expectations about those future amounts. Changes in the fair value are recognized in OCI until the hedged item is recognized in earnings. However, due to changes in the underlying interest rate environment, the corresponding value in OCI is subject to change prior to its impact on earnings. Valuation of Derivative Instruments. The Partnership measures the fair value of its exchange-traded options and futures contracts using quoted market prices found on the New York Mercantile Exchange (the “NYMEX”) (Level 1 inputs); the fair value of its swap contracts using quoted forward prices, and the fair value of its interest rate swaps using model-derived valuations driven by observable projected movements of the 3-month LIBOR (Level 2 inputs); and the fair value of its over-the-counter options contracts using Level 3 inputs. The Partnership’s over-the-counter options contracts are valued based on an internal option model. The inputs utilized in the model are based on publicly available information as well as broker quotes. The significant unobservable inputs used in the fair value measurements of the Partnership’s over-the-counter options contracts are interest rate and market volatility. |
Long-Lived Assets | Long-Lived Assets Property, plant and equipment. Property, plant and equipment are stated at cost. Expenditures for maintenance and routine repairs are expensed as incurred while betterments are capitalized as additions to the related assets and depreciated over the asset’s remaining useful life. The Partnership capitalizes costs incurred in the acquisition and modification of computer software used internally, including consulting fees and costs of employees dedicated solely to a specific project. At the time assets are retired, or otherwise disposed of, the asset and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is recognized within operating expenses. Depreciation is determined under the straight‑line method based upon the estimated useful life of the asset as follows: Buildings 40 Years Building and land improvements 20 Years Transportation equipment 3-10 Years Storage facilities 7-30 Years Office equipment 5-10 Years Tanks and cylinders 10-40 Years Computer software 3-7 Years The weighted average estimated useful life of the Partnership’s storage facilities and tanks and cylinders is approximately 22 years and 28 years, respectively. The Partnership reviews the recoverability of long-lived assets when circumstances occur that indicate that the carrying value of an asset may not be recoverable. Such circumstances include a significant adverse change in the manner in which an asset is being used, current operating losses combined with a history of operating losses experienced by the asset or a current expectation that an asset will be sold or otherwise disposed of before the end of its previously estimated useful life. Evaluation of possible impairment is based on the Partnership’s ability to recover the value of the asset from the future undiscounted cash flows expected to result from the use and eventual disposition of the asset. If the expected undiscounted cash flows are less than the carrying amount of such asset, an impairment loss is recorded as the amount by which the carrying amount of an asset exceeds its fair value. The fair value of an asset will be measured using the best information available, including prices for similar assets or the result of using a discounted cash flow valuation technique. |
Goodwill | Goodwill. Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is subject to an impairment review at a reporting unit level, on an annual basis as of the end of fiscal July of each year, or when an event occurs or circumstances change that would indicate potential impairment. The Partnership has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform the first step of the two-step impairment test. Under the two-step impairment test, the Partnership assesses the carrying value of goodwill at a reporting unit level based on an estimate of the fair value of the respective reporting unit. Fair value of the reporting unit is estimated using discounted cash flow analyses taking into consideration estimated cash flows in a ten-year projection period and a terminal value calculation at the end of the projection period. If the fair value of the reporting unit exceeds its carrying value, the goodwill associated with the reporting unit is not considered to be impaired. If the carrying value of the reporting unit exceeds its fair value, an impairment loss is recognized to the extent that the carrying amount of the associated goodwill, if any, exceeds the implied fair value of the goodwill. |
Other Intangible Assets | Other Intangible Assets. Other intangible assets consist of customer relationships, tradenames, non-compete agreements and leasehold interests. Customer relationships and tradenames are amortized under the straight-line method over the estimated period for which the assets are expected to contribute to the future cash flows of the reporting entities to which they relate, ending periodically between fiscal years 2019 and 2025. Non-compete agreements are amortized under the straight-line method over the periods of the related agreements. Leasehold interests are amortized under the straight-line method over the shorter of the lease term or the useful life of the related assets, through fiscal 2025. |
Accrued Insurance | Accrued Insurance. Accrued insurance represents the estimated costs of known and anticipated or unasserted claims for self-insured liabilities related to general and product, workers’ compensation and automobile liability. Accrued insurance provisions for unasserted claims arising from unreported incidents are based on an analysis of historical claims data. For each claim, the Partnership records a provision up to the estimated amount of the probable claim utilizing actuarially determined loss development factors applied to actual claims data. The Partnership maintains insurance coverage such that its net exposure for insured claims is limited to the insurance deductible, claims above which are paid by the Partnership’s insurance carriers. For the portion of the estimated liability that exceeds insurance deductibles, the Partnership records an asset related to the amount of the liability expected to be covered by insurance. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits. The Partnership estimates the rate of return on plan assets, the discount rate used to estimate the present value of future benefit obligations and the expected cost of future health care benefits in determining its annual pension and other postretirement benefit costs. In October 2014, the Society of Actuaries (“SOA”) issued new mortality tables (RP-2014) and a new mortality improvement scale (MP-2014). 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. |
Customer Deposits and Advances | Customer Deposits and Advances. The Partnership offers different payment programs to its customers including the ability to prepay for usage and to make equal monthly payments on account under a budget payment plan. The Partnership establishes a liability within customer deposits and advances for amounts collected in advance of deliveries. |
Income Taxes | Income Taxes. As discussed in Note 1, the Partnership structure consists of two limited partnerships, the Partnership and the Operating Partnership, and the Corporate Entities. For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are included in the tax returns of the Common Unitholders. As a result, except for certain states that impose an income tax on partnerships, no income tax expense is reflected in the Partnership’s consolidated financial statements relating to the earnings of the Partnership and the Operating Partnership. The earnings attributable to the Corporate Entities are subject to federal and state income tax. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Common Unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities and the taxable income allocation requirements under the Partnership Agreement. Income taxes for the Corporate Entities are provided based on the asset and liability approach to accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets when it is more likely than not that the full amount will not be realized. |
Loss Contingencies | Loss Contingencies. In the normal course of business, the Partnership is involved in various claims and legal proceedings. The Partnership records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. The liability includes probable and estimable legal costs to the point in the legal matter where the Partnership believes a conclusion to the matter will be reached. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. |
Asset Retirement Obligations | Asset Retirement Obligations. Asset retirement obligations apply to legal obligations associated with the retirement of long-lived assets that result from the acquisition, construction, development and/or the normal operation of a long-lived asset. The Partnership has recognized asset retirement obligations for certain costs to remove and properly dispose of underground and aboveground fuel oil storage tanks and contractually mandated removal of leasehold improvements. The Partnership records a liability at fair value for the estimated cost to settle an asset retirement obligation at the time that liability is incurred, which is generally when the asset is purchased, constructed or leased. The Partnership records the liability, which is referred to as the asset retirement obligation, when it has a legal obligation to incur costs to retire the asset and when a reasonable estimate of the fair value of the liability can be made. If a reasonable estimate cannot be made at the time the liability is incurred, the Partnership records the liability when sufficient information is available to estimate the liability’s fair value. |
Unit-Based Compensation | Unit-Based Compensation. The Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity or equity-based compensation based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on remeasurement of the award’s fair value at the conclusion of each interim and annual reporting period until the date of settlement, taking into consideration the probability that the performance conditions will be satisfied. |
Costs and Expenses | Costs and Expenses. The cost of products sold reported in the consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, as well as the cost of natural gas and electricity sold, including transportation costs to deliver product from the Partnership’s supply points to storage or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances, equipment and related parts sold or installed by the Partnership’s customer service centers computed on a basis that approximates the average cost of the products. Unrealized (non-cash) gains or losses from changes in the fair value of commodity derivative instruments that are not designated as cash flow hedges are recorded in each reporting period within cost of products sold. Cost of products sold is reported exclusive of any depreciation and amortization as such amounts are reported separately within the consolidated statements of operations. All other costs of operating the Partnership’s retail propane, fuel oil and refined fuels distribution and appliance sales and service operations, as well as the natural gas and electricity marketing business, are reported within operating expenses in the consolidated statements of operations. These operating expenses include the compensation and benefits of field and direct operating support personnel, costs of operating and maintaining the vehicle fleet, overhead and other costs of the purchasing, training and safety departments and other direct and indirect costs of operating the Partnership’s customer service centers. All costs of back office support functions, including compensation and benefits for executives and other support functions, as well as other costs and expenses to maintain finance and accounting, treasury, legal, human resources, corporate development and the information systems functions are reported within general and administrative expenses in the consolidated statements of operations. |
Net Income Per Unit | Net Income Per Unit. Computations of basic income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units, and vested (and unissued) restricted units granted under the Partnership’s Restricted Unit Plan, 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 Plan. In computing diluted net income per Common Unit, weighted average units outstanding used to compute basic net income per Common Unit were increased by 317,632, 220,112 and 256,794 units for fiscal 2017, 2016 and 2015, respectively, to reflect the potential dilutive effect of the unvested restricted units outstanding using the treasury stock method. |
Comprehensive Income | Comprehensive Income. The Partnership reports comprehensive income (the total of net income and all other non-owner changes in partners’ capital) within the consolidated statement of comprehensive income. Other comprehensive income includes unrealized gains and losses on derivative instruments accounted for as cash flow hedges and reclassifications of realized losses on cash flow hedges into earnings, amortization of net actuarial losses and prior service credits into earnings and changes in the funded status of pension and other postretirement benefit plans, and net actuarial losses recognized in earnings associated with pension settlements. |
Reclassifications | Reclassifications. Certain prior period amounts have been reclassified to conform with current period presentation. See Recently Adopted Accounting Pronouncements, below. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements. In March 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). This update provides guidance on the capitalization, presentation and disclosure of net benefit costs. ASU 2017-07 is 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 2019 and will be applied retrospectively upon adoption. The Partnership is currently evaluating the impact that the standard will have on the Partnership’s consolidated statements of operations. In January 2017, the FASB issued ASU 2017-04, “Simplifying the Test for Goodwill Impairment” (“ASU 2017-04”). This update eliminates the second of the two-step goodwill impairment test, as described above. Instead, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit to its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for the first interim period within annual reporting periods beginning after December 15, 2019, which will be the Partnership’s first quarter of fiscal 2021. Early adoption of ASU 2017-04 is permitted. The Partnership does not expect the adoption of ASU 2017-04 will have a material impact on the Partnership’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). This update addresses eight specific cash flow issues and is intended to reduce diversity in practice on how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is 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 2019. Early adoption of ASU 2016-15 is permitted. The Partnership is currently evaluating the impact that the standard will have on the Partnership’s . In March 2016, the FASB issued ASU 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 2018. Early adoption of ASU 2016-09 is permitted. The adoption of ASU 2016-09 will not have a material impact on the Partnership’s consolidated financial statements. 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 2020. 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 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 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 its adoption will have a material impact on the Partnership’s consolidated financial statements. Recently Adopted Accounting Pronouncements. During the first quarter of fiscal 2017, the Partnership adopted new accounting guidance regarding the classification of deferred debt issuance costs under ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs.” Deferred debt issuance costs associated with long-term debt are now reflected as a direct deduction from the carrying amount of such debt rather than as a deferred charge. Total deferred debt issuance costs were $19,219 and $17,391 at September 30, 2017 and September 24, 2016, respectively. Deferred debt issuance costs associated with line-of-credit arrangements remain classified as other assets on the Partnership’s consolidated balance sheet. As of September 30, 2017 and September 24, 2016, the Partnership has reflected $15,481 and $13,670 of such costs as a reduction to long-term debt on the condensed consolidated balance sheets, respectively. Refer to Note 8, “Long-Term Borrowings” for a tabular display of long-term borrowings. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Estimated useful life of property, plant and equipment by category | Depreciation is determined under the straight‑line method based upon the estimated useful life of the asset as follows: Buildings 40 Years Building and land improvements 20 Years Transportation equipment 3-10 Years Storage facilities 7-30 Years Office equipment 5-10 Years Tanks and cylinders 10-40 Years Computer software 3-7 Years The weighted average estimated useful life of the Partnership’s storage facilities and tanks and cylinders is approximately 22 years and 28 years, respectively. |
Distributions of Available Ca26
Distributions of Available Cash (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Distributions Made To Members Or Limited Partners [Abstract] | |
Quarterly distributions per Common Unit declared and paid | The following summarizes the quarterly distributions per Common Unit declared and paid in respect of each of the quarters in the three fiscal years in the period ended September 30, 2017: Fiscal Fiscal Fiscal 2017 2016 2015 First Quarter $ 0.8875 $ 0.8875 $ 0.8750 Second Quarter 0.8875 0.8875 0.8875 Third Quarter 0.8875 0.8875 0.8875 Fourth Quarter 0.6000 0.8875 0.8875 |
Selected Balance Sheet Inform27
Selected Balance Sheet Information (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Inventories | Inventories consist of the following: As of September 30, September 24, 2017 2016 Propane, fuel oil and refined fuels and natural gas $ 51,844 $ 43,905 Appliances 1,376 1,447 $ 53,220 $ 45,352 |
Property, plant and equipment | Property, plant and equipment consist of the following: As of September 30, September 24, 2017 2016 Land and improvements $ 192,256 $ 193,194 Buildings and improvements 111,013 109,345 Transportation equipment 51,037 57,823 Storage facilities 110,573 110,528 Equipment, primarily tanks and cylinders 849,175 845,650 Computer software 53,826 52,643 Construction in progress 4,248 3,845 1,372,128 1,373,028 Less: accumulated depreciation (679,501 ) (630,899 ) $ 692,627 $ 742,129 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Other intangible assets | Other intangible assets consist of the following: As of September 30, September 24, 2017 2016 Customer relationships $ 492,656 $ 492,656 Non-compete agreements 31,040 31,040 Other 1,967 1,967 525,663 525,663 Less: accumulated amortization Customer relationships (279,287 ) (225,634 ) Non-compete agreements (25,242 ) (22,533 ) Other (1,258 ) (1,167 ) (305,787 ) (249,334 ) $ 219,876 $ 276,329 |
Carrying values of goodwill assigned to the partnership's operating segments | The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: Propane Fuel oil and refined fuels Natural gas and electricity Total Balance as of September 30, 2017 and September 24, 2016 Goodwill $ 1,082,297 $ 10,900 $ 7,900 $ 1,101,097 Accumulated adjustments — (6,462 ) — (6,462 ) $ 1,082,297 $ 4,438 $ 7,900 $ 1,094,635 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes | The income tax provision of all the legal entities included in the Partnership’s consolidated statement of operations, which is composed primarily of state income taxes in the few states that impose taxes on partnerships and minimum state income taxes on the Corporate Entities, consists of the following: Year Ended September 30, September 24, September 26, 2017 2016 2015 Current Federal $ 13 $ 7 $ 23 State and local 446 581 677 459 588 700 Deferred — — — $ 459 $ 588 $ 700 |
Income tax reconciliation | The provision for income taxes differs from income taxes computed at the United States federal statutory rate as a result of the following: Year Ended September 30, September 24, September 26, 2017 2016 2015 Income tax provision at federal statutory tax rate $ 13,459 $ 5,260 $ 29,768 Impact of Partnership income not subject to federal income taxes (13,892 ) (9,844 ) (32,148 ) Permanent differences 3 182 210 Change in valuation allowance 406 4,737 2,181 State income taxes 864 (211 ) 253 Other (381 ) 464 436 Provision for income taxes - current $ 459 $ 588 $ 700 |
Deferred tax assets and liabilities | The components of net deferred taxes and the related valuation allowance using currently enacted tax rates are as follows: Year Ended September 30, September 24, 2017 2016 Deferred tax assets: Net operating loss carryforwards $ 59,731 $ 60,628 Allowance for doubtful accounts 315 184 Inventory 572 457 Deferred revenue 1,041 1,091 AMT credit carryforward 1,086 1,086 Other accruals 1,883 1,179 Total deferred tax assets 64,628 64,625 Deferred tax liabilities: Intangible assets 1,223 775 Property, plant and equipment 4,217 5,068 Total deferred tax liabilities 5,440 5,843 Net deferred tax assets 59,188 58,782 Valuation allowance (59,188 ) (58,782 ) Net deferred tax assets $ — $ — |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Debt Instrument [Line Items] | |
Long-term borrowings | Long-term borrowings consist of the following: As of September 30, September 24, 2017 2016 (1) 7.375% senior notes, due August 1, 2021, including unamortized premium of $-0- and $16,992, respectively $ — $ 363,172 5.5% senior notes, due June 1, 2024 525,000 525,000 5.75% senior notes, due March 1, 2025 250,000 250,000 5.875% senior notes, due March 1, 2027 350,000 — Revolving Credit Facility, due March 3, 2021 162,645 100,000 Subtotal 1,287,645 1,238,172 Less: unamortized debt issuance costs (15,481 ) (13,670 ) $ 1,272,164 $ 1,224,502 (1) Long-term borrowings as of September 24, 2016 reflect the retrospective impact from the adoption of new accounting guidance regarding the balance sheet classification of debt issuance costs (See Note 2). |
5.5% Senior Notes due June 1, 2024 [Member] | |
Debt Instrument [Line Items] | |
Schedule of percentage of redemption price borrowings | The 2024 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after June 1, 2019, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. Year Percentage 2019 102.750% 2020 101.833% 2021 100.917% 2022 and thereafter 100.000% |
5.75% Senior Notes due March 1, 2025 [Member] | |
Debt Instrument [Line Items] | |
Schedule of percentage of redemption price borrowings | The 2025 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 1, 2020, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. Year Percentage 2020 102.875% 2021 101.917% 2022 100.958% 2023 and thereafter 100.000% |
5.875% Senior Notes due March 1, 2027 [Member] | |
Debt Instrument [Line Items] | |
Schedule of percentage of redemption price borrowings | The 2027 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 1, 2022, in each case at the redemption prices described in the table below, together with any accrued and unpaid interest to the date of the redemption. Year Percentage 2022 102.938% 2023 101.958% 2024 100.979% 2025 and thereafter 100.000% |
Unit-Based Compensation Arran31
Unit-Based Compensation Arrangements (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of activity In the Restricted Unit Plans | The following is a summary of activity in the Restricted Unit Plan: Weighted Grant Date Fair Units Value Per Unit Outstanding September 27, 2014 694,927 $ 32.07 Awarded 154,403 37.59 Forfeited (7,607 ) (31.04 ) Vested (214,324 ) (36.68 ) Outstanding September 26, 2015 627,399 31.87 Awarded 307,559 23.62 Forfeited (12,057 ) (25.44 ) Vested (1) (268,781 ) (35.19 ) Outstanding September 24, 2016 654,120 26.74 Awarded 323,715 21.00 Forfeited (6,737 ) (23.51 ) Vested (1) (350,053 ) (29.74 ) Outstanding September 30, 2017 621,045 $ 22.10 (1) During fiscal 2017 and 2016, the Partnership withheld 34,883 and 10,477, respectively, Common Units from participants for income tax withholding purposes for those executive officers of the Partnership whose shares of restricted units vested during the period. |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of defined benefit plans disclosure | The following tables provide a reconciliation of the changes in the benefit obligations and the fair value of the plan assets for fiscal 2017 and 2016 and a statement of the funded status for both years. Under the Partnership’s cash balance defined benefit pension plan, the accumulated benefit obligation and the projected benefit obligation are the same. Pension Benefits Retiree Health and Life Benefits 2017 2016 2017 2016 Reconciliation of benefit obligations: Benefit obligation at beginning of year $ 150,363 $ 146,907 $ 13,778 $ 15,294 Interest cost 4,164 5,041 385 520 Actuarial (gain) loss (4,018 ) 11,547 123 (1,198 ) Lump sum benefits paid (20,799 ) (5,816 ) — — Ordinary benefits paid (7,063 ) (7,316 ) (1,187 ) (838 ) Plan amendment — — (3,246 ) — Benefit obligation at end of year $ 122,647 $ 150,363 $ 9,853 $ 13,778 Reconciliation of fair value of plan assets: Fair value of plan assets at beginning of year $ 101,077 $ 104,303 $ — $ — Actual return on plan assets 911 9,191 — — Employer contributions 11,523 715 1,187 838 Lump sum benefits paid (20,799 ) (5,816 ) — — Ordinary benefits paid (7,063 ) (7,316 ) (1,187 ) (838 ) Fair value of plan assets at end of year $ 85,649 $ 101,077 $ — $ — Funded status: Funded status at end of year $ (36,998 ) $ (49,286 ) $ (9,853 ) $ (13,778 ) Amounts recognized in consolidated balance sheets consist of: Net amount recognized at end of year $ (36,998 ) $ (49,286 ) $ (9,853 ) $ (13,778 ) Less: current portion — — 1,243 922 Noncurrent benefit liability $ (36,998 ) $ (49,286 ) $ (8,610 ) $ (12,856 ) Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (loss): Actuarial net (loss) gain $ (37,311 ) $ (51,391 ) $ 5,253 $ 5,764 Prior service credits — — 3,246 — Net amount recognized in accumulated other comprehensive (loss) income $ (37,311 ) $ (51,391 ) $ 8,499 $ 5,764 |
Percentage allocation of plan assets | The following table presents the actual allocation of assets held in trust as of: September 30, September 24, 2017 2016 Fixed income securities 85% 85% Equity securities 15% 15% 100% 100% |
Schedule of measurement of partnership's pension plan assets by category | The following table describes the measurement of the Partnership’s pension plan assets by asset category as of: September 30, September 24, 2017 2016 Short term investments (1) $ 1,498 $ 1,456 Equity securities: (1) (2) Domestic 4,701 5,397 International 8,006 9,501 Fixed income securities (1) (3) 71,444 84,723 $ 85,649 $ 101,077 (1) Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer. (2) Includes funds which invest primarily in a diversified portfolio of publicly traded U.S. and Non-U.S. common stock. (3) Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities. |
Schedule of expected benefit payments | The Partnership expects to contribute approximately $10,290 to the defined benefit pension plan during fiscal 2018. Estimated future benefit payments for both pension and retiree health and life benefits are as follows: Pension Retiree Health and Fiscal Year Benefits Life Benefits 2018 $ 27,178 $ 1,243 2019 10,212 1,166 2020 9,383 1,074 2021 9,760 988 2022 8,761 901 2023 through 2027 36,652 3,231 |
Components of Net Periodic Benefit Costs | The following table provides the components of net periodic benefit costs included in operating expenses for fiscal 2017, 2016 and 2015: Pension Benefits Retiree Health and Life Benefits 2017 2016 2015 2017 2016 2015 Interest cost $ 4,164 $ 5,041 $ 5,128 $ 385 $ 520 $ 575 Expected return on plan assets (2,150 ) (3,418 ) (4,913 ) — — — Amortization of prior service credit — — — — (399 ) (490 ) Settlement charge 6,100 2,000 2,000 — — — Recognized net actuarial loss (gain) 5,201 5,218 4,522 (389 ) (299 ) (196 ) Net periodic benefit costs $ 13,315 $ 8,841 $ 6,737 $ (4 ) $ (178 ) $ (111 ) |
Schedule of assumptions used | The assumptions used in the measurement of the Partnership’s benefit obligations as of September 30, 2017 and September 24, 2016 are shown in the following table: Pension Benefits Retiree Health and Life Benefits 2017 2016 2017 2016 Weighted-average discount rate 3.500 % 3.125 % 3.000 % 2.875 % Average rate of compensation increase n/a n/a n/a n/a Health care cost trend n/a n/a 6.570 % 6.840 % The assumptions used in the measurement of net periodic pension benefit and postretirement benefit costs for fiscal 2017, 2016 and 2015 are shown in the following table: Pension Benefits Retiree Health and Life Benefits 2017 2016 2015 2017 2016 2015 Weighted-average discount rate 3.125 % 3.875 % 3.875 % 2.875 % 3.500 % 3.500 % Average rate of compensation increase n/a n/a n/a n/a n/a n/a Weighted-average expected long-term rate of return on plan assets 2.400 % 3.900 % 4.900 % n/a n/a n/a Health care cost trend n/a n/a n/a 6.840 % 7.100 % 7.120 % |
Total contributions made to multiemployer pension plans | While no multi-employer pension plan that the Partnership contributed to is individually significant to the Partnership, the table below discloses the MEPPs to which the Partnership contributes. The financial health of a MEPP is indicated by the zone status, as defined by the PPA, which represents the funded status of the plan as certified by the plan's actuary. Plans in the red zone are less than 65% funded, the yellow zone are between 65% and 80% funded, and green zone are at least 80% funded. Total contributions made by the Partnership to multi-employer pension plans for the fiscal year ended September 30, 2017 are shown below. PPA Zone Status Contributions Contributions greater than 5% of Expiration Pension Fund EIN/Pension Plan Number 2017 2016 FIP/RP Status 2017 2016 2015 Total Plan Contributions date of CBA Local 282 Pension Trust (a) 11-6245313 Green Green n/a $ 252 $ 281 $ 269 No August 2019 Teamsters Industrial Employees Pension Fund (b) 22-6099363 Green Green n/a 190 207 200 No March 2021 Other (c) n/a 25 260 604 No n/a $ 467 $ 748 $ 1,073 (a) Based on most recent available valuation information for plan year ended February 2016. ( b ) Based on most recent available valuation information for plan year ended December 2015. ( c ) Includes the MEPPs from which the Partnership withdrew. |
Financial Instruments and Ris33
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair value of the Partnership's derivative instruments and their location in the condensed consolidated balance sheets | The following summarizes the fair value of the Partnership’s derivative instruments and their location in the consolidated balance sheets as of September 30, 2017 and September 24, 2016, respectively: As of September 30, 2017 As of September 24, 2016 Asset Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging instruments: Commodity-related derivatives Other current assets $ 11,164 Other current assets $ 3,306 Other assets 771 Other assets 1,546 $ 11,935 $ 4,852 Liability Derivatives Location Fair Value Location Fair Value Derivatives designated as hedging instruments: Interest rate swap Other current liabilities $ — Other current liabilities $ 205 $ — $ 205 Derivatives not designated as hedging instruments: Commodity-related derivatives Other current liabilities $ 1,978 Other current liabilities $ 1,002 Other liabilities 432 Other liabilities 1,353 $ 2,410 $ 2,355 |
Reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs | The following summarizes the reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Fair Value Measurement Using Significant Unobservable Inputs (Level 3) Fiscal 2017 Fiscal 2016 Assets Liabilities Assets Liabilities Beginning balance of over-the-counter options $ 809 $ — $ 2,781 $ 347 Beginning balance realized during the period (667 ) — (2,781 ) (347 ) Contracts purchased during the period 3,686 737 809 — Change in the fair value of outstanding contracts 280 — — — Ending balance of over-the-counter options $ 4,108 $ 737 $ 809 $ — |
Effect of the Partnership's derivative instruments on the condensed consolidated statements of operations | The effect of the Partnership’s derivative instruments on the consolidated statements of operations for fiscal 2017, 2016 and 2015 are as follows: Amount of Gains Gains (Losses) Reclassified from (Losses) Accumulated OCI into Income Recognized in OCI (Effective Portion) Derivatives in Cash Flow Hedging Relationships (Effective Portion) Location Amount Interest rate swaps: Fiscal 2017 $ (10 ) Interest expense $ (215 ) Fiscal 2016 $ 6 Interest expense $ (1,100 ) Fiscal 2015 $ (1,159 ) Interest expense $ (1,388 ) Unrealized Gains (Losses) Recognized in Income Derivatives Not Designated as Hedging Instruments Location Amount Commodity-related derivatives: Fiscal 2017 Cost of products sold $ 6,277 Fiscal 2016 Cost of products sold $ (1,190 ) Fiscal 2015 Cost of products sold $ 1,855 |
Fair value of the Partnership's recognized derivative assets and liabilities on a gross basis and amounts offset on the condensed consolidated balance sheets | The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: As of September 30, 2017 Net amounts presented in the Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 16,378 $ (4,443 ) $ 11,935 $ 16,378 $ (4,443 ) $ 11,935 Liability Derivatives Commodity-related derivatives $ 6,853 $ (4,443 ) $ 2,410 $ 6,853 $ (4,443 ) $ 2,410 As of September 24, 2016 Net amounts presented in the Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 6,842 $ (1,990 ) $ 4,852 Interest rate swap 230 (230 ) — $ 7,072 $ (2,220 ) $ 4,852 Liability Derivatives Commodity-related derivatives $ 4,345 $ (1,990 ) $ 2,355 Interest rate swap 435 (230 ) 205 $ 4,780 $ (2,220 ) $ 2,560 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future minimum rental commitments | Future minimum rental commitments under noncancelable operating lease agreements as of September 30, 2017 are as follows: Fiscal Year Minimum Lease Payments 2018 $ 22,126 2019 17,971 2020 15,144 2021 11,506 2022 7,282 2023 and thereafter 13,729 |
Amounts Reclassified Out of A35
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Reclassification out of accumulated other comprehensive (loss) income | The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the years ended September 30, 2017, September 24, 2016 and September 26, 2015: Year Ended September 30, September 24, September 26, 2017 2016 2015 Cash Flow Hedges Balance, beginning of period $ (205 ) $ (1,311 ) $ (1,540 ) Other comprehensive income before reclassifications: Unrealized gains (losses) (10 ) 6 (1,159 ) Reclassifications to earnings: Realized losses ( a 215 1,100 1,388 Other comprehensive income 205 1,106 229 Balance, end of period $ — $ (205 ) $ (1,311 ) Pension Benefits Balance, beginning of period $ (51,391 ) $ (52,836 ) $ (49,034 ) Other comprehensive income before reclassifications: Net change in funded status of benefit plan 2,779 (5,773 ) (10,324 ) Reclassifications to earnings: Recognition of net actuarial loss for pension settlement ( b 6,100 2,000 2,000 Amortization of net loss ( b 5,201 5,218 4,522 Other comprehensive income (loss) 14,080 1,445 (3,802 ) Balance, end of period $ (37,311 ) $ (51,391 ) $ (52,836 ) Postretirement Benefits Balance, beginning of period $ 5,764 $ 5,264 $ 4,669 Other comprehensive income before reclassifications: Prior service credits $ 3,246 $ — $ — Net change in plan obligation (122 ) 1,198 1,281 Reclassifications to earnings: Amortization of prior service credits ( b — (399 ) (490 ) Amortization of net gain ( b (389 ) (299 ) (196 ) Other comprehensive income (loss) 2,735 500 595 Balance, end of period $ 8,499 $ 5,764 $ 5,264 Accumulated Other Comprehensive Income (Loss) Balance, beginning of period $ (45,832 ) $ (48,883 ) $ (45,905 ) Other comprehensive income before reclassifications 5,893 (4,569 ) (10,202 ) Recognition of net actuarial loss for pension settlement 6,100 2,000 2,000 Reclassifications to earnings 5,027 5,620 5,224 Other comprehensive income (loss) 17,020 3,051 (2,978 ) Balance, end of period $ (28,812 ) $ (45,832 ) $ (48,883 ) (a) Reclassification of realized losses on cash flow hedges are recognized in interest expense. (b) These amounts are included in the computation of net periodic benefit cost. See Note 10, “Employee Benefit Plans”. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Disclosure by reportable segment and reconciliation of total operating segment information | The following table presents certain data by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented: Year Ended September 30, September 24, September 26, 2017 2016 2015 Revenues: Propane $ 1,011,078 $ 884,169 $ 1,176,980 Fuel oil and refined fuels 78,126 68,759 127,495 Natural gas and electricity 55,103 50,763 66,865 All other 43,579 42,420 45,639 Total revenues $ 1,187,886 $ 1,046,111 $ 1,416,979 Operating income (loss): Propane $ 205,035 $ 184,213 $ 280,761 Fuel oil and refined fuels 8,552 5,649 7,621 Natural gas and electricity 13,826 10,755 14,614 All other (23,017 ) (25,945 ) (25,409 ) Corporate (89,112 ) (84,266 ) (99,829 ) Total operating income 115,284 90,406 177,758 Reconciliation to net income: Loss on debt extinguishment 1,567 292 15,072 Interest expense, net 75,263 75,086 77,634 Provision for income taxes 459 588 700 Net income $ 37,995 $ 14,440 $ 84,352 Depreciation and amortization: Propane $ 111,374 $ 110,067 $ 110,728 Fuel oil and refined fuels 2,610 2,725 3,885 Natural gas and electricity — 3 8 All other 283 304 288 Corporate 13,671 16,517 18,385 Total depreciation and amortization $ 127,938 $ 129,616 $ 133,294 As of September 30, September 24, 2017 2016 Assets: Propane $ 2,066,997 $ 2,141,108 Fuel oil and refined fuels 49,863 53,266 Natural gas and electricity 12,455 13,415 All other 2,147 2,185 Corporate 39,821 72,325 Total assets $ 2,171,283 $ 2,282,299 |
Partnership Organization and 37
Partnership Organization and Formation - Additional Information (Details) Customer in Millions | Sep. 30, 2017CustomerLocationStateshares | Sep. 24, 2016shares |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Common units outstanding (in units) | 61,104,544 | 60,789,000 |
Ownership interest in Suburban Energy Finance Corp (in hundredths) | 100.00% | |
Number of residential, commercial, industrial and agricultural customers | Customer | 1 | |
Number of locations served by the partnership | Location | 668 | |
Number of states in which the partnership operates | State | 41 | |
General Partner [Member] | Common Unitholders [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Common units outstanding (in units) | 784 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017USD ($)wkPartnershipshares | Sep. 24, 2016USD ($)shares | Sep. 26, 2015shares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Limited partner interest in the Operating Partnership (in hundredths) | 100.00% | ||
Minimum number of weeks in the fiscal year reporting calendar | 52 | ||
Maximum number of weeks in the fiscal year reporting calendar | 53 | ||
Minimum number of weeks in a fiscal quarter | 13 | ||
Maximum number of weeks in a fiscal quarter | 14 | ||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Projection period for discounted cash flow analyses to estimate reporting unit fair value | 10 years | ||
Income Taxes [Abstract] | |||
Number of limited partnerships included in the partnership structure | Partnership | 2 | ||
Net Income Per Unit [Abstract] | |||
Increase in weighted average units outstanding used to compute basic net income per Common Unit to reflect the potential dilutive effect of the unvested restricted units outstanding (in units) | shares | 317,632 | 220,112 | 256,794 |
Total deferred debt issuance costs | $ | $ 19,219 | $ 17,391 | |
Unamortized debt issuance costs | $ | $ 15,481 | $ 13,670 | |
Storage facilities [Member] | Weighted Average [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful life of the asset (in years) | 22 years | ||
Storage facilities [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful life of the asset (in years) | 7 years | ||
Storage facilities [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful life of the asset (in years) | 30 years | ||
Tanks and cylinders [Member} | Weighted Average [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful life of the asset (in years) | 28 years | ||
Tanks and cylinders [Member} | Minimum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful life of the asset (in years) | 10 years | ||
Tanks and cylinders [Member} | Maximum [Member] | |||
Property, Plant and Equipment [Abstract] | |||
Estimated useful life of the asset (in years) | 40 years | ||
Federal Funds Rate [Member] | |||
Interest Rate Risk [Abstract] | |||
Description of applicable interest rate on borrowings | Federal Funds Rate | ||
Basis spread (in hundredths) | 0.50% | ||
LIBOR [Member] | |||
Interest Rate Risk [Abstract] | |||
Description of applicable interest rate on borrowings | LIBOR | ||
Basis spread (in hundredths) | 1.00% |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Estimated Useful Life of Property Plant and Equipment by Category (Details) | 12 Months Ended |
Sep. 30, 2017 | |
Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 40 years |
Building and land improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 20 years |
Transportation equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 3 years |
Transportation equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 10 years |
Storage facilities [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 7 years |
Storage facilities [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 30 years |
Office equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 5 years |
Office equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 10 years |
Tanks and cylinders [Member} | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 10 years |
Tanks and cylinders [Member} | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 40 years |
Computer software [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 3 years |
Computer software [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of the asset (in years) | 7 years |
Acquisitions and Dispositions40
Acquisitions and Dispositions of Businesses - Additional Information (Details) - USD ($) $ in Thousands | Apr. 22, 2016 | Dec. 15, 2015 | Jun. 25, 2016 | Dec. 26, 2015 | Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 |
Business Acquisition And Dispositions [Line Items] | |||||||
Business disposition, sales price | $ 26,000 | ||||||
Period over which the receivables are collected | 5 years | ||||||
Gain on sale of certain assets and operations | $ 9,769 | $ 0 | $ 9,769 | $ 0 | |||
Cash paid to acquire business | $ 0 | 42,945 | $ 6,500 | ||||
Propane USA Distribution, LLC [Member] | |||||||
Business Acquisition And Dispositions [Line Items] | |||||||
Business acquisition, cost of acquired, cash paid | $ 45,000 | 0 | |||||
Cash paid to acquire business | $ 41,250 | 42,945 | |||||
Non-compete Agreements [Member] | |||||||
Business Acquisition And Dispositions [Line Items] | |||||||
Business disposition, sales price | $ 5,000 | ||||||
Non-compete Agreements [Member] | Propane USA Distribution, LLC [Member] | |||||||
Business Acquisition And Dispositions [Line Items] | |||||||
Business acquisition, cost of acquired, cash paid | $ 3,000 | $ 0 |
Distributions of Available Ca41
Distributions of Available Cash - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2017 | |
Distributions Made To Members Or Limited Partners [Abstract] | |
Distributions to its partners | 45 days |
Distributions of Available Ca42
Distributions of Available Cash - Quarterly Distributions Per Common Unit Declared and Paid (Details) - $ / shares | 3 Months Ended | |||||||||||
Sep. 30, 2017 | Jun. 24, 2017 | Mar. 25, 2017 | Dec. 24, 2016 | Sep. 24, 2016 | Jun. 25, 2016 | Mar. 26, 2016 | Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | |
Distributions Made To Members Or Limited Partners [Abstract] | ||||||||||||
Distributions paid (in dollars per unit) | $ 0.6000 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8750 |
Distributions declared (in dollars per unit) | $ 0.6000 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8875 | $ 0.8750 |
Selected Balance Sheet Inform43
Selected Balance Sheet Information - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 |
Inventory Net [Abstract] | ||
Propane, fuel oil and refined fuels and natural gas | $ 51,844 | $ 43,905 |
Appliances | 1,376 | 1,447 |
Total inventory | $ 53,220 | $ 45,352 |
Selected Balance Sheet Inform44
Selected Balance Sheet Information - Property Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,372,128 | $ 1,373,028 |
Less: accumulated depreciation | (679,501) | (630,899) |
Property, plant and equipment, net | 692,627 | 742,129 |
Land and improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 192,256 | 193,194 |
Buildings and improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 111,013 | 109,345 |
Transportation equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 51,037 | 57,823 |
Storage facilities [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 110,573 | 110,528 |
Equipment, primarily tanks and cylinders [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 849,175 | 845,650 |
Computer software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 53,826 | 52,643 |
Construction in progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 4,248 | $ 3,845 |
Selected Balance Sheet Inform45
Selected Balance Sheet Information - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 71,484 | $ 72,471 | $ 75,920 |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets - Carrying Values of Goodwill Assigned to Partnership's Operating Segments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 |
Goodwill [Line Items] | ||
Goodwill | $ 1,101,097 | $ 1,101,097 |
Accumulated adjustments | (6,462) | (6,462) |
Goodwill, net | 1,094,635 | 1,094,635 |
Propane [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 1,082,297 | 1,082,297 |
Accumulated adjustments | 0 | 0 |
Goodwill, net | 1,082,297 | 1,082,297 |
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 |
Natural Gas and Electricity [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 7,900 | 7,900 |
Accumulated adjustments | 0 | 0 |
Goodwill, net | $ 7,900 | $ 7,900 |
Goodwill and Other Intangible47
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 |
Finite Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross | $ 525,663 | $ 525,663 |
Accumulated amortization | (305,787) | (249,334) |
Other intangible assets, net | 219,876 | 276,329 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross | 492,656 | 492,656 |
Accumulated amortization | (279,287) | (225,634) |
Non-compete Agreements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross | 31,040 | 31,040 |
Accumulated amortization | (25,242) | (22,533) |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Other intangible assets, gross | 1,967 | 1,967 |
Accumulated amortization | $ (1,258) | $ (1,167) |
Goodwill and Other Intangible48
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Aggregate amortization expense | $ 56,454 | $ 57,145 | $ 57,374 |
Aggregate amortization expense for the five succeeding fiscal years [Abstract] | |||
2,018 | 56,094 | ||
2,019 | 55,071 | ||
2,020 | 54,086 | ||
2,021 | 44,577 | ||
2,022 | $ 3,457 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Current [Abstract] | |||
Federal | $ 13 | $ 7 | $ 23 |
State and local | 446 | 581 | 677 |
Total current taxes | 459 | 588 | 700 |
Deferred [Abstract] | |||
Deferred | 0 | 0 | 0 |
Provision for income taxes - current and deferred | $ 459 | $ 588 | $ 700 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Income Tax Reconciliation [Abstract] | |||
Income tax provision at federal statutory tax rate | $ 13,459 | $ 5,260 | $ 29,768 |
Impact of Partnership income not subject to federal income taxes | (13,892) | (9,844) | (32,148) |
Permanent differences | 3 | 182 | 210 |
Change in valuation allowance | 406 | 4,737 | 2,181 |
State income taxes | 864 | (211) | 253 |
Other | (381) | 464 | 436 |
Provision for income taxes - current and deferred | $ 459 | $ 588 | $ 700 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 |
Deferred tax assets [Abstract] | ||
Net operating loss carryforwards | $ 59,731 | $ 60,628 |
Allowance for doubtful accounts | 315 | 184 |
Inventory | 572 | 457 |
Deferred revenue | 1,041 | 1,091 |
AMT credit carryforward | 1,086 | 1,086 |
Other accruals | 1,883 | 1,179 |
Total deferred tax assets | 64,628 | 64,625 |
Deferred tax liabilities [Abstract] | ||
Intangible assets | 1,223 | 775 |
Property, plant and equipment | 4,217 | 5,068 |
Total deferred tax liabilities | 5,440 | 5,843 |
Net deferred tax assets | 59,188 | 58,782 |
Valuation allowance | (59,188) | (58,782) |
Net deferred tax assets | $ 0 | $ 0 |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-Term Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 | [1] |
Debt Instrument [Line Items] | |||
Long-term borrowings | $ 1,287,645 | $ 1,238,172 | |
Less: unamortized debt issuance costs | (15,481) | (13,670) | |
Long-term borrowings | 1,272,164 | 1,224,502 | |
7.375% Senior Notes due August 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 0 | 363,172 | |
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 | |
5.875% Senior Notes due March 1, 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | 350,000 | 0 | |
Revolving Credit Facility due March 3, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term borrowings | $ 162,645 | $ 100,000 | |
[1] | Long-term borrowings as of September 24, 2016 reflect the retrospective impact from the adoption of new accounting guidance regarding the balance sheet classification of debt issuance costs (See Note 2). |
Long-Term Borrowings - Summar53
Long-Term Borrowings - Summary of Long-Term Borrowings (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017 | Sep. 24, 2016 | |
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 | $ 0 | $ 16,992 |
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 | |
5.875% Senior Notes due March 1, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Stated interest rate (in hundredths) | 5.875% | 5.875% |
Maturity date | Mar. 1, 2027 | |
Revolving Credit Facility due March 3, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 3, 2021 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Details) | May 01, 2017 | Feb. 14, 2017USD ($) | Mar. 03, 2016USD ($) | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017USD ($) | Jun. 24, 2017 | Mar. 26, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 24, 2016USD ($) | Sep. 26, 2015USD ($) | Aug. 06, 2013USD ($) | Aug. 02, 2013USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||
Ownership interest in Suburban Energy Finance Corp (in hundredths) | 100.00% | 100.00% | |||||||||||||||
Loss on debt extinguishment | $ 1,567,000 | $ 292,000 | $ 15,072,000 | ||||||||||||||
Long-term borrowings | $ 1,272,164,000 | $ 1,272,164,000 | $ 1,224,502,000 | [1] | |||||||||||||
Consolidated interest coverage ratio, minimum | 2.5 | ||||||||||||||||
Total consolidated leverage ratio, maximum | 5.5 | ||||||||||||||||
Senior secured unconsolidated leverage ratio maximum | 3 | ||||||||||||||||
Notional Amount | 100,000,000 | $ 100,000,000 | |||||||||||||||
Consolidated fixed charge coverage ratio, minimum | 1.75 | ||||||||||||||||
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 | 162,645,000 | 162,645,000 | |||||||||||||||
Long-term debt maturities, 2022 | 0 | 0 | |||||||||||||||
Long-term debt maturities, thereafter | 1,125,000,000 | 1,125,000,000 | |||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Standby letters of credit issued under the Revolving Credit Facility | $ 41,413,000 | $ 41,413,000 | |||||||||||||||
Federal Funds Rate [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread (in hundredths) | 0.50% | ||||||||||||||||
Description of applicable interest rate on borrowings | Federal Funds Rate | ||||||||||||||||
LIBOR [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread (in hundredths) | 1.00% | ||||||||||||||||
Description of applicable interest rate on borrowings | LIBOR | ||||||||||||||||
Amended Credit Agreement Due 2021 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Weighted average interest rate (in hundredths) | 3.80% | 3.80% | |||||||||||||||
Amended Credit Agreement Due 2021 [Member] | Federal Funds Rate [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread (in hundredths) | 0.50% | ||||||||||||||||
Description of applicable interest rate on borrowings | Federal Funds Rate | ||||||||||||||||
Amended Credit Agreement Due 2021 [Member] | LIBOR [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread (in hundredths) | 1.00% | ||||||||||||||||
Description of applicable interest rate on borrowings | LIBOR | ||||||||||||||||
Amendment to Amended Credit Agreement Due 2021 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total consolidated leverage ratio, maximum | 5.95 | 5.95 | 5.5 | ||||||||||||||
Amendment to Amended Credit Agreement Due 2021 [Member] | Scenario, Forecast [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Total consolidated leverage ratio, maximum | 5.5 | 5.75 | 5.95 | 5.95 | 5.95 | ||||||||||||
Amendment to Amended Credit Agreement Due 2021 [Member] | Eurodollar Rate Loans [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread (in hundredths) | 3.00% | ||||||||||||||||
Amendment to Amended Credit Agreement Due 2021 [Member] | Letter of Credit Fees [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread (in hundredths) | 3.00% | ||||||||||||||||
Amendment to Amended Credit Agreement Due 2021 [Member] | Base Rate Loans [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread (in hundredths) | 2.00% | ||||||||||||||||
Amendment to Amended Credit Agreement Due 2021 [Member] | Commitment Fee [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Basis spread (in hundredths) | 0.50% | ||||||||||||||||
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% | |||||||||||||||
7.375% 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 | ||||||||||||||||
Debt instrument repurchase amount | $ 23,863,000 | $ 133,400,000 | |||||||||||||||
Loss on debt extinguishment | $ 1,567,000 | ||||||||||||||||
Redemption premium and related fees | 15,078,000 | ||||||||||||||||
Write-off unamortized debt origination costs | 2,272,000 | $ 1,567,000 | |||||||||||||||
Write-off unamortized premium | $ (15,783,000) | ||||||||||||||||
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% | |||||||||||||||
Redemption start date | Jun. 1, 2019 | ||||||||||||||||
Redemption description | The 2024 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after June 1, 2019, in each case at the redemption prices, together with any accrued and unpaid interest to the date of the redemption. | ||||||||||||||||
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 | ||||||||||||||||
7.5% Senior Notes due October 1, 2018 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate (in hundredths) | 7.50% | 7.50% | |||||||||||||||
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% | |||||||||||||||
Redemption start date | Mar. 1, 2020 | ||||||||||||||||
Redemption description | The 2025 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 1, 2020, in each case at the redemption prices, together with any accrued and unpaid interest to the date of the redemption. | ||||||||||||||||
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 | ||||||||||||||||
7.375% Senior Notes due March 15, 2020 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Stated interest rate (in hundredths) | 7.375% | 7.375% | |||||||||||||||
Write-off unamortized debt origination costs | $ 2,855,000 | ||||||||||||||||
5.875% Senior Notes due March 1, 2027 [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Date public offering completed | Feb. 14, 2017 | ||||||||||||||||
Aggregate principal amount | $ 350,000,000 | $ 350,000,000 | |||||||||||||||
Stated interest rate (in hundredths) | 5.875% | 5.875% | 5.875% | ||||||||||||||
Maturity date | Mar. 1, 2027 | ||||||||||||||||
Percentage of principal amount at which debt was issued (in hundredths) | 100.00% | 100.00% | |||||||||||||||
Redemption start date | Mar. 1, 2022 | ||||||||||||||||
Redemption description | The 2027 Senior Notes are redeemable, at the Partnership’s option, in whole or in part, at any time on or after March 1, 2022, in each case at the redemption prices, together with any accrued and unpaid interest to the date of the redemption. | ||||||||||||||||
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 | ||||||||||||||||
Capitalized costs | $ 6,100,000 | ||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maturity date | Mar. 3, 2021 | ||||||||||||||||
Long-term borrowings | $ 162,645,000 | $ 162,645,000 | $ 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 | 292,000 | |||||||||||||||
Revolving credit facility, term | 5 years | ||||||||||||||||
Credit Facility, maximum amount | $ 500,000,000 | ||||||||||||||||
Capitalized costs | 2,678,000 | ||||||||||||||||
Capitalized debt origination costs | $ 3,738,000 | $ 3,738,000 | $ 3,721,000 | ||||||||||||||
[1] | Long-term borrowings as of September 24, 2016 reflect the retrospective impact from the adoption of new accounting guidance regarding the balance sheet classification of debt issuance costs (See Note 2). |
Long-Term Borrowings - Schedule
Long-Term Borrowings - Schedule of percentage of redemption price borrowings (Details) | 12 Months Ended |
Sep. 30, 2017 | |
5.5% Senior Notes due June 1, 2024 [Member] | 2019 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 102.75% |
5.5% Senior Notes due June 1, 2024 [Member] | 2020 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 101.833% |
5.5% Senior Notes due June 1, 2024 [Member] | 2021 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 100.917% |
5.5% Senior Notes due June 1, 2024 [Member] | 2022 and thereafter | |
Senior Notes [Abstract] | |
Redemption prices percentage | 100.00% |
5.75% Senior Notes due March 1, 2025 [Member] | 2020 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 102.875% |
5.75% Senior Notes due March 1, 2025 [Member] | 2021 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 101.917% |
5.75% Senior Notes due March 1, 2025 [Member] | 2022 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 100.958% |
5.75% Senior Notes due March 1, 2025 [Member] | 2023 and thereafter | |
Senior Notes [Abstract] | |
Redemption prices percentage | 100.00% |
5.875% Senior Notes due March 1, 2027 [Member] | 2022 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 102.938% |
5.875% Senior Notes due March 1, 2027 [Member] | 2023 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 101.958% |
5.875% Senior Notes due March 1, 2027 [Member] | 2024 | |
Senior Notes [Abstract] | |
Redemption prices percentage | 100.979% |
5.875% Senior Notes due March 1, 2027 [Member] | 2025 and thereafter | |
Senior Notes [Abstract] | |
Redemption prices percentage | 100.00% |
Unit-Based Compensation Arran56
Unit-Based Compensation Arrangements - Additional Information (Details) - USD ($) $ in Thousands | Aug. 06, 2013 | Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 |
Distribution Equivalent Rights Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 778 | |||
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 | |||
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. | |||
Unrecognized compensation cost | $ 3,144 | |||
Weighted-average recognition period of compensation cost | 1 year 2 months 12 days | |||
Compensation expense | $ 7,286 | $ 8,256 | $ 8,611 | |
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 | $ (389) | (1,362) | 1,814 | |
Cash payouts | $ 0 | $ 1,473 | $ 0 |
Unit-Based Compensation Arran57
Unit-Based Compensation Arrangements - Summary of Activity In the Restricted Units Plans (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |||
Units [Rollforward] | |||||
Outstanding, beginning of period (in units) | 654,120 | 627,399 | 694,927 | ||
Awarded (in units) | 323,715 | 307,559 | 154,403 | ||
Forfeited (in units) | (6,737) | (12,057) | (7,607) | ||
Vested (in units) | (350,053) | [1] | (268,781) | [1] | (214,324) |
Outstanding, end of period (in units) | 621,045 | 654,120 | 627,399 | ||
Weighted Average Grant Date Fair Value Per Unit [Abstract] | |||||
Outstanding, beginning of period (in dollars per unit) | $ 26.74 | $ 31.87 | $ 32.07 | ||
Awarded (in dollars per unit) | 21 | 23.62 | 37.59 | ||
Forfeited (in dollars per unit) | (23.51) | (25.44) | (31.04) | ||
Vested (in dollars per unit) | (29.74) | [1] | (35.19) | [1] | (36.68) |
Outstanding, end of period (in dollars per unit) | $ 22.10 | $ 26.74 | $ 31.87 | ||
[1] | During fiscal 2017 and 2016, the Partnership withheld 34,883 and 10,477, respectively, Common Units from participants for income tax withholding purposes for those executive officers of the Partnership whose shares of restricted units vested during the period. |
Unit-Based Compensation Arran58
Unit-Based Compensation Arrangements - Summary of Activity In the Restricted Units Plans (Parenthetical) (Details) - shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 24, 2016 | |
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common units withheld for income tax withholding purposes | 34,883 | 10,477 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) | 12 Months Ended | |||
Sep. 30, 2017USD ($)Member | Sep. 24, 2016USD ($) | Sep. 26, 2015USD ($) | Sep. 28, 2013USD ($)Multiemployerpensionplan | |
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Pension settlement charge | $ 6,100,000 | $ 2,000,000 | $ 2,000,000 | |
Lump sum pension settlement payments, includes benefits paid to employees participated in limited-time opportunity | $ 16,237,000 | |||
Lump sum pension settlement payments expiration date | 2017-08 | |||
Estimated obligation due to withdrawal multi employer pension plans | $ 23,665,000 | 24,205,000 | $ 7,000,000 | |
Number of voluntary partial withdrawal from multi employer pension plans | Multiemployerpensionplan | 1 | |||
Number of full withdrawal from multi employer pension plans | Multiemployerpensionplan | 4 | |||
Increase in estimated obligation due to withdrawal multi employer pension plans | 6,600,000 | 11,300,000 | ||
Health and Welfare Benefits and Defined Annuity Plans [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Contributions | $ 1,089,000 | 1,446,000 | 1,817,000 | |
Red [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Multiemployer plans, funded status | Less than 65 percent | |||
Yellow [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Multiemployer plans, funded status | Between 65 and less than 80 percent | |||
Green [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Multiemployer plans, funded status | At least 80 percent | |||
Pension Benefits [Member] | UNITED STATES | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Percentage threshold of the greater of projected benefit obligation and market-related value plan assets as unrecognized actuarial gains and losses (in hundredths) | 10.00% | |||
Pension Benefits [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Contributions for defined benefit pension plan | $ 11,523,000 | 715,000 | 0 | |
Expenses (credits) in accumulated other comprehensive loss expected to be recognized as components of net period benefit costs in succeeding fiscal year | $ 3,683,000 | |||
Number of members on the Benefits Committee | Member | 6 | |||
Defined benefit plan expected future benefit payments | $ 10,290,000 | |||
Pension settlement payments to either terminated or retired individuals | 20,799,000 | 5,816,000 | 5,777,000 | |
Settlement threshold amount | 4,164,000 | 5,041,000 | 5,128,000 | |
Pension settlement charge | $ (6,100,000) | $ (2,000,000) | (2,000,000) | |
Health care cost trend rate (in hundredths) | 0.00% | 0.00% | ||
Contributions | $ 467,000 | $ 748,000 | 1,073,000 | |
Retiree Health and Life Benefits [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Contributions for defined benefit pension plan | 1,187,000 | 838,000 | ||
Expenses (credits) in accumulated other comprehensive loss expected to be recognized as components of net period benefit costs in succeeding fiscal year | (1,152,000) | |||
Pension settlement payments to either terminated or retired individuals | 0 | 0 | ||
Pension settlement charge | $ 0 | $ 0 | 0 | |
Health care cost trend (in hundredths), twenty forty | 4.50% | |||
Health care cost trend rate (in hundredths) | 6.57% | 6.84% | ||
Percentage of sensitivity increase or decrease of assumed health care cost trend rates (in hundredths) | 1.00% | |||
Maximum [Member] | Pension Benefits [Member] | Fixed income securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Allocation percentage of plan assets (in hundredths) | 90.00% | |||
Maximum [Member] | Pension Benefits [Member] | Equity securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Allocation percentage of plan assets (in hundredths) | 20.00% | |||
Minimum [Member] | Pension Benefits [Member] | Fixed income securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Allocation percentage of plan assets (in hundredths) | 80.00% | |||
Minimum [Member] | Pension Benefits [Member] | Equity securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Allocation percentage of plan assets (in hundredths) | 10.00% | |||
Retiree Health and Life Benefits [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Employer contribution match amount | $ 0.50 | |||
Contribution costs to the 401(k) Plan | $ 4,041,000 | $ 1,477,000 | $ 1,844,000 | |
Retiree Health and Life Benefits [Member] | Maximum [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Eligible compensation match percentage | 6.00% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Defined Benefit Plans Disclosure (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Pension Benefits [Member] | |||
Reconciliation of benefit obligations: | |||
Benefit obligation at beginning of year | $ 150,363,000 | $ 146,907,000 | |
Interest cost | 4,164,000 | 5,041,000 | $ 5,128,000 |
Actuarial (gain) loss | (4,018,000) | 11,547,000 | |
Lump sum benefits paid | (20,799,000) | (5,816,000) | (5,777,000) |
Ordinary benefits paid | (7,063,000) | (7,316,000) | |
Plan amendment | 0 | 0 | |
Benefit obligation at end of year | 122,647,000 | 150,363,000 | 146,907,000 |
Reconciliation of fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 101,077,000 | 104,303,000 | |
Actual return on plan assets | 911,000 | 9,191,000 | |
Employer contributions | 11,523,000 | 715,000 | 0 |
Lump sum benefits paid | (20,799,000) | (5,816,000) | |
Ordinary benefits paid | (7,063,000) | (7,316,000) | |
Fair value of plan assets at end of year | 85,649,000 | 101,077,000 | 104,303,000 |
Funded status: | |||
Funded status at end of year | (36,998,000) | (49,286,000) | |
Amounts recognized in consolidated balance sheets consist of: | |||
Net amount recognized at end of year | (36,998,000) | (49,286,000) | |
Less: current portion | 0 | 0 | |
Noncurrent benefit liability | (36,998,000) | (49,286,000) | |
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (loss): | |||
Actuarial net (loss) gain | (37,311,000) | (51,391,000) | |
Prior service credits | 0 | 0 | |
Net amount recognized in accumulated other comprehensive (loss) income | (37,311,000) | (51,391,000) | |
Retiree Health and Life Benefits [Member] | |||
Reconciliation of benefit obligations: | |||
Benefit obligation at beginning of year | 13,778,000 | 15,294,000 | |
Interest cost | 385,000 | 520,000 | 575,000 |
Actuarial (gain) loss | 123,000 | (1,198,000) | |
Lump sum benefits paid | 0 | 0 | |
Ordinary benefits paid | (1,187,000) | (838,000) | |
Plan amendment | (3,246,000) | 0 | |
Benefit obligation at end of year | 9,853,000 | 13,778,000 | 15,294,000 |
Reconciliation of fair value of plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 1,187,000 | 838,000 | |
Lump sum benefits paid | 0 | 0 | |
Ordinary benefits paid | (1,187,000) | (838,000) | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Funded status: | |||
Funded status at end of year | (13,778,000) | $ (9,853,000) | |
Amounts recognized in consolidated balance sheets consist of: | |||
Net amount recognized at end of year | (9,853,000) | (13,778,000) | |
Less: current portion | 1,243,000 | 922,000 | |
Noncurrent benefit liability | (8,610,000) | (12,856,000) | |
Amounts not yet recognized in net periodic benefit cost and included in accumulated other comprehensive income (loss): | |||
Actuarial net (loss) gain | 5,253,000 | 5,764,000 | |
Prior service credits | 3,246,000 | 0 | |
Net amount recognized in accumulated other comprehensive (loss) income | $ 8,499,000 | $ 5,764,000 |
Employee Benefit Plans - Percen
Employee Benefit Plans - Percentage Allocation of Plan Assets (Details) - Pension Benefits [Member] | Sep. 30, 2017 | Sep. 24, 2016 |
Actual allocation of assets held in trust [Abstract] | ||
Percentage allocation of plan assets | 100.00% | 100.00% |
Fixed income securities [Member] | ||
Actual allocation of assets held in trust [Abstract] | ||
Percentage allocation of plan assets | 85.00% | 85.00% |
Equity securities [Member] | ||
Actual allocation of assets held in trust [Abstract] | ||
Percentage allocation of plan assets | 15.00% | 15.00% |
Employee Benefit Plans - Sche62
Employee Benefit Plans - Schedule of Measurement of Partnership's Pension Plan Assets by Category (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | $ 85,649 | $ 101,077 | $ 104,303 | |
Short-term investments [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | [1] | 1,498 | 1,456 | |
Domestic equity securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | [1],[2] | 4,701 | 5,397 | |
International equity securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | [1],[2] | 8,006 | 9,501 | |
Fixed income securities [Member] | ||||
Deferred Compensation Arrangement With Individual Postretirement Benefits [Line Items] | ||||
Fair value of plan assets | [1],[3] | $ 71,444 | $ 84,723 | |
[1] | Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer. | |||
[2] | Includes funds which invest primarily in a diversified portfolio of publicly traded U.S. and Non-U.S. common stock. | |||
[3] | Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities. |
Employee Benefit Plans - Sche63
Employee Benefit Plans - Schedule of Expected Benefit Payments (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Pension Benefits [Member] | |
Projected Contributions and Benefit Payments by Fiscal Year [Abstract] | |
2,018 | $ 27,178 |
2,019 | 10,212 |
2,020 | 9,383 |
2,021 | 9,760 |
2,022 | 8,761 |
2023 through 2027 | 36,652 |
Retiree Health and Life Benefits [Member] | |
Projected Contributions and Benefit Payments by Fiscal Year [Abstract] | |
2,018 | 1,243 |
2,019 | 1,166 |
2,020 | 1,074 |
2,021 | 988 |
2,022 | 901 |
2023 through 2027 | $ 3,231 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Components of net periodic benefit costs included in operating expenses [Abstract] | |||
Settlement charge | $ (6,100) | $ (2,000) | $ (2,000) |
Pension Benefits [Member] | |||
Components of net periodic benefit costs included in operating expenses [Abstract] | |||
Interest cost | 4,164 | 5,041 | 5,128 |
Expected return on plan assets | (2,150) | (3,418) | (4,913) |
Amortization of prior service credit | 0 | 0 | 0 |
Settlement charge | 6,100 | 2,000 | 2,000 |
Recognized net actuarial loss (gain) | 5,201 | 5,218 | 4,522 |
Net periodic benefit costs | 13,315 | 8,841 | 6,737 |
Retiree Health and Life Benefits [Member] | |||
Components of net periodic benefit costs included in operating expenses [Abstract] | |||
Interest cost | 385 | 520 | 575 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service credit | 0 | (399) | (490) |
Settlement charge | 0 | 0 | 0 |
Recognized net actuarial loss (gain) | (389) | (299) | (196) |
Net periodic benefit costs | $ (4) | $ (178) | $ (111) |
Employee Benefit Plans - Sche65
Employee Benefit Plans - Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Pension Benefits [Member] | |||
Actuarial assumptions [Abstract] | |||
Weighted-average discount rate used in calculating benefit obligations | 3.50% | 3.125% | |
Average rate of compensation increase | 0.00% | 0.00% | |
Health care cost trend | 0.00% | 0.00% | |
Assumptions used in calculating benefit cost [Abstract] | |||
Weighted-average discount rate | 3.125% | 3.875% | 3.875% |
Average rate of compensation increase | 0.00% | 0.00% | 0.00% |
Weighted-average expected long-term rate of return on plan assets | 2.40% | 3.90% | 4.90% |
Health care cost trend | 0.00% | 0.00% | 0.00% |
Retiree Health and Life Benefits [Member] | |||
Actuarial assumptions [Abstract] | |||
Weighted-average discount rate used in calculating benefit obligations | 3.00% | 2.875% | |
Average rate of compensation increase | 0.00% | 0.00% | |
Health care cost trend | 6.57% | 6.84% | |
Assumptions used in calculating benefit cost [Abstract] | |||
Weighted-average discount rate | 2.875% | 3.50% | 3.50% |
Average rate of compensation increase | 0.00% | 0.00% | 0.00% |
Weighted-average expected long-term rate of return on plan assets | 0.00% | 0.00% | 0.00% |
Health care cost trend | 6.84% | 7.10% | 7.12% |
Employee Benefit Plans - Total
Employee Benefit Plans - Total Contributions Made to Multiemployer Pension Plans (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | ||
Multiemployer Plans [Line Items] | ||||
Contributions | $ 467 | $ 748 | $ 1,073 | |
Local 282 Pension Trust [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Pension Fund | [1] | Local 282 Pension Trust | ||
EIN/Pension Plan Number | [1] | 116,245,313 | ||
PPA Zone Status | [1] | Green | Green | |
FIP/RP Status | [1] | NA | ||
Contributions | [1] | $ 252 | $ 281 | 269 |
Contributions greater than 5% of Total Plan Contributions | [1] | false | ||
Expiration date of CBA | [1] | Aug. 31, 2019 | ||
Teamsters Industrial Employees Pension Fund [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Pension Fund | [2] | Teamsters Industrial Employees Pension Fund | ||
EIN/Pension Plan Number | [2] | 226,099,363 | ||
PPA Zone Status | [2] | Green | Green | |
FIP/RP Status | [2] | NA | ||
Contributions | [2] | $ 190 | $ 207 | 200 |
Contributions greater than 5% of Total Plan Contributions | [2] | false | ||
Expiration date of CBA | [2] | Mar. 31, 2021 | ||
Other [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Pension Fund | [3] | Other | ||
Contributions | [3] | $ 25 | $ 260 | $ 604 |
Contributions greater than 5% of Total Plan Contributions | [3] | false | ||
[1] | Based on most recent available valuation information for plan year ended February 2016. | |||
[2] | Based on most recent available valuation information for plan year ended December 2015. | |||
[3] | Includes the MEPPs from which the Partnership withdrew. |
Financial Instruments and Ris67
Financial Instruments and Risk Management - Fair Value of the Partnership's Derivative Instruments and their Location in the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 |
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | $ 16,378 | $ 7,072 |
Fair value - liabilities | 6,853 | 4,780 |
Commodity-Related Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 16,378 | 6,842 |
Fair value - liabilities | 6,853 | 4,345 |
Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 230 | |
Fair value - liabilities | 435 | |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 11,935 | 4,852 |
Fair value - liabilities | 2,410 | 2,355 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 11,164 | 3,306 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 771 | 1,546 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | 1,978 | 1,002 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | 432 | 1,353 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | 0 | 205 |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | $ 0 | $ 205 |
Financial Instruments and Ris68
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 | 12 Months Ended | |
Sep. 30, 2017 | Sep. 24, 2016 | |
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 | $ 809 | $ 2,781 |
Beginning balance realized during the period | (667) | (2,781) |
Contracts purchased during the period | 3,686 | 809 |
Change in the fair value of outstanding contracts | 280 | 0 |
Ending balance of over-the-counter options | 4,108 | 809 |
Reconciliation of beginning and ending balances of liabilities measured at fair value on recurring basis using significant unobservable inputs [Rollforward] | ||
Beginning balance of over-the-counter options | 0 | 347 |
Beginning balance realized during the period | 0 | (347) |
Contracts purchased during the period | 737 | 0 |
Change in the fair value of outstanding contracts | 0 | 0 |
Ending balance of over-the-counter options | $ 737 | $ 0 |
Financial Instruments and Ris69
Financial Instruments and Risk Management - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2017USD ($)LocationState | Sep. 24, 2016USD ($) | |
Derivatives, Fair Value [Line Items] | ||
Cash collateral | $ 0 | $ 206 |
Number of locations served by the partnership | Location | 668 | |
Number of states in which the partnership operates | State | 41 | |
5.5% Senior Notes due June 1, 2024 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Senior Notes | $ 527,888 | |
5.75% Senior Notes due March 1, 2025 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Senior Notes | 248,750 | |
5.875% Senior Notes due March 1, 2027 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value of Senior Notes | $ 349,125 | |
Supplier Concentration Risk [Member] | Propane Purchases [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Minimum concentration risk threshold accounted for by a single customer or supplier (in hundredths) | 10.00% | |
Supplier Concentration Risk [Member] | Propane Purchases [Member] | Crestwood Equity Partners L.P [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Concentration percentage of propane supply provided by suppliers (in hundredths) | 19.00% | |
Supplier Concentration Risk [Member] | Propane Purchases [Member] | Targa Liquids Marketing and Trade LLC [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Concentration percentage of propane supply provided by suppliers (in hundredths) | 14.00% | |
Supplier Concentration Risk [Member] | Propane Purchases [Member] | Phillips 66 Company [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Concentration percentage of propane supply provided by suppliers (in hundredths) | 11.00% | |
Supplier Concentration Risk [Member] | Propane Purchases [Member] | Enterprise Products Partners L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Concentration percentage of propane supply provided by suppliers (in hundredths) | 11.00% | |
Supplier Concentration Risk [Member] | Propane Purchases [Member] | Plains Marketing Company [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Concentration percentage of propane supply provided by suppliers (in hundredths) | 10.00% | |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Weighted average maturity of outstanding commodity-related derivatives | 5 months | 6 months |
Financial Instruments and Ris70
Financial Instruments and Risk Management - Effect of the Partnership's Derivative Instruments on the Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of Gains (Losses) Recognized in OCI (Effective Portion) | $ (10) | $ 6 | $ (1,159) |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Expense [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gains (Losses) Reclassified from Accumulated OCI into Income (Effective Portion) | (215) | (1,100) | (1,388) |
Commodity-Related Derivatives [Member] | Derivatives Not Designated as Hedging Instruments [Member] | Cost of Products Sold [Member] | |||
Derivative Instruments Gain Loss [Line Items] | |||
Unrealized Gains (Losses) Recognized in Income | $ 6,277 | $ (1,190) | $ 1,855 |
Financial Instruments and Ris71
Financial Instruments and Risk Management - Fair Value of Partnership's Recognized Derivative Assets and Liabilities on a Gross Basis and Amounts Offset on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Sep. 24, 2016 |
Asset Derivatives [Abstracts] | ||
Gross amounts | $ 16,378 | $ 7,072 |
Effects of netting | (4,443) | (2,220) |
Net amounts presented in the balance sheet | 11,935 | 4,852 |
Liability Derivatives [Abstracts] | ||
Gross amounts | 6,853 | 4,780 |
Effects of netting | (4,443) | (2,220) |
Net amounts presented in the balance sheet | 2,410 | 2,560 |
Commodity-Related Derivatives [Member] | ||
Asset Derivatives [Abstracts] | ||
Gross amounts | 16,378 | 6,842 |
Effects of netting | (4,443) | (1,990) |
Net amounts presented in the balance sheet | 11,935 | 4,852 |
Liability Derivatives [Abstracts] | ||
Gross amounts | 6,853 | 4,345 |
Effects of netting | (4,443) | (1,990) |
Net amounts presented in the balance sheet | $ 2,410 | 2,355 |
Interest Rate Swaps [Member] | ||
Asset Derivatives [Abstracts] | ||
Gross amounts | 230 | |
Effects of netting | (230) | |
Net amounts presented in the balance sheet | 0 | |
Liability Derivatives [Abstracts] | ||
Gross amounts | 435 | |
Effects of netting | (230) | |
Net amounts presented in the balance sheet | $ 205 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Rental expense under operating leases | $ 30,582 | $ 29,171 | $ 32,737 |
Accrued insurance liabilities | 68,581 | 59,676 | |
Portion of the estimated liability that exceeds insurance deductibles | $ 18,626 | $ 15,524 |
Commitments and Contingencies73
Commitments and Contingencies - Schedule of Future Minimum Rental Commitments Under Noncancelable Operating Lease Agreements (Details) $ in Thousands | Sep. 30, 2017USD ($) |
Future minimum rental commitments under noncancelable operating lease agreements [Abstract] | |
2,018 | $ 22,126 |
2,019 | 17,971 |
2,020 | 15,144 |
2,021 | 11,506 |
2,022 | 7,282 |
2023 and thereafter | $ 13,729 |
Guarantees - Additional Informa
Guarantees - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2017USD ($) | |
Guarantees [Abstract] | |
Transportation equipment remaining lease periods | 2,024 |
Maximum potential amount of aggregate future payments Partnership could be required to make | $ 14,704,000 |
Amounts Reclassified Out of A75
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Reclassification out of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | $ (45,832) | $ (48,883) | $ (45,905) | |
Other comprehensive income before reclassifications | 5,893 | (4,569) | (10,202) | |
Recognition in earnings of net actuarial loss for pension settlement | 6,100 | 2,000 | 2,000 | |
Reclassifications to earnings | 5,027 | 5,620 | 5,224 | |
Other comprehensive income (loss) | 17,020 | 3,051 | (2,978) | |
Balance ending | (28,812) | (45,832) | (48,883) | |
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | (205) | (1,311) | (1,540) | |
Other comprehensive income before reclassifications | (10) | 6 | (1,159) | |
Reclassifications to earnings | [1] | 215 | 1,100 | 1,388 |
Other comprehensive income (loss) | 205 | 1,106 | 229 | |
Balance ending | 0 | (205) | (1,311) | |
Pension Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | (51,391) | (52,836) | (49,034) | |
Funded status benefit plan obligation | 2,779 | (5,773) | (10,324) | |
Recognition in earnings of net actuarial loss for pension settlement | [2] | 6,100 | 2,000 | 2,000 |
Other comprehensive income (loss) | 14,080 | 1,445 | (3,802) | |
Balance ending | (37,311) | (51,391) | (52,836) | |
Amortization of Net Loss [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications to earnings | [2] | 5,201 | 5,218 | 4,522 |
Post-Retirement Benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | 5,764 | 5,264 | 4,669 | |
Prior service credits | 3,246 | 0 | 0 | |
Funded status benefit plan obligation | (122) | 1,198 | 1,281 | |
Other comprehensive income (loss) | 2,735 | 500 | 595 | |
Balance ending | 8,499 | 5,764 | 5,264 | |
Amortization of Prior Service Credits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications to earnings | [2] | 0 | (399) | (490) |
Amortization of Net (Gain) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassifications to earnings | [2] | $ (389) | $ (299) | $ (196) |
[1] | Reclassification of realized losses on cash flow hedges are recognized in interest expense. | |||
[2] | These amounts are included in the computation of net periodic benefit cost. See Note 10, “Employee Benefit Plans”. |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Number of reportable segments | 3 |
Segment Information - Disclosur
Segment Information - Disclosure by Reportable Segment and Reconciliation of Total Operating Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | |
Revenues [Abstract] | |||
Total revenues | $ 1,187,886 | $ 1,046,111 | $ 1,416,979 |
Operating income (loss) [Abstract]: | |||
Total operating income | 115,284 | 90,406 | 177,758 |
Reconciliation to net income: | |||
Loss on debt extinguishment | 1,567 | 292 | 15,072 |
Interest expense, net | 75,263 | 75,086 | 77,634 |
Provision for income taxes | 459 | 588 | 700 |
Net income | 37,995 | 14,440 | 84,352 |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 127,938 | 129,616 | 133,294 |
Assets [Abstract] | |||
Total assets | 2,171,283 | 2,282,299 | |
Operating/Reportable Segments [Member] | Propane [Member] | |||
Revenues [Abstract] | |||
Total revenues | 1,011,078 | 884,169 | 1,176,980 |
Operating income (loss) [Abstract]: | |||
Total operating income | 205,035 | 184,213 | 280,761 |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 111,374 | 110,067 | 110,728 |
Assets [Abstract] | |||
Total assets | 2,066,997 | 2,141,108 | |
Operating/Reportable Segments [Member] | Fuel Oil and Refined Fuels [Member] | |||
Revenues [Abstract] | |||
Total revenues | 78,126 | 68,759 | 127,495 |
Operating income (loss) [Abstract]: | |||
Total operating income | 8,552 | 5,649 | 7,621 |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 2,610 | 2,725 | 3,885 |
Assets [Abstract] | |||
Total assets | 49,863 | 53,266 | |
Operating/Reportable Segments [Member] | Natural Gas and Electricity [Member] | |||
Revenues [Abstract] | |||
Total revenues | 55,103 | 50,763 | 66,865 |
Operating income (loss) [Abstract]: | |||
Total operating income | 13,826 | 10,755 | 14,614 |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 0 | 3 | 8 |
Assets [Abstract] | |||
Total assets | 12,455 | 13,415 | |
Operating/Reportable Segments [Member] | All Other [Member] | |||
Revenues [Abstract] | |||
Total revenues | 43,579 | 42,420 | 45,639 |
Operating income (loss) [Abstract]: | |||
Total operating income | (23,017) | (25,945) | (25,409) |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 283 | 304 | 288 |
Assets [Abstract] | |||
Total assets | 2,147 | 2,185 | |
Operating/Reportable Segments [Member] | Corporate [Member] | |||
Operating income (loss) [Abstract]: | |||
Total operating income | (89,112) | (84,266) | (99,829) |
Depreciation and amortization [Abstract] | |||
Total depreciation and amortization | 13,671 | 16,517 | $ 18,385 |
Assets [Abstract] | |||
Total assets | $ 39,821 | $ 72,325 |
SCHEDULE II VALUATION AND QUA78
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 24, 2016 | Sep. 26, 2015 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 2,441 | $ 3,520 | $ 11,122 | |
Charged (credited) to Costs and Expenses | 3,545 | 1,146 | (397) | |
Other Additions | 0 | 0 | 0 | |
Deductions | [1] | (2,942) | (2,225) | (7,205) |
Balance at End of Period | 3,044 | 2,441 | 3,520 | |
Valuation Allowance of Deferred Tax Assets [Member] | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 58,782 | 54,045 | 51,864 | |
Charged (credited) to Costs and Expenses | 406 | 4,737 | 2,181 | |
Other Additions | 0 | 0 | 0 | |
Deductions | [1] | 0 | 0 | 0 |
Balance at End of Period | $ 59,188 | $ 58,782 | $ 54,045 | |
[1] | Represents amounts that did not impact earnings. |