Segment Information | 1 7 . Segment Information The Partnership manages and evaluates its operations in four operating segments, three of which are reportable segments: Propane, Fuel Oil and Refined Fuels, and Natural Gas and Electricity. The chief operating decision maker evaluates performance of the operating segments using a number of performance measures, including gross margins and income before interest expense and provision for income taxes (operating profit). Costs excluded from these profit measures are captured in Corporate and include corporate overhead expenses not allocated to the operating segments. Unallocated corporate overhead expenses include all costs of back office support functions that are reported as general and administrative expenses within the condensed consolidated statements of operations. In addition, certain costs associated with field operations support that are reported in operating expenses within the condensed consolidated statements of operations, including purchasing, training and safety, are not allocated to the individual operating segments. Thus, operating profit for each operating segment includes only the costs that are directly attributable to the operations of the individual segment. The accounting policies of the operating segments are otherwise the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 29, 2018. The propane segment is primarily engaged in the retail distribution of propane to residential, commercial, industrial and agricultural customers and, to a lesser extent, wholesale distribution to large industrial end users. In the residential and commercial markets, propane is used primarily for space heating, water heating, cooking and clothes drying. Industrial customers use propane generally as a motor fuel burned in internal combustion engines that power over-the-road vehicles, forklifts and stationary engines, to fire furnaces and as a cutting gas. In the agricultural markets, propane is primarily used for tobacco curing, crop drying, poultry brooding and weed control. The fuel oil and refined fuels segment is primarily engaged in the retail distribution of fuel oil, diesel, kerosene and gasoline to residential and commercial customers for use primarily as a source of heat in homes and buildings. The natural gas and electricity segment is engaged in the marketing of natural gas and electricity to residential and commercial customers in the deregulated energy markets of New York and Pennsylvania. Under this operating segment, the Partnership owns the relationship with the end consumer and has agreements with the local distribution companies to deliver the natural gas or electricity from the Partnership’s suppliers to the customer. Activities in the “all other” category include the Partnership’s service business, which is primarily engaged in the sale, installation and servicing of a wide variety of home comfort equipment, particularly in the areas of heating and ventilation. The following table presents certain data by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented: Three Months Ended Nine Months Ended June 29, June 30, June 29, June 30, 2019 2018 2019 2018 Revenues: Propane $ 183,052 $ 205,400 $ 937,468 $ 990,344 Fuel oil and refined fuels 12,921 15,400 83,428 82,414 Natural gas and electricity 7,527 10,403 38,527 43,942 All other 10,712 10,733 36,270 34,795 Total revenues $ 214,212 $ 241,936 $ 1,095,693 $ 1,151,495 Operating (loss) income: Propane $ 21,038 $ 29,245 $ 254,159 $ 249,363 Fuel oil and refined fuels (1,084 ) (891 ) 10,457 10,132 Natural gas and electricity 1,059 2,192 8,772 11,131 All other (5,018 ) (4,607 ) (13,814 ) (14,821 ) Corporate (24,779 ) (21,706 ) (77,734 ) (67,248 ) Total operating (loss) income (8,784 ) 4,233 181,840 188,557 Reconciliation to net (loss) income: Interest expense, net 18,906 19,512 58,041 58,428 Other, net 1,176 1,172 3,527 3,518 Provision for (benefit from) income taxes 175 144 578 (749 ) Net (loss) income $ (29,041 ) $ (16,595 ) $ 119,694 $ 127,360 Depreciation and amortization: Propane $ 26,828 $ 27,875 $ 81,722 $ 83,944 Fuel oil and refined fuels 594 571 1,619 1,866 Natural gas and electricity — — — — All other 49 57 149 163 Corporate 2,680 2,756 7,355 8,620 Total depreciation and amortization $ 30,151 $ 31,259 $ 90,845 $ 94,593 As of June 29, September 29 2019 2018 Assets: Propane $ 1,933,169 $ 1,995,060 Fuel oil and refined fuels 46,772 47,911 Natural gas and electricity 12,035 13,067 All other 3,753 3,363 Corporate 39,414 41,798 Total assets $ 2,035,143 $ 2,101,199 |