Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2018 | Aug. 06, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | SUBURBAN PROPANE PARTNERS LP | |
Entity Central Index Key | 1,005,210 | |
Current Fiscal Year End Date | --09-29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 61,405,409 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Trading Symbol | SPH | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 3,439 | $ 2,789 |
Accounts receivable, less allowance for doubtful accounts of $4,643 and $3,044, respectively | 88,047 | 65,683 |
Inventories | 49,838 | 53,220 |
Other current assets | 22,435 | 17,801 |
Total current assets | 163,759 | 139,493 |
Property, plant and equipment, net | 659,581 | 692,627 |
Goodwill | 1,093,470 | 1,094,635 |
Other intangible assets, net | 189,382 | 219,876 |
Other assets | 25,341 | 24,652 |
Total assets | 2,131,533 | 2,171,283 |
Current liabilities: | ||
Accounts payable | 31,098 | 38,652 |
Accrued employment and benefit costs | 28,756 | 27,402 |
Customer deposits and advances | 45,487 | 97,023 |
Accrued interest | 14,550 | 13,682 |
Other current liabilities | 33,782 | 33,607 |
Total current liabilities | 153,673 | 210,366 |
Long-term borrowings | 1,262,178 | 1,272,164 |
Accrued insurance | 57,576 | 54,921 |
Other liabilities | 79,819 | 80,850 |
Total liabilities | 1,553,246 | 1,618,301 |
Commitments and contingencies | ||
Partners’ capital: | ||
Common Unitholders (61,405 and 61,105 units issued and outstanding at June 30, 2018 and September 30, 2017, respectively) | 604,828 | 581,794 |
Accumulated other comprehensive loss | (26,541) | (28,812) |
Total partners’ capital | 578,287 | 552,982 |
Total liabilities and partners’ capital | $ 2,131,533 | $ 2,171,283 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Current assets: | ||
Allowance for doubtful accounts | $ 4,643 | $ 3,044 |
Partners’ capital: | ||
Common units issued (in units) | 61,405,000 | 61,105,000 |
Common units outstanding (in units) | 61,405,409 | 61,105,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Revenues | ||||
Total Revenues | $ 241,936 | $ 222,895 | $ 1,151,495 | $ 990,780 |
Costs and expenses | ||||
Cost of products sold | 95,392 | 92,094 | 507,223 | 402,726 |
Operating | 97,519 | 97,070 | 310,132 | 306,839 |
General and administrative | 14,705 | 12,968 | 49,685 | 40,179 |
Depreciation and amortization | 31,259 | 31,825 | 94,593 | 95,756 |
Total Expenses | 238,875 | 233,957 | 961,633 | 845,500 |
Loss on sale of business | 4,823 | 0 | ||
Operating income (loss) | 3,061 | (11,062) | 185,039 | 145,280 |
Loss on debt extinguishment | 0 | 0 | 0 | 1,567 |
Interest expense, net | 19,512 | 18,502 | 58,428 | 54,820 |
(Loss) income before (benefit from) provision for income taxes | (16,451) | (29,564) | 126,611 | 88,893 |
(Benefit from) provision for income taxes | 144 | 152 | (749) | 308 |
Net (loss) income | $ (16,595) | $ (29,716) | $ 127,360 | $ 88,585 |
Net (loss) income per Common Unit - basic | $ (0.27) | $ (0.48) | $ 2.07 | $ 1.45 |
Weighted average number of Common Units outstanding - basic | 61,598 | 61,290 | 61,542 | 61,227 |
Net (loss) income per Common Unit - diluted | $ (0.27) | $ (0.48) | $ 2.06 | $ 1.44 |
Weighted average number of Common Units outstanding - diluted | 61,598 | 61,290 | 61,780 | 61,410 |
Propane [Member] | ||||
Revenues | ||||
Total Revenues | $ 205,400 | $ 188,406 | $ 990,344 | $ 843,519 |
Fuel Oil and Refined Fuels [Member] | ||||
Revenues | ||||
Total Revenues | 15,400 | 12,886 | 82,414 | 69,612 |
Natural Gas and Electricity [Member] | ||||
Revenues | ||||
Total Revenues | 10,403 | 11,923 | 43,942 | 44,229 |
All Other [Member] | ||||
Revenues | ||||
Total Revenues | $ 10,733 | $ 9,680 | $ 34,795 | $ 33,420 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (16,595) | $ (29,716) | $ 127,360 | $ 88,585 |
Other comprehensive income: | ||||
Net unrealized (losses) on cash flow hedges | 0 | 0 | 0 | (10) |
Reclassification of realized losses on cash flow hedges into earnings | 0 | 0 | 0 | 215 |
Amortization of net actuarial losses and prior service credits into earnings | 757 | 1,203 | 2,271 | 3,609 |
Other comprehensive income | 757 | 1,203 | 2,271 | 3,814 |
Total comprehensive (loss) income | $ (15,838) | $ (28,513) | $ 129,631 | $ 92,399 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 127,360 | $ 88,585 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 94,593 | 95,756 |
Loss on sale of business | 4,823 | 0 |
Loss on debt extinguishment | 0 | 1,567 |
Other, net | 7,065 | 7,271 |
Changes in assets and liabilities: | ||
Accounts receivable | (21,932) | (19,143) |
Inventories | 3,545 | 3,492 |
Other current and noncurrent assets | (5,111) | (5,193) |
Accounts payable | (6,434) | (2,826) |
Accrued employment and benefit costs | 1,355 | 6,925 |
Customer deposits and advances | (51,536) | (49,652) |
Contributions to defined benefit pension plan | (3,839) | (7,542) |
Other current and noncurrent liabilities | 6,227 | 4,738 |
Net cash provided by operating activities | 156,116 | 123,978 |
Cash flows from investing activities: | ||
Capital expenditures | (25,847) | (22,004) |
Acquisition of businesses | (14,873) | 0 |
Proceeds from sale of business | 2,800 | 0 |
Proceeds from sale of property, plant and equipment | 5,143 | 3,829 |
Net cash (used in) investing activities | (32,777) | (18,175) |
Cash flows from financing activities: | ||
Proceeds from long-term borrowings | 0 | 350,000 |
Repayments of long-term borrowings (includes premium and fees) | 0 | (360,931) |
Proceeds from borrowings under revolving credit facility | 283,700 | 273,240 |
Repayments of borrowings under revolving credit facility | (295,200) | (232,095) |
Issuance costs associated with long-term borrowings | 0 | (7,064) |
Partnership distributions | (110,342) | (162,347) |
Other, net | (847) | (736) |
Net cash (used in) financing activities | (122,689) | (139,933) |
Net increase (decrease) in cash and cash equivalents | 650 | (34,130) |
Cash and cash equivalents at beginning of period | 2,789 | 37,341 |
Cash and cash equivalents at end of period | $ 3,439 | $ 3,211 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL (unaudited) - 9 months ended Jun. 30, 2018 - USD ($) shares in Thousands, $ in Thousands | Total | Common Unitholders [Member] | Accumulated Other Comprehensive (Loss) [Member] |
Balance at Sep. 30, 2017 | $ 552,982 | $ 581,794 | $ (28,812) |
Balance (in units) at Sep. 30, 2017 | 61,105 | ||
Net income | 127,360 | $ 127,360 | |
Other comprehensive income | 2,271 | 2,271 | |
Partnership distributions | (110,342) | $ (110,342) | |
Common Units issued under Restricted Unit Plans (in units) | 300 | ||
Compensation cost recognized under Restricted Unit Plans, net of forfeitures | 6,016 | $ 6,016 | |
Balance at Jun. 30, 2018 | $ 578,287 | $ 604,828 | $ (26,541) |
Balance (in units) at Jun. 30, 2018 | 61,405 |
Partnership Organization and Fo
Partnership Organization and Formation | 9 Months Ended |
Jun. 30, 2018 | |
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 61,405,409 Common Units outstanding at June 30, 2018. 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. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 2. Basis of Presentation Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All significant intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100% limited partner interest in the Operating Partnership. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). They include all adjustments that the Partnership considers necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed. These financial statements should be read in conjunction with the financial statements included in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 30, 2017. Due to the seasonal nature of the Partnership’s operations, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. Fiscal Period. The Partnership uses a 52/53 week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally thirteen weeks in duration. When the Partnership’s fiscal year is 53 weeks long, as was the case for fiscal 2017, the corresponding fourth quarter is fourteen weeks in duration. Revenue Recognition. Sales of propane, fuel oil and refined fuels are recognized at the time product is delivered to the customer. Revenue from the sale of appliances and equipment is recognized at the time of sale or when installation is complete, as applicable. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from 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. The Partnership uses Society of Actuaries life expectancy information when developing the annual mortality assumptions for the pension and postretirement benefit plans, which are used to measure net periodic benefit costs and the obligation under these plans. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term. Reclassifications. Certain prior period amounts have been reclassified to conform with the 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 in Note 6, “Goodwill and Other Intangible Assets.” 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 that 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 of adopting the standard on the Partnership’s consolidated statements of cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for the first interim period within annual reporting periods beginning after December 15, 2018, which will be the Partnership’s first quarter of fiscal 2020. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Partnership is currently evaluating the impact of adopting ASU 2016-02 on the Partnership’s consolidated financial statements 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 2018, the Partnership adopted new accounting guidance regarding stock-based compensation under ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). Cash payments made to the taxing authorities on employees’ behalf for withheld shares are now presented as financing activities on the condensed consolidated statement of cash flows, rather than operating activities. The amounts paid to federal and state taxing authorities were $847 and $736 for the nine months ended June 30, 2018 and June 24, 2017, respectively. |
Acquisition and Disposition of
Acquisition and Disposition of Businesses | 9 Months Ended |
Jun. 30, 2018 | |
Business Combination Disposition [Abstract] | |
Acquisition and Disposition of Businesses | 3. Acquisition and Disposition of Businesses On November 7, 2017, the Operating Partnership acquired the propane assets and operations of a propane retailer headquartered in California for $4,871, including $750 for non-compete consideration, plus working capital acquired. As of June 30, 2018, $4,251 was paid and the remainder of the purchase price will be funded in accordance with the terms of the asset purchase and non-compete agreements. The acquisition was consummated pursuant to the Partnership’s strategic growth initiatives. The purchase price allocation and results of operations of the acquired business were not material to the Partnership’s condensed consolidated financial position and statement of operations. On December 8, 2017, the Operating Partnership sold certain assets and operations in a non-strategic market of its propane segment for $2,800, plus working capital consideration, resulting in a loss of $4,823 that was recognized during the first quarter of fiscal 2018, principally for the allocated goodwill and other identifiable intangible assets associated with this business. The corresponding net assets and results of operations were not material to the Partnership’s condensed consolidated results of operations, financial position and cash flows. On April 5, 2018, the Operating Partnership acquired the propane assets and operations of two affiliated propane retailers headquartered in Florida for $11,900, including $1,750 for non-compete consideration, plus working capital acquired. As of June 30, 2018, $10,622 was paid and the remainder of the purchase price will be funded in accordance with the terms of the asset purchase and non-compete agreements. The acquisition was consummated pursuant to the Partnership’s strategic growth initiatives. The preliminary purchase price allocation and results of operations of the acquired business were not material to the Partnership’s condensed consolidated financial position and statement of operations. |
Financial Instruments and Risk
Financial Instruments and Risk Management | 9 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Risk Management | 4 . Financial Instruments and Risk Management Cash and Cash Equivalents. The Partnership considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The carrying amount approximates fair value because of the short-term maturity of these instruments. Derivative Instruments and Hedging Activities Commodity Price Risk . Given the retail nature of its operations, the Partnership maintains a certain level of priced physical inventory to help ensure its field operations have adequate supply commensurate with the time of year. The Partnership’s strategy is to keep its physical inventory priced relatively close to market for its field operations. The Partnership enters into a combination of exchange-traded futures and option contracts and, in certain instances, over-the-counter options and swap contracts (collectively, “derivative instruments”) to hedge price risk associated with propane and fuel oil physical inventories, as well as future purchases of propane or fuel oil used in its operations and to help ensure adequate supply during periods of high demand. In addition, the Partnership sells propane and fuel oil to customers at fixed prices, and enters into derivative instruments to hedge a portion of its exposure to fluctuations in commodity prices as a result of selling the fixed price contracts. Under this risk management strategy, realized gains or losses on derivative instruments will typically offset losses or gains on the physical inventory once the product is sold or delivered as it pertains to fixed price contracts. All of the Partnership’s derivative instruments are reported on the condensed consolidated balance sheet at their fair values. In addition, in the course of normal operations, the Partnership routinely enters into contracts such as forward priced physical contracts for the purchase or sale of propane and fuel oil that qualify for and are designated as normal purchase or normal sale contracts. Such contracts are exempted from the fair value accounting requirements and are accounted for at the time product is purchased or sold under the related contract. The Partnership does not use derivative instruments for speculative trading purposes. Market risks associated with 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 condensed consolidated statement of cash flows. Interest Rate Risk . A portion of the Partnership’s borrowings bear interest at prevailing interest rates based upon, at the Operating Partnership’s option, LIBOR plus an applicable margin or the base rate, defined as the higher of the Federal Funds Rate plus ½ of 1% or the agent bank’s prime rate, or LIBOR plus 1%, plus the applicable margin. The applicable margin is dependent on the level of the Partnership’s total leverage (the ratio of total debt to 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. The following summarizes the fair value of the Partnership’s derivative instruments and their location in the condensed consolidated balance sheets as of June 30, 2018 and September 30, 2017, respectively: As of June 30, 2018 As of September 30, 2017 Asset Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging instruments: Commodity-related derivatives Other current assets $ 10,953 Other current assets $ 11,164 Other assets 158 Other assets 771 $ 11,111 $ 11,935 Liability Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging instruments: Commodity-related derivatives Other current liabilities $ 4,962 Other current liabilities $ 1,978 Other liabilities — Other liabilities 432 $ 4,962 $ 2,410 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) Nine Months Ended Nine Months Ended June 30, 2018 June 24, 2017 Assets Liabilities Assets Liabilities Beginning balance of over-the-counter options $ 4,108 $ 737 $ 809 $ — Beginning balance realized during the period (3,277 ) (737 ) (589 ) — Contracts purchased during the period 1,352 158 — — Change in the fair value of outstanding contracts (800 ) — (115 ) — Ending balance of over-the-counter options $ 1,383 $ 158 $ 105 $ — As of June 30, 2018 and September 30, 2017, the Partnership’s outstanding commodity-related derivatives had a weighted average maturity of approximately four and five months, respectively. The effect of the Partnership’s derivative instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income, as applicable, for the three and nine months ended June 30, 2018 and June 24, 2017 are as follows: Three Months Ended June 30, 2018 Three Months Ended June 24, 2017 Derivatives in Cash Flow Gains (Losses) Recognized in OCI Gains (Losses) Reclassified from Accumulated OCI into Income Gains (Losses) Recognized in OCI Gains (Losses) Reclassified from Accumulated OCI into Income Hedging Relationships (Effective Portion) Location Amount (Effective Portion) Location Amount Interest rate swap $ — Interest expense $ — $ — Interest expense $ — Derivatives Not Designated as Hedging Instruments Unrealized Gains (Losses) Recognized in Income Unrealized Gains (Losses) Recognized in Income Location Amount Location Amount Commodity-related derivatives Cost of products sold $ 3,806 Cost of products sold $ (655 ) Nine Months Ended June 30, 2018 Nine Months Ended June 24, 2017 Derivatives in Cash Flow Gains (Losses) Recognized in OCI Gains (Losses) Reclassified from Accumulated OCI into Income Gains (Losses) Recognized in OCI Gains (Losses) Reclassified from Accumulated OCI into Income Hedging Relationships (Effective Portion) Location Amount (Effective Portion) Location Amount Interest rate swap $ — Interest expense $ — $ (10 ) Interest expense $ (215 ) Derivatives Not Designated as Hedging Instruments Unrealized Gains (Losses) Recognized in Income Unrealized Gains (Losses) Recognized in Income Location Amount Location Amount Commodity-related derivatives Cost of products sold $ (1,421 ) Cost of products sold $ (2,708 ) The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the condensed consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: As of June 30, 2018 As of September 30, 2017 Net amounts Net amounts presented in the presented in the Gross amounts Effects of netting balance sheet Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 19,688 $ (8,577 ) $ 11,111 $ 16,378 $ (4,443 ) $ 11,935 Liability Derivatives Commodity-related derivatives $ 13,539 $ (8,577 ) $ 4,962 $ 6,853 $ (4,443 ) $ 2,410 The Partnership had no cash collateral requirements as of June 30, 2018 and September 30, 2017 with its brokers for outstanding commodity-related derivatives. Bank Debt and Senior Notes. The fair value of the borrowings under the Revolving Credit Facility (defined below in Note 8) approximates the carrying value since the interest rates are adjusted quarterly to reflect market conditions. Based upon quoted market prices (a Level 1 input), the fair value of the Senior Notes (also defined below in Note 8) of the Partnership are as follows: As of June 30, September 30, 2018 2017 5.5% senior notes due June 1, 2024 $ 511,875 $ 527,888 5.75% senior notes due March 1, 2025 240,625 248,750 5.875% senior notes due March 1, 2027 327,250 349,125 $ 1,079,750 $ 1,125,763 |
Inventories
Inventories | 9 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 5 . Inventories Inventories are stated at the lower of cost or market. Cost is determined using a weighted average method for propane, fuel oil and refined fuels and natural gas, and a standard cost basis for appliances, which approximates average cost. Inventories consist of the following: As of June 30, September 30, 2018 2017 Propane, fuel oil and refined fuels and natural gas $ 48,210 $ 51,844 Appliances 1,628 1,376 $ 49,838 $ 53,220 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6 . Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired. Goodwill is subject to an impairment review at a reporting unit level, on an annual basis as of the end of fiscal July of each year, or when an event occurs or circumstances change that would indicate potential impairment. The Partnership has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, 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. The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: Fuel oil and Natural gas Propane refined fuels and electricity Total Balance as of September 30, 2017 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 Fiscal 2018 Activity Goodwill disposed (2) $ (1,165 ) $ — $ — $ (1,165 ) Balance as of June 30, 2018 Goodwill $ 1,081,132 $ 10,900 $ 7,900 $ 1,099,932 Accumulated adjustments — (6,462 ) — (6,462 ) $ 1,081,132 $ 4,438 $ 7,900 $ 1,093,470 Other intangible assets consist of the following: As of June 30, September 30, 2018 2017 Customer relationships (1) (2) $ 499,433 $ 492,656 Non-compete agreements (1) 33,540 31,040 Other 1,967 1,967 534,940 525,663 Less: accumulated amortization Customer relationships (317,024 ) (279,287 ) Non-compete agreements (27,207 ) (25,242 ) Other (1,327 ) (1,258 ) (345,558 ) (305,787 ) $ 189,382 $ 219,876 (1) Reflects the impact from the acquisitions (Note 3). (2) Reflects the impact from the disposition of certain assets and operations in a non-strategic market of the propane segment (Note 3). |
Net Income Per Common Unit
Net Income Per Common Unit | 9 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Unit | 7 . Net Income Per Common Unit Computations of basic income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units, and vested (and unissued) restricted units granted under the Partnership’s Restricted Unit Plans, as defined below, to retirement-eligible grantees. Computations of diluted income per Common Unit are performed by dividing net income by the weighted average number of outstanding Common Units and unissued restricted units granted under the Restricted Unit Plans. In computing diluted net income per Common Unit, weighted average units outstanding used to compute basic net income per Common Unit were increased by 237,697 and 183,752 units for the nine months ended June 30, 2018 and June 24, 2017, respectively, to reflect the potential dilutive effect of the unvested restricted units outstanding using the treasury stock method. Diluted loss per unit for the three months ended June 30, 2018 and June 24, 2017 does not include unvested Restricted Units (see Note 10) as their effect would be anti-dilutive. |
Long-Term Borrowings
Long-Term Borrowings | 9 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long Term Borrowings | 8 . Long-Term Borrowings Long-term borrowings consist of the following: As of June 30, September 30, 2018 2017 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 350,000 350,000 Revolving Credit Facility, due March 3, 2021 151,145 162,645 Subtotal 1,276,145 1,287,645 Less: unamortized debt issuance costs (13,967 ) (15,481 ) $ 1,262,178 $ 1,272,164 Senior Notes 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 in 2018. 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. 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 previously outstanding 7.375% senior notes due in 2021. 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 $151,145 and $162,645 was outstanding as of June 30, 2018 and September 30, 2017, 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. 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 5.95 to 1.0 for each fiscal quarter ending in 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, 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. 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 June 30, 2018, the interest rate for borrowings under the Revolving Credit Facility was approximately 4.8%. The interest rate and the Applicable Rate will be reset following the end of each calendar quarter. In connection with a previous credit agreement, the Operating Partnership had 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 June 30, 2018, the Partnership had standby letters of credit issued under the Revolving Credit Facility of $45,226 which expire periodically through April 30, 2019. 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 June 30, 2018. The aggregate amounts of long-term debt maturities subsequent to June 30, 2018 are as follows: fiscal 2018: $-0-; fiscal 2019: $-0-; fiscal 2020: $-0-; fiscal 2021: $151,145; fiscal 2022: $-0-; and thereafter: $1,125,000. |
Distributions of Available Cash
Distributions of Available Cash | 9 Months Ended |
Jun. 30, 2018 | |
Distributions Made To Members Or Limited Partners [Abstract] | |
Distributions of Available Cash | 9 . Distributions of Available Cash The Partnership makes distributions to its partners no later than 45 days after the end of each fiscal quarter in an aggregate amount equal to its Available Cash for such quarter. Available Cash, as defined in the Partnership Agreement, generally means all cash on hand at the end of the respective fiscal quarter less the amount of cash reserves established by the Board of Supervisors in its reasonable discretion for future cash requirements. These reserves are retained for the proper conduct of the Partnership’s business, the payment of debt principal and interest and for distributions during the next four quarters. On July 26, 2018, the Partnership announced a quarterly distribution of $0.60 per Common Unit, or $2.40 per Common Unit on an annualized basis, in respect of the third quarter of fiscal 2018, payable on August 14, 2018 to holders of record on August 7, 2018. |
Unit-Based Compensation Arrange
Unit-Based Compensation Arrangements | 9 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Unit-Based Compensation Arrangements | 10 . Unit-Based Compensation Arrangements The Partnership recognizes compensation cost over the respective service period for employee services received in exchange for an award of equity, or equity-based compensation, based on the grant date fair value of the award. The Partnership measures liability awards under an equity-based payment arrangement based on remeasurement of the award’s fair value at the conclusion of each interim and annual reporting period until the date of settlement, taking into consideration the probability that the performance conditions will be satisfied. Restricted Unit Plans. On July 22, 2009, the Partnership adopted the Suburban Propane Partners, L.P. 2009 Restricted Unit Plan, as amended (the “2009 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 2009 Restricted Unit Plan was 2,400,000 as of June 30, 2018. In accordance with an August 6, 2013 amendment to the 2009 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 2009 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 2009 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 2009 Restricted Unit Plan. Compensation expense for the unvested awards is recognized ratably over the vesting periods and is net of estimated forfeitures. At the Partnership’s Tri-Annual Meeting held on May 15, 2018, the Unitholders approved the Partnership's 2018 Restricted Unit Plan (the “2018 Restricted Unit Plan” and together with the 2009 Restricted Unit Plan, the “Restricted Unit Plans”) authorizing the issuance of up to 1,800,000 Common Units. As of June 30, 2018, there were no awards granted under the 2018 Restricted Unit Plan. During the nine months ended June 30, 2018, the Partnership awarded 424,431 restricted units under the 2009 Restricted Unit Plan at an aggregate grant date fair value of $8,285. The following is a summary of activity for the 2009 Restricted Unit Plan for the nine months ended June 30, 2018: Weighted Restricted Grant Date Fair Units Value Per Unit Outstanding September 30, 2017 621,045 $ 22.10 Awarded 424,431 19.52 Forfeited (13,992 ) (19.70 ) Vested (with Common Units issued) (335,253 ) (24.39 ) Outstanding June 30, 2018 696,231 $ 19.47 As of June 30, 2018, unrecognized compensation cost related to unvested restricted units awarded under the 2009 Restricted Unit Plan amounted to $4,322. Compensation cost associated with unvested awards is expected to be recognized over a weighted-average period of one year. Compensation expense for the 2009 Restricted Unit Plan, net of forfeitures, for the three and nine months ended June 30, 2018 was $1,715 and $6,862, respectively, and $1,372 and $6,209, for the three and nine months ended June 24, 2017, 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 for the three and nine months ended June 30, 2018 was $201 and $609, respectively, and $205 and $640 for the three and nine months ended June 24, 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. As a result of the quarterly remeasurement of the liability for awards under the LTIP, compensation expense for the three and nine months ended June 30, 2018 reflected expense of $595 and $2,719, respectively, and income of $550 and $2,026 for the three and nine months ended June 24, 2017, respectively. As of June 30, 2018 and September 30, 2017, the Partnership had a liability included within accrued employment and benefit costs (or other liabilities, as applicable) of $4,356 and $1,637, respectively, related to estimated future payments under the LTIP. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 1 1 . Commitments and Contingencies Self-Insurance. The Partnership is self-insured for general and product, workers’ compensation and automobile liabilities up to predetermined thresholds above which third party insurance applies. As of June 30, 2018 and September 30, 2017, the Partnership had accrued insurance liabilities of $71,303 and $68,581, 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 $19,916 and $18,626 as of June 30, 2018 and September 30, 2017. 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. In this regard, the Partnership’s natural gas and electricity business is currently a defendant in two putative class action suits in New York and Pennsylvania. The complaints allege a number of claims regarding pricing to its electricity customers in those states under various consumer statutes and common law. Based on the nature of the allegations under these suits, the Partnership believes that the suits are without merit and is contesting each of these suits vigorously. With respect to these pending suits, based on the merits of the allegations, a liability for a loss contingency is not required at this time. 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 | 9 Months Ended |
Jun. 30, 2018 | |
Guarantees [Abstract] | |
Guarantees | 1 2 . Guarantees The Partnership has residual value guarantees associated with certain of its operating leases, related primarily to transportation equipment, with remaining lease periods scheduled to expire periodically through fiscal 2028. Upon completion of the lease period, the Partnership guarantees that the fair value of the equipment will equal or exceed the guaranteed amount, or the Partnership will pay the lessor the difference. Although the fair value of equipment at the end of its lease term has historically exceeded the guaranteed amounts, the maximum potential amount of aggregate future payments the Partnership could be required to make under these leasing arrangements, assuming the equipment is deemed worthless at the end of the lease term, was $16,407 as of June 30, 2018. The fair value of residual value guarantees for outstanding operating leases was de minimis as of June 30, 2018 and September 30, 2017. |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefits | 9 Months Ended |
Jun. 30, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pension Plans and Other Postretirement Benefits | 1 3 . Pension Plans and Other Postretirement Benefits The following table provides the components of net periodic benefit costs: Pension Benefits Three Months Ended Nine Months Ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Interest cost $ 944 $ 1,041 $ 2,832 $ 3,123 Expected return on plan assets (473 ) (537 ) (1,420 ) (1,611 ) Amortization of net loss 920 1,301 2,762 3,901 Net periodic benefit cost $ 1,391 $ 1,805 $ 4,174 $ 5,413 Postretirement Benefits Three Months Ended Nine Months Ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Interest cost $ 69 $ 96 $ 208 $ 288 Amortization of prior service credits (124 ) — (374 ) — Amortization of net (gain) (163 ) (98 ) (491 ) (292 ) Net periodic benefit cost $ (218 ) $ (2 ) $ (657 ) $ (4 ) The Partnership expects to contribute approximately $4,764 to the defined benefit pension plan during fiscal 2018, of which $3,839 was contributed during the nine months ended June 30, 2018. The projected annual contribution requirements related to the Partnership’s postretirement health care and life insurance benefit plan for fiscal 2018 is $1,243, of which $847 was contributed during the nine months ended June 30, 2018. 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. As of June 30, 2018 and September 30, 2017, the Partnership’s estimated obligation to these MEPPs was $22,773 and $23,665, respectively, as a result of its voluntary full withdrawal from certain MEPPs. |
Amounts Reclassified Out of Acc
Amounts Reclassified Out of Accumulated Other Comprehensive Income | 9 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Amounts Reclassified Out of Accumulated Other Comprehensive Income | 1 4 . Amounts Reclassified Out of Accumulated Other Comprehensive Income The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the three and nine months ended June 30, 2018 and June 24, 2017: Three Months Ended Nine Months Ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Cash Flow Hedges Balance, beginning of period $ — $ — $ — $ (205 ) Other comprehensive income before reclassifications: Unrealized (losses) — — — (10 ) Reclassifications to earnings: Realized losses (1) — — — 215 Other comprehensive income — — — 205 Balance, end of period $ — $ — $ — $ — Pension Benefits Balance, beginning of period $ (35,469 ) $ (48,791 ) $ (37,311 ) $ (51,391 ) Reclassifications to earnings: Amortization of net loss (2) 920 1,301 2,762 3,901 Other comprehensive income 920 1,301 2,762 3,901 Balance, end of period $ (34,549 ) $ (47,490 ) $ (34,549 ) $ (47,490 ) Postretirement Benefits Balance, beginning of period $ 8,171 $ 5,570 $ 8,499 $ 5,764 Reclassifications to earnings: Amortization of net gain (2) (163 ) (98 ) (491 ) (292 ) Other comprehensive loss (163 ) (98 ) (491 ) (292 ) Balance, end of period $ 8,008 $ 5,472 $ 8,008 $ 5,472 Accumulated Other Comprehensive Income (Loss) Balance, beginning of period $ (27,298 ) $ (43,221 ) $ (28,812 ) $ (45,832 ) Other comprehensive income before reclassifications — — — (10 ) Reclassifications to earnings 757 1,203 2,271 3,824 Other comprehensive income 757 1,203 2,271 3,814 Balance, end of period $ (26,541 ) $ (42,018 ) $ (26,541 ) $ (42,018 ) (1 ) Reclassification of realized losses on cash flow hedges are recognized in interest expense. (2 ) These amounts are included in the computation of net periodic benefit cost. See Note 13, “Pension Plans and Other Postretirement Benefits.” |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 5 . Income Taxes For federal income tax purposes, as well as for state income tax purposes in the majority of the states in which the Partnership operates, the earnings attributable to the Partnership and the Operating Partnership are not subject to income tax at the partnership level. With the exception of those states that impose an entity-level income tax on partnerships, the taxable income or loss attributable to the Partnership and to the Operating Partnership, which may vary substantially from the income (loss) before income taxes reported by the Partnership in the condensed consolidated statement of operations, are includable in the federal and state income tax returns of the Common Unitholders. The aggregate difference in the basis of the Partnership’s net assets for financial and tax reporting purposes cannot be readily determined as the Partnership does not have access to each Common Unitholder’s basis in the Partnership. As described in Note 1, the earnings of the Corporate Entities are subject to corporate level federal and state income tax. However, based upon past performance, the Corporate Entities are currently reporting an income tax provision composed primarily of minimum state income taxes. A full valuation allowance has been provided against the deferred tax assets (with the exception of the AMT credit carryforward; see below) based upon an analysis of all available evidence, both negative and positive at the balance sheet date, which, taken as a whole, indicates that it is more likely than not that sufficient future taxable income will not be available to utilize the assets. Management’s periodic reviews include, among other things, the nature and amount of the taxable income and expense items, the expected timing of when assets will be used or liabilities will be required to be reported and the reliability of historical profitability of businesses expected to provide future earnings. Furthermore, management considered tax-planning strategies it could use to increase the likelihood that the deferred assets will be realized. On December 22, 2017, the Tax Cuts and Jobs Act (“2017 Act”) was signed into law, which enacted significant changes to U.S. tax and related laws. Some of the provisions of the 2017 Act that could affect the Partnership, the Operating Partnership and their subsidiaries include, but are not limited to, a reduction of the federal corporate income tax rate from 35% to 21%, limitations on the deductibility of net business interest expense, restrictions on the use of net operating loss carryforwards arising in taxable years beginning after December 31, 2017 and full expensing for certain qualified property. In the case of a corporation, the 2017 Act made Alternative Minimum Tax (“AMT”) credit carryforwards fully refundable without regard to future taxable income. Accordingly, the Partnership concluded that the existing valuation allowance on the AMT credit carryforwards of the Corporate Entities should be released as part of accounting for tax reform. The reversal of the valuation allowance resulted in a $1,086 discrete deferred tax benefit being recorded during the first quarter of fiscal 2018. The Partnership remeasured all other federal net deferred tax assets of the Corporate Entities using the new 21% federal income tax rate and correspondingly adjusted the full valuation allowance. The blended corporate tax federal rate requirements of Internal Revenue Code Section 15 do not apply because the Corporate Entities are calendar-year tax filers. The Partnership will continue to analyze the 2017 Act to determine the full effects of the new law on its consolidated financial statements. |
Segment Information
Segment Information | 9 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 1 6 . 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 30, 2017. 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 30, June 24, June 30, June 24, 2018 2017 2018 2017 Revenues: Propane $ 205,400 $ 188,406 $ 990,344 $ 843,519 Fuel oil and refined fuels 15,400 12,886 82,414 69,612 Natural gas and electricity 10,403 11,923 43,942 44,229 All other 10,733 9,680 34,795 33,420 Total revenues $ 241,936 $ 222,895 $ 1,151,495 $ 990,780 Operating income (loss): Propane (1) $ 28,073 $ 11,323 $ 245,845 $ 201,332 Fuel oil and refined fuels (891 ) 199 10,132 9,875 Natural gas and electricity 2,192 2,806 11,131 11,461 All other (4,607 ) (5,747 ) (14,821 ) (16,139 ) Corporate (21,706 ) (19,643 ) (67,248 ) (61,249 ) Total operating income (loss) 3,061 (11,062 ) 185,039 145,280 Reconciliation to net (loss) income: Loss on debt extinguishment — — — 1,567 Interest expense, net 19,512 18,502 58,428 54,820 Provision for (benefit from) income taxes 144 152 (749 ) 308 Net (loss) income $ (16,595 ) $ (29,716 ) $ 127,360 $ 88,585 Depreciation and amortization: Propane $ 27,875 $ 27,787 $ 83,944 $ 83,243 Fuel oil and refined fuels 571 625 1,866 1,923 Natural gas and electricity — — — — All other 57 76 163 222 Corporate 2,756 3,337 8,620 10,368 Total depreciation and amortization $ 31,259 $ 31,825 $ 94,593 $ 95,756 As of June 30, September 2018 2017 Assets: Propane $ 2,020,928 $ 2,066,997 Fuel oil and refined fuels 49,525 49,863 Natural gas and electricity 12,679 12,455 All other 3,576 2,147 Corporate 44,825 39,821 Total assets $ 2,131,533 $ 2,171,283 (1) Includes the loss on sale of business of $4,823 for the nine months ended June 30, 2018 (see Note 3). |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation. The condensed consolidated financial statements include the accounts of the Partnership, the Operating Partnership and all of its direct and indirect subsidiaries. All significant intercompany transactions and account balances have been eliminated. The Partnership consolidates the results of operations, financial condition and cash flows of the Operating Partnership as a result of the Partnership’s 100% limited partner interest in the Operating Partnership. The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). They include all adjustments that the Partnership considers necessary for a fair statement of the results of operations, financial position and cash flows for the interim periods presented. Such adjustments consist only of normal recurring items, unless otherwise disclosed. These financial statements should be read in conjunction with the financial statements included in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 30, 2017. Due to the seasonal nature of the Partnership’s operations, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. |
Fiscal Period | Fiscal Period. The Partnership uses a 52/53 week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally thirteen weeks in duration. When the Partnership’s fiscal year is 53 weeks long, as was the case for fiscal 2017, the corresponding fourth quarter is fourteen weeks in duration. |
Revenue Recognition | Revenue Recognition. Sales of propane, fuel oil and refined fuels are recognized at the time product is delivered to the customer. Revenue from the sale of appliances and equipment is recognized at the time of sale or when installation is complete, as applicable. Revenue from repairs, maintenance and other service activities is recognized upon completion of the service. Revenue from 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. The Partnership uses Society of Actuaries life expectancy information when developing the annual mortality assumptions for the pension and postretirement benefit plans, which are used to measure net periodic benefit costs and the obligation under these plans. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term. |
Reclassifications | Reclassifications. Certain prior period amounts have been reclassified to conform with the current period presentation. See Recently Adopted Accounting Pronouncements, below. |
Recently Issued and Adopted 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 in Note 6, “Goodwill and Other Intangible Assets.” 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 that 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 of adopting the standard on the Partnership’s consolidated statements of cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). The standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 is effective for the first interim period within annual reporting periods beginning after December 15, 2018, which will be the Partnership’s first quarter of fiscal 2020. Early adoption of ASU 2016-02 is permitted. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Partnership is currently evaluating the impact of adopting ASU 2016-02 on the Partnership’s consolidated financial statements 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 2018, the Partnership adopted new accounting guidance regarding stock-based compensation under ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). Cash payments made to the taxing authorities on employees’ behalf for withheld shares are now presented as financing activities on the condensed consolidated statement of cash flows, rather than operating activities. The amounts paid to federal and state taxing authorities were $847 and $736 for the nine months ended June 30, 2018 and June 24, 2017, respectively. |
Financial Instruments and Ris25
Financial Instruments and Risk Management (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair value of the Partnership's derivative instruments and their location in the condensed consolidated balance sheets | The following summarizes the fair value of the Partnership’s derivative instruments and their location in the condensed consolidated balance sheets as of June 30, 2018 and September 30, 2017, respectively: As of June 30, 2018 As of September 30, 2017 Asset Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging instruments: Commodity-related derivatives Other current assets $ 10,953 Other current assets $ 11,164 Other assets 158 Other assets 771 $ 11,111 $ 11,935 Liability Derivatives Location Fair Value Location Fair Value Derivatives not designated as hedging instruments: Commodity-related derivatives Other current liabilities $ 4,962 Other current liabilities $ 1,978 Other liabilities — Other liabilities 432 $ 4,962 $ 2,410 |
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) Nine Months Ended Nine Months Ended June 30, 2018 June 24, 2017 Assets Liabilities Assets Liabilities Beginning balance of over-the-counter options $ 4,108 $ 737 $ 809 $ — Beginning balance realized during the period (3,277 ) (737 ) (589 ) — Contracts purchased during the period 1,352 158 — — Change in the fair value of outstanding contracts (800 ) — (115 ) — Ending balance of over-the-counter options $ 1,383 $ 158 $ 105 $ — |
Effect of the Partnership's derivative instruments on the condensed consolidated statements of operations | The effect of the Partnership’s derivative instruments on the condensed consolidated statements of operations and the condensed consolidated statements of comprehensive income, as applicable, for the three and nine months ended June 30, 2018 and June 24, 2017 are as follows: Three Months Ended June 30, 2018 Three Months Ended June 24, 2017 Derivatives in Cash Flow Gains (Losses) Recognized in OCI Gains (Losses) Reclassified from Accumulated OCI into Income Gains (Losses) Recognized in OCI Gains (Losses) Reclassified from Accumulated OCI into Income Hedging Relationships (Effective Portion) Location Amount (Effective Portion) Location Amount Interest rate swap $ — Interest expense $ — $ — Interest expense $ — Derivatives Not Designated as Hedging Instruments Unrealized Gains (Losses) Recognized in Income Unrealized Gains (Losses) Recognized in Income Location Amount Location Amount Commodity-related derivatives Cost of products sold $ 3,806 Cost of products sold $ (655 ) Nine Months Ended June 30, 2018 Nine Months Ended June 24, 2017 Derivatives in Cash Flow Gains (Losses) Recognized in OCI Gains (Losses) Reclassified from Accumulated OCI into Income Gains (Losses) Recognized in OCI Gains (Losses) Reclassified from Accumulated OCI into Income Hedging Relationships (Effective Portion) Location Amount (Effective Portion) Location Amount Interest rate swap $ — Interest expense $ — $ (10 ) Interest expense $ (215 ) Derivatives Not Designated as Hedging Instruments Unrealized Gains (Losses) Recognized in Income Unrealized Gains (Losses) Recognized in Income Location Amount Location Amount Commodity-related derivatives Cost of products sold $ (1,421 ) Cost of products sold $ (2,708 ) |
Fair value of the Partnership's recognized derivative assets and liabilities on a gross basis and amounts offset on the condensed consolidated balance sheets | The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the condensed consolidated balance sheets subject to enforceable master netting arrangements or similar agreements: As of June 30, 2018 As of September 30, 2017 Net amounts Net amounts presented in the presented in the Gross amounts Effects of netting balance sheet Gross amounts Effects of netting balance sheet Asset Derivatives Commodity-related derivatives $ 19,688 $ (8,577 ) $ 11,111 $ 16,378 $ (4,443 ) $ 11,935 Liability Derivatives Commodity-related derivatives $ 13,539 $ (8,577 ) $ 4,962 $ 6,853 $ (4,443 ) $ 2,410 |
Fair Value of the Partnership's Senior Notes | Based upon quoted market prices (a Level 1 input), the fair value of the Senior Notes (also defined below in Note 8) of the Partnership are as follows: As of June 30, September 30, 2018 2017 5.5% senior notes due June 1, 2024 $ 511,875 $ 527,888 5.75% senior notes due March 1, 2025 240,625 248,750 5.875% senior notes due March 1, 2027 327,250 349,125 $ 1,079,750 $ 1,125,763 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: As of June 30, September 30, 2018 2017 Propane, fuel oil and refined fuels and natural gas $ 48,210 $ 51,844 Appliances 1,628 1,376 $ 49,838 $ 53,220 |
Goodwill and Other Intangible27
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying values of goodwill assigned to the partnership's operating segments | The carrying values of goodwill assigned to the Partnership’s operating segments are as follows: Fuel oil and Natural gas Propane refined fuels and electricity Total Balance as of September 30, 2017 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 Fiscal 2018 Activity Goodwill disposed (2) $ (1,165 ) $ — $ — $ (1,165 ) Balance as of June 30, 2018 Goodwill $ 1,081,132 $ 10,900 $ 7,900 $ 1,099,932 Accumulated adjustments — (6,462 ) — (6,462 ) $ 1,081,132 $ 4,438 $ 7,900 $ 1,093,470 |
Other intangible assets | Other intangible assets consist of the following: As of June 30, September 30, 2018 2017 Customer relationships (1) (2) $ 499,433 $ 492,656 Non-compete agreements (1) 33,540 31,040 Other 1,967 1,967 534,940 525,663 Less: accumulated amortization Customer relationships (317,024 ) (279,287 ) Non-compete agreements (27,207 ) (25,242 ) Other (1,327 ) (1,258 ) (345,558 ) (305,787 ) $ 189,382 $ 219,876 (1) Reflects the impact from the acquisitions (Note 3). (2) Reflects the impact from the disposition of certain assets and operations in a non-strategic market of the propane segment (Note 3). |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term borrowings | Long-term borrowings consist of the following: As of June 30, September 30, 2018 2017 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 350,000 350,000 Revolving Credit Facility, due March 3, 2021 151,145 162,645 Subtotal 1,276,145 1,287,645 Less: unamortized debt issuance costs (13,967 ) (15,481 ) $ 1,262,178 $ 1,272,164 |
Unit-Based Compensation Arran29
Unit-Based Compensation Arrangements (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
2009 Restricted Unit Plan [Member] | |
Summary of activity for the Restricted Unit Plans | The following is a summary of activity for the 2009 Restricted Unit Plan for the nine months ended June 30, 2018: Weighted Restricted Grant Date Fair Units Value Per Unit Outstanding September 30, 2017 621,045 $ 22.10 Awarded 424,431 19.52 Forfeited (13,992 ) (19.70 ) Vested (with Common Units issued) (335,253 ) (24.39 ) Outstanding June 30, 2018 696,231 $ 19.47 |
Pension Plans and Other Postr30
Pension Plans and Other Postretirement Benefits (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Components of Net Periodic Benefit Costs | The following table provides the components of net periodic benefit costs: Pension Benefits Three Months Ended Nine Months Ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Interest cost $ 944 $ 1,041 $ 2,832 $ 3,123 Expected return on plan assets (473 ) (537 ) (1,420 ) (1,611 ) Amortization of net loss 920 1,301 2,762 3,901 Net periodic benefit cost $ 1,391 $ 1,805 $ 4,174 $ 5,413 Postretirement Benefits Three Months Ended Nine Months Ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Interest cost $ 69 $ 96 $ 208 $ 288 Amortization of prior service credits (124 ) — (374 ) — Amortization of net (gain) (163 ) (98 ) (491 ) (292 ) Net periodic benefit cost $ (218 ) $ (2 ) $ (657 ) $ (4 ) |
Amounts Reclassified Out of A31
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Reclassification out of accumulated other comprehensive (loss) income | The following table summarizes amounts reclassified out of accumulated other comprehensive (loss) income for the three and nine months ended June 30, 2018 and June 24, 2017: Three Months Ended Nine Months Ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Cash Flow Hedges Balance, beginning of period $ — $ — $ — $ (205 ) Other comprehensive income before reclassifications: Unrealized (losses) — — — (10 ) Reclassifications to earnings: Realized losses (1) — — — 215 Other comprehensive income — — — 205 Balance, end of period $ — $ — $ — $ — Pension Benefits Balance, beginning of period $ (35,469 ) $ (48,791 ) $ (37,311 ) $ (51,391 ) Reclassifications to earnings: Amortization of net loss (2) 920 1,301 2,762 3,901 Other comprehensive income 920 1,301 2,762 3,901 Balance, end of period $ (34,549 ) $ (47,490 ) $ (34,549 ) $ (47,490 ) Postretirement Benefits Balance, beginning of period $ 8,171 $ 5,570 $ 8,499 $ 5,764 Reclassifications to earnings: Amortization of net gain (2) (163 ) (98 ) (491 ) (292 ) Other comprehensive loss (163 ) (98 ) (491 ) (292 ) Balance, end of period $ 8,008 $ 5,472 $ 8,008 $ 5,472 Accumulated Other Comprehensive Income (Loss) Balance, beginning of period $ (27,298 ) $ (43,221 ) $ (28,812 ) $ (45,832 ) Other comprehensive income before reclassifications — — — (10 ) Reclassifications to earnings 757 1,203 2,271 3,824 Other comprehensive income 757 1,203 2,271 3,814 Balance, end of period $ (26,541 ) $ (42,018 ) $ (26,541 ) $ (42,018 ) (1 ) Reclassification of realized losses on cash flow hedges are recognized in interest expense. (2 ) These amounts are included in the computation of net periodic benefit cost. See Note 13, “Pension Plans and Other Postretirement Benefits.” |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Disclosure by reportable segment and reconciliation of total operating segment information | The following table presents certain data by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented: Three Months Ended Nine Months Ended June 30, June 24, June 30, June 24, 2018 2017 2018 2017 Revenues: Propane $ 205,400 $ 188,406 $ 990,344 $ 843,519 Fuel oil and refined fuels 15,400 12,886 82,414 69,612 Natural gas and electricity 10,403 11,923 43,942 44,229 All other 10,733 9,680 34,795 33,420 Total revenues $ 241,936 $ 222,895 $ 1,151,495 $ 990,780 Operating income (loss): Propane (1) $ 28,073 $ 11,323 $ 245,845 $ 201,332 Fuel oil and refined fuels (891 ) 199 10,132 9,875 Natural gas and electricity 2,192 2,806 11,131 11,461 All other (4,607 ) (5,747 ) (14,821 ) (16,139 ) Corporate (21,706 ) (19,643 ) (67,248 ) (61,249 ) Total operating income (loss) 3,061 (11,062 ) 185,039 145,280 Reconciliation to net (loss) income: Loss on debt extinguishment — — — 1,567 Interest expense, net 19,512 18,502 58,428 54,820 Provision for (benefit from) income taxes 144 152 (749 ) 308 Net (loss) income $ (16,595 ) $ (29,716 ) $ 127,360 $ 88,585 Depreciation and amortization: Propane $ 27,875 $ 27,787 $ 83,944 $ 83,243 Fuel oil and refined fuels 571 625 1,866 1,923 Natural gas and electricity — — — — All other 57 76 163 222 Corporate 2,756 3,337 8,620 10,368 Total depreciation and amortization $ 31,259 $ 31,825 $ 94,593 $ 95,756 As of June 30, September 2018 2017 Assets: Propane $ 2,020,928 $ 2,066,997 Fuel oil and refined fuels 49,525 49,863 Natural gas and electricity 12,679 12,455 All other 3,576 2,147 Corporate 44,825 39,821 Total assets $ 2,131,533 $ 2,171,283 (1) Includes the loss on sale of business of $4,823 for the nine months ended June 30, 2018 (see Note 3). |
Partnership Organization and 33
Partnership Organization and Formation - Additional Information (Details) - shares | Jun. 30, 2018 | Sep. 30, 2017 |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Common units outstanding (in units) | 61,405,409 | 61,105,000 |
Ownership interest in Suburban Energy Finance Corp (in hundredths) | 100.00% | |
General Partner [Member] | Common Unitholders [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Common units outstanding (in units) | 784 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) $ in Thousands | 9 Months Ended | |
Jun. 30, 2018USD ($)wk | Jun. 24, 2017USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Limited partner interest in the Operating Partnership (in hundredths) | 100.00% | |
Minimum number of weeks in the fiscal year reporting calendar | 52 | |
Maximum number of weeks in the fiscal year reporting calendar | 53 | |
Minimum number of weeks in a fiscal quarter | 13 | |
Maximum number of weeks in a fiscal quarter | 14 | |
Cash paid to taxing authorities on employee’s’ behalf for withheld shares | $ | $ 847 | $ 736 |
Acquisition and Disposition o35
Acquisition and Disposition of Businesses - Additional Information (Details) $ in Thousands | Apr. 05, 2018USD ($) | Dec. 08, 2017USD ($) | Nov. 07, 2017USD ($) | Jun. 30, 2018USD ($) | Dec. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Jun. 24, 2017USD ($) |
Business Acquisition And Dispositions [Line Items] | ||||||||
Business acquisition, cost of acquired, cash paid | $ 11,900 | $ 4,871 | ||||||
Cash paid to acquire business | $ 10,622 | $ 4,251 | $ 14,873 | $ 0 | ||||
Business disposition, sales price | $ 2,800 | |||||||
Loss on sale of certain assets and operations | $ 4,823 | $ 4,823 | $ 0 | |||||
Number of propane assets and operations acquired | 2 | |||||||
Non-compete Agreements [Member] | ||||||||
Business Acquisition And Dispositions [Line Items] | ||||||||
Business acquisition, cost of acquired, cash paid | $ 1,750 | $ 750 |
Financial Instruments and Ris36
Financial Instruments and Risk Management - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Sep. 30, 2017 | |
Derivatives, Fair Value [Line Items] | ||
Maximum maturity period of highly liquid investment considered as cash equivalents | 3 months | |
Margin over basis rate (in hundredths) | 1.00% | |
Cash collateral | $ 0 | $ 0 |
Commodity Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Weighted average maturity of outstanding commodity-related derivatives | 4 months | 5 months |
Financial Instruments and Ris37
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 | Jun. 30, 2018 | Sep. 30, 2017 |
Commodity-Related Derivatives [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | $ 19,688 | $ 16,378 |
Fair value - liabilities | 13,539 | 6,853 |
Derivatives Not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 11,111 | 11,935 |
Fair value - liabilities | 4,962 | 2,410 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 10,953 | 11,164 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - assets | 158 | 771 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | 4,962 | 1,978 |
Derivatives Not Designated as Hedging Instruments [Member] | Commodity-Related Derivatives [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair value - liabilities | $ 0 | $ 432 |
Financial Instruments and Ris38
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 | 9 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
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 | $ 4,108 | $ 809 |
Beginning balance realized during the period | (3,277) | (589) |
Contracts purchased during the period | 1,352 | 0 |
Change in the fair value of outstanding contracts | (800) | (115) |
Ending balance of over-the-counter options | 1,383 | 105 |
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 | 737 | 0 |
Beginning balance realized during the period | (737) | 0 |
Contracts purchased during the period | 158 | 0 |
Change in the fair value of outstanding contracts | 0 | 0 |
Ending balance of over-the-counter options | $ 158 | $ 0 |
Financial Instruments and Ris39
Financial Instruments and Risk Management - Effect of the Partnership's Derivative Instruments on the Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gains (Losses) Recognized in OCI (Effective Portion) | $ 0 | $ 0 | $ 0 | $ (10) |
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 | 0 | 0 | 0 | (215) |
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 | $ 3,806 | $ (655) | $ (1,421) | $ (2,708) |
Financial Instruments and Ris40
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) - Commodity-Related Derivatives [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Asset Derivatives [Abstracts] | ||
Gross amounts | $ 19,688 | $ 16,378 |
Effects of netting | (8,577) | (4,443) |
Net amounts presented in the balance sheet | 11,111 | 11,935 |
Liability Derivatives [Abstracts] | ||
Gross amounts | 13,539 | 6,853 |
Effects of netting | (8,577) | (4,443) |
Net amounts presented in the balance sheet | $ 4,962 | $ 2,410 |
Financial Instruments and Ris41
Financial Instruments and Risk Management - Fair Value of the Partnership's Senior Notes (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Bank Debt and Senior Notes [Abstract] | ||
Fair value of Senior Notes | $ 1,079,750 | $ 1,125,763 |
5.5% Senior Notes due June 1, 2024 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Fair value of Senior Notes | 511,875 | 527,888 |
5.75% Senior Notes due March 1, 2025 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Fair value of Senior Notes | 240,625 | 248,750 |
5.875% Senior Notes due March 1, 2027 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Fair value of Senior Notes | $ 327,250 | $ 349,125 |
Financial Instruments and Ris42
Financial Instruments and Risk Management - Fair Value of the Partnership's Senior Notes (Parenthetical) (Details) | 9 Months Ended | |
Jun. 30, 2018 | Sep. 30, 2017 | |
5.5% Senior Notes due June 1, 2024 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Stated interest rate (in hundredths) | 5.50% | 5.50% |
Maturity date | Jun. 1, 2024 | |
5.75% Senior Notes due March 1, 2025 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Stated interest rate (in hundredths) | 5.75% | 5.75% |
Maturity date | Mar. 1, 2025 | |
5.875% Senior Notes due March 1, 2027 [Member] | ||
Bank Debt and Senior Notes [Abstract] | ||
Stated interest rate (in hundredths) | 5.875% | 5.875% |
Maturity date | Mar. 1, 2027 |
Inventories - Inventories (Deta
Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Inventory Net [Abstract] | ||
Propane, fuel oil and refined fuels and natural gas | $ 48,210 | $ 51,844 |
Appliances | 1,628 | 1,376 |
Total inventory | $ 49,838 | $ 53,220 |
Goodwill and Other Intangible44
Goodwill and Other Intangible Assets - Additional Information (Details) | 9 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Projection period for discounted cash flow analyses to estimate reporting unit fair value | 10 years |
Goodwill and Other Intangible45
Goodwill and Other Intangible Assets - Carrying Values of Goodwill Assigned to Partnership's Operating Segments (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2018 | Sep. 30, 2017 | ||
Goodwill [Line Items] | |||
Goodwill | $ 1,099,932 | $ 1,101,097 | |
Accumulated adjustments | (6,462) | (6,462) | |
Goodwill, net | 1,093,470 | 1,094,635 | |
Goodwill disposed | [1] | (1,165) | |
Propane [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 1,081,132 | 1,082,297 | |
Accumulated adjustments | 0 | 0 | |
Goodwill, net | 1,081,132 | 1,082,297 | |
Goodwill disposed | [1] | (1,165) | |
Fuel Oil and Refined Fuels [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 10,900 | 10,900 | |
Accumulated adjustments | (6,462) | (6,462) | |
Goodwill, net | 4,438 | 4,438 | |
Goodwill disposed | [1] | 0 | |
Natural Gas and Electricity [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 7,900 | 7,900 | |
Accumulated adjustments | 0 | 0 | |
Goodwill, net | 7,900 | $ 7,900 | |
Goodwill disposed | [1] | $ 0 | |
[1] | Reflects the impact from the disposition of certain assets and operations in a non-strategic market of the propane segment (Note 3). |
Goodwill and Other Intangible46
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 | |
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | $ 534,940 | $ 525,663 | |
Accumulated amortization | (345,558) | (305,787) | |
Other intangible assets, net | 189,382 | 219,876 | |
Customer Relationships [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | [1],[2] | 499,433 | 492,656 |
Accumulated amortization | (317,024) | (279,287) | |
Non-compete Agreements [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | [1] | 33,540 | 31,040 |
Accumulated amortization | (27,207) | (25,242) | |
Other [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Other intangible assets, gross | 1,967 | 1,967 | |
Accumulated amortization | $ (1,327) | $ (1,258) | |
[1] | Reflects the impact from the acquisitions (Note 3). | ||
[2] | Reflects the impact from the disposition of certain assets and operations in a non-strategic market of the propane segment (Note 3). |
Net Income Per Common Unit - Ad
Net Income Per Common Unit - Additional Information (Details) - shares | 9 Months Ended | |
Jun. 30, 2018 | Jun. 24, 2017 | |
Earnings Per Share [Abstract] | ||
Increase in weighted average units outstanding used to compute basic net income per Common Unit to reflect the potential dilutive effect of the unvested restricted units outstanding (in units) | 237,697 | 183,752 |
Long-Term Borrowings - Summary
Long-Term Borrowings - Summary of Long-Term Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 1,276,145 | $ 1,287,645 |
Less: unamortized debt issuance costs | (13,967) | (15,481) |
Long-term borrowings | 1,262,178 | 1,272,164 |
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 | 350,000 |
Revolving Credit Facility due March 3, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term borrowings | $ 151,145 | $ 162,645 |
Long-Term Borrowings - Summar49
Long-Term Borrowings - Summary of Long-Term Borrowings (Parenthetical) (Details) | 9 Months Ended | |
Jun. 30, 2018 | Sep. 30, 2017 | |
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) | Mar. 03, 2016USD ($) | Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018USD ($) | Mar. 31, 2018 | Dec. 30, 2017 | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||
Long-term borrowings | $ 1,262,178,000 | $ 1,262,178,000 | $ 1,272,164,000 | |||||
Margin over basis rate (in hundredths) | 1.00% | |||||||
Notional Amount | 100,000,000 | $ 100,000,000 | ||||||
Consolidated fixed charge coverage ratio, minimum | 1.75 | |||||||
Long-term debt maturities, 2018 | 0 | $ 0 | ||||||
Long-term debt maturities, 2019 | 0 | 0 | ||||||
Long-term debt maturities, 2020 | 0 | 0 | ||||||
Long-term debt maturities, 2021 | 151,145,000 | 151,145,000 | ||||||
Long-term debt maturities, 2022 | 0 | 0 | ||||||
Long-term debt maturities, 2022 and thereafter | $ 1,125,000,000 | $ 1,125,000,000 | ||||||
Amended Credit Agreement Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Consolidated interest coverage ratio, minimum | 2.5 | |||||||
Total consolidated leverage ratio, maximum | 5.95 | 5.95 | 5.95 | |||||
Senior secured unconsolidated leverage ratio maximum | 3 | |||||||
Weighted average interest rate (in hundredths) | 4.80% | 4.80% | ||||||
Amended Credit Agreement Due 2021 [Member] | Federal Funds Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Description of applicable interest rate on borrowings | Federal Funds Rate | |||||||
Margin over basis rate (in hundredths) | 0.50% | |||||||
Amended Credit Agreement Due 2021 [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Description of applicable interest rate on borrowings | LIBOR | |||||||
Margin over basis rate (in hundredths) | 1.00% | |||||||
Amended Credit Agreement Due 2021 [Member] | Scenario, Forecast [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total consolidated leverage ratio, maximum | 5.5 | 5.75 | ||||||
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% | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | Mar. 3, 2021 | |||||||
Long-term borrowings | $ 151,145,000 | $ 151,145,000 | $ 162,645,000 | |||||
Standby letters of credit issued under the Revolving Credit Facility | $ 45,226,000 | $ 45,226,000 | ||||||
Revolving Credit Facility [Member] | Amended Credit Agreement Due 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit Facility, maximum amount | $ 500,000,000 | |||||||
Revolving credit facility, term | 5 years | |||||||
5.5% Senior Notes due June 1, 2024 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (in hundredths) | 5.50% | 5.50% | 5.50% | |||||
Maturity date | Jun. 1, 2024 | |||||||
Date public offering completed | May 27, 2014 | |||||||
Aggregate principal amount | $ 525,000,000 | $ 525,000,000 | ||||||
Percentage of principal amount at which debt was issued (in hundredths) | 100.00% | 100.00% | ||||||
Percentage of the principal amount repurchase offer under change of control provision (in hundredths) | 101.00% | 101.00% | ||||||
Repurchase of debt due to decline in rating after consummation of change of control, period | 90 days | |||||||
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] | ||||||||
Stated interest rate (in hundredths) | 5.75% | 5.75% | 5.75% | |||||
Maturity date | Mar. 1, 2025 | |||||||
Date public offering completed | Feb. 25, 2015 | |||||||
Aggregate principal amount | $ 250,000,000 | $ 250,000,000 | ||||||
Percentage of principal amount at which debt was issued (in hundredths) | 100.00% | 100.00% | ||||||
Percentage of the principal amount repurchase offer under change of control provision (in hundredths) | 101.00% | 101.00% | ||||||
Repurchase of debt due to decline in rating after consummation of change of control, period | 90 days | |||||||
7.375% Senior Notes due 2020 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (in hundredths) | 7.375% | 7.375% | ||||||
5.875% Senior Notes due March 1, 2027 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (in hundredths) | 5.875% | 5.875% | 5.875% | |||||
Maturity date | Mar. 1, 2027 | |||||||
Date public offering completed | Feb. 14, 2017 | |||||||
Aggregate principal amount | $ 350,000,000 | $ 350,000,000 | ||||||
Percentage of principal amount at which debt was issued (in hundredths) | 100.00% | 100.00% | ||||||
Percentage of the principal amount repurchase offer under change of control provision (in hundredths) | 101.00% | 101.00% | ||||||
Repurchase of debt due to decline in rating after consummation of change of control, period | 90 days | |||||||
7.375% Senior Notes due August 1, 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (in hundredths) | 7.375% | 7.375% |
Distributions of Available Ca51
Distributions of Available Cash - Additional Information (Details) | 9 Months Ended |
Jun. 30, 2018$ / shares | |
Distributions Made To Members Or Limited Partners [Abstract] | |
Distributions to its partners | 45 days |
Declaration date of quarterly distribution | Jul. 26, 2018 |
Distributions paid (in dollars per unit) | $ 0.60 |
Common Unit distribution on an annualized basis (in dollars per unit) | $ 2.40 |
Distribution date of quarterly distribution | Aug. 14, 2018 |
Date of record of quarterly distribution | Aug. 7, 2018 |
Unit-Based Compensation Arran52
Unit-Based Compensation Arrangements - Additional Information (Details) - USD ($) $ in Thousands | Aug. 06, 2013 | Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | Sep. 30, 2017 |
Distribution Equivalent Rights Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Compensation expense | $ 201 | $ 205 | $ 609 | $ 640 | ||
Distribution Equivalent Rights Plan, terms | 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. | |||||
2009 Restricted Unit Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total number of Common Units authorized for issuance (in units) | 2,400,000 | 2,400,000 | ||||
Restricted Unit Plans, terms of award | In accordance with an August 6, 2013 amendment to the 2009 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 2009 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 2009 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 2009 Restricted Unit Plan. | |||||
Awards Granted | 424,431 | |||||
Aggregate grant date fair value of restricted units awarded | $ 8,285 | |||||
Unrecognized compensation cost | $ 4,322 | $ 4,322 | ||||
Weighted-average recognition period of compensation cost | 1 year | |||||
Compensation expense | $ 1,715 | 1,372 | $ 6,862 | 6,209 | ||
2018 Restricted Unit Plan [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards Granted | 0 | |||||
2018 Restricted Unit Plan [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Total number of Common Units authorized for issuance (in units) | 1,800,000 | 1,800,000 | ||||
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 | $ 595 | $ (550) | $ 2,719 | $ (2,026) | ||
Liability included within accrued employment and benefit costs (or other liabilities, as applicable) related to estimated future payments under the LTIP | $ 4,356 | $ 4,356 | $ 1,637 |
Unit-Based Compensation Arran53
Unit-Based Compensation Arrangements - Summary of Activity for the Restricted Units Plans (Details) - 2009 Restricted Unit Plan [Member] | 9 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Restricted Units [Rollforward] | |
Outstanding, beginning of period (in units) | shares | 621,045 |
Awarded (in units) | shares | 424,431 |
Forfeited (in units) | shares | (13,992) |
Vested (with Common Units issued) (in units) | shares | (335,253) |
Outstanding, end of period (in units) | shares | 696,231 |
Weighted Average Grant Date Fair Value Per Unit [Abstract] | |
Outstanding, beginning of period (in dollars per unit) | $ / shares | $ 22.10 |
Awarded (in dollars per unit) | $ / shares | 19.52 |
Forfeited (in dollars per unit) | $ / shares | (19.70) |
Vested (with Common Units issued) (in dollars per unit) | $ / shares | (24.39) |
Outstanding, end of period (in dollars per unit) | $ / shares | $ 19.47 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Sep. 30, 2017 |
Commitments And Contingencies Disclosure [Abstract] | ||
Accrued insurance liabilities | $ 71,303 | $ 68,581 |
Portion of the estimated liability that exceeds insurance deductibles | $ 19,916 | $ 18,626 |
Guarantees - Additional Informa
Guarantees - Additional Information (Details) | 9 Months Ended |
Jun. 30, 2018USD ($) | |
Guarantees [Abstract] | |
Transportation equipment remaining lease periods | 2,028 |
Maximum potential amount of aggregate future payments Partnership could be required to make | $ 16,407,000 |
Pension Plans and Other Postr56
Pension Plans and Other Postretirement Benefits - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 69 | $ 96 | $ 208 | $ 288 |
Amortization of prior service credits | (124) | 0 | (374) | 0 |
Amortization of net loss (gain) | (163) | (98) | (491) | (292) |
Net periodic benefit cost | (218) | (2) | (657) | (4) |
United States [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 944 | 1,041 | 2,832 | 3,123 |
Expected return on plan assets | (473) | (537) | (1,420) | (1,611) |
Amortization of net loss (gain) | 920 | 1,301 | 2,762 | 3,901 |
Net periodic benefit cost | $ 1,391 | $ 1,805 | $ 4,174 | $ 5,413 |
Pension Plans and Other Postr57
Pension Plans and Other Postretirement Benefits - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 24, 2017 | Sep. 30, 2017 | |
Components of net periodic benefit costs included in operating expenses [Abstract] | |||
Contribution to defined pension benefit plan | $ 3,839 | $ 7,542 | |
Estimated obligation due to full withdrawal multi employer pension plans | 22,773 | $ 23,665 | |
Defined Benefit Pension Plan [Member] | |||
Components of net periodic benefit costs included in operating expenses [Abstract] | |||
Defined benefit plan expected contribution to be paid for fiscal year | 4,764 | ||
Contribution to defined pension benefit plan | 3,839 | ||
Post-Retirement Benefits [Member] | |||
Components of net periodic benefit costs included in operating expenses [Abstract] | |||
Defined benefit plan expected contribution to be paid for fiscal year | 1,243 | ||
Employer contribution for postretirement health care and life insurance | $ 847 |
Amounts Reclassified Out of A58
Amounts Reclassified Out of Accumulated Other Comprehensive Income - Reclassification out of accumulated other comprehensive (loss) income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance beginning | $ (27,298) | $ (43,221) | $ (28,812) | $ (45,832) | |
Other comprehensive income before reclassifications | 0 | 0 | 0 | (10) | |
Reclassifications to earnings | 757 | 1,203 | 2,271 | 3,824 | |
Other comprehensive income | 757 | 1,203 | 2,271 | 3,814 | |
Balance ending | (26,541) | (42,018) | (26,541) | (42,018) | |
Cash Flow Hedges [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance beginning | 0 | 0 | 0 | (205) | |
Other comprehensive income before reclassifications | 0 | 0 | 0 | (10) | |
Reclassifications to earnings | [1] | 0 | 0 | 0 | 215 |
Other comprehensive income | 0 | 0 | 0 | 205 | |
Balance ending | 0 | 0 | 0 | 0 | |
Pension Benefits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance beginning | (35,469) | (48,791) | (37,311) | (51,391) | |
Other comprehensive income | 920 | 1,301 | 2,762 | 3,901 | |
Balance ending | (34,549) | (47,490) | (34,549) | (47,490) | |
Amortization of Net Loss [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassifications to earnings | [2] | 920 | 1,301 | 2,762 | 3,901 |
Post-Retirement Benefits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Balance beginning | 8,171 | 5,570 | 8,499 | 5,764 | |
Other comprehensive income | (163) | (98) | (491) | (292) | |
Balance ending | 8,008 | 5,472 | 8,008 | 5,472 | |
Amortization of Net (Gain) [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassifications to earnings | [2] | $ (163) | $ (98) | $ (491) | $ (292) |
[1] | Reclassification of realized losses on cash flow hedges are recognized in interest expense. | ||||
[2] | These amounts are included in the computation of net periodic benefit cost. See Note 13, “Pension Plans and Other Postretirement Benefits.” |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Dec. 30, 2017 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Federal corporate income tax rate | 35.00% | 21.00% |
Discrete deferred tax benefit | $ 1,086 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Jun. 30, 2018Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Number of reportable segments | 3 |
Segment Information - Disclosur
Segment Information - Disclosure by Reportable Segment and Reconciliation of Total Operating Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2018 | Jun. 24, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | Sep. 30, 2017 | ||
Revenues [Abstract] | ||||||
Total revenues | $ 241,936 | $ 222,895 | $ 1,151,495 | $ 990,780 | ||
Operating income (loss): | ||||||
Total operating income (loss) | 3,061 | (11,062) | 185,039 | 145,280 | ||
Reconciliation to net (loss) income: | ||||||
Loss on debt extinguishment | 0 | 0 | 0 | 1,567 | ||
Interest expense, net | 19,512 | 18,502 | 58,428 | 54,820 | ||
Provision for (benefit from) income taxes | 144 | 152 | (749) | 308 | ||
Net (loss) income | (16,595) | (29,716) | 127,360 | 88,585 | ||
Depreciation and amortization [Abstract] | ||||||
Total depreciation and amortization | 31,259 | 31,825 | 94,593 | 95,756 | ||
Assets [Abstract] | ||||||
Total assets | 2,131,533 | 2,131,533 | $ 2,171,283 | |||
Operating/Reportable Segments [Member] | Propane [Member] | ||||||
Revenues [Abstract] | ||||||
Total revenues | 205,400 | 188,406 | 990,344 | 843,519 | ||
Operating income (loss): | ||||||
Total operating income (loss) | [1] | 28,073 | 11,323 | 245,845 | 201,332 | |
Depreciation and amortization [Abstract] | ||||||
Total depreciation and amortization | 27,875 | 27,787 | 83,944 | 83,243 | ||
Assets [Abstract] | ||||||
Total assets | 2,020,928 | 2,020,928 | 2,066,997 | |||
Operating/Reportable Segments [Member] | Fuel Oil and Refined Fuels [Member] | ||||||
Revenues [Abstract] | ||||||
Total revenues | 15,400 | 12,886 | 82,414 | 69,612 | ||
Operating income (loss): | ||||||
Total operating income (loss) | (891) | 199 | 10,132 | 9,875 | ||
Depreciation and amortization [Abstract] | ||||||
Total depreciation and amortization | 571 | 625 | 1,866 | 1,923 | ||
Assets [Abstract] | ||||||
Total assets | 49,525 | 49,525 | 49,863 | |||
Operating/Reportable Segments [Member] | Natural Gas and Electricity [Member] | ||||||
Revenues [Abstract] | ||||||
Total revenues | 10,403 | 11,923 | 43,942 | 44,229 | ||
Operating income (loss): | ||||||
Total operating income (loss) | 2,192 | 2,806 | 11,131 | 11,461 | ||
Depreciation and amortization [Abstract] | ||||||
Total depreciation and amortization | 0 | 0 | 0 | 0 | ||
Assets [Abstract] | ||||||
Total assets | 12,679 | 12,679 | 12,455 | |||
Operating/Reportable Segments [Member] | All Other [Member] | ||||||
Revenues [Abstract] | ||||||
Total revenues | 10,733 | 9,680 | 34,795 | 33,420 | ||
Operating income (loss): | ||||||
Total operating income (loss) | (4,607) | (5,747) | (14,821) | (16,139) | ||
Depreciation and amortization [Abstract] | ||||||
Total depreciation and amortization | 57 | 76 | 163 | 222 | ||
Assets [Abstract] | ||||||
Total assets | 3,576 | 3,576 | 2,147 | |||
Operating/Reportable Segments [Member] | Corporate [Member] | ||||||
Operating income (loss): | ||||||
Total operating income (loss) | (21,706) | (19,643) | (67,248) | (61,249) | ||
Depreciation and amortization [Abstract] | ||||||
Total depreciation and amortization | 2,756 | $ 3,337 | 8,620 | $ 10,368 | ||
Assets [Abstract] | ||||||
Total assets | $ 44,825 | $ 44,825 | $ 39,821 | |||
[1] | Includes the loss on sale of business of $4,823 for the nine months ended June 30, 2018 (see Note 3). |
Segment Information - Disclos62
Segment Information - Disclosure by Reportable Segment and Reconciliation of Total Operating Segment Information (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Dec. 30, 2017 | Jun. 30, 2018 | Jun. 24, 2017 | |
Segment Reporting Information [Line Items] | |||
Loss on sale of business | $ 4,823 | $ 4,823 | $ 0 |
Operating/Reportable Segments [Member] | Propane [Member] | |||
Segment Reporting Information [Line Items] | |||
Loss on sale of business | $ 4,823 |