XML 16 R10.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Acquisition of Inergy Propane | 9 Months Ended
--- | ---
Jun. 29, 2013
Acquisition of Inergy Propane [Abstract] |
Acquisition of Inergy Propane | 3. Acquisition of Inergy Propane As described in Note 1, the Partnership completed the acquisition of Inergy Propane on August 1, 2012. The acquisition of Inergy Propane was consummated pursuant to a definitive agreement dated April 25, 2012 with Inergy, Inergy GP, LLC and Inergy Sales and Service, Inc., as amended. See Note 3, “Acquisition of Inergy Propane,” included within the Notes to Consolidated Financial Statements section of our Annual Report on Form 10-K for the fiscal year ended September 29, 2012. The Inergy Propane acquisition is consistent with key elements of the Partnership’s strategy for operational growth, which is to focus on acquiring businesses with a relatively steady cash flow that will extend the Partnership’s presence in strategically attractive markets and complement its existing business segments. During the third quarter of fiscal 2013, the Partnership finalized the third party valuations of the Acquisition Date fair value of certain assets acquired, principally property, plant and equipment, and intangible assets. The condensed consolidated balance sheets as of June 29, 2013 and September 29, 2012 reflect the final allocation of the purchase price to the assets acquired and liabilities assumed in this business combination. The table provides the final purchase price allocation:
Cash and cash equivalents |  | $ | 7,964 |
Accounts receivable |  |  | 36,076 |
Inventories |  |  | 30,457 |
Other current assets |  |  | 2,067 |
Current assets acquired |  |  | 76,564 |
Property, plant & equipment |  |  | 617,854 |
Customer relationships |  |  | 445,500 |
Non-compete agreements |  |  | 23,059 |
Other intangible assets |  |  | 1,983 |
Goodwill |  |  | 809,778 |
Other assets |  |  | 2,151 |
Total assets acquired |  | $ | 1,976,889 |
Liabilities assumed: |  |  |  |
Accounts payable |  | $ | 16 |
Accrued employment and benefit costs |  |  | 2,149 |
Customer deposits and advances |  |  | 48,469 |
Other current liabilities |  |  | 18,613 |
Other noncurrent liabilities |  |  | 16,727 |
Total liabilities assumed |  |  | 85,974 |
Total |  | $ | 1,890,915 |
The final purchase price allocation resulted in the following adjustments to the provisional fair value estimates: property, plant and equipment decreased $33,302, intangible assets (principally customer relationships) increased $39,583, other current assets decreased $765 and other noncurrent liabilities increased $646. The net effect of these adjustments resulted in a $4,870 decrease to goodwill as of the Acquisition Date. Prior period results of operations have been revised for any increase or decrease to certain components of net income as indicated in the table below.
|  | Increase (decrease) |
|  | Fiscal 2012 |  |  | Fiscal 2013 |
|  | Three months ended |  |  | Three months ended |  |  | Three months ended |
|  | September 29, 2012 |  |  | December 29, 2012 |  |  | March 30, 2013 |
Depreciation expense |  | $ | (205 | ) |  | $ | (305 | ) |  | $ | (340 | )
Amortization expense |  |  | 1,449 |  |  |  | 2,473 |  |  |  | 2,008 |
Total depreciation & amortization expense |  | $ | 1,244 |  |  | $ | 2,168 |  |  | $ | 1,668 |
The following presents a comparison of the actual results for the three and nine months ended June 29, 2013 with the unaudited pro forma combined financial information for the three and nine months ended June 23, 2012 as if the Inergy Propane acquisition had occurred on September 26, 2010, the first day of the Partnership’s 2011 fiscal year. The unaudited pro forma combined financial information is not necessarily indicative of the results that would have occurred had the Inergy Propane acquisition occurred on the date indicated, nor is it necessarily indicative of future operating results.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | June 29, 2013 |  |  | June 23, 2012 |  |  | June 29, 2013 |  |  | June 23, 2012 |
Revenues |  | $ | 290,805 |  |  | $ | 307,679 |  |  | $ | 1,459,934 |  |  | $ | 1,582,831 |
Net (loss) income |  | $ | (45,188 | ) |  | $ | (37,312 | ) |  | $ | 141,917 |  |  | $ | 66,615 |
(Loss) income per Common Unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.77 | ) |  | $ | (0.66 | ) |  | $ | 2.46 |  |  | $ | 1.19 |
Diluted |  | $ | (0.77 | ) |  | $ | (0.66 | ) |  | $ | 2.45 |  |  | $ | 1.18 |

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration