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Financial Instruments and Risk Management (Tables) | 9 Months Ended
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Jun. 24, 2023
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 24, 2023 and September 24, 2022, respectively:
|  | As of June 24, 2023 |  |  | As of September 24, 2022 |
Asset Derivatives |  | Location |  | Fair Value |  |  | Location |  | Fair Value |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Commodity-related derivatives |  | Other current assets |  | $ | 1,345 |  |  | Other current assets |  | $ | 18,263 |
|  | Other assets |  |  | 346 |  |  | Other assets |  |  | 16,430 |
|  |  |  | $ | 1,691 |  |  |  |  | $ | 34,693 |
Liability Derivatives |  | Location |  | Fair Value |  |  | Location |  | Fair Value |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |
Commodity-related derivatives |  | Other current liabilities |  | $ | 8,338 |  |  | Other current liabilities |  | $ | 16,957 |
|  | Other liabilities |  |  | — |  |  | Other liabilities |  |  | 1,895 |
|  |  |  | $ | 8,338 |  |  |  |  | $ | 18,852 |
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 24, 2023 |  |  | June 25, 2022 |
|  | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Beginning balance of over-the-counter options |  | $ | 222 |  |  | $ | 3,408 |  |  | $ | 4,626 |  |  | $ | 451 |
Beginning balance realized during the period |  |  | (132 | ) |  |  | (1,611 | ) |  |  | (4,626 | ) |  |  | (78 | )
Contracts purchased during the period |  |  | — |  |  |  | — |  |  |  | 654 |  |  |  | 2,378 |
Change in the fair value of outstanding contracts |  |  | (90 | ) |  |  | 863 |  |  |  | — |  |  |  | (280 | )
Ending balance of over-the-counter options |  | $ | — |  |  | $ | 2,660 |  |  | $ | 654 |  |  | $ | 2,471 |
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 for the three and nine months ended June 24, 2023 and June 25, 2022 are as follows:
|  | Three Months Ended June 24, 2023 |  |  | Three Months Ended June 25, 2022 |
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 |  | $ | (2,960 | ) |  | Cost of products sold |  | $ | (921 | )
|  | Nine Months Ended June 24, 2023 |  |  | Nine Months Ended June 25, 2022 |
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 |  | $ | (21,167 | ) |  | Cost of products sold |  | $ | (1,442 | )
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 24, 2023 |  |  | As of September 24, 2022 |
|  |  |  |  |  |  |  | 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 |  | $ | 12,965 |  |  | $ | (11,274 | ) |  | $ | 1,691 |  |  | $ | 117,260 |  |  | $ | (82,567 | ) |  | $ | 34,693 |
Liability Derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commodity-related derivatives |  | $ | 19,612 |  |  | $ | (11,274 | ) |  | $ | 8,338 |  |  | $ | 101,419 |  |  | $ | (82,567 | ) |  | $ | 18,852 |
Fair Value of the Partnership's Senior Notes | The fair values of the Senior Notes are based upon quoted market prices (a Level 1 input) and the fair value of the Green Bonds is based upon a valuation model (a Level 3 input). Senior Notes, Revolving Credit Facility and Green Bonds are defined below in Note 10 (“Long-Term Borrowings”) and the fair values of the Senior Notes and Green Bonds are as follows:
|  | As of |
|  | June 24, |  |  | September 24, |
|  | 2023 |  |  | 2022 |
5.875% Senior Notes due March 1, 2027 |  | $ | 338,625 |  |  | $ | 336,375 |
5.00% Senior Notes due June 1, 2031 |  |  | 555,094 |  |  |  | 547,625 |
5.50% Green Bonds due October 1, 2028 through October 1, 2033 |  |  | 65,966 |  |  |  | — |
|  | $ | 959,685 |  |  | $ | 884,000 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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