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Segment Information | 12 Months Ended
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Sep. 28, 2024
Segment Reporting [Abstract] |
Segment Information | 17. Segment Information The Partnership manages and evaluates its operations in four operating segments, three of which are reportable segments: Propane, Fuel Oil and Refined Fuels and Natural Gas and Electricity. The chief operating decision maker evaluates performance of the operating segments using a number of performance measures, including gross margins and income before interest expense and provision for income taxes (operating profit). Costs excluded from these profit measures are captured in Corporate and include corporate overhead expenses not allocated to the operating segments. Unallocated corporate overhead expenses include all costs of back office support functions that are reported as general and administrative expenses within the consolidated statements of operations. In addition, certain costs associated with field operations support that are reported in operating expenses within the consolidated statements of operations, including purchasing, training and safety, are not allocated to the individual operating segments. Thus, operating profit for each operating segment includes only the costs that are directly attributable to the operations of the individual segment. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies in Note 2. The propane segment is primarily engaged in the retail distribution of propane and renewable propane to residential, commercial, industrial, agricultural and government customers and, to a lesser extent, wholesale distribution to large industrial end users. In the residential, commercial and government 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. In addition, the Partnership's equity investment in Oberon is included within the propane segment. 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. In addition, the Partnership's platform of RNG businesses and the equity investment in IH are included within “all other.” The following table presents certain data by reportable segment and provides a reconciliation of total operating segment information to the corresponding consolidated amounts for the periods presented:
|  | Year Ended |
|  | September 28, |  |  | September 30, |  |  | September 24, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Revenues: |  |  |  |  |  |  |  |  |
Propane |  | $ | 1,150,034 |  |  | $ | 1,232,138 |  |  | $ | 1,313,556 |
Fuel oil and refined fuels |  |  | 73,783 |  |  |  | 92,127 |  |  |  | 95,157 |
Natural gas and electricity |  |  | 25,877 |  |  |  | 31,160 |  |  |  | 39,511 |
All other |  |  | 77,478 |  |  |  | 73,769 |  |  |  | 53,241 |
Total revenues |  | $ | 1,327,172 |  |  | $ | 1,429,194 |  |  | $ | 1,501,465 |
Operating income (loss): |  |  |  |  |  |  |  |  |
Propane |  | $ | 316,209 |  |  | $ | 351,162 |  |  | $ | 337,377 |
Fuel oil and refined fuels |  |  | 6,202 |  |  |  | 5,932 |  |  |  | 6,711 |
Natural gas and electricity |  |  | 7,159 |  |  |  | 6,046 |  |  |  | 6,598 |
All other |  |  | (30,828 | ) |  |  | (32,866 | ) |  |  | (21,982 | )
Corporate |  |  | (127,492 | ) |  |  | (123,425 | ) |  |  | (122,377 | )
Total operating income |  |  | 171,250 |  |  |  | 206,849 |  |  |  | 206,327 |
Reconciliation to net income: |  |  |  |  |  |  |  |  |
Loss on debt extinguishment |  |  | 215 |  |  |  | — |  |  |  | — |
Interest expense, net |  |  | 74,590 |  |  |  | 73,393 |  |  |  | 60,658 |
Other, net |  |  | 21,537 |  |  |  | 9,036 |  |  |  | 5,532 |
Provision for income taxes |  |  | 734 |  |  |  | 668 |  |  |  | 429 |
Net income |  | $ | 74,174 |  |  | $ | 123,752 |  |  | $ | 139,708 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |
Propane |  | $ | 48,232 |  |  | $ | 47,392 |  |  | $ | 50,053 |
Fuel oil and refined fuels |  |  | 1,289 |  |  |  | 1,674 |  |  |  | 1,693 |
Natural gas and electricity |  |  | — |  |  |  | 3 |  |  |  | 21 |
All other |  |  | 10,883 |  |  |  | 7,978 |  |  |  | 179 |
Corporate |  |  | 6,571 |  |  |  | 5,535 |  |  |  | 6,902 |
Total depreciation and amortization |  | $ | 66,975 |  |  | $ | 62,582 |  |  | $ | 58,848 |
|  | As of |
|  | September 28, |  |  | September 30, |
|  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |
Propane |  | $ | 1,912,465 |  |  | $ | 1,924,304 |
Fuel oil and refined fuels |  |  | 43,579 |  |  |  | 46,341 |
Natural gas and electricity |  |  | 10,248 |  |  |  | 11,255 |
All other |  |  | 250,445 |  |  |  | 239,691 |
Corporate |  |  | 56,024 |  |  |  | 48,884 |
Total assets |  | $ | 2,272,761 |  |  | $ | 2,270,475 |

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- Definition The entire disclosure for reporting segments including data and tables. 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