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Segment Information
 12 Months Ended
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