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Segment Information | 12 Months Ended
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Sep. 27, 2025
Segment Reporting [Abstract] |
Segment Information | 18. 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 (“CODM”) is the Partnership’s President and Chief Executive Officer, who evaluates performance of the operating segments using segment operating income (loss), to evaluate performance and to assist in making capital resource allocation decisions. 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” operating segment 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 27, |  |  | September 28, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Revenues: |  |  |  |  |  |  |  |  |
Propane |  | $ | 1,265,494 |  |  | $ | 1,150,034 |  |  | $ | 1,232,138 |
Fuel oil and refined fuels |  |  | 67,352 |  |  |  | 73,783 |  |  |  | 92,127 |
Natural gas and electricity |  |  | 24,593 |  |  |  | 25,877 |  |  |  | 31,160 |
Subtotal |  |  | 1,357,439 |  |  |  | 1,249,694 |  |  |  | 1,355,425 |
All other |  |  | 75,079 |  |  |  | 77,478 |  |  |  | 73,769 |
Total revenues |  | $ | 1,432,518 |  |  | $ | 1,327,172 |  |  | $ | 1,429,194 |
Cost of Products Sold: (a) |  |  |  |  |  |  |  |  |
Propane |  | $ | 493,611 |  |  | $ | 443,596 |  |  | $ | 489,808 |
Fuel oil and refined fuels |  |  | 40,997 |  |  |  | 49,714 |  |  |  | 65,572 |
Natural gas and electricity |  |  | 14,554 |  |  |  | 13,782 |  |  |  | 19,100 |
Subtotal |  |  | 549,162 |  |  |  | 507,092 |  |  |  | 574,480 |
All other |  |  | 14,544 |  |  |  | 15,104 |  |  |  | 15,651 |
Total cost of products sold |  | $ | 563,706 |  |  | $ | 522,196 |  |  | $ | 590,131 |
Payroll & Payroll Benefit Expenses: (b) |  |  |  |  |  |  |  |  |
Propane |  | $ | 170,491 |  |  | $ | 163,881 |  |  | $ | 169,785 |
Fuel oil and refined fuels |  |  | 14,887 |  |  |  | 9,057 |  |  |  | 10,193 |
Natural gas and electricity |  |  | 1,204 |  |  |  | 1,279 |  |  |  | 1,490 |
Subtotal |  |  | 186,582 |  |  |  | 174,217 |  |  |  | 181,468 |
All other |  |  | 61,478 |  |  |  | 58,526 |  |  |  | 55,941 |
Corporate |  |  | 84,133 |  |  |  | 79,977 |  |  |  | 77,306 |
Total payroll & payroll benefit expenses |  | $ | 332,193 |  |  | $ | 312,720 |  |  | $ | 314,715 |
Vehicle: (c) |  |  |  |  |  |  |  |  |
Propane |  | $ | 73,819 |  |  | $ | 71,118 |  |  | $ | 71,588 |
Fuel oil and refined fuels |  |  | 3,233 |  |  |  | 3,089 |  |  |  | 3,377 |
Natural gas and electricity |  |  | — |  |  |  | — |  |  |  | — |
Subtotal |  |  | 77,052 |  |  |  | 74,207 |  |  |  | 74,965 |
All other |  |  | 3,346 |  |  |  | 3,196 |  |  |  | 3,117 |
Corporate |  |  | 14,198 |  |  |  | 15,745 |  |  |  | 16,647 |
Total vehicle expenses |  | $ | 94,596 |  |  | $ | 93,148 |  |  | $ | 94,729 |
Other Controllable Expenses: (d) |  |  |  |  |  |  |  |  |
Propane |  | $ | 108,098 |  |  | $ | 106,998 |  |  | $ | 102,403 |
Fuel oil and refined fuels |  |  | 3,707 |  |  |  | 4,432 |  |  |  | 5,379 |
Natural gas and electricity |  |  | 3,744 |  |  |  | 3,657 |  |  |  | 4,521 |
Subtotal |  |  | 115,549 |  |  |  | 115,087 |  |  |  | 112,303 |
All other |  |  | 21,109 |  |  |  | 20,597 |  |  |  | 23,948 |
Corporate |  |  | 27,012 |  |  |  | 25,199 |  |  |  | 23,937 |
Total other controllable expenses |  | $ | 163,670 |  |  | $ | 160,883 |  |  | $ | 160,188 |
|  | Year Ended |
|  | September 27, |  |  | September 28, |  |  | September 30, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |
Propane |  | $ | 52,082 |  |  | $ | 48,232 |  |  | $ | 47,392 |
Fuel oil and refined fuels |  |  | 1,074 |  |  |  | 1,289 |  |  |  | 1,674 |
Natural gas and electricity |  |  | — |  |  |  | — |  |  |  | 3 |
Subtotal |  |  | 53,156 |  |  |  | 49,521 |  |  |  | 49,069 |
All other |  |  | 12,511 |  |  |  | 10,883 |  |  |  | 7,978 |
Corporate |  |  | 6,375 |  |  |  | 6,571 |  |  |  | 5,535 |
Total depreciation and amortization |  | $ | 72,042 |  |  | $ | 66,975 |  |  | $ | 62,582 |
Operating income: |  |  |  |  |  |  |  |  |
Propane |  | $ | 367,393 |  |  | $ | 316,209 |  |  | $ | 351,162 |
Fuel oil and refined fuels |  |  | 3,454 |  |  |  | 6,202 |  |  |  | 5,932 |
Natural gas and electricity |  |  | 5,091 |  |  |  | 7,159 |  |  |  | 6,046 |
Reportable segment operating income |  |  | 375,938 |  |  |  | 329,570 |  |  |  | 363,140 |
Reconciliation to net income: |  |  |  |  |  |  |  |  |
Corporate and all other operating (loss) |  |  | (169,627 | ) |  |  | (158,320 | ) |  |  | (156,291 | )
Loss on debt extinguishment |  |  | — |  |  |  | (215 | ) |  |  | — |
Interest expense, net |  |  | (76,265 | ) |  |  | (74,590 | ) |  |  | (73,393 | )
Other, net |  |  | (22,128 | ) |  |  | (21,537 | ) |  |  | (9,036 | )
Provision for income taxes |  |  | (1,348 | ) |  |  | (734 | ) |  |  | (668 | )
Net income |  | $ | 106,570 |  |  | $ | 74,174 |  |  | $ | 123,752 |
The CODM uses the following expense categories to manage the resources of the Partnership. These expense categories and amounts align with the segment-level information that is regularly provided to the CODM: (1) The cost of products sold reported in the consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, and natural gas and electricity sold, including transportation costs to deliver products from the Partnership’s supply points to storage locations or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances and related parts sold or installed computed on a basis that approximates the average cost of the products. Cost of products sold does not include depreciation and amortization expense. (2) Payroll and payroll benefits expenses represent the compensation and benefit costs for field and direct operating support personnel. (3) Vehicle expenses represent the costs of operating and maintaining the Partnership’s vehicle fleet and include fuel, lease expenses and maintenance and repair costs. (4) Other controllable expenses include all other costs such as self-insurance, professional services and all other expenses not included within (1), (2) or (3) above.
|  | As of |
|  | September 27, |  |  | September 28, |
|  | 2025 |  |  | 2024 |
Assets: |  |  |  |  |  |
Propane |  | $ | 1,933,532 |  |  | $ | 1,912,465 |
Fuel oil and refined fuels |  |  | 41,078 |  |  |  | 43,579 |
Natural gas and electricity |  |  | 9,973 |  |  |  | 10,248 |
Reportable segment assets |  |  | 1,984,583 |  |  |  | 1,966,292 |
All other |  |  | 260,393 |  |  |  | 250,445 |
Corporate |  |  | 51,298 |  |  |  | 56,024 |
Total assets |  | $ | 2,296,274 |  |  | $ | 2,272,761 |

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