XML 34 R27.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segment Information
 3 Months Ended
Dec. 28, 2024
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 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 condensed consolidated statements of operations. In addition, certain costs associated with field operations support that are reported in operating expenses within the condensed 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 Note 2, “Summary of Significant Accounting Policies,” in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024.

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 condensed consolidated amounts for the periods presented:

 

 

Three Months Ended

 

 

 

December 28,

 

 

December 30,

 

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

Propane

 

$

330,283

 

 

$

313,358

 

Fuel oil and refined fuels

 

 

17,661

 

 

 

23,898

 

Natural gas and electricity

 

 

6,053

 

 

 

6,493

 

All other

 

 

19,332

 

 

 

22,085

 

Total revenues

 

$

373,329

 

 

$

365,834

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

Propane

 

$

100,870

 

 

$

87,176

 

Fuel oil and refined fuels

 

 

1,396

 

 

 

2,172

 

Natural gas and electricity

 

 

2,065

 

 

 

1,568

 

All other

 

 

(9,238

)

 

 

(7,181

)

Corporate

 

 

(36,031

)

 

 

(34,987

)

Total operating income

 

 

59,062

 

 

 

48,748

 

 

 

 

 

 

 

 

Reconciliation to net income:

 

 

 

 

 

 

Interest expense, net

 

 

19,612

 

 

 

18,192

 

Other, net

 

 

19,467

 

 

 

5,853

 

Provision for income taxes

 

 

563

 

 

 

249

 

Net income

 

$

19,420

 

 

$

24,454

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

Propane

 

$

12,442

 

 

$

11,859

 

Fuel oil and refined fuels

 

 

269

 

 

 

444

 

Natural gas and electricity

 

 

—

 

 

 

—

 

All other

 

 

2,763

 

 

 

2,700

 

Corporate

 

 

1,625

 

 

 

1,390

 

Total depreciation and amortization

 

$

17,099

 

 

$

16,393

 

 

 

As of

 

 

 

December 28,

 

 

September 28,

 

 

 

2024

 

 

2024

 

Assets:

 

 

 

 

 

 

Propane

 

$

2,001,445

 

 

$

1,912,465

 

Fuel oil and refined fuels

 

 

47,004

 

 

 

43,579

 

Natural gas and electricity

 

 

12,339

 

 

 

10,248

 

All other

 

 

255,437

 

 

 

250,445

 

Corporate

 

 

68,401

 

 

 

56,024

 

Total assets

 

$

2,384,626

 

 

$

2,272,761