Segment Information

12 Months Ended

Sep. 24, 2022

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 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 equity investment in IH and investments in biodigester systems for the production of RNG 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 24,			September 25,			September 26,
	2022			2021			2020
Revenues:
Propane	$	1,313,556		$	1,140,457		$	955,143
Fuel oil and refined fuels		95,157			67,104			75,039
Natural gas and electricity		39,511			30,425			31,184
All other		53,241			50,769			46,531
Total revenues	$	1,501,465		$	1,288,755		$	1,107,897
Operating income (loss):
Propane	$	337,377		$	330,443		$	239,771
Fuel oil and refined fuels		6,711			7,716			9,338
Natural gas and electricity		6,598			7,409			7,459
All other		(21,982	)		(20,119	)		(20,377	)
Corporate		(122,377	)		(112,213	)		(95,921	)
Total operating income		206,327			213,236			140,270
Reconciliation to net income:
Loss on debt extinguishment		—			16,029			109
Interest expense, net		60,658			68,132			74,727
Other, net		5,532			5,172			4,822
Provision for (benefit from) income taxes		429			1,110			(146	)
Net income	$	139,708		$	122,793		$	60,758

Depreciation and amortization:
Propane	$	50,053	$	95,616	$	106,725
Fuel oil and refined fuels		1,693		1,654		1,843
Natural gas and electricity		21		24		18
All other		179		188		189
Corporate		6,902		7,073		8,016
Total depreciation and amortization	$	58,848	$	104,555	$	116,791

	As of
	September 24,		September 25,
	2022		2021
Assets:
Propane	$	1,957,257	$	1,935,399
Fuel oil and refined fuels		49,683		47,039
Natural gas and electricity		12,504		11,275
All other		47,853		17,767
Corporate		36,429		40,250
Total assets	$	2,103,726	$	2,051,730