Segment Information

12 Months Ended

Sep. 30, 2023

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 30,			September 24,			September 25,
	2023			2022			2021
Revenues:
Propane	$	1,232,138		$	1,313,556		$	1,140,457
Fuel oil and refined fuels		92,127			95,157			67,104
Natural gas and electricity		31,160			39,511			30,425
All other		73,769			53,241			50,769
Total revenues	$	1,429,194		$	1,501,465		$	1,288,755
Operating income (loss):
Propane	$	351,162		$	337,377		$	330,443
Fuel oil and refined fuels		5,932			6,711			7,716
Natural gas and electricity		6,046			6,598			7,409
All other		(32,866	)		(21,982	)		(20,119	)
Corporate		(123,425	)		(122,377	)		(112,213	)
Total operating income		206,849			206,327			213,236
Reconciliation to net income:
Loss on debt extinguishment		—			—			16,029
Interest expense, net		73,393			60,658			68,132
Other, net		9,036			5,532			5,172
Provision for income taxes		668			429			1,110
Net income	$	123,752		$	139,708		$	122,793
Depreciation and amortization:
Propane	$	47,392		$	50,053		$	95,616
Fuel oil and refined fuels		1,674			1,693			1,654
Natural gas and electricity		3			21			24
All other		7,978			179			188
Corporate		5,535			6,902			7,073
Total depreciation and amortization	$	62,582		$	58,848		$	104,555

	As of
	September 30,		September 24,
	2023		2022
Assets:
Propane	$	1,924,304	$	1,957,257
Fuel oil and refined fuels		46,341		49,683
Natural gas and electricity		11,255		12,504
All other		239,691		47,853
Corporate		48,884		36,429
Total assets	$	2,270,475	$	2,103,726