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Financial Instruments and Risk Management (Tables)
12 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Fair value of the Partnership's derivative instruments and their location in the condensed consolidated balance sheets

The following summarizes the fair value of the Partnership’s derivative instruments and their location in the consolidated balance sheets as of September 30, 2023 and September 24, 2022, respectively:

 

 

 

As of September 30, 2023

 

 

As of September 24, 2022

 

Asset Derivatives

 

Location

 

Fair Value

 

 

Location

 

Fair Value

 

Derivatives not designated as hedging
   instruments:

 

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

Other current assets

 

$

18,538

 

 

Other current assets

 

$

18,263

 

 

 

Other assets

 

 

8

 

 

Other assets

 

 

16,430

 

 

 

 

 

$

18,546

 

 

 

 

$

34,693

 

 

 

 

 

 

 

 

 

 

 

 

Liability Derivatives

 

Location

 

Fair Value

 

 

Location

 

Fair Value

 

Derivatives not designated as hedging
   instruments:

 

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

Other current liabilities

 

$

2,427

 

 

Other current liabilities

 

$

16,957

 

 

 

Other liabilities

 

 

4,784

 

 

Other liabilities

 

 

1,895

 

 

 

 

 

$

7,211

 

 

 

 

$

18,852

 

Reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs

The following summarizes the reconciliation of the beginning and ending balances of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs:

 

 

 

Fair Value Measurement Using Significant
Unobservable Inputs (Level 3)

 

 

 

Fiscal 2023

 

 

Fiscal 2022

 

 

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

Beginning balance of over-the-counter options

 

$

222

 

 

$

3,408

 

 

$

4,626

 

 

$

451

 

Beginning balance realized during the period

 

 

(194

)

 

 

(2,475

)

 

 

(4,626

)

 

 

(219

)

Contracts purchased during the period

 

 

 

 

 

 

 

 

222

 

 

 

3,295

 

Change in the fair value of outstanding contracts

 

 

(28

)

 

 

(127

)

 

 

 

 

 

(119

)

Ending balance of over-the-counter options

 

$

 

 

$

806

 

 

$

222

 

 

$

3,408

 

Effect of the Partnership's derivative instruments on the condensed consolidated statements of operations

The effect of the Partnership’s derivative instruments on the consolidated statements of operations for fiscal 2023, 2022 and 2021 are as follows:

 

 

 

Unrealized Gains (Losses) Recognized in Income

 

Derivatives Not Designated as Hedging Instruments

 

Location

 

Amount

 

Commodity-related derivatives:

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2023

 

Cost of products sold

 

$

(3,671

)

 

 

 

 

 

 

Fiscal 2022

 

Cost of products sold

 

$

(27,929

)

 

 

 

 

 

 

Fiscal 2021

 

Cost of products sold

 

$

43,121

 

Fair value of the Partnership's recognized derivative assets and liabilities on a gross basis and amounts offset on the condensed consolidated balance sheets

The following table presents the fair value of the Partnership’s recognized derivative assets and liabilities on a gross basis and amounts offset on the consolidated balance sheets subject to enforceable master netting arrangements or similar agreements:

 

 

 

As of September 30, 2023

 

 

 

 

 

 

 

 

 

Net amounts

 

 

 

 

 

 

 

 

 

presented in the

 

 

 

Gross amounts

 

 

Effects of netting

 

 

balance sheet

 

Asset Derivatives

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

$

35,339

 

 

$

(16,793

)

 

$

18,546

 

 

 

$

35,339

 

 

$

(16,793

)

 

$

18,546

 

 

 

 

 

 

 

 

 

 

 

Liability Derivatives

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

$

24,004

 

 

$

(16,793

)

 

$

7,211

 

 

 

$

24,004

 

 

$

(16,793

)

 

$

7,211

 

 

 

 

As of September 24, 2022

 

 

 

 

 

 

 

 

 

Net amounts

 

 

 

 

 

 

 

 

 

presented in the

 

 

 

Gross amounts

 

 

Effects of netting

 

 

balance sheet

 

Asset Derivatives

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

$

117,260

 

 

$

(82,567

)

 

$

34,693

 

 

 

$

117,260

 

 

$

(82,567

)

 

$

34,693

 

 

 

 

 

 

 

 

 

 

 

Liability Derivatives

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

$

101,419

 

 

$

(82,567

)

 

$

18,852

 

 

 

$

101,419

 

 

$

(82,567

)

 

$

18,852