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Financial Instruments and Risk Management (Tables)
 12 Months Ended
Sep. 29, 2018
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 29, 2018 and September 30, 2017, respectively:

 

 

 

As of September 29, 2018

 

 

As of September 30, 2017

 

Asset Derivatives

 

Location

 

Fair Value

 

 

Location

 

Fair Value

 

Derivatives not designated as hedging

   instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

Other current assets

 

$

14,875

 

 

Other current assets

 

$

11,164

 

 

 

Other assets

 

 

13

 

 

Other assets

 

 

771

 

 

 

 

 

$

14,888

 

 

 

 

$

11,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability Derivatives

 

Location

 

Fair Value

 

 

Location

 

Fair Value

 

Derivatives not designated as hedging

   instruments:

 

 

 

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

Other current liabilities

 

$

6,122

 

 

Other current liabilities

 

$

1,978

 

 

 

Other liabilities

 

 

167

 

 

Other liabilities

 

 

432

 

 

 

 

 

$

6,289

 

 

 

 

$

2,410

 

 
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 2018

 

 

Fiscal 2017

 

 

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

Beginning balance of over-the-counter options

 

$

4,108

 

 

$

737

 

 

$

809

 

 

$

—

 

Beginning balance realized during the period

 

 

(3,636

)

 

 

(737

)

 

 

(667

)

 

 

—

 

Contracts purchased during the period

 

 

1,546

 

 

 

361

 

 

 

3,686

 

 

 

737

 

Change in the fair value of outstanding contracts

 

 

(472

)

 

 

—

 

 

 

280

 

 

 

—

 

Ending balance of over-the-counter options

 

$

1,546

 

 

$

361

 

 

$

4,108

 

 

$

737

 

 
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 2018, 2017 and 2016 are as follows:

 

 

 

Amount of Gains

 

 

Gains (Losses) Reclassified from

 

 

 

(Losses)

 

 

Accumulated OCI into Income

 

 

 

Recognized  in OCI

 

 

(Effective Portion)

 

Derivatives in Cash Flow Hedging Relationships

 

(Effective Portion)

 

 

Location

 

Amount

 

Interest rate swaps:

 

 

 

 

 

 

 

 

 

 

Fiscal 2018

 

$

—

 

 

Interest expense

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2017

 

$

(10

)

 

Interest expense

 

$

(215

)

 

 

 

 

 

 

 

 

 

 

 

Fiscal 2016

 

$

6

 

 

Interest expense

 

$

(1,100

)

 

 

 

Unrealized Gains (Losses) Recognized in Income

 

Derivatives Not Designated as Hedging Instruments

 

Location

 

Amount

 

Commodity-related derivatives:

 

 

 

 

 

 

Fiscal 2018

 

Cost of products sold

 

$

310

 

 

 

 

 

 

 

 

Fiscal 2017

 

Cost of products sold

 

$

6,277

 

 

 

 

 

 

 

 

Fiscal 2016

 

Cost of products sold

 

$

(1,190

)

 
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 29, 2018

 

 

 

 

 

 

 

 

 

 

 

Net amounts

 

 

 

 

 

 

 

 

 

 

 

presented in the

 

 

 

Gross amounts

 

 

Effects of netting

 

 

balance sheet

 

Asset Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

$

23,181

 

 

$

(8,293

)

 

$

14,888

 

 

 

$

23,181

 

 

$

(8,293

)

 

$

14,888

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

$

14,582

 

 

$

(8,293

)

 

$

6,289

 

 

 

$

14,582

 

 

$

(8,293

)

 

$

6,289

 

 

 

 

As of September 30, 2017

 

 

 

 

 

 

 

 

 

 

 

Net amounts

 

 

 

 

 

 

 

 

 

 

 

presented in the

 

 

 

Gross amounts

 

 

Effects of netting

 

 

balance sheet

 

Asset Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

$

16,378

 

 

$

(4,443

)

 

$

11,935

 

 

 

$

16,378

 

 

$

(4,443

)

 

$

11,935

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liability Derivatives

 

 

 

 

 

 

 

 

 

 

 

 

Commodity-related derivatives

 

$

6,853

 

 

$

(4,443

)

 

$

2,410

 

 

 

$

6,853

 

 

$

(4,443

)

 

$

2,410