v3.26.1
Segment Information
 9 Months Ended
Jun. 27, 2026
Segment Reporting [Abstract]  
Segment Information
19.
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 (“CODM”) is the Partnership’s President and Chief Executive Officer, who evaluates performance of the operating segments using segment operating income (loss) to evaluate performance and to assist in making capital resource allocation decisions.

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 27, 2025.

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” operating segment 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

 

 

Nine Months Ended

 

 

 

June 27,

 

 

June 28,

 

 

June 27,

 

 

June 28,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Propane

 

$

226,960

 

 

$

226,890

 

 

$

1,044,492

 

 

$

1,082,429

 

Fuel oil and refined fuels

 

 

11,723

 

 

 

9,721

 

 

 

62,244

 

 

 

60,746

 

Natural gas and electricity

 

 

4,522

 

 

 

4,838

 

 

 

19,199

 

 

 

19,916

 

Subtotal

 

 

243,205

 

 

 

241,449

 

 

 

1,125,935

 

 

 

1,163,091

 

All other

 

 

18,174

 

 

 

18,701

 

 

 

57,036

 

 

 

58,051

 

Total revenues

 

$

261,379

 

 

$

260,150

 

 

$

1,182,971

 

 

$

1,221,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Products Sold: (1)

 

 

 

 

 

 

 

 

 

 

 

 

Propane

 

$

86,569

 

 

$

87,044

 

 

$

374,946

 

 

$

429,795

 

Fuel oil and refined fuels

 

 

8,544

 

 

 

5,943

 

 

 

40,099

 

 

 

36,628

 

Natural gas and electricity

 

 

2,773

 

 

 

2,950

 

 

 

13,433

 

 

 

11,346

 

Subtotal

 

 

97,886

 

 

 

95,937

 

 

 

428,478

 

 

 

477,769

 

All other

 

 

3,165

 

 

 

3,622

 

 

 

10,912

 

 

 

11,314

 

Total cost of products sold

 

$

101,051

 

 

$

99,559

 

 

$

439,390

 

 

$

489,083

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payroll & Payroll Benefit Expenses: (2)

 

 

 

 

 

 

 

 

 

 

 

 

Propane

 

$

40,048

 

 

$

38,610

 

 

$

136,224

 

 

$

131,364

 

Fuel oil and refined fuels

 

 

3,555

 

 

 

3,157

 

 

 

13,096

 

 

 

11,814

 

Natural gas and electricity

 

 

266

 

 

 

287

 

 

 

843

 

 

 

894

 

Subtotal

 

 

43,869

 

 

 

42,054

 

 

 

150,163

 

 

 

144,072

 

All other

 

 

15,544

 

 

 

14,621

 

 

 

48,762

 

 

 

46,897

 

Corporate

 

 

14,716

 

 

 

16,620

 

 

 

66,407

 

 

 

65,012

 

Total payroll & payroll benefit expenses

 

$

74,129

 

 

$

73,295

 

 

$

265,332

 

 

$

255,981

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vehicle: (3)

 

 

 

 

 

 

 

 

 

 

 

 

Propane

 

$

22,410

 

 

$

18,849

 

 

$

63,223

 

 

$

55,699

 

Fuel oil and refined fuels

 

 

812

 

 

 

805

 

 

 

2,495

 

 

 

2,564

 

Natural gas and electricity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Subtotal

 

 

23,222

 

 

 

19,654

 

 

 

65,718

 

 

 

58,263

 

All other

 

 

839

 

 

 

860

 

 

 

2,540

 

 

 

2,491

 

Corporate

 

 

2,591

 

 

 

3,310

 

 

 

8,331

 

 

 

11,393

 

Total vehicle expenses

 

$

26,652

 

 

$

23,824

 

 

$

76,589

 

 

$

72,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expenses: (4)

 

 

 

 

 

 

 

 

 

 

 

 

Propane

 

$

27,996

 

 

$

23,498

 

 

$

87,642

 

 

$

83,553

 

Fuel oil and refined fuels

 

 

980

 

 

 

799

 

 

 

3,427

 

 

 

2,912

 

Natural gas and electricity

 

 

948

 

 

 

843

 

 

 

2,946

 

 

 

2,994

 

Subtotal

 

 

29,924

 

 

 

25,140

 

 

 

94,015

 

 

 

89,459

 

All other

 

 

4,350

 

 

 

7,542

 

 

 

13,165

 

 

 

17,574

 

Corporate

 

 

6,376

 

 

 

6,464

 

 

 

16,906

 

 

 

20,398

 

Total other controllable expenses

 

$

40,650

 

 

$

39,146

 

 

$

124,086

 

 

$

127,431

 

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

June 27,

 

 

June 28,

 

 

June 27,

 

 

June 28,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Propane

 

$

12,995

 

 

$

14,055

 

 

$

38,261

 

 

$

38,646

 

Fuel oil and refined fuels

 

 

254

 

 

 

269

 

 

 

782

 

 

 

807

 

Natural gas and electricity

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Subtotal

 

 

13,249

 

 

 

14,324

 

 

 

39,043

 

 

 

39,453

 

All other

 

 

2,801

 

 

 

2,769

 

 

 

8,813

 

 

 

8,297

 

Corporate

 

 

623

 

 

 

1,642

 

 

 

1,932

 

 

 

5,684

 

Total depreciation and amortization

 

$

16,673

 

 

$

18,735

 

 

$

49,788

 

 

$

53,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Propane

 

$

36,942

 

 

$

44,834

 

 

$

344,196

 

 

$

343,372

 

Fuel oil and refined fuels

 

 

(2,422

)

 

 

(1,252

)

 

 

2,345

 

 

 

6,021

 

Natural gas and electricity

 

 

535

 

 

 

758

 

 

 

1,977

 

 

 

4,682

 

Reportable segment operating income

 

 

35,055

 

 

 

44,340

 

 

 

348,518

 

 

 

354,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation to net (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and all other operating (loss)

 

 

(32,831

)

 

 

(38,749

)

 

 

(120,732

)

 

 

(131,009

)

Loss on debt extinguishment

 

 

—

 

 

 

—

 

 

 

(1,183

)

 

 

—

 

Interest expense, net

 

 

(18,848

)

 

 

(18,881

)

 

 

(58,298

)

 

 

(59,060

)

Other, net

 

 

(721

)

 

 

(1,303

)

 

 

(1,977

)

 

 

(21,499

)

(Provision for) income taxes

 

 

(182

)

 

 

(242

)

 

 

(533

)

 

 

(801

)

   Net (loss) income

 

$

(17,527

)

 

$

(14,835

)

 

$

165,795

 

 

$

141,706

 

 

The CODM uses the following expense categories to manage the resources of the Partnership. These expense categories and amounts align with the segment-level information that is regularly provided to the CODM:

(1)
The cost of products sold reported in the condensed consolidated statements of operations represents the weighted average unit cost of propane, fuel oil and refined fuels, and natural gas and electricity sold, including transportation costs to deliver products from the Partnership’s supply points to storage locations or to the Partnership’s customer service centers. Cost of products sold also includes the cost of appliances and related parts sold or installed computed on a basis that approximates the average cost of the products. Cost of products sold does not include depreciation and amortization expense.
(2)
Payroll and payroll benefits expenses represent the compensation and benefit costs for field and direct operating support personnel.
(3)
Vehicle expenses represent the costs of operating and maintaining the Partnership’s vehicle fleet and include fuel, lease expenses and maintenance and repair costs.
(4)
Other expenses include all other costs such as self-insurance, professional services and all other expenses not included within (1), (2) or (3) above, and the benefit from the recognition of PTCs.

 

 

 

As of

 

 

 

June 27,

 

 

September 27,

 

 

 

2026

 

 

2025

 

Assets:

 

 

 

 

 

 

Propane

 

$

1,947,530

 

 

$

1,933,532

 

Fuel oil and refined fuels

 

 

41,657

 

 

 

41,078

 

Natural gas and electricity

 

 

11,196

 

 

 

9,973

 

Reportable segment assets

 

 

2,000,383

 

 

 

1,984,583

 

All other

 

 

282,096

 

 

 

260,393

 

Corporate

 

 

73,609

 

 

 

51,298

 

Total assets

 

$

2,356,088

 

 

$

2,296,274