Segment Information

12 Months Ended

Sep. 27, 2025

Segment Reporting [Abstract]

Segment Information

18. 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 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” 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 consolidated amounts for the periods presented:

	Year Ended
	September 27,		September 28,		September 30,
	2025		2024		2023
Revenues:
Propane	$	1,265,494	$	1,150,034	$	1,232,138
Fuel oil and refined fuels		67,352		73,783		92,127
Natural gas and electricity		24,593		25,877		31,160
Subtotal		1,357,439		1,249,694		1,355,425
All other		75,079		77,478		73,769
Total revenues	$	1,432,518	$	1,327,172	$	1,429,194
Cost of Products Sold: (a)
Propane	$	493,611	$	443,596	$	489,808
Fuel oil and refined fuels		40,997		49,714		65,572
Natural gas and electricity		14,554		13,782		19,100
Subtotal		549,162		507,092		574,480
All other		14,544		15,104		15,651
Total cost of products sold	$	563,706	$	522,196	$	590,131
Payroll & Payroll Benefit Expenses: (b)
Propane	$	170,491	$	163,881	$	169,785
Fuel oil and refined fuels		14,887		9,057		10,193
Natural gas and electricity		1,204		1,279		1,490
Subtotal		186,582		174,217		181,468
All other		61,478		58,526		55,941
Corporate		84,133		79,977		77,306
Total payroll & payroll benefit expenses	$	332,193	$	312,720	$	314,715
Vehicle: (c)
Propane	$	73,819	$	71,118	$	71,588
Fuel oil and refined fuels		3,233		3,089		3,377
Natural gas and electricity		—		—		—
Subtotal		77,052		74,207		74,965
All other		3,346		3,196		3,117
Corporate		14,198		15,745		16,647
Total vehicle expenses	$	94,596	$	93,148	$	94,729
Other Controllable Expenses: (d)
Propane	$	108,098	$	106,998	$	102,403
Fuel oil and refined fuels		3,707		4,432		5,379
Natural gas and electricity		3,744		3,657		4,521
Subtotal		115,549		115,087		112,303
All other		21,109		20,597		23,948
Corporate		27,012		25,199		23,937
Total other controllable expenses	$	163,670	$	160,883	$	160,188

	Year Ended
	September 27,			September 28,			September 30,
	2025			2024			2023
Depreciation and amortization:
Propane	$	52,082		$	48,232		$	47,392
Fuel oil and refined fuels		1,074			1,289			1,674
Natural gas and electricity		—			—			3
Subtotal		53,156			49,521			49,069
All other		12,511			10,883			7,978
Corporate		6,375			6,571			5,535
Total depreciation and amortization	$	72,042		$	66,975		$	62,582
Operating income:
Propane	$	367,393		$	316,209		$	351,162
Fuel oil and refined fuels		3,454			6,202			5,932
Natural gas and electricity		5,091			7,159			6,046
Reportable segment operating income		375,938			329,570			363,140
Reconciliation to net income:
Corporate and all other operating (loss)		(169,627	)		(158,320	)		(156,291	)
Loss on debt extinguishment		—			(215	)		—
Interest expense, net		(76,265	)		(74,590	)		(73,393	)
Other, net		(22,128	)		(21,537	)		(9,036	)
Provision for income taxes		(1,348	)		(734	)		(668	)
Net income	$	106,570		$	74,174		$	123,752

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 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 controllable expenses include all other costs such as self-insurance, professional services and all other expenses not included within (1), (2) or (3) above.

	As of
	September 27,		September 28,
	2025		2024
Assets:
Propane	$	1,933,532	$	1,912,465
Fuel oil and refined fuels		41,078		43,579
Natural gas and electricity		9,973		10,248
Reportable segment assets		1,984,583		1,966,292
All other		260,393		250,445
Corporate		51,298		56,024
Total assets	$	2,296,274	$	2,272,761