$SPH
SUBURBAN PROPANE PARTNERS LP

2023 Q2 Form 10-Q Financial Statement

#000095017023017607 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $278.6M $526.5M $588.1M
YoY Change -7.23% -10.47% 9.47%
Cost Of Revenue $110.4M $231.6M $239.0M
YoY Change -21.63% -3.11% 3.22%
Gross Profit $168.2M $294.9M $349.1M
YoY Change 5.51% -15.52% 14.2%
Gross Profit Margin 60.36% 56.01% 59.36%
Selling, General & Admin $21.14M $25.70M $23.62M
YoY Change -1.85% 8.79% 7.47%
% of Gross Profit 12.57% 8.72% 6.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.54M $16.06M $14.06M
YoY Change 10.91% 14.24% -48.58%
% of Gross Profit 9.24% 5.45% 4.03%
Operating Expenses $153.3M $169.2M $157.1M
YoY Change 6.0% 7.71% -0.89%
Operating Profit $14.87M $125.7M $192.0M
YoY Change 0.64% -34.53% 30.45%
Interest Expense -$18.73M $19.87M -$15.25M
YoY Change -224.85% -230.27% -184.31%
% of Operating Profit -126.01% 15.81% -7.95%
Other Income/Expense, Net -$1.150M -$1.106M -$1.234M
YoY Change -43.38% -10.37% -22.0%
Pretax Income -$5.017M $104.7M $175.5M
YoY Change 121.6% -40.33% 37.64%
Income Tax $244.0K $225.0K $371.0K
% Of Pretax Income 0.21% 0.21%
Net Earnings -$5.261M $104.5M $175.1M
YoY Change 107.53% -40.33% 37.64%
Net Earnings / Revenue -1.89% 19.84% 29.77%
Basic Earnings Per Share -$0.08 $1.63 $2.77
Diluted Earnings Per Share -$0.08 $1.62 $2.745M
COMMON SHARES
Basic Shares Outstanding 63.50M 63.49M 63.27K
Diluted Shares Outstanding 63.93K 64.37K 63.80K

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.03M $7.180M $6.826M
YoY Change 41.95% 5.19% 1.44%
Cash & Equivalents $10.03M $7.180M $6.826M
Short-Term Investments
Other Short-Term Assets $35.40M $41.22M $57.34M
YoY Change -23.04% -28.12% 177.66%
Inventory $56.54M $66.17M $72.62M
Prepaid Expenses
Receivables $78.08M $139.5M $162.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $180.1M $254.1M $299.2M
YoY Change -16.16% -15.08% 30.18%
LONG-TERM ASSETS
Property, Plant & Equipment $782.1M $652.6M $701.8M
YoY Change 39.54% -7.01% -0.94%
Goodwill $1.149B $1.145B $1.107B
YoY Change 3.81% 3.48% -0.04%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $85.97M $76.62M $56.23M
YoY Change 41.19% 36.25% 130.2%
Total Long-Term Assets $2.100B $2.097B $1.901B
YoY Change 10.51% 10.33% 0.09%
TOTAL ASSETS
Total Short-Term Assets $180.1M $254.1M $299.2M
Total Long-Term Assets $2.100B $2.097B $1.901B
Total Assets $2.280B $2.351B $2.200B
YoY Change 7.8% 6.88% 3.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.61M $69.34M $70.88M
YoY Change 9.08% -2.17% 13.41%
Accrued Expenses $70.25M $69.88M $66.33M
YoY Change 3.97% 5.35% 8.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $263.7M $283.2M $268.5M
YoY Change 8.75% 5.46% 13.05%
LONG-TERM LIABILITIES
Long-Term Debt $1.215B $1.235B $1.121B
YoY Change 12.68% 10.15% -4.38%
Other Long-Term Liabilities $216.9M $64.97M $224.8M
YoY Change 220.34% -71.1% 199.7%
Total Long-Term Liabilities $1.432B $1.300B $1.121B
YoY Change 24.94% 15.94% -10.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $263.7M $283.2M $268.5M
Total Long-Term Liabilities $1.432B $1.300B $1.121B
Total Liabilities $1.696B $1.743B $1.615B
YoY Change 9.45% 7.94% -1.14%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $584.4M $608.3M $585.1M
YoY Change
Total Liabilities & Shareholders Equity $2.280B $2.351B $2.200B
YoY Change 7.8% 6.88% 3.34%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$5.261M $104.5M $175.1M
YoY Change 107.53% -40.33% 37.64%
Depreciation, Depletion And Amortization $15.54M $16.06M $14.06M
YoY Change 10.91% 14.24% -48.58%
Cash From Operating Activities $62.00M $99.12M $108.9M
YoY Change -17.99% -8.96% 11.56%
INVESTING ACTIVITIES
Capital Expenditures $9.354M $13.25M -$11.65M
YoY Change -185.15% -213.79% 37.68%
Acquisitions
YoY Change
Other Investing Activities -$10.29M -$109.9M -$31.04M
YoY Change 3434.71% 253.96% -8533.42%
Cash From Investing Activities -$19.64M -$123.1M -$42.68M
YoY Change 74.18% 188.43% 427.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.62M 35.87M -62.89M
YoY Change -35.06% -157.03% -28.6%
NET CHANGE
Cash From Operating Activities 62.00M 99.12M 108.9M
Cash From Investing Activities -19.64M -123.1M -42.68M
Cash From Financing Activities -41.62M 35.87M -62.89M
Net Change In Cash 742.0K 11.88M 3.298M
YoY Change 209.17% 260.34% 132.91%
FREE CASH FLOW
Cash From Operating Activities $62.00M $99.12M $108.9M
Capital Expenditures $9.354M $13.25M -$11.65M
Free Cash Flow $52.64M $85.87M $120.5M
YoY Change -39.2% -28.75% 13.64%

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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-53527000
us-gaap Pension Contributions
PensionContributions
2000000
us-gaap Pension Contributions
PensionContributions
1110000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-2124000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
16503000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
105394000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
95539000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24032000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22319000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
114928000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
33775000
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-137495000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-53052000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
367100000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
221700000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
276200000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
219200000
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
41105000
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
40789000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3832000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3180000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
45963000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-41469000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
13862000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1018000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4100000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5808000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17962000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
6826000
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
10782000
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
0
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7180000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6826000
CY2022Q4 us-gaap Partners Capital
PartnersCapital
522356000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
104477000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
163000
CY2023Q1 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
20634000
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2023Q1 us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
1889000
CY2023Q1 us-gaap Partners Capital
PartnersCapital
608251000
CY2021Q4 us-gaap Partners Capital
PartnersCapital
427348000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
175102000
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
294000
CY2022Q1 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
20464000
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
31000
CY2022Q1 us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
2900000
CY2022Q1 us-gaap Partners Capital
PartnersCapital
585149000
CY2022Q3 us-gaap Partners Capital
PartnersCapital
497530000
us-gaap Net Income Loss
NetIncomeLoss
149871000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
327000
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
41105000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
2732000
us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
4360000
CY2023Q1 us-gaap Partners Capital
PartnersCapital
608251000
CY2021Q3 us-gaap Partners Capital
PartnersCapital
425421000
us-gaap Net Income Loss
NetIncomeLoss
196400000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
588000
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
40789000
CY2022Q1 us-gaap Partners Capital
PartnersCapital
585149000
us-gaap Nature Of Operations
NatureOfOperations
<div style="text-indent:0.0%;display:flex;margin-top:12.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:4.537%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:4.537%;">1.</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Partnership Organization and Formation</span></div></div><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Suburban Propane Partners, L.P. (the “Partnership”) is a publicly traded Delaware limited partnership principally engaged, through its operating partnership and subsidiaries, in the retail marketing and distribution of propane, renewable propane, renewable natural gas (“RNG”), fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets and producer of and investor in low-carbon fuel alternatives. In addition, to complement its core marketing and distribution businesses, the Partnership services a wide variety of home comfort equipment, particularly for heating and ventilation. The publicly traded limited partner interests in the Partnership are evidenced by common units traded on the New York Stock Exchange (“Common Units”), with </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">63,490,107</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> Common Units outstanding at March 25, 2023. The holders of Common Units are entitled to participate in distributions and exercise the rights and privileges available to limited partners under the Third Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”), as amended. Rights and privileges under the Partnership Agreement include, among other things, the election of all members of the Board of Supervisors and voting on the removal of the general partner.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Suburban Propane, L.P. (the “Operating Partnership”), a Delaware limited partnership, is the Partnership’s operating subsidiary formed to operate the propane business and assets. In addition, Suburban Sales &amp; Service, Inc. (the “Service Company”), a subsidiary of the Operating Partnership, was formed to operate the service work and appliance and parts businesses of the Partnership. The Operating Partnership, together with its direct and indirect subsidiaries, accounts for substantially all of the Partnership’s assets, revenues and earnings. The Partnership, the Operating Partnership and the Service Company commenced operations in March 1996 in connection with the Partnership’s initial public offering.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Suburban Renewable Energy, LLC (“Suburban Renewable Energy”) is a wholly owned subsidiary of the Operating Partnership that was formed in January 2022. Suburban Renewable Energy serves as the platform for the Partnership’s investments in innovative, renewable energy technologies and businesses.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The general partner of both the Partnership and the Operating Partnership is Suburban Energy Services Group LLC (the “General Partner”), a Delaware limited liability company, the sole member of which is the Partnership’s Chief Executive Officer. Other than as a holder of </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">784</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> Common Units that will remain in the General Partner, the General Partner does not have any economic interest in the Partnership or the Operating Partnership.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Partnership’s fuel oil and refined fuels, natural gas and electricity, services, and renewable energy businesses are structured as either limited liability companies that are treated as corporations or corporate entities (collectively referred to as the “Corporate Entities”) and, as such, are subject to corporate level U.S. income tax.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Suburban Energy Finance Corp., a direct </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">100</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%-owned subsidiary of the Partnership, was formed on November 26, 2003 to serve as co-issuer, jointly and severally with the Partnership, of the Partnership’s senior notes.</span></p>
CY2023Q1 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
63490107
CY2023Q1 sph Percentage Of Wholly Owned Subsidiary
PercentageOfWhollyOwnedSubsidiary
1
us-gaap Fiscal Period
FiscalPeriod
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:2.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Fiscal Period.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> The Partnership uses a </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">52</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">/</span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">53</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">-week fiscal year which ends on the last Saturday in September. The Partnership’s fiscal quarters are generally </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">thirteen</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> weeks in duration. When the Partnership’s fiscal year is 53 weeks long, as is the case for fiscal 2023, the corresponding fourth quarter is </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">fourteen</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> weeks in duration.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
sph Minimum Number Of Weeks In Fiscal Year Reporting Calendar
MinimumNumberOfWeeksInFiscalYearReportingCalendar
52
sph Maximum Number Of Weeks In Fiscal Year Reporting Calendar
MaximumNumberOfWeeksInFiscalYearReportingCalendar
53
sph Minimum Number Of Weeks In Fiscal Quarter
MinimumNumberOfWeeksInFiscalQuarter
13
sph Maximum Number Of Weeks In Fiscal Quarter
MaximumNumberOfWeeksInFiscalQuarter
14
CY2023Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0
CY2023Q1 us-gaap Finite Lived Intangible Assets Fair Value Disclosure
FiniteLivedIntangibleAssetsFairValueDisclosure
42924000
CY2022Q1 us-gaap Finite Lived Intangible Assets Fair Value Disclosure
FiniteLivedIntangibleAssetsFairValueDisclosure
5100000
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7180000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4100000
CY2023Q1 us-gaap Other Restricted Assets Current
OtherRestrictedAssetsCurrent
2794000
CY2022Q3 us-gaap Other Restricted Assets Current
OtherRestrictedAssetsCurrent
0
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates have been made by management in the areas of RNG revenue recognition, self-insurance and litigation reserves, pension and other postretirement benefit liabilities and costs, valuation of derivative instruments, depreciation and amortization of long-lived assets, asset impairment assessments, tax valuation allowances, allowances for doubtful accounts, and purchase price allocation for acquired businesses. The Partnership uses Society of Actuaries life expectancy information when developing the annual mortality assumptions for the pension and postretirement benefit plans, which are used to measure net periodic benefit costs and the obligation under these plans. Actual results could differ from those estimates, making it reasonably possible that a material change in these estimates could occur in the near term.</span></p>
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
526501000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
588095000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
923971000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
963502000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
14917000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
52031000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
35486000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
68774000
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
19613000
CY2022Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
7953000
CY2022Q4 sph Consideration Paid At Closing
ConsiderationPaidAtClosing
110348000
CY2022Q4 sph Assumption Of Debt And Accrued Interest
AssumptionOfDebtAndAccruedInterest
81717000
CY2022Q4 sph Total Consideration
TotalConsideration
192065000
CY2022Q4 sph Less Estimated Cash And Working Capital
LessEstimatedCashAndWorkingCapital
-2065000
CY2022Q4 sph Total Purchase Price
TotalPurchasePrice
190000000
CY2023Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
3406000
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
4341000
sph Maximum Maturity Period Of Highly Liquid Investment Considered As Cash Equivalents
MaximumMaturityPeriodOfHighlyLiquidInvestmentConsideredAsCashEquivalents
P3M
CY2023Q1 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
8418000
CY2022Q3 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0
CY2023Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
960109000
CY2022Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
884000000
CY2023Q1 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
7988000
CY2022Q3 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
0
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17962000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4100000
CY2023Q1 us-gaap Energy Related Inventory
EnergyRelatedInventory
62641000
CY2022Q3 us-gaap Energy Related Inventory
EnergyRelatedInventory
64240000
CY2023Q1 us-gaap Other Inventory
OtherInventory
3525000
CY2022Q3 us-gaap Other Inventory
OtherInventory
2681000
CY2023Q1 us-gaap Inventory Net
InventoryNet
66166000
CY2022Q3 us-gaap Inventory Net
InventoryNet
66921000
sph Projection Period For Discounted Cash Flow Analyses To Estimate Reporting Unit Fair Value
ProjectionPeriodForDiscountedCashFlowAnalysesToEstimateReportingUnitFairValue
P10Y
CY2022Q3 us-gaap Goodwill Gross
GoodwillGross
1119885000
CY2022Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
6462000
CY2022Q3 us-gaap Goodwill
Goodwill
1113423000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
31759000
CY2023Q1 us-gaap Goodwill Gross
GoodwillGross
1151644000
CY2023Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
6462000
CY2023Q1 us-gaap Goodwill
Goodwill
1145182000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
616846000
CY2022Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
568822000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
533943000
CY2022Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
528820000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
82903000
CY2022Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
40002000
us-gaap Lessee Operating Lease Assumptions And Judgments Discount Rate Description
LesseeOperatingLeaseAssumptionsAndJudgmentsDiscountRateDescription
As most of the Partnership’s leases do not provide an implicit rate, the Partnership uses its estimated incremental borrowing rate based on the information available at the commencement date, adjusted for the lease term, to determine the present value of the lease payments. This rate is calculated based on a collateralized rate for the specific leasing activities of the Partnership.
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Some leases include one or more options to renew at the Partnership’s discretion, with renewal terms that can extend the lease from one to fifteen additional years. The renewal options are included in the measurement of the right-of-use assets and lease liabilities if the Partnership is reasonably certain to exercise the renewal options.
CY2023Q1 us-gaap Lease Cost
LeaseCost
10552000
CY2022Q1 us-gaap Lease Cost
LeaseCost
10548000
us-gaap Lease Cost
LeaseCost
20612000
us-gaap Lease Cost
LeaseCost
20386000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
10905000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
10601000
us-gaap Operating Lease Payments
OperatingLeasePayments
20969000
us-gaap Operating Lease Payments
OperatingLeasePayments
20675000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
16050000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5885000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
21278000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
24789000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y9M18D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y2M12D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
20316000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
36462000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
32073000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
26771000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
16858000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
32209000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
164689000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
26054000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
138635000
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
446899
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
398803
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
528153
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
462458
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1246609000
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1089600000
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
11414000
CY2022Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
12271000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1235195000
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1077329000
CY2022Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.055
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
80645000
sph Consolidated Fixed Charge Coverage Ratio Minimum
ConsolidatedFixedChargeCoverageRatioMinimum
1.75
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
180500000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
350000000
CY2023Q1 sph Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
730645000
sph Maximum Period After End Of Each Term Partnership Makes Distributions To Its Limited Partners
MaximumPeriodAfterEndOfEachTermPartnershipMakesDistributionsToItsLimitedPartners
P45D
us-gaap Distribution Made To Limited Partner Declaration Date
DistributionMadeToLimitedPartnerDeclarationDate
2023-04-20
us-gaap Distribution Made To Limited Liability Company Llc Member Distributions Paid Per Unit
DistributionMadeToLimitedLiabilityCompanyLLCMemberDistributionsPaidPerUnit
0.325
sph Distribution Made To Member Or Limited Partner Distributions Declared Per Unit Annualized Basis
DistributionMadeToMemberOrLimitedPartnerDistributionsDeclaredPerUnitAnnualizedBasis
1.30
us-gaap Distribution Made To Limited Partner Distribution Date
DistributionMadeToLimitedPartnerDistributionDate
2023-05-09
us-gaap Distribution Made To Limited Partner Date Of Record
DistributionMadeToLimitedPartnerDateOfRecord
2023-05-02
CY2023Q1 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
63893000
CY2022Q3 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
64065000
CY2023Q1 us-gaap Loss Contingency Receivable
LossContingencyReceivable
15818000
CY2022Q3 us-gaap Loss Contingency Receivable
LossContingencyReceivable
15710000
us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
2032
CY2023Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
38024000
CY2023Q1 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
21950000
CY2022Q3 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
22496000
CY2022Q4 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-295000
CY2021Q4 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-638000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
526501000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
588095000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
923971000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
963502000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
125679000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
191961000
us-gaap Operating Income Loss
OperatingIncomeLoss
187994000
us-gaap Operating Income Loss
OperatingIncomeLoss
229217000
CY2023Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
19871000
CY2022Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
15254000
us-gaap Interest And Debt Expense
InterestAndDebtExpense
35865000
us-gaap Interest And Debt Expense
InterestAndDebtExpense
30553000
CY2023Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1106000
CY2022Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1234000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
2081000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
2364000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
225000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
371000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
177000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-100000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
104477000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
175102000
us-gaap Net Income Loss
NetIncomeLoss
149871000
us-gaap Net Income Loss
NetIncomeLoss
196400000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16064000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14062000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
29843000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
30347000
CY2023Q1 us-gaap Assets
Assets
2351105000
CY2022Q3 us-gaap Assets
Assets
2103726000

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