$SPH
SUBURBAN PROPANE PARTNERS LP

2024 Q1 Form 10-Q Financial Statement

#000095017024012617 Filed on February 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $498.1M $365.8M
YoY Change -5.4% -7.96%
Cost Of Revenue $190.1M $153.1M
YoY Change -17.91% -16.21%
Gross Profit $308.0M $212.8M
YoY Change 4.43% -0.95%
Gross Profit Margin 61.83% 58.16%
Selling, General & Admin $26.07M $25.57M
YoY Change 1.44% 11.12%
% of Gross Profit 8.47% 12.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.73M $16.39M
YoY Change 4.11% 18.97%
% of Gross Profit 5.43% 7.7%
Operating Expenses $171.1M $164.0M
YoY Change 1.12% 7.56%
Operating Profit $136.9M $48.75M
YoY Change 8.9% -21.77%
Interest Expense $19.92M $18.19M
YoY Change 0.24% 13.74%
% of Operating Profit 14.55% 37.32%
Other Income/Expense, Net -$5.194M -$5.853M
YoY Change 369.62% 500.31%
Pretax Income $111.5M $24.70M
YoY Change 6.52% -45.52%
Income Tax $32.00K $249.0K
% Of Pretax Income 0.03% 1.01%
Net Earnings $111.5M $24.45M
YoY Change 6.72% -46.13%
Net Earnings / Revenue 22.39% 6.68%
Basic Earnings Per Share $1.73 $0.38
Diluted Earnings Per Share $1.72 $0.38
COMMON SHARES
Basic Shares Outstanding 64.02M 64.02M
Diluted Shares Outstanding 64.82K 64.38K

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.420M $6.280M
YoY Change -38.44% 3.32%
Cash & Equivalents $4.420M $6.280M
Short-Term Investments
Other Short-Term Assets $40.75M $35.65M
YoY Change -1.15% -19.62%
Inventory $57.96M $60.97M
Prepaid Expenses
Receivables $123.0M $118.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $226.1M $221.6M
YoY Change -11.01% -13.27%
LONG-TERM ASSETS
Property, Plant & Equipment $643.6M $643.2M
YoY Change -1.38% 14.53%
Goodwill $1.149B $1.149B
YoY Change 0.31% 3.18%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $95.83M $90.03M
YoY Change 25.06% 39.35%
Total Long-Term Assets $2.111B $2.098B
YoY Change 0.69% 9.81%
TOTAL ASSETS
Total Short-Term Assets $226.1M $221.6M
Total Long-Term Assets $2.111B $2.098B
Total Assets $2.338B $2.320B
YoY Change -0.58% 7.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.43M $72.22M
YoY Change -24.39% -11.81%
Accrued Expenses $71.00M $67.20M
YoY Change 1.6% 12.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $257.2M $309.6M
YoY Change -9.18% -2.61%
LONG-TERM LIABILITIES
Long-Term Debt $1.212B $1.244B
YoY Change -1.86% 11.88%
Other Long-Term Liabilities $64.38M $63.26M
YoY Change -0.91% 6.04%
Total Long-Term Liabilities $1.277B $1.307B
YoY Change -1.81% 11.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $257.2M $309.6M
Total Long-Term Liabilities $1.277B $1.307B
Total Liabilities $1.695B $1.770B
YoY Change -2.75% 7.67%
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 $642.7M $549.9M
YoY Change
Total Liabilities & Shareholders Equity $2.338B $2.320B
YoY Change -0.58% 7.09%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $111.5M $24.45M
YoY Change 6.72% -46.13%
Depreciation, Depletion And Amortization $16.73M $16.39M
YoY Change 4.11% 18.97%
Cash From Operating Activities $75.15M -$12.78M
YoY Change -24.19% -303.68%
INVESTING ACTIVITIES
Capital Expenditures $14.55M $11.15M
YoY Change 9.76% 3.43%
Acquisitions $3.250M
YoY Change -25.36%
Other Investing Activities -$2.274M -$2.764M
YoY Change -97.93% -23.46%
Cash From Investing Activities -$16.82M -$13.91M
YoY Change -86.34% -3.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -57.15M 30.61M
YoY Change -259.35% 203.2%
NET CHANGE
Cash From Operating Activities 75.15M -12.78M
Cash From Investing Activities -16.82M -13.91M
Cash From Financing Activities -57.15M 30.61M
Net Change In Cash 1.177M 3.925M
YoY Change -90.1% 98.43%
FREE CASH FLOW
Cash From Operating Activities $75.15M -$12.78M
Capital Expenditures $14.55M $11.15M
Free Cash Flow $60.60M -$23.93M
YoY Change -29.42% 430.72%

Facts In Submission

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PartnersCapitalAccountDistributions
20645000
CY2023Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
3091000
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
45394000
CY2022Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
164000
CY2022Q4 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
20471000
CY2022Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
2732000
CY2022Q4 us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
2471000
CY2022Q4 us-gaap Partners Capital
PartnersCapital
522356000
CY2023Q4 us-gaap Nature Of Operations
NatureOfOperations
<div style="display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:4.537%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:4.537%;display:inline-flex;justify-content:flex-start;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Partnership Organization and Formation</span></div></div><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">64,015,004</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> Common Units outstanding at December 30, 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="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">784</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Suburban Energy Finance Corp., a direct </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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>
CY2023Q4 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
64015004
CY2023Q4 sph Percentage Of Wholly Owned Subsidiary
PercentageOfWhollyOwnedSubsidiary
1
CY2023Q4 us-gaap Fiscal Period
FiscalPeriod
<p style="font-size:10pt;margin-top:2pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Fiscal Period.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> The Partnership uses a </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">52</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">/</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">53</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">thirteen</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> weeks in duration. When the Partnership’s fiscal year is 53 weeks long, as was the case for fiscal 2023, the corresponding fourth quarter is </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">fourteen</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> weeks in duration.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 sph Minimum Number Of Weeks In Fiscal Year Reporting Calendar
MinimumNumberOfWeeksInFiscalYearReportingCalendar
52
CY2023Q4 sph Maximum Number Of Weeks In Fiscal Year Reporting Calendar
MaximumNumberOfWeeksInFiscalYearReportingCalendar
53
CY2023Q4 sph Minimum Number Of Weeks In Fiscal Quarter
MinimumNumberOfWeeksInFiscalQuarter
13
CY2023Q4 sph Maximum Number Of Weeks In Fiscal Quarter
MaximumNumberOfWeeksInFiscalQuarter
14
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0
CY2023Q4 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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>
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
365834000
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
397470000
CY2023Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
37474000
CY2022Q4 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
37115000
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
6119000
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
4844000
CY2023Q4 us-gaap Other Restricted Assets Current
OtherRestrictedAssetsCurrent
3454000
CY2023Q3 us-gaap Other Restricted Assets Current
OtherRestrictedAssetsCurrent
2392000
CY2023Q4 sph Maximum Maturity Period Of Highly Liquid Investment Considered As Cash Equivalents
MaximumMaturityPeriodOfHighlyLiquidInvestmentConsideredAsCashEquivalents
P3M
CY2023Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
4836000
CY2023Q3 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0
CY2023Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1002174000
CY2023Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
938939000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6280000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3514000
CY2023Q4 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
8265000
CY2023Q3 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
8168000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17999000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
14074000
CY2023Q4 us-gaap Energy Related Inventory
EnergyRelatedInventory
57471000
CY2023Q3 us-gaap Energy Related Inventory
EnergyRelatedInventory
58565000
CY2023Q4 us-gaap Other Inventory
OtherInventory
3499000
CY2023Q3 us-gaap Other Inventory
OtherInventory
3263000
CY2023Q4 us-gaap Inventory Net
InventoryNet
60970000
CY2023Q3 us-gaap Inventory Net
InventoryNet
61828000
CY2023Q4 sph Projection Period For Discounted Cash Flow Analyses To Estimate Reporting Unit Fair Value
ProjectionPeriodForDiscountedCashFlowAnalysesToEstimateReportingUnitFairValue
P10Y
CY2023Q3 us-gaap Goodwill Gross
GoodwillGross
1155238000
CY2023Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
6462000
CY2023Q3 us-gaap Goodwill
Goodwill
1148776000
CY2023Q4 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0
CY2023Q4 us-gaap Goodwill Gross
GoodwillGross
1155238000
CY2023Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
6462000
CY2023Q4 us-gaap Goodwill
Goodwill
1148776000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
620369000
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
620254000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
542698000
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
539701000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
77671000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
80553000
CY2023Q4 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.
CY2023Q4 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.
CY2023Q4 us-gaap Lease Cost
LeaseCost
10753000
CY2022Q4 us-gaap Lease Cost
LeaseCost
10060000
CY2023Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
10804000
CY2022Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
10064000
CY2023Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4033000
CY2022Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5228000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y9M18D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.059
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.053
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
30801000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
37404000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
31920000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
21469000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
16333000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
25808000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
163735000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
26412000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
137323000
CY2023Q4 us-gaap Distribution Made To Limited Partner Distribution Date
DistributionMadeToLimitedPartnerDistributionDate
2024-02-13
CY2023Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
316563
CY2022Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
298953
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1253905000
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1198766000
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
10127000
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
10556000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1243778000
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1188210000
CY2022Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.055
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
80645000
CY2023Q4 sph Consolidated Fixed Charge Coverage Ratio Minimum
ConsolidatedFixedChargeCoverageRatioMinimum
1.75
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
186800000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
350000000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0
CY2023Q4 sph Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
730645000
CY2023Q4 sph Maximum Period After End Of Each Term Partnership Makes Distributions To Its Limited Partners
MaximumPeriodAfterEndOfEachTermPartnershipMakesDistributionsToItsLimitedPartners
P45D
CY2023Q4 us-gaap Distribution Made To Limited Partner Declaration Date
DistributionMadeToLimitedPartnerDeclarationDate
2024-01-25
CY2023Q4 us-gaap Distribution Made To Limited Liability Company Llc Member Distributions Paid Per Unit
DistributionMadeToLimitedLiabilityCompanyLLCMemberDistributionsPaidPerUnit
0.325
CY2023Q4 sph Distribution Made To Member Or Limited Partner Distributions Declared Per Unit Annualized Basis
DistributionMadeToMemberOrLimitedPartnerDistributionsDeclaredPerUnitAnnualizedBasis
1.3
CY2023Q4 us-gaap Distribution Made To Limited Partner Date Of Record
DistributionMadeToLimitedPartnerDateOfRecord
2024-02-06
CY2023Q4 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
61019000
CY2023Q3 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
61182000
CY2023Q4 us-gaap Loss Contingency Receivable
LossContingencyReceivable
15448000
CY2023Q3 us-gaap Loss Contingency Receivable
LossContingencyReceivable
15448000
CY2023Q4 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
2032
CY2023Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
39442000
CY2023Q4 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
21078000
CY2023Q3 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
21398000
CY2023Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-10667000
CY2022Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-12596000
CY2023Q4 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-169000
CY2022Q4 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-164000
CY2023Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
169000
CY2022Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
164000
CY2023Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-10498000
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-12432000
CY2022Q4 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-295000
CY2023Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2023Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
365834000
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
397470000
CY2023Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
48748000
CY2022Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
62315000
CY2023Q4 us-gaap Interest And Debt Expense
InterestAndDebtExpense
18192000
CY2022Q4 us-gaap Interest And Debt Expense
InterestAndDebtExpense
15994000
CY2023Q4 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
5853000
CY2022Q4 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
975000
CY2023Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
249000
CY2022Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-48000
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
24454000
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
45394000
CY2023Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16393000
CY2022Q4 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13779000
CY2023Q4 us-gaap Assets
Assets
2319603000
CY2023Q3 us-gaap Assets
Assets
2270475000

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