$SPH
SUBURBAN PROPANE PARTNERS LP

2024 Q2 Form 10-Q Financial Statement

#000095017024056636 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $254.6M $498.1M
YoY Change -8.62% -5.4%
Cost Of Revenue $94.40M $190.1M
YoY Change -14.53% -17.91%
Gross Profit $160.2M $308.0M
YoY Change -4.74% 4.43%
Gross Profit Margin 62.92% 61.83%
Selling, General & Admin $19.76M $26.07M
YoY Change -6.54% 1.44%
% of Gross Profit 12.33% 8.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.38M $16.73M
YoY Change 5.42% 4.11%
% of Gross Profit 10.22% 5.43%
Operating Expenses $152.0M $171.1M
YoY Change -0.85% 1.12%
Operating Profit $8.190M $136.9M
YoY Change -44.91% 8.9%
Interest Expense $18.43M $19.92M
YoY Change -198.38% 0.24%
% of Operating Profit 225.02% 14.55%
Other Income/Expense, Net -$6.709M -$5.194M
YoY Change 483.39% 369.62%
Pretax Income -$16.95M $111.5M
YoY Change 237.81% 6.52%
Income Tax $243.0K $32.00K
% Of Pretax Income 0.03%
Net Earnings -$17.19M $111.5M
YoY Change 226.76% 6.72%
Net Earnings / Revenue -6.75% 22.39%
Basic Earnings Per Share -$0.27 $1.73
Diluted Earnings Per Share -$0.27 $1.72
COMMON SHARES
Basic Shares Outstanding 64.05M 64.02M
Diluted Shares Outstanding 64.39K 64.82K

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.882M $4.420M
YoY Change -51.33% -38.44%
Cash & Equivalents $4.882M $4.420M
Short-Term Investments
Other Short-Term Assets $34.74M $40.75M
YoY Change -1.88% -1.15%
Inventory $51.30M $57.96M
Prepaid Expenses
Receivables $73.80M $123.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $164.7M $226.1M
YoY Change -8.52% -11.01%
LONG-TERM ASSETS
Property, Plant & Equipment $649.3M $643.6M
YoY Change -16.98% -1.38%
Goodwill $1.151B $1.149B
YoY Change 0.22% 0.31%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $95.39M $95.83M
YoY Change 10.96% 25.06%
Total Long-Term Assets $2.119B $2.111B
YoY Change 0.88% 0.69%
TOTAL ASSETS
Total Short-Term Assets $164.7M $226.1M
Total Long-Term Assets $2.119B $2.111B
Total Assets $2.284B $2.338B
YoY Change 0.14% -0.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.47M $52.43M
YoY Change -29.62% -24.39%
Accrued Expenses $77.58M $71.00M
YoY Change 10.44% 1.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $252.4M $257.2M
YoY Change -4.3% -9.18%
LONG-TERM LIABILITIES
Long-Term Debt $1.203B $1.212B
YoY Change -1.06% -1.86%
Other Long-Term Liabilities $64.13M $64.38M
YoY Change -70.43% -0.91%
Total Long-Term Liabilities $1.267B $1.277B
YoY Change -11.56% -1.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $252.4M $257.2M
Total Long-Term Liabilities $1.267B $1.277B
Total Liabilities $1.676B $1.695B
YoY Change -1.16% -2.75%
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 $607.2M $642.7M
YoY Change
Total Liabilities & Shareholders Equity $2.284B $2.338B
YoY Change 0.14% -0.58%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$17.19M $111.5M
YoY Change 226.76% 6.72%
Depreciation, Depletion And Amortization $16.38M $16.73M
YoY Change 5.42% 4.11%
Cash From Operating Activities $61.43M $75.15M
YoY Change -0.91% -24.19%
INVESTING ACTIVITIES
Capital Expenditures $14.68M $14.55M
YoY Change 56.91% 9.76%
Acquisitions
YoY Change
Other Investing Activities -$14.58M -$2.274M
YoY Change 41.7% -97.93%
Cash From Investing Activities -$29.25M -$16.82M
YoY Change 48.94% -86.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -31.81M -57.15M
YoY Change -23.57% -259.35%
NET CHANGE
Cash From Operating Activities 61.43M 75.15M
Cash From Investing Activities -29.25M -16.82M
Cash From Financing Activities -31.81M -57.15M
Net Change In Cash 375.0K 1.177M
YoY Change -49.46% -90.1%
FREE CASH FLOW
Cash From Operating Activities $61.43M $75.15M
Capital Expenditures $14.68M $14.55M
Free Cash Flow $46.76M $60.60M
YoY Change -11.18% -29.42%

Facts In Submission

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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1465000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-30734000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-137495000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
433200000
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
367100000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
410700000
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
276200000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
3546000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
41451000
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
41105000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4041000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3832000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-26538000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
45963000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5102000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
13862000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
14074000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
4100000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19176000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17962000
CY2024Q1 us-gaap Restricted Cash
RestrictedCash
14756000
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
10782000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4420000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7180000
CY2023Q4 us-gaap Partners Capital
PartnersCapital
549888000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
111500000
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
169000
CY2024Q1 us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
20806000
CY2024Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0
CY2024Q1 us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
1919000
CY2024Q1 us-gaap Partners Capital
PartnersCapital
642670000
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
CY2023Q3 us-gaap Partners Capital
PartnersCapital
546356000
us-gaap Net Income Loss
NetIncomeLoss
135954000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
338000
us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
41451000
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
3091000
us-gaap Partners Capital Account Unit Based Compensation
PartnersCapitalAccountUnitBasedCompensation
4564000
CY2024Q1 us-gaap Partners Capital
PartnersCapital
642670000
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
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;">64,021,749</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 March 30, 2024. 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>
CY2024Q1 us-gaap Limited Partners Capital Account Units Outstanding
LimitedPartnersCapitalAccountUnitsOutstanding
64021749
CY2024Q1 sph Percentage Of Wholly Owned Subsidiary
PercentageOfWhollyOwnedSubsidiary
1
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>
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
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0
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>
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
498087000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
526501000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
863921000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
923971000
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
36308000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
73783000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
14917000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
52031000
CY2024Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
15179000
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
4844000
sph Maximum Maturity Period Of Highly Liquid Investment Considered As Cash Equivalents
MaximumMaturityPeriodOfHighlyLiquidInvestmentConsideredAsCashEquivalents
P3M
CY2024Q1 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
0
CY2024Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1003971000
CY2023Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
938939000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4420000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3514000
CY2024Q1 us-gaap Other Restricted Assets Current
OtherRestrictedAssetsCurrent
6393000
CY2023Q3 us-gaap Other Restricted Assets Current
OtherRestrictedAssetsCurrent
2392000
CY2024Q1 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
8363000
CY2023Q3 us-gaap Other Restricted Assets Noncurrent
OtherRestrictedAssetsNoncurrent
8168000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19176000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
14074000
CY2024Q1 us-gaap Energy Related Inventory
EnergyRelatedInventory
54607000
CY2023Q3 us-gaap Energy Related Inventory
EnergyRelatedInventory
58565000
CY2024Q1 us-gaap Other Inventory
OtherInventory
3355000
CY2023Q3 us-gaap Other Inventory
OtherInventory
3263000
CY2024Q1 us-gaap Inventory Net
InventoryNet
57962000
CY2023Q3 us-gaap Inventory Net
InventoryNet
61828000
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
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
0
CY2024Q1 us-gaap Goodwill Gross
GoodwillGross
1155238000
CY2024Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
6462000
CY2024Q1 us-gaap Goodwill
Goodwill
1148776000
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
620369000
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
620254000
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
545710000
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
539701000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
74659000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
80553000
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.
CY2024Q1 us-gaap Lease Cost
LeaseCost
10970000
CY2023Q1 us-gaap Lease Cost
LeaseCost
10552000
us-gaap Lease Cost
LeaseCost
21723000
us-gaap Lease Cost
LeaseCost
20612000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
11031000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
10905000
us-gaap Operating Lease Payments
OperatingLeasePayments
21835000
us-gaap Operating Lease Payments
OperatingLeasePayments
20969000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
16871000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
16050000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
20904000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
21278000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y9M18D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.061
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.056
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
22012000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
41007000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
35496000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
25019000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
19678000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
33934000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
177146000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
29499000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
147647000
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
454482
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
386734
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
446899
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
398803
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1221951000
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1198766000
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
9699000
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
10556000
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1212252000
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
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2025-03-15
sph Consolidated Fixed Charge Coverage Ratio Minimum
ConsolidatedFixedChargeCoverageRatioMinimum
1.75
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
0
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
504500000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
0
CY2024Q1 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
2024-04-25
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
1.3
us-gaap Distribution Made To Limited Partner Distribution Date
DistributionMadeToLimitedPartnerDistributionDate
2024-05-14
us-gaap Distribution Made To Limited Partner Date Of Record
DistributionMadeToLimitedPartnerDateOfRecord
2024-05-07
CY2024Q1 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
60252000
CY2023Q3 us-gaap Accrued Insurance Current And Noncurrent
AccruedInsuranceCurrentAndNoncurrent
61182000
CY2024Q1 us-gaap Loss Contingency Receivable
LossContingencyReceivable
16183000
CY2023Q3 us-gaap Loss Contingency Receivable
LossContingencyReceivable
15448000
us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
2032
CY2024Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
42244000
CY2024Q1 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
20732000
CY2023Q3 us-gaap Multiemployer Plans Withdrawal Obligation
MultiemployerPlansWithdrawalObligation
21398000
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
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
CY2024Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
169000
CY2023Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
163000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
338000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
327000
CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
169000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
163000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
338000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
327000
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-10329000
CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-12269000
CY2024Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-10329000
CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-12269000
CY2022Q4 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
295000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
498087000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
526501000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
863921000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
923971000
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
136860000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
125679000
us-gaap Operating Income Loss
OperatingIncomeLoss
185608000
us-gaap Operating Income Loss
OperatingIncomeLoss
187994000
CY2024Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-215000
CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-215000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
CY2024Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
19919000
CY2023Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
19871000
us-gaap Interest And Debt Expense
InterestAndDebtExpense
38111000
us-gaap Interest And Debt Expense
InterestAndDebtExpense
35865000
CY2024Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
5194000
CY2023Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1106000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
11047000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
2081000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
32000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
225000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
281000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
177000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
111500000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
104477000
us-gaap Net Income Loss
NetIncomeLoss
135954000
us-gaap Net Income Loss
NetIncomeLoss
149871000
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16725000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
16064000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
33118000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
29843000
CY2024Q1 us-gaap Assets
Assets
2337546000
CY2023Q3 us-gaap Assets
Assets
2270475000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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