Company Quick10K Filing
Suburban Propane Partners
Price23.81 EPS1
Shares62 P/E22
MCap1,485 P/FCF7
Net Debt1,236 EBIT69
TEV2,721 TEV/EBIT39
TTM 2019-09-28, in MM, except price, ratios
10-Q 2020-06-27 Filed 2020-08-06
10-Q 2020-03-28 Filed 2020-05-07
10-Q 2019-12-28 Filed 2020-02-06
10-K 2019-09-28 Filed 2019-11-27
10-Q 2019-06-29 Filed 2019-08-08
10-Q 2019-03-30 Filed 2019-05-09
10-Q 2018-12-29 Filed 2019-02-07
10-K 2018-09-29 Filed 2018-11-21
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-Q 2017-12-30 Filed 2018-02-08
10-K 2017-09-30 Filed 2017-11-22
10-Q 2017-06-24 Filed 2017-08-03
10-Q 2017-03-25 Filed 2017-05-04
10-Q 2016-12-24 Filed 2017-02-02
10-K 2016-09-24 Filed 2016-11-23
10-Q 2016-06-25 Filed 2016-08-04
10-Q 2016-03-26 Filed 2016-05-05
10-Q 2015-12-26 Filed 2016-02-04
10-K 2015-09-26 Filed 2015-11-25
10-Q 2015-06-27 Filed 2015-08-06
10-Q 2015-03-28 Filed 2015-05-07
10-Q 2014-12-27 Filed 2015-02-05
10-K 2014-09-27 Filed 2014-11-26
10-Q 2014-06-28 Filed 2014-08-07
10-Q 2014-03-29 Filed 2014-05-08
10-Q 2013-12-28 Filed 2014-02-06
10-K 2013-09-28 Filed 2013-11-27
10-Q 2013-06-29 Filed 2013-08-08
10-Q 2013-03-30 Filed 2013-05-09
10-Q 2012-12-29 Filed 2013-02-07
10-K 2012-09-29 Filed 2012-11-28
10-Q 2012-06-23 Filed 2012-08-02
10-Q 2012-03-24 Filed 2012-05-03
10-Q 2011-12-24 Filed 2012-02-02
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-07-23 Regulation FD, Other Events, Exhibits
8-K 2020-07-23 Regulation FD, Other Events, Exhibits
8-K 2020-05-07
8-K 2020-04-23
8-K 2020-04-23
8-K 2020-03-05
8-K 2020-02-06
8-K 2020-01-23
8-K 2020-01-23
8-K 2019-11-14
8-K 2019-11-13
8-K 2019-10-24
8-K 2019-10-24
8-K 2019-08-08
8-K 2019-07-25
8-K 2019-07-25
8-K 2019-05-09
8-K 2019-04-25
8-K 2019-04-25
8-K 2019-03-20
8-K 2019-02-07
8-K 2019-01-24
8-K 2019-01-24
8-K 2018-11-15
8-K 2018-11-01
8-K 2018-10-25
8-K 2018-08-09
8-K 2018-07-26
8-K 2018-07-23
8-K 2018-05-15
8-K 2018-05-15
8-K 2018-05-10
8-K 2018-04-26
8-K 2018-04-26
8-K 2018-02-08
8-K 2018-01-25
8-K 2018-01-25
8-K 2018-01-24

SPH 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 sph-ex311_6.htm
EX-31.2 sph-ex312_8.htm
EX-32.1 sph-ex321_7.htm
EX-32.2 sph-ex322_9.htm

Suburban Propane Partners Earnings 2020-06-27

Balance SheetIncome StatementCash Flow
3.02.41.81.20.60.02012201420172020
Assets, Equity
1.00.80.60.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

sph-10q_20200627.htm
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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q

 

 

 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended June 27, 2020

 

 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission File Number:  1-14222

 

SUBURBAN PROPANE PARTNERS, L.P.

(Exact name of registrant as specified in its charter)

 

 

Delaware

22-3410353

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

240 Route 10 West

Whippany, NJ 07981

(973)  887-5300

(Address, including zip code, and telephone number,

including area code, of registrant’s principal executive offices)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of exchange on which registered

Common Units

 

SPH

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  

At August 3, 2020, there were 62,146,403 Common Units of Suburban Propane Partners, L.P. outstanding.

 

 

 

 


Table of Contents

 

SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

INDEX TO FORM 10-Q

 

 

 

 

 

Page

 

 

PART I. FINANCIAL INFORMATION

 

1

 

 

 

 

 

ITEM 1.

 

FINANCIAL STATEMENTS (UNAUDITED)

 

1

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of June 27, 2020 and September 28, 2019

 

1

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations for the three months ended June 27, 2020 and June 29, 2019

 

2

 

 

 

 

 

 

 

Condensed Consolidated Statements of Operations for the nine months ended June 27, 2020 and June 29, 2019

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended June 27, 2020 and June 29, 2019

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended June 27, 2020 and June 29, 2019

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Partners’ Capital for the three months ended June 27, 2020
and June 29, 2019

 

6

 

 

 

 

 

 

 

Condensed Consolidated Statements of Partners’ Capital for the nine months ended June 27, 2020
and June 29, 2019

 

7

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

8

 

 

 

 

 

ITEM 2.

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

25

 

 

 

 

 

ITEM 3.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

36

 

 

 

 

 

ITEM 4.

 

CONTROLS AND PROCEDURES

 

38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART II. OTHER INFORMATION

 

39

 

 

 

 

 

ITEM 1.

 

LEGAL PROCEEDINGS

 

39

 

 

 

 

 

ITEM 1A.

 

RISK FACTORS

 

39

 

 

 

 

 

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

40

 

 

 

 

 

ITEM 3.

 

DEFAULTS UPON SENIOR SECURITIES

 

40

 

 

 

 

 

ITEM 4.

 

MINE SAFETY DISCLOSURES

 

40

 

 

 

 

 

ITEM 5.

 

OTHER INFORMATION

 

40

 

 

 

 

 

ITEM 6.

 

EXHIBITS

 

41

 

 

 

 

 

SignaturEs

 

42

 

 

 


Table of Contents

 

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements (“Forward-Looking Statements”) as defined in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to future business expectations and predictions and financial condition and results of operations of Suburban Propane Partners, L.P. (the “Partnership”).  Some of these statements can be identified by the use of forward-looking terminology such as “prospects,” “outlook,” “believes,” “estimates,” “intends,” “may,” “will,” “should,” “could,” “anticipates,” “expects” or “plans” or the negative or other variation of these or similar words, or by discussion of trends and conditions, strategies or risks and uncertainties.  These Forward-Looking Statements involve certain risks and uncertainties that could cause actual results to differ materially from those discussed or implied in such Forward-Looking Statements (statements contained in this Quarterly Report identifying such risks and uncertainties are referred to as “Cautionary Statements”).  The risks and uncertainties and their impact on the Partnership’s results include, but are not limited to, the following risks:

The impact of weather conditions on the demand for propane, fuel oil and other refined fuels, natural gas and electricity;

The impact of the COVID-19 pandemic and the corresponding government response, including the impact across the Partnership’s businesses on demand and operations, as well as on the operations of the Partnership’s suppliers, customers and other business partners, and the effectiveness of the Partnership’s actions taken in response to these risks;

Volatility in the unit cost of propane, fuel oil and other refined fuels, natural gas and electricity, the impact of the Partnership’s hedging and risk management activities, and the adverse impact of price increases on volumes sold as a result of customer conservation;

The ability of the Partnership to compete with other suppliers of propane, fuel oil and other energy sources;

The impact on the price and supply of propane, fuel oil and other refined fuels from the political, military or economic instability of the oil producing nations, global terrorism and other general economic conditions, including the economic instability resulting from natural disasters such as pandemics, including the COVID-19 pandemic;

The ability of the Partnership to acquire sufficient volumes of, and the costs to the Partnership of acquiring, transporting and storing, propane, fuel oil and other refined fuels;

The ability of the Partnership to acquire and maintain reliable transportation for its propane, fuel oil and other refined fuels;

The ability of the Partnership to retain customers or acquire new customers;

The impact of customer conservation, energy efficiency and technology advances on the demand for propane, fuel oil and other refined fuels, natural gas and electricity;

The ability of management to continue to control expenses;

The impact of changes in applicable statutes and government regulations, or their interpretations, including those relating to the environment and climate change, derivative instruments and other regulatory developments on the Partnership’s business;

The impact of changes in tax laws that could adversely affect the tax treatment of the Partnership for income tax purposes;

The impact of legal proceedings on the Partnership’s business;

The impact of operating hazards that could adversely affect the Partnership’s operating results to the extent not covered by insurance;

The Partnership’s ability to make strategic acquisitions and successfully integrate them;

The ability of the Partnership to continue to combat cybersecurity threats to our networks and information technology;

The impact of current conditions in the global capital and credit markets, and general economic pressures;

The operating, legal and regulatory risks the Partnership may face; and

Other risks referenced from time to time in filings with the Securities and Exchange Commission (“SEC”) and those factors listed or incorporated by reference into the Partnership’s most recent Annual Report under “Risk Factors.”

 


Table of Contents

 

Some of these Forward-Looking Statements are discussed in more detail in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Quarterly Report.  Reference is also made to the risk factors discussed in Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 28, 2019, and Item 1A of Part II of this Quarterly Report.  On different occasions, the Partnership or its representatives have made or may make Forward-Looking Statements in other filings with the SEC, press releases or oral statements made by or with the approval of one of the Partnership’s authorized executive officers.  Readers are cautioned not to place undue reliance on Forward-Looking Statements, which reflect management’s view only as of the date made.  The Partnership undertakes no obligation to update any Forward-Looking Statement or Cautionary Statement, except as required by law.  All subsequent written and oral Forward-Looking Statements attributable to the Partnership or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements in this Quarterly Report and in future SEC reports.

 

 

 

 


Table of Contents

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

 

June 27,

 

 

September 28,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,186

 

 

$

2,441

 

Accounts receivable, less allowance for doubtful accounts of $5,673 and

   $2,573, respectively

 

 

65,425

 

 

 

59,340

 

Inventories

 

 

42,001

 

 

 

45,036

 

Other current assets

 

 

15,617

 

 

 

16,623

 

Total current assets

 

 

127,229

 

 

 

123,440

 

Property, plant and equipment, net

 

 

607,628

 

 

 

627,207

 

Operating lease right-of-use assets  (See Notes 2 and 8)

 

 

115,945

 

 

 

 

Goodwill

 

 

1,103,781

 

 

 

1,098,085

 

Other intangible assets, net

 

 

98,343

 

 

 

128,437

 

Other assets

 

 

22,042

 

 

 

21,179

 

Total assets

 

$

2,074,968

 

 

$

1,998,348

 

LIABILITIES AND PARTNERS’ CAPITAL

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

29,422

 

 

$

34,085

 

Accrued employment and benefit costs

 

 

26,957

 

 

 

34,688

 

Customer deposits and advances

 

 

74,015

 

 

 

97,854

 

Operating lease liabilities  (See Notes 2 and 8)

 

 

24,935

 

 

 

 

Other current liabilities

 

 

51,909

 

 

 

49,503

 

Total current liabilities

 

 

207,238

 

 

 

216,130

 

Long-term borrowings

 

 

1,224,771

 

 

 

1,227,057

 

Accrued insurance

 

 

53,862

 

 

 

51,514

 

Operating lease liabilities  (See Notes 2 and 8)

 

 

90,552

 

 

 

 

Other liabilities

 

 

76,377

 

 

 

79,817

 

Total liabilities

 

 

1,652,800

 

 

 

1,574,518

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Partners’ capital:

 

 

 

 

 

 

 

 

Common Unitholders (62,133 and 61,735 units issued and outstanding at

   June 27, 2020 and September 28, 2019, respectively)

 

 

445,831

 

 

 

450,016

 

Accumulated other comprehensive loss

 

 

(23,663

)

 

 

(26,186

)

Total partners’ capital

 

 

422,168

 

 

 

423,830

 

Total liabilities and partners’ capital

 

$

2,074,968

 

 

$

1,998,348

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


Table of Contents

 

SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per unit amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

 

June 27,

 

 

June 29,

 

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

Propane

 

$

179,049

 

 

$

183,052

 

Fuel oil and refined fuels

 

 

11,702

 

 

 

12,921

 

Natural gas and electricity

 

 

6,099

 

 

 

7,527

 

All other

 

 

10,056

 

 

 

10,712

 

 

 

 

206,906

 

 

 

214,212

 

Costs and expenses

 

 

 

 

 

 

 

 

Cost of products sold

 

 

59,689

 

 

 

78,596

 

Operating

 

 

96,086

 

 

 

97,804

 

General and administrative

 

 

17,098

 

 

 

16,445

 

Depreciation and amortization

 

 

29,153

 

 

 

30,151

 

 

 

 

202,026

 

 

 

222,996

 

Operating income (loss)

 

 

4,880

 

 

 

(8,784

)

Interest expense, net

 

 

18,474

 

 

 

18,906

 

Other, net

 

 

1,878

 

 

 

1,176

 

(Loss) before provision for income taxes

 

 

(15,472

)

 

 

(28,866

)

Provision for income taxes

 

 

106

 

 

 

175

 

Net (loss)

 

$

(15,578

)

 

$

(29,041

)

Net (loss) per Common Unit - basic

 

$

(0.25

)

 

$

(0.47

)

Weighted average number of Common Units outstanding - basic

 

 

62,345

 

 

 

62,009

 

Net (loss) per Common Unit - diluted

 

$

(0.25

)

 

$

(0.47

)

Weighted average number of Common Units outstanding - diluted

 

 

62,345

 

 

 

62,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

2


Table of Contents

 

SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per unit amounts)

(unaudited)

 

 

 

Nine Months Ended

 

 

 

June 27,

 

 

June 29,

 

 

 

2020

 

 

2019

 

Revenues

 

 

 

 

 

 

 

 

Propane

 

$

812,160

 

 

$

937,468

 

Fuel oil and refined fuels

 

 

69,095

 

 

 

83,428

 

Natural gas and electricity

 

 

25,018

 

 

 

38,527

 

All other

 

 

35,566

 

 

 

36,270

 

 

 

 

941,839

 

 

 

1,095,693

 

Costs and expenses

 

 

 

 

 

 

 

 

Cost of products sold

 

 

328,407

 

 

 

462,703

 

Operating

 

 

313,550

 

 

 

305,367

 

General and administrative

 

 

49,808

 

 

 

54,938

 

Depreciation and amortization

 

 

87,715

 

 

 

90,845

 

 

 

 

779,480

 

 

 

913,853

 

Operating income

 

 

162,359

 

 

 

181,840

 

Loss on debt extinguishment

 

 

109

 

 

 

 

Interest expense, net

 

 

56,722

 

 

 

58,041

 

Other, net

 

 

3,835

 

 

 

3,527

 

Income before (benefit from) provision for income taxes

 

 

101,693

 

 

 

120,272

 

(Benefit from) provision for income taxes

 

 

(253

)

 

 

578

 

Net income

 

$

101,946

 

 

$

119,694

 

Net income per Common Unit - basic

 

$

1.64

 

 

$

1.93

 

Weighted average number of Common Units outstanding - basic

 

 

62,248

 

 

 

61,963

 

Net income per Common Unit - diluted

 

$

1.63

 

 

$

1.92

 

Weighted average number of Common Units outstanding - diluted

 

 

62,628

 

 

 

62,262

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3


Table of Contents

 

SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

June 27,

 

 

June 29,

 

June 27,

 

 

June 29,

 

 

 

2020

 

 

2019

 

2020

 

 

2019

 

Net (loss) income

 

$

(15,578

)

 

$

(29,041

)

$

101,946

 

 

$

119,694

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of net actuarial losses and prior service

   credits into earnings

 

 

541

 

 

 

552

 

 

1,623

 

 

 

1,656

 

Recognition in earnings of net actuarial loss for pension settlement

 

 

900

 

 

 

 

 

900

 

 

 

 

Other comprehensive income

 

 

1,441

 

 

 

552

 

 

2,523

 

 

 

1,656

 

Total comprehensive (loss) income

 

$

(14,137

)

 

$

(28,489

)

$

104,469

 

 

$

121,350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


Table of Contents

 

SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Nine Months Ended

 

 

 

June 27,

 

 

June 29,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

101,946

 

 

$

119,694

 

Adjustments to reconcile net income to net cash provided by operations:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

87,715

 

 

 

90,845

 

Pension settlement charge

 

 

900

 

 

 

 

Loss on debt extinguishment

 

 

109

 

 

 

 

Compensation costs recognized under Restricted Unit Plans

 

 

7,084

 

 

 

8,855

 

Other, net

 

 

1,012

 

 

 

647

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(5,518

)

 

 

(6,594

)

Inventories

 

 

3,285

 

 

 

18,691

 

Other current and noncurrent assets

 

 

(10,362

)

 

 

3,318

 

Accounts payable

 

 

(1,186

)

 

 

(11,122

)

Accrued employment and benefit costs

 

 

(7,731

)

 

 

(4,234

)

Customer deposits and advances

 

 

(23,839

)

 

 

(48,537

)

Contributions to defined benefit pension plan

 

 

(2,030

)

 

 

(4,335

)

Other current and noncurrent liabilities

 

 

17,599

 

 

 

(1,125

)

Net cash provided by operating activities

 

 

168,984

 

 

 

166,103

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(26,115

)

 

 

(24,283

)

Acquisitions of businesses

 

 

(21,971

)

 

 

(18,865

)

Proceeds from sale of property, plant and equipment

 

 

2,515

 

 

 

4,627

 

Net cash (used in) investing activities

 

 

(45,571

)

 

 

(38,521

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from borrowings under revolving credit facility

 

 

447,300

 

 

 

322,700

 

Repayments of borrowings under revolving credit facility

 

 

(451,100

)

 

 

(339,100

)

Issuance costs associated with long-term borrowings

 

 

(2,665

)

 

 

 

Partnership distributions

 

 

(111,562

)

 

 

(110,841

)

Other, net

 

 

(3,641

)

 

 

(3,007

)

Net cash (used in) financing activities

 

 

(121,668

)

 

 

(130,248

)

Net increase (decrease) in cash and cash equivalents

 

 

1,745

 

 

 

(2,666

)

Cash and cash equivalents at beginning of period

 

 

2,441

 

 

 

5,164

 

Cash and cash equivalents at end of period

 

$

4,186

 

 

$

2,498

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

5


Table of Contents

 

SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS’ CAPITAL

(in thousands)

(unaudited)

 

 

 

Three Months Ended June 27, 2020

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Number of

 

 

Common

 

 

Comprehensive

 

 

Partners’

 

 

 

Common Units

 

 

Unitholders

 

 

(Loss)

 

 

Capital

 

Balance, beginning of period

 

 

62,073

 

 

$

496,426

 

 

$

(25,104

)

 

$

471,322

 

Net loss

 

 

 

 

 

 

(15,578

)

 

 

 

 

 

 

(15,578

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

541

 

 

 

541

 

Partnership distributions

 

 

 

 

 

 

(37,279

)

 

 

 

 

 

 

(37,279

)

Common Units issued under Restricted Unit Plans

 

 

60

 

 

 

 

 

 

 

 

 

 

 

Recognition in earnings of net actuarial loss for pension settlement

 

 

 

 

 

 

 

 

 

 

900

 

 

 

900

 

Compensation costs recognized under Restricted Unit Plans

 

 

 

 

 

 

2,262

 

 

 

 

 

 

 

2,262

 

Balance, end of period

 

 

62,133

 

 

$

445,831

 

 

$

(23,663

)

 

$

422,168

 

 

 

 

Three Months Ended June 29, 2019

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

Total

 

 

 

Number of

 

 

Common

 

 

Comprehensive