SUBURBAN PROPANE PARTNERS LP Goodwill & Intangibles Disclosure
7. Goodwill and Other Intangible Assets
The Partnership’s fiscal 2025 and fiscal 2024 annual goodwill impairment review resulted in no adjustments to the carrying amount of goodwill. The carrying values of goodwill assigned to the Partnership’s operating segments are as follows:
|
|
Propane |
|
|
Fuel oil and |
|
|
Natural gas |
|
|
All other |
|
|
Total |
|
|||||
Balance as of September 28, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill |
|
$ |
1,107,655 |
|
|
$ |
10,900 |
|
|
$ |
7,900 |
|
|
$ |
31,259 |
|
|
$ |
1,157,714 |
|
Accumulated adjustments |
|
|
— |
|
|
|
(6,462 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,462 |
) |
|
|
$ |
1,107,655 |
|
|
$ |
4,438 |
|
|
$ |
7,900 |
|
|
$ |
31,259 |
|
|
$ |
1,151,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fiscal 2025 Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill acquired (1) |
|
$ |
6,575 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance as of September 27, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Goodwill |
|
$ |
1,114,230 |
|
|
$ |
10,900 |
|
|
$ |
7,900 |
|
|
$ |
31,259 |
|
|
$ |
1,164,289 |
|
Accumulated adjustments |
|
|
— |
|
|
|
(6,462 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,462 |
) |
|
|
$ |
1,114,230 |
|
|
$ |
4,438 |
|
|
$ |
7,900 |
|
|
$ |
31,259 |
|
|
$ |
1,157,827 |
|
Other intangible assets consist of the following:
|
|
As of |
|
|||||
|
|
September 27, |
|
|
September 28, |
|
||
|
|
2025 |
|
|
2024 |
|
||
Customer relationships (1) |
|
$ |
596,429 |
|
|
$ |
577,486 |
|
Non-compete agreements (1) |
|
|
45,955 |
|
|
|
41,955 |
|
Other |
|
|
5,100 |
|
|
|
7,067 |
|
|
|
|
647,484 |
|
|
|
626,508 |
|
Less: accumulated amortization |
|
|
|
|
|
|
||
Customer relationships |
|
|
(523,636 |
) |
|
|
(513,053 |
) |
Non-compete agreements |
|
|
(37,430 |
) |
|
|
(36,000 |
) |
Other |
|
|
(1,641 |
) |
|
|
(2,943 |
) |
|
|
|
(562,707 |
) |
|
|
(551,996 |
) |
|
|
$ |
84,777 |
|
|
$ |
74,512 |
|
Aggregate amortization expense related to other intangible assets for fiscal 2025, 2024 and 2023 was $12,678, $12,294 and $10,906, respectively. Aggregate amortization expense for each of the five succeeding fiscal years related to other intangible assets held as of September 27, 2025 is estimated as follows: 2026: $12,070; 2027: $12,056; 2028: $11,570; 2029: $10,498; and 2030: $8,516.
Want the next SUBURBAN PROPANE PARTNERS LP goodwill & intangibles disclosure the moment it drops?
Set a Sentinel and we'll alert you the moment SUBURBAN PROPANE PARTNERS LP's next filing hits EDGAR. No credit card, your email never gets sold.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 26, 2025 | Showing above |
| 2024 | Nov 27, 2024 | |
| 2023 | Nov 22, 2023 | |
| 2022 | Nov 23, 2022 | |
| 2021 | Nov 24, 2021 | |
| 2020 | Nov 25, 2020 | |
| 2019 | Nov 27, 2019 | |
| 2018 | Nov 21, 2018 | |
| 2017 | Nov 22, 2017 | |
| 2016 | Nov 23, 2016 | |
| 2015 | Nov 25, 2015 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.