Company: SPH
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015135
Chunk: 117

Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 8
Chunk 117
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 consolidated financial statements and related disclosures.In December 2023, the FASB issued ASU 2023-09, “Income Taxes: Improvements to Income Tax Disclosures” (“Topic 740”).  This update requires disclosure of specific categories and disaggregation of information in the income tax rate reconciliation table.  Topic 740 also requires disclosure of disaggregated information related to income taxes paid, income or loss from continuing operations before income tax expense or benefit, and income tax expense or benefit from continuing operations.  The requirements of Topic 740 are effective for annual periods beginning after December 15, 2024, which will be the Partnership’s fiscal 2026 annual report.  Early adoption is permitted and the amendments should be applied on a prospective basis with retrospective application also being permitted.  The Partnership is assessing the effect of this update on its consolidated financial statements and related disclosures.In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses” (“Subtopic 220-40”).  This update requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance.   Subtopic 220-40 may be applied either prospectively or retrospectively and is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027.  Subtopic 220-40 will first be effective for the Partnership’s 2028 annual report.  The Partnership is assessing the effect of this update on its consolidated financial statements and related disclosures.SEC Climate Disclosures.  In March 2024, the SEC issued final rules to require disclosures about certain climate-related information in registration statements and annual reports.  In April 2024, the SEC issued an order to stay the rules pending the completion of judicial review of multiple petitions challenging the rules.  The rules will, if implemented as issued by the SEC, require disclosure of, among other things, material climate-related risks, how the Partnership’s Board of Supervisors and management oversee and manage such risks, and the actual and potential material impacts of such risks to the Partnership.  The rules would also require disclosure about material climate-related targets and goals, greenhouse gas emissions (“GHG”) from operations owned or controlled (Scope 1) and purchased energy used in owned or controlled operations (Scope 2), and the financial impacts of severe weather events and other natural conditions.