Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date of Report: October 21, 2010
Reporting Period: Fiscal 2010 Fourth Quarter
This filing serves as a Regulation FD disclosure and reports on the declaration of the Fiscal 2010 Fourth Quarter distribution. The Partnership is incorporated in Delaware and operates in the propane distribution sector.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the declaration of a distribution and associated tax withholding requirements.
Material Changes
No material changes to financial performance or operations are detailed in this specific filing. The primary event is the announcement of the distribution declaration for the fourth quarter of Fiscal 2010.
Guidance, Outlook, and Tax Matters
- Distribution Declaration: The Partnership announced its Fiscal 2010 Fourth Quarter Distribution Declaration via a press release (Exhibit 99.1).
- Tax Withholding (ECI): In accordance with Treasury Regulation 1.1446-4(d), the distribution is classified as income effectively connected with a U.S. business (ECI).
- Foreign Investor Withholding: A qualified notice was issued to the New York Stock Exchange requiring all nominees to withhold 35% of the distribution for foreign investors (nonresident aliens, foreign corporations, foreign trusts, and foreign estates) under Section 1446 of the Internal Revenue Code.
Investor Verification Checklist
- Verify the specific distribution amount per unit in the attached Press Release (Exhibit 99.1), as the 8-K text does not state the figure.
- Confirm the record date and payment date for the distribution in the full press release.
- Review the tax implications for foreign investors regarding the 35% withholding requirement on ECI.
- Check subsequent filings for the actual payment of the declared distribution.