Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Nov. 30, 2019 | Mar. 31, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SGU | ||
Title of 12(b) Security | Common Units | ||
Security Exchange Name | NYSE | ||
Entity Registrant Name | STAR GROUP, L.P. | ||
Entity Central Index Key | 0001002590 | ||
Entity Tax Identification Number | 06-1437793 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-14129 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 47,201,094 | ||
Entity Public Float | $ 437,267,000 | ||
Entity Address, Address Line One | 9 West Broad Street | ||
Entity Address, Address Line Two | Suite 310 | ||
Entity Address, City or Town | Stamford | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06902 | ||
City Area Code | (203) | ||
Local Phone Number | 328-7310 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | |
Current assets | |||
Cash and cash equivalents | $ 4,899 | $ 14,531 | |
Receivables, net of allowance of $8,378 and $8,002, respectively | 120,245 | 132,668 | |
Inventories | 64,788 | 56,377 | |
Fair asset value of derivative instruments | 17,710 | ||
Prepaid expenses and other current assets | 36,898 | 35,451 | |
Total current assets | 226,830 | 256,737 | |
Property and equipment, net | 98,239 | 87,618 | |
Goodwill | 244,574 | 228,436 | |
Intangibles, net | 107,688 | 98,444 | |
Restricted cash | 250 | 250 | |
Captive insurance collateral | [1] | 58,490 | 45,419 |
Deferred charges and other assets, net | 16,635 | 13,067 | |
Total assets | 752,706 | 729,971 | |
Current liabilities | |||
Accounts payable | 33,973 | 35,796 | |
Revolving credit facility borrowings | 24,000 | 1,500 | |
Fair liability value of derivative instruments | 8,262 | ||
Current maturities of long-term debt | 9,000 | 7,500 | |
Accrued expenses and other current liabilities | 120,839 | 116,436 | |
Unearned service contract revenue | 61,213 | 60,700 | |
Customer credit balances | 68,270 | 61,256 | |
Total current liabilities | 325,557 | 283,188 | |
Long-term debt | [2],[3] | 120,447 | 91,780 |
Deferred tax liabilities, net | 20,116 | 21,206 | |
Other long-term liabilities | 25,746 | 24,012 | |
Partners’ capital | |||
Common unitholders | 279,709 | 329,129 | |
General partner | (1,968) | (1,303) | |
Accumulated other comprehensive loss, net of taxes | (16,901) | (18,041) | |
Total partners’ capital | 260,840 | 309,785 | |
Total liabilities and partners’ capital | $ 752,706 | $ 729,971 | |
[1] | See Note 2 – Summary of Significant Accounting Policies - Captive Insurance Collateral. | ||
[2] | On December 4, 2019, the Company refinanced its five-year term loan and the revolving credit facility with the execution of the fifth amended and restated revolving credit facility agreement. (See Note 21—Subsequent Events). As of September 30, 2019, the Company has classified $37.5 million of its revolving credit facility borrowings as long term debt and repaid it on December 4, 2019 using proceeds provided by the fifth amended and restated revolving credit facility agreement | ||
[3] | See Note 21 – Subsequent Events. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance | $ 8,378 | $ 8,002 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||||
Sales: | ||||||
Total sales | $ 1,753,872 | $ 1,677,837 | $ 1,323,555 | |||
Cost and expenses: | ||||||
(Increase) decrease in the fair value of derivative instruments | [1] | 25,113 | (11,408) | (2,193) | ||
Delivery and branch expenses | 369,033 | 357,580 | 306,534 | |||
Depreciation and amortization expenses | 32,901 | 31,575 | 27,882 | |||
General and administrative expenses | 28,414 | 24,227 | 24,998 | |||
Finance charge income | (5,105) | (4,700) | (4,054) | |||
Operating income (loss) | 37,350 | 66,068 | 55,332 | |||
Interest expense, net | (11,164) | (8,716) | (6,775) | |||
Amortization of debt issuance costs | (1,032) | (1,288) | (1,281) | |||
Other income, net | [2] | 7,043 | ||||
Income before income taxes | 25,154 | 63,107 | 47,276 | |||
Income tax expense (benefit) | 7,517 | 7,602 | 20,376 | |||
Net income (loss) | 17,637 | 55,505 | 26,900 | |||
General Partner’s interest in net income | 95 | 314 | 156 | |||
Limited Partner's interest in net income (loss) | $ 17,542 | $ 55,191 | $ 26,744 | |||
Basic and diluted income per Limited Partner Unit : | [3] | $ 0.35 | [4] | $ 0.89 | [4] | $ 0.46 |
Weighted average number of Limited Partner units outstanding: | ||||||
Basic and Diluted | 50,814 | 54,764 | 55,888 | |||
Product | ||||||
Sales: | ||||||
Total sales | $ 1,466,045 | $ 1,404,370 | $ 1,065,076 | |||
Installations and services | ||||||
Sales: | ||||||
Total sales | 287,827 | 273,467 | 258,479 | |||
Cost of product | ||||||
Cost and expenses: | ||||||
Cost and expenses | 998,559 | 957,843 | 675,386 | |||
Cost of installations and services | ||||||
Cost and expenses: | ||||||
Cost and expenses | $ 267,607 | $ 256,652 | $ 239,670 | |||
[1] | Represents the change in value of unrealized open positions and expired options. | |||||
[2] | See Note 2 – Summary of Significant Accounting Policies - Other Income, Net. | |||||
[3] | See Note 19 - Earnings Per Limited Partner Units. | |||||
[4] | The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 17,637 | $ 55,505 | $ 26,900 | |
Other comprehensive income: | ||||
Unrealized gain on pension plan obligation | [1] | 1,170 | 2,075 | 3,356 |
Tax effect of unrealized gain on pension plan obligation | (320) | (625) | (1,359) | |
Unrealized gain (loss) on captive insurance collateral | 2,231 | (1,204) | ||
Tax effect of unrealized gain (loss) on captive insurance collateral | (473) | 254 | ||
Unrealized gain (loss) on interest rate hedge | (1,993) | 39 | ||
Tax effect of unrealized gain (loss) on interest rate hedge | 525 | (10) | ||
Total other comprehensive income | 1,140 | 529 | 1,997 | |
Total comprehensive income | $ 18,777 | $ 56,034 | $ 28,897 | |
[1] | These items are included in the computation of net periodic pension cost. See Note 14 - Employee Benefit Plans. |
CONSOLIDATED STATEMENTS OF PART
CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL - USD ($) shares in Thousands, $ in Thousands | Total | General Partner | Common Stock | Accumulated Other Comprehensive Income (Loss) | |
Beginning Balance at Sep. 30, 2016 | $ 301,493 | $ (516) | $ 322,771 | $ (20,762) | |
Beginning Balance, unit at Sep. 30, 2016 | 326 | 55,888 | |||
Net income | 26,900 | $ 156 | $ 26,744 | ||
Unrealized gain (loss) on pension plan obligation | [1] | 3,356 | 3,356 | ||
Tax effect of unrealized gain (loss) on pension plan obligation | (1,359) | (1,359) | |||
Distributions | [2] | (24,322) | (569) | (23,753) | |
Ending Balance at Sep. 30, 2017 | 306,068 | $ (929) | $ 325,762 | (18,765) | |
Ending Balance, Unit at Sep. 30, 2017 | 326 | 55,888 | |||
Reclassification of stranded tax effects resulting from tax reform | $ (195) | 195 | |||
Net income | 55,505 | $ 314 | 55,191 | ||
Unrealized gain (loss) on pension plan obligation | [1] | 2,075 | 2,075 | ||
Tax effect of unrealized gain (loss) on pension plan obligation | (625) | (625) | |||
Unrealized gain (loss) on captive insurance collateral | (1,204) | (1,204) | |||
Tax effect of unrealized gain (loss) on captive insurance collateral | 254 | 254 | |||
Unrealized gain (loss) on interest rate hedge | 39 | 39 | |||
Tax effect of unrealized gain (loss) on interest rate hedge | (10) | (10) | |||
Distributions | [2] | (25,603) | (688) | (24,915) | |
Retirement of units | [3] | (26,714) | $ (26,714) | ||
Retirement of units, shares | [3] | (2,800) | |||
Ending Balance at Sep. 30, 2018 | 309,785 | $ (1,303) | $ 329,129 | (18,041) | |
Ending Balance, Unit at Sep. 30, 2018 | 326 | 53,088 | |||
Impact of adoption of ASU No. 2014-09 | 9,224 | $ 60 | $ 9,164 | ||
Net income | 17,637 | 95 | 17,542 | ||
Unrealized gain (loss) on pension plan obligation | [1] | 1,170 | 1,170 | ||
Tax effect of unrealized gain (loss) on pension plan obligation | (320) | (320) | |||
Unrealized gain (loss) on captive insurance collateral | 2,231 | 2,231 | |||
Tax effect of unrealized gain (loss) on captive insurance collateral | (473) | (473) | |||
Unrealized gain (loss) on interest rate hedge | (1,993) | (1,993) | |||
Tax effect of unrealized gain (loss) on interest rate hedge | 525 | 525 | |||
Distributions | [2] | (25,593) | (820) | (24,773) | |
Retirement of units | [3] | (51,353) | $ (51,353) | ||
Retirement of units, shares | [3] | (5,403) | |||
Ending Balance at Sep. 30, 2019 | $ 260,840 | $ (1,968) | $ 279,709 | $ (16,901) | |
Ending Balance, Unit at Sep. 30, 2019 | 326 | 47,685 | |||
[1] | These items are included in the computation of net periodic pension cost. See Note 14 - Employee Benefit Plans. | ||||
[2] | See Note 4 - Quarterly Distributions of Available Cash. | ||||
[3] | See Note 5 - Common Unit Repurchase Plans and Retirement. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Cash flows provided by (used in) operating activities: | ||||
Net income | $ 17,637 | $ 55,505 | $ 26,900 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
(Increase) decrease in the fair value of derivative instruments | [1] | 25,113 | (11,408) | (2,193) |
Depreciation and amortization | 33,933 | 32,863 | 29,163 | |
Provision (recovery) for losses on accounts receivable | 9,541 | 6,283 | 1,639 | |
Change in deferred taxes | (5,126) | 14,685 | 10,134 | |
Gain on sale of security business | [2] | (7,043) | ||
Changes in operating assets and liabilities net of amounts related to acquisitions: | ||||
Decrease (increase) in receivables | 10,137 | (37,149) | (19,844) | |
(Increase) decrease in inventories | (6,306) | 4,177 | (10,598) | |
Decrease (increase) in other assets | 10,146 | (11,924) | (140) | |
(Decrease) increase in accounts payable | (2,918) | 9,703 | 2,169 | |
Increase (decrease) in customer credit balances | 3,615 | (6,563) | (23,085) | |
Increase in other current and long-term liabilities | 1,610 | 8,331 | 6,913 | |
Net cash provided by operating activities | 97,382 | 57,460 | 21,058 | |
Cash flows provided by (used in) investing activities: | ||||
Capital expenditures | (11,301) | (13,590) | (12,164) | |
Proceeds from sales of fixed assets | 1,097 | 503 | 734 | |
Proceeds from sale of security business | [2] | 6,824 | ||
Purchase of investments | [3] | (11,058) | (35,242) | (11,647) |
Acquisitions | (60,904) | (23,747) | (43,304) | |
Net cash used in investing activities | (82,166) | (65,252) | (66,381) | |
Cash flows provided by (used in) financing activities: | ||||
Revolving credit facility borrowings | 139,331 | 161,604 | ||
Revolving credit facility repayments | (79,331) | (160,104) | ||
Proceeds from term loan | 100,000 | |||
Loan repayments | (7,500) | (76,300) | (16,200) | |
Distributions | (25,593) | (25,603) | (24,322) | |
Unit repurchases | (51,353) | (26,714) | ||
Customer retainage payments | (357) | (918) | (575) | |
Payments of debt issuance costs | (45) | (2,100) | (60) | |
Net cash used in financing activities | (24,848) | (30,135) | (41,157) | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (9,632) | (37,927) | (86,480) | |
Cash, cash equivalents and restricted cash at beginning of period | 14,781 | 52,708 | 139,188 | |
Cash, cash equivalents and restricted cash at end of period | $ 5,149 | $ 14,781 | $ 52,708 | |
[1] | Represents the change in value of unrealized open positions and expired options. | |||
[2] | See Note 2 – Summary of Significant Accounting Policies - Other income, net. | |||
[3] | See Note 2 – Summary of Significant Accounting Policies – Captive Insurance Collateral. |
Organization
Organization | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Organization | 1) Organization Star Group, L.P. (“Star” the “Company,” “we,” “us,” or “our”) is a full service provider specializing in the sale of home heating and air conditioning products and services to residential and commercial home heating oil and propane customers. The Company has one reportable segment for accounting purposes. We also sell diesel, gasoline and home heating oil on a delivery only basis, and in certain of our marketing areas, we provide plumbing services primarily to our home heating oil and propane customer base. We believe we are the nation’s largest retail distributor of home heating oil based upon sales volume. Including our propane locations, we serve customers in the more northern and eastern states within the Northeast, Central and Southeast U.S. regions. The Company is organized as follows: • Star is a limited partnership, which at September 30, 2019, had outstanding 47.7 million Common Units (NYSE: “SGU”), representing a 99.3% limited partner interest in Star, and 0.3 million general partner units, representing a 0.7% general partner interest in Star. Our general partner is Kestrel Heat, LLC, a Delaware limited liability company (“Kestrel Heat” or the “general partner”). The Board of Directors of Kestrel Heat (the “Board”) is appointed by its sole member, Kestrel Energy Partners, LLC, a Delaware limited liability company (“Kestrel”). • Star owns 100% of Star Acquisitions, Inc. (“SA”), a Minnesota corporation, that owns 100% of Petro Holdings, Inc. (“Petro”). SA and its subsidiaries are subject to Federal and state corporate income taxes. Star’s operations are conducted through Petro and its subsidiaries. Petro is primarily a Northeast, Central and Southeast U.S. region retail distributor of home heating oil and propane that at September 30, 2019 served approximately 453,000 full service residential and commercial home heating oil and propane customers and 56,000 customers on a delivery only basis. We also sell gasoline and diesel fuel to approximately 27,000 customers. We install, maintain, and repair heating and air conditioning equipment and to a lesser extent provide these services outside our heating oil and propane customer base including approximately 17,000 service contracts for natural gas and other heating systems. • Petroleum Heat and Power Co., Inc. (“PH&P”) is a wholly owned subsidiary of Star. PH&P is the borrower and Star is the guarantor of the fourth amended and restated credit agreement’s $100 million five-year senior secured term loan and the $300 million ($450 million during the heating season of December through April of each year) revolving credit facility, both due July 2, 2023. (See Note 13—Long-Term Debt and Bank Facility Borrowings). In December 2019, the Company refinanced its five-year term loan and the revolving credit facility with the execution of the fifth amended and restated revolving credit facility agreement. (See Note 13—Long-Term Debt and Bank Facility Borrowings and Note 21—Subsequent Events). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2) Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements include the accounts of Star Group, L.P. and its subsidiaries. All material intercompany items and transactions have been eliminated in consolidation. Comprehensive Income Comprehensive income is comprised of Net income and Other comprehensive income. Other comprehensive income consists of the unrealized gain amortization on the Company’s pension plan obligation for its two frozen defined benefit pension plans, unrealized gain (loss) on available-for-sale investments, unrealized gain (loss) on interest rate hedge and the corresponding tax effects . Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition Refer to Note 3 – Revenue Recognition for revenue recognition accounting policies. Sales of petroleum products are recognized at the time of delivery to the customer and sales of heating and air conditioning equipment are recognized upon completion of installation. Revenue from repairs, maintenance and other services are recognized upon completion of the service. Payments received from customers for equipment service contracts are deferred and amortized into income over the terms of the respective service contracts, on a straight-line basis, which generally do not exceed one year. To the extent that the Company anticipates that future costs for fulfilling its contractual obligations under its service maintenance contracts will exceed the amount of deferred revenue currently attributable to these contracts, the Company recognizes a loss in current period earnings equal to the amount that anticipated future costs exceed related deferred revenues. Cost of Product Cost of product includes the cost of home heating oil, diesel, propane, kerosene, gasoline, throughput costs, barging costs, option costs, and realized gains/losses on closed derivative positions for product sales. Cost of Installations and Services Cost of installations and services includes equipment and material costs, wages and benefits for equipment technicians, dispatchers and other support personnel, subcontractor expenses, commissions and vehicle related costs. Delivery and Branch Expenses Delivery and branch expenses include wages and benefits and department related costs for drivers, dispatchers, garage mechanics, customer service, sales and marketing, compliance, credit and branch accounting, information technology, vehicle and property rental costs, insurance, weather hedge contract costs and recoveries, and operational management and support. General and Administrative Expenses General and administrative expenses include property costs, wages and benefits and department related costs for human resources, finance and corporate accounting, internal audit, administrative support and supply. Allocation of Net Income Net income for partners’ capital and statement of operations is allocated to the general partner and the limited partners in accordance with their respective ownership percentages, after giving effect to cash distributions paid to the general partner in excess of its ownership interest, if any. Net Income per Limited Partner Unit Income per limited partner unit is computed in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 260-10-05 Earnings Per Share, Master Limited Partnerships (EITF 03-06), by dividing the limited partners’ interest in net income by the weighted average number of limited partner units outstanding. The pro forma nature of the allocation required by this standard provides that in any accounting period where the Company’s aggregate net income exceeds its aggregate distribution for such period, the Company is required to present net income per limited partner unit as if all of the earnings for the periods were distributed, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Company’s overall net income or other financial results. However, for periods in which the Company’s aggregate net income exceeds its aggregate distributions for such period, it will have the impact of reducing the earnings per limited partner unit, as the calculation according to this standard results in a theoretical increased allocation of undistributed earnings to the general partner. In accounting periods where aggregate net income does not exceed aggregate distributions for such period, this standard does not have any impact on the Company’s net income per limited partner unit calculation. A separate and independent calculation for each quarter and year-to-date period is performed, in which the Company’s contractual participation rights are taken into account. Cash Equivalents, Receivables, Revolving Credit Facility Borrowings, and Accounts Payable The carrying amount of cash equivalents, receivables, revolving credit facility borrowings, and accounts payable approximates fair value because of the short maturity of these instruments. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less, when purchased, to be cash equivalents. At September 30, 2019, the $5.1 million of cash, cash equivalents, and restricted cash on the consolidated statement of cash flows is comprised of $4.9 million of cash and cash equivalents and $0.3 million of restricted cash. At September 30, 2018, the $14.8 million of cash, cash equivalents, and restricted cash on the consolidated statement of cash flows is comprised of $14.5 million of cash and cash equivalents and $0.3 million of restricted cash. Restricted cash represents deposits held by our captive insurance company that are required by state insurance regulations to remain in the captive insurance company as cash. Receivables and Allowance for Doubtful Accounts Accounts receivables from customers are recorded at the invoiced amounts. Finance charges may be applied to trade receivables that are more than 30 days past due, and are recorded as finance charge income. The allowance for doubtful accounts is the Company’s estimate of the amount of trade receivables that may not be collectible. The allowance is determined at an aggregate level by grouping accounts based on certain account criteria and its receivable aging. The allowance is based on both quantitative and qualitative factors, including historical loss experience, historical collection patterns, overdue status, aging trends, and current economic conditions. The Company has an established process to periodically review current and past due trade receivable balances to determine the adequacy of the allowance. No single statistic or measurement determines the adequacy of the allowance. The total allowance reflects management’s estimate of losses inherent in its trade receivables at the balance sheet date. Different assumptions or changes in economic conditions could result in material changes to the allowance for doubtful accounts. Inventories Liquid product inventories are stated at the lower of cost and net realizable value computed on the weighted average cost method. Property and Equipment Property and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the depreciable assets using the straight-line method over three to thirty years. Captive Insurance Collateral The captive insurance collateral is held by our captive insurance company in an irrevocable trust as collateral for certain workers’ compensation and automobile liability claims incurred and expected to be incurred from fiscal 2004 to fiscal 2019. The collateral is required by a third party insurance carrier that insures per claim amounts above a set deductible. Due to the expected timing of claim payments, the nature of the collateral agreement with the carrier, and our captive insurance company’s source of other operating cash, the collateral is not expected to be used to pay obligations within the next twelve months. At September 30, 2019, captive insurance collateral is comprised of $58.0 million of Level 1 debt securities measured at fair value and $0.5 million of mutual funds measured at net asset value. At September 30, 2018, the balance was comprised of $44.8 million of Level 1 debt securities measured at fair value and $0.6 million of mutual funds measured at net asset value. Unrealized gains and losses, net of related income taxes, are reported as accumulated other comprehensive income (loss), except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net income and are included in Interest expense, net, at which time the average cost basis of these securities are adjusted to fair value. Goodwill and Intangible Assets Goodwill and intangible assets include goodwill, customer lists, trade names and covenants not to compete. Goodwill is the excess of cost over the fair value of net assets in the acquisition of a company. In accordance with FASB ASC 350-10-05 Intangibles-Goodwill and Other, goodwill and intangible assets with indefinite useful lives are not amortized, but instead are annually tested for impairment. Also in accordance with this standard, intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. The Company performs its annual impairment review during its fiscal fourth quarter or more frequently if events or circumstances indicate that the value of goodwill might be impaired. Customer lists are the names and addresses of an acquired company’s customers. Based on historical retention experience, these lists are amortized on a straight-line basis over seven to ten years. Trade names are the names of acquired companies. Based on the economic benefit expected and historical retention experience of customers, trade names are amortized on a straight-line basis over three to twenty years. Business Combinations We use the acquisition method of accounting in accordance with FASB ASC 805 Business Combinations. The acquisition method of accounting requires us to use significant estimates and assumptions, including fair value estimates, as of the business combination date, and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which the amounts recognized for a business combination may be adjusted). Each acquired company’s operating results are included in our consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. The separately identifiable intangible assets generally are comprised of customer lists, trade names and covenants not to compete. Goodwill is recognized for the excess of the purchase price over the net fair value of assets acquired and liabilities assumed. Costs that are incurred to complete the business combination such as legal and other professional fees are not considered part of consideration transferred, and are charged to general and administrative expense as they are incurred. For any given acquisition, certain contingent consideration may be identified. Estimates of the fair value of liability or asset classified contingent consideration are included under the acquisition method as part of the assets acquired or liabilities assumed. At each reporting date, these estimates are remeasured to fair value, with changes recognized in earnings. Impairment of Long-lived Assets The Company reviews intangible assets and other long-lived assets in accordance with FASB ASC 360-10-05-4 Property Plant and Equipment, Impairment or Disposal of Long-Lived Assets subsection, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company determines whether the carrying values of such assets are recoverable over their remaining estimated lives through undiscounted future cash flow analysis. If such a review should indicate that the carrying amount of the assets is not recoverable, the Company will reduce the carrying amount of such assets to fair value. Finance Charge Income Finance charge income represents late customer payment charges and financing income from extended payment plans associated with installations. Other Income, Net Other income, net represents the $7.0 million gain on the sale of the Company’s security customer account base, which occurred in fiscal 2018. The gain is comprised of $6.8 million of cash proceeds and $0.4 million from the recognition of unamortized deferred service liabilities, partially offset by $0.2 million of other expenses. Deferred Charges Deferred charges represent the costs associated with the issuance of the term loan and revolving credit facility and are amortized over the life of the facility. Advertising Advertising costs are expensed as they are incurred. Advertising expenses were $14.3 million, $15.1 million, and $15.1 million, in 2019, 2018, Customer Credit Balances Customer credit balances represent payments received in advance from customers pursuant to a balanced payment plan (whereby customers pay on a fixed monthly basis) and the payments made have exceeded the charges for liquid product and other services. Environmental Costs Costs associated with managing hazardous substances and pollution are expensed on a current basis. Accruals are made for costs associated with the remediation of environmental pollution when it becomes probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities are recorded in accrued expenses and other current liabilities. Insurance Reserves The Company uses a combination of insurance, self-insured retention and self-insurance for a number of risks, including workers’ compensation, general liability, vehicle liability, medical liability and property. Reserves are established and periodically evaluated, based upon expectations as to what our ultimate liability may be for outstanding claims using developmental factors based upon historical claim experience, including frequency, severity, demographic factors and other actuarial assumptions, supplemented with support from qualified actuaries. Liabilities are recorded in accrued expenses and other current liabilities. Income Taxes At a special meeting held October 25, 2017, unitholders voted in favor of proposals to have the Company be treated as a corporation effective November 1, 2017, instead of a partnership, for federal income tax purposes (commonly referred to as a “check-the-box” election) along with amendments to our Partnership Agreement to effect such changes in income tax classification. For corporate subsidiaries of the Company, a consolidated Federal income tax return is filed. The accompanying financial statements are reported on a fiscal year, however, the Company and its Corporate subsidiaries file Federal and State income tax returns on a calendar year. As most of the Company’s income is derived from its corporate subsidiaries, these financial statements reflect significant Federal and State income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of assets and liabilities and their respective tax bases and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized if, based on the weight of available evidence including historical tax losses, it is more likely than not that some or all of deferred tax assets will not be realized. Sales, Use and Value Added Taxes Taxes are assessed by various governmental authorities on many different types of transactions. Sales reported for product, installations and services exclude taxes. Derivatives and Hedging FASB ASC 815-10-05 Derivatives and Hedging, requires that derivative instruments be recorded at fair value and included in the consolidated balance sheet as assets or liabilities. The Company has elected not to designate its commodity derivative instruments as hedging instruments under this guidance, and the changes in fair value of the derivative instruments are recognized in our statement of operations. The Company has designated its interest rate swap agreements as hedging derivatives, and the changes in fair value are reported in accumulated other comprehensive income (loss). Weather Hedge Contract To partially mitigate the effect of weather on cash flows, the Company has used weather hedge contracts for a number of years. Weather hedge contracts are recorded in accordance with the intrinsic value method defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815-45-15 Derivatives and Hedging, Weather Derivatives (EITF 99-2). The premium paid is included in the caption prepaid expenses and other current assets in the accompanying balance sheets and amortized over the life of the contract, with the intrinsic value method applied at each interim period. As of September 30, 2019 the Company has weather hedge contracts for fiscal years 2020 and 2021. Under these contracts, we are entitled to receive a payment if the total number of degree days within the hedge period is less than the prior ten year average. The “Payment Thresholds $12.5 . Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB has also issued several updates to ASU No. 2014-09. The Company adopted ASU No. 2014-09 effective October 1, 2018 by using the modified retrospective method and recognized the cumulative effect of initially applying ASU No. 2014-09 as an adjustment to the opening balance of Partners’ Capital at October 1, 2018. The historical periods have not been adjusted and continue to be reported under ASC No. 605, Revenue Recognition. We have applied the guidance in ASU No. 2014-09 retrospectively to all contracts and have elected not to account for significant financing components if the period between revenue recognition and when the customer pays for product, service, or equipment installation will be one year or less. See further detail on the impact of the adoption on our consolidated balance sheet and statement of operations as of and for the twelve months ended September 30, 2019 at Note 3 – Revenue Recognition. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flow (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update addresses the issues of debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. The Company adopted ASU No. 2016-15 effective October 1, 2018. The adoption of ASU No. 2016-15 did not have an impact on the Company’s consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted ASU No. 2017-01 effective October 1, 2018. The adoption of ASU No. 2017-01 did not have an impact on the Company’s consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases. The update requires all leases with a term greater than twelve months to be recognized on the balance sheet by calculating the discounted present value of such leases and accounting for them through a right-of-use asset and an offsetting lease liability, and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2020. The Company is continuing to evaluate the effect that ASU No. 2016-02 could have on its consolidated financial statements and related disclosures and plans to adopt using the modified retrospective transition approach for leases that exist in the period of adoption and recognize the cumulative effect of initially applying ASU No. 2016-02 as an adjustment to the opening balance of Partners’ Capital at October 1, 2019. As of the date of adoption, the Company expects to elect the package of practical expedients that permit the Company to forego reassessing the Company’s prior conclusions about (i) lease identification, (ii) lease classification, and (iii) initial direct costs. The Company also plans to elect a practical expedient to not separate non-lease components from the lease components. The new guidance will materially change how we account for operating leases for office space, trucks and other equipment. Upon adoption, we expect to recognize discounted right-of-use assets and lease liabilities between $100 million and $120 million. We do not expect a material adjustment to the opening balance of Partners’ Capital at October 1, 2019. These assets and liabilities will be amortized as the respective leases amortize. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. The update broadens the information that an entity should consider in developing expected credit loss estimates, eliminates the probable initial recognition threshold, and allows for the immediate recognition of the full amount of expected credit losses. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2021, with early adoption permitted in the first quarter of fiscal 2020. The Company is evaluating the effect that ASU No. 2016-13 will have on its consolidated financial statements and related disclosures, but has not yet determined the timing of adoption . In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 230): Simplifying the Test for Goodwill Impairment. The update simplifies how an entity is required to test goodwill for impairment. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but not exceed the total amount of goodwill allocated to the reporting unit. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2021, with early adoption permitted. The Company has not determined the timing of adoption, but does not expect ASU 2017-04 to have a material impact on its consolidated financial statements and related disclosures . In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General: Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2021, with early adoption permitted. The Company is evaluating the effect that ASU No. 2018-14 will have on its consolidated financial statements and related disclosures, but has not determined the timing of adoption . In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which will align the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2022, with early adoption permitted. The Company is evaluating the effect that ASU No. 2018-15 will have on its consolidated financial statements and related disclosures, but has not determined the timing of adoption . |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3) Revenue Recognition Effective October 1, 2018 we adopted the requirements of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The adoption was not material to the financial statements presented. In accordance with the new revenue standard requirements, our Consolidated Statement of Operations and the Consolidated Balance Sheet were impacted due to: i) the deferment of commissions provided to Company employees that were previously expensed as incurred, ii) the deferment of certain upfront credits provided to customers upon entering into a new annual product or service contract as contra-revenue that were previously expensed as incurred and recorded as delivery and branch expense, and iii) the allocation of transaction price of the combination of certain contracts that were previously accounted for as separate contracts that impacts the classification of revenue and timing of revenue recognition. The impact of adoption on our Consolidated Balance Sheet and Consolidated Statement of Operations, as of and for the year ended September 30, 2019 was as follows (in thousands): For the Year Ended September 30, 2019 Statement of Operations As Reported Balances without Adoption of ASC 606 Effect of Change Higher/(Lower) Sales: Product $ 1,466,045 $ 1,477,488 $ (11,443 ) Installations and services 287,827 281,249 6,578 Total Sales 1,753,872 1,758,737 (4,865 ) Cost and Expenses: Delivery and branch expenses 369,033 372,290 (3,257 ) Operating income (loss) 37,350 38,958 (1,608 ) Income (loss) before income taxes 25,154 26,762 (1,608 ) Income tax expense (benefit) 7,517 7,998 (481 ) Net income (loss) $ 17,637 $ 18,764 $ (1,127 ) General Partner's interest in net income (loss) 95 101 (6 ) Limited Partner's interest in net income (loss) $ 17,542 $ 18,663 $ (1,121 ) Basic and diluted income (loss) per Limited Partner Unit $ 0.35 $ 0.37 $ (0.02 ) September 30, 2019 Balance Sheet As Reported Balances without Adoption of ASC 606 Effect of Change Higher/(Lower) Assets Prepaid expenses and other current assets $ 36,898 $ 31,442 $ 5,456 Deferred charges and other assets, net $ 16,635 $ 10,707 $ 5,928 Liabilities Accrued expenses and other current liabilities $ 120,839 $ 120,818 $ 21 Deferred tax liabilities, net $ 20,116 $ 16,850 $ 3,266 Partners' capital Common unitholders $ 279,709 $ 271,666 $ 8,043 General partner $ (1,968 ) $ (2,022 ) $ 54 The following disaggregates our revenue by major sources for the year ended September 30, 2019 and September 30, 2018: Years Ended September 30, (in thousands) 2019 2018 2017 Petroleum Products: Home heating oil and propane $ 1,099,874 $ 1,084,827 $ 854,067 Motor fuel and other petroleum products 366,172 319,543 211,009 Total petroleum products 1,466,045 1,404,370 1,065,076 Installations and Services: Equipment installations 101,709 98,064 94,961 Equipment maintenance service contracts 120,138 111,361 105,565 Billable call services 65,980 64,042 57,953 Total installations and services 287,827 273,467 258,479 Total Sales $ 1,753,872 $ 1,677,837 $ 1,323,555 Performance Obligations Petroleum product revenues consist of home heating oil and propane as well as diesel fuel and gasoline. Revenues from petroleum products are recognized at the time of delivery to the customer when control is passed from the Company to the customer. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring control of the petroleum products. Approximately 95% of our full service residential and commercial home heating oil customers automatically receive deliveries based on prevailing weather conditions. We offer several pricing alternatives to our residential home heating oil customers, including a variable price (market based) option and a price-protected option, the latter of which either sets the maximum price or a fixed price that a customer will pay. Equipment maintenance service contracts primarily cover heating, air conditioning, and natural gas equipment. We generally do not sell equipment maintenance service contracts to heating oil customers that do not take delivery of product from us. The service contract period of our equipment maintenance service contracts is generally one year or less. Revenues from equipment maintenance service contracts are recognized into income over the terms of the respective service contracts, on a straight-line basis. Our obligation to perform service is consistent through the duration of the contracts, and the straight-line basis of recognition is a faithful depiction of the transfer of our services. To the extent that the Company anticipates that future costs for fulfilling its contractual obligations under its equipment service contracts will exceed the amount of deferred revenue currently attributable to these contracts, the Company recognizes a loss in current period earnings equal to the amount that anticipated future costs exceed related deferred revenues. Revenue from billable call services (repairs, maintenance and other services including plumbing) and equipment installations (heating, air conditioning, and natural gas equipment) are recognized at the time that the work is performed. Our standard payment terms are generally 30 days. Sales reported for product, installations and services exclude taxes assessed by various governmental authorities. Contract Costs We have elected to recognize incremental costs of obtaining a contract, other than new residential product and equipment maintenance service contracts, as an expense when incurred when the amortization period of the asset that we otherwise would have recognized is one year or less. We recognize an asset for incremental commission expenses paid to sales personnel in conjunction with obtaining new residential customer product and equipment maintenance service contracts. We defer these costs only when we have determined the commissions are, in fact, incremental and would not have been incurred absent the customer contract. Costs to obtain a contract are amortized and recorded ratably as delivery and branch expenses over the period representing the transfer of goods or services to which the assets relate. Costs to obtain new residential product and equipment maintenance service contracts are amortized as expense over the estimated customer relationship period of approximately five years. Deferred contract costs are classified as current or non-current within “Prepaid expenses and other current assets” and “Deferred charges and other assets, net,” respectively. At September 30, 2019 the amount of deferred contract costs included in “Prepaid expenses and other current assets” and “Deferred charges and other assets, net” was $3.4 million and $5.9 million, respectively. For the year ended September 30, 2019 we recognized expense of $4.0 million associated with the amortization of deferred contract costs within delivery and branch expense in the Consolidated Statement of Operations. We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the petroleum products and services related to the cost, less the expected costs related directly to providing those petroleum products and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the twelve months ended September 30, 2019. Significant Judgments – Allocation of Transaction Price to Separate Performance Obligations Our contracts with customers often include distinct performance obligations to transfer products and perform equipment maintenance services to a customer that are accounted for separately. Judgment is required to determine the stand-alone selling price for each distinct performance obligation for the purpose of allocating the transaction price to separate performance obligations. We determine the stand-alone selling price using information that may include market conditions and other observable inputs and typically have more than one stand-alone selling price for petroleum products and equipment maintenance services due to the stratification of those products and services by geography and customer characteristics. Contract Liability Balances The Company has contract liabilities for advanced payments received from customers for future oil deliveries (primarily amounts received from customers on “smart pay” budget payment plans in advance of oil deliveries) and obligations to service customers with equipment maintenance service contracts. Approximately 34% of our residential customers take advantage of our “smart pay” budget payment plan under which their estimated annual oil and propane deliveries and service contract billings are paid for in a series of equal monthly installments. Our “smart pay” budget payment plans are annual and generally begin outside of the heating season. We generally have received advanced amounts from customers on “smart pay” budget payment plans prior to the heating season, which are reduced as oil deliveries are made. For customers that are not on “smart pay” budget payment plans, we generally receive the full contract amount for equipment service contracts with customers at the outset of the contracts. Contract liabilities are recognized straight-line over the service contract period, generally one-year or less. As of September 30, 2019 and September 30, 2018 the Company had contract liabilities of $127.0 million and $118.6 million, respectively. During the year ended September 30, 2019 the Company recognized $111.0 million of revenue that was included in the September 30, 2018 contract liability balance. |
Quarterly Distribution of Avail
Quarterly Distribution of Available Cash | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Distribution of Available Cash | 4) Quarterly Distribution of Available Cash The Company agreement provides that beginning October 1, 2008, the minimum quarterly distributions on the common units will start accruing at the rate of $0.0675 per quarter ($0.27 on an annual basis) in accordance with the Partnership Agreement. In general, the Company intends to distribute to its partners on a quarterly basis, all of its available cash, if any, in the manner described below. “Available cash” generally means, for any of its fiscal quarters, all cash on hand at the end of that quarter, less the amount of cash reserves that are necessary or appropriate in the reasonable discretion of the general partners to: • provide for the proper conduct of the Company’s business including acquisitions and debt payments; • comply with applicable law, any of its debt instruments or other agreements; or • provide funds for distributions to the common unitholders during the next four quarters, in some circumstances. Available cash will generally be distributed as follows: • first, 100% to the common units, pro rata, until the Company distributes to each common unit the minimum quarterly distribution of $0.0675; • second, 100% to the common units, pro rata, until the Company distributes to each common unit any arrearages in payment of the minimum quarterly distribution on the common units for prior quarters; • third, 100% to the general partner units, pro rata, until the Company distributes to each general partner unit the minimum quarterly distribution of $0.0675; • fourth, 90% to the common units, pro rata, and 10% to the general partner units, pro rata (subject to the Management Incentive Plan), until the Company distributes to each common unit the first target distribution of $0.1125; and • thereafter, 80% to the common units, pro rata, and 20% to the general partner units, pro rata. The Company is obligated to meet certain financial covenants under the fourth amended and restated credit agreement. The Company must maintain excess availability of at least 15.0% of the revolving commitment then in effect and a fixed charge coverage ratio of 1.15 in order to make any distributions to unitholders. The obligation is unchanged under the fifth amended and restated credit agreement. (See Note 13—Long-Term Debt and Bank Facility Borrowings and Note 21—Subsequent Events ) For fiscal 2019, 2018, and 2017, cash distributions declared per common unit were $0.485, $0.455, and $0.425, respectively. For fiscal 2019, 2018, and 2017, $0.7 million, $0.6 million, and $0.5 million, respectively, of incentive distributions were paid to the general partner, exclusive of amounts paid subject to the Management Incentive Plan. |
Common Unit Repurchase Plans an
Common Unit Repurchase Plans and Retirement | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Common Unit Repurchase Plans and Retirement | 5) Common Unit Repurchase Plans and Retirement In July 2012, the Board adopted a plan to repurchase certain of the Company’s Common Units (the “Repurchase Plan”). Through August 2019, the Company had repurchased approximately 9.5 million Common Units under the Repurchase Plan. In August 2019, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 1.3 million to a total of 2.3 million, of which, 1.0 million were available for repurchase in open market transactions and 1.3 million were available for repurchase in privately-negotiated transactions. The Company repurchased approximately 5.4 million Common Units in fiscal year 2019, and 1.0 million total Common Units remain available for repurchase at the end of the fiscal year 2019. There is no guarantee of the exact number of units that will be purchased under the program and the Company may discontinue purchases at any time. The program does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Company’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the Common Units purchased in the repurchase program will be retired. Under the Credit Agreement dated July 2, 2018, in order to repurchase Common Units we must maintain Availability (as defined in the amended and restated credit agreement) of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is outstanding) on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 measured as of the date of repurchase. This restriction is unchanged in the fifth amended and restated credit agreement effective December 4, 2019. (See Note 13—Long-Term Debt and Bank Facility Borrowings and Note 21—Subsequent Events). (in thousands, except per unit amounts) Period Total Number of Units Purchased Average Price Paid per Unit (a) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Units that May Yet Be Purchased Fiscal year 2012 to 2018 total 7,937 $ 7.11 5,493 5,359 First quarter fiscal year 2019 total 599 $ 9.57 599 4,760 Second quarter fiscal year 2019 total 2,187 $ 9.44 2,187 2,573 (b) Third quarter fiscal year 2019 total 885 $ 9.68 885 1,688 July 2019 147 $ 9.76 147 1,541 August 2019 223 $ 9.67 223 2,318 (c) September 2019 1,362 $ 9.41 1,362 956 (d) Fourth quarter fiscal year 2019 total 1,732 $ 9.47 1,732 956 Fiscal year 2019 total 5,403 $ 9.50 5,403 956 October 2019 223 $ 9.44 223 733 November 2019 261 $ 9.39 261 472 (e) (a) Amounts include repurchase costs. (b) Second quarter of fiscal year 2019 common units repurchased include 1.2 million common units acquired in a private transaction. (c) In August 2019, the Board authorized an increase in the number of Common Units available for repurchase from 1.3 million to 2.3 million. (d) September 2019 common units repurchased include 1.2 million common units acquired in a private transaction. (e) Of the total available for repurchase, approximately 0.4 million are available for repurchase in open market transactions and 0.1 million are available for repurchase in privately-negotiated transactions. |
Captive Insurance Collateral
Captive Insurance Collateral | 12 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Captive Insurance Collateral | 6) Captive Insurance Collateral The Company considers all of its captive insurance collateral to be available-for-sale investments. Investments at September 30, 2019 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 509 $ — $ — $ 509 U.S. Government Sponsored Agencies 29,055 198 (3 ) 29,250 Corporate Debt Securities 23,831 773 — 24,604 Foreign Bonds and Notes 4,066 61 — 4,127 Total $ 57,461 $ 1,032 $ (3 ) $ 58,490 Investments at September 30, 2018 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 350 $ — $ — $ 350 U.S. Government Sponsored Agencies 10,735 — (192 ) 10,543 Corporate Debt Securities 30,427 — (928 ) 29,499 Foreign Bonds and Notes 5,111 — (84 ) 5,027 Total $ 46,623 $ — $ (1,204 ) $ 45,419 Maturities of investments were as follows at September 30, 2019 (in thousands): Net Carrying Amount Due within one year $ 9,958 Due after one year through five years 35,114 Due after five years through ten years 13,418 Total $ 58,490 |
Derivatives and Hedging-Disclos
Derivatives and Hedging-Disclosures and Fair Value Measurements | 12 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging-Disclosures and Fair Value Measurements | 7) Derivatives and Hedging—Disclosures and Fair Value Measurements The Company uses derivative instruments such as futures, options and swap agreements in order to mitigate exposure to market risk associated with the purchase of home heating oil for price-protected customers, physical inventory on hand, inventory in transit, priced purchase commitments and internal fuel usage. FASB ASC 815-10-05 Derivatives and Hedging, established accounting and reporting standards requiring that derivative instruments be recorded at fair value and included in the consolidated balance sheet as assets or liabilities, along with qualitative disclosures regarding the derivative activity. The Company has elected not to designate its commodity derivative instruments as hedging derivatives, but rather as economic hedges whose change in fair value is recognized in its statement of operations in the line item (Increase) decrease in the fair value of derivative instruments. Depending on the risk being economically hedged, realized gains and losses are recorded in cost of product, cost of installations and services, or delivery and branch expenses. As of September 30, 2019, to hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers, the Company held the following derivative instruments that settle in future months to match anticipated sales: 15.5 million gallons of swap contracts with a notional value of $29.7 million and a fair value of $(1.0) million, 6.1 million gallons of call options with a notional value of $15.6 million and a fair value of $0.1 million, 5.9 million gallons of put options with a notional value of $7.7 million and a fair value of $28 thousand, and 81.0 million net gallons of synthetic call options with an average notional value of $165.4 million and a fair value of $(7.2) million. To hedge the inter-month differentials for its price-protected customers, its physical inventory on hand and inventory in transit, the Company, as of September 30, 2019, had 1.3 million gallons of purchased swap contracts with a notional value of $2.4 million and a fair value of $(0.1) million, 45.2 million gallons of purchased future contracts that settle daily with a notional value of $83.2 million and a fair value of $(0.9) million, and 67.5 million gallons of sold future contracts that settle daily with a notional value of $124.9 million and a fair value of $0.2 million. To hedge its internal fuel usage and other related activities for fiscal 2020, the Company, as of September 30, 2019, had 4.2 million gallons of swap contracts with a notional value of $7.4 million and a fair value of $(0.3) million that settle in future months. As of September 30, 2018, to hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers, the Company held the following derivative instruments that settle in future months to match anticipated sales: 11.7 million gallons of swap contracts with a notional value of $24.6 million and a fair value of $2.9 million, 3.2 million gallons of call options with a notional value of $8.2 million and a fair value of $0.2 million, 5.6 million gallons of put options with a notional value of $8.5 million and a fair value of $2 thousand, and 85.4 million net gallons of synthetic call options with an average notional value of $182.9 million and a fair value of $14.0 million. To hedge the inter-month differentials for its price-protected customers, its physical inventory on hand and inventory in transit, the Company, as of September 30, 2018, had 1.2 million gallons of purchased swap contracts with a notional value of $2.6 million and a fair value of $0.2 million, 53.1 million gallons of purchased future contracts that settle daily with a notional value $114.3 million and a fair value of $9.7 million and 68.9 million gallons of sold future contracts that settle daily with a notional value of $148.8 million and a fair value of $(12.6) million. To hedge its internal fuel usage and other related activities for fiscal 2019, the Company, as of September 30, 2018, had 6.5 million gallons of swap contracts with a notional value of $13.7 million and a fair value of $1.0 million that settle in future months and 0.5 million net gallons of synthetic call options with a notional value of $1.0 million and a fair value of $0.1 million. In August 2018, the Company entered into interest rate swap agreements in order to mitigate exposure to market risk associated with variable rate interest on the $50.0 million, or 50%, of our long term debt. The Company has designated its interest rate swap agreements as cash flow hedging derivatives. To the extent these derivative instruments are effective and the standard’s documentation requirements have been met, changes in fair value are recognized in other comprehensive income until the underlying hedged item is recognized in earnings. As of September 30, 2019, the notional value of the swap contracts was $42.5 million and the fair value of the swap contracts was $(2.0) million. As of September 30, 2018, the fair value of the swap contracts was $39 thousand. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of the swap contracts. The Company’s derivative instruments are with the following counterparties: Bank of America, N.A., Bank of Montreal, Cargill, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Key Bank, N.A., Regions Financial Corporation, Toronto-Dominion Bank and Wells Fargo Bank, N.A. The Company assesses counterparty credit risk and considers it to be low. We maintain master netting arrangements that allow for the non-conditional offsetting of amounts receivable and payable with counterparties to help manage our risks and record derivative positions on a net basis. The Company generally does not receive cash collateral from its counterparties and does not restrict the use of cash collateral it maintains at counterparties. At September 30, 2019, the aggregate cash posted as collateral in the normal course of business at counterparties was $3.5 million. Positions with counterparties who are also parties to our credit agreement are collateralized under that facility. As of September 30, 2019, $7.7 million hedge positions and payable amounts were secured under the credit facility. FASB ASC 820-10 Fair Value Measurements and Disclosures, established a three-tier fair value hierarchy, which classified the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company’s Level 1 derivative assets and liabilities represent the fair value of commodity contracts used in its hedging activities that are identical and traded in active markets. The Company’s Level 2 derivative assets and liabilities represent the fair value of commodity and interest rate contracts used in its hedging activities that are valued using either directly or indirectly observable inputs, whose nature, risk and class are similar. No significant transfers of assets or liabilities have been made into and out of the Level 1 or Level 2 tiers. All derivative instruments were non-trading positions and were either a Level 1 or Level 2 instrument. The Company had no Level 3 derivative instruments. The fair market value of our Level 1 and Level 2 derivative assets and liabilities are calculated by our counter-parties and are independently validated by the Company. The Company’s calculations are, for Level 1 derivative assets and liabilities, based on the published New York Mercantile Exchange (“NYMEX”) market prices for the commodity contracts open at the end of the period. For Level 2 derivative assets and liabilities the calculations performed by the Company are based on a combination of the NYMEX published market prices and other inputs, including such factors as present value, volatility and duration. The Company had no assets or liabilities that are measured at fair value on a nonrecurring basis subsequent to their initial recognition. The Company’s financial assets and liabilities measured at fair value on a recurring basis are listed on the following table. (In thousands) Fair Value Measurements at Reporting Date Using: Derivatives Not Designated as Hedging Instruments Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Under FASB ASC 815-10 Balance Sheet Location Total Level 1 Level 2 Asset Derivatives at September 30, 2019 Commodity contracts Fair liability value of derivative instruments $ 13,824 $ — $ 13,824 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net balance 1,466 — 1,466 Commodity contract assets at September 30, 2019 $ 15,290 $ — $ 15,290 Liability Derivatives at September 30, 2019 Commodity contracts Fair liability value of derivative instruments $ (22,086 ) $ — $ (22,086 ) Commodity contracts Cash collateral — — — Commodity contracts Long-term derivative liabilities included in the deferred charges and other assets, net balance and other long term liabilities, net (1,719 ) — (1,719 ) Commodity contract liabilities at September 30, 2019 $ (23,805 ) $ — $ (23,805 ) Asset Derivatives at September 30, 2018 Commodity contracts Fair asset value of derivative instruments $ 17,710 $ — $ 17,710 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net balance 906 — 906 Commodity contract assets at September 30, 2018 $ 18,616 $ — $ 18,616 Liability Derivatives at September 30, 2018 Commodity contracts Fair liability and fair asset value of derivative instruments $ — $ — $ — Commodity contracts Cash collateral — — — Commodity contracts Long-term derivative liabilities included in the deferred charges and other assets, net balance (103 ) — (103 ) Commodity contract liabilities at September 30, 2018 $ (103 ) $ — $ (103 ) The Company’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table. (In thousands) Gross Amounts Not Offset in the Statement of Financial Position Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities) Gross Assets Recognized Gross Liabilities Offset in the Statement of Financial Position Net Assets (Liabilities) Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Fair asset value of derivative instruments $ — $ — $ — $ — $ — $ — Long-term derivative assets included in other long-term assets, net 16 (16 ) — — — — Fair liability value of derivative instruments 13,824 (22,086 ) (8,262 ) — — (8,262 ) Long-term derivative liabilities included in other long-term liabilities, net 1,450 (1,703 ) (253 ) — — (253 ) Total at September 30, 2019 $ 15,290 $ (23,805 ) $ (8,515 ) $ — $ — $ (8,515 ) Fair asset value of derivative instruments $ 17,710 $ - $ 17,710 $ — $ — $ 17,710 Long-term derivative assets included in other long-term assets, net 906 (103 ) 803 — — 803 Fair liability value of derivative instruments — — — — — — Long-term derivative liabilities included in other long-term liabilities, net — — — — — — Total at September 30, 2018 $ 18,616 $ (103 ) $ 18,513 $ — $ — $ 18,513 (In thousands) The Effect of Derivative Instruments on the Statement of Operations Amount of (Gain) or Loss Recognized Years Ended September 30, Derivatives Not Designated as Hedging Instruments Under FASB ASC 815-10 Location of (Gain) or Loss Recognized in Income on Derivative 2019 2018 2017 Commodity contracts Cost of product (a) $ 9,266 $ 10,379 $ 6,386 Commodity contracts Cost of installations and service (a) $ 836 $ (726 ) $ (526 ) Commodity contracts Delivery and branch expenses (a) $ 596 $ (1,403 ) $ (422 ) Commodity contracts (Increase) / decrease in the fair value of derivative instruments (b) $ 25,113 $ (11,408 ) $ (2,193 ) (a) Represents realized closed positions and includes the cost of options as they expire. (b) Represents the change in value of unrealized open positions and expired options. |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 8) Inventories The Company’s product inventories are stated at the lower of cost and net realizable value computed on the weighted average cost method. All other inventories, representing parts and equipment are stated at the lower of cost and net realizable value using the FIFO method. The components of inventory were as follows (in thousands): September 30, 2019 2018 Product $ 43,536 $ 34,618 Parts and equipment 21,252 21,759 Total inventory $ 64,788 $ 56,377 Product inventories were comprised of 22.8 million gallons and 16.3 million gallons on September 30, 2019 and September 30, 2018, respectively. The Company has market price based product supply contracts for approximately 271.6 million gallons of home heating oil and propane, and 44.4 million gallons of diesel and gasoline, which it expects to fully utilize to meet its requirements over the next twelve months. No single supplier provided more than 10% of our product supply during fiscal 2019 and 2018. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 9) Property and Equipment The components of property and equipment were as follows (in thousands): September 30, 2019 2018 Land and land improvements $ 20,872 $ 19,230 Buildings and leasehold improvements 37,443 34,557 Fleet and other equipment 73,440 66,734 Tanks and equipment 50,353 45,860 Furniture, fixtures and office equipment 48,582 44,200 Total 230,690 210,581 Less accumulated depreciation and amortization 132,451 122,963 Property and equipment, net $ 98,239 $ 87,618 Depreciation and amortization expense was $13.5 million, $12.0 million, and $11.1 million, for the fiscal years ended September 30, 2019, 2018 and 2017 respectively. |
Business Combinations
Business Combinations | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | 10) Business Combinations During fiscal 2019, the Company acquired one of its subcontractors, a liquid product dealer and the assets of a propane dealer for an aggregate purchase price of approximately $60.9 million. As of September 30, 2019 the intangibles and goodwill have been provisionally determined. The Company will record any material adjustments to the initial estimates based on new information obtained that would have existed as of the date of the acquisition. Any adjustment that arises from information obtained that did not exist as of the date of the acquisition will be recorded in the period the adjustment arises. The following table summarizes the preliminary fair values and purchase price allocations in aggregate of the assets acquired and liabilities assumed related to the fiscal 2019 acquisitions as of the respective acquisition dates. (in thousands) As of Acquisition Date Receivables $ 6,887 Inventories 2,105 Prepaid expenses and other current assets 89 Property and equipment, net 13,676 Intangibles 28,599 Accrued expenses and other current liabilities (366 ) Unearned service contract revenue (2,800 ) Customer credit balances (3,399 ) Other long-term liabilities (25 ) Total net identifiable assets acquired $ 44,766 Total consideration $ 60,904 Less: Total net identifiable assets acquired 44,766 Goodwill $ 16,138 The total acquisition expenses of $1.2 million related to these acquisitions are included in the Consolidated Statement of Operations under “General and administrative expenses” for the twelve months ended September 30, 2019. The goodwill was primarily attributable to increased synergies that were expected to be achieved from the integration of the acquired businesses into our operations. All of the $16.1 million of goodwill relating to the acquisitions is expected to be deductible for income tax purposes. The acquired companies’ operating results are included in the Company’s consolidated financial statements starting on the respective acquisition dates. Customer lists, other intangibles and trade names are amortized on a straight-line basis over ten to twenty years. Included in our Consolidated Statement of Operations from the respective acquisition dates through September 30, 2019, are sales and net loss before income taxes of $25.2 million and $1.7 million, respectively. The following table provides unaudited pro forma results of operations as if the fiscal 2019 acquisitions had occurred on October 1, 2017, the beginning of fiscal year 2018. The unaudited pro forma results were prepared using current and prior year financial information, reflecting certain adjustments related to the acquisition, such as the elimination of directly attributable acquisition expenses and changes to depreciation and amortization expenses. These pro forma adjustments do not include any potential synergies related to combining the businesses. Accordingly, such pro forma operating results were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of October 1, 2017 or of results that may occur in the future. For the Twelve Months Ended September 30, (in thousands) 2019 2018 Total sales $ 1,821,522 $ 1,765,165 Net income $ 22,486 $ 57,112 During fiscal 2018, the Company acquired five heating oil dealers and one motor fuel dealer for an aggregate purchase price of approximately $25.2 million; $23.7 million in cash and $1.5 million of deferred liabilities. The gross purchase price was allocated $15.3 million to intangible assets, $7.5 million to fixed assets and $2.4 million to working capital. The acquired companies’ operating results are included in the Company’s consolidated financial statements starting on their respective acquisition date, and are not material to the Company’s financial condition, results of operations, or cash flows. During fiscal 2017, the Company acquired four heating oil dealers, two propane dealers and a plumbing service provider for an aggregate purchase price of approximately $44.8 million; $43.3 million in cash and $1.5 million of deferred liabilities (including $0.6 million of contingent consideration). The gross purchase price was allocated $37.5 million to intangible assets, $10.2 million to fixed assets and reduced by $2.9 million in working capital credits. The acquired companies’ operating results are included in the Company’s consolidated financial statements starting on their respective acquisition date, and are not material to the Company’s financial condition, results of operations, or cash flows. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 11) Goodwill and Other Intangible Assets Goodwill The Company performs a qualitative, and when necessary quantitative, impairment test on its goodwill annually on August 31 st The Company performed its annual goodwill impairment valuation in each of the periods ending August 31, 2019, 2018, and 2017, and it was determined based on each year’s analysis that there was no goodwill impairment. A summary of changes in the Company’s goodwill during the fiscal years ended September 30, 2019 and 2018 are as follows (in thousands): Balance as of September 30, 2017 $ 225,915 Fiscal year 2018 business combinations 2,521 Balance as of September 30, 2018 228,436 Fiscal year 2019 business combinations 16,138 Balance as of September 30, 2019 $ 244,574 Intangibles, net Intangible assets subject to amortization consist of the following (in thousands): September 30, 2019 2018 Gross Gross Carrying Accum. Carrying Accum. Amount Amortization Net Amount Amortization Net Customer lists $ 382,373 $ 297,221 $ 85,152 $ 358,776 $ 279,990 $ 78,786 Trade names and other intangibles 37,739 15,203 22,536 32,739 13,081 19,658 Total $ 420,112 $ 312,424 $ 107,688 $ 391,515 $ 293,071 $ 98,444 Amortization expense for intangible assets was $19.4 million, $19.6 million, and $16.7 million, for the fiscal years ended September 30, 2019, 2018, and 2017, respectively. Total estimated annual amortization expense related to intangible assets subject to amortization, for the year ended September 30, 2020 and the four succeeding fiscal years ended September 30, is as follows (in thousands): Amount 2020 $ 19,451 2021 $ 16,944 2022 $ 14,885 2023 $ 13,272 2024 $ 10,919 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 12) Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities were as follows (in thousands): September 30, 2019 2018 Accrued wages and benefits $ 26,747 $ 25,712 Accrued insurance 81,443 77,890 Other accrued expenses and other current liabilities 12,649 12,834 Total accrued expenses and other current liabilities $ 120,839 $ 116,436 |
Long-Term Debt and Bank Facilit
Long-Term Debt and Bank Facility Borrowings | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Bank Facility Borrowings | 13) Long-Term Debt and Bank Facility Borrowings The Company's debt is as follows September 30, (in thousands): 2019 2018 Carrying Carrying Amount Fair Value (a) Amount Fair Value Revolving Credit Facility Borrowings $ 61,500 $ 61,500 $ 1,500 $ 1,500 Senior Secured Term Loan (b) 91,947 92,500 99,280 100,000 Total debt $ 153,447 $ 154,000 $ 100,780 $ 101,500 Total short-term portion of debt (c) $ 33,000 $ 33,000 $ 9,000 $ 9,000 Total long-term portion of debt (c) $ 120,447 $ 121,000 $ 91,780 $ 92,500 (a) The face amount of the Company’s variable rate long-term debt approximates fair value. (b) Carrying amounts are net of unamortized debt issuance costs of $0.6 million as of September 30, 2019 and $0.7 million as of September 30, 2018. (c) On December 4, 2019, the Company refinanced its five-year term loan and the revolving credit facility with the execution of the fifth amended and restated revolving credit facility agreement. (See Note 21—Subsequent Events). As of September 30, 2019, the Company has classified $37.5 million of its revolving credit facility borrowings as long term debt and repaid it on December 4, 2019 using proceeds provided by the fifth amended and restated revolving credit facility agreement On July 2, 2018, the Company refinanced its five-year term loan and the revolving credit facility with the execution of the fourth credit agreement with a bank syndicate comprised of eleven participants, which enables the Company to borrow up to $300 million ($450 million during the heating season of December through April of each year) on a revolving credit facility for working capital purposes (subject to certain borrowing base limitations and coverage ratios), provides for a $100 million five-year senior secured term loan (“Term Loan”), allows for the issuance of up to $25 million in letters of credit, and has a maturity date of July 2, 2023. The new credit agreement, executed on December 4, 2019, increased the Term Loan to $130 million and extended the maturity date to December 4, 2024. The Company can increase the revolving credit facility size by $200 million without the consent of the bank group. However, the bank group is not obligated to fund the $200 million increase. If the bank group elects not to fund the increase, the Company can add additional lenders to the group, with the consent of the Agent, which shall not be unreasonably withheld. Obligations under the fourth and fifth amended and restated credit facilities are guaranteed by the Company and its subsidiaries and are secured by liens on substantially all of the Company’s assets including accounts receivable, inventory, general intangibles, real property, fixtures and equipment. All amounts outstanding under the fourth amended and restated revolving credit facility become due and payable on the facility termination date of July 2, 2023 (extended to December 4, 2024 under the new credit agreement). The Term Loan is repayable in quarterly payments of $2.5 million (increased to $3.25 million under the new credit agreement beginning March 31, 2020) plus an annual payment equal to 25% of the annual Excess Cash Flow as defined in the agreement (an amount not to exceed $15 million annually), less certain voluntary prepayments made during the year, with final payment at maturity. The Company does not expect to make additional term loan repayments due to Excess Cash Flow for the fiscal year ended September 30, 2019. The interest rate on the revolving credit facility and the term loan is based on a margin over LIBOR or a base rate. At September 30, 2019, the effective interest rate on the term loan and revolving credit facility borrowings was approximately 5.9% and 4.6%, respectively. At September 30, 2018, the effective interest rate on the term loan and revolving credit facility borrowings was approximately 5.2% and 3.8%, respectively. The Commitment Fee on the unused portion of the revolving credit facility is 0.30% from December through April, and 0.20% from May through November. The fourth and fifth credit agreements require the Company to meet certain financial covenants, including a fixed charge coverage ratio (as defined in the credit agreement) of not less than 1.1 as long as the Term Loan is outstanding or revolving credit facility availability is less than 12.5% of the facility size. In addition, as long as the Term Loan is outstanding, a senior secured leverage ratio cannot be more than 3.0 as calculated as of the quarters ending June or September, and no more than 4.5 as calculated as of the quarters ending December or March. Certain restrictions are also imposed by the fourth and fifth credit agreements, including restrictions on the Company’s ability to incur additional indebtedness, to pay distributions to unitholders, to pay certain inter-company dividends or distributions, make investments, grant liens, sell assets, make acquisitions and engage in certain other activities. At September 30, 2019, $92.5 million of the term loan was outstanding, $61.5 million was outstanding under the fourth amended and restated revolving credit facility, $7.7 million hedge positions were secured under the fourth credit agreement, and $4.6 million of letters of credit were issued and outstanding. At September 30, 2018, $100.0 million of the term loan was outstanding, $1.5 million amount was outstanding under the respective revolving credit facility, no hedge positions were secured under the fourth credit agreement and $7.1 million of letters of credit were issued and outstanding. At September 30, 2019, availability was $126.1 million, the Company was in compliance with the fixed charge coverage ratio and the senior secured leverage ratio, and the restricted net assets totaled approximately $250.9 million. Restricted net assets are assets in the Company’s subsidiaries, the distribution or transfer of which to Star Group, L.P. are subject to limitations under its fourth and fifth credit agreements. At September 30, 2018, availability was $189.0 million, the Company was in compliance with the fixed charge coverage ratio and the senior secured leverage ratio, and the restricted net assets totaled approximately $299.8 million. As of September 30, 2019, the maturities (including working capital borrowings and expected repayments due to Excess Cash Flow) during fiscal years ending September 30, considering the terms of our fifth amended and restated credit agreement, are set forth in the following table (in thousands): 2020 $ 9,000 2021 $ 13,000 2022 $ 13,000 2023 $ 13,000 2024 $ 13,000 Thereafter $ 93,000 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 14) Employee Benefit Plans Defined Contribution Plans The Company has several 401(k) and other defined contribution plans that cover eligible non-union and union employees, and makes employer contributions to these plans, subject to IRS limitations. These plans provide for each participant to contribute from 0% to 60% of compensation, subject to IRS limitations. The Company’s aggregate contributions to the 401(k) plans during fiscal 2019, 2018, and 2017, were $7.6 million, $6.7 million, and $6.3 million, respectively. The Company’s aggregate contribution to the other defined contribution plans for fiscal years 2019, 2018, and 2017, were $0.6 million, $0.6 million, and $0.7 million respectively. Management Incentive Compensation Plan The Company has a Management Incentive Compensation Plan (“the Plan”). The long-term compensation structure is intended to align the employee’s performance with the long-term performance of our unitholders. Under the Plan, certain named employees who participate shall be entitled to receive a pro rata share of an amount in cash equal to: • 50% of the distributions (“Incentive Distributions”) of Available Cash in excess of the minimum quarterly distribution of $0.0675 per unit otherwise distributable to Kestrel Heat pursuant to the Company Agreement on account of its general partner units; and • 50% of the cash proceeds (the “Gains Interest”) which Kestrel Heat shall receive from the sale of its general partner units (as defined in the Partnership Agreement), less expenses and applicable taxes. The pro rata share payable to each participant under the Plan is based on the number of participation points as described under “Fiscal 2019 Compensation Decisions—Management Incentive Compensation Plan.” The amount paid in Incentive Distributions is governed by the Partnership Agreement and the calculation of Available Cash. To fund the benefits under the Plan, Kestrel Heat has agreed to forego receipt of the amount of Incentive Distributions that are payable to plan participants. For accounting purposes, amounts payable to management under this Plan will be treated as compensation and will reduce net income. Kestrel Heat has also agreed to contribute to the Company, as a contribution to capital, an amount equal to the Gains Interest payable to participants in the Plan by the Company. The Company is not required to reimburse Kestrel Heat for amounts payable pursuant to the Plan. The Plan is administered by the Company’s Chief Financial Officer under the direction of the Board or by such other officer as the Board may from time to time direct. In general, no payments will be made under the Plan if the Company is not distributing cash under the Incentive Distributions described above. In fiscal 2012, the Board of Directors adopted certain amendments (the “Plan Amendments”) to the Plan. Under the Plan Amendments, the number and identity of the Plan participants and their participation interests in the Plan have been frozen at the current levels. In addition, under the Plan Amendments, the plan benefits (to the extent vested) may be transferred upon the death of a participant to his or her heirs. A participant’s vested percentage of his or her plan benefits will be 100% during the time a participant is an employee or consultant of the Company. Following the termination of such positions, a participant’s vested percentage is equal to 20% for each full or partial year of employment or consultation with the Company starting with the fiscal year ended September 30, 2012 (33 1/3% in the case of the Company’s chief executive officer at that time). The Company distributed to management and the general partner Incentive Distributions of approximately $1,464,000 during fiscal 2019, $1,199,000 during fiscal 2018, and $963,000 during fiscal 2017. Included in these amounts for fiscal 2019, 2018, and 2017, were distributions under the management incentive compensation plan of $732,000, $600,000, and $481,000, respectively, of which named executive officers received approximately $397,430 during fiscal 2019, $267,082 during fiscal 2018, and $214,378 during fiscal 2017. With regard to the Gains Interest, Kestrel Heat has not given any indication that it will sell its general partner units within the next twelve months. Thus the Plan’s value attributable to the Gains Interest currently cannot be determined. Multiemployer Pension Plans At September 30, 2019, approximately 43% of our employees were covered by collective bargaining agreements and approximately 23% of our employees are in collective bargaining agreements that are up for renewal within the next fiscal year. We contribute to various multiemployer union administered pension plans under the terms of collective bargaining agreements that provide for such plans for covered union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the remaining participating employers may be required to bear the unfunded obligations of the plan. If we choose to stop participating in a multiemployer plan, we may be required to pay a withdrawal liability in part based on the underfunded status of the plan. The following table outlines our participation and contributions to multiemployer pension plans for the periods ended September 30, 2019, 2018, and 2017. The EIN/Pension Plan Number column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The most recent Pension Protection Act Zone Status for 2019 and 2018 relates to the plans’ two most recent fiscal year-ends, based on information received from the plans as reported on their Form 5500 Schedule MB. Among other factors, plans in the red zone are generally less than 65 percent funded and are designated as critical or critical and declining, plans in the yellow zone are less than 80 percent funded and are designated as endangered, and plans in the green zone are at least 80 percent funded. The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. Certain plans have been aggregated in the All Other Multiemployer Pension Plans line of the following table, as our participation in each of these individual plans is not significant. For the Westchester Teamsters Pension Fund, Local 553 Pension Fund and Local 463 Pension Fund, we provided more than 5 percent of the total plan contributions from all employers for 2019, 2018 and 2017, as disclosed in the respective plan’s Form 5500. The collective bargaining agreements of these plans require contributions based on the hours worked and there are no minimum contributions required. Pension Protection Act Zone Status FIP / RP Status Partnership Contributions (in thousands) Pension Fund EIN / Pension Plan Number 2019 2018 Pending / Implemented 2019 2018 2017 Surcharge Imposed Expiration Date of Collective- Bargaining Agreements New England Teamsters and Trucking Industry Pension Fund 04-6372430 / 001 Red Red Yes / Implemented $ 2,468 $ 2,455 $ 2,621 No 3/31/20 to 4/30/23 Westchester Teamsters Pension Fund 13-6123973 / 001 Green Green N/A 1,039 846 924 No 12/31/19 to 1/31/24 Local 553 Pension Fund 13-6637826 / 001 Green Green N/A 3,114 2,888 2,780 No 12/15/19 to 1/15/20 Local 463 Pension Fund 11-1800729 / 001 Green Green N/A 144 145 150 No 2/28/20 to 6/30/22 All Other Multiemployer Pension Plans 2,833 2,807 2,465 Total Contributions $ 9,598 $ 9,141 $ 8,940 Agreement with the New England Teamsters and Trucking Industry Pension Fund In fiscal 2015, the Teamsters ratified an agreement among certain subsidiaries of the Company and the New England Teamsters and Trucking Industry Pension Fund (“the NETTI Fund”), a multiemployer pension plan in which such subsidiaries participate, providing for the Company’s participating subsidiaries to withdraw from the NETTI Fund’s original employer pool and enter the NETTI Fund’s new employer pool. The withdrawal from the original employer pool triggered an undiscounted withdrawal obligation of $48.0 million that is to be paid in equal monthly installments over 30 years, or $1.6 million per year. The NETTI Fund includes over two hundred of our current employees and has been classified as carrying “red zone” status, meaning that the value of NETTI Fund’s assets are less than 65% of the actuarial value of the NETTI Fund’s benefit obligations. As of September 30, 2019, we had $0.2 million and $16.9 million balances included in the captions accrued expenses and other current liabilities and other long-term liabilities, respectively, on our consolidated balance sheet representing the remaining balance of the NETTI withdrawal liability. Based on the borrowing rates currently available to the Company for long-term financing of a similar maturity, the fair value of the NETTI withdrawal liability as of September 30, 2019 was $21.1 million. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability. Our status in the newly-established pool of the NETTI Fund is accounted for as participation in a new multiemployer pension plan, and therefore we recognize expense based on the contractually-required contribution for each period, and we recognize a liability for any contributions due and unpaid at the end of a reporting period. Defined Benefit Plans The Company accounts for its two frozen defined benefit pension plans (“the Plan”) in accordance with FASB ASC 715-10-05 Compensation-Retirement Benefits. The Company has no post-retirement benefit plans. Effective September 30, 2019, the Company adopted the Society of Actuaries 2019 Mortality Tables Report and Improvement Scale, which updated the mortality assumptions that private defined benefit retirement plans in the United States use in the actuarial valuations that determine a plan sponsor’s pension obligations. The updated mortality data reflects decreased mortality improvement than assumed in the Society of Actuaries 2018 Mortality Table Report and Improvement Scale, and affected plans generally expect the value of the actuarial obligations to decrease, depending on the specific demographic characteristics of the plan participants and the types of benefits. The following table provides the net periodic benefit cost for the period, a reconciliation of the changes in the Plan assets, projected benefit obligations, and the amounts recognized in other comprehensive income and accumulated other comprehensive income at the dates indicated using a measurement date of September 30 (in thousands): Gross Pension Net Periodic Fair Related Pension Value of Accumulated Cost in Pension Projected Other Other Income Plan Benefit Comprehensive Comprehensive Debit / (Credit) Statement Cash Assets Obligation (Income) / Loss Income Fiscal Year 2017 Beginning balance $ 68,276 $ (70,679 ) $ 21,704 Interest cost 2,251 (2,251 ) Actual return on plan assets (1,473 ) 1,473 Employer contributions (505 ) 505 Benefit payments (4,578 ) 4,578 Investment and other expenses (455 ) 455 Difference between actual and expected return on plan assets (1,232 ) 1,232 Anticipated expenses 341 (341 ) Actuarial loss 2,457 (2,457 ) Amortization of unrecognized net actuarial loss 2,131 (2,131 ) Annual cost/change $ 1,563 $ (505 ) (2,600 ) 4,898 $ (3,356 ) (3,356 ) Ending balance $ 65,676 $ (65,781 ) $ 18,348 Funded status at the end of the year $ (105 ) Fiscal Year 2018 Interest cost 2,279 (2,279 ) Actual return on plan assets 942 (942 ) Employer contributions (1,653 ) 1,653 Benefit payments (4,463 ) 4,463 Investment and other expenses (394 ) 394 Difference between actual and expected return on plan assets (3,705 ) 3,705 Anticipated expenses 328 (328 ) Actuarial loss 3,989 (3,989 ) Amortization of unrecognized net actuarial loss 1,791 (1,791 ) Annual cost/change $ 1,241 $ (1,653 ) (3,752 ) 6,239 $ (2,075 ) (2,075 ) Ending balance $ 61,924 $ (59,542 ) $ 16,273 Funded status at the end of the year $ 2,382 Fiscal Year 2019 Interest cost 2,366 (2,366 ) Actual return on plan assets (9,380 ) 9,380 Employer contributions Benefit payments (4,466 ) 4,466 Investment and other expenses (483 ) 483 Difference between actual and expected return on plan assets 7,086 (7,086 ) Anticipated expenses 310 (310 ) Actuarial loss (7,738 ) 7,738 Amortization of unrecognized net actuarial loss 1,821 (1,821 ) Annual cost/change $ 1,720 $ — 4,914 (5,465 ) $ (1,169 ) (1,169 ) Ending balance $ 66,838 $ (65,007 ) $ 15,104 Funded status at the end of the year $ 1,831 At September 30, 2019 the amounts included on the balance sheet in deferred charges and other assets were $1.8 million, and at September 30, 2018 the amounts included on the balance sheet in deferred charges and other assets were $2.4 million. The $15.1 million net actuarial loss balance at September 30, 2019 for the two frozen defined benefit pension plans in accumulated other comprehensive income will be recognized and amortized into net periodic pension costs as an actuarial loss in future years. The estimated amount that will be amortized from accumulated other comprehensive income into net periodic pension cost over the next fiscal year is $1.8 million. September 30, Weighted-Average Assumptions Used in the Measurement of the Partnership’s Benefit Obligation 2019 2018 2017 Discount rate at year end date 3.00% 4.15% 3.60% Expected return on plan assets for the year ended 4.67% 4.86% 4.80% Rate of compensation increase N/A N/A N/A The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets determined using fair value. The Company’s expected long-term rate of return on plan assets is updated at least annually, taking into consideration our asset allocation, historical returns on the types of assets held, and the current economic environment. For fiscal year 2020, the Company’s assumption for return on plan assets will be 4.4% per annum. The discount rate used to determine net periodic pension expense for fiscal year 2019, 2018, and 2017 was 3.00%, 4.15%, and 3.60%, respectively. The discount rate used by the Company in determining pension expense and pension obligations reflects the yield of high quality (AA or better rating by a recognized rating agency) corporate bonds whose cash flows are expected to match the timing and amounts of projected future benefit payments. The Plan’s objectives are to have the ability to pay benefit and expense obligations when due, to maintain the funded ratio of the Plan, to maximize return within reasonable and prudent levels of risk in order to minimize contributions and charges to the profit and loss statement, and to control costs of administering the Plan and managing the investments of the Plan. The target asset allocation of the Plan (currently 90% domestic fixed income, 7% domestic equities and 2% international equities and 1% cash and cash equivalents) is based on a long-term perspective, and as the Plan gets closer to being fully funded, the allocations have been adjusted to lower volatility from equity holdings. The Company had no Level 2 or Level 3 pension plan assets during the two years ended September 30, 2019. The fair values and percentage of the Company’s pension plan assets by asset category are as follows (in thousands): September 30, 2019 2018 Concentration Concentration Asset Category Level 1 Percentage Level 1 Percentage Corporate and U.S. government bond fund (1) $ 60,720 90% $ 55,908 90% U.S. large-cap equity (1) 4,632 7% 4,566 7% International equity (1) 1,119 2% 1,129 2% Cash 367 1% 321 1% Total $ 66,838 100% $ 61,924 100% (1) Represent investments in Vanguard funds that seek to replicate the asset category description. The Company is not obligated to make a minimum required contribution in fiscal year 2020, and currently does not expect to make an optional pension contribution. Expected benefit payments over each of the next five years will total approximately $4.4 million per year. Expected benefit payments for the five years thereafter will aggregate approximately $18.9 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15) Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted into law. The Tax Reform Act is a complicated piece of legislation that, among other provisions, contains several key provisions which impact the Company, especially the reduction of the Federal corporate income tax rate from 35% to 21% effective January 1, 2018. In addition, between September 28, 2017 and December 31, 2022, the Tax Reform Act allows for the full depreciation, in the year acquired, for certain fixed assets purchased in that year (also known as 100% bonus depreciation). The re-measurement of the deferred tax assets and liabilities for the enacted Tax Reform Act resulted in an $11.1 million discrete tax benefit recorded as of September 30, 2018. Income tax expense is comprised of the following for the indicated periods (in thousands): Years Ended September 30, 2019 2018 2017 Current: Federal $ 7,921 $ (6,067 ) $ 7,578 State 4,722 (1,016 ) 2,664 Deferred Federal (3,168 ) 11,052 8,775 State (1,958 ) 3,633 1,359 $ 7,517 $ 7,602 $ 20,376 The provision for income taxes differs from income taxes computed at the Federal statutory rate as a result of the following (in thousands): Years Ended September 30, 2019 2018 2017 Income from continuing operations before taxes $ 25,154 $ 63,107 $ 47,276 Provision for income taxes: Tax at Federal statutory rate $ 5,282 $ 17,266 $ 16,546 Effect of the tax reform on deferred taxes — (11,101 ) — Impact of Partnership loss not subject to federal income taxes — 53 741 State taxes net of federal benefit 1,626 1,864 3,170 Permanent differences 345 99 89 Change in valuation allowance net of effect of the tax reform 23 107 115 Other 241 (686 ) (285 ) $ 7,517 $ 7,602 $ 20,376 The Tax at Federal statutory rate is determined based on income from continuing operations before tax and the enacted Federal statutory rate. For fiscal 2017, and first quarter of fiscal 2018 the Federal statutory rate was 35%. For the remainder of fiscal 2018 and fiscal 2019 the Federal statutory rate was 21%. In fiscal 2018, income from continuing operations before tax was $28.7 million in the first quarter, and $34.4 million for the remainder of the fiscal year. The components of the net deferred taxes for the years ended September 30, 2019 and September 30, 2018 using current tax rates are as follows (in thousands): September 30, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 6,292 $ 6,647 Vacation accrual 2,774 2,658 Pension accrual 4,504 4,425 Allowance for bad debts 2,235 2,226 Insurance accrual 2,419 2,425 Inventory capitalization 247 350 Fair value of derivative instruments 2,794 — Other, net — 1,382 Total deferred tax assets 21,265 20,113 Valuation allowance (4,003 ) (3,980 ) Net deferred tax assets $ 17,262 $ 16,133 Deferred tax liabilities: Property and equipment $ 13,485 $ 9,783 Fair value of derivative instruments — 4,673 Intangibles 21,883 22,883 Other, net 2,010 — Total deferred tax liabilities $ 37,378 $ 37,339 Net deferred taxes $ (20,116 ) $ (21,206 ) In order to fully realize the net deferred tax assets, the Company’s corporate subsidiaries will need to generate future taxable income. A valuation allowance is recognized if, based on the weight of available evidence including historical tax losses, it is more likely than not that some or all of deferred tax assets will not be realized. The net change in the total valuation allowance for the fiscal year ended September 30, 2019 was less than $0.1 million. The net change in the total valuation allowance for the fiscal year ended September 30, 2018 was an increase of $0.8 million. Based upon a review of a number of factors and all available evidence, including recent historical operating performance, the expectation of sustainable earnings, and the confidence that sufficient positive taxable income will continue in all tax jurisdictions for the foreseeable future, management concludes for the year ended September 30, 2019, it is more likely than not that the Company will realize the full benefit of its deferred tax assets, net of existing valuation allowance at September 30, 2019. As of January 1, 2019, the Company had State tax effected net operating loss carry forwards (“NOLs”) of approximately $2.5 million after consideration of valuation allowances. The State NOLs, which will expire between 2023 and 2037, are generally available to offset any future taxable income in certain states FASB ASC 740-10-05-6 Income Taxes, Uncertain Tax Position, provides financial statement accounting guidance for uncertainty in income taxes and tax positions taken or expected to be taken in a tax return. At September 30, 2019, we did not have unrecognized income tax benefits. Our continuing practice is to recognize interest and penalties related to income tax matters as a component of income tax expense. We file U.S. Federal income tax returns and various state and local returns. A number of years may elapse before an uncertain tax position is audited and finally resolved. For our Federal income tax returns we have four tax years subject to examination. In our major state tax jurisdictions of New York, Connecticut, and Pennsylvania we have four years that are subject to examination. In the state tax jurisdiction of New Jersey we have five tax years that are subject to examination. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, based on our assessment of many factors including past experience and interpretation of tax law, we believe that our provision for income taxes reflect the most probable outcome. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Lease Commitments | 16) Lease Commitments The Company has entered into certain operating leases for office space, trucks and other equipment. The future minimum rental commitments at September 30, 2019 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows (in thousands): 2020 $ 24,082 2021 20,875 2022 16,687 2023 13,344 2024 11,114 Thereafter 43,506 Total future minimum lease payments $ 129,608 Rent expense for the fiscal years ended September 30, 2019, 2018, and 2017, was $26.2 million, $23.3 million, and $21.4 million, respectively. |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 12 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | 17) Supplemental Disclosure of Cash Flow Information Years Ended September 30, (in thousands) 2019 2018 2017 Cash paid during the period for: Income taxes, net $ 5,133 $ 2,569 $ 4,434 Interest $ 12,601 $ 8,925 $ 7,814 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18) Commitments and Contingencies On April 18, 2017, a civil action was filed in the United States District Court for the Eastern District of New York, entitled M. Norman Donnenfeld v. Petro, Inc., Civil Action Number 2:17-cv-2310-JFB-SIL, against Petro, Inc. By amended complaint filed on August 15, 2017, the Plaintiff alleges he did not receive expected contractual benefits under his protected price plan contract when oil prices fell and asserts various claims for relief including breach of contract, violation of the New York General Business Law and fraudulent inducement. The Plaintiff also seeks to have a class certified of similarly situated Petro customers who entered into protected price plan contracts and were denied the same contractual benefits. No class has yet been certified in this action. The Plaintiff seeks compensatory, punitive and other damages in unspecified amounts. On September 15, 2017, Petro filed a motion to dismiss the amended complaint as time-barred and for failure to state a cause of action. On September 12, 2018, the district court granted in part and denied in part Petro's motion to dismiss. The district court dismissed the Plaintiff's claims for breach of the covenant of good faith and fair dealing and fraudulent inducement, but declined to dismiss the Plaintiff's remaining claims. The district court granted the Plaintiff leave to amend to attempt to replead his fraudulent inducement claim. On October 10, 2018, the Plaintiff filed a second amended complaint. The second amended complaint attempts to replead a fraudulent inducement claim and is otherwise substantially similar or identical to the prior complaint. On November 13, 2018, Petro moved to dismiss the fraudulent inducement and unjust enrichment claims in the second amended complaint. On January 31, 2019, the court granted the motion and dismissed the fraudulent inducement and unjust enrichment claims with prejudice. On February 22, 2019, counsel for Petro and the Plaintiff participated in a mediation which, after arms-length negotiations, resulted in a memorandum of understanding to settle the litigation, subject to the completion of confirmatory discovery, negotiation of a final settlement agreement and court approval. In an order dated March 27, 2019, the district court stayed all discovery deadlines in light of the pending settlement. On May 6, 2019, the Plaintiff filed an Unopposed Motion for Preliminary Approval of Class Action Settlement which remains pending before the court. On October 4, 2019, upon consent of all parties, Judge Roslynn R. Mauskopf assigned the action to Magistrate Judge Steve I. Locke for final disposition. On December 4, 2019, the court granted preliminary approval of the class action settlement. The anticipated settlement is not an admission of liability or breach to any customers by Petro and the Company continues to believe the allegations lack merit. If the settlement is not approved or finalized for any reason, the Company will continue to vigorously defend the action; in that case, we cannot assess the potential outcome or materiality of this matter. At this time we cannot assess the potential outcome or materiality of this matter. The Company’s operations are subject to the operating hazards and risks normally incidental to handling, storing and transporting and otherwise providing for use by consumers hazardous liquids such as home heating oil and propane. In the ordinary course of business, the Company is a defendant in various legal proceedings and litigation. The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. We do not believe these matters, when considered individually or in the aggregate, could reasonably be expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity. The Company maintains insurance policies with insurers in amounts and with coverages and deductibles we believe are reasonable and prudent. However, the Company cannot assure that this insurance will be adequate to protect it from all material expenses related to current and potential future claims, legal proceedings and litigation, including the above mentioned action, as certain types of claims may be excluded from our insurance coverage. If we incur substantial liability and the damages are not covered by insurance, or are in excess of policy limits, or if we incur liability at a time when we are not able to obtain liability insurance, then our business, results of operations and financial condition could be materially adversely affected. |
Earnings per Limited Partner Un
Earnings per Limited Partner Units | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Limited Partner Units | 19) Earnings per Limited Partner Units The following table presents the net income allocation and per unit data in accordance with FASB ASC 260-10-45-60 Earnings per Share, Master Limited Partnerships (EITF 03-06): Basic and Diluted Earnings Per Limited Partner: Years Ended September 30, (in thousands, except per unit data) 2019 2018 2017 Net income $ 17,637 $ 55,505 $ 26,900 Less General Partners’ interest in net income 95 314 156 Net income available to limited partners 17,542 55,191 26,744 Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 * — 6,340 914 Limited Partner’s interest in net income under FASB ASC 260-10-45-60 $ 17,542 $ 48,851 $ 25,830 Per unit data: Basic and diluted net income available to limited partners $ 0.35 $ 1.01 $ 0.48 Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 * — 0.12 0.02 Limited Partner’s interest in net income under FASB ASC 260-10-45-60 $ 0.35 $ 0.89 $ 0.46 Weighted average number of Limited Partner units outstanding 50,814 54,764 55,888 * In any accounting period where the Company’s aggregate net income exceeds its aggregate distribution for such period, the Company is required as per FASB ASC 260-10-45-60 to present net income per limited partner unit as if all of the earnings for the period were distributed, based on the terms of the Partnership agreement, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Company’s overall net income or other financial results. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 20) Selected Quarterly Financial Data (unaudited) Three Months Ended Dec. 31, Mar. 31, Jun. 30, Sep. 30, (in thousands - except per unit data) 2018 2019 2019 2019 Total Sales $ 535,027 $ 699,582 $ 283,376 $ 235,887 $ 1,753,872 Gross profit for product, installation and service 154,484 218,549 66,191 48,482 487,706 Operating income (loss) 6,063 105,002 (29,933 ) (43,782 ) 37,350 Income (loss) before income taxes 3,288 101,564 (33,153 ) (46,545 ) 25,154 Net income (loss) 2,315 72,325 (23,098 ) (33,905 ) 17,637 Limited Partner interest in net income (loss) 2,300 71,871 (22,948 ) (33,681 ) 17,542 Net income (loss) per Limited Partner unit: Basic and diluted (a) $ 0.04 $ 1.15 $ (0.46 ) (0.69 ) $ 0.35 Three Months Ended Dec. 31, Mar. 31, Jun. 30, Sep. 30, (in thousands - except per unit data) 2017 2018 2018 2018 Total Sales $ 436,834 $ 684,031 $ 327,354 $ 229,618 $ 1,677,837 Gross profit for product, installation and service 124,499 216,079 79,377 43,387 463,342 Operating income (loss) 31,066 85,473 (8,817 ) (41,654 ) 66,068 Income (loss) before income taxes 28,670 82,783 (11,421 ) (36,925 ) 63,107 Net income (loss) 30,182 54,778 (8,005 ) (21,450 ) 55,505 Limited Partner interest in net income (loss) 30,007 54,459 (7,956 ) (21,319 ) 55,191 Net income (loss) per Limited Partner unit: Basic and diluted (a) $ 0.45 $ 0.81 $ (0.15 ) $ (0.40 ) $ 0.89 (a) The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21) Subsequent Events Acquisition In October 2019, the Company purchased for cash the customer list and the assets of a motor fuel dealer for an aggregate purchase price of approximately $0.5 million. Quarterly Distribution Declared In October 2019, we declared a quarterly distribution of $0.1250 per unit, or $0.50 per unit on an annualized basis, on all Common Units with respect to the fourth quarter of fiscal 2019, paid on November 5, 2019, to holders of record on October 28, 2019. The amount of distributions in excess of the minimum quarterly distribution of $0.0675, were distributed in accordance with our Partnership Agreement, subject to management incentive compensation plan. As a result, $5.9 million was paid to the Common Unit holders, $0.2 million to the General Partner unit holders (including $0.2 million of incentive distribution as provided in our Partnership Agreement) and $0.2 million to management pursuant to the management incentive compensation plan which provides for certain members of management to receive incentive distributions that would otherwise be payable to the General Partner. Fifth Amended and Restated Revolving Credit Facility Agreement On December 4, 2019, the Company entered into a fifth amended and restated revolving credit facility agreement with a bank syndicate of eleven participants that enables us to borrow up to $300 million ($450 million during the heating season of December through April of each year) on a revolving line of credit for working capital purposes (subject to certain borrowing base limitations and coverage ratios), provides for a $130 million five-year senior secured term loan, allows for the issuance of up to $25 million in letters of credit, and extends the maturity date of the previous agreement to December 4, 2024. Proceeds from the new term loan were used to repay the outstanding balance of the existing term loan ($90.0 million) and $40.0 million of the revolving credit facility borrowings. |
Condensed Financial Information
Condensed Financial Information of Registrant | 12 Months Ended |
Sep. 30, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Registrant | Schedule I STAR GROUP, L.P. (PARENT COMPANY) September 30, (in thousands) 2019 2018 Balance Sheets ASSETS Current assets Cash and cash equivalents $ 50 $ 54 Prepaid expenses and other current assets 232 217 Total current assets 282 271 Investment in subsidiaries (a) 260,601 309,541 Total Assets $ 260,883 $ 309,812 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities Accrued expenses $ 43 $ 27 Total current liabilities 43 27 Partners’ capital 260,840 309,785 Total Liabilities and Partners’ Capital $ 260,883 $ 309,812 (a) Investments in Star Acquisitions, Inc. and subsidiaries are recorded in accordance with the equity method of accounting. Schedule I STAR GROUP, L.P. (PARENT COMPANY) CONDENSED FINANCIAL INFORMATION OF REGISTRANT Years Ended September 30, (in thousands) 2019 2018 2017 Statements of Operations Revenues $ — $ — $ — General and administrative expenses 1,377 1,647 2,116 Operating loss (1,377 ) (1,647 ) (2,116 ) Net loss before equity income (1,377 ) (1,647 ) (2,116 ) Equity income of Star Acquisitions Inc. and subs 19,014 57,152 29,016 Net income $ 17,637 $ 55,505 $ 26,900 Schedule I STAR GROUP, L.P. (PARENT COMPANY) Years Ended September 30, (in thousands) 2019 2018 2017 Statements of Cash Flows Cash flows provided by operating activities: Net cash provided by operating activities (a) $ 76,942 $ 52,317 $ 24,052 Cash flows provided by investing activities: Net cash provided by investing activities — — — Cash flows used in financing activities: Distributions (25,593 ) (25,603 ) (24,322 ) Unit repurchase (51,353 ) (26,714 ) — Net cash used in financing activities (76,946 ) (52,317 ) (24,322 ) Net decrease in cash (4 ) — (270 ) Cash and cash equivalents at beginning of period 54 54 324 Cash and cash equivalents at end of period $ 50 $ 54 $ 54 (a) Includes distributions from subsidiaries $ 76,942 $ 52,317 $ 24,052 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | STAR GROUP, L.P. AND SUBSIDIARIES Schedule II Years Ended September 30, 2019, 2018, 2017 (in thousands) Year Description Balance at Beginning of Year Charged to Costs & Expenses Other Changes Add (Deduct) Balance at End of Year 2019 Allowance for doubtful accounts $ 8,002 $ 9,541 $ (9,165 ) (a) $ 8,378 2018 Allowance for doubtful accounts $ 5,540 $ 6,283 $ (3,821 ) (a) $ 8,002 2017 Allowance for doubtful accounts $ 4,419 $ 1,639 $ (518 ) (a) $ 5,540 (a) Bad debts written off (net of recoveries). |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements include the accounts of Star Group, L.P. and its subsidiaries. All material intercompany items and transactions have been eliminated in consolidation. |
Comprehensive Income | Comprehensive Income Comprehensive income is comprised of Net income and Other comprehensive income. Other comprehensive income consists of the unrealized gain amortization on the Company’s pension plan obligation for its two frozen defined benefit pension plans, unrealized gain (loss) on available-for-sale investments, unrealized gain (loss) on interest rate hedge and the corresponding tax effects . |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with U.S. generally accepted accounting principles 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition Refer to Note 3 – Revenue Recognition for revenue recognition accounting policies. Sales of petroleum products are recognized at the time of delivery to the customer and sales of heating and air conditioning equipment are recognized upon completion of installation. Revenue from repairs, maintenance and other services are recognized upon completion of the service. Payments received from customers for equipment service contracts are deferred and amortized into income over the terms of the respective service contracts, on a straight-line basis, which generally do not exceed one year. To the extent that the Company anticipates that future costs for fulfilling its contractual obligations under its service maintenance contracts will exceed the amount of deferred revenue currently attributable to these contracts, the Company recognizes a loss in current period earnings equal to the amount that anticipated future costs exceed related deferred revenues. |
Cost of Product | Cost of Product Cost of product includes the cost of home heating oil, diesel, propane, kerosene, gasoline, throughput costs, barging costs, option costs, and realized gains/losses on closed derivative positions for product sales. |
Cost of Installations and Services | Cost of Installations and Services Cost of installations and services includes equipment and material costs, wages and benefits for equipment technicians, dispatchers and other support personnel, subcontractor expenses, commissions and vehicle related costs. |
Delivery and Branch Expenses | Delivery and Branch Expenses Delivery and branch expenses include wages and benefits and department related costs for drivers, dispatchers, garage mechanics, customer service, sales and marketing, compliance, credit and branch accounting, information technology, vehicle and property rental costs, insurance, weather hedge contract costs and recoveries, and operational management and support. |
General and Administrative Expenses | General and Administrative Expenses General and administrative expenses include property costs, wages and benefits and department related costs for human resources, finance and corporate accounting, internal audit, administrative support and supply. |
Allocation of Net Income | Allocation of Net Income Net income for partners’ capital and statement of operations is allocated to the general partner and the limited partners in accordance with their respective ownership percentages, after giving effect to cash distributions paid to the general partner in excess of its ownership interest, if any. |
Net Income per Limited Partner Unit | Net Income per Limited Partner Unit Income per limited partner unit is computed in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 260-10-05 Earnings Per Share, Master Limited Partnerships (EITF 03-06), by dividing the limited partners’ interest in net income by the weighted average number of limited partner units outstanding. The pro forma nature of the allocation required by this standard provides that in any accounting period where the Company’s aggregate net income exceeds its aggregate distribution for such period, the Company is required to present net income per limited partner unit as if all of the earnings for the periods were distributed, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Company’s overall net income or other financial results. However, for periods in which the Company’s aggregate net income exceeds its aggregate distributions for such period, it will have the impact of reducing the earnings per limited partner unit, as the calculation according to this standard results in a theoretical increased allocation of undistributed earnings to the general partner. In accounting periods where aggregate net income does not exceed aggregate distributions for such period, this standard does not have any impact on the Company’s net income per limited partner unit calculation. A separate and independent calculation for each quarter and year-to-date period is performed, in which the Company’s contractual participation rights are taken into account. |
Cash Equivalents, Receivables, Revolving Credit Facility Borrowings, and Accounts Payable | Cash Equivalents, Receivables, Revolving Credit Facility Borrowings, and Accounts Payable The carrying amount of cash equivalents, receivables, revolving credit facility borrowings, and accounts payable approximates fair value because of the short maturity of these instruments. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less, when purchased, to be cash equivalents. At September 30, 2019, the $5.1 million of cash, cash equivalents, and restricted cash on the consolidated statement of cash flows is comprised of $4.9 million of cash and cash equivalents and $0.3 million of restricted cash. At September 30, 2018, the $14.8 million of cash, cash equivalents, and restricted cash on the consolidated statement of cash flows is comprised of $14.5 million of cash and cash equivalents and $0.3 million of restricted cash. Restricted cash represents deposits held by our captive insurance company that are required by state insurance regulations to remain in the captive insurance company as cash. |
Receivables and Allowance for Doubtful Accounts | Receivables and Allowance for Doubtful Accounts Accounts receivables from customers are recorded at the invoiced amounts. Finance charges may be applied to trade receivables that are more than 30 days past due, and are recorded as finance charge income. The allowance for doubtful accounts is the Company’s estimate of the amount of trade receivables that may not be collectible. The allowance is determined at an aggregate level by grouping accounts based on certain account criteria and its receivable aging. The allowance is based on both quantitative and qualitative factors, including historical loss experience, historical collection patterns, overdue status, aging trends, and current economic conditions. The Company has an established process to periodically review current and past due trade receivable balances to determine the adequacy of the allowance. No single statistic or measurement determines the adequacy of the allowance. The total allowance reflects management’s estimate of losses inherent in its trade receivables at the balance sheet date. Different assumptions or changes in economic conditions could result in material changes to the allowance for doubtful accounts. |
Inventories | Inventories Liquid product inventories are stated at the lower of cost and net realizable value computed on the weighted average cost method. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the depreciable assets using the straight-line method over three to thirty years. |
Captive Insurance Collateral | Captive Insurance Collateral The captive insurance collateral is held by our captive insurance company in an irrevocable trust as collateral for certain workers’ compensation and automobile liability claims incurred and expected to be incurred from fiscal 2004 to fiscal 2019. The collateral is required by a third party insurance carrier that insures per claim amounts above a set deductible. Due to the expected timing of claim payments, the nature of the collateral agreement with the carrier, and our captive insurance company’s source of other operating cash, the collateral is not expected to be used to pay obligations within the next twelve months. At September 30, 2019, captive insurance collateral is comprised of $58.0 million of Level 1 debt securities measured at fair value and $0.5 million of mutual funds measured at net asset value. At September 30, 2018, the balance was comprised of $44.8 million of Level 1 debt securities measured at fair value and $0.6 million of mutual funds measured at net asset value. Unrealized gains and losses, net of related income taxes, are reported as accumulated other comprehensive income (loss), except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net income and are included in Interest expense, net, at which time the average cost basis of these securities are adjusted to fair value. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill and intangible assets include goodwill, customer lists, trade names and covenants not to compete. Goodwill is the excess of cost over the fair value of net assets in the acquisition of a company. In accordance with FASB ASC 350-10-05 Intangibles-Goodwill and Other, goodwill and intangible assets with indefinite useful lives are not amortized, but instead are annually tested for impairment. Also in accordance with this standard, intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. The Company performs its annual impairment review during its fiscal fourth quarter or more frequently if events or circumstances indicate that the value of goodwill might be impaired. Customer lists are the names and addresses of an acquired company’s customers. Based on historical retention experience, these lists are amortized on a straight-line basis over seven to ten years. Trade names are the names of acquired companies. Based on the economic benefit expected and historical retention experience of customers, trade names are amortized on a straight-line basis over three to twenty years. |
Business Combinations | Business Combinations We use the acquisition method of accounting in accordance with FASB ASC 805 Business Combinations. The acquisition method of accounting requires us to use significant estimates and assumptions, including fair value estimates, as of the business combination date, and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which the amounts recognized for a business combination may be adjusted). Each acquired company’s operating results are included in our consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. The separately identifiable intangible assets generally are comprised of customer lists, trade names and covenants not to compete. Goodwill is recognized for the excess of the purchase price over the net fair value of assets acquired and liabilities assumed. Costs that are incurred to complete the business combination such as legal and other professional fees are not considered part of consideration transferred, and are charged to general and administrative expense as they are incurred. For any given acquisition, certain contingent consideration may be identified. Estimates of the fair value of liability or asset classified contingent consideration are included under the acquisition method as part of the assets acquired or liabilities assumed. At each reporting date, these estimates are remeasured to fair value, with changes recognized in earnings. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews intangible assets and other long-lived assets in accordance with FASB ASC 360-10-05-4 Property Plant and Equipment, Impairment or Disposal of Long-Lived Assets subsection, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company determines whether the carrying values of such assets are recoverable over their remaining estimated lives through undiscounted future cash flow analysis. If such a review should indicate that the carrying amount of the assets is not recoverable, the Company will reduce the carrying amount of such assets to fair value. |
Finance Charge Income | Finance Charge Income Finance charge income represents late customer payment charges and financing income from extended payment plans associated with installations. |
Other Income, Net | Other Income, Net Other income, net represents the $7.0 million gain on the sale of the Company’s security customer account base, which occurred in fiscal 2018. The gain is comprised of $6.8 million of cash proceeds and $0.4 million from the recognition of unamortized deferred service liabilities, partially offset by $0.2 million of other expenses. |
Deferred Charges | Deferred Charges Deferred charges represent the costs associated with the issuance of the term loan and revolving credit facility and are amortized over the life of the facility. |
Advertising | Advertising Advertising costs are expensed as they are incurred. Advertising expenses were $14.3 million, $15.1 million, and $15.1 million, in 2019, 2018, |
Customer Credit Balances | Customer Credit Balances Customer credit balances represent payments received in advance from customers pursuant to a balanced payment plan (whereby customers pay on a fixed monthly basis) and the payments made have exceeded the charges for liquid product and other services. |
Environmental Costs | Environmental Costs Costs associated with managing hazardous substances and pollution are expensed on a current basis. Accruals are made for costs associated with the remediation of environmental pollution when it becomes probable that a liability has been incurred and the amount can be reasonably estimated. Liabilities are recorded in accrued expenses and other current liabilities. |
Insurance Reserves | Insurance Reserves The Company uses a combination of insurance, self-insured retention and self-insurance for a number of risks, including workers’ compensation, general liability, vehicle liability, medical liability and property. Reserves are established and periodically evaluated, based upon expectations as to what our ultimate liability may be for outstanding claims using developmental factors based upon historical claim experience, including frequency, severity, demographic factors and other actuarial assumptions, supplemented with support from qualified actuaries. Liabilities are recorded in accrued expenses and other current liabilities. |
Income Taxes | Income Taxes At a special meeting held October 25, 2017, unitholders voted in favor of proposals to have the Company be treated as a corporation effective November 1, 2017, instead of a partnership, for federal income tax purposes (commonly referred to as a “check-the-box” election) along with amendments to our Partnership Agreement to effect such changes in income tax classification. For corporate subsidiaries of the Company, a consolidated Federal income tax return is filed. The accompanying financial statements are reported on a fiscal year, however, the Company and its Corporate subsidiaries file Federal and State income tax returns on a calendar year. As most of the Company’s income is derived from its corporate subsidiaries, these financial statements reflect significant Federal and State income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of assets and liabilities and their respective tax bases and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized if, based on the weight of available evidence including historical tax losses, it is more likely than not that some or all of deferred tax assets will not be realized. |
Sales, Use and Value Added Taxes | Sales, Use and Value Added Taxes Taxes are assessed by various governmental authorities on many different types of transactions. Sales reported for product, installations and services exclude taxes. |
Derivatives and Hedging | Derivatives and Hedging FASB ASC 815-10-05 Derivatives and Hedging, requires that derivative instruments be recorded at fair value and included in the consolidated balance sheet as assets or liabilities. The Company has elected not to designate its commodity derivative instruments as hedging instruments under this guidance, and the changes in fair value of the derivative instruments are recognized in our statement of operations. The Company has designated its interest rate swap agreements as hedging derivatives, and the changes in fair value are reported in accumulated other comprehensive income (loss). |
Weather Hedge Contract | Weather Hedge Contract To partially mitigate the effect of weather on cash flows, the Company has used weather hedge contracts for a number of years. Weather hedge contracts are recorded in accordance with the intrinsic value method defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815-45-15 Derivatives and Hedging, Weather Derivatives (EITF 99-2). The premium paid is included in the caption prepaid expenses and other current assets in the accompanying balance sheets and amortized over the life of the contract, with the intrinsic value method applied at each interim period. As of September 30, 2019 the Company has weather hedge contracts for fiscal years 2020 and 2021. Under these contracts, we are entitled to receive a payment if the total number of degree days within the hedge period is less than the prior ten year average. The “Payment Thresholds $12.5 . |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB has also issued several updates to ASU No. 2014-09. The Company adopted ASU No. 2014-09 effective October 1, 2018 by using the modified retrospective method and recognized the cumulative effect of initially applying ASU No. 2014-09 as an adjustment to the opening balance of Partners’ Capital at October 1, 2018. The historical periods have not been adjusted and continue to be reported under ASC No. 605, Revenue Recognition. We have applied the guidance in ASU No. 2014-09 retrospectively to all contracts and have elected not to account for significant financing components if the period between revenue recognition and when the customer pays for product, service, or equipment installation will be one year or less. See further detail on the impact of the adoption on our consolidated balance sheet and statement of operations as of and for the twelve months ended September 30, 2019 at Note 3 – Revenue Recognition. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flow (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update addresses the issues of debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. The Company adopted ASU No. 2016-15 effective October 1, 2018. The adoption of ASU No. 2016-15 did not have an impact on the Company’s consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The Company adopted ASU No. 2017-01 effective October 1, 2018. The adoption of ASU No. 2017-01 did not have an impact on the Company’s consolidated financial statements and related disclosures. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases. The update requires all leases with a term greater than twelve months to be recognized on the balance sheet by calculating the discounted present value of such leases and accounting for them through a right-of-use asset and an offsetting lease liability, and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2020. The Company is continuing to evaluate the effect that ASU No. 2016-02 could have on its consolidated financial statements and related disclosures and plans to adopt using the modified retrospective transition approach for leases that exist in the period of adoption and recognize the cumulative effect of initially applying ASU No. 2016-02 as an adjustment to the opening balance of Partners’ Capital at October 1, 2019. As of the date of adoption, the Company expects to elect the package of practical expedients that permit the Company to forego reassessing the Company’s prior conclusions about (i) lease identification, (ii) lease classification, and (iii) initial direct costs. The Company also plans to elect a practical expedient to not separate non-lease components from the lease components. The new guidance will materially change how we account for operating leases for office space, trucks and other equipment. Upon adoption, we expect to recognize discounted right-of-use assets and lease liabilities between $100 million and $120 million. We do not expect a material adjustment to the opening balance of Partners’ Capital at October 1, 2019. These assets and liabilities will be amortized as the respective leases amortize. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. The update broadens the information that an entity should consider in developing expected credit loss estimates, eliminates the probable initial recognition threshold, and allows for the immediate recognition of the full amount of expected credit losses. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2021, with early adoption permitted in the first quarter of fiscal 2020. The Company is evaluating the effect that ASU No. 2016-13 will have on its consolidated financial statements and related disclosures, but has not yet determined the timing of adoption . In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 230): Simplifying the Test for Goodwill Impairment. The update simplifies how an entity is required to test goodwill for impairment. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but not exceed the total amount of goodwill allocated to the reporting unit. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2021, with early adoption permitted. The Company has not determined the timing of adoption, but does not expect ASU 2017-04 to have a material impact on its consolidated financial statements and related disclosures . In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General: Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2021, with early adoption permitted. The Company is evaluating the effect that ASU No. 2018-14 will have on its consolidated financial statements and related disclosures, but has not determined the timing of adoption . In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract, which will align the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2022, with early adoption permitted. The Company is evaluating the effect that ASU No. 2018-15 will have on its consolidated financial statements and related disclosures, but has not determined the timing of adoption . |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Summary of Disaggregation of Revenue by Major Sources | The following disaggregates our revenue by major sources for the year ended September 30, 2019 and September 30, 2018: Years Ended September 30, (in thousands) 2019 2018 2017 Petroleum Products: Home heating oil and propane $ 1,099,874 $ 1,084,827 $ 854,067 Motor fuel and other petroleum products 366,172 319,543 211,009 Total petroleum products 1,466,045 1,404,370 1,065,076 Installations and Services: Equipment installations 101,709 98,064 94,961 Equipment maintenance service contracts 120,138 111,361 105,565 Billable call services 65,980 64,042 57,953 Total installations and services 287,827 273,467 258,479 Total Sales $ 1,753,872 $ 1,677,837 $ 1,323,555 |
ASU 2014-09 | |
Summary of Impact of Adoption on Condensed Consolidated Balance Sheet and Statement of Operations | Effective October 1, 2018 we adopted the requirements of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The adoption was not material to the financial statements presented. In accordance with the new revenue standard requirements, our Consolidated Statement of Operations and the Consolidated Balance Sheet were impacted due to: i) the deferment of commissions provided to Company employees that were previously expensed as incurred, ii) the deferment of certain upfront credits provided to customers upon entering into a new annual product or service contract as contra-revenue that were previously expensed as incurred and recorded as delivery and branch expense, and iii) the allocation of transaction price of the combination of certain contracts that were previously accounted for as separate contracts that impacts the classification of revenue and timing of revenue recognition. The impact of adoption on our Consolidated Balance Sheet and Consolidated Statement of Operations, as of and for the year ended September 30, 2019 was as follows (in thousands): For the Year Ended September 30, 2019 Statement of Operations As Reported Balances without Adoption of ASC 606 Effect of Change Higher/(Lower) Sales: Product $ 1,466,045 $ 1,477,488 $ (11,443 ) Installations and services 287,827 281,249 6,578 Total Sales 1,753,872 1,758,737 (4,865 ) Cost and Expenses: Delivery and branch expenses 369,033 372,290 (3,257 ) Operating income (loss) 37,350 38,958 (1,608 ) Income (loss) before income taxes 25,154 26,762 (1,608 ) Income tax expense (benefit) 7,517 7,998 (481 ) Net income (loss) $ 17,637 $ 18,764 $ (1,127 ) General Partner's interest in net income (loss) 95 101 (6 ) Limited Partner's interest in net income (loss) $ 17,542 $ 18,663 $ (1,121 ) Basic and diluted income (loss) per Limited Partner Unit $ 0.35 $ 0.37 $ (0.02 ) September 30, 2019 Balance Sheet As Reported Balances without Adoption of ASC 606 Effect of Change Higher/(Lower) Assets Prepaid expenses and other current assets $ 36,898 $ 31,442 $ 5,456 Deferred charges and other assets, net $ 16,635 $ 10,707 $ 5,928 Liabilities Accrued expenses and other current liabilities $ 120,839 $ 120,818 $ 21 Deferred tax liabilities, net $ 20,116 $ 16,850 $ 3,266 Partners' capital Common unitholders $ 279,709 $ 271,666 $ 8,043 General partner $ (1,968 ) $ (2,022 ) $ 54 |
Common Unit Repurchase Plans _2
Common Unit Repurchase Plans and Retirement (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Company's Repurchase Activities | The following table shows repurchases under the Repurchase Plan. (in thousands, except per unit amounts) Period Total Number of Units Purchased Average Price Paid per Unit (a) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Units that May Yet Be Purchased Fiscal year 2012 to 2018 total 7,937 $ 7.11 5,493 5,359 First quarter fiscal year 2019 total 599 $ 9.57 599 4,760 Second quarter fiscal year 2019 total 2,187 $ 9.44 2,187 2,573 (b) Third quarter fiscal year 2019 total 885 $ 9.68 885 1,688 July 2019 147 $ 9.76 147 1,541 August 2019 223 $ 9.67 223 2,318 (c) September 2019 1,362 $ 9.41 1,362 956 (d) Fourth quarter fiscal year 2019 total 1,732 $ 9.47 1,732 956 Fiscal year 2019 total 5,403 $ 9.50 5,403 956 October 2019 223 $ 9.44 223 733 November 2019 261 $ 9.39 261 472 (e) (a) Amounts include repurchase costs. (b) Second quarter of fiscal year 2019 common units repurchased include 1.2 million common units acquired in a private transaction. (c) In August 2019, the Board authorized an increase in the number of Common Units available for repurchase from 1.3 million to 2.3 million. (d) September 2019 common units repurchased include 1.2 million common units acquired in a private transaction. (e) Of the total available for repurchase, approximately 0.4 million are available for repurchase in open market transactions and 0.1 million are available for repurchase in privately-negotiated transactions. |
Captive Insurance Collateral (T
Captive Insurance Collateral (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Captive Insurance Collateral to be Available-for-sale Investments | The Company considers all of its captive insurance collateral to be available-for-sale investments. Investments at September 30, 2019 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 509 $ — $ — $ 509 U.S. Government Sponsored Agencies 29,055 198 (3 ) 29,250 Corporate Debt Securities 23,831 773 — 24,604 Foreign Bonds and Notes 4,066 61 — 4,127 Total $ 57,461 $ 1,032 $ (3 ) $ 58,490 Investments at September 30, 2018 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 350 $ — $ — $ 350 U.S. Government Sponsored Agencies 10,735 — (192 ) 10,543 Corporate Debt Securities 30,427 — (928 ) 29,499 Foreign Bonds and Notes 5,111 — (84 ) 5,027 Total $ 46,623 $ — $ (1,204 ) $ 45,419 |
Schedule of Maturities of Investments | Maturities of investments were as follows at September 30, 2019 (in thousands): Net Carrying Amount Due within one year $ 9,958 Due after one year through five years 35,114 Due after five years through ten years 13,418 Total $ 58,490 |
Derivatives and Hedging-Discl_2
Derivatives and Hedging-Disclosures and Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company had no assets or liabilities that are measured at fair value on a nonrecurring basis subsequent to their initial recognition. The Company’s financial assets and liabilities measured at fair value on a recurring basis are listed on the following table. (In thousands) Fair Value Measurements at Reporting Date Using: Derivatives Not Designated as Hedging Instruments Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Under FASB ASC 815-10 Balance Sheet Location Total Level 1 Level 2 Asset Derivatives at September 30, 2019 Commodity contracts Fair liability value of derivative instruments $ 13,824 $ — $ 13,824 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net balance 1,466 — 1,466 Commodity contract assets at September 30, 2019 $ 15,290 $ — $ 15,290 Liability Derivatives at September 30, 2019 Commodity contracts Fair liability value of derivative instruments $ (22,086 ) $ — $ (22,086 ) Commodity contracts Cash collateral — — — Commodity contracts Long-term derivative liabilities included in the deferred charges and other assets, net balance and other long term liabilities, net (1,719 ) — (1,719 ) Commodity contract liabilities at September 30, 2019 $ (23,805 ) $ — $ (23,805 ) Asset Derivatives at September 30, 2018 Commodity contracts Fair asset value of derivative instruments $ 17,710 $ — $ 17,710 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net balance 906 — 906 Commodity contract assets at September 30, 2018 $ 18,616 $ — $ 18,616 Liability Derivatives at September 30, 2018 Commodity contracts Fair liability and fair asset value of derivative instruments $ — $ — $ — Commodity contracts Cash collateral — — — Commodity contracts Long-term derivative liabilities included in the deferred charges and other assets, net balance (103 ) — (103 ) Commodity contract liabilities at September 30, 2018 $ (103 ) $ — $ (103 ) |
Company's Derivatives Assets (Liabilities) Offset by Counterparty | The Company’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table. (In thousands) Gross Amounts Not Offset in the Statement of Financial Position Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities) Gross Assets Recognized Gross Liabilities Offset in the Statement of Financial Position Net Assets (Liabilities) Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Fair asset value of derivative instruments $ — $ — $ — $ — $ — $ — Long-term derivative assets included in other long-term assets, net 16 (16 ) — — — — Fair liability value of derivative instruments 13,824 (22,086 ) (8,262 ) — — (8,262 ) Long-term derivative liabilities included in other long-term liabilities, net 1,450 (1,703 ) (253 ) — — (253 ) Total at September 30, 2019 $ 15,290 $ (23,805 ) $ (8,515 ) $ — $ — $ (8,515 ) Fair asset value of derivative instruments $ 17,710 $ - $ 17,710 $ — $ — $ 17,710 Long-term derivative assets included in other long-term assets, net 906 (103 ) 803 — — 803 Fair liability value of derivative instruments — — — — — — Long-term derivative liabilities included in other long-term liabilities, net — — — — — — Total at September 30, 2018 $ 18,616 $ (103 ) $ 18,513 $ — $ — $ 18,513 |
Company's Derivatives Assets (Liabilities) Offset by Counterparty | The Company’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table. (In thousands) Gross Amounts Not Offset in the Statement of Financial Position Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities) Gross Assets Recognized Gross Liabilities Offset in the Statement of Financial Position Net Assets (Liabilities) Presented in the Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Fair asset value of derivative instruments $ — $ — $ — $ — $ — $ — Long-term derivative assets included in other long-term assets, net 16 (16 ) — — — — Fair liability value of derivative instruments 13,824 (22,086 ) (8,262 ) — — (8,262 ) Long-term derivative liabilities included in other long-term liabilities, net 1,450 (1,703 ) (253 ) — — (253 ) Total at September 30, 2019 $ 15,290 $ (23,805 ) $ (8,515 ) $ — $ — $ (8,515 ) Fair asset value of derivative instruments $ 17,710 $ - $ 17,710 $ — $ — $ 17,710 Long-term derivative assets included in other long-term assets, net 906 (103 ) 803 — — 803 Fair liability value of derivative instruments — — — — — — Long-term derivative liabilities included in other long-term liabilities, net — — — — — — Total at September 30, 2018 $ 18,616 $ (103 ) $ 18,513 $ — $ — $ 18,513 |
Company's Effect on Derivative Instruments on the Statement of Operations | (In thousands) The Effect of Derivative Instruments on the Statement of Operations Amount of (Gain) or Loss Recognized Years Ended September 30, Derivatives Not Designated as Hedging Instruments Under FASB ASC 815-10 Location of (Gain) or Loss Recognized in Income on Derivative 2019 2018 2017 Commodity contracts Cost of product (a) $ 9,266 $ 10,379 $ 6,386 Commodity contracts Cost of installations and service (a) $ 836 $ (726 ) $ (526 ) Commodity contracts Delivery and branch expenses (a) $ 596 $ (1,403 ) $ (422 ) Commodity contracts (Increase) / decrease in the fair value of derivative instruments (b) $ 25,113 $ (11,408 ) $ (2,193 ) (a) Represents realized closed positions and includes the cost of options as they expire. (b) Represents the change in value of unrealized open positions and expired options. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory were as follows (in thousands): September 30, 2019 2018 Product $ 43,536 $ 34,618 Parts and equipment 21,252 21,759 Total inventory $ 64,788 $ 56,377 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Component of Property and Equipment | The components of property and equipment were as follows (in thousands): September 30, 2019 2018 Land and land improvements $ 20,872 $ 19,230 Buildings and leasehold improvements 37,443 34,557 Fleet and other equipment 73,440 66,734 Tanks and equipment 50,353 45,860 Furniture, fixtures and office equipment 48,582 44,200 Total 230,690 210,581 Less accumulated depreciation and amortization 132,451 122,963 Property and equipment, net $ 98,239 $ 87,618 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Summary of Preliminary Fair Values and Purchase Price Allocations in Aggregate of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values and purchase price allocations in aggregate of the assets acquired and liabilities assumed related to the fiscal 2019 acquisitions as of the respective acquisition dates. (in thousands) As of Acquisition Date Receivables $ 6,887 Inventories 2,105 Prepaid expenses and other current assets 89 Property and equipment, net 13,676 Intangibles 28,599 Accrued expenses and other current liabilities (366 ) Unearned service contract revenue (2,800 ) Customer credit balances (3,399 ) Other long-term liabilities (25 ) Total net identifiable assets acquired $ 44,766 Total consideration $ 60,904 Less: Total net identifiable assets acquired 44,766 Goodwill $ 16,138 |
Schedule of Unaudited Pro Forma Results of Operations | The following table provides unaudited pro forma results of operations as if the fiscal 2019 acquisitions had occurred on October 1, 2017, the beginning of fiscal year 2018. The unaudited pro forma results were prepared using current and prior year financial information, reflecting certain adjustments related to the acquisition, such as the elimination of directly attributable acquisition expenses and changes to depreciation and amortization expenses. These pro forma adjustments do not include any potential synergies related to combining the businesses. Accordingly, such pro forma operating results were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisitions been made as of October 1, 2017 or of results that may occur in the future. For the Twelve Months Ended September 30, (in thousands) 2019 2018 Total sales $ 1,821,522 $ 1,765,165 Net income $ 22,486 $ 57,112 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in the Company's Goodwill | A summary of changes in the Company’s goodwill during the fiscal years ended September 30, 2019 and 2018 are as follows (in thousands): Balance as of September 30, 2017 $ 225,915 Fiscal year 2018 business combinations 2,521 Balance as of September 30, 2018 228,436 Fiscal year 2019 business combinations 16,138 Balance as of September 30, 2019 $ 244,574 |
Intangible Assets Subject to Amortization | Intangible assets subject to amortization consist of the following (in thousands): September 30, 2019 2018 Gross Gross Carrying Accum. Carrying Accum. Amount Amortization Net Amount Amortization Net Customer lists $ 382,373 $ 297,221 $ 85,152 $ 358,776 $ 279,990 $ 78,786 Trade names and other intangibles 37,739 15,203 22,536 32,739 13,081 19,658 Total $ 420,112 $ 312,424 $ 107,688 $ 391,515 $ 293,071 $ 98,444 |
Estimated Annual Amortization Expense Related to Intangible Assets Subject to Amortization | Total estimated annual amortization expense related to intangible assets subject to amortization, for the year ended September 30, 2020 and the four succeeding fiscal years ended September 30, is as follows (in thousands): Amount 2020 $ 19,451 2021 $ 16,944 2022 $ 14,885 2023 $ 13,272 2024 $ 10,919 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Components of Accrued Expenses and Other Current Liabilities | The components of accrued expenses and other current liabilities were as follows (in thousands): September 30, 2019 2018 Accrued wages and benefits $ 26,747 $ 25,712 Accrued insurance 81,443 77,890 Other accrued expenses and other current liabilities 12,649 12,834 Total accrued expenses and other current liabilities $ 120,839 $ 116,436 |
Long-Term Debt and Bank Facil_2
Long-Term Debt and Bank Facility Borrowings (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Company's Debt | The Company's debt is as follows September 30, (in thousands): 2019 2018 Carrying Carrying Amount Fair Value (a) Amount Fair Value Revolving Credit Facility Borrowings $ 61,500 $ 61,500 $ 1,500 $ 1,500 Senior Secured Term Loan (b) 91,947 92,500 99,280 100,000 Total debt $ 153,447 $ 154,000 $ 100,780 $ 101,500 Total short-term portion of debt (c) $ 33,000 $ 33,000 $ 9,000 $ 9,000 Total long-term portion of debt (c) $ 120,447 $ 121,000 $ 91,780 $ 92,500 (a) The face amount of the Company’s variable rate long-term debt approximates fair value. (b) Carrying amounts are net of unamortized debt issuance costs of $0.6 million as of September 30, 2019 and $0.7 million as of September 30, 2018. (c) On December 4, 2019, the Company refinanced its five-year term loan and the revolving credit facility with the execution of the fifth amended and restated revolving credit facility agreement. (See Note 21—Subsequent Events). As of September 30, 2019, the Company has classified $37.5 million of its revolving credit facility borrowings as long term debt and repaid it on December 4, 2019 using proceeds provided by the fifth amended and restated revolving credit facility agreement |
Maturities Including Working Capital Borrowings and Expected Repayments Due to Excess Cash Flow | As of September 30, 2019, the maturities (including working capital borrowings and expected repayments due to Excess Cash Flow) during fiscal years ending September 30, considering the terms of our fifth amended and restated credit agreement, are set forth in the following table (in thousands): 2020 $ 9,000 2021 $ 13,000 2022 $ 13,000 2023 $ 13,000 2024 $ 13,000 Thereafter $ 93,000 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Participation and Contributions to Multiemployer Pension Plans | Pension Protection Act Zone Status FIP / RP Status Partnership Contributions (in thousands) Pension Fund EIN / Pension Plan Number 2019 2018 Pending / Implemented 2019 2018 2017 Surcharge Imposed Expiration Date of Collective- Bargaining Agreements New England Teamsters and Trucking Industry Pension Fund 04-6372430 / 001 Red Red Yes / Implemented $ 2,468 $ 2,455 $ 2,621 No 3/31/20 to 4/30/23 Westchester Teamsters Pension Fund 13-6123973 / 001 Green Green N/A 1,039 846 924 No 12/31/19 to 1/31/24 Local 553 Pension Fund 13-6637826 / 001 Green Green N/A 3,114 2,888 2,780 No 12/15/19 to 1/15/20 Local 463 Pension Fund 11-1800729 / 001 Green Green N/A 144 145 150 No 2/28/20 to 6/30/22 All Other Multiemployer Pension Plans 2,833 2,807 2,465 Total Contributions $ 9,598 $ 9,141 $ 8,940 |
Net Periodic Benefit Cost for Period Reconciliation of Changes in Plan Assets Projected Benefit Obligations and Amounts Recognized in Other Comprehensive Income and Accumulated Other Comprehensive Income | The following table provides the net periodic benefit cost for the period, a reconciliation of the changes in the Plan assets, projected benefit obligations, and the amounts recognized in other comprehensive income and accumulated other comprehensive income at the dates indicated using a measurement date of September 30 (in thousands): Gross Pension Net Periodic Fair Related Pension Value of Accumulated Cost in Pension Projected Other Other Income Plan Benefit Comprehensive Comprehensive Debit / (Credit) Statement Cash Assets Obligation (Income) / Loss Income Fiscal Year 2017 Beginning balance $ 68,276 $ (70,679 ) $ 21,704 Interest cost 2,251 (2,251 ) Actual return on plan assets (1,473 ) 1,473 Employer contributions (505 ) 505 Benefit payments (4,578 ) 4,578 Investment and other expenses (455 ) 455 Difference between actual and expected return on plan assets (1,232 ) 1,232 Anticipated expenses 341 (341 ) Actuarial loss 2,457 (2,457 ) Amortization of unrecognized net actuarial loss 2,131 (2,131 ) Annual cost/change $ 1,563 $ (505 ) (2,600 ) 4,898 $ (3,356 ) (3,356 ) Ending balance $ 65,676 $ (65,781 ) $ 18,348 Funded status at the end of the year $ (105 ) Fiscal Year 2018 Interest cost 2,279 (2,279 ) Actual return on plan assets 942 (942 ) Employer contributions (1,653 ) 1,653 Benefit payments (4,463 ) 4,463 Investment and other expenses (394 ) 394 Difference between actual and expected return on plan assets (3,705 ) 3,705 Anticipated expenses 328 (328 ) Actuarial loss 3,989 (3,989 ) Amortization of unrecognized net actuarial loss 1,791 (1,791 ) Annual cost/change $ 1,241 $ (1,653 ) (3,752 ) 6,239 $ (2,075 ) (2,075 ) Ending balance $ 61,924 $ (59,542 ) $ 16,273 Funded status at the end of the year $ 2,382 Fiscal Year 2019 Interest cost 2,366 (2,366 ) Actual return on plan assets (9,380 ) 9,380 Employer contributions Benefit payments (4,466 ) 4,466 Investment and other expenses (483 ) 483 Difference between actual and expected return on plan assets 7,086 (7,086 ) Anticipated expenses 310 (310 ) Actuarial loss (7,738 ) 7,738 Amortization of unrecognized net actuarial loss 1,821 (1,821 ) Annual cost/change $ 1,720 $ — 4,914 (5,465 ) $ (1,169 ) (1,169 ) Ending balance $ 66,838 $ (65,007 ) $ 15,104 Funded status at the end of the year $ 1,831 |
Weighted-Average Assumptions Used in Measurement of Partnership's Benefit Obligation | September 30, Weighted-Average Assumptions Used in the Measurement of the Partnership’s Benefit Obligation 2019 2018 2017 Discount rate at year end date 3.00% 4.15% 3.60% Expected return on plan assets for the year ended 4.67% 4.86% 4.80% Rate of compensation increase N/A N/A N/A |
Fair Values and Percentage of Company's Pension Plan Assets by Asset Category | The fair values and percentage of the Company’s pension plan assets by asset category are as follows (in thousands): September 30, 2019 2018 Concentration Concentration Asset Category Level 1 Percentage Level 1 Percentage Corporate and U.S. government bond fund (1) $ 60,720 90% $ 55,908 90% U.S. large-cap equity (1) 4,632 7% 4,566 7% International equity (1) 1,119 2% 1,129 2% Cash 367 1% 321 1% Total $ 66,838 100% $ 61,924 100% (1) Represent investments in Vanguard funds that seek to replicate the asset category description. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense | Income tax expense is comprised of the following for the indicated periods (in thousands): Years Ended September 30, 2019 2018 2017 Current: Federal $ 7,921 $ (6,067 ) $ 7,578 State 4,722 (1,016 ) 2,664 Deferred Federal (3,168 ) 11,052 8,775 State (1,958 ) 3,633 1,359 $ 7,517 $ 7,602 $ 20,376 |
Provision for Income Taxes Differs from Income Taxes | The provision for income taxes differs from income taxes computed at the Federal statutory rate as a result of the following (in thousands): Years Ended September 30, 2019 2018 2017 Income from continuing operations before taxes $ 25,154 $ 63,107 $ 47,276 Provision for income taxes: Tax at Federal statutory rate $ 5,282 $ 17,266 $ 16,546 Effect of the tax reform on deferred taxes — (11,101 ) — Impact of Partnership loss not subject to federal income taxes — 53 741 State taxes net of federal benefit 1,626 1,864 3,170 Permanent differences 345 99 89 Change in valuation allowance net of effect of the tax reform 23 107 115 Other 241 (686 ) (285 ) $ 7,517 $ 7,602 $ 20,376 |
Components of Net Deferred Taxes | The components of the net deferred taxes for the years ended September 30, 2019 and September 30, 2018 using current tax rates are as follows (in thousands): September 30, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 6,292 $ 6,647 Vacation accrual 2,774 2,658 Pension accrual 4,504 4,425 Allowance for bad debts 2,235 2,226 Insurance accrual 2,419 2,425 Inventory capitalization 247 350 Fair value of derivative instruments 2,794 — Other, net — 1,382 Total deferred tax assets 21,265 20,113 Valuation allowance (4,003 ) (3,980 ) Net deferred tax assets $ 17,262 $ 16,133 Deferred tax liabilities: Property and equipment $ 13,485 $ 9,783 Fair value of derivative instruments — 4,673 Intangibles 21,883 22,883 Other, net 2,010 — Total deferred tax liabilities $ 37,378 $ 37,339 Net deferred taxes $ (20,116 ) $ (21,206 ) |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Future Minimum Rental Commitments | The future minimum rental commitments at September 30, 2019 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows (in thousands): 2020 $ 24,082 2021 20,875 2022 16,687 2023 13,344 2024 11,114 Thereafter 43,506 Total future minimum lease payments $ 129,608 |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Disclosure of Cash Flow Information | Years Ended September 30, (in thousands) 2019 2018 2017 Cash paid during the period for: Income taxes, net $ 5,133 $ 2,569 $ 4,434 Interest $ 12,601 $ 8,925 $ 7,814 |
Earnings per Limited Partner _2
Earnings per Limited Partner Units (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Allocation and Per Unit Data | The following table presents the net income allocation and per unit data in accordance with FASB ASC 260-10-45-60 Earnings per Share, Master Limited Partnerships (EITF 03-06): Basic and Diluted Earnings Per Limited Partner: Years Ended September 30, (in thousands, except per unit data) 2019 2018 2017 Net income $ 17,637 $ 55,505 $ 26,900 Less General Partners’ interest in net income 95 314 156 Net income available to limited partners 17,542 55,191 26,744 Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 * — 6,340 914 Limited Partner’s interest in net income under FASB ASC 260-10-45-60 $ 17,542 $ 48,851 $ 25,830 Per unit data: Basic and diluted net income available to limited partners $ 0.35 $ 1.01 $ 0.48 Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 * — 0.12 0.02 Limited Partner’s interest in net income under FASB ASC 260-10-45-60 $ 0.35 $ 0.89 $ 0.46 Weighted average number of Limited Partner units outstanding 50,814 54,764 55,888 * In any accounting period where the Company’s aggregate net income exceeds its aggregate distribution for such period, the Company is required as per FASB ASC 260-10-45-60 to present net income per limited partner unit as if all of the earnings for the period were distributed, based on the terms of the Partnership agreement, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Company’s overall net income or other financial results. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Three Months Ended Dec. 31, Mar. 31, Jun. 30, Sep. 30, (in thousands - except per unit data) 2018 2019 2019 2019 Total Sales $ 535,027 $ 699,582 $ 283,376 $ 235,887 $ 1,753,872 Gross profit for product, installation and service 154,484 218,549 66,191 48,482 487,706 Operating income (loss) 6,063 105,002 (29,933 ) (43,782 ) 37,350 Income (loss) before income taxes 3,288 101,564 (33,153 ) (46,545 ) 25,154 Net income (loss) 2,315 72,325 (23,098 ) (33,905 ) 17,637 Limited Partner interest in net income (loss) 2,300 71,871 (22,948 ) (33,681 ) 17,542 Net income (loss) per Limited Partner unit: Basic and diluted (a) $ 0.04 $ 1.15 $ (0.46 ) (0.69 ) $ 0.35 Three Months Ended Dec. 31, Mar. 31, Jun. 30, Sep. 30, (in thousands - except per unit data) 2017 2018 2018 2018 Total Sales $ 436,834 $ 684,031 $ 327,354 $ 229,618 $ 1,677,837 Gross profit for product, installation and service 124,499 216,079 79,377 43,387 463,342 Operating income (loss) 31,066 85,473 (8,817 ) (41,654 ) 66,068 Income (loss) before income taxes 28,670 82,783 (11,421 ) (36,925 ) 63,107 Net income (loss) 30,182 54,778 (8,005 ) (21,450 ) 55,505 Limited Partner interest in net income (loss) 30,007 54,459 (7,956 ) (21,319 ) 55,191 Net income (loss) per Limited Partner unit: Basic and diluted (a) $ 0.45 $ 0.81 $ (0.15 ) $ (0.40 ) $ 0.89 (a) The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. |
Organization - Additional Infor
Organization - Additional Information (Detail) shares in Thousands | Jul. 02, 2018USD ($) | Sep. 30, 2019SegmentCustomerContractshares | Sep. 30, 2018shares | Sep. 30, 2017shares | Sep. 30, 2016shares |
Limited Partners' Capital Account [Line Items] | |||||
Number of reportable segments | Segment | 1 | ||||
Fourth Amendment | |||||
Limited Partners' Capital Account [Line Items] | |||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ | $ 300,000,000 | ||||
Maximum borrowing capacity (heating season December to April) under revolving credit facility | $ | $ 450,000,000 | ||||
Due date of debt | Jul. 2, 2023 | ||||
Fourth Amendment | Term Loan | |||||
Limited Partners' Capital Account [Line Items] | |||||
Outstanding term loan | $ | $ 100,000,000 | ||||
Senior secured term loan maturity period | 5 years | ||||
Petro Holdings, Inc | |||||
Limited Partners' Capital Account [Line Items] | |||||
Ownership interest of Star Acquisitions Inc. | 100.00% | ||||
Number of residential and commercial home heating oil and propane customers served | Customer | 453,000 | ||||
Number of customers to whom only home heating oil, gasoline and diesel were sells on a delivery only basis | Customer | 56,000 | ||||
Number of service contracts heating oil and propane for natural gas and other heating systems | Contract | 17,000 | ||||
Number of customers to whom sell gasoline and diesel fuel | Customer | 27,000 | ||||
Star Group L.P. | |||||
Limited Partners' Capital Account [Line Items] | |||||
Percentage of limited partner interest | 99.30% | ||||
Percentage of general partner interest | 0.70% | ||||
Star Acquisitions, Inc | |||||
Limited Partners' Capital Account [Line Items] | |||||
Ownership interest of partnership | 100.00% | ||||
Common Stock | |||||
Limited Partners' Capital Account [Line Items] | |||||
Number of outstanding units | shares | 47,685 | 53,088 | 55,888 | 55,888 | |
General Partner | |||||
Limited Partners' Capital Account [Line Items] | |||||
Number of outstanding units | shares | 326 | 326 | 326 | 326 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Oct. 01, 2019 | Sep. 30, 2016 | ||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Cash, cash equivalents, and restricted cash | $ 5,149,000 | $ 14,781,000 | $ 52,708,000 | $ 139,188,000 | ||||
Cash and cash equivalents | 4,899,000 | 14,531,000 | ||||||
Restricted cash | 250,000 | 250,000 | ||||||
Captive insurance collateral, debt securities | [1] | 58,490,000 | 45,419,000 | |||||
Other income, net | [2] | 7,043,000 | ||||||
Gain on sale of security customer account, cash portion | [3] | 6,824,000 | ||||||
Recognition of unamortized deferred service liabilities | 400,000 | |||||||
Other expenses | 200,000 | |||||||
Advertising expenses | 14,300,000 | 15,100,000 | $ 15,100,000 | |||||
Additional payment obligated to pay if degree days exceed ten year average | $ 5,000,000 | |||||||
ASU 2014-09 | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Revenue, practical expedient, financing component [true false] | true | |||||||
Scenario Forecast | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Derivative maximum payout | $ 5,000,000 | $ 5,000,000 | ||||||
Financial Products Corporation | Delivery and branch expenses | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Charge on weather hedge contract | $ 2,100,000 | 1,900,000 | ||||||
Captive Insurance Collateral | Level 1 | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Captive insurance collateral, debt securities | 58,000,000 | 44,800,000 | ||||||
Captive Insurance Collateral | Mutual Funds | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Captive insurance collateral, net asset value | $ 500,000 | $ 600,000 | ||||||
Maximum | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Cash equivalents, highly liquid investments maturity | 3 months | |||||||
Property and equipment, estimated useful lives | 30 years | |||||||
Maximum | Subsequent Event | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Right-of-use assets | $ 120,000,000 | |||||||
Lease liabilities | 120,000,000 | |||||||
Maximum | Scenario Forecast | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Derivative maximum receivable | $ 12,500,000 | $ 12,500,000 | ||||||
Maximum | Customer Lists | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Intangible assets, amortization period | 10 years | |||||||
Maximum | Trade Names | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Intangible assets, amortization period | 20 years | |||||||
Minimum | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Property and equipment, estimated useful lives | 3 years | |||||||
Minimum | Subsequent Event | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Right-of-use assets | 100,000,000 | |||||||
Lease liabilities | $ 100,000,000 | |||||||
Minimum | Customer Lists | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Intangible assets, amortization period | 7 years | |||||||
Minimum | Trade Names | ||||||||
Schedule Of Significant Accounting Policies [Line Items] | ||||||||
Intangible assets, amortization period | 3 years | |||||||
[1] | See Note 2 – Summary of Significant Accounting Policies - Captive Insurance Collateral. | |||||||
[2] | See Note 2 – Summary of Significant Accounting Policies - Other Income, Net. | |||||||
[3] | See Note 2 – Summary of Significant Accounting Policies - Other income, net. |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Impact of Adoption on Condensed Consolidated Statement of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||||||||||||
Sales: | |||||||||||||||||||||||
Total sales | $ 235,887 | $ 283,376 | $ 699,582 | $ 535,027 | $ 229,618 | $ 327,354 | $ 684,031 | $ 436,834 | $ 1,753,872 | $ 1,677,837 | $ 1,323,555 | ||||||||||||
Cost and expenses: | |||||||||||||||||||||||
Delivery and branch expenses | 369,033 | 357,580 | 306,534 | ||||||||||||||||||||
Operating income (loss) | (43,782) | (29,933) | 105,002 | 6,063 | (41,654) | (8,817) | 85,473 | 31,066 | 37,350 | 66,068 | 55,332 | ||||||||||||
Income (loss) before income taxes | (46,545) | (33,153) | 101,564 | 3,288 | (36,925) | (11,421) | 82,783 | 28,670 | $ 34,400 | 25,154 | 63,107 | 47,276 | |||||||||||
Income tax expense (benefit) | 7,517 | 7,602 | 20,376 | ||||||||||||||||||||
Net income (loss) | (33,905) | (23,098) | 72,325 | 2,315 | (21,450) | (8,005) | 54,778 | 30,182 | 17,637 | 55,505 | 26,900 | ||||||||||||
General Partner's interest in net income (loss) | 95 | 314 | 156 | ||||||||||||||||||||
Limited Partner's interest in net income (loss) | $ (33,681) | $ (22,948) | $ 71,871 | $ 2,300 | $ (21,319) | $ (7,956) | $ 54,459 | $ 30,007 | $ 17,542 | $ 55,191 | $ 26,744 | ||||||||||||
Basic and diluted income (loss) per Limited Partner Unit | $ (0.69) | [1] | $ (0.46) | [1] | $ 1.15 | [1] | $ 0.04 | [1] | $ (0.40) | [1] | $ (0.15) | [1] | $ 0.81 | [1] | $ 0.45 | [1] | $ 0.35 | [1],[2] | $ 0.89 | [1],[2] | $ 0.46 | [2] | |
Balances Without Adoption of ASC 606 | ASU 2014-09 | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Total sales | $ 1,758,737 | ||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||
Delivery and branch expenses | 372,290 | ||||||||||||||||||||||
Operating income (loss) | 38,958 | ||||||||||||||||||||||
Income (loss) before income taxes | 26,762 | ||||||||||||||||||||||
Income tax expense (benefit) | 7,998 | ||||||||||||||||||||||
Net income (loss) | 18,764 | ||||||||||||||||||||||
General Partner's interest in net income (loss) | 101 | ||||||||||||||||||||||
Limited Partner's interest in net income (loss) | $ 18,663 | ||||||||||||||||||||||
Basic and diluted income (loss) per Limited Partner Unit | $ 0.37 | ||||||||||||||||||||||
Effect of Change Higher/(Lower) | ASU 2014-09 | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Total sales | $ (4,865) | ||||||||||||||||||||||
Cost and expenses: | |||||||||||||||||||||||
Delivery and branch expenses | (3,257) | ||||||||||||||||||||||
Operating income (loss) | (1,608) | ||||||||||||||||||||||
Income (loss) before income taxes | (1,608) | ||||||||||||||||||||||
Income tax expense (benefit) | (481) | ||||||||||||||||||||||
Net income (loss) | (1,127) | ||||||||||||||||||||||
General Partner's interest in net income (loss) | (6) | ||||||||||||||||||||||
Limited Partner's interest in net income (loss) | $ (1,121) | ||||||||||||||||||||||
Basic and diluted income (loss) per Limited Partner Unit | $ (0.02) | ||||||||||||||||||||||
Product | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Total sales | $ 1,466,045 | $ 1,404,370 | $ 1,065,076 | ||||||||||||||||||||
Product | Balances Without Adoption of ASC 606 | ASU 2014-09 | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Total sales | 1,477,488 | ||||||||||||||||||||||
Product | Effect of Change Higher/(Lower) | ASU 2014-09 | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Total sales | (11,443) | ||||||||||||||||||||||
Installations and services | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Total sales | 287,827 | $ 273,467 | $ 258,479 | ||||||||||||||||||||
Installations and services | Balances Without Adoption of ASC 606 | ASU 2014-09 | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Total sales | 281,249 | ||||||||||||||||||||||
Installations and services | Effect of Change Higher/(Lower) | ASU 2014-09 | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||
Total sales | $ 6,578 | ||||||||||||||||||||||
[1] | The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. | ||||||||||||||||||||||
[2] | See Note 19 - Earnings Per Limited Partner Units. |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Impact of Adoption on Condensed Consolidated Statement of Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
ASSETS | ||
Prepaid expenses and other current assets | $ 36,898 | $ 35,451 |
Deferred charges and other assets, net | 16,635 | 13,067 |
Liabilities | ||
Accrued expenses and other current liabilities | 120,839 | 116,436 |
Deferred tax liabilities, net | 20,116 | 21,206 |
Partners’ capital | ||
Common unitholders | 279,709 | 329,129 |
General partner | (1,968) | $ (1,303) |
Balances Without Adoption of ASC 606 | ASU 2014-09 | ||
ASSETS | ||
Prepaid expenses and other current assets | 31,442 | |
Deferred charges and other assets, net | 10,707 | |
Liabilities | ||
Accrued expenses and other current liabilities | 120,818 | |
Deferred tax liabilities, net | 16,850 | |
Partners’ capital | ||
Common unitholders | 271,666 | |
General partner | (2,022) | |
Effect of Change Higher/(Lower) | ASU 2014-09 | ||
ASSETS | ||
Prepaid expenses and other current assets | 5,456 | |
Deferred charges and other assets, net | 5,928 | |
Liabilities | ||
Accrued expenses and other current liabilities | 21 | |
Deferred tax liabilities, net | 3,266 | |
Partners’ capital | ||
Common unitholders | 8,043 | |
General partner | $ 54 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue by Major Sources (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | $ 235,887 | $ 283,376 | $ 699,582 | $ 535,027 | $ 229,618 | $ 327,354 | $ 684,031 | $ 436,834 | $ 1,753,872 | $ 1,677,837 | $ 1,323,555 |
Home heating oil and propane | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 1,099,874 | 1,084,827 | 854,067 | ||||||||
Motor fuel and other petroleum products | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 366,172 | 319,543 | 211,009 | ||||||||
Petroleum products | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 1,466,045 | 1,404,370 | 1,065,076 | ||||||||
Equipment installations | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 101,709 | 98,064 | 94,961 | ||||||||
Equipment maintenance service contracts | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 120,138 | 111,361 | 105,565 | ||||||||
Billable call services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 65,980 | 64,042 | 57,953 | ||||||||
Installations and services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | $ 287,827 | $ 273,467 | $ 258,479 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue Recognition [Line Items] | ||
Revenue, practical expedient, incremental cost of obtaining contract [true false] | true | |
Contract costs, amortization period | 5 years | |
Contract costs, impairment loss | $ 0 | |
Contract liabilities | 127,000,000 | $ 118,600,000 |
Contract with customer liability, revenue recognized | 111,000,000 | |
Prepaid Expense and Other Current Assets | ||
Revenue Recognition [Line Items] | ||
Deferred contract costs,current | 3,400,000 | |
Deferred Charges and Other Assets, Net | ||
Revenue Recognition [Line Items] | ||
Deferred contract costs,non current | 5,900,000 | |
Delivery and Branch Expenses | ||
Revenue Recognition [Line Items] | ||
Amortization of deferred contract costs | $ 4,000,000 | |
Maximum | ||
Revenue Recognition [Line Items] | ||
Contract liabilities recognition service contract period | 1 year | |
Equipment Maintenance Service Contracts | Maximum | ||
Revenue Recognition [Line Items] | ||
Revenue from service contracts period of recognition | 1 year | |
Residential and Commercial Home Heating Oil Customers | ||
Revenue Recognition [Line Items] | ||
Percentage of customers receiving deliveries based on prevailing weather conditions | 95.00% | |
Residential Customers | ||
Revenue Recognition [Line Items] | ||
Customer payment terms | 30 days | |
Percentage of customers take advantage of smart pay budget payment plan | 34.00% |
Quarterly Distribution of Ava_2
Quarterly Distribution of Available Cash - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Minimum distribution of available cash per unit | $ 0.0675 | ||
Common units distribution amount on annualized basis | $ 0.27 | ||
First tier, percentage of cash distribution to common units minimum quarterly distribution | 100.00% | ||
Second tier, percentage of available cash distribution to common units for any arrearages | 100.00% | ||
Third tier, percentage of available cash distribution to general partner unit holder until minimum quarterly distribution is met | 100.00% | ||
Fourth tier, percentage of distributions to common unit holders until first target distribution is met | 90.00% | ||
Fourth tier, percentage of distributions to general partner unit holder until first target distribution is met | 10.00% | ||
First target distribution | $ 0.1125 | ||
Thereafter, percentage of distributions to common unit holders after first target distribution is met | 80.00% | ||
Thereafter, percentage of distributions to general partner unit holders after first target distribution is met | 20.00% | ||
Percentage of excess availability of revolving commitment that must be maintained | 15.00% | ||
Fixed charge coverage ratio that must be maintained to make distributions | 1.15 | ||
Annual cash distributions declared per common unit | $ 0.485 | $ 0.455 | $ 0.425 |
General partner incentive distributions exclusive of amounts paid subject to management incentive plan | $ 0.7 | $ 0.6 | $ 0.5 |
Common Unit Repurchase Plans _3
Common Unit Repurchase Plans and Retirement - Additional Information (Detail) - USD ($) shares in Thousands | Jul. 02, 2018 | Sep. 30, 2019 | Aug. 31, 2019 | Jul. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 31, 2019 | |||||
Capital Unit [Line Items] | ||||||||||||||||
Company's common units authorized for repurchase | 2,300 | 1,300 | 1,300 | |||||||||||||
Fourth Amendment | ||||||||||||||||
Capital Unit [Line Items] | ||||||||||||||||
Availability required to repurchase common units | $ 45,000,000 | |||||||||||||||
Percentage of the maximum facility size on a historical proforma and forward-looking basis | 15.00% | |||||||||||||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ 300,000,000 | |||||||||||||||
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | 115.00% | |||||||||||||||
Repurchase Plan | ||||||||||||||||
Capital Unit [Line Items] | ||||||||||||||||
Company's common units repurchased and retired | 1,362 | 223 | 147 | 1,732 | 885 | 2,187 | 599 | 5,403 | 7,937 | 9,500 | ||||||
Company's common units authorized for repurchase | 2,300 | 1,300 | 1,300 | |||||||||||||
Total Common Units remain available for repurchase | 956 | [1] | 2,318 | [2] | 1,541 | 956 | [1] | 1,688 | 2,573 | [3] | 4,760 | 956 | [1] | 5,359 | 1,541 | |
Common Stock Available for Repurchase Under Open Market Transactions | ||||||||||||||||
Capital Unit [Line Items] | ||||||||||||||||
Company's common units authorized for repurchase | 1,000 | |||||||||||||||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | ||||||||||||||||
Capital Unit [Line Items] | ||||||||||||||||
Company's common units authorized for repurchase | 1,300 | |||||||||||||||
[1] | September 2019 common units repurchased include 1.2 million common units acquired in a private transaction. | |||||||||||||||
[2] | In August 2019, the Board authorized an increase in the number of Common Units available for repurchase from 1.3 million to 2.3 million. | |||||||||||||||
[3] | Second quarter of fiscal year 2019 common units repurchased include 1.2 million common units acquired in a private transaction. |
Common Unit Repurchase Plans _4
Common Unit Repurchase Plans and Retirement - Company's Repurchase Activities (Detail) - $ / shares shares in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 72 Months Ended | 85 Months Ended | ||||||||||||||
Nov. 30, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | Aug. 31, 2019 | Jul. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 31, 2019 | ||||||||
Repurchase Plan | |||||||||||||||||||
Capital Unit [Line Items] | |||||||||||||||||||
Total Number of Units Purchased | 1,362 | 223 | 147 | 1,732 | 885 | 2,187 | 599 | 5,403 | 7,937 | 9,500 | |||||||||
Average Price Paid per Unit | [1] | $ 9.41 | $ 9.67 | $ 9.76 | $ 9.47 | $ 9.68 | $ 9.44 | $ 9.57 | $ 9.50 | $ 7.11 | |||||||||
Maximum Number of Units that May Yet Be Purchased | 956 | [2] | 2,318 | [3] | 1,541 | 956 | [2] | 1,688 | 2,573 | [4] | 4,760 | 956 | [2] | 5,359 | 1,541 | ||||
Repurchase Plan | Subsequent Event | |||||||||||||||||||
Capital Unit [Line Items] | |||||||||||||||||||
Total Number of Units Purchased | 261 | 223 | |||||||||||||||||
Average Price Paid per Unit | [1] | $ 9.39 | $ 9.44 | ||||||||||||||||
Maximum Number of Units that May Yet Be Purchased | 472 | [5] | 733 | ||||||||||||||||
Publicly Announced Plans or Programs As Part of Repurchase Plan | |||||||||||||||||||
Capital Unit [Line Items] | |||||||||||||||||||
Total Number of Units Purchased | 1,362 | 223 | 147 | 1,732 | 885 | 2,187 | 599 | 5,403 | 5,493 | ||||||||||
Publicly Announced Plans or Programs As Part of Repurchase Plan | Subsequent Event | |||||||||||||||||||
Capital Unit [Line Items] | |||||||||||||||||||
Total Number of Units Purchased | 261 | 223 | |||||||||||||||||
[1] | Amounts include repurchase costs. | ||||||||||||||||||
[2] | September 2019 common units repurchased include 1.2 million common units acquired in a private transaction. | ||||||||||||||||||
[3] | In August 2019, the Board authorized an increase in the number of Common Units available for repurchase from 1.3 million to 2.3 million. | ||||||||||||||||||
[4] | Second quarter of fiscal year 2019 common units repurchased include 1.2 million common units acquired in a private transaction. | ||||||||||||||||||
[5] | Of the total available for repurchase, approximately 0.4 million are available for repurchase in open market transactions and 0.1 million are available for repurchase in privately-negotiated transactions. |
Common Unit Repurchase Plans _5
Common Unit Repurchase Plans and Retirement - Company's Repurchase Activities (Parenthetical) (Detail) - shares shares in Millions | 1 Months Ended | 3 Months Ended | |||
Sep. 30, 2019 | Mar. 31, 2019 | Nov. 30, 2019 | Aug. 31, 2019 | Jul. 31, 2019 | |
Capital Unit [Line Items] | |||||
Company's common units authorized for repurchase | 2.3 | 1.3 | |||
Private Transaction | |||||
Capital Unit [Line Items] | |||||
Company's common units repurchased | 1.2 | 1.2 | |||
Repurchase Plan | |||||
Capital Unit [Line Items] | |||||
Company's common units authorized for repurchase | 2.3 | 1.3 | |||
Common Stock Available for Repurchase Under Open Market Transactions | |||||
Capital Unit [Line Items] | |||||
Company's common units authorized for repurchase | 1 | ||||
Common Stock Available for Repurchase Under Open Market Transactions | Subsequent Event | |||||
Capital Unit [Line Items] | |||||
Company's common units authorized for repurchase | 0.4 | ||||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | |||||
Capital Unit [Line Items] | |||||
Company's common units authorized for repurchase | 1.3 | ||||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | Subsequent Event | |||||
Capital Unit [Line Items] | |||||
Company's common units authorized for repurchase | 0.1 |
Captive Insurance Collateral -
Captive Insurance Collateral - Schedule of Captive Insurance Collateral to be Available-for-sale Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | $ 57,461 | $ 46,623 | |
Gross Unrealized Gain | 1,032 | ||
Gross Unrealized (Loss) | (3) | (1,204) | |
Fair Value | [1] | 58,490 | 45,419 |
Cash and Receivables | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 509 | 350 | |
Fair Value | 509 | 350 | |
U.S. Government Sponsored Agencies | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 29,055 | 10,735 | |
Gross Unrealized Gain | 198 | ||
Gross Unrealized (Loss) | (3) | (192) | |
Fair Value | 29,250 | 10,543 | |
Corporate Debt Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 23,831 | 30,427 | |
Gross Unrealized Gain | 773 | ||
Gross Unrealized (Loss) | (928) | ||
Fair Value | 24,604 | 29,499 | |
Foreign Bonds and Notes | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized Cost | 4,066 | 5,111 | |
Gross Unrealized Gain | 61 | ||
Gross Unrealized (Loss) | (84) | ||
Fair Value | $ 4,127 | $ 5,027 | |
[1] | See Note 2 – Summary of Significant Accounting Policies - Captive Insurance Collateral. |
Captive Insurance Collateral _2
Captive Insurance Collateral - Schedule of Maturities of Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |||
Due within one year | $ 9,958 | ||
Due after one year through five years | 35,114 | ||
Due after five years through ten years | 13,418 | ||
Total | [1] | $ 58,490 | $ 45,419 |
[1] | See Note 2 – Summary of Significant Accounting Policies - Captive Insurance Collateral. |
Derivatives and Hedging-Discl_3
Derivatives and Hedging-Disclosures and Fair Value Measurements - Additional Information (Detail) gal in Millions | 12 Months Ended | ||
Sep. 30, 2019USD ($)gal | Sep. 30, 2018USD ($)gal | Aug. 31, 2018USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedging positions and payable amounts secured under credit facility | $ 7,700,000 | $ 0 | |
Interest rate swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional Value | 42,500,000 | $ 50,000,000 | |
Fair Value | (2,000,000) | $ 39,000 | |
Percentage of market risk exposure of long term debt | 50.00% | ||
Prepaid expense and other current assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Aggregated cash posted as collateral in normal course of business | $ 3,500,000 | ||
Call Option | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | gal | 6.1 | 3.2 | |
Notional Value | $ 15,600,000 | $ 8,200,000 | |
Fair Value | $ 100,000 | $ 200,000 | |
Call Option | Synthetic calls | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | gal | 81 | 85.4 | |
Notional Value | $ 165,400,000 | $ 182,900,000 | |
Fair Value | $ (7,200,000) | $ 14,000,000 | |
Put Option | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | gal | 5.9 | 5.6 | |
Notional Value | $ 7,700,000 | $ 8,500,000 | |
Fair Value | $ 28,000 | $ 2,000 | |
Swap Contracts | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | gal | 15.5 | 11.7 | |
Notional Value | $ 29,700,000 | $ 24,600,000 | |
Fair Value | $ (1,000,000) | $ 2,900,000 | |
Swap Contracts | Long | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | gal | 1.3 | 1.2 | |
Notional Value | $ 2,400,000 | $ 2,600,000 | |
Fair Value | $ (100,000) | $ 200,000 | |
Future Contracts | Long | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | gal | 45.2 | 53.1 | |
Notional Value | $ 83,200,000 | $ 114,300,000 | |
Fair Value | $ (900,000) | $ 9,700,000 | |
Future Contracts | Short | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | gal | 67.5 | 68.9 | |
Notional Value | $ 124,900,000 | $ 148,800,000 | |
Fair Value | $ 200,000 | $ (12,600,000) | |
Hedge its Internal Fuel Usage and Other Related Activities Swap Contracts Bought | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | gal | 4.2 | 6.5 | |
Notional Value | $ 7,400,000 | $ 13,700,000 | |
Fair Value | $ (300,000) | $ 1,000,000 | |
Hedge its Internal Fuel Usage and Other Related Activities Swap Contracts Bought | Call Option | Synthetic calls | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | gal | 0.5 | ||
Notional Value | $ 1,000,000 | ||
Fair Value | $ 100,000 |
Derivatives and Hedging-Discl_4
Derivatives and Hedging-Disclosures and Fair Value Measurements - Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 - Commodity Contract - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | $ 15,290 | $ 18,616 |
Derivative Liabilities, commodity contracts | (23,805) | (103) |
Fair asset and fair liability value of derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 13,824 | 17,710 |
Deferred charges and other assets, net balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 1,466 | 906 |
Derivative Liabilities, commodity contracts | (103) | |
Fair liability and fair asset value of derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities, commodity contracts | (22,086) | |
Deferred charges and other assets, net and other long-term liabilities balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities, commodity contracts | (1,719) | |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 15,290 | 18,616 |
Derivative Liabilities, commodity contracts | (23,805) | (103) |
Significant Other Observable Inputs Level 2 | Fair asset and fair liability value of derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 13,824 | 17,710 |
Significant Other Observable Inputs Level 2 | Deferred charges and other assets, net balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 1,466 | 906 |
Derivative Liabilities, commodity contracts | $ (103) | |
Significant Other Observable Inputs Level 2 | Fair liability and fair asset value of derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities, commodity contracts | (22,086) | |
Significant Other Observable Inputs Level 2 | Deferred charges and other assets, net and other long-term liabilities balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities, commodity contracts | $ (1,719) |
Derivatives and Hedging-Discl_5
Derivatives and Hedging-Disclosures and Fair Value Measurements - Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ 17,710 | |
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ (8,262) | |
Subject to an enforceable master netting arrangement | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 15,290 | 18,616 |
Gross Liabilities Offset in the Statement of Financial Position | (23,805) | (103) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | (8,515) | 18,513 |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | 0 | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | (8,515) | 18,513 |
Subject to an enforceable master netting arrangement | Fair asset and fair liability value of derivative instruments | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 17,710 | |
Net Assets (Liabilities) Presented in the Statement of Financial Position | 17,710 | |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | 0 | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | 17,710 | |
Subject to an enforceable master netting arrangement | Other long-term assets, net | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 16 | 906 |
Gross Liabilities Offset in the Statement of Financial Position | (16) | (103) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | 803 | |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | 0 | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | 803 | |
Subject to an enforceable master netting arrangement | Fair liability and fair asset value of derivative instruments | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 13,824 | |
Gross Liabilities Offset in the Statement of Financial Position | (22,086) | |
Net Assets (Liabilities) Presented in the Statement of Financial Position | (8,262) | |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | 0 | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | (8,262) | |
Subject to an enforceable master netting arrangement | Other long-term liabilities | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 1,450 | |
Gross Liabilities Offset in the Statement of Financial Position | (1,703) | |
Net Assets (Liabilities) Presented in the Statement of Financial Position | (253) | |
Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Received | $ 0 | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ (253) |
Derivatives and Hedging-Discl_6
Derivatives and Hedging-Disclosures and Fair Value Measurements - Effect of Derivative Instruments on Statement of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Unrealized, commodity contracts | [1] | $ 25,113 | $ (11,408) | $ (2,193) |
Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Cost of product | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized, commodity contracts | [2] | 9,266 | 10,379 | 6,386 |
Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Cost of installations and service | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized, commodity contracts | [2] | 836 | (726) | (526) |
Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Delivery and branch expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized, commodity contracts | [2] | $ 596 | $ (1,403) | $ (422) |
[1] | Represents the change in value of unrealized open positions and expired options. | |||
[2] | Represents realized closed positions and includes the cost of options as they expire. |
Inventories - Components of Inv
Inventories - Components of Inventory (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Product | $ 43,536 | $ 34,618 |
Parts and equipment | 21,252 | 21,759 |
Total inventory | $ 64,788 | $ 56,377 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - gal gal in Millions | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Inventory [Line Items] | ||
Heating oil and other fuel inventories | 22.8 | 16.3 |
Maximum product supply by other supplier | 10.00% | 10.00% |
Home heating oil and propane | ||
Inventory [Line Items] | ||
Market based product supply contracts for next twelve months | 271.6 | |
Diesel and gasoline | ||
Inventory [Line Items] | ||
Market based product supply contracts for next twelve months | 44.4 |
Component of Property and Equip
Component of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 230,690 | $ 210,581 |
Less accumulated depreciation and amortization | 132,451 | 122,963 |
Property and equipment, net | 98,239 | 87,618 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 20,872 | 19,230 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 37,443 | 34,557 |
Fleet and other equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 73,440 | 66,734 |
Tanks and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 50,353 | 45,860 |
Furniture, fixtures and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 48,582 | $ 44,200 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 13.5 | $ 12 | $ 11.1 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)PartnershipUnit | Sep. 30, 2018USD ($)PartnershipUnit | Sep. 30, 2017USD ($)PartnershipUnit | |
Business Acquisition [Line Items] | ||||||||||||
Number of businesses acquired | PartnershipUnit | 6 | 7 | ||||||||||
Goodwill | $ 244,574 | $ 228,436 | $ 228,436 | $ 244,574 | $ 228,436 | $ 225,915 | ||||||
Total sales | 235,887 | $ 283,376 | $ 699,582 | $ 535,027 | 229,618 | $ 327,354 | $ 684,031 | $ 436,834 | 1,753,872 | 1,677,837 | 1,323,555 | |
Net earnings before income taxes | (46,545) | $ (33,153) | $ 101,564 | $ 3,288 | (36,925) | $ (11,421) | $ 82,783 | $ 28,670 | 34,400 | $ 25,154 | 63,107 | 47,276 |
Liquid Product Dealers | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of businesses acquired | PartnershipUnit | 3 | |||||||||||
Acquired Business | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Aggregate purchase price partnership acquired | $ 60,904 | |||||||||||
Goodwill | 16,138 | 16,138 | ||||||||||
Total sales | 25,200 | |||||||||||
Net earnings before income taxes | 1,700 | |||||||||||
Aggregate purchase price allocation, fixed assets | $ 13,676 | $ 13,676 | ||||||||||
Acquired Business | Customer Lists, Other Intangibles and Trade Names | Minimum | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible assets, amortization period | 10 years | |||||||||||
Acquired Business | Customer Lists, Other Intangibles and Trade Names | Maximum | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Intangible assets, amortization period | 20 years | |||||||||||
Acquired Business | General and Administrative Expenses | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Total acquisition expenses | $ 1,200 | |||||||||||
Heating Oil Dealer and Motor Fuel Dealer | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Aggregate purchase price partnership acquired | 25,200 | |||||||||||
Cash paid | 23,700 | |||||||||||
Deferred liabilities | 1,500 | |||||||||||
Aggregate purchase price allocation, intangible assets | 15,300 | 15,300 | 15,300 | |||||||||
Aggregate purchase price allocation, fixed assets | 7,500 | 7,500 | 7,500 | |||||||||
Gross purchase price increased (reduced) by working capital credits | $ 2,400 | $ 2,400 | $ 2,400 | |||||||||
Heating Oil Dealer, Propane Dealer and Plumbing Service Provider | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Aggregate purchase price partnership acquired | 44,800 | |||||||||||
Cash paid | 43,300 | |||||||||||
Deferred liabilities | 1,500 | |||||||||||
Aggregate purchase price allocation, intangible assets | 37,500 | |||||||||||
Aggregate purchase price allocation, fixed assets | 10,200 | |||||||||||
Gross purchase price increased (reduced) by working capital credits | (2,900) | |||||||||||
Contingent consideration | $ 600 |
Business Combinations - Summary
Business Combinations - Summary of Preliminary Fair Values and Purchase Price Allocations in Aggregate of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 244,574 | $ 228,436 | $ 225,915 |
Acquired Business | |||
Business Acquisition [Line Items] | |||
Receivables | 6,887 | ||
Inventories | 2,105 | ||
Prepaid expenses and other current assets | 89 | ||
Property and equipment, net | 13,676 | ||
Intangibles | 28,599 | ||
Accrued expenses and other current liabilities | (366) | ||
Unearned service contract revenue | (2,800) | ||
Customer credit balances | (3,399) | ||
Other long-term liabilities | (25) | ||
Total net identifiable assets acquired | 44,766 | ||
Total consideration | 60,904 | ||
Less: Total net identifiable assets acquired | 44,766 | ||
Goodwill | $ 16,138 |
Business Combinations - Schedul
Business Combinations - Schedule of Unaudited Pro Forma Results of Operations (Detail) - Acquired Business - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Business Acquisition [Line Items] | ||
Total sales | $ 1,821,522 | $ 1,765,165 |
Net income | $ 22,486 | $ 57,112 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | |||
Amortization expense for intangible assets | $ 19,400,000 | $ 19,600,000 | $ 16,700,000 |
Summary of Changes in the Compa
Summary of Changes in the Company's Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Balance on beginning | $ 228,436 | $ 225,915 |
Fiscal year business combinations | 16,138 | 2,521 |
Balance on ending | $ 244,574 | $ 228,436 |
Intangible Assets Subject to Am
Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 420,112 | $ 391,515 |
Accum. Amortization | 312,424 | 293,071 |
Net | 107,688 | 98,444 |
Customer Lists | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 382,373 | 358,776 |
Accum. Amortization | 297,221 | 279,990 |
Net | 85,152 | 78,786 |
Trade Names And Other Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 37,739 | 32,739 |
Accum. Amortization | 15,203 | 13,081 |
Net | $ 22,536 | $ 19,658 |
Estimated Annual Amortization E
Estimated Annual Amortization Expense Related to Intangible Assets Subject to Amortization (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2020 | $ 19,451 |
2021 | 16,944 |
2022 | 14,885 |
2023 | 13,272 |
2024 | $ 10,919 |
Components of Accrued Expenses
Components of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Payables And Accruals [Abstract] | ||
Accrued wages and benefits | $ 26,747 | $ 25,712 |
Accrued insurance | 81,443 | 77,890 |
Other accrued expenses and other current liabilities | 12,649 | 12,834 |
Total accrued expenses and other current liabilities | $ 120,839 | $ 116,436 |
Long-Term Debt and Bank Facil_3
Long-Term Debt and Bank Facility Borrowings - Company's Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | ||
Debt Instrument [Line Items] | ||||
Long-term debt, carrying Amount | $ 153,447 | $ 100,780 | ||
Current maturities of long-term debt, carrying Amount | [1] | 33,000 | 9,000 | |
Long-term debt | [1],[2] | 120,447 | 91,780 | |
Long-term debt, fair value | 154,000 | [3] | 101,500 | |
Current maturities of long-term debt, fair value | [1] | 33,000 | [3] | 9,000 |
Long-term portion of debt, fair value | [1] | 121,000 | [3] | 92,500 |
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facility borrowings, carrying Amount | 61,500 | 1,500 | ||
Credit facility borrowings, fair value | 61,500 | [3] | 1,500 | |
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, carrying Amount | [4] | 91,947 | 99,280 | |
Long-term debt, fair value | [4] | $ 92,500 | [3] | $ 100,000 |
[1] | On December 4, 2019, the Company refinanced its five-year term loan and the revolving credit facility with the execution of the fifth amended and restated revolving credit facility agreement. (See Note 21—Subsequent Events). As of September 30, 2019, the Company has classified $37.5 million of its revolving credit facility borrowings as long term debt and repaid it on December 4, 2019 using proceeds provided by the fifth amended and restated revolving credit facility agreement | |||
[2] | See Note 21 – Subsequent Events. | |||
[3] | The face amount of the Company’s variable rate long-term debt approximates fair value. | |||
[4] | Carrying amounts are net of unamortized debt issuance costs of $0.6 million as of September 30, 2019 and $0.7 million as of September 30, 2018. |
Long-Term Debt and Bank Facil_4
Long-Term Debt and Bank Facility Borrowings - Company's Debt (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 04, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Term Loan | |||
Debt Instrument [Line Items] | |||
Unamortized debt issuance costs | $ 0.6 | $ 0.7 | |
Term Loan | Fifth Amendment | Subsequent Event | |||
Debt Instrument [Line Items] | |||
Senior secured term loan maturity period | 5 years | ||
Revolving Credit Facility | Fifth Amendment | |||
Debt Instrument [Line Items] | |||
Revolving credit facility borrowings | $ 37.5 |
Long-Term Debt and Bank Facil_5
Long-Term Debt and Bank Facility Borrowings - Additional Information (Detail) - USD ($) | Dec. 04, 2019 | Jul. 02, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Debt Instrument [Line Items] | ||||||
Hedging positions and payable amounts secured under credit facility | $ 7,700,000 | $ 0 | ||||
Letters of credit issued and outstanding | 4,600,000 | 7,100,000 | ||||
Long-term debt, fair value | 154,000,000 | [1] | 101,500,000 | |||
Revolving credit facility outstanding | 24,000,000 | 1,500,000 | ||||
Availability in compliance with the fixed charge coverage ratio | 126,100,000 | 189,000,000 | ||||
Total restricted net assets | $ 250,900,000 | $ 299,800,000 | ||||
Fourth Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ 300,000,000 | |||||
Maximum borrowing capacity (heating season December to April) under revolving credit facility | 450,000,000 | |||||
Issuance of line of credit for working capital purposes | $ 25,000,000 | |||||
Senior secured term loan maturity date | Jul. 2, 2023 | |||||
Additional revolving credit | $ 200,000,000 | |||||
Facility size that can be increased without consulting bank group | $ 200,000,000 | |||||
Term loan annual payment percentage | 25.00% | |||||
Commitment fee on the unused portion of the facility from December through April | 0.30% | |||||
Commitment fee on the unused portion of the facility from May through November | 0.20% | |||||
Fourth Amendment | Quarterly | ||||||
Debt Instrument [Line Items] | ||||||
Term loan periodic payment | $ 2,500,000 | |||||
Fourth Amendment | Maximum | Annually | ||||||
Debt Instrument [Line Items] | ||||||
Term loan periodic payment | $ 15,000,000 | |||||
Fifth Amendment | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ 300,000,000 | |||||
Maximum borrowing capacity (heating season December to April) under revolving credit facility | 450,000,000 | |||||
Issuance of line of credit for working capital purposes | $ 25,000,000 | |||||
Senior secured term loan maturity date | Dec. 4, 2024 | |||||
Term loan periodic payment increased | $ 3,250,000 | |||||
Fourth and Fifth Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Minimum fixed charge coverage ratio | 110.00% | |||||
Availability percentage to maximum facility size | 12.50% | |||||
Fourth and Fifth Amendment | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Senior secured leverage ratio during quarters ending June or September | 300.00% | |||||
Senior secured leverage ratio during quarters ending December or March | 450.00% | |||||
Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, effective interest rate | 5.90% | 5.20% | ||||
Long-term debt, fair value | [2] | $ 92,500,000 | [1] | $ 100,000,000 | ||
Term Loan | Fourth Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding term loan | $ 100,000,000 | |||||
Senior secured term loan maturity period | 5 years | |||||
Long-term debt, fair value | $ 92,500,000 | $ 100,000,000 | ||||
Term Loan | Fifth Amendment | Subsequent Event | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding term loan | $ 130,000,000 | |||||
Senior secured term loan maturity period | 5 years | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, effective interest rate | 4.60% | 3.80% | ||||
Revolving Credit Facility | Fourth Amendment | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility outstanding | $ 61,500,000 | $ 1,500,000 | ||||
[1] | The face amount of the Company’s variable rate long-term debt approximates fair value. | |||||
[2] | Carrying amounts are net of unamortized debt issuance costs of $0.6 million as of September 30, 2019 and $0.7 million as of September 30, 2018. |
Maturities Including Working Ca
Maturities Including Working Capital Borrowings and Expected Repayments Due to Excess Cash Flow (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 9,000 |
2021 | 13,000 |
2022 | 13,000 |
2023 | 13,000 |
2024 | 13,000 |
Thereafter | $ 93,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015USD ($)Employee | Sep. 30, 2020 | Sep. 30, 2019USD ($)Program$ / shares | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2015USD ($)Employee | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum participant contribution | 60.00% | |||||
Partnership aggregate contributions to defined contribution plans | $ 7,600,000 | $ 6,700,000 | $ 6,300,000 | |||
Multiemployer pension plans, coverage of bargaining agreement, percentage | 43.00% | |||||
Maximum funded for red zone | 65.00% | |||||
Maximum funded for yellow zone | 80.00% | |||||
Minimum funded for green zone | 80.00% | |||||
Partnership contributions in excess of 5% of the plan's total contributions in percentage | 5.00% | 5.00% | 5.00% | |||
Accrued expenses and other current liabilities | $ 120,839,000 | $ 116,436,000 | ||||
Other long-term liabilities | 25,746,000 | 24,012,000 | ||||
Defined benefit plan funded status included in deferred charges and other assets | 1,800,000 | $ 2,400,000 | ||||
Net actuarial loss balance in accumulated other comprehensive income to be amortized | 15,100,000 | |||||
Amount to be amortized from accumulated other comprehensive income | $ 1,800,000 | |||||
Discount rate to determine periodic pension expense | 3.00% | 4.15% | 3.60% | |||
Expected optional pension contribution | $ 0 | |||||
Expected benefit payments for year one | 4,400,000 | |||||
Expected benefit payments for year two | 4,400,000 | |||||
Expected benefit payments for year three | 4,400,000 | |||||
Expected benefit payments for year four | 4,400,000 | |||||
Expected benefit payments for year five | 4,400,000 | |||||
Aggregate expected benefit payment for five years thereafter | $ 18,900,000 | |||||
Cash and Cash Equivalents | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Pension asset allocation | 1.00% | |||||
Scenario Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Rate pension plan assets expect to earn | 4.40% | |||||
Renewal within Next Fiscal Year | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Multiemployer pension plans, coverage of bargaining agreement, percentage | 23.00% | |||||
Management | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Incentive distribution percentage of available cash in excess of minimum quarterly distribution | 50.00% | |||||
Gains interest cash proceeds percentage from the sale of general partner units | 50.00% | |||||
Employee and Consultant | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Participant's vested percentage of plan benefits | 100.00% | |||||
Termination of employment or consultation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Participant's vested percentage of plan benefits | 20.00% | |||||
Chief executive officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Participant's vested percentage of plan benefits | 33.333% | |||||
Management And General Partner | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Partnership incentive distribution | $ 1,464,000 | $ 1,199,000 | $ 963,000 | |||
Management Incentive Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Partnership incentive distribution | 732,000 | 600,000 | 481,000 | |||
Management Incentive Compensation Plan Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Partnership incentive distribution | $ 397,430 | 267,082 | 214,378 | |||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Participant Contribution | 0.00% | |||||
Minimum | Management | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Quarterly distribution | $ / shares | $ 0.0675 | |||||
Other Postretirement Benefit Plan, Defined Benefit | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Partnership aggregate contributions to defined contribution plans | $ 600,000 | $ 600,000 | $ 700,000 | |||
New England Teamsters & Trucking Industry Pension Fund | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum funded for red zone | 65.00% | |||||
Multiemployer plan undiscounted withdrawal obligation | $ 48,000,000 | $ 48,000,000 | ||||
Expected benefit payments in years | 30 years | |||||
Multiemployer plan annual liability annual payment amount | $ 1,600,000 | $ 1,600,000 | ||||
Accrued expenses and other current liabilities | 200,000 | |||||
Other long-term liabilities | 16,900,000 | |||||
New England Teamsters & Trucking Industry Pension Fund | Significant Other Observable Inputs Level 2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Multiemployer plan discounted withdrawal liability | $ 21,100,000 | |||||
New England Teamsters & Trucking Industry Pension Fund | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of employees | Employee | 200 | 200 | ||||
Frozen Defined Benefit Pension Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of frozen defined benefit pension plans | Program | 2 | |||||
Domestic Fixed Income | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Pension asset allocation | 90.00% | |||||
Domestic Equities | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Pension asset allocation | 7.00% | |||||
International equity | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Pension asset allocation | 2.00% |
Participation and Contributions
Participation and Contributions to Multi Employer Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Multiemployer Plans [Line Items] | |||
Partnership Contributions | $ 9,598 | $ 9,141 | $ 8,940 |
New England Teamsters & Trucking Industry Pension Fund | |||
Multiemployer Plans [Line Items] | |||
EIN | 046372430 | ||
Pension Plan Number | 001 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP / RP Status Pending / Implemented | Implemented | ||
Partnership Contributions | $ 2,468 | $ 2,455 | 2,621 |
Surcharge Imposed | No | ||
Expiration Date of Collective-Bargaining Agreements, Start Date | Mar. 31, 2020 | ||
Expiration Date of Collective-Bargaining Agreements, End Date | Apr. 30, 2023 | ||
Westchester Teamsters Pension Fund | |||
Multiemployer Plans [Line Items] | |||
EIN | 136123973 | ||
Pension Plan Number | 001 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP / RP Status Pending / Implemented | NA | ||
Partnership Contributions | $ 1,039 | $ 846 | 924 |
Surcharge Imposed | No | ||
Expiration Date of Collective-Bargaining Agreements, Start Date | Dec. 31, 2019 | ||
Expiration Date of Collective-Bargaining Agreements, End Date | Jan. 31, 2024 | ||
Local 553 Pension Fund | |||
Multiemployer Plans [Line Items] | |||
EIN | 136637826 | ||
Pension Plan Number | 001 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP / RP Status Pending / Implemented | NA | ||
Partnership Contributions | $ 3,114 | $ 2,888 | 2,780 |
Surcharge Imposed | No | ||
Expiration Date of Collective-Bargaining Agreements, Start Date | Dec. 15, 2019 | ||
Expiration Date of Collective-Bargaining Agreements, End Date | Jan. 15, 2020 | ||
Local 463 Pension Fund | |||
Multiemployer Plans [Line Items] | |||
EIN | 111800729 | ||
Pension Plan Number | 001 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP / RP Status Pending / Implemented | NA | ||
Partnership Contributions | $ 144 | $ 145 | 150 |
Surcharge Imposed | No | ||
Expiration Date of Collective-Bargaining Agreements, Start Date | Feb. 28, 2020 | ||
Expiration Date of Collective-Bargaining Agreements, End Date | Jun. 30, 2022 | ||
All Other Multiemployer Pension Plans | |||
Multiemployer Plans [Line Items] | |||
Partnership Contributions | $ 2,833 | $ 2,807 | $ 2,465 |
Net Periodic Benefit Cost for P
Net Periodic Benefit Cost for Period Reconciliation of Changes in Plan Assets Projected Benefit Obligations and Amounts Recognized in Other Comprehensive Income and Accumulated Other Comprehensive Income (Detail) - Frozen Defined Benefit Pension Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net Periodic Pension Cost in Income Statement | |||
Net Periodic Pension Cost in Income Statement, Interest cost | $ 2,366 | $ 2,279 | $ 2,251 |
Net Periodic Pension Cost in Income Statement, Actual return on plan assets | (9,380) | 942 | (1,473) |
Net Periodic Pension Cost in Income Statement, Investment and other expenses | (483) | (394) | (455) |
Net Periodic Pension Cost in Income Statement, Difference between actual and expected return on plan assets | 7,086 | (3,705) | (1,232) |
Net Periodic Pension Cost in Income Statement, Anticipated expenses | 310 | 328 | 341 |
Net Periodic Pension Cost in Income Statement, Amortization of unrecognized net actuarial loss | 1,821 | 1,791 | 2,131 |
Net Periodic Pension Cost in Income Statement, Annual cost/change | 1,720 | 1,241 | 1,563 |
Cash | |||
Cash, Employer contributions/ Annual cost/change | (1,653) | (505) | |
Fair Value of Pension Plan Assets | |||
Fair Value of Pension Plan Assets, Beginning Balance | 61,924 | 65,676 | 68,276 |
Fair Value of Pension Plan Assets, Actual return on plan assets | 9,380 | (942) | 1,473 |
Fair Value of Pension Plan Assets, Employer contributions | 1,653 | 505 | |
Fair Value of Pension Plan Assets, Benefit payments | (4,466) | (4,463) | (4,578) |
Fair Value of Pension Plan Assets, Annual cost/change | 4,914 | (3,752) | (2,600) |
Fair Value of Pension Plan Assets, Ending Balance | 66,838 | 61,924 | 65,676 |
Projected Benefit Obligation | |||
Projected Benefit Obligation, Beginning balance | (59,542) | (65,781) | (70,679) |
Projected Benefit Obligation, Interest cost | (2,366) | (2,279) | (2,251) |
Projected Benefit Obligation, Benefit payments | 4,466 | 4,463 | 4,578 |
Projected Benefit Obligation, Investment and other expenses | 483 | 394 | 455 |
Projected Benefit Obligation , Anticipated expenses | (310) | (328) | (341) |
Projected Benefit Obligation, Actuarial Loss | (7,738) | 3,989 | 2,457 |
Projected Benefit Obligation, Annual cost/change | (5,465) | 6,239 | 4,898 |
Projected Benefit Obligation, Ending balance | (65,007) | (59,542) | (65,781) |
Funded status at the end of the year | 1,831 | 2,382 | (105) |
Other Comprehensive (Income) / Loss | |||
Other Comprehensive (Income) / Loss, Difference between actual and expected return on plan assets | (7,086) | 3,705 | 1,232 |
Other Comprehensive (Income) / Loss, Actuarial gain (loss) | 7,738 | (3,989) | (2,457) |
Other Comprehensive (Income) / Loss, Amortization of unrecognized net actuarial loss | (1,821) | (1,791) | (2,131) |
Other Comprehensive (Income) / Loss, Annual cost/change | (1,169) | (2,075) | (3,356) |
Gross Pension Related Accumulated Other Comprehensive Income | |||
Gross Pension Related Accumulated Other Comprehensive Income, Beginning Balance | 16,273 | 18,348 | 21,704 |
Other Comprehensive (Income) / Loss, Annual cost/change | (1,169) | (2,075) | (3,356) |
Gross Pension Related Accumulated Other Comprehensive Income, Ending Balance | $ 15,104 | $ 16,273 | $ 18,348 |
Weighted-Average Assumptions Us
Weighted-Average Assumptions Used in Measurement of Partnership's Benefit Obligation (Detail) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Weighted-Average Assumptions Used in the Measurement of the Partnership’s Benefit Obligation | |||
Discount rate at year end date | 3.00% | 4.15% | 3.60% |
Expected return on plan assets for the year ended | 4.67% | 4.86% | 4.80% |
Fair Values and Percentage of C
Fair Values and Percentage of Company's Pension Plan Assets by Asset Category (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the Partnership's pension plan assets | 100.00% | 100.00% | |
Quoted Prices in Active Markets for Identical Assets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of the Partnership's pension plan assets | $ 66,838 | $ 61,924 | |
Corporate and U.S. government bond fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the Partnership's pension plan assets | [1] | 90.00% | 90.00% |
Corporate and U.S. government bond fund | Quoted Prices in Active Markets for Identical Assets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of the Partnership's pension plan assets | [1] | $ 60,720 | $ 55,908 |
U.S. large-cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the Partnership's pension plan assets | [1] | 7.00% | 7.00% |
U.S. large-cap equity | Quoted Prices in Active Markets for Identical Assets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of the Partnership's pension plan assets | [1] | $ 4,632 | $ 4,566 |
International equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the Partnership's pension plan assets | [1] | 2.00% | 2.00% |
International equity | Quoted Prices in Active Markets for Identical Assets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of the Partnership's pension plan assets | [1] | $ 1,119 | $ 1,129 |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the Partnership's pension plan assets | 1.00% | 1.00% | |
Cash | Quoted Prices in Active Markets for Identical Assets Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of the Partnership's pension plan assets | $ 367 | $ 321 | |
[1] | Represent investments in Vanguard funds that seek to replicate the asset category description. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Jan. 01, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Income Tax Disclosure [Line Items] | |||||||||||||
Tax Cuts and Jobs Act, percentage of depreciation for certain fixed assets acquired | 100.00% | ||||||||||||
Tax Cuts and Jobs Act, change in tax rate, discrete tax benefit | $ 11,101,000 | ||||||||||||
Federal statutory tax rate | 35.00% | 21.00% | 21.00% | 35.00% | |||||||||
Income from continuing operations before taxes | $ (46,545,000) | $ (33,153,000) | $ 101,564,000 | $ 3,288,000 | $ (36,925,000) | $ (11,421,000) | $ 82,783,000 | $ 28,670,000 | $ 34,400,000 | $ 25,154,000 | 63,107,000 | $ 47,276,000 | |
Income Tax Disclosure [Abstract] | |||||||||||||
Net change in valuation allowance | 800,000 | ||||||||||||
Unrecognized income tax benefits | $ 0 | $ 0 | $ 0 | ||||||||||
Maximum | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Net change in valuation allowance | $ 100,000 | ||||||||||||
Federal | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Number of years for examination | 4 years | ||||||||||||
Federal | Tax Year 2017 | |||||||||||||
Income Tax Disclosure [Line Items] | |||||||||||||
Corporate income tax rate | 35.00% | ||||||||||||
Federal | Tax Year 2018 | |||||||||||||
Income Tax Disclosure [Line Items] | |||||||||||||
Corporate income tax rate | 21.00% | ||||||||||||
State | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Net operating loss carry forwards | $ 2,500,000 | ||||||||||||
State | Maximum | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Expiration date of net operating loss carryforward | Dec. 31, 2037 | ||||||||||||
State | Minimum | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Expiration date of net operating loss carryforward | Dec. 31, 2023 | ||||||||||||
New York | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Number of years for examination | 4 years | ||||||||||||
Connecticut | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Number of years for examination | 4 years | ||||||||||||
Pennsylvania | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Number of years for examination | 4 years | ||||||||||||
New Jersey | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Number of years for examination | 5 years |
Income Tax Expense (Detail)
Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Current: | |||
Federal | $ 7,921 | $ (6,067) | $ 7,578 |
State | 4,722 | (1,016) | 2,664 |
Deferred | |||
Federal | (3,168) | 11,052 | 8,775 |
State | (1,958) | 3,633 | 1,359 |
Income tax expense | $ 7,517 | $ 7,602 | $ 20,376 |
Income Taxes Computed at Federa
Income Taxes Computed at Federal Statutory Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||||||||||
Income from continuing operations before taxes | $ (46,545) | $ (33,153) | $ 101,564 | $ 3,288 | $ (36,925) | $ (11,421) | $ 82,783 | $ 28,670 | $ 34,400 | $ 25,154 | $ 63,107 | $ 47,276 |
Provision for income taxes: | ||||||||||||
Tax at Federal statutory rate | 5,282 | 17,266 | 16,546 | |||||||||
Effect of the tax reform on deferred taxes | (11,101) | |||||||||||
Impact of Partnership loss not subject to federal income taxes | 53 | 741 | ||||||||||
State taxes net of federal benefit | 1,626 | 1,864 | 3,170 | |||||||||
Permanent differences | 345 | 99 | 89 | |||||||||
Change in valuation allowance net of effect of the tax reform | 23 | 107 | 115 | |||||||||
Other | 241 | (686) | (285) | |||||||||
Income tax expense | $ 7,517 | $ 7,602 | $ 20,376 |
Components of Net Deferred Taxe
Components of Net Deferred Taxes (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 6,292 | $ 6,647 |
Vacation accrual | 2,774 | 2,658 |
Pension accrual | 4,504 | 4,425 |
Allowance for bad debts | 2,235 | 2,226 |
Insurance accrual | 2,419 | 2,425 |
Inventory capitalization | 247 | 350 |
Fair value of derivative instruments | 2,794 | |
Other, net | 1,382 | |
Total deferred tax assets | 21,265 | 20,113 |
Valuation allowance | (4,003) | (3,980) |
Net deferred tax assets | 17,262 | 16,133 |
Deferred tax liabilities: | ||
Property and equipment | 13,485 | 9,783 |
Fair value of derivative instruments | 4,673 | |
Intangibles | 21,883 | 22,883 |
Other, net | 2,010 | |
Total deferred tax liabilities | 37,378 | 37,339 |
Net deferred tax liabilities | $ (20,116) | $ (21,206) |
Future Minimum Rental Commitmen
Future Minimum Rental Commitments (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Schedule of minimum future rent payment receivable | |
2020 | $ 24,082 |
2021 | 20,875 |
2022 | 16,687 |
2023 | 13,344 |
2024 | 11,114 |
Thereafter | 43,506 |
Total future minimum lease payments | $ 129,608 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Leases [Abstract] | |||
Rent expense for the fiscal years | $ 26.2 | $ 23.3 | $ 21.4 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information - Schedule of Supplemental Disclosure of Cash Flow Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Cash paid during the period for: | |||
Income taxes, net | $ 5,133 | $ 2,569 | $ 4,434 |
Interest | $ 12,601 | $ 8,925 | $ 7,814 |
Earnings per Limited Partner _3
Earnings per Limited Partner Units - Net Income Allocation and Per Unit Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |||||||||||||
Basic and Diluted Earnings Per Limited Partner: | |||||||||||||||||||||||
Net income (loss) | $ (33,905) | $ (23,098) | $ 72,325 | $ 2,315 | $ (21,450) | $ (8,005) | $ 54,778 | $ 30,182 | $ 17,637 | $ 55,505 | $ 26,900 | ||||||||||||
Less General Partners’ interest in net income | 95 | 314 | 156 | ||||||||||||||||||||
Limited Partner's interest in net income (loss) | $ (33,681) | $ (22,948) | $ 71,871 | $ 2,300 | $ (21,319) | $ (7,956) | $ 54,459 | $ 30,007 | 17,542 | 55,191 | 26,744 | ||||||||||||
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 | [1] | 6,340 | 914 | ||||||||||||||||||||
Limited Partner’s interest in net income under FASB ASC 260-10-45-60 | $ 17,542 | $ 48,851 | $ 25,830 | ||||||||||||||||||||
Per unit data: | |||||||||||||||||||||||
Basic and diluted net income available to limited partners | $ 0.35 | $ 1.01 | $ 0.48 | ||||||||||||||||||||
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 | [1] | 0.12 | 0.02 | ||||||||||||||||||||
Limited Partner’s interest in net income under FASB ASC 260-10-45-60 | $ (0.69) | [2] | $ (0.46) | [2] | $ 1.15 | [2] | $ 0.04 | [2] | $ (0.40) | [2] | $ (0.15) | [2] | $ 0.81 | [2] | $ 0.45 | [2] | $ 0.35 | [2],[3] | $ 0.89 | [2],[3] | $ 0.46 | [3] | |
Weighted average number of Limited Partner units outstanding | 50,814 | 54,764 | 55,888 | ||||||||||||||||||||
[1] | In any accounting period where the Company’s aggregate net income exceeds its aggregate distribution for such period, the Company is required as per FASB ASC 260-10-45-60 to present net income per limited partner unit as if all of the earnings for the period were distributed, based on the terms of the Partnership agreement, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Company’s overall net income or other financial results. | ||||||||||||||||||||||
[2] | The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. | ||||||||||||||||||||||
[3] | See Note 19 - Earnings Per Limited Partner Units. |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||
Sales | $ 235,887 | $ 283,376 | $ 699,582 | $ 535,027 | $ 229,618 | $ 327,354 | $ 684,031 | $ 436,834 | $ 1,753,872 | $ 1,677,837 | $ 1,323,555 | ||||||||||||
Gross profit for product, installation and service | 48,482 | 66,191 | 218,549 | 154,484 | 43,387 | 79,377 | 216,079 | 124,499 | 487,706 | 463,342 | |||||||||||||
Operating income (loss) | (43,782) | (29,933) | 105,002 | 6,063 | (41,654) | (8,817) | 85,473 | 31,066 | 37,350 | 66,068 | 55,332 | ||||||||||||
Income (loss) before income taxes | (46,545) | (33,153) | 101,564 | 3,288 | (36,925) | (11,421) | 82,783 | 28,670 | $ 34,400 | 25,154 | 63,107 | 47,276 | |||||||||||
Net income (loss) | (33,905) | (23,098) | 72,325 | 2,315 | (21,450) | (8,005) | 54,778 | 30,182 | 17,637 | 55,505 | 26,900 | ||||||||||||
Limited Partner's interest in net income (loss) | $ (33,681) | $ (22,948) | $ 71,871 | $ 2,300 | $ (21,319) | $ (7,956) | $ 54,459 | $ 30,007 | $ 17,542 | $ 55,191 | $ 26,744 | ||||||||||||
Net income (loss) per Limited Partner unit: | |||||||||||||||||||||||
Basic and diluted income per Limited Partner Unit : | $ (0.69) | [1] | $ (0.46) | [1] | $ 1.15 | [1] | $ 0.04 | [1] | $ (0.40) | [1] | $ (0.15) | [1] | $ 0.81 | [1] | $ 0.45 | [1] | $ 0.35 | [1],[2] | $ 0.89 | [1],[2] | $ 0.46 | [2] | |
[1] | The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. | ||||||||||||||||||||||
[2] | See Note 19 - Earnings Per Limited Partner Units. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Dec. 04, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Subsequent Event [Line Items] | ||||
Repayment of borrowings | $ 79,331,000 | $ 160,104,000 | ||
Subsequent Event | Fifth Amendment | ||||
Subsequent Event [Line Items] | ||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ 300,000,000 | |||
Maximum borrowing capacity (heating season December to April) under revolving credit facility | 450,000,000 | |||
Issuance of line of credit for working capital purposes | $ 25,000,000 | |||
Senior secured term loan maturity date | Dec. 4, 2024 | |||
Availability required to repurchase common units | $ 45,000,000 | |||
Percentage of the maximum facility size on a historical proforma and forward-looking basis | 15.00% | |||
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | 115.00% | |||
Subsequent Event | Fifth Amendment | Term Loan | ||||
Subsequent Event [Line Items] | ||||
Outstanding term loan | $ 130,000,000 | |||
Senior secured term loan maturity period | 5 years | |||
Repayment of borrowings | $ 90,000,000 | |||
Subsequent Event | Fifth Amendment | Revolving Credit Facility | ||||
Subsequent Event [Line Items] | ||||
Repayment of borrowings | $ 40,000,000 | |||
Subsequent Event | Dividend Declared | ||||
Subsequent Event [Line Items] | ||||
Distribution declared | $ 0.1250 | |||
Partners capital projected distribution amount on annualized basis | 0.50 | |||
Minimum dividend distribution per unit | $ 0.0675 | |||
Amount to paid to common unit holders | $ 5,900,000 | |||
Amount to paid to the General Partner | 200,000 | |||
Incentive distribution to the General Partner | 200,000 | |||
Incentive distributions to management | $ 200,000 | |||
Dividend paid date | Nov. 5, 2019 | |||
Dividend record date | Oct. 28, 2019 | |||
Subsequent Event | Motor Fuel Dealer | ||||
Subsequent Event [Line Items] | ||||
Aggregate purchase price | $ 500,000 |
Condensed Financial Informati_2
Condensed Financial Information of Registrant Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Current assets | |||||
Cash and cash equivalents | $ 4,899 | $ 14,531 | |||
Prepaid expenses and other current assets | 36,898 | 35,451 | |||
Total current assets | 226,830 | 256,737 | |||
Total assets | 752,706 | 729,971 | |||
Current liabilities | |||||
Accrued expenses | 120,839 | 116,436 | |||
Total current liabilities | 325,557 | 283,188 | |||
Partners’ capital | 260,840 | 309,785 | $ 306,068 | $ 301,493 | |
Total liabilities and partners’ capital | 752,706 | 729,971 | |||
STAR GROUP, L.P. | |||||
Current assets | |||||
Cash and cash equivalents | 50 | 54 | $ 54 | $ 324 | |
Prepaid expenses and other current assets | 232 | 217 | |||
Total current assets | 282 | 271 | |||
Investment in subsidiaries | [1] | 260,601 | 309,541 | ||
Total assets | 260,883 | 309,812 | |||
Current liabilities | |||||
Accrued expenses | 43 | 27 | |||
Total current liabilities | 43 | 27 | |||
Partners’ capital | 260,840 | 309,785 | |||
Total liabilities and partners’ capital | $ 260,883 | $ 309,812 | |||
[1] | Investments in Star Acquisitions, Inc. and subsidiaries are recorded in accordance with the equity method of accounting. |
Condensed Financial Informati_3
Condensed Financial Information of Registrant of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Revenues | $ 235,887 | $ 283,376 | $ 699,582 | $ 535,027 | $ 229,618 | $ 327,354 | $ 684,031 | $ 436,834 | $ 1,753,872 | $ 1,677,837 | $ 1,323,555 | |
General and administrative expenses | 28,414 | 24,227 | 24,998 | |||||||||
Operating income (loss) | (43,782) | (29,933) | 105,002 | 6,063 | (41,654) | (8,817) | 85,473 | 31,066 | 37,350 | 66,068 | 55,332 | |
Income before income taxes | (46,545) | (33,153) | 101,564 | 3,288 | (36,925) | (11,421) | 82,783 | 28,670 | $ 34,400 | 25,154 | 63,107 | 47,276 |
Net income (loss) | $ (33,905) | $ (23,098) | $ 72,325 | $ 2,315 | $ (21,450) | $ (8,005) | $ 54,778 | $ 30,182 | 17,637 | 55,505 | 26,900 | |
STAR GROUP, L.P. | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
General and administrative expenses | 1,377 | 1,647 | 2,116 | |||||||||
Operating income (loss) | (1,377) | (1,647) | (2,116) | |||||||||
Income before income taxes | (1,377) | (1,647) | (2,116) | |||||||||
Equity income of Star Acquisitions Inc. and subs | 19,014 | 57,152 | 29,016 | |||||||||
Net income (loss) | $ 17,637 | $ 55,505 | $ 26,900 |
Condensed Financial Informati_4
Condensed Financial Information of Registrant Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Cash flows provided by operating activities: | ||||
Net cash provided by operating activities | $ 97,382 | $ 57,460 | $ 21,058 | |
Cash flows provided by investing activities: | ||||
Net cash provided by investing activities | (82,166) | (65,252) | (66,381) | |
Cash flows used in financing activities: | ||||
Distributions | (25,593) | (25,603) | (24,322) | |
Unit repurchase | (51,353) | (26,714) | ||
Net cash used in financing activities | (24,848) | (30,135) | (41,157) | |
Cash and cash equivalents at beginning of period | 14,531 | |||
Cash and cash equivalents at end of period | 4,899 | 14,531 | ||
STAR GROUP, L.P. | ||||
Cash flows provided by operating activities: | ||||
Net cash provided by operating activities | [1] | 76,942 | 52,317 | 24,052 |
Cash flows provided by investing activities: | ||||
Net cash provided by investing activities | 0 | 0 | 0 | |
Cash flows used in financing activities: | ||||
Distributions | (25,593) | (25,603) | (24,322) | |
Unit repurchase | (51,353) | (26,714) | ||
Net cash used in financing activities | (76,946) | (52,317) | (24,322) | |
Net decrease in cash | (4) | (270) | ||
Cash and cash equivalents at beginning of period | 54 | 54 | 324 | |
Cash and cash equivalents at end of period | $ 50 | $ 54 | $ 54 | |
[1] | Includes distributions from subsidiaries |
Condensed Financial Informati_5
Condensed Financial Information of Registrant Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
STAR GROUP, L.P. | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Includes distributions from subsidiaries | $ 76,942 | $ 52,317 | $ 24,052 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | $ 8,002 | $ 5,540 | $ 4,419 | |
Charged to Costs & Expenses | 9,541 | 6,283 | 1,639 | |
Other Changes Add (Deduct) | [1] | (9,165) | (3,821) | (518) |
Balance at End of Year | $ 8,378 | $ 8,002 | $ 5,540 | |
[1] | Bad debts written off (net of recoveries). |