Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Nov. 30, 2022 | Mar. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
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 | 35,769,700 | ||
Entity Public Float | $ 366,545,898 | ||
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 | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Stamford, CT | ||
ICFR Auditor Attestation Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 14,620 | $ 4,767 |
Receivables, net of allowance of $7,755 and $4,779, respectively | 138,252 | 99,680 |
Inventories | 83,557 | 61,183 |
Fair asset value of derivative instruments | 16,823 | 26,222 |
Prepaid expenses and other current assets | 32,016 | 30,140 |
Assets held for sale | 2,995 | 0 |
Total current assets | 288,263 | 221,992 |
Property and equipment, net | 107,744 | 99,123 |
Operating lease right-of-use assets | 93,435 | 95,839 |
Goodwill | 254,110 | 253,398 |
Intangibles, net | 84,510 | 95,474 |
Restricted cash | 250 | 250 |
Captive insurance collateral | 66,662 | 69,933 |
Deferred charges and other assets, net | 17,501 | 17,854 |
Total assets | 912,475 | 853,863 |
Current liabilities | ||
Accounts payable | 49,061 | 37,291 |
Revolving credit facility borrowings | 20,276 | 8,618 |
Fair liability value of derivative instruments | 183 | 0 |
Current maturities of long-term debt | 12,375 | 17,621 |
Current portion of operating lease liabilities | 17,211 | 16,446 |
Accrued expenses and other current liabilities | 125,561 | 121,221 |
Unearned service contract revenue | 62,858 | 56,972 |
Customer credit balances | 93,555 | 86,828 |
Total current liabilities | 381,080 | 344,997 |
Long-term debt | 151,709 | 92,385 |
Long-term operating lease liabilities | 81,385 | 84,019 |
Deferred tax liabilities, net | 25,620 | 29,014 |
Other long-term liabilities | 14,766 | 25,244 |
Partners’ capital | ||
Common unitholders | 277,177 | 295,063 |
General partner | (3,656) | (2,821) |
Accumulated other comprehensive loss, net of taxes | (15,606) | (14,038) |
Total partners’ capital | 257,915 | 278,204 |
Total liabilities and partners’ capital | $ 912,475 | $ 853,863 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance | $ 7,755 | $ 4,779 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||||
Sales: | ||||||
Total sales | $ 2,006,558 | $ 1,497,086 | $ 1,467,458 | |||
Cost and expenses: | ||||||
(Increase) decrease in the fair value of derivative instruments | [1] | 17,286 | (36,138) | 2,755 | ||
Delivery and branch expenses | 353,517 | 327,910 | 323,373 | |||
Depreciation and amortization expenses | 32,598 | 33,485 | 34,623 | |||
General and administrative expenses | 24,882 | 25,096 | 25,072 | |||
Finance charge income | (4,506) | (2,899) | (3,771) | |||
Operating income | 60,453 | 130,200 | 92,968 | |||
Interest expense, net | (10,472) | (7,816) | (9,702) | |||
Amortization of debt issuance costs | (955) | (972) | (999) | |||
Other loss, net | (5,724) | |||||
Income before income taxes | 49,026 | 121,412 | 76,543 | |||
Income tax expense | 13,738 | 33,675 | 20,625 | |||
Net income | 35,288 | 87,737 | 55,918 | |||
General Partner’s interest in net income | 281 | 689 | 377 | |||
Limited Partners’ interest in net income | $ 35,007 | $ 87,048 | $ 55,541 | |||
Basic and diluted income per Limited Partner Unit: | [2] | $ 0.85 | [3] | $ 1.82 | [3] | $ 1.07 |
Weighted average number of Limited Partner units outstanding: | ||||||
Weighted average number of Limited Partner units outstanding: Basic | 37,384 | 40,553 | 45,656 | |||
Weighted average number of Limited Partner units outstanding: Diluted | 37,384 | 40,553 | 45,656 | |||
Product | ||||||
Sales: | ||||||
Total sales | $ 1,698,281 | $ 1,204,319 | $ 1,186,026 | |||
Installations and services | ||||||
Sales: | ||||||
Total sales | 308,277 | 292,767 | 281,432 | |||
Cost of product | ||||||
Cost and expenses: | ||||||
Cost and expenses | 1,239,605 | 754,622 | 738,714 | |||
Cost of installations and services | ||||||
Cost and expenses: | ||||||
Cost and expenses | $ 282,723 | $ 264,810 | $ 253,724 | |||
[1] Represents the change in value of unrealized open positions and expired options. See Note 19 - Earnings Per Limited Partner Units. 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, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 35,288 | $ 87,737 | $ 55,918 |
Other comprehensive income: | |||
Unrealized gain (loss) on pension plan obligation | (436) | 735 | 2,876 |
Tax effect of unrealized gain (loss) on pension plan obligation | 129 | (217) | (782) |
Unrealized gain (loss) on captive insurance collateral | (4,952) | (963) | 916 |
Tax effect of unrealized gain (loss) on captive insurance collateral | 1,043 | 203 | (190) |
Unrealized gain (loss) on interest rate hedge | 3,607 | 1,575 | (1,193) |
Tax effect of unrealized gain (loss) on interest rate hedge | (959) | (414) | 317 |
Total other comprehensive income (loss) | (1,568) | 919 | 1,944 |
Total comprehensive income | $ 33,720 | $ 88,656 | $ 57,862 |
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, 2019 | $ 260,840 | $ (1,968) | $ 279,709 | $ (16,901) |
Beginning Balance, unit at Sep. 30, 2019 | 326 | 47,685 | ||
Net income | 55,918 | $ 377 | $ 55,541 | |
Unrealized gain on pension plan obligation | 2,876 | 2,876 | ||
Tax effect of unrealized gain on pension plan obligation | (782) | (782) | ||
Unrealized gain (loss) on captive insurance collateral | 916 | 916 | ||
Tax effect of unrealized gain (loss) on captive insurance collateral | (190) | (190) | ||
Unrealized gain (loss) on interest rate hedge | (1,193) | (1,193) | ||
Tax effect of unrealized gain (loss) on interest rate hedge | 317 | 317 | ||
Distributions | (24,451) | (915) | (23,536) | |
Retirement of units | (38,431) | $ (38,431) | ||
Retirement of units, shares | (4,357) | |||
Ending Balance at Sep. 30, 2020 | 255,820 | $ (2,506) | $ 273,283 | (14,957) |
Ending Balance, Unit at Sep. 30, 2020 | 326 | 43,328 | ||
Net income | 87,737 | $ 689 | $ 87,048 | |
Unrealized gain on pension plan obligation | 735 | 735 | ||
Tax effect of unrealized gain on pension plan obligation | (217) | (217) | ||
Unrealized gain (loss) on captive insurance collateral | (963) | (963) | ||
Tax effect of unrealized gain (loss) on captive insurance collateral | 203 | 203 | ||
Unrealized gain (loss) on interest rate hedge | 1,575 | 1,575 | ||
Tax effect of unrealized gain (loss) on interest rate hedge | (414) | (414) | ||
Distributions | (23,448) | (1,004) | (22,444) | |
Retirement of units | (42,824) | $ (42,824) | ||
Retirement of units, shares | (4,282) | |||
Ending Balance at Sep. 30, 2021 | 278,204 | $ (2,821) | $ 295,063 | (14,038) |
Ending Balance, Unit at Sep. 30, 2021 | 326 | 39,046 | ||
Net income | 35,288 | $ 281 | $ 35,007 | |
Unrealized gain on pension plan obligation | (436) | (436) | ||
Tax effect of unrealized gain on pension plan obligation | 129 | 129 | ||
Unrealized gain (loss) on captive insurance collateral | (4,952) | (4,952) | ||
Tax effect of unrealized gain (loss) on captive insurance collateral | 1,043 | 1,043 | ||
Unrealized gain (loss) on interest rate hedge | 3,607 | 3,607 | ||
Tax effect of unrealized gain (loss) on interest rate hedge | (959) | (959) | ||
Distributions | (23,192) | (1,116) | (22,076) | |
Retirement of units | (30,817) | $ (30,817) | ||
Retirement of units, shares | (2,954) | |||
Ending Balance at Sep. 30, 2022 | $ 257,915 | $ (3,656) | $ 277,177 | $ (15,606) |
Ending Balance, Unit at Sep. 30, 2022 | 326 | 36,092 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Cash flows provided by (used in) operating activities: | ||||
Net income | $ 35,288 | $ 87,737 | $ 55,918 | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||
(Increase) decrease in the fair value of derivative instruments | [1] | 17,286 | (36,138) | 2,755 |
Depreciation and amortization | 33,553 | 34,457 | 35,622 | |
Provision (recovery) for losses on accounts receivable | 5,411 | (248) | 3,441 | |
Change in deferred taxes | (3,181) | 11,361 | (3,544) | |
Other loss, net | 5,724 | |||
Changes in operating assets and liabilities net of amounts related to acquisitions: | ||||
(Increase) decrease in receivables | (43,463) | (15,171) | 34,366 | |
(Increase) decrease in inventories | (21,105) | (11,472) | 14,588 | |
(Increase) decrease in other assets | (7,161) | 1,529 | 11,627 | |
Increase (decrease) in accounts payable | 12,036 | 6,939 | (3,199) | |
Increase in customer credit balances | 5,804 | 3,054 | 14,775 | |
(Decrease) increase in other current and long-term liabilities | (561) | (13,171) | 3,595 | |
Net cash provided by operating activities | 33,907 | 68,877 | 175,668 | |
Cash flows provided by (used in) investing activities: | ||||
Capital expenditures | (18,701) | (15,083) | (14,127) | |
Proceeds from sales of fixed assets | 815 | 424 | 631 | |
Proceeds from sale of plumbing and propane assets | 184 | 6,093 | ||
Purchase of investments | (1,803) | (1,052) | (10,417) | |
Acquisitions | (13,121) | (40,708) | (4,228) | |
Net cash used in investing activities | (32,626) | (50,326) | (28,141) | |
Cash flows provided by (used in) financing activities: | ||||
Revolving credit facility borrowings | 200,177 | 75,154 | 90,202 | |
Revolving credit facility repayments | (188,519) | (66,536) | (151,702) | |
Proceeds from term loan | 165,000 | 130,000 | ||
Loan repayments | (110,500) | (13,000) | (99,000) | |
Distributions | (23,192) | (23,448) | (24,451) | |
Unit repurchases | (30,817) | (42,824) | (38,431) | |
Customer retainage payments | (1,039) | (29) | (514) | |
Payments of debt issuance costs | (2,538) | (12) | (1,619) | |
Net cash provided by (used in) financing activities | 8,572 | (70,695) | (95,515) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 9,853 | (52,144) | 52,012 | |
Cash, cash equivalents and restricted cash at beginning of period | 5,017 | 57,161 | 5,149 | |
Cash, cash equivalents and restricted cash at end of period | $ 14,870 | $ 5,017 | $ 57,161 | |
[1] Represents the change in value of unrealized open positions and expired options. |
Organization
Organization | 12 Months Ended |
Sep. 30, 2022 | |
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 fuel, gasoline and home heating oil on a delivery only basis. 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, 2022, had outstanding 36.1 million Common Units (NYSE: “SGU”), representing a 99.1 % limited partner interest in Star, and 0.3 million general partner units, representing a 0.9 % 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 and Mid-Atlantic U.S. region retail distributor of home heating oil and propane that at September 30, 2022 served approximately 415,900 full service residential and commercial home heating oil and propane customers and 75,900 customers on a delivery only basis. We also sell gasoline and diesel fuel to approximately 26,600 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 19,400 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 sixth amended and restated credit agreement’s $ 165 million five-year senior secured term loan and the $ 400 million ($ 550 million during the heating season of December through April of each year) revolving credit facility, both due July 6, 2027 . (See Note 13—Long-Term Debt and Bank Facility Borrowings). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2022 | |
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 (loss) 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 hedges 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 (including profit sharing) 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, 2022, the $ 14.9 million of cash, cash equivalents, and restricted cash on the consolidated statement of cash flows is comprised of $ 14.6 million of cash and cash equivalents and $ 0.3 million of restricted cash. At September 30, 2021, the $ 5.0 million of cash, cash equivalents, and restricted cash on the consolidated statement of cash flows is comprised of $ 4.8 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, current and future 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. All other inventories, representing parts and equipment are stated at the lower of cost or net realizable value using the FIFO 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. Land improvement useful lives are between ten and twenty years , buildings and leasehold improvements useful lives are between five and thirty years , fleet and other equipment useful lives are between one to fifteen years , tanks and equipment lives are between three to ten years , furniture, fixtures and office equipment useful lives are between five to ten years . Operating Lease Right-of-Use Assets and Related Lease Liabilities The Company determines if an arrangement is a lease at inception. Lease liabilities are measured at the lease commencement date in an amount equal to the present value of the minimum lease payments over the lease term. Right-of-use (“ROU”) assets are recognized based on the amount of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, minus any lease incentives received, plus any initial direct costs incurred. Renewal options are included in the calculation of the ROU asset and lease liability when it is determined that they are reasonably certain of exercise. Certain of our lease arrangements contain non-lease components such as common area maintenance. We have elected to account for the lease component and its associated non-lease components as a single lease component for properties and vehicles. Leases with an initial term of 12 months or less are not recognized on our balance sheet. The Company has leases that have variable payments, including lease payments where lease payment increases are based on the percentage change in the Consumer Price Index. For such leases, payment at the lease commencement date is used to measure the ROU assets and operating lease liabilities. Changes in the index and other variable payments are expensed as incurred. The interest rate used to determine the present value of the future lease payments is our incremental borrowing rate, because the interest rate implicit in our operating leases is not readily determinable. The basis for an incremental borrowing rate is our Term Loan, market-based yield curves and comparable debt securities. 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. The collateral is required by a third party insurance carrier that insures per claim amounts above a set deductible. If we did not deposit cash into the trust, the third party carrier would require that we issue an equal amount of letters of credit, which would reduce our availability under the sixth amended and restated credit agreement. 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. Unrealized gains and losses, net of related income taxes, are reported as accumulated other comprehensive gain (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. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead are annually tested for impairment. The Company has one reporting unit and performs a qualitative, and when necessary quantitative, impairment test on its goodwill annually on August 31 st or more frequently if events or circumstances indicate that the value of goodwill might be impaired. We performed qualitative assessments (commonly referred to as Step 0) to evaluate whether it is more-likely-than-not (a likelihood that is more than 50 %) that goodwill has been impaired, as a basis to determine whether it is necessary to perform the two-step quantitative impairment test. This qualitative assessment includes a review of factors such as our reporting unit’s market value compared to its carrying value, our short-term and long-term unit price performance, our planned overall business strategy compared to recent financial results, as well as macroeconomic conditions, industry and market considerations, cost factors, and other relevant Company-specific events. Goodwill impairment if any, needs to be determined if the net book value of a reporting unit exceeds its estimated fair value. If goodwill is determined to be impaired, the amount of impairment is measured based on the excess of the net book value of the goodwill over the implied fair value of the goodwill. The Company performed its annual goodwill impairment valuation in each of the periods ending August 31, 2022, 2021, and 2020, and it was determined based on each year’s analysis that there was no goodwill impairment. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment whenever changes in circumstances indicate that the assets may be impaired. The assessment for impairment requires estimates of future cash flows related to the intangible asset. To the extent the carrying value of the assets exceeds its future undiscounted cash flows, an impairment loss is recorded based on the fair value of the asset. We use amortization methods and determine asset values based on our best estimates using reasonable and supportable assumptions and projections. Key assumptions used to determine the value of these intangibles include projections of future customer attrition or growth rates, product margin increases, operating expenses, our cost of capital, and corporate income tax rates. For significant acquisitions we may engage a third party valuation firm to assist in the valuation of intangible assets of that acquisition. We assess the useful lives of intangible assets based on the estimated period over which we will receive benefit from such intangible assets such as historical evidence regarding customer churn rate. In some cases, the estimated useful lives are based on contractual terms. 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. 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. Assets Held for Sale Assets held for sale at September 30, 2022 represent certain heating oil assets that the Company sold on October 25, 2022. The carrying amount of the assets held for sale included $ 2.2 million of goodwill and $ 0.8 million of property and equipment, net. We measure and record assets held for sale at the lower of their carrying amount or fair value less cost to sell. The carrying amounts of the assets held for sale approximated their fair value at September 30, 2022. Impairment of Long-lived Assets The Company reviews intangible assets and other long-lived assets 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 (Loss), Net Other loss of $ 5.7 million for the year ended September 30, 2020 represents a loss on a sale of certain propane assets that were held for sale at September 30, 2020 at the lower of their carrying amount or fair value less cost to sell and were sold in fiscal 2021 at their expected value. 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 $ 13.0 million, $ 13.5 million, and $ 13.5 million, in 2022, 2021, and 2020, respectively and are recorded in delivery and branch expenses. 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. Self-Insurance Liability The Company self-insures a number of risks, including a portion of workers’ compensation, auto, general liability and medical liability. Self-insurance liabilities are established and periodically evaluated, based upon expectations as to what the ultimate liability may be for outstanding claims using developmental factors based upon historical claim experience, including frequency, severity, demographic factors and other actuarial assumptions, with support from a qualified third-party actuary. 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. 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. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Our continuing practice is to recognize interest and penalties related to income tax matters as a component of income tax expense. 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 Derivative instruments are 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 but rather as economic hedges whose changes in fair value of the derivative instruments are recognized in our statement of operations in the caption (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. The Company has designated its interest rate swap agreements as cash flow hedging derivatives. To the extent these derivative instruments are effective and the accounting standard’s documentation requirements have been met, changes in fair value are recognized in other comprehensive income (loss) until the underlying hedged item is recognized in earnings. Fair Value Valuation Approach The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels (see Note 7 to the consolidated financial statements): • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. 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. The Company entered into weather hedge contracts for fiscal year 2023. The hedge period runs from November 1 through March 31, taken as a whole. The “Payment Thresholds,” or strikes, are set at various levels and are referenced against degree days for the prior ten year average. The maximum that the Company can receive is $ 12.5 million per year. In addition, we are obligated to make an annual payment capped at $ 5.0 million if degree days exceed the Payment Threshold. For fiscal 2022 and 2021, we had weather hedge contracts with similar payment thresholds and terms. The temperatures experienced during the fiscal 2022 and 2021, were warmer than the strikes in the weather hedge contracts. As a result in fiscal 2022 and 2021, the Company reduced delivery and branch expenses for the gains realized under those contracts by $ 1.1 million and $ 3.4 million, respectively. The amounts payable by the counterparties under the weather hedge contracts were received in full in April 2022 and April 2021, respectively. Pension plans The Company has two frozen defined benefit pension plans (“the Plan”). The Company has no post-retirement benefit plans. The Company estimates the rate of return on plan assets, the discount rate used to estimate the present value of future benefit obligations and the expected cost of future health care benefits in determining its annual pension and other postretirement benefit cost. Effective September 30, 2022, the Company adopted the Society of Actuaries 2022 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 higher mortality improvement than assumed in the Society of Actuaries 2020 Mortality Table Report and Improvement Scale, and affected plans generally expect the value of the actuarial obligations to increase, depending on the specific demographic characteristics of the plan participants and the types of benefits. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions. Recently Adopted Accounting Pronouncements The Company did not adopt new standards in fiscal 2022 that have a material impact on its consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires accounting for contract assets and liabilities from contracts with customers in a business combination to be accounted for in accordance with ASC No. 606. The standard is effective for fiscal years beginning after December 15, 2022. The Company has not determined the timing of adoption, but does not expect ASU 2021-08 to have a material impact on its consolidated financial statements and related disclosures. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3) Revenue Recognition The following disaggregates our revenue by major sources for the years ended September 30, 2022, 2021 and 2020: Years Ended September 30, (in thousands) 2022 2021 2020 Petroleum Products: Home heating oil and propane $ 1,170,552 $ 881,526 $ 924,421 Motor fuel and other petroleum products 527,729 322,793 261,605 Total petroleum products 1,698,281 1,204,319 1,186,026 Installations and Services: Equipment installations 121,023 110,475 101,699 Equipment maintenance service contracts 121,623 118,546 120,388 Billable call services 65,631 63,746 59,345 Total installations and services 308,277 292,767 281,432 Total Sales $ 2,006,558 $ 1,497,086 $ 1,467,458 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) 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, 2022 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 $ 5.6 million, respectively. At September 30, 2021 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 $ 5.7 million, respectively. For the years ended September 30, 2022 and September 30, 2021 we recognized expense of $ 3.9 million and $ 3.9 million, respectively, associated with the amortization of deferred contract costs within delivery and branch expenses 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, 2022, September 30, 2021 and September 30, 2020. 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 32 % 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, 2022 and September 30, 2021 the Company had contract liabilities of $ 152.1 million and $ 141.6 million, respectively. During the year ended September 30, 2022 the Company recognized $ 130.4 million of revenue that was included in the September 30, 2021 contract liability balance. During the year ended September 30, 2021 the Company recognized $ 128.5 million of revenue that was included in the September 30, 2020 contract liability balance. Receivables and Allowance for Doubtful Accounts Changes in the allowance for credit losses are as follows: (in thousands) Credit Loss Allowance Balance at September 30, 2021 $ 4,779 Current period provision 5,411 Write-offs, net and other ( 2,435 ) Balance as of September 30, 2022 $ 7,755 |
Quarterly Distribution of Avail
Quarterly Distribution of Available Cash | 12 Months Ended |
Sep. 30, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Distribution of Available Cash | 4) Quarterly Distribution of Available Cash The Company’s Partnership 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 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 sixth amended and restated credit agreement. The Company must maintain excess availability of at least 15 % of the revolving commitment then in effect and a fixed charge coverage ratio of 1.15 in order to make any distributions to unitholders. (See Note 13—Long-Term Debt and Bank Facility Borrowings) For fiscal 2022, 2021, and 2020, cash distributions declared per common unit were $ 0.590 , $ 0.550 , and $ 0.515 , respectively. For fiscal 2022, 2021, and 2020, $ 1.0 million, $ 0.9 million, and $ 0.8 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, 2022 | |
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 2022, the Company had repurchased approximately 19.9 million Common Units under the Repurchase Plan. In August 2022, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 0.4 million to a total of 1.7 million, of which, 1.4 million were available for repurchase in open market transactions and 0.3 million were available for repurchase in privately-negotiated transactions. There is no guarantee of the number of units that will be purchased under the Repurchase Plan and the Company may discontinue purchases at any time. The Repurchase Plan 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 under the Repurchase Plan will be retired. Under the Credit Agreement dated July 6, 2022, in order to repurchase Common Units we must maintain Availability (as defined in the amended and restated credit agreement) of $ 60 million, 15 % of the facility size of $4 00 million (assuming no borrowings under the seasonal advance) 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 or distribution. (See Note 13—Long-Term Debt and Bank Facility Borrowings). The following table shows repurchases under the Repurchase Plan. (in thousands, except per unit amounts) Period Total Number Average Price Total Number Maximum Number Fiscal year 2012 to 2021 total 21,979 $ 8.60 17,504 2,848 First quarter fiscal year 2022 total 1,104 $ 10.65 691 2,157 (b) Second quarter fiscal year 2022 total 992 $ 10.50 992 1,165 Third quarter fiscal year 2022 total 487 $ 10.52 487 678 July 2022 126 $ 9.73 126 552 August 2022 116 $ 9.78 116 1,686 (c) September 2022 129 $ 8.89 129 1,557 Fourth quarter fiscal year 2022 total 371 $ 9.46 371 1,557 Fiscal year 2022 total 2,954 $ 10.43 2,541 1,557 October 2022 154 $ 8.45 154 1,403 November 2022 167 $ 8.71 167 1,236 (d) (a) Amounts include repurchase costs. (b) On December 30, 2021, the Company purchased 0.4 million Common Units in a private transaction for aggregate consideration of approximately $ 4.4 million. The approved purchase was made outside of the Company’s unit repurchase plan. (c) In August 2022, the Board authorized an increase in the number of Common Units available for repurchase in open market transactions from 0.2 million to 1.4 million. (d) Of the total available for repurchase, approximately 1.0 million are available for repurchase in open market transactions and 0.3 million are available for repurchase in privately-negotiated transactions. |
Captive Insurance Collateral
Captive Insurance Collateral | 12 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Captive Insurance Collateral | 6) Captive Insurance Collateral The Company considers all of its captive insurance collateral to be Level 1 available-for-sale investments. Investments at September 30, 2022 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 1,838 $ — $ — $ 1,838 U.S. Government Sponsored Agencies 48,473 — ( 3,052 ) 45,421 Corporate Debt Securities 20,322 — ( 919 ) 19,403 Total $ 70,633 $ — $ ( 3,971 ) $ 66,662 Investments at September 30, 2021 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 515 $ — $ — $ 515 U.S. Government Sponsored Agencies 51,632 108 ( 53 ) 51,687 Corporate Debt Securities 16,302 918 ( 18 ) 17,202 Foreign Bonds and Notes 502 27 — 529 Total $ 68,951 $ 1,053 $ ( 71 ) $ 69,933 Maturities of investments were as follows at September 30, 2022 (in thousands): Net Carrying Amount Due within one year $ 2,829 Due after one year through five years 63,833 Due after five years through ten years — Total $ 66,662 |
Derivatives and Hedging-Disclos
Derivatives and Hedging-Disclosures and Fair Value Measurements | 12 Months Ended |
Sep. 30, 2022 | |
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, 2022, 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: 7.5 million gallons of swap contracts with a notional value of $ 20.6 million and a fair value of $ ( 0.3 ) million, 36.3 million gallons of call options with a notional value of $ 101.4 million and a fair value of $ 19.2 million, 3.2 million gallons of put options with a notional value of $ 7.6 million and a fair value of $ 0.5 million, and 38.6 million net gallons of synthetic call options with an average notional value of $ 126.7 million and a fair value of $ ( 1.8 ) 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, 2022, had 6.7 million gallons of short future contracts that settle daily with a notional value of $ 22.1 million and a fair value of $ 1.0 million and 14.7 gallons of swap contracts that settle daily with a notional value of $ 55.2 million and a fair value of $ 2.0 million. To hedge its internal fuel usage and other related activities for fiscal 2023, the Company, as of September 30, 2022, had 5.2 million gallons of swap contracts with a notional value of $ 15.1 million and a fair value of $ ( 1.1 ) million that settle in future months. As of September 30, 2021, 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: 11.8 million gallons of swap contracts with a notional value of $ 22.9 million and a fair value of $ 1.4 million, 7.8 million gallons of call options with a notional value of $ 18.9 million and a fair value of $ 1.2 million, 4.4 million gallons of put options with a notional value of $ 5.8 million and a fair value of less than $ 0.1 million, and 74.2 million net gallons of synthetic call options with an average notional value of $ 143.2 million and a fair value of $ 23.7 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, 2021, had 3.8 million gallons of purchased long future contracts that settle daily with a notional value of $ 5.4 million and a fair value of $ 3.4 million, and 21.0 million gallons of short future contracts that settle daily with a notional value of $ 42.1 million and a fair value of $( 6.8 ) million. To hedge its internal fuel usage and other related activities for fiscal 2022, the Company, as of September 30, 2021, had 6.8 million gallons of call options and swap contracts with a notional value of $ 13.8 million and a fair value of $ 1.5 million that settle in future months. As of September 30, 2022, the Company has interest rate swap agreements in order to mitigate exposure to market risk associated with variable rate interest on $ 54.0 million, or 33 %, of its 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 accounting 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, 2022 the fair value of the swap contracts was $ 2.0 million. As of September 30, 2021, the notional value of the swap contracts was $ 59.0 million and the fair value of the swap contracts was $( 1.6 ) million. 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., 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, 2022, the aggregate cash posted as collateral in the normal course of business at counterparties was $ 1.3 million. Positions with counterparties who are also parties to our credit agreement are collateralized under that facility. As of September 30, 2022, w e did no t have to provide collateral for our hedge positions and payable amounts under the credit facility. 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 commodity financial assets and liabilities measured at fair value on a recurring basis are listed on the following table. (In thousands) Fair Value Measurements at Derivatives Not Designated Quoted Prices Significant Under FASB ASC 815-10 Balance Sheet Location Total Level 1 Level 2 Asset Derivatives at September 30, 2022 Commodity contracts Fair asset and liability value of derivative instruments $ 51,134 $ — $ 51,134 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net 2,094 — 2,094 Commodity contract assets at September 30, 2022 $ 53,228 $ — $ 53,228 Liability Derivatives at September 30, 2022 Commodity contracts Fair asset and liability value of derivative instruments $ ( 34,494 ) $ — $ ( 34,494 ) Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net ( 743 ) — ( 743 ) Commodity contract liabilities at September 30, 2022 $ ( 35,237 ) $ — $ ( 35,237 ) Asset Derivatives at September 30, 2021 Commodity contracts Fair asset value of derivative instruments $ 29,360 $ — $ 29,360 Commodity contracts Long-term derivative liabilities included in the deferred charges and other assets, net 2,023 — 2,023 Commodity contract assets at September 30, 2021 $ 31,383 $ — $ 31,383 Liability Derivatives at September 30, 2021 Commodity contracts Fair asset value of derivative instruments $ ( 3,138 ) $ — $ ( 3,138 ) Commodity contracts Long-term derivative liabilities included in the deferred charges and other assets, net ( 463 ) — ( 463 ) Commodity contract liabilities at September 30, 2021 $ ( 3,601 ) $ — $ ( 3,601 ) The Company’s commodity 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 Offsetting of Financial Assets (Liabilities) Gross Gross Net Assets Financial Cash Net Fair asset value of derivative instruments $ 47,784 $ ( 30,961 ) $ 16,823 $ — $ — $ 16,823 Long-term derivative assets included in 2,094 ( 743 ) 1,351 — — 1,351 Fair liability value of derivative instruments 3,350 ( 3,533 ) ( 183 ) — — ( 183 ) Total at September 30, 2022 $ 53,228 $ ( 35,237 ) $ 17,991 $ — $ — $ 17,991 Fair asset value of derivative instruments $ 29,360 $ ( 3,138 ) $ 26,222 $ — $ — $ 26,222 Long-term derivative assets included in deferred charges and other assets, net 2,023 ( 463 ) 1,560 — — 1,560 Total at September 30, 2021 $ 31,383 $ ( 3,601 ) $ 27,782 $ — $ — $ 27,782 (In thousands) The Effect of Derivative Instruments on the Statement of Operations Amount of (Gain) or Loss Recognized Years Ended September 30, Derivatives Not Instruments Under FASB ASC 815-10 Location of (Gain) or Loss Recognized in 2022 2021 2020 Commodity contracts Cost of product (a) $ ( 34,523 ) $ 2,395 $ 10,462 Commodity contracts Cost of installations and service (a) $ ( 1,555 ) $ ( 359 ) $ 607 Commodity contracts Delivery and branch expenses (a) $ ( 3,423 ) $ 183 $ 1,634 Commodity contracts (Increase) / decrease in the fair value of derivative instruments (b) $ 17,286 $ ( 36,138 ) $ 2,755 (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, 2022 | |
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, 2022 2021 Product $ 58,727 $ 37,890 Parts and equipment 24,830 23,293 Total inventory $ 83,557 $ 61,183 Product inventories were comprised of 15.8 million gallons and 19.0 million gallons on September 30, 2022 and September 30, 2021, respectively. The Company has market price based product supply contracts for approximately 213.8 million gallons of home heating oil and propane, and 49.9 million gallons of diesel and gasoline, which it expects to fully utilize to meet its requirements over the next twelve months. During fiscal 2022, Global Companies LLC and Motiva Enterprises LLC provided approximately 17 % and 14 % of our petroleum product purchases, respectively. During fiscal 2021, Motiva Enterprises LLC and Global Companies LLC provided approximately 12 % each of our petroleum product purchases. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 Land and land improvements $ 23,771 $ 22,590 Buildings and leasehold improvements 51,164 42,344 Fleet and other equipment 79,000 75,365 Tanks and equipment 58,164 54,848 Furniture, fixtures and office equipment 34,820 43,183 Total 246,919 238,330 Less accumulated depreciation and amortization 139,175 139,207 Property and equipment, net $ 107,744 $ 99,123 Depreciation and amortization expense related to property and equipment was $ 14.4 million, $ 14.5 million, and $ 15.0 million, for the fiscal years ended September 30, 2022, 2021 and 2020 respectively. |
Business Combinations
Business Combinations | 12 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combinations | 10) Business Combinations During fiscal 2022, the Company acquired five heating oil dealers for approximately $ 15.6 million (using $ 13.1 million in cash and assuming $ 2.5 million of liabilities). The gross purchase price was allocated $ 7.3 million to intangible assets, $ 3.1 million to goodwill, $ 5.6 million to fixed assets and reduced by $ 0.4 million of negative 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 2021, the Company acquired two propane and three heating oil dealers for approximately $ 42.5 million (using $ 40.7 million in cash and assuming $ 1.8 million of liabilities). The gross purchase price was allocated $ 37.3 million to goodwill and intangible assets, $ 6.2 million to fixed assets and reduced by $ 1.0 million of negative 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 2020, the Company acquired two heating oil dealers for approximately $ 3.3 million (using $ 3.0 million in cash and assuming $ 0.3 million of liabilities). The gross purchase price was allocated $ 3.2 million to goodwill and intangible assets, $ 0.6 million to fixed assets and reduced by $ 0.5 million of negative 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. The Company also completed the purchase of fixed assets related to a fiscal 2019 acquisition of a heating oil dealer for an aggregate purchase price of approximately $ 1.2 million. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 11) Goodwill and Other Intangible Assets Goodwill A summary of changes in the Company’s goodwill during the fiscal years ended September 30, 2022 and 2021 are as follows (in thousands): Balance as of September 30, 2020 $ 240,327 Fiscal year 2021 business combinations 13,071 Balance as of September 30, 2021 253,398 Fiscal year 2022 business combinations 3,072 Goodwill included within assets held for sale ( 2,215 ) Other ( 145 ) Balance as of September 30, 2022 $ 254,110 Intangibles, net Intangible assets subject to amortization consist of the following (in thousands): September 30, 2022 2021 Gross Gross Carrying Accum. Carrying Accum. Amount Amortization Net Amount Amortization Net Customer lists $ 409,980 $ 345,237 $ 64,743 $ 403,913 $ 329,406 $ 74,507 Trade names and other intangibles 41,736 21,969 19,767 40,548 19,581 20,967 Total $ 451,716 $ 367,206 $ 84,510 $ 444,461 $ 348,987 $ 95,474 Amortization expense for intangible assets was $ 18.2 million, $ 19.0 million, and $ 19.6 million, for the fiscal years ended September 30, 2022, 2021, and 2020, respectively. Total estimated annual amortization expense related to intangible assets subject to amortization, for the year ending September 30, 2023 and the four succeeding fiscal years ending September 30, is as follows (in thousands): Amount 2023 $ 16,923 2024 $ 14,613 2025 $ 12,319 2026 $ 9,299 2027 $ 8,589 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 Accrued wages and benefits $ 33,517 $ 29,467 Self-insurance liabilities 79,875 80,572 Other accrued expenses and other current liabilities 12,169 11,182 Total accrued expenses and other current liabilities $ 125,561 $ 121,221 |
Long-Term Debt and Bank Facilit
Long-Term Debt and Bank Facility Borrowings | 12 Months Ended |
Sep. 30, 2022 | |
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): 2022 2021 Carrying Carrying Amount Fair Value (a) Amount Fair Value (a) Revolving Credit Facility Borrowings $ 20,276 $ 20,276 $ 8,618 $ 8,618 Senior Secured Term Loan (b) 164,084 165,000 110,006 110,500 Total debt $ 184,360 $ 185,276 $ 118,624 $ 119,118 Total short-term portion of debt $ 32,651 $ 32,651 $ 26,239 $ 26,239 Total long-term portion of debt $ 151,709 $ 152,625 $ 92,385 $ 92,879 (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 $ 0.9 million as of September 30, 2022 and $ 0.5 million as of September 30, 2021. On July 6, 2022, the Company refinanced its five-year term loan and the revolving credit facility with the execution of the sixth amended and restated revolving credit facility agreement (the “credit agreement”) with a bank syndicate comprised of ten participants, which enables the Company to borrow up to $ 400 million ($ 550 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 $ 165 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 6, 2027 . 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 credit agreement 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 credit agreement become due and payable on the facility termination date of July 6, 2027. The Term Loan is repayable in quarterly payments of $ 4.1 million, the first of which will be made on January 1, 2023 with no quarterly payment due October 1, 2022, plus an annual payment equal to 25 % of the annual Excess Cash Flow as defined in the credit agreement (an amount not to exceed $ 8.5 million annually), less certain voluntary prepayments made during the year, with final payment at maturity. In fiscal 2022, the Company repaid $ 4.9 million of additional loan repayments due to Excess Cash Flow related to fiscal 2021. In the first quarter of fiscal 2021 the banks waived the Excess Cash Flow requirement related to fiscal 2020. Under the Company’s sixth amended and restated revolving credit facility, the next annual Excess Cash Flow payment will be applicable for fiscal year ended September 30, 2023. The interest rate on the revolving credit facility and the term loan is based on a margin over Adjusted Term Secured Overnight Financing Rate ("SOFR") or a base rate. At September 30, 2022, the effective interest rate on the term loan and revolving credit facility borrowings was approximately 4.7 % and 2.6 %, respectively. At September 30, 2021, the effective interest rate on the term loan and revolving credit facility borrowings was approximately 4.3 % and 2.5 %, 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 credit agreement requires 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 5.5 as calculated as of the quarters ending December or March. Certain restrictions are also imposed by the credit agreement, 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, 2022, $ 165.0 million of the term loan was outstanding, $ 20.3 million was outstanding under the revolving credit facility, w e did no t have to provide collateral for our hedge positions under the credit agreement and $ 5.1 million of letters of credit were issued and outstanding. At September 30, 2021, $ 110.5 million of the term loan was outstanding, $ 8.6 million was outstanding under the revolving credit facility, we did no t have to provide collateral for our hedge positions under the credit agreement and $ 3.1 million of letters of credit were issued and outstanding. At September 30, 2022, availability was $ 189.4 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 $ 248.0 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 credit agreement. At September 30, 2021, availability was $ 171.5 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 $ 268.2 million. As of September 30, 2022, 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 credit agreement, are set forth in the following table (in thousands): 2023 $ 32,651 2024 $ 16,500 2025 $ 16,500 2026 $ 16,500 2027 $ 103,125 Thereafter $ — |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 14) Employee Benefit Plans Defined Contribution Plans The Company has 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. The Company’s 401(k) plan provides 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 2022, 2021, and 2020, were $ 8.5 million, $ 8.2 million, and $ 7.9 million, respectively. The Company’s aggregate contribution to the other defined contribution plans for fiscal years 2022, 2021, and 2020, were $ 0.5 million, $ 0.6 million, and $ 0.6 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 2022 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 $ 2,055,000 during fiscal 2022, $ 1,833,000 during fiscal 2021, and $ 1,654,000 during fiscal 2020. Included in these amounts for fiscal 2022, 2021, and 2020, were distributions under the management incentive compensation plan of $ 1,028,000 , $ 917,000 , and $ 827,000 , respectively, of which named executive officers received approximately $ 434,431 during fiscal 2022, $ 386,857 during fiscal 2021, and $ 349,494 during fiscal 2020. 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, 2022, approximately 45 % 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, 2022, 2021, and 2020. 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 2022 and 2021 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. As of September 30, 2022 the New England Teamsters and Trucking Industry Pension Fund (“the NETTI Fund”), IAM National Pension, Teamsters Local 469 Pension and Local 445 Pension funds have been classified as carrying “red zone” status, meaning that the value of fund’s assets are less than 65 % of the actuarial value of the fund’s benefit obligations or have made a voluntary election. 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 2022, 2021 and 2020, 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 FIP / RP Status Company Pension Fund EIN 2022 2021 Pending / Implemented 2022 2021 2020 Surcharge Expiration Date New England Teamsters and Trucking Industry Pension Fund 04-6372430 / 001 Red Red Yes / Implemented $ 2,605 $ 2,563 $ 2,659 No 9/30/22 to 8/31/27 Westchester Teamsters Pension Fund 13-6123973 / 001 Green Green N/A 1,153 1,100 887 No 1/31/24 to 12/31/24 Local 553 Pension Fund 13-6637826 / 001 Green Green N/A 2,741 2,841 2,678 No 1/15/2023 Local 463 Pension Fund 11-1800729 / 001 Green Green N/A 133 138 138 No 2/28/23 to 6/30/25 IAM National Pension Fund 51-6031295 / 002 Red Red Yes / Implemented 2,585 2,532 2,822 Yes 5/31/23 to 9/30/25 Teamsters Local 469 Pension Plan 22-6172237 / 001 Red Red Yes / Implemented 21 11 20 Yes 8/31/24 Local 445 Pension Fund 13-1864489 / 001 Red Red Yes / Implemented 8 7 5 Yes 10/31/24 All Other Multiemployer Pension Plans 391 411 448 Total Contributions $ 9,637 $ 9,603 $ 9,657 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 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 NETTI Fund includes over two hundred of our current employees. 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. 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. As of September 30, 2022 we had $ 0.3 million and $ 16.2 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 Fund withdrawal liability. As of September 30, 2021 we had $ 0.2 million and $ 16.5 million balances included in the captions accrued expenses and other current liabilities and other long-term liabilities, respectively. Based on the borrowing rates currently available to the Company for long-term financing of a similar maturity, the fair value of the NETTI Fund withdrawal liability as of September 30, 2022 and September 30, 2021 were $ 20.2 million and $ 25.8 million, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability. Defined Benefit Plans The Company has two frozen defined benefit pension plans (“the Plan”). The Company has no post-retirement benefit plans. 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 2020 Beginning balance $ 66,838 $ ( 65,007 ) $ 15,104 Interest cost 1,875 ( 1,875 ) Actual return on plan assets ( 6,538 ) 6,538 Employer contributions — — Benefit payments ( 4,288 ) 4,288 Investment and other expenses ( 539 ) 539 Difference between actual and expected return on plan assets 4,268 ( 4,268 ) Anticipated expenses 334 ( 334 ) Actuarial loss ( 3,009 ) 3,009 Amortization of unrecognized net actuarial loss 1,617 ( 1,617 ) Annual cost/change $ 1,017 $ — 2,250 ( 391 ) $ ( 2,876 ) ( 2,876 ) Ending balance $ 69,088 $ ( 65,398 ) $ 12,228 Funded status at the end of the year $ 3,690 Fiscal Year 2021 Interest cost 1,541 ( 1,541 ) Actual return on plan assets ( 678 ) 678 Employer contributions — — Benefit payments ( 4,429 ) 4,429 Investment and other expenses ( 377 ) 377 Difference between actual and expected return on plan assets ( 1,386 ) 1,386 Anticipated expenses 345 ( 345 ) Actuarial gain 1,184 ( 1,184 ) Amortization of unrecognized net actuarial loss 937 ( 937 ) Annual cost/change $ 382 $ — ( 3,751 ) 4,104 $ ( 735 ) ( 735 ) Ending balance $ 65,337 $ ( 61,294 ) $ 11,493 Funded status at the end of the year $ 4,043 Fiscal Year 2022 Interest cost 1,560 ( 1,560 ) Actual return on plan assets 13,658 ( 13,658 ) Employer contributions — — Benefit payments ( 4,225 ) 4,225 Investment and other expenses ( 507 ) 507 Difference between actual and expected return on plan assets ( 15,200 ) 15,200 Anticipated expenses — — Actuarial gain 13,869 ( 13,869 ) Amortization of unrecognized net actuarial loss 896 ( 896 ) Annual cost/change $ 407 $ — ( 17,883 ) 17,041 $ 435 435 Ending balance $ 47,454 $ ( 44,253 ) $ 11,928 Funded status at the end of the year $ 3,201 At September 30, 2022 the amounts included on the balance sheet in deferred charges and other assets were $ 3.2 million, and at September 30, 2021 the amounts included on the balance sheet in deferred charges and other assets were $ 4.0 million. For the fiscal year ended September 30, 2022, the actuarial gain was primarily due to the increase in the weighted average discount rate relating to the two frozen defined benefit plans from 2.65 % as of September 30, 2021 to 5.50 % as of September 30, 2022. For the fiscal years ended September 30, 2021 and September 30, 2020, the actuarial gains and losses affecting the benefit obligations were not material. The $ 11.9 million net actuarial loss balance at September 30, 2022 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 $ 1.5 million. September 30, Weighted-Average Assumptions Used in the Measurement of the Company’s Benefit Obligation 2022 2021 2020 Discount rate at year end date 5.50 % 2.65 % 2.45 % Expected return on plan assets for the year ended 3.77 % 3.66 % 4.36 % 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 2023, the Company’s assumption for return on plan assets will be 4.6 % per annum. The discount rate used to determine net periodic pension expense for fiscal year 2022, 2021, and 2020 was 5.50 %, 2.65 %, and 2.45 %, 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, 2022. The fair values and percentage of the Company’s pension plan assets by asset category are as follows (in thousands): September 30, 2022 2021 Concentration Concentration Asset Category Level 1 Percentage Level 1 Percentage Corporate and U.S. government bond fund (1) $ 42,921 90 % $ 59,068 90 % U.S. large-cap equity (1) 3,411 7 % 4,765 7 % International equity (1) 817 2 % 1,165 2 % Cash 305 1 % 339 1 % Total $ 47,454 100 % $ 65,337 100 % (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 2023, and currently does no t expect to make an optional pension contribution. Expected benefit payments over each of the next five years will total approximately $ 3.9 million per year . Expected benefit payments for the five years thereafter will aggregate approximately $ 16.9 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15) Income Taxes The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. The CARES Act allows employers to defer the payment of the employer's portion of Social Security taxes for period beginning March 27, 2020 and ending December 31, 2020 to years 2021 and 2022. The company elected to defer the payment of its portion of Social Security taxes through September 30, 2022 of $ 5.2 million and recorded a related deferred tax asset of $ 1.5 million at September 30, 2022. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Reform Act”) was enacted into law. The Tax Reform Act allows for the full depreciation, in the year acquired, for certain fixed assets purchased between September 28, 2017 and December 31, 2022 (also known as 100 % bonus depreciation). Income tax expense is comprised of the following for the indicated periods (in thousands): Years Ended September 30, 2022 2021 2020 Current: Federal $ 11,900 $ 16,077 $ 17,083 State 5,019 6,237 7,086 Deferred Federal ( 2,563 ) 8,263 ( 2,643 ) State ( 618 ) 3,098 ( 901 ) $ 13,738 $ 33,675 $ 20,625 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, 2022 2021 2020 Income from continuing operations before taxes $ 49,026 $ 121,412 $ 76,543 Provision for income taxes: Tax at Federal statutory rate $ 10,295 $ 25,496 $ 16,074 State taxes net of federal benefit 3,251 7,927 5,224 Permanent differences 249 196 89 Change in valuation allowance 208 86 ( 113 ) Other ( 265 ) ( 30 ) ( 649 ) $ 13,738 $ 33,675 $ 20,625 The components of the net deferred taxes for the years ended September 30, 2022 and September 30, 2021 using current tax rates are as follows (in thousands): September 30, 2022 2021 Deferred tax assets: Operating lease liabilities $ 28,591 $ 29,115 Net operating loss carryforwards 5,432 5,590 Vacation accrual 3,050 2,923 Pension accrual 3,666 3,603 Allowance for bad debts 2,155 1,291 Insurance accrual 1,934 2,020 Inventory capitalization ( 580 ) 631 Other, net 1,319 1,504 Total deferred tax assets 45,567 46,677 Valuation allowance ( 4,184 ) ( 3,976 ) Net deferred tax assets $ 41,383 $ 42,701 Deferred tax liabilities: Operating lease right-of-use assets $ 27,097 $ 27,774 Property and equipment 15,012 14,374 Intangibles 19,936 19,591 Fair value of derivative instruments 1,851 6,864 Other, net 3,107 3,112 Total deferred tax liabilities $ 67,003 $ 71,715 Net deferred taxes $ ( 25,620 ) $ ( 29,014 ) 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, 2022 was $ 0.2 million. The net change in the total valuation allowance for the fiscal year ended September 30, 2021 was $ 0.1 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, it is more likely than not that the Company will realize the full benefit of its deferred tax assets, net of existing valuation allowance related to State net operating loss carryforwards at September 30, 2022. As of January 1, 2022, the Company had State tax effected net operating loss carry forwards (“NOLs”) of approximately $ 1.4 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 At September 30, 2022, we did no t have unrecognized income tax benefits. 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. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 16) Leases The Company has entered into certain operating leases for office space, vehicles and other equipment with lease terms between one to fifteen years , expiring between 2022 and 2033 . Some of the Company’s real estate property lease agreements have options to extend the leases for up to ten years . A summary of total lease costs and other information is comprised of the following for the indicated periods: Years Ended September 30, (in thousands) 2022 2021 2020 Lease cost: Operating lease cost $ 23,186 $ 25,185 $ 25,396 Short-term lease cost 1,024 826 775 Variable lease cost 7,400 5,867 5,255 Total lease cost $ 31,610 $ 31,878 $ 31,426 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 22,513 $ 24,894 $ 24,943 Right-of-use assets obtained in exchange for new operating lease liabilities $ 16,366 $ 15,894 $ 20,487 Weighted-average remaining lease term – operating leases 6.1 years 6.6 years 7.1 years Weighted-average discount rate – operating leases 5.4 % 4.8 % 4.9 % Maturities of noncancelable operating lease liabilities as of September 30, 2022 are as follows: September 30, (in thousands) 2022 2023 $ 22,024 2024 21,166 2025 19,253 2026 16,291 2027 12,155 Thereafter 25,857 Total undiscounted lease payments 116,746 Less imputed interest ( 18,150 ) Total lease liabilities $ 98,596 |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 12 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | 17) Supplemental Disclosure of Cash Flow Information Years Ended September 30, (in thousands) 2022 2021 2020 Cash paid during the period for: Income taxes, net $ 17,122 $ 21,936 $ 25,292 Interest $ 10,077 $ 8,928 $ 11,722 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18) Commitments and Contingencies 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, 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, 2022 | |
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: Basic and Diluted Earnings Per Limited Partner: Years Ended September 30, (in thousands, except per unit data) 2022 2021 2020 Net income $ 35,288 $ 87,737 $ 55,918 Less General Partners’ interest in net income 281 689 377 Net income available to limited partners 35,007 87,048 55,541 Less dilutive impact of theoretical distribution of 3,230 13,163 6,812 Limited Partner’s interest in net income $ 31,777 $ 73,885 $ 48,729 Per unit data: Basic and diluted net income available to limited partners $ 0.94 $ 2.15 $ 1.22 Less dilutive impact of theoretical distribution of 0.09 0.33 0.15 Limited Partner’s interest in net income under $ 0.85 $ 1.82 $ 1.07 Weighted average number of Limited Partner units outstanding 37,384 40,553 45,656 * 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 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, 2022 | |
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) 2021 2022 2022 2022 Total Sales $ 488,270 $ 782,543 $ 439,101 $ 296,644 $ 2,006,558 Gross profit for product, installation and service 139,628 220,073 77,305 47,224 484,230 Operating income (loss) 22,624 117,245 ( 11,496 ) ( 67,920 ) 60,453 Income (loss) before income taxes 20,327 114,279 ( 14,353 ) ( 71,227 ) 49,026 Net income (loss) 14,489 81,379 ( 10,587 ) ( 49,993 ) 35,288 Limited Partner interest in net income (loss) 14,367 80,682 ( 10,494 ) ( 49,548 ) 35,007 Net income (loss) per Limited Partner unit: Basic and diluted (a) $ 0.32 $ 1.75 $ ( 0.29 ) $ ( 1.36 ) $ 0.85 Three Months Ended Dec. 31, Mar. 31, Jun. 30, Sep. 30, (in thousands - except per unit data) 2020 2021 2021 2021 Total Sales $ 373,320 $ 604,115 $ 283,100 $ 236,551 $ 1,497,086 Gross profit for product, installation and service 131,870 226,202 70,091 49,491 477,654 Operating income (loss) 54,786 119,695 ( 13,764 ) ( 30,517 ) 130,200 Income (loss) before income taxes 52,688 117,316 ( 15,963 ) ( 32,629 ) 121,412 Net income (loss) 37,860 85,164 ( 12,054 ) ( 23,233 ) 87,737 Limited Partner interest in net income (loss) 37,564 84,483 ( 11,956 ) ( 23,043 ) 87,048 Net income (loss) per Limited Partner unit: Basic and diluted (a) $ 0.74 $ 1.71 $ ( 0.30 ) $ ( 0.58 ) $ 1.82 (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, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21) Subsequent Events Quarterly Distribution Declared In October 2022, we declared a quarterly distribution of $ 0.1525 per unit, or $ 0.61 per unit on an annualized basis, on all Common Units with respect to the fourth quarter of fiscal 2022, paid on November 8, 2022 , to holders of record on October 31, 2022 . 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, $ 5.5 million was paid to the Common Unit holders, $ 0.3 million to the General Partner unit holders (including $ 0.3 million of incentive distribution as provided in our Partnership Agreement) and $ 0.3 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. Common Units Repurchased and Retired In October and November 2022, in accordance with the Repurchase Plan, the Company repurchased and retired 0.3 million Common Units at an average price paid of $ 8.59 per unit. Acquisition Subsequent to September 30, 2022, the Company purchased the customer list and assets of two heating oil dealers for an aggregate amount of approximately $ 1.2 million. Sale of assets On October 25, 2022, we completed a sale of certain assets for $ 2.7 million. |
Condensed Financial Information
Condensed Financial Information of Registrant | 12 Months Ended |
Sep. 30, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Registrant | Schedule I STAR GROUP, L.P. (PARENT COMPANY) CONDENSED FINANCIAL INF ORMATION OF REGISTRANT September 30, (in thousands) 2022 2021 Balance Sheets ASSETS Current assets Cash and cash equivalents $ 41 $ 45 Prepaid expenses and other current assets 376 353 Total current assets 417 398 Investment in subsidiaries (a) 257,554 277,817 Total Assets $ 257,971 $ 278,215 LIABILITIES AND PARTNERS’ CAPITAL Current liabilities Accrued expenses $ 56 $ 11 Total current liabilities 56 11 Partners’ capital 257,915 278,204 Total Liabilities and Partners’ Capital $ 257,971 $ 278,215 (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) 2022 2021 2020 Statements of Operations Revenues $ — $ — $ — General and administrative expenses 1,588 1,602 1,327 Operating loss ( 1,588 ) ( 1,602 ) ( 1,327 ) Net loss before equity income ( 1,588 ) ( 1,602 ) ( 1,327 ) Equity income of Star Acquisitions Inc. and subs 36,876 89,339 57,245 Net income $ 35,288 $ 87,737 $ 55,918 Schedule I STAR GROUP, L.P. (PARENT COMPANY) CONDENSED FINANCIAL INFO RMATION OF REGISTRANT Years Ended September 30, (in thousands) 2022 2021 2020 Statements of Cash Flows Cash flows provided by operating activities: Net cash provided by operating activities (a) $ 54,005 $ 66,272 $ 62,877 Cash flows provided by investing activities: Net cash provided by investing activities — — — Cash flows used in financing activities: Distributions ( 23,192 ) ( 23,448 ) ( 24,451 ) Unit repurchase ( 30,817 ) ( 42,824 ) ( 38,431 ) Net cash used in financing activities ( 54,009 ) ( 66,272 ) ( 62,882 ) Net decrease in cash ( 4 ) — ( 5 ) Cash and cash equivalents at beginning of period 45 45 50 Cash and cash equivalents at end of period $ 41 $ 45 $ 45 (a) Includes distributions from subsidiaries $ 54,005 $ 66,272 $ 62,877 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | STAR GROUP, L.P. AND SUBSIDIARIES Schedule II VALUATION AND QUA LIFYING ACCOUNTS Years Ended September 30, 2022, 2021, 2020 (in thousands) Year Description Balance at Charged Other Balance at 2022 Allowance for doubtful accounts $ 4,779 $ 5,411 $ ( 2,435 ) (a) $ 7,755 2021 Allowance for doubtful accounts $ 6,121 $ ( 248 ) $ ( 1,094 ) (a) $ 4,779 2020 Allowance for doubtful accounts $ 8,378 $ 3,441 $ ( 5,698 ) (a) $ 6,121 (a) Bad debts written off (net of recoveries). |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2022 | |
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 (loss) 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 hedges 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 (including profit sharing) 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, 2022, the $ 14.9 million of cash, cash equivalents, and restricted cash on the consolidated statement of cash flows is comprised of $ 14.6 million of cash and cash equivalents and $ 0.3 million of restricted cash. At September 30, 2021, the $ 5.0 million of cash, cash equivalents, and restricted cash on the consolidated statement of cash flows is comprised of $ 4.8 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, current and future 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. All other inventories, representing parts and equipment are stated at the lower of cost or net realizable value using the FIFO 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. Land improvement useful lives are between ten and twenty years , buildings and leasehold improvements useful lives are between five and thirty years , fleet and other equipment useful lives are between one to fifteen years , tanks and equipment lives are between three to ten years , furniture, fixtures and office equipment useful lives are between five to ten years . |
Operating Lease Right-of-Use Assets and Related Lease Liabilities | Operating Lease Right-of-Use Assets and Related Lease Liabilities The Company determines if an arrangement is a lease at inception. Lease liabilities are measured at the lease commencement date in an amount equal to the present value of the minimum lease payments over the lease term. Right-of-use (“ROU”) assets are recognized based on the amount of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, minus any lease incentives received, plus any initial direct costs incurred. Renewal options are included in the calculation of the ROU asset and lease liability when it is determined that they are reasonably certain of exercise. Certain of our lease arrangements contain non-lease components such as common area maintenance. We have elected to account for the lease component and its associated non-lease components as a single lease component for properties and vehicles. Leases with an initial term of 12 months or less are not recognized on our balance sheet. The Company has leases that have variable payments, including lease payments where lease payment increases are based on the percentage change in the Consumer Price Index. For such leases, payment at the lease commencement date is used to measure the ROU assets and operating lease liabilities. Changes in the index and other variable payments are expensed as incurred. The interest rate used to determine the present value of the future lease payments is our incremental borrowing rate, because the interest rate implicit in our operating leases is not readily determinable. The basis for an incremental borrowing rate is our Term Loan, market-based yield curves and comparable debt securities. |
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. The collateral is required by a third party insurance carrier that insures per claim amounts above a set deductible. If we did not deposit cash into the trust, the third party carrier would require that we issue an equal amount of letters of credit, which would reduce our availability under the sixth amended and restated credit agreement. 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. Unrealized gains and losses, net of related income taxes, are reported as accumulated other comprehensive gain (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. Goodwill and intangible assets with indefinite useful lives are not amortized, but instead are annually tested for impairment. The Company has one reporting unit and performs a qualitative, and when necessary quantitative, impairment test on its goodwill annually on August 31 st or more frequently if events or circumstances indicate that the value of goodwill might be impaired. We performed qualitative assessments (commonly referred to as Step 0) to evaluate whether it is more-likely-than-not (a likelihood that is more than 50 %) that goodwill has been impaired, as a basis to determine whether it is necessary to perform the two-step quantitative impairment test. This qualitative assessment includes a review of factors such as our reporting unit’s market value compared to its carrying value, our short-term and long-term unit price performance, our planned overall business strategy compared to recent financial results, as well as macroeconomic conditions, industry and market considerations, cost factors, and other relevant Company-specific events. Goodwill impairment if any, needs to be determined if the net book value of a reporting unit exceeds its estimated fair value. If goodwill is determined to be impaired, the amount of impairment is measured based on the excess of the net book value of the goodwill over the implied fair value of the goodwill. The Company performed its annual goodwill impairment valuation in each of the periods ending August 31, 2022, 2021, and 2020, and it was determined based on each year’s analysis that there was no goodwill impairment. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment whenever changes in circumstances indicate that the assets may be impaired. The assessment for impairment requires estimates of future cash flows related to the intangible asset. To the extent the carrying value of the assets exceeds its future undiscounted cash flows, an impairment loss is recorded based on the fair value of the asset. We use amortization methods and determine asset values based on our best estimates using reasonable and supportable assumptions and projections. Key assumptions used to determine the value of these intangibles include projections of future customer attrition or growth rates, product margin increases, operating expenses, our cost of capital, and corporate income tax rates. For significant acquisitions we may engage a third party valuation firm to assist in the valuation of intangible assets of that acquisition. We assess the useful lives of intangible assets based on the estimated period over which we will receive benefit from such intangible assets such as historical evidence regarding customer churn rate. In some cases, the estimated useful lives are based on contractual terms. 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. 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. |
Assets Held for Sale | Assets Held for Sale Assets held for sale at September 30, 2022 represent certain heating oil assets that the Company sold on October 25, 2022. The carrying amount of the assets held for sale included $ 2.2 million of goodwill and $ 0.8 million of property and equipment, net. We measure and record assets held for sale at the lower of their carrying amount or fair value less cost to sell. The carrying amounts of the assets held for sale approximated their fair value at September 30, 2022. |
Impairment of Long-lived Assets | Impairment of Long-lived Assets The Company reviews intangible assets and other long-lived assets 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 (Loss), Net | Other Income (Loss), Net Other loss of $ 5.7 million for the year ended September 30, 2020 represents a loss on a sale of certain propane assets that were held for sale at September 30, 2020 at the lower of their carrying amount or fair value less cost to sell and were sold in fiscal 2021 at their expected value. |
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 $ 13.0 million, $ 13.5 million, and $ 13.5 million, in 2022, 2021, and 2020, respectively and are recorded in delivery and branch expenses. |
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. |
Self Insurance Liability | Self-Insurance Liability The Company self-insures a number of risks, including a portion of workers’ compensation, auto, general liability and medical liability. Self-insurance liabilities are established and periodically evaluated, based upon expectations as to what the ultimate liability may be for outstanding claims using developmental factors based upon historical claim experience, including frequency, severity, demographic factors and other actuarial assumptions, with support from a qualified third-party actuary. 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. 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. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Our continuing practice is to recognize interest and penalties related to income tax matters as a component of income tax expense. |
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 Derivative instruments are 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 but rather as economic hedges whose changes in fair value of the derivative instruments are recognized in our statement of operations in the caption (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. The Company has designated its interest rate swap agreements as cash flow hedging derivatives. To the extent these derivative instruments are effective and the accounting standard’s documentation requirements have been met, changes in fair value are recognized in other comprehensive income (loss) until the underlying hedged item is recognized in earnings. |
Fair Value Valuation Approach | Fair Value Valuation Approach The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels (see Note 7 to the consolidated financial statements): • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. |
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. The Company entered into weather hedge contracts for fiscal year 2023. The hedge period runs from November 1 through March 31, taken as a whole. The “Payment Thresholds,” or strikes, are set at various levels and are referenced against degree days for the prior ten year average. The maximum that the Company can receive is $ 12.5 million per year. In addition, we are obligated to make an annual payment capped at $ 5.0 million if degree days exceed the Payment Threshold. For fiscal 2022 and 2021, we had weather hedge contracts with similar payment thresholds and terms. The temperatures experienced during the fiscal 2022 and 2021, were warmer than the strikes in the weather hedge contracts. As a result in fiscal 2022 and 2021, the Company reduced delivery and branch expenses for the gains realized under those contracts by $ 1.1 million and $ 3.4 million, respectively. The amounts payable by the counterparties under the weather hedge contracts were received in full in April 2022 and April 2021, respectively. Pension plans The Company has two frozen defined benefit pension plans (“the Plan”). The Company has no post-retirement benefit plans. The Company estimates the rate of return on plan assets, the discount rate used to estimate the present value of future benefit obligations and the expected cost of future health care benefits in determining its annual pension and other postretirement benefit cost. Effective September 30, 2022, the Company adopted the Society of Actuaries 2022 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 higher mortality improvement than assumed in the Society of Actuaries 2020 Mortality Table Report and Improvement Scale, and affected plans generally expect the value of the actuarial obligations to increase, depending on the specific demographic characteristics of the plan participants and the types of benefits. The Company believes that the assumptions utilized in recording its obligations under its plans are reasonable based on its experience and market conditions. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Company did not adopt new standards in fiscal 2022 that have a material impact on its consolidated financial statements and related disclosures. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires accounting for contract assets and liabilities from contracts with customers in a business combination to be accounted for in accordance with ASC No. 606. The standard is effective for fiscal years beginning after December 15, 2022. The Company has not determined the timing of adoption, but does not expect ASU 2021-08 to have a material impact on its consolidated financial statements and related disclosures. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue by Major Sources | The following disaggregates our revenue by major sources for the years ended September 30, 2022, 2021 and 2020: Years Ended September 30, (in thousands) 2022 2021 2020 Petroleum Products: Home heating oil and propane $ 1,170,552 $ 881,526 $ 924,421 Motor fuel and other petroleum products 527,729 322,793 261,605 Total petroleum products 1,698,281 1,204,319 1,186,026 Installations and Services: Equipment installations 121,023 110,475 101,699 Equipment maintenance service contracts 121,623 118,546 120,388 Billable call services 65,631 63,746 59,345 Total installations and services 308,277 292,767 281,432 Total Sales $ 2,006,558 $ 1,497,086 $ 1,467,458 |
Summary of Changes in Allowance for Credit Losses | Changes in the allowance for credit losses are as follows: (in thousands) Credit Loss Allowance Balance at September 30, 2021 $ 4,779 Current period provision 5,411 Write-offs, net and other ( 2,435 ) Balance as of September 30, 2022 $ 7,755 |
Common Unit Repurchase Plans _2
Common Unit Repurchase Plans and Retirement (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Company's Repurchase Activities | The following table shows repurchases under the Repurchase Plan. (in thousands, except per unit amounts) Period Total Number Average Price Total Number Maximum Number Fiscal year 2012 to 2021 total 21,979 $ 8.60 17,504 2,848 First quarter fiscal year 2022 total 1,104 $ 10.65 691 2,157 (b) Second quarter fiscal year 2022 total 992 $ 10.50 992 1,165 Third quarter fiscal year 2022 total 487 $ 10.52 487 678 July 2022 126 $ 9.73 126 552 August 2022 116 $ 9.78 116 1,686 (c) September 2022 129 $ 8.89 129 1,557 Fourth quarter fiscal year 2022 total 371 $ 9.46 371 1,557 Fiscal year 2022 total 2,954 $ 10.43 2,541 1,557 October 2022 154 $ 8.45 154 1,403 November 2022 167 $ 8.71 167 1,236 (d) (a) Amounts include repurchase costs. (b) On December 30, 2021, the Company purchased 0.4 million Common Units in a private transaction for aggregate consideration of approximately $ 4.4 million. The approved purchase was made outside of the Company’s unit repurchase plan. (c) In August 2022, the Board authorized an increase in the number of Common Units available for repurchase in open market transactions from 0.2 million to 1.4 million. (d) Of the total available for repurchase, approximately 1.0 million are available for repurchase in open market transactions and 0.3 million are available for repurchase in privately-negotiated transactions. |
Captive Insurance Collateral (T
Captive Insurance Collateral (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
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 Level 1 available-for-sale investments. Investments at September 30, 2022 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 1,838 $ — $ — $ 1,838 U.S. Government Sponsored Agencies 48,473 — ( 3,052 ) 45,421 Corporate Debt Securities 20,322 — ( 919 ) 19,403 Total $ 70,633 $ — $ ( 3,971 ) $ 66,662 Investments at September 30, 2021 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 515 $ — $ — $ 515 U.S. Government Sponsored Agencies 51,632 108 ( 53 ) 51,687 Corporate Debt Securities 16,302 918 ( 18 ) 17,202 Foreign Bonds and Notes 502 27 — 529 Total $ 68,951 $ 1,053 $ ( 71 ) $ 69,933 |
Schedule of Maturities of Investments | Maturities of investments were as follows at September 30, 2022 (in thousands): Net Carrying Amount Due within one year $ 2,829 Due after one year through five years 63,833 Due after five years through ten years — Total $ 66,662 |
Derivatives and Hedging-Discl_2
Derivatives and Hedging-Disclosures and Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Company's Commodity 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 commodity financial assets and liabilities measured at fair value on a recurring basis are listed on the following table. (In thousands) Fair Value Measurements at Derivatives Not Designated Quoted Prices Significant Under FASB ASC 815-10 Balance Sheet Location Total Level 1 Level 2 Asset Derivatives at September 30, 2022 Commodity contracts Fair asset and liability value of derivative instruments $ 51,134 $ — $ 51,134 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net 2,094 — 2,094 Commodity contract assets at September 30, 2022 $ 53,228 $ — $ 53,228 Liability Derivatives at September 30, 2022 Commodity contracts Fair asset and liability value of derivative instruments $ ( 34,494 ) $ — $ ( 34,494 ) Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net ( 743 ) — ( 743 ) Commodity contract liabilities at September 30, 2022 $ ( 35,237 ) $ — $ ( 35,237 ) Asset Derivatives at September 30, 2021 Commodity contracts Fair asset value of derivative instruments $ 29,360 $ — $ 29,360 Commodity contracts Long-term derivative liabilities included in the deferred charges and other assets, net 2,023 — 2,023 Commodity contract assets at September 30, 2021 $ 31,383 $ — $ 31,383 Liability Derivatives at September 30, 2021 Commodity contracts Fair asset value of derivative instruments $ ( 3,138 ) $ — $ ( 3,138 ) Commodity contracts Long-term derivative liabilities included in the deferred charges and other assets, net ( 463 ) — ( 463 ) Commodity contract liabilities at September 30, 2021 $ ( 3,601 ) $ — $ ( 3,601 ) |
Company's Commodity Derivatives Assets (Liabilities) Offset by Counterparty | The Company’s commodity 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 Offsetting of Financial Assets (Liabilities) Gross Gross Net Assets Financial Cash Net Fair asset value of derivative instruments $ 47,784 $ ( 30,961 ) $ 16,823 $ — $ — $ 16,823 Long-term derivative assets included in 2,094 ( 743 ) 1,351 — — 1,351 Fair liability value of derivative instruments 3,350 ( 3,533 ) ( 183 ) — — ( 183 ) Total at September 30, 2022 $ 53,228 $ ( 35,237 ) $ 17,991 $ — $ — $ 17,991 Fair asset value of derivative instruments $ 29,360 $ ( 3,138 ) $ 26,222 $ — $ — $ 26,222 Long-term derivative assets included in deferred charges and other assets, net 2,023 ( 463 ) 1,560 — — 1,560 Total at September 30, 2021 $ 31,383 $ ( 3,601 ) $ 27,782 $ — $ — $ 27,782 |
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 Instruments Under FASB ASC 815-10 Location of (Gain) or Loss Recognized in 2022 2021 2020 Commodity contracts Cost of product (a) $ ( 34,523 ) $ 2,395 $ 10,462 Commodity contracts Cost of installations and service (a) $ ( 1,555 ) $ ( 359 ) $ 607 Commodity contracts Delivery and branch expenses (a) $ ( 3,423 ) $ 183 $ 1,634 Commodity contracts (Increase) / decrease in the fair value of derivative instruments (b) $ 17,286 $ ( 36,138 ) $ 2,755 (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, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory were as follows (in thousands): September 30, 2022 2021 Product $ 58,727 $ 37,890 Parts and equipment 24,830 23,293 Total inventory $ 83,557 $ 61,183 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Component of Property and Equipment | The components of property and equipment were as follows (in thousands): September 30, 2022 2021 Land and land improvements $ 23,771 $ 22,590 Buildings and leasehold improvements 51,164 42,344 Fleet and other equipment 79,000 75,365 Tanks and equipment 58,164 54,848 Furniture, fixtures and office equipment 34,820 43,183 Total 246,919 238,330 Less accumulated depreciation and amortization 139,175 139,207 Property and equipment, net $ 107,744 $ 99,123 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021 are as follows (in thousands): Balance as of September 30, 2020 $ 240,327 Fiscal year 2021 business combinations 13,071 Balance as of September 30, 2021 253,398 Fiscal year 2022 business combinations 3,072 Goodwill included within assets held for sale ( 2,215 ) Other ( 145 ) Balance as of September 30, 2022 $ 254,110 |
Intangible Assets Subject to Amortization | Intangible assets subject to amortization consist of the following (in thousands): September 30, 2022 2021 Gross Gross Carrying Accum. Carrying Accum. Amount Amortization Net Amount Amortization Net Customer lists $ 409,980 $ 345,237 $ 64,743 $ 403,913 $ 329,406 $ 74,507 Trade names and other intangibles 41,736 21,969 19,767 40,548 19,581 20,967 Total $ 451,716 $ 367,206 $ 84,510 $ 444,461 $ 348,987 $ 95,474 |
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 ending September 30, 2023 and the four succeeding fiscal years ending September 30, is as follows (in thousands): Amount 2023 $ 16,923 2024 $ 14,613 2025 $ 12,319 2026 $ 9,299 2027 $ 8,589 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 Accrued wages and benefits $ 33,517 $ 29,467 Self-insurance liabilities 79,875 80,572 Other accrued expenses and other current liabilities 12,169 11,182 Total accrued expenses and other current liabilities $ 125,561 $ 121,221 |
Long-Term Debt and Bank Facil_2
Long-Term Debt and Bank Facility Borrowings (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Company's Debt | The Company's debt is as follows September 30, (in thousands): 2022 2021 Carrying Carrying Amount Fair Value (a) Amount Fair Value (a) Revolving Credit Facility Borrowings $ 20,276 $ 20,276 $ 8,618 $ 8,618 Senior Secured Term Loan (b) 164,084 165,000 110,006 110,500 Total debt $ 184,360 $ 185,276 $ 118,624 $ 119,118 Total short-term portion of debt $ 32,651 $ 32,651 $ 26,239 $ 26,239 Total long-term portion of debt $ 151,709 $ 152,625 $ 92,385 $ 92,879 (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 $ 0.9 million as of September 30, 2022 and $ 0.5 million as of September 30, 2021. |
Maturities Including Working Capital Borrowings and Expected Repayments Due to Excess Cash Flow | As of September 30, 2022, 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 credit agreement, are set forth in the following table (in thousands): 2023 $ 32,651 2024 $ 16,500 2025 $ 16,500 2026 $ 16,500 2027 $ 103,125 Thereafter $ — |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Participation and Contributions to Multiemployer Pension Plans | Pension Protection FIP / RP Status Company Pension Fund EIN 2022 2021 Pending / Implemented 2022 2021 2020 Surcharge Expiration Date New England Teamsters and Trucking Industry Pension Fund 04-6372430 / 001 Red Red Yes / Implemented $ 2,605 $ 2,563 $ 2,659 No 9/30/22 to 8/31/27 Westchester Teamsters Pension Fund 13-6123973 / 001 Green Green N/A 1,153 1,100 887 No 1/31/24 to 12/31/24 Local 553 Pension Fund 13-6637826 / 001 Green Green N/A 2,741 2,841 2,678 No 1/15/2023 Local 463 Pension Fund 11-1800729 / 001 Green Green N/A 133 138 138 No 2/28/23 to 6/30/25 IAM National Pension Fund 51-6031295 / 002 Red Red Yes / Implemented 2,585 2,532 2,822 Yes 5/31/23 to 9/30/25 Teamsters Local 469 Pension Plan 22-6172237 / 001 Red Red Yes / Implemented 21 11 20 Yes 8/31/24 Local 445 Pension Fund 13-1864489 / 001 Red Red Yes / Implemented 8 7 5 Yes 10/31/24 All Other Multiemployer Pension Plans 391 411 448 Total Contributions $ 9,637 $ 9,603 $ 9,657 |
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 2020 Beginning balance $ 66,838 $ ( 65,007 ) $ 15,104 Interest cost 1,875 ( 1,875 ) Actual return on plan assets ( 6,538 ) 6,538 Employer contributions — — Benefit payments ( 4,288 ) 4,288 Investment and other expenses ( 539 ) 539 Difference between actual and expected return on plan assets 4,268 ( 4,268 ) Anticipated expenses 334 ( 334 ) Actuarial loss ( 3,009 ) 3,009 Amortization of unrecognized net actuarial loss 1,617 ( 1,617 ) Annual cost/change $ 1,017 $ — 2,250 ( 391 ) $ ( 2,876 ) ( 2,876 ) Ending balance $ 69,088 $ ( 65,398 ) $ 12,228 Funded status at the end of the year $ 3,690 Fiscal Year 2021 Interest cost 1,541 ( 1,541 ) Actual return on plan assets ( 678 ) 678 Employer contributions — — Benefit payments ( 4,429 ) 4,429 Investment and other expenses ( 377 ) 377 Difference between actual and expected return on plan assets ( 1,386 ) 1,386 Anticipated expenses 345 ( 345 ) Actuarial gain 1,184 ( 1,184 ) Amortization of unrecognized net actuarial loss 937 ( 937 ) Annual cost/change $ 382 $ — ( 3,751 ) 4,104 $ ( 735 ) ( 735 ) Ending balance $ 65,337 $ ( 61,294 ) $ 11,493 Funded status at the end of the year $ 4,043 Fiscal Year 2022 Interest cost 1,560 ( 1,560 ) Actual return on plan assets 13,658 ( 13,658 ) Employer contributions — — Benefit payments ( 4,225 ) 4,225 Investment and other expenses ( 507 ) 507 Difference between actual and expected return on plan assets ( 15,200 ) 15,200 Anticipated expenses — — Actuarial gain 13,869 ( 13,869 ) Amortization of unrecognized net actuarial loss 896 ( 896 ) Annual cost/change $ 407 $ — ( 17,883 ) 17,041 $ 435 435 Ending balance $ 47,454 $ ( 44,253 ) $ 11,928 Funded status at the end of the year $ 3,201 |
Weighted-Average Assumptions Used in Measurement of Partnership's Benefit Obligation | September 30, Weighted-Average Assumptions Used in the Measurement of the Company’s Benefit Obligation 2022 2021 2020 Discount rate at year end date 5.50 % 2.65 % 2.45 % Expected return on plan assets for the year ended 3.77 % 3.66 % 4.36 % 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, 2022 2021 Concentration Concentration Asset Category Level 1 Percentage Level 1 Percentage Corporate and U.S. government bond fund (1) $ 42,921 90 % $ 59,068 90 % U.S. large-cap equity (1) 3,411 7 % 4,765 7 % International equity (1) 817 2 % 1,165 2 % Cash 305 1 % 339 1 % Total $ 47,454 100 % $ 65,337 100 % Represent investments in Vanguard funds that seek to replicate the asset category description. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 2020 Current: Federal $ 11,900 $ 16,077 $ 17,083 State 5,019 6,237 7,086 Deferred Federal ( 2,563 ) 8,263 ( 2,643 ) State ( 618 ) 3,098 ( 901 ) $ 13,738 $ 33,675 $ 20,625 |
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, 2022 2021 2020 Income from continuing operations before taxes $ 49,026 $ 121,412 $ 76,543 Provision for income taxes: Tax at Federal statutory rate $ 10,295 $ 25,496 $ 16,074 State taxes net of federal benefit 3,251 7,927 5,224 Permanent differences 249 196 89 Change in valuation allowance 208 86 ( 113 ) Other ( 265 ) ( 30 ) ( 649 ) $ 13,738 $ 33,675 $ 20,625 |
Components of Net Deferred Taxes | The components of the net deferred taxes for the years ended September 30, 2022 and September 30, 2021 using current tax rates are as follows (in thousands): September 30, 2022 2021 Deferred tax assets: Operating lease liabilities $ 28,591 $ 29,115 Net operating loss carryforwards 5,432 5,590 Vacation accrual 3,050 2,923 Pension accrual 3,666 3,603 Allowance for bad debts 2,155 1,291 Insurance accrual 1,934 2,020 Inventory capitalization ( 580 ) 631 Other, net 1,319 1,504 Total deferred tax assets 45,567 46,677 Valuation allowance ( 4,184 ) ( 3,976 ) Net deferred tax assets $ 41,383 $ 42,701 Deferred tax liabilities: Operating lease right-of-use assets $ 27,097 $ 27,774 Property and equipment 15,012 14,374 Intangibles 19,936 19,591 Fair value of derivative instruments 1,851 6,864 Other, net 3,107 3,112 Total deferred tax liabilities $ 67,003 $ 71,715 Net deferred taxes $ ( 25,620 ) $ ( 29,014 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Summary of Total Lease Costs and Other Information | A summary of total lease costs and other information is comprised of the following for the indicated periods: Years Ended September 30, (in thousands) 2022 2021 2020 Lease cost: Operating lease cost $ 23,186 $ 25,185 $ 25,396 Short-term lease cost 1,024 826 775 Variable lease cost 7,400 5,867 5,255 Total lease cost $ 31,610 $ 31,878 $ 31,426 Other information: Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 22,513 $ 24,894 $ 24,943 Right-of-use assets obtained in exchange for new operating lease liabilities $ 16,366 $ 15,894 $ 20,487 Weighted-average remaining lease term – operating leases 6.1 years 6.6 years 7.1 years Weighted-average discount rate – operating leases 5.4 % 4.8 % 4.9 % |
Schedule of Maturities of Noncancelable Operating Lease Liabilities | Maturities of noncancelable operating lease liabilities as of September 30, 2022 are as follows: September 30, (in thousands) 2022 2023 $ 22,024 2024 21,166 2025 19,253 2026 16,291 2027 12,155 Thereafter 25,857 Total undiscounted lease payments 116,746 Less imputed interest ( 18,150 ) Total lease liabilities $ 98,596 |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Disclosure of Cash Flow Information | Years Ended September 30, (in thousands) 2022 2021 2020 Cash paid during the period for: Income taxes, net $ 17,122 $ 21,936 $ 25,292 Interest $ 10,077 $ 8,928 $ 11,722 |
Earnings per Limited Partner _2
Earnings per Limited Partner Units (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Allocation and Per Unit Data | The following table presents the net income allocation and per unit data: Basic and Diluted Earnings Per Limited Partner: Years Ended September 30, (in thousands, except per unit data) 2022 2021 2020 Net income $ 35,288 $ 87,737 $ 55,918 Less General Partners’ interest in net income 281 689 377 Net income available to limited partners 35,007 87,048 55,541 Less dilutive impact of theoretical distribution of 3,230 13,163 6,812 Limited Partner’s interest in net income $ 31,777 $ 73,885 $ 48,729 Per unit data: Basic and diluted net income available to limited partners $ 0.94 $ 2.15 $ 1.22 Less dilutive impact of theoretical distribution of 0.09 0.33 0.15 Limited Partner’s interest in net income under $ 0.85 $ 1.82 $ 1.07 Weighted average number of Limited Partner units outstanding 37,384 40,553 45,656 * 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 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, 2022 | |
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) 2021 2022 2022 2022 Total Sales $ 488,270 $ 782,543 $ 439,101 $ 296,644 $ 2,006,558 Gross profit for product, installation and service 139,628 220,073 77,305 47,224 484,230 Operating income (loss) 22,624 117,245 ( 11,496 ) ( 67,920 ) 60,453 Income (loss) before income taxes 20,327 114,279 ( 14,353 ) ( 71,227 ) 49,026 Net income (loss) 14,489 81,379 ( 10,587 ) ( 49,993 ) 35,288 Limited Partner interest in net income (loss) 14,367 80,682 ( 10,494 ) ( 49,548 ) 35,007 Net income (loss) per Limited Partner unit: Basic and diluted (a) $ 0.32 $ 1.75 $ ( 0.29 ) $ ( 1.36 ) $ 0.85 Three Months Ended Dec. 31, Mar. 31, Jun. 30, Sep. 30, (in thousands - except per unit data) 2020 2021 2021 2021 Total Sales $ 373,320 $ 604,115 $ 283,100 $ 236,551 $ 1,497,086 Gross profit for product, installation and service 131,870 226,202 70,091 49,491 477,654 Operating income (loss) 54,786 119,695 ( 13,764 ) ( 30,517 ) 130,200 Income (loss) before income taxes 52,688 117,316 ( 15,963 ) ( 32,629 ) 121,412 Net income (loss) 37,860 85,164 ( 12,054 ) ( 23,233 ) 87,737 Limited Partner interest in net income (loss) 37,564 84,483 ( 11,956 ) ( 23,043 ) 87,048 Net income (loss) per Limited Partner unit: Basic and diluted (a) $ 0.74 $ 1.71 $ ( 0.30 ) $ ( 0.58 ) $ 1.82 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 | 12 Months Ended | ||||
Jul. 06, 2022 USD ($) | Sep. 30, 2022 Contract Customer Segment shares | Sep. 30, 2021 shares | Sep. 30, 2020 shares | Sep. 30, 2019 shares | |
Limited Partners' Capital Account [Line Items] | |||||
Number of reportable segments | Segment | 1 | ||||
Fifth Amendment | |||||
Limited Partners' Capital Account [Line Items] | |||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ 0 | ||||
Sixth Amendment | |||||
Limited Partners' Capital Account [Line Items] | |||||
Non Seasonal maximum borrowing capacity under revolving credit facility | 400,000,000 | ||||
Maximum borrowing capacity (heating season December to April) under revolving credit facility | $ 550,000,000 | ||||
Due date of debt | Jul. 06, 2027 | ||||
Sixth Amendment | Term Loan | |||||
Limited Partners' Capital Account [Line Items] | |||||
Outstanding term loan | $ 165,000,000 | ||||
Senior secured term loan maturity period | 5 years | ||||
Petro Holdings, Inc | |||||
Limited Partners' Capital Account [Line Items] | |||||
Ownership interest of Star Acquisitions Inc. | 100% | ||||
Number of residential and commercial home heating oil and propane customers served | Customer | 415,900 | ||||
Number of customers to whom only home heating oil, gasoline and diesel were sells on a delivery only basis | Customer | 75,900 | ||||
Number of service contracts for natural gas and other heating systems | Contract | 19,400 | ||||
Number of customers to whom sell gasoline and diesel fuel | Customer | 26,600 | ||||
Star Group L.P. | |||||
Limited Partners' Capital Account [Line Items] | |||||
Percentage of limited partner interest | 99.10% | ||||
Percentage of general partner interest | 0.90% | ||||
Star Acquisitions, Inc | |||||
Limited Partners' Capital Account [Line Items] | |||||
Ownership interest of partnership | 100% | ||||
Common Stock | |||||
Limited Partners' Capital Account [Line Items] | |||||
Number of outstanding units | shares | 36,092 | 39,046 | 43,328 | 47,685 | |
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) | 12 Months Ended | ||||||
Aug. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | Aug. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) Segment | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Sep. 30, 2019 USD ($) | |
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Cash, cash equivalents, and restricted cash | $ 14,870,000 | $ 5,017,000 | $ 57,161,000 | $ 5,149,000 | |||
Cash and cash equivalents | 14,620,000 | 4,767,000 | |||||
Restricted cash | $ 250,000 | 250,000 | |||||
Number of reportable segments | Segment | 1 | ||||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | ||||
Minimum percentage of likelihood on goodwill impairment | 50% | ||||||
Other income (loss) | (5,724,000) | ||||||
Advertising expenses | $ 13,000,000 | 13,500,000 | $ 13,500,000 | ||||
Description of uncertain tax position | greater than 50% | ||||||
Derivative maximum payout | $ 5,000,000 | ||||||
Delivery and branch expense reduced under weather hedge contract | 1,100,000 | $ 3,400,000 | |||||
Propane Assets | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Loss on sale of assets held for sale | (5,700,000) | ||||||
Propane Assets | Goodwill | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Assets held-for-sale | 2,200,000 | ||||||
Propane Assets | Property and Equipment, Net | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Assets held-for-sale | $ 800,000 | ||||||
Maximum | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Cash equivalents, highly liquid investments maturity | 3 months | ||||||
Derivative maximum receivable | $ 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 | ||||||
Maximum | Land Improvements | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 20 years | ||||||
Maximum | Buildings and leasehold improvements | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 30 years | ||||||
Maximum | Fleet and Other Equipment | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 15 years | ||||||
Maximum | Tanks and Equipment | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 10 years | ||||||
Maximum | Furniture, Fixtures and Office Equipment | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 10 years | ||||||
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 | ||||||
Minimum | Land Improvements | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 10 years | ||||||
Minimum | Buildings and leasehold improvements | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 5 years | ||||||
Minimum | Fleet and Other Equipment | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 1 year | ||||||
Minimum | Tanks and Equipment | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 3 years | ||||||
Minimum | Furniture, Fixtures and Office Equipment | |||||||
Schedule Of Significant Accounting Policies [Line Items] | |||||||
Property and equipment, estimated useful lives | 5 years |
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, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | $ 296,644 | $ 439,101 | $ 782,543 | $ 488,270 | $ 236,551 | $ 283,100 | $ 604,115 | $ 373,320 | $ 2,006,558 | $ 1,497,086 | $ 1,467,458 |
Home heating oil and propane | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 1,170,552 | 881,526 | 924,421 | ||||||||
Motor fuel and other petroleum products | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 527,729 | 322,793 | 261,605 | ||||||||
Petroleum products | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 1,698,281 | 1,204,319 | 1,186,026 | ||||||||
Equipment installations | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 121,023 | 110,475 | 101,699 | ||||||||
Equipment maintenance service contracts | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 121,623 | 118,546 | 120,388 | ||||||||
Billable call services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | 65,631 | 63,746 | 59,345 | ||||||||
Installations and services | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total sales | $ 308,277 | $ 292,767 | $ 281,432 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
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 | $ 0 | $ 0 |
Contract liabilities | 152,100,000 | 141,600,000 | |
Contract with customer liability, revenue recognized | 130,400,000 | 128,500,000 | |
Prepaid Expense and Other Current Assets | |||
Revenue Recognition [Line Items] | |||
Deferred contract costs,current | 3,400,000 | 3,400,000 | |
Deferred Charges and Other Assets, Net | |||
Revenue Recognition [Line Items] | |||
Deferred contract costs,non current | 5,600,000 | 5,700,000 | |
Delivery and Branch Expenses | |||
Revenue Recognition [Line Items] | |||
Amortization of deferred contract costs | $ 3,900,000 | $ 3,900,000 | |
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% | ||
Residential Customers | |||
Revenue Recognition [Line Items] | |||
Customer payment terms | 30 days | ||
Percentage of customers take advantage of smart pay budget payment plan | 32% |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Changes in Allowance for Credit Losses (Detail) $ in Thousands | 12 Months Ended |
Sep. 30, 2022 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Balance at September 30, 2021 | $ 4,779 |
Current period provision | 5,411 |
Write-offs, net and other | (2,435) |
Balance as of September 30, 2022 | $ 7,755 |
Quarterly Distribution of Ava_2
Quarterly Distribution of Available Cash - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
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% | ||
Second tier, percentage of available cash distribution to common units for any arrearages | 100% | ||
Third tier, percentage of available cash distribution to general partner unit holder until minimum quarterly distribution is met | 100% | ||
Fourth tier, percentage of distributions to common unit holders until first target distribution is met | 90% | ||
Fourth tier, percentage of distributions to general partner unit holder until first target distribution is met | 10% | ||
First target distribution | $ 0.1125 | ||
Thereafter, percentage of distributions to common unit holders after first target distribution is met | 80% | ||
Thereafter, percentage of distributions to general partner unit holders after first target distribution is met | 20% | ||
Percentage of excess availability of revolving commitment that must be maintained | 15% | ||
Fixed charge coverage ratio that must be maintained to make distributions | 1.15 | ||
Annual cash distributions declared per common unit | $ 0.590 | $ 0.550 | $ 0.515 |
General partner incentive distributions exclusive of amounts paid subject to management incentive plan | $ 1 | $ 0.9 | $ 0.8 |
Common Unit Repurchase Plans _3
Common Unit Repurchase Plans and Retirement - Additional Information (Detail) - USD ($) shares in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 108 Months Ended | 122 Months Ended | ||||||||
Jul. 06, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Nov. 30, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 31, 2022 | |
Capital Unit [Line Items] | ||||||||||||||
Company's common units authorized for repurchase | 1,700 | 400 | 1,700 | |||||||||||
Fifth Amendment | ||||||||||||||
Capital Unit [Line Items] | ||||||||||||||
Availability required to repurchase common units | $ 60,000,000 | |||||||||||||
Percentage of the maximum facility size on a historical proforma and forward-looking basis | 15% | |||||||||||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ 0 | |||||||||||||
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | 115% | |||||||||||||
Repurchase Plan | ||||||||||||||
Capital Unit [Line Items] | ||||||||||||||
Company's common units repurchased and retired | 129 | 116 | 126 | 371 | 487 | 992 | 1,104 | 2,954 | 21,979 | 19,900 | ||||
Repurchase Plan | Subsequent Event [Member] | ||||||||||||||
Capital Unit [Line Items] | ||||||||||||||
Company's common units repurchased and retired | 167 | 154 | 300 | |||||||||||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | ||||||||||||||
Capital Unit [Line Items] | ||||||||||||||
Company's common units authorized for repurchase | 300 | 300 | ||||||||||||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | Subsequent Event [Member] | ||||||||||||||
Capital Unit [Line Items] | ||||||||||||||
Company's common units authorized for repurchase | 300 | 300 | ||||||||||||
Common Stock Available for Repurchase Under Open Market Transactions | ||||||||||||||
Capital Unit [Line Items] | ||||||||||||||
Company's common units authorized for repurchase | 1,400 | 1,400 | ||||||||||||
Common Stock Available for Repurchase Under Open Market Transactions | Subsequent Event [Member] | ||||||||||||||
Capital Unit [Line Items] | ||||||||||||||
Company's common units authorized for repurchase | 1,000 | 1,000 |
Common Unit Repurchase Plans _4
Common Unit Repurchase Plans and Retirement - Company's Repurchase Activities (Detail) - $ / shares shares in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 108 Months Ended | 122 Months Ended | ||||||||||||||||
Aug. 31, 2022 | Nov. 30, 2022 | Oct. 31, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Jul. 31, 2022 | Nov. 30, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Aug. 31, 2022 | |||||||||
Repurchase Plan | ||||||||||||||||||||||
Capital Unit [Line Items] | ||||||||||||||||||||||
Total Number of Units Purchased | 129 | 116 | 126 | 371 | 487 | 992 | 1,104 | 2,954 | 21,979 | 19,900 | ||||||||||||
Average Price Paid per Unit | [1] | $ 9.78 | $ 8.89 | $ 9.73 | $ 9.46 | $ 10.52 | $ 10.50 | $ 10.65 | $ 10.43 | $ 8.60 | ||||||||||||
Maximum Number of Units that May Yet Be Purchased | 1,686 | [2] | 1,557 | 1,686 | [2] | 552 | 1,557 | 678 | 1,165 | 2,157 | [3] | 1,557 | 2,848 | 1,686 | [2] | |||||||
Repurchase Plan | Subsequent Event | ||||||||||||||||||||||
Capital Unit [Line Items] | ||||||||||||||||||||||
Total Number of Units Purchased | 167 | 154 | 300 | |||||||||||||||||||
Average Price Paid per Unit | $ 8.71 | [1] | $ 8.45 | [1] | $ 8.59 | |||||||||||||||||
Maximum Number of Units that May Yet Be Purchased | 1,236 | [4] | 1,403 | 1,236 | [4] | |||||||||||||||||
Publicly Announced Plans or Programs As Part of Repurchase Plan | ||||||||||||||||||||||
Capital Unit [Line Items] | ||||||||||||||||||||||
Total Number of Units Purchased | 116 | 129 | 126 | 371 | 487 | 992 | 691 | 2,541 | 17,504 | |||||||||||||
Publicly Announced Plans or Programs As Part of Repurchase Plan | Subsequent Event | ||||||||||||||||||||||
Capital Unit [Line Items] | ||||||||||||||||||||||
Total Number of Units Purchased | 167 | 154 | ||||||||||||||||||||
[1] Amounts include repurchase costs. In August 2022, the Board authorized an increase in the number of Common Units available for repurchase in open market transactions from 0.2 million to 1.4 million. On December 30, 2021, the Company purchased 0.4 million Common Units in a private transaction for aggregate consideration of approximately $ 4.4 million. The approved purchase was made outside of the Company’s unit repurchase plan. Of the total available for repurchase, approximately 1.0 million are available for repurchase in open market transactions and 0.3 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) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | |||
Aug. 31, 2022 | Jul. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2022 | |
Capital Unit [Line Items] | ||||
Company's common units authorized for repurchase | 1.7 | 0.4 | ||
Private Transaction | ||||
Capital Unit [Line Items] | ||||
Company's common units repurchased | 0.4 | |||
Aggregate consideration paid for common units purchased | $ 1.4 | $ 0.2 | $ 4.4 | |
Common Stock Available for Repurchase Under Open Market Transactions | ||||
Capital Unit [Line Items] | ||||
Company's common units authorized for repurchase | 1.4 | |||
Common Stock Available for Repurchase Under Open Market Transactions | Subsequent Event | ||||
Capital Unit [Line Items] | ||||
Company's common units authorized for repurchase | 1 | |||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | ||||
Capital Unit [Line Items] | ||||
Company's common units authorized for repurchase | 0.3 | |||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | Subsequent Event | ||||
Capital Unit [Line Items] | ||||
Company's common units authorized for repurchase | 0.3 |
Captive Insurance Collateral -
Captive Insurance Collateral - Schedule of Captive Insurance Collateral to be Available-for-sale Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 70,633 | $ 68,951 |
Gross Unrealized Gain | 0 | 1,053 |
Gross Unrealized (Loss) | (3,971) | (71) |
Fair Value | 66,662 | 69,933 |
Cash and Receivables | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,838 | 515 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized (Loss) | 0 | 0 |
Fair Value | 1,838 | 515 |
U.S. Government Sponsored Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 48,473 | 51,632 |
Gross Unrealized Gain | 0 | 108 |
Gross Unrealized (Loss) | (3,052) | (53) |
Fair Value | 45,421 | 51,687 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 20,322 | 16,302 |
Gross Unrealized Gain | 0 | 918 |
Gross Unrealized (Loss) | (919) | (18) |
Fair Value | $ 19,403 | 17,202 |
Foreign Bonds and Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 502 | |
Gross Unrealized Gain | 27 | |
Gross Unrealized (Loss) | 0 | |
Fair Value | $ 529 |
Captive Insurance Collateral _2
Captive Insurance Collateral - Schedule of Maturities of Investments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year | $ 2,829 | |
Due after one year through five years | 63,833 | |
Due after five years through ten years | 0 | |
Total | $ 66,662 | $ 69,933 |
Derivatives and Hedging-Discl_3
Derivatives and Hedging-Disclosures and Fair Value Measurements - Additional Information (Detail) gal in Millions | 12 Months Ended | |
Sep. 30, 2022 USD ($) gal | Sep. 30, 2021 USD ($) gal | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Hedging positions and payable amounts secured under credit facility | $ 0 | |
Prepaid expense and other current assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Aggregated cash posted as collateral in normal course of business | 1,300,000 | |
Interest rate swap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Value | 54,000,000 | $ 59,000,000 |
Fair Value | $ 2,000,000 | $ (1,600,000) |
Percentage of market risk exposure of long term debt | 33% | |
Call Option | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative activity volume | gal | 36.3 | 7.8 |
Notional Value | $ 101,400,000 | $ 18,900,000 |
Fair Value | $ 19,200,000 | $ 1,200,000 |
Call Option | Synthetic calls | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative activity volume | gal | 38.6 | 74.2 |
Notional Value | $ 126,700,000 | $ 143,200,000 |
Fair Value | $ (1,800,000) | $ 23,700,000 |
Put Option | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative activity volume | gal | 3.2 | 4.4 |
Notional Value | $ 7,600,000 | $ 5,800,000 |
Fair Value | $ 500,000 | $ 100,000 |
Swap Contracts Bought | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative activity volume | gal | 7.5 | 11.8 |
Notional Value | $ 20,600,000 | $ 22,900,000 |
Fair Value | $ (300,000) | $ 1,400 |
Future Contracts | Short | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative activity volume | gal | 6.7 | 21 |
Notional Value | $ 22,100,000 | $ 42,100,000 |
Fair Value | $ 1,000,000 | $ (6,800,000) |
Future Contracts | Long | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative activity volume | gal | 3.8 | |
Notional Value | $ 5,400,000 | |
Fair Value | $ 3,400,000 | |
Hedge its Internal Fuel Usage and Other Related Activities Call Options and Swap Contracts Bought | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative activity volume | gal | 5.2 | 6.8 |
Notional Value | $ 15,100,000 | $ 13,800,000 |
Fair Value | $ (1,100,000) | $ 1,500,000 |
Swap Contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative activity volume | gal | 14.7 | |
Notional Value | $ 55,200,000 | |
Fair Value | $ 2,000,000 |
Derivatives and Hedging-Discl_4
Derivatives and Hedging-Disclosures and Fair Value Measurements - Company's Commodity 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, 2022 | Sep. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | $ 53,228 | $ 31,383 |
Derivative Liabilities, commodity contracts | (35,237) | (3,601) |
Fair liability and fair asset value of derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 51,134 | 29,360 |
Derivative Liabilities, commodity contracts | (34,494) | (3,138) |
Deferred charges and other assets, net and other long-term liabilities, net balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 2,094 | 2,023 |
Derivative Liabilities, commodity contracts | (743) | (463) |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 53,228 | 31,383 |
Derivative Liabilities, commodity contracts | (35,237) | (3,601) |
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 Assets, commodity contracts | 51,134 | 29,360 |
Derivative Liabilities, commodity contracts | (34,494) | (3,138) |
Significant Other Observable Inputs Level 2 | Deferred charges and other assets, net and other long-term liabilities, net balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 2,094 | 2,023 |
Derivative Liabilities, commodity contracts | $ (743) | $ (463) |
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, 2022 | Sep. 30, 2021 |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ (183) | $ 0 |
Subject to an enforceable master netting arrangement | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Net Assets (Liabilities) Presented in the Statement of Financial Position | (183) | |
Gross Assets Recognized | 53,228 | 31,383 |
Gross Liabilities Offset in the Statement of Financial Position | (35,237) | (3,601) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | 17,991 | 27,782 |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | 17,991 | 27,782 |
Subject to an enforceable master netting arrangement | Fair asset value of derivative instruments | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 47,784 | 29,360 |
Gross Liabilities Offset in the Statement of Financial Position | (30,961) | (3,138) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ 16,823 | $ 26,222 |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Derivative Asset, Current | Derivative Asset, Current |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ 16,823 | $ 26,222 |
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 | 2,094 | 2,023 |
Gross Liabilities Offset in the Statement of Financial Position | (743) | (463) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ 1,351 | $ 1,560 |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Derivative Asset, Current | Derivative Asset, Current |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ 1,351 | $ 1,560 |
Subject to an enforceable master netting arrangement | Fair liability value of derivative instruments | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 3,350 | |
Gross Liabilities Offset in the Statement of Financial Position | (3,533) | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ (183) |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Gain) or Loss Recognized, commodity contracts | $ (1,100) | $ (3,400) | ||
Amount of (Gain) or Loss Unrealized, commodity contracts | [1] | 17,286 | (36,138) | $ 2,755 |
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] | $ (34,523) | $ 2,395 | $ 10,462 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold | |
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] | $ (1,555) | $ (359) | $ 607 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | Cost of Goods and Services Sold | Cost of Goods and Services Sold | |
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] | $ (3,423) | $ 183 | $ 1,634 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating Costs and Expenses | Operating Costs and Expenses | Operating Costs and Expenses | |
[1] Represents the change in value of unrealized open positions and expired options. 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, 2022 | Sep. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Product | $ 58,727 | $ 37,890 |
Parts and equipment | 24,830 | 23,293 |
Total inventory | $ 83,557 | $ 61,183 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - gal gal in Millions | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Inventory [Line Items] | ||
Heating oil and other fuel inventories | 15.8 | 19 |
Motiva Enterprises LLC | ||
Inventory [Line Items] | ||
Percentage of product purchases from supplier | 14% | 12% |
Global Companies LLC | ||
Inventory [Line Items] | ||
Percentage of product purchases from supplier | 17% | 12% |
Home heating oil and propane | ||
Inventory [Line Items] | ||
Market based product supply contracts for next twelve months | 213.8 | |
Diesel and gasoline | ||
Inventory [Line Items] | ||
Market based product supply contracts for next twelve months | 49.9 |
Property and Equipment - Compon
Property and Equipment - Component of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 246,919 | $ 238,330 |
Less accumulated depreciation and amortization | 139,175 | 139,207 |
Property and equipment, net | 107,744 | 99,123 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 23,771 | 22,590 |
Buildings and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 51,164 | 42,344 |
Fleet and Other Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 79,000 | 75,365 |
Tanks and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 58,164 | 54,848 |
Furniture, Fixtures and Office Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 34,820 | $ 43,183 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 14.4 | $ 14.5 | $ 15 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 USD ($) PartnershipUnit | Sep. 30, 2021 USD ($) PartnershipUnit | Sep. 30, 2020 USD ($) PartnershipUnit | |
Business Acquisition [Line Items] | |||
Goodwill | $ 254,110 | $ 253,398 | $ 240,327 |
Heating Oil Dealers | |||
Business Acquisition [Line Items] | |||
Number of businesses acquired | PartnershipUnit | 5 | 3 | 2 |
Aggregate purchase price partnership acquired | $ 15,600 | $ 42,500 | $ 3,300 |
Cash and assuming | 13,100 | 40,700 | 3,000 |
Liabilities | 2,500 | 1,800 | 300 |
Aggregate purchase price allocation, intangible assets | 7,300 | ||
Goodwill | 3,100 | ||
Aggregate purchase price allocation, goodwill and intangible assets | 37,300 | 3,200 | |
Aggregate purchase price allocation, fixed assets | 5,600 | 6,200 | 600 |
Gross purchase price increased (reduced) by working capital credits | $ (400) | $ (1,000) | (500) |
Fiscal 2019 Acquisition | |||
Business Acquisition [Line Items] | |||
Aggregate purchase price partnership acquired | $ 1,200 | ||
Propane Dealers | |||
Business Acquisition [Line Items] | |||
Number of businesses acquired | PartnershipUnit | 2 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes in the Company's Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance on beginning | $ 253,398 | $ 240,327 |
Fiscal year business combinations | 3,072 | 13,071 |
Goodwill included within assets held for sale | (2,215) | |
Other | (145) | |
Balance on ending | $ 254,110 | $ 253,398 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 451,716 | $ 444,461 |
Accum. Amortization | 367,206 | 348,987 |
Net | 84,510 | 95,474 |
Customer Lists | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 409,980 | 403,913 |
Accum. Amortization | 345,237 | 329,406 |
Net | 64,743 | 74,507 |
Trade Names And Other Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,736 | 40,548 |
Accum. Amortization | 21,969 | 19,581 |
Net | $ 19,767 | $ 20,967 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for intangible assets | $ 18.2 | $ 19 | $ 19.6 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated Annual Amortization Expense Related to Intangible Assets Subject to Amortization (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2023 | $ 16,923 |
2024 | 14,613 |
2025 | 12,319 |
2026 | 9,299 |
2027 | $ 8,589 |
Components of Accrued Expenses
Components of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Payables and Accruals [Abstract] | ||
Accrued wages and benefits | $ 33,517 | $ 29,467 |
Self-insurance liabilities | 79,875 | 80,572 |
Other accrued expenses and other current liabilities | 12,169 | 11,182 |
Total accrued expenses and other current liabilities | $ 125,561 | $ 121,221 |
Long-Term Debt and Bank Facil_3
Long-Term Debt and Bank Facility Borrowings - Company's Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||
Long-term debt, carrying Amount | $ 184,360 | $ 118,624 | |
Current maturities of long-term debt, carrying Amount | 32,651 | 26,239 | |
Long-term debt | 151,709 | 92,385 | |
Long-term debt, fair value | [1] | 185,276 | 119,118 |
Current maturities of long-term debt, fair value | [1] | 32,651 | 26,239 |
Long-term portion of debt, fair value | [1] | 152,625 | 92,879 |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility borrowings, carrying Amount | 20,276 | 8,618 | |
Credit facility borrowings, fair value | [1] | 20,276 | 8,618 |
Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying Amount | [2] | 164,084 | 110,006 |
Long-term debt, fair value | [1],[2] | $ 165,000 | $ 110,500 |
[1] The face amount of the Company’s variable rate long-term debt approximates fair value. Carrying amounts are net of unamortized debt issuance costs of $ 0.9 million as of September 30, 2022 and $ 0.5 million as of September 30, 2021. |
Long-Term Debt and Bank Facil_4
Long-Term Debt and Bank Facility Borrowings - Company's Debt (Parenthetical) (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Sep. 30, 2021 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 0.9 | $ 0.5 |
Long-Term Debt and Bank Facil_5
Long-Term Debt and Bank Facility Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Oct. 01, 2022 | Jul. 06, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Debt Instrument [Line Items] | ||||||
Additional loan repayments | $ 110,500,000 | $ 13,000,000 | $ 99,000,000 | |||
Hedging positions and payable amounts secured under credit facility | 0 | |||||
Letters of credit issued and outstanding | 5,100,000 | 3,100,000 | ||||
Long-term debt, fair value | [1] | 185,276,000 | 119,118,000 | |||
Revolving credit facility outstanding | 20,276,000 | 8,618,000 | ||||
Availability under credit agreement | 189,400,000 | 171,500,000 | ||||
Total restricted net assets | 248,000,000 | $ 268,200,000 | ||||
Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ 400,000,000 | |||||
Maximum borrowing capacity (heating season December to April) under revolving credit facility | 550,000,000 | |||||
Issuance of line of credit for working capital purposes | $ 25,000,000 | |||||
Senior secured term loan maturity date | Jul. 06, 2027 | |||||
Facility size that can be increased without consulting bank group | $ 200,000,000 | |||||
Term loan annual payment percentage | 25% | |||||
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% | |||||
Minimum fixed charge coverage ratio | 110% | |||||
Availability percentage to maximum facility size | 12.50% | |||||
Credit Agreement | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Senior secured leverage ratio during quarters ending June or September | 300% | |||||
Senior secured leverage ratio during quarters ending December or March | 550% | |||||
Credit Agreement | Quarterly | ||||||
Debt Instrument [Line Items] | ||||||
Term loan periodic payment | $ 4,100,000 | |||||
Credit Agreement | Annually | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Term loan periodic payment | 8,500,000 | |||||
Subsequent Event | Credit Agreement | Quarterly | ||||||
Debt Instrument [Line Items] | ||||||
Term loan periodic payment | $ 0 | |||||
Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Additional loan repayments | $ 4,900,000 | |||||
Debt instrument, effective interest rate | 4.70% | 4.30% | ||||
Long-term debt, fair value | [1],[2] | $ 165,000,000 | $ 110,500,000 | |||
Term Loan | Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding term loan | $ 165,000,000 | |||||
Senior secured term loan maturity period | 5 years | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, effective interest rate | 2.60% | 2.50% | ||||
Revolving credit facility outstanding | $ 20,300,000 | $ 8,600,000 | ||||
[1] The face amount of the Company’s variable rate long-term debt approximates fair value. Carrying amounts are net of unamortized debt issuance costs of $ 0.9 million as of September 30, 2022 and $ 0.5 million as of September 30, 2021. |
Maturities Including Working Ca
Maturities Including Working Capital Borrowings and Expected Repayments Due to Excess Cash Flow (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 32,651 |
2024 | 16,500 |
2025 | 16,500 |
2026 | 16,500 |
2027 | 103,125 |
Thereafter | $ 0 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) | 12 Months Ended | 21 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 USD ($) Employee Program $ / shares | Sep. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Sep. 30, 2015 USD ($) | Sep. 30, 2022 USD ($) Employee Program | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum participant contribution | 60% | |||||
Partnership aggregate contributions to defined contribution plans | $ 8,500,000 | $ 8,200,000 | $ 7,900,000 | |||
Multiemployer pension plans, coverage of bargaining agreement, percentage | 45% | |||||
Maximum funded for red zone | 65% | |||||
Maximum funded for yellow zone | 80% | |||||
Minimum funded for green zone | 80% | |||||
Partnership contributions in excess of 5% of the plan's total contributions in percentage | 5% | 5% | 5% | |||
Minimum contribution required | $ 0 | $ 0 | $ 0 | |||
Accrued expenses and other current liabilities | 125,561,000 | 121,221,000 | $ 125,561,000 | |||
Other long-term liabilities | 14,766,000 | 25,244,000 | 14,766,000 | |||
Defined benefit plan funded status included in deferred charges and other assets | 3,200,000 | $ 4,000,000 | 3,200,000 | |||
Net actuarial loss balance in accumulated other comprehensive income to be amortized | 11,900,000 | 11,900,000 | ||||
Amount to be amortized from accumulated other comprehensive income | $ 1,500 | 1,500 | ||||
Discount rate to determine periodic pension expense | 5.50% | 2.65% | 2.45% | |||
Expected optional pension contribution | $ 0 | 0 | ||||
Expected benefit payments for year one | 3,900,000 | 3,900,000 | ||||
Expected benefit payments for year two | 3,900,000 | 3,900,000 | ||||
Expected benefit payments for year three | 3,900,000 | 3,900,000 | ||||
Expected benefit payments for year four | 3,900,000 | 3,900,000 | ||||
Expected benefit payments for year five | 3,900,000 | 3,900,000 | ||||
Aggregate expected benefit payment for five years thereafter | $ 16,900,000 | $ 16,900,000 | ||||
Weighted average discount rate | 5.50% | 2.65% | 2.45% | 5.50% | ||
Cash and Cash Equivalents | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Pension asset allocation | 1% | 1% | ||||
Scenario Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Rate pension plan assets expect to earn | 4.60% | |||||
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% | |||||
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% | |||||
Gains interest cash proceeds percentage from the sale of general partner units | 50% | |||||
Employee and Consultant | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Participant's vested percentage of plan benefits | 100% | |||||
Termination of employment or consultation | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Participant's vested percentage of plan benefits | 20% | |||||
Chief executive officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Participant's vested percentage of plan benefits | 0.33333% | |||||
Management And General Partner | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Partnership incentive distribution | $ 2,055,000 | $ 1,833,000 | $ 1,654,000 | |||
Management Incentive Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Partnership incentive distribution | 1,028,000 | 917,000 | 827,000 | |||
Management Incentive Compensation Plan Executive Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Partnership incentive distribution | $ 434,431 | 386,857 | 349,494 | |||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Participant Contribution | 0% | |||||
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 | $ 500,000 | 600,000 | $ 600,000 | |||
New England Teamsters & Trucking Industry Pension Fund | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Multiemployer plan undiscounted withdrawal obligation | $ 48,000,000 | |||||
Expected benefit payments in years | 30 years | |||||
Multiemployer plan annual liability annual payment amount | $ 1,600,000 | |||||
Accrued expenses and other current liabilities | 300,000 | 200,000 | $ 300,000 | |||
Other long-term liabilities | 16,200,000 | 16,500,000 | 16,200,000 | |||
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 | $ 20,200,000 | $ 25,800,000 | $ 20,200,000 | |||
New England Teamsters & Trucking Industry Pension Fund | Multiemployer Pension Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum funded for red zone | 65% | |||||
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 | 2 | ||||
Weighted average discount rate | 5.50% | 2.65% | 5.50% | |||
Domestic Fixed Income | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Pension asset allocation | 90% | 90% | ||||
Domestic Equities | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Pension asset allocation | 7% | 7% | ||||
International equity | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Pension asset allocation | 2% | 2% |
Participation and Contributions
Participation and Contributions to Multi Employer Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 9,637 | $ 9,603 | $ 9,657 |
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 | ||
Company Contributions | $ 2,605 | $ 2,563 | 2,659 |
Surcharge Imposed | No | ||
New England Teamsters & Trucking Industry Pension Fund | Minimum | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective-Bargaining Agreements, Date | Sep. 30, 2022 | ||
New England Teamsters & Trucking Industry Pension Fund | Maximum | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective-Bargaining Agreements, Date | Aug. 31, 2027 | ||
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 | ||
Company Contributions | $ 1,153 | $ 1,100 | 887 |
Surcharge Imposed | No | ||
Westchester Teamsters Pension Fund | Minimum | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective-Bargaining Agreements, Date | Jan. 31, 2024 | ||
Westchester Teamsters Pension Fund | Maximum | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective-Bargaining Agreements, Date | Dec. 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 | ||
Company Contributions | $ 2,741 | $ 2,841 | 2,678 |
Surcharge Imposed | No | ||
Expiration Date of Collective-Bargaining Agreements, Date | Jan. 15, 2023 | ||
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 | ||
Company Contributions | $ 133 | $ 138 | 138 |
Surcharge Imposed | No | ||
Local 463 Pension Fund | Minimum | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective-Bargaining Agreements, Date | Feb. 28, 2023 | ||
Local 463 Pension Fund | Maximum | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective-Bargaining Agreements, Date | Jun. 30, 2025 | ||
IAM National Pension Fund | |||
Multiemployer Plans [Line Items] | |||
EIN | 516031295 | ||
Pension Plan Number | 002 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP / RP Status Pending / Implemented | Implemented | ||
Company Contributions | $ 2,585 | $ 2,532 | 2,822 |
Surcharge Imposed | Yes | ||
IAM National Pension Fund | Minimum | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective-Bargaining Agreements, Date | May 31, 2023 | ||
IAM National Pension Fund | Maximum | |||
Multiemployer Plans [Line Items] | |||
Expiration Date of Collective-Bargaining Agreements, Date | Sep. 30, 2025 | ||
All Other Multiemployer Pension Plans | |||
Multiemployer Plans [Line Items] | |||
Company Contributions | $ 391 | $ 411 | 448 |
Teamsters Local 469 Pension Plan | |||
Multiemployer Plans [Line Items] | |||
EIN | 226172237 | ||
Pension Plan Number | 001 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP / RP Status Pending / Implemented | Implemented | ||
Company Contributions | $ 21 | $ 11 | 20 |
Surcharge Imposed | Yes | ||
Expiration Date of Collective-Bargaining Agreements, Date | Aug. 31, 2024 | ||
Local 445 Pension Fund | |||
Multiemployer Plans [Line Items] | |||
EIN | 131864489 | ||
Pension Plan Number | 001 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP / RP Status Pending / Implemented | Implemented | ||
Company Contributions | $ 8 | $ 7 | $ 5 |
Surcharge Imposed | Yes | ||
Expiration Date of Collective-Bargaining Agreements, Date | Oct. 31, 2024 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net Periodic Pension Cost in Income Statement | ||||
Net Periodic Pension Cost in Income Statement, Interest cost | $ 1,560 | $ 1,541 | $ 1,875 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Revenue (Expense), Net | Interest Revenue (Expense), Net | Interest Revenue (Expense), Net | |
Net Periodic Pension Cost in Income Statement, Actual return on plan assets | $ (13,658) | $ (678) | $ (6,538) | |
Net Periodic Pension Cost in Income Statement, Investment and other expenses | (507) | (377) | (539) | |
Net Periodic Pension Cost in Income Statement, Difference between actual and expected return on plan assets | (15,200) | (1,386) | $ 4,268 | |
Net Periodic Pension Cost in Income Statement, Anticipated expenses | 345 | 334 | ||
Net Periodic Pension Cost in Income Statement, Amortization of unrecognized net actuarial loss | 896 | 937 | 1,617 | |
Net Periodic Pension Cost in Income Statement, Annual cost/change | 407 | 382 | 1,017 | |
Fair Value of Pension Plan Assets | ||||
Fair Value of Pension Plan Assets, Beginning Balance | 65,337 | 69,088 | 66,838 | |
Fair Value of Pension Plan Assets, Actual return on plan assets | (13,658) | 678 | 6,538 | |
Fair Value of Pension Plan Assets, Benefit payments | (4,225) | (4,429) | (4,288) | |
Fair Value of Pension Plan Assets, Annual cost/change | (17,883) | (3,751) | 2,250 | |
Fair Value of Pension Plan Assets, Ending Balance | 47,454 | 65,337 | 69,088 | 66,838 |
Projected Benefit Obligation | ||||
Projected Benefit Obligation, Beginning balance | (61,294) | (65,398) | (65,007) | |
Projected Benefit Obligation, Interest cost | (1,560) | 1,541 | (1,875) | |
Projected Benefit Obligation, Benefit payments | 4,225 | 4,429 | 4,288 | |
Projected Benefit Obligation, Investment and other expenses | 507 | 377 | 539 | |
Projected Benefit Obligation , Anticipated expenses | 345 | 334 | ||
Projected Benefit Obligation, Actuarial (loss) gain | 13,869 | 1,184 | (3,009) | |
Projected Benefit Obligation, Annual cost/change | 17,041 | 4,104 | (391) | |
Projected Benefit Obligation, Ending balance | (44,253) | (61,294) | (65,398) | (65,007) |
Funded status at the end of the year | 3,201 | 4,043 | 3,690 | |
Other Comprehensive (Income) / Loss | ||||
Other Comprehensive (Income) / Loss, Difference between actual and expected return on plan assets | 15,200 | 1,386 | (4,268) | |
Other Comprehensive (Income) / Loss, Actuarial loss (gain) | (13,869) | 1,184 | (3,009) | |
Other Comprehensive (Income) / Loss, Amortization of unrecognized net actuarial loss | (896) | (937) | (1,617) | |
Other Comprehensive (Income) / Loss, Annual cost/change | 435 | (735) | (2,876) | |
Gross Pension Related Accumulated Other Comprehensive Income | ||||
Gross Pension Related Accumulated Other Comprehensive Income, Beginning Balance | 11,493 | 12,228 | 15,104 | |
Other Comprehensive (Income) / Loss, Annual cost/change | 435 | (735) | (2,876) | |
Gross Pension Related Accumulated Other Comprehensive Income, Ending Balance | $ 11,928 | $ 11,493 | $ 12,228 | $ 15,104 |
Weighted-Average Assumptions Us
Weighted-Average Assumptions Used in Measurement of Partnership's Benefit Obligation (Detail) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Weighted-Average Assumptions Used in the Measurement of the Company’s Benefit Obligation | |||
Discount rate at year end date | 5.50% | 2.65% | 2.45% |
Expected return on plan assets for the year ended | 3.77% | 3.66% | 4.36% |
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, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the Partnership's pension plan assets | 100% | 100% | |
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 | $ 47,454 | $ 65,337 | |
Corporate and U.S. government bond fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the Partnership's pension plan assets | [1] | 90% | 90% |
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] | $ 42,921 | $ 59,068 |
U.S. large-cap equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the Partnership's pension plan assets | [1] | 7% | 7% |
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] | $ 3,411 | $ 4,765 |
International equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the Partnership's pension plan assets | [1] | 2% | 2% |
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] | $ 817 | $ 1,165 |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of the Partnership's pension plan assets | 1% | 1% | |
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 | $ 305 | $ 339 | |
[1] Represent investments in Vanguard funds that seek to replicate the asset category description. |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | 30 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Jan. 01, 2022 | |
Income Tax Disclosure [Line Items] | ||||
Deferred tax asset | $ 41,383,000 | $ 42,701,000 | $ 41,383,000 | |
Tax Cuts and Jobs Act, percentage of depreciation for certain fixed assets acquired | 100% | |||
Income Tax Disclosure [Abstract] | ||||
Net change in valuation allowance | $ 200,000 | $ 100,000 | ||
Unrecognized income tax benefits | $ 0 | 0 | ||
State | ||||
Income Tax Disclosure [Abstract] | ||||
Net operating loss carry forwards | $ 1,400,000 | |||
State | Minimum | ||||
Income Tax Disclosure [Abstract] | ||||
Expiration date of net operating loss carryforward | Dec. 31, 2023 | |||
State | Maximum | ||||
Income Tax Disclosure [Abstract] | ||||
Expiration date of net operating loss carryforward | Dec. 31, 2037 | |||
Federal | ||||
Income Tax Disclosure [Abstract] | ||||
Number of years for examination | 4 years | |||
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 | |||
CARES Act | ||||
Income Tax Disclosure [Line Items] | ||||
Deferral payment of social security taxes | 5,200,000 | |||
Deferred tax asset | $ 1,500,000 | $ 1,500,000 |
Income Tax Expense (Detail)
Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Current: | |||
Federal | $ 11,900 | $ 16,077 | $ 17,083 |
State | 5,019 | 6,237 | 7,086 |
Deferred | |||
Federal | (2,563) | 8,263 | (2,643) |
State | (618) | 3,098 | (901) |
Income tax expense | $ 13,738 | $ 33,675 | $ 20,625 |
Income Taxes Computed at Federa
Income Taxes Computed at Federal Statutory Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income from continuing operations before taxes | $ (71,227) | $ (14,353) | $ 114,279 | $ 20,327 | $ (32,629) | $ (15,963) | $ 117,316 | $ 52,688 | $ 49,026 | $ 121,412 | $ 76,543 |
Provision for income taxes: | |||||||||||
Tax at Federal statutory rate | 10,295 | 25,496 | 16,074 | ||||||||
State taxes net of federal benefit | 3,251 | 7,927 | 5,224 | ||||||||
Permanent differences | 249 | 196 | 89 | ||||||||
Change in valuation allowance | 208 | 86 | (113) | ||||||||
Other | (265) | (30) | (649) | ||||||||
Income tax expense | $ 13,738 | $ 33,675 | $ 20,625 |
Components of Net Deferred Taxe
Components of Net Deferred Taxes (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 |
Deferred tax assets: | ||
Operating lease liabilities | $ 28,591 | $ 29,115 |
Net operating loss carryforwards | 5,432 | 5,590 |
Vacation accrual | 3,050 | 2,923 |
Pension accrual | 3,666 | 3,603 |
Allowance for bad debts | 2,155 | 1,291 |
Insurance accrual | 1,934 | 2,020 |
Inventory capitalization | (580) | 631 |
Other, net | 1,319 | 1,504 |
Total deferred tax assets | 45,567 | 46,677 |
Valuation allowance | (4,184) | (3,976) |
Net deferred tax assets | 41,383 | 42,701 |
Deferred tax liabilities: | ||
Operating lease right-of-use assets | 27,097 | 27,774 |
Property and equipment | 15,012 | 14,374 |
Intangibles | 19,936 | 19,591 |
Fair value of derivative instruments | 1,851 | 6,864 |
Other, net | 3,107 | 3,112 |
Total deferred tax liabilities | 67,003 | 71,715 |
Net deferred taxes | $ (25,620) | $ (29,014) |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2022 | |
Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease expiration year | 2022 |
Operating lease, term of contract | 1 year |
Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease expiration year | 2033 |
Operating lease, term of contract | 15 years |
Operating lease, option to extend, term | 10 years |
Leases - Summary of Total Lease
Leases - Summary of Total Lease Costs and Other Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease cost: | |||
Operating lease cost | $ 23,186 | $ 25,185 | $ 25,396 |
Short-term lease cost | 1,024 | 826 | 775 |
Variable lease cost | 7,400 | 5,867 | 5,255 |
Total lease cost | 31,610 | 31,878 | 31,426 |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | 22,513 | 24,894 | 24,943 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 16,366 | $ 15,894 | $ 20,487 |
Weighted-average remaining lease term - operating leases | 6 years 1 month 6 days | 6 years 7 months 6 days | 7 years 1 month 6 days |
Weighted-average discount rate - operating leases | 5.40% | 4.80% | 4.90% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Noncancelable Operating Lease Liabilities (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 22,024 |
2024 | 21,166 |
2025 | 19,253 |
2026 | 16,291 |
2027 | 12,155 |
Thereafter | 25,857 |
Total undiscounted lease payments | 116,746 |
Less imputed interest | (18,150) |
Total lease liabilities | $ 98,596 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid during the period for: | |||
Income taxes, net | $ 17,122 | $ 21,936 | $ 25,292 |
Interest | $ 10,077 | $ 8,928 | $ 11,722 |
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, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |||||||||||||
Basic and Diluted Earnings Per Limited Partner: | |||||||||||||||||||||||
Net income | $ (49,993) | $ (10,587) | $ 81,379 | $ 14,489 | $ (23,233) | $ (12,054) | $ 85,164 | $ 37,860 | $ 35,288 | $ 87,737 | $ 55,918 | ||||||||||||
Less General Partners' interest in net income | 281 | 689 | 377 | ||||||||||||||||||||
Net income available to limited partners | $ (49,548) | $ (10,494) | $ 80,682 | $ 14,367 | $ (23,043) | $ (11,956) | $ 84,483 | $ 37,564 | 35,007 | 87,048 | 55,541 | ||||||||||||
Less dilutive impact of theoretical distribution of earnings | [1] | 3,230 | 13,163 | 6,812 | |||||||||||||||||||
Limited Partner’s interest in net income | $ 31,777 | $ 73,885 | $ 48,729 | ||||||||||||||||||||
Per unit data: | |||||||||||||||||||||||
Basic and diluted net income available to limited partners | $ 0.94 | $ 2.15 | $ 1.22 | ||||||||||||||||||||
Less dilutive impact of theoretical distribution of earnings | [1] | 0.09 | 0.33 | 0.15 | |||||||||||||||||||
Limited Partner’s interest in net income under | $ (1.36) | [2] | $ (0.29) | [2] | $ 1.75 | [2] | $ 0.32 | [2] | $ (0.58) | [2] | $ (0.30) | [2] | $ 1.71 | [2] | $ 0.74 | [2] | $ 0.85 | [2],[3] | $ 1.82 | [2],[3] | $ 1.07 | [3] | |
Weighted average number of Limited Partner units outstanding: Basic | 37,384 | 40,553 | 45,656 | ||||||||||||||||||||
Weighted average number of Limited Partner units outstanding: Diluted | 37,384 | 40,553 | 45,656 | ||||||||||||||||||||
[1] 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 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. 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. 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 | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Sales | $ 296,644 | $ 439,101 | $ 782,543 | $ 488,270 | $ 236,551 | $ 283,100 | $ 604,115 | $ 373,320 | $ 2,006,558 | $ 1,497,086 | $ 1,467,458 | |||||||||||
Gross profit for product, installation and service | 47,224 | 77,305 | 220,073 | 139,628 | 49,491 | 70,091 | 226,202 | 131,870 | 484,230 | 477,654 | ||||||||||||
Operating income (loss) | (67,920) | (11,496) | 117,245 | 22,624 | (30,517) | (13,764) | 119,695 | 54,786 | 60,453 | 130,200 | 92,968 | |||||||||||
Income (loss) before income taxes | (71,227) | (14,353) | 114,279 | 20,327 | (32,629) | (15,963) | 117,316 | 52,688 | 49,026 | 121,412 | 76,543 | |||||||||||
Net income (loss) | (49,993) | (10,587) | 81,379 | 14,489 | (23,233) | (12,054) | 85,164 | 37,860 | 35,288 | 87,737 | 55,918 | |||||||||||
Limited Partners’ interest in net income | $ (49,548) | $ (10,494) | $ 80,682 | $ 14,367 | $ (23,043) | $ (11,956) | $ 84,483 | $ 37,564 | $ 35,007 | $ 87,048 | $ 55,541 | |||||||||||
Net income (loss) per Limited Partner unit: | ||||||||||||||||||||||
Basic and diluted income per Limited Partner Unit: | $ (1.36) | [1] | $ (0.29) | [1] | $ 1.75 | [1] | $ 0.32 | [1] | $ (0.58) | [1] | $ (0.30) | [1] | $ 1.71 | [1] | $ 0.74 | [1] | $ 0.85 | [1],[2] | $ 1.82 | [1],[2] | $ 1.07 | [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. See Note 19 - Earnings Per Limited Partner Units. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | 108 Months Ended | 122 Months Ended | |||||||||||||||
Oct. 25, 2022 USD ($) | Oct. 01, 2022 USD ($) PartnershipUnit | Aug. 31, 2022 $ / shares | Nov. 30, 2022 $ / shares shares | Oct. 31, 2022 USD ($) $ / shares shares | Sep. 30, 2022 $ / shares shares | Aug. 31, 2022 shares | Jul. 31, 2022 $ / shares shares | Nov. 30, 2022 $ / shares shares | Sep. 30, 2022 $ / shares shares | Jun. 30, 2022 $ / shares shares | Mar. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Sep. 30, 2022 USD ($) PartnershipUnit $ / shares shares | Sep. 30, 2021 USD ($) PartnershipUnit | Sep. 30, 2020 USD ($) PartnershipUnit | Sep. 30, 2021 $ / shares shares | Aug. 31, 2022 shares | ||||
Heating Oil Dealers | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Number of businesses acquired | PartnershipUnit | 5 | 3 | 2 | ||||||||||||||||||
Aggregate purchase price partnership acquired | $ 15.6 | $ 42.5 | $ 3.3 | ||||||||||||||||||
Repurchase Plan | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Company's common units repurchased and retired | shares | 129 | 116 | 126 | 371 | 487 | 992 | 1,104 | 2,954 | 21,979 | 19,900 | |||||||||||
Average Price Paid per Unit | $ / shares | [1] | $ 9.78 | $ 8.89 | $ 9.73 | $ 9.46 | $ 10.52 | $ 10.50 | $ 10.65 | $ 10.43 | $ 8.60 | |||||||||||
Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Sale of certain assets | $ 2.7 | ||||||||||||||||||||
Subsequent Event | Heating Oil Dealers | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Number of businesses acquired | PartnershipUnit | 2 | ||||||||||||||||||||
Aggregate purchase price partnership acquired | $ 1.2 | ||||||||||||||||||||
Subsequent Event | Repurchase Plan | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Company's common units repurchased and retired | shares | 167 | 154 | 300 | ||||||||||||||||||
Average Price Paid per Unit | $ / shares | $ 8.71 | [1] | $ 8.45 | [1] | $ 8.59 | ||||||||||||||||
Subsequent Event | Dividend Declared | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Distribution declared | $ / shares | 0.1525 | ||||||||||||||||||||
Partners capital projected distribution amount on annualized basis | $ / shares | 0.61 | ||||||||||||||||||||
Minimum dividend distribution per unit | $ / shares | $ 0.0675 | ||||||||||||||||||||
Amount to paid to common unit holders | $ 5.5 | ||||||||||||||||||||
Amount to paid to the General Partner | 0.3 | ||||||||||||||||||||
Incentive distribution to the General Partner | 0.3 | ||||||||||||||||||||
Incentive distributions to management | $ 0.3 | ||||||||||||||||||||
Dividend paid date | Nov. 08, 2022 | ||||||||||||||||||||
Dividend record date | Oct. 31, 2022 | ||||||||||||||||||||
[1] Amounts include repurchase costs. |
Condensed Financial Informati_2
Condensed Financial Information of Registrant Balance Sheets (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Current assets | |||||
Cash and cash equivalents | $ 14,620 | $ 4,767 | |||
Prepaid expenses and other current assets | 32,016 | 30,140 | |||
Total current assets | 288,263 | 221,992 | |||
Total assets | 912,475 | 853,863 | |||
Current liabilities | |||||
Accrued expenses | 125,561 | 121,221 | |||
Total current liabilities | 381,080 | 344,997 | |||
Partners’ capital | 257,915 | 278,204 | $ 255,820 | $ 260,840 | |
Total liabilities and partners’ capital | 912,475 | 853,863 | |||
STAR GROUP, L.P. | |||||
Current assets | |||||
Cash and cash equivalents | 41 | 45 | $ 45 | $ 50 | |
Prepaid expenses and other current assets | 376 | 353 | |||
Total current assets | 417 | 398 | |||
Investment in subsidiaries | [1] | 257,554 | 277,817 | ||
Total assets | 257,971 | 278,215 | |||
Current liabilities | |||||
Accrued expenses | 56 | 11 | |||
Total current liabilities | 56 | 11 | |||
Partners’ capital | 257,915 | 278,204 | |||
Total liabilities and partners’ capital | $ 257,971 | $ 278,215 | |||
[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 | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | $ 296,644 | $ 439,101 | $ 782,543 | $ 488,270 | $ 236,551 | $ 283,100 | $ 604,115 | $ 373,320 | $ 2,006,558 | $ 1,497,086 | $ 1,467,458 |
General and administrative expenses | 24,882 | 25,096 | 25,072 | ||||||||
Operating income | (67,920) | (11,496) | 117,245 | 22,624 | (30,517) | (13,764) | 119,695 | 54,786 | 60,453 | 130,200 | 92,968 |
Income before income taxes | (71,227) | (14,353) | 114,279 | 20,327 | (32,629) | (15,963) | 117,316 | 52,688 | 49,026 | 121,412 | 76,543 |
Net income | $ (49,993) | $ (10,587) | $ 81,379 | $ 14,489 | $ (23,233) | $ (12,054) | $ 85,164 | $ 37,860 | 35,288 | 87,737 | 55,918 |
STAR GROUP, L.P. | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
General and administrative expenses | 1,588 | 1,602 | 1,327 | ||||||||
Operating income | (1,588) | (1,602) | (1,327) | ||||||||
Income before income taxes | (1,588) | (1,602) | (1,327) | ||||||||
Equity income of Star Acquisitions Inc. and subs | 36,876 | 89,339 | 57,245 | ||||||||
Net income | $ 35,288 | $ 87,737 | $ 55,918 |
Condensed Financial Informati_4
Condensed Financial Information of Registrant Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows provided by operating activities: | |||
Net cash provided by operating activities | $ 33,907 | $ 68,877 | $ 175,668 |
Cash flows provided by investing activities: | |||
Net cash provided by investing activities | (32,626) | (50,326) | (28,141) |
Cash flows used in financing activities: | |||
Distributions | (23,192) | (23,448) | (24,451) |
Unit repurchase | (30,817) | (42,824) | (38,431) |
Net cash provided by (used in) financing activities | 8,572 | (70,695) | (95,515) |
Net decrease in cash | 9,853 | (52,144) | 52,012 |
Cash and cash equivalents at beginning of period | 4,767 | ||
Cash and cash equivalents at end of period | 14,620 | 4,767 | |
STAR GROUP, L.P. | |||
Cash flows provided by operating activities: | |||
Net cash provided by operating activities | 54,005 | 66,272 | 62,877 |
Cash flows provided by investing activities: | |||
Net cash provided by investing activities | 0 | 0 | 0 |
Cash flows used in financing activities: | |||
Distributions | (23,192) | (23,448) | (24,451) |
Unit repurchase | (30,817) | (42,824) | (38,431) |
Net cash provided by (used in) financing activities | (54,009) | (66,272) | (62,882) |
Net decrease in cash | (4) | 0 | (5) |
Cash and cash equivalents at beginning of period | 45 | 45 | 50 |
Cash and cash equivalents at end of period | $ 41 | $ 45 | $ 45 |
Condensed Financial Informati_5
Condensed Financial Information of Registrant Statements of Cash Flows (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
STAR GROUP, L.P. | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Includes distributions from subsidiaries | $ 54,005 | $ 66,272 | $ 62,877 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Year | $ 4,779 | $ 6,121 | $ 8,378 | |
Charged to Costs & Expenses | 5,411 | (248) | 3,441 | |
Other Changes Add (Deduct) | [1] | (2,435) | (1,094) | (5,698) |
Balance at End of Year | $ 7,755 | $ 4,779 | $ 6,121 | |
[1] Bad debts written off (net of recoveries). |