Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2023 | Jan. 31, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly 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 | 35,574,434 | |
Entity Address, Address Line One | 9 West Broad Street | |
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 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | |
Current assets | |||
Cash and cash equivalents | $ 19,925 | $ 45,191 | |
Receivables, net of allowance of $8,074 and $8,375, respectively | 187,122 | 114,079 | |
Inventories | 84,033 | 56,463 | |
Fair asset value of derivative instruments | 0 | 10,660 | |
Prepaid expenses and other current assets | 38,409 | 28,308 | |
Total current assets | 329,489 | 254,701 | |
Property and equipment, net | 105,158 | 105,404 | |
Operating lease right-of-use assets | 87,725 | 90,643 | |
Goodwill | 262,347 | 262,103 | |
Intangibles, net | 73,969 | 76,306 | |
Restricted cash | 250 | 250 | |
Captive insurance collateral | 72,020 | 70,717 | |
Deferred charges and other assets, net | 13,981 | 15,354 | |
Total assets | 944,939 | 875,478 | |
Current liabilities | |||
Accounts payable | 45,881 | 35,609 | |
Revolving credit facility borrowings | 51,877 | 240 | |
Fair liability value of derivative instruments | 14,832 | 118 | |
Current maturities of long-term debt | 20,625 | 20,500 | |
Current portion of operating lease liabilities | 17,923 | 18,085 | |
Accrued expenses and other current liabilities | 118,382 | 115,606 | |
Unearned service contract revenue | 75,371 | 63,215 | |
Customer credit balances | 90,916 | 111,508 | |
Total current liabilities | 435,807 | 364,881 | |
Long-term debt | [1] | 123,258 | 127,327 |
Long-term operating lease liabilities | 74,752 | 77,600 | |
Deferred tax liabilities, net | 24,172 | 25,771 | |
Other long-term liabilities | 16,298 | 16,175 | |
Partners’ capital | |||
Common unitholders | 288,789 | 281,862 | |
General partner | (4,831) | (4,615) | |
Accumulated other comprehensive loss, net of taxes | (13,306) | (13,523) | |
Total partners’ capital | 270,652 | 263,724 | |
Total liabilities and partners’ capital | $ 944,939 | $ 875,478 | |
[1] Carrying amounts are net of unamortized debt issuance costs of $ 0.6 million as of December 31, 2023 and $ 0.7 million as of September 30, 2023 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance | $ 8,074 | $ 8,375 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Sales: | |||
Total sales | $ 528,096 | $ 648,187 | |
Cost and expenses: | |||
(Increase) decrease in the fair value of derivative instruments | [1] | 19,030 | 17,636 |
Delivery and branch expenses | 94,364 | 97,936 | |
Depreciation and amortization expenses | 8,386 | 7,837 | |
General and administrative expenses | 7,021 | 6,856 | |
Finance charge income | (771) | (1,319) | |
Operating income | 21,621 | 23,605 | |
Interest expense, net | (3,218) | (4,274) | |
Amortization of debt issuance costs | (250) | (329) | |
Income before income taxes | 18,153 | 19,002 | |
Income tax expense | 5,174 | 5,463 | |
Net income | 12,979 | 13,539 | |
General Partner's interest in net income | 118 | 122 | |
Limited Partners' interest in net income | $ 12,861 | $ 13,417 | |
Basic and diluted income per Limited Partner Unit: | [2] | $ 0.32 | $ 0.33 |
Weighted average number of Limited Partner units outstanding: | |||
Weighted average number of Limited Partner units outstanding, Basic | 35,593 | 35,916 | |
Weighted average number of Limited Partner units outstanding, Diluted | 35,593 | 35,916 | |
Product | |||
Sales: | |||
Total sales | $ 448,550 | $ 569,929 | |
Installations and services | |||
Sales: | |||
Total sales | 79,546 | 78,258 | |
Cost of product | |||
Cost and expenses: | |||
Cost and expenses | 303,338 | 419,093 | |
Cost of installations and services | |||
Cost and expenses: | |||
Cost and expenses | $ 75,107 | $ 76,543 | |
[1] Represents the change in value of unrealized open positions and expired options. See Note 15 - Earnings Per Limited Partner Unit. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 12,979 | $ 13,539 |
Other comprehensive income: | ||
Unrealized gain on pension plan obligation | 319 | 380 |
Tax effect of unrealized gain on pension plan obligation | (75) | (97) |
Unrealized gain on captive insurance collateral | 932 | 355 |
Tax effect of unrealized gain on captive insurance collateral | (202) | (74) |
Unrealized loss on interest rate hedges | (1,042) | (377) |
Tax effect of unrealized loss on interest rate hedges | 285 | 102 |
Total other comprehensive income | 217 | 289 |
Total comprehensive income | $ 13,196 | $ 13,828 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL - USD ($) shares in Thousands, $ in Thousands | Total | General Partner | Common Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Sep. 30, 2022 | $ 257,915 | $ (3,656) | $ 277,177 | $ (15,606) |
Beginning Balance, unit at Sep. 30, 2022 | 326 | 36,092 | ||
Net income | 13,539 | $ 122 | $ 13,417 | |
Unrealized gain on pension plan obligation | 380 | 380 | ||
Tax effect of unrealized gain on pension plan obligation | (97) | (97) | ||
Unrealized gain on captive insurance collateral | 355 | 355 | ||
Tax effect of unrealized gain on captive insurance collateral | (74) | (74) | ||
Unrealized loss on interest rate hedges | (377) | (377) | ||
Tax effect of unrealized loss on interest rate hedges | 102 | 102 | ||
Distributions | (5,774) | (292) | (5,482) | |
Retirement of units | (3,596) | $ (3,596) | ||
Retirement of units, shares | (411) | |||
Ending Balance at Dec. 31, 2022 | 262,373 | $ (3,826) | $ 281,516 | (15,317) |
Ending Balance, Unit at Dec. 31, 2022 | 326 | 35,681 | ||
Beginning Balance at Sep. 30, 2023 | 263,724 | $ (4,615) | $ 281,862 | (13,523) |
Beginning Balance, unit at Sep. 30, 2023 | 326 | 35,603 | ||
Net income | 12,979 | $ 118 | $ 12,861 | |
Unrealized gain on pension plan obligation | 319 | 319 | ||
Tax effect of unrealized gain on pension plan obligation | (75) | (75) | ||
Unrealized gain on captive insurance collateral | 932 | 932 | ||
Tax effect of unrealized gain on captive insurance collateral | (202) | (202) | ||
Unrealized loss on interest rate hedges | (1,042) | (1,042) | ||
Tax effect of unrealized loss on interest rate hedges | 285 | 285 | ||
Distributions | (6,118) | (334) | (5,784) | |
Retirement of units | (150) | $ (150) | ||
Retirement of units, shares | (13) | |||
Ending Balance at Dec. 31, 2023 | $ 270,652 | $ (4,831) | $ 288,789 | $ (13,306) |
Ending Balance, Unit at Dec. 31, 2023 | 326 | 35,590 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Cash flows provided by (used in) operating activities: | |||
Net income | $ 12,979 | $ 13,539 | |
Adjustment to reconcile net income to net cash provided by (used in) operating activities: | |||
(Increase) decrease in the fair value of derivative instruments | [1] | 19,030 | 17,636 |
Depreciation and amortization | 8,636 | 8,166 | |
Provision for losses on accounts receivable | 649 | 1,046 | |
Change in deferred taxes | (1,591) | (1,224) | |
Change in weather hedge contracts | (980) | 350 | |
Changes in operating assets and liabilities: | |||
Increase in receivables | (73,590) | (115,164) | |
Increase in inventories | (26,805) | (28,717) | |
Decrease (increase) in other assets | 704 | (2,005) | |
Increase in accounts payable | 11,095 | 22,366 | |
Decrease in customer credit balances | (21,852) | (14,700) | |
Increase in other current and long-term liabilities | 11,417 | 5,966 | |
Net cash used in operating activities | (60,308) | (92,741) | |
Cash flows provided by (used in) investing activities: | |||
Capital expenditures | (3,174) | (3,095) | |
Proceeds from sales of fixed assets | 185 | 215 | |
Proceeds from sale of certain assets | 0 | 2,202 | |
Purchase of investments | (409) | (215) | |
Acquisitions | (2,477) | (1,193) | |
Net cash used in investing activities | (5,875) | (2,086) | |
Cash flows provided by (used in) financing activities: | |||
Revolving credit facility borrowings | 51,637 | 116,298 | |
Term loan repayments | (4,000) | (4,125) | |
Distributions | (6,118) | (5,774) | |
Unit repurchases | (150) | (3,596) | |
Customer retainage payments | (452) | (5) | |
Net cash provided by financing activities | 40,917 | 102,798 | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (25,266) | 7,971 | |
Cash, cash equivalents, and restricted cash at beginning of period | 45,441 | 14,870 | |
Cash, cash equivalents, and restricted cash at end of period | $ 20,175 | $ 22,841 | |
[1] Represents the change in value of unrealized open positions and expired options. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 12,979 | $ 13,539 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization
Organization | 3 Months Ended |
Dec. 31, 2023 | |
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. The Company is organized as follows: • Star is a limited partnership, which at December 31, 2023, had outstanding 35.6 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”). Although Star is a partnership, it is taxed as a corporation and its distributions to unitholders are treated as taxable dividends. • 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 December 31, 2023 served approximately 404,800 full service residential and commercial home heating oil and propane customers and 57,600 customers on a delivery only basis. We also sell gasoline and diesel fuel to approximately 26,900 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 21,200 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 11—Long-Term Debt and Bank Facility Borrowings). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2023 | |
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 and its subsidiaries. All material intercompany items and transactions have been eliminated in consolidation. The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair statement of financial condition and results for the interim periods. Due to the seasonal nature of the Company’s business, the results of operations and cash flows for the three-month period ended December 31, 2023 are not necessarily indicative of the results to be expected for the full year. These interim financial statements of the Company have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023. Comprehensive Income Comprehensive income is comprised of Net income and Other comprehensive income. Other comprehensive income consists of the unrealized gain on amortization on the Company’s pension plan obligation for its two frozen defined benefit pension plans, unrealized gain on available-for-sale investments, unrealized loss on interest rate hedges and the corresponding tax effects. 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 December 31, 2023, the $ 20.2 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $ 19.9 million of cash and cash equivalents and $ 0.3 million of restricted cash. At September 30, 2023, the $ 45.4 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $ 45.2 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. 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: • 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. 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 income (loss), except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net income and are included in Interest expense, net, at which time the average cost basis of these securities are adjusted to fair value. Weather Hedge Contract To partially mitigate the adverse effect of warm 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 years 2023 and 2024. 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. Under these contracts the maximum amount the Company can receive is $ 12.5 million annually. For the contracts applicable to fiscal 2023, we were additionally obligated to make an annual payment capped at $ 5.0 million if degree days exceeded the Payment Threshold. This obligation does not exist under the contract applicable to 2024. In accordance with ASC 815-45, we recorded a $ 1.0 million benefit to delivery and branch expenses for the first quarter of fiscal 2024. The final settlement under this weather hedge contract for fiscal 2024 may differ depending on the actual degree-days recorded in the period January 1, 2024 through March 31, 2024. For the first quarter of fiscal 2023, we recorded an expense of $ 0.4 million which was subsequently reversed as the actual degree-days for the second quarter of fiscal 2023 were warmer than the Payment Thresholds and the Company recorded a benefit of $ 12.9 million in the second quarter of fiscal 2023. New England Teamsters and Trucking Industry Pension Fund (“the NETTI Fund”) Liability As of December 31, 2023, we had $ 0.3 million and $ 15.9 million balances included in the captions “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, on our Condensed Consolidated Balance Sheet representing the remaining balance of the NETTI Fund withdrawal liability. As of September 30, 2023, we had $ 0.3 million and $ 16.0 million balances reflected in these categories 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 December 31, 2023 and September 30, 2023 was $ 19.6 million and $ 18.5 million, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability. Recently Adopted 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 Company adopted the ASU effective October 1, 2023. The Company's adoption of the ASU did not have an impact on the Company's condensed consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to income tax disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The standard is effective for fiscal years beginning after December 15, 2024. Adoption is either with a prospective method or a fully retrospective method of transition. Early adoption is permitted. The Company has not determined the timing of adoption and is currently evaluating the impact of the new standard on its condensed consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3) Revenue Recognition The following disaggregates our revenue by major sources for the three months ended December 31, 2023 and December 31, 2022: Three Months (in thousands) 2023 2022 Petroleum Products: Home heating oil and propane $ 351,214 $ 435,523 Other petroleum products 97,336 134,406 Total petroleum products 448,550 569,929 Installations and Services: Equipment installations 34,315 32,789 Equipment maintenance service contracts 28,916 28,716 Billable call services 16,315 16,753 Total installations and services 79,546 78,258 Total Sales $ 528,096 $ 648,187 Deferred Contract Costs 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 December 31, 2023, the amount of deferred contract costs included in “Prepaid expenses and other current assets” and “Deferred charges and other assets, net” was $ 3.3 million and $ 5.6 million, respectively. At September 30, 2023, the amount of deferred contract costs included in “Prepaid expenses and other current assets” and “Deferred charges and other assets, net” was $ 3.3 million and $ 5.4 million, respectively. For the three months ended December 31, 2023 and December 31, 2022 we recognized expense of $ 1.0 million associated with the amortization of deferred contract costs within “Delivery and branch expenses” in the Condensed Consolidated Statement of Operations. 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. Contract liabilities are recognized straight-line over the service contract period, generally one year or less. As of December 31, 2023 and September 30, 2023 the Company had contract liabilities of $ 161.9 million and $ 170.3 million, respectively. During the three months ended December 31, 2023, the Company recognized $ 91.6 million of revenue that was included in the September 30, 2023 contract liability balance. During the three months ended December 31, 2022 the Company recognized $ 85.6 million of revenue that was included in the September 30, 2022 contract liability balance. 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. Changes in the allowance for credit losses are as follows: (in thousands) Credit Loss Allowance Balance at September 30, 2023 $ 8,375 Current period provision 649 Write-offs, net and other ( 950 ) Balance as of December 31, 2023 $ 8,074 |
Common Unit Repurchase and Reti
Common Unit Repurchase and Retirement | 3 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common Unit Repurchase and Retirement | 4) Common Unit Repurchase and Retirement In July 2012, the Board adopted a plan to repurchase certain of the Company’s Common Units (the “Repurchase Plan”). Through May 2023, the Company had repurchased approximately 20.5 million Common Units under the Repurchase Plan. In May 2023, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 1.1 million to a total of 2.6 million, of which, approximately 2.3 million were available for repurchase in open market transactions and approximately 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 Company’s sixth amended and restated credit agreement dated July 6, 2022, as amended, in order to pay distributions and repurchase Common Units, we must maintain Availability (as defined in the sixth amended and restated credit agreement) of $ 60 million, 15.0 % of the facility size of $ 400 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 1.0 through February 27, 2024 and 1.15 thereafter measured as of the date of repurchase or distribution. (See Note 11—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 of Average Price Total Number of Maximum Number Fiscal year 2012 to 2023 total 25,422 $ 8.82 20,534 2,568 October 2023 13 $ 11.27 13 2,555 November 2023 — — — 2,555 December 2023 — — — 2,555 First quarter fiscal year 2024 total 13 $ 11.27 13 2,555 January 2024 15 $ 11.27 15 2,540 (b) (a) Amount includes repurchase costs. (b) Of the total available for repurchase, approximately 2.2 million units are available for repurchase in open market transactions and approximately 0.3 million units are available for repurchase in privately-negotiated transactions, under the Repurchase Plan. |
Captive Insurance Collateral
Captive Insurance Collateral | 3 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Captive Insurance Collateral | 5) Captive Insurance Collateral The Company considers all of its captive insurance collateral to be Level 1 available-for-sale investments. Investments at December 31, 2023 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 6,365 $ — $ — $ 6,365 U.S. Government Sponsored Agencies 50,813 11 ( 966 ) 49,858 Corporate Debt Securities 16,209 3 ( 415 ) 15,797 Total $ 73,387 $ 14 $ ( 1,381 ) $ 72,020 Investments at September 30, 2023 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 4,335 $ — $ — $ 4,335 U.S. Government Sponsored Agencies 50,471 — ( 1,620 ) 48,851 Corporate Debt Securities 18,210 12 ( 691 ) 17,531 Total $ 73,016 $ 12 $ ( 2,311 ) $ 70,717 Maturities of investments were as follows at December 31, 2023 (in thousands): Net Carrying Amount Due within one year $ 52,825 Due after one year through five years 19,195 Due after five years through ten years — Total $ 72,020 |
Derivatives and Hedging-Disclos
Derivatives and Hedging-Disclosures and Fair Value Measurements | 3 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging-Disclosures and Fair Value Measurements | 6) 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 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. As of December 31, 2023, 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: 14.2 million gallons of swap contracts, 8.8 million gallons of call options, 6.6 million gallons of put options, and 61.4 million net gallons of synthetic call options. To hedge its physical inventory on hand, inventory in transit and basis risk, the Company, as of December 31, 2023, held 0.2 million gallons of swap contracts and 20.7 million gallons of short future contracts that settle in future months. To hedge its internal fuel usage and other activities for fiscal 2024, the Company held 5.3 million gallons of swap contracts that settle in future months. As of December 31, 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: 9.4 million gallons of swap contracts, 23.2 million gallons of call options, 4.3 million gallons of put options, and 61.3 million net gallons of synthetic call options. To hedge its physical inventory on hand, inventory in transit and basis risk, the Company, as of December 31, 2022, held 25.3 million gallons of swap contracts and 7.3 million gallons of short future contracts that settle in future months. To hedge its internal fuel usage and other activities for fiscal 2023, the Company held 3.7 million gallons of swap contracts that settle in future months. As of December 31, 2023, the Company has interest rate swap agreements in order to mitigate exposure to market risk associated with variable rate interest on $ 54.6 million, or 38 %, 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 (loss) until the underlying hedged item is recognized in earnings. As of December 31, 2023 the fair value of the swap contracts was $ 0.6 million. As of September 30, 2023, the notional value of the swap contracts was $ 55.5 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. 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 December 31, 2023, the aggregate cash posted as collateral in the normal course of business at counterparties was $ 1.6 million and recorded in “Prepaid expense and other current assets.” Positions with counterparties who are also parties to our credit agreement are collateralized under that facility. As of December 31, 2023, $ 15.7 million hedge positions or payable amounts were secured 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 Reporting Date Using: Derivatives Not Designated Quoted Prices in Significant Other Under FASB ASC 815-10 Balance Sheet Location Total Level 1 Level 2 Asset Derivatives at December 31, 2023 Commodity contracts Fair liability value of derivative instruments $ 17,620 $ — $ 17,620 Commodity contracts Other long-term liabilities, net balance 1,198 — 1,198 Commodity contract assets at December 31, 2023 $ 18,818 $ — $ 18,818 Liability Derivatives at December 31, 2023 Commodity contracts Fair liability value of derivative instruments $ ( 32,452 ) $ — $ ( 32,452 ) Commodity contracts Other long-term liabilities, net balance ( 1,404 ) — ( 1,404 ) Commodity contract liabilities at December 31, 2023 $ ( 33,856 ) $ — $ ( 33,856 ) Asset Derivatives at September 30, 2023 Commodity contracts Fair asset and liability value of derivative instruments $ 17,891 $ — $ 17,891 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net and other long-term liabilities, net balances 779 — 779 Commodity contract assets September 30, 2023 $ 18,670 $ — $ 18,670 Liability Derivatives at September 30, 2023 Commodity contracts Fair asset and liability value of derivative instruments $ ( 7,349 ) $ — $ ( 7,349 ) Commodity contracts Long-term derivative liabilities included in the deferred charges and other assets, net and other long-term liabilities, net balances ( 679 ) — ( 679 ) Commodity contract liabilities September 30, 2023 $ ( 8,028 ) $ — $ ( 8,028 ) 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) and Derivative Assets (Liabilities) Gross Gross Net Assets in the Financial Cash Net Fair liability value of derivative instruments $ 17,620 $ ( 32,452 ) $ ( 14,832 ) $ — $ — $ ( 14,832 ) Long-term derivative liabilities included in 1,198 ( 1,404 ) ( 206 ) — — ( 206 ) Total at December 31, 2023 $ 18,818 $ ( 33,856 ) $ ( 15,038 ) $ — $ — $ ( 15,038 ) Fair asset value of derivative instruments $ 17,815 $ ( 7,155 ) $ 10,660 $ — $ — $ 10,660 Long-term derivative assets included in deferred charges and other assets, net 567 ( 452 ) 115 — — 115 Fair liability value of derivative instruments 76 ( 194 ) ( 118 ) — — ( 118 ) Long-term derivative liabilities included in other long-term liabilities, net 212 ( 227 ) ( 15 ) — — ( 15 ) Total at September 30, 2023 $ 18,670 $ ( 8,028 ) $ 10,642 $ — $ — $ 10,642 (In thousands) The Effect of Derivative Instruments on the Statement of Operations Amount of (Gain) or Loss Recognized Derivatives Not Designated as Hedging Instruments Under FASB ASC 815-10 Location of (Gain) or Loss Three Months Ended December 31, Three Months Ended December 31, Commodity contracts Cost of product (a) $ 4,723 $ ( 8,942 ) Commodity contracts Cost of installations and service (a) $ 14 $ 40 Commodity contracts Delivery and branch expenses (a) $ ( 392 ) $ ( 200 ) Commodity contracts (Increase) / decrease in the fair $ 19,030 $ 17,636 (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 | 3 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 7) 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): December 31, September 30, Product $ 61,859 $ 33,994 Parts and equipment 22,174 22,469 Total inventory $ 84,033 $ 56,463 |
Property and Equipment
Property and Equipment | 3 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 8) Property and Equipment Property and equipment are stated at cost. Depreciation and amortization is computed over the estimated useful lives of the depreciable assets using the straight-line method (in thousands): December 31, September 30, Property and equipment $ 246,555 $ 244,816 Less: accumulated depreciation and amortization 141,397 139,412 Property and equipment, net $ 105,158 $ 105,404 |
Business Combinations and Dives
Business Combinations and Divestitures | 3 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combinations and Divestitures | 9) Business Combinations and Divestitures During the three months ended December 31, 2023 the Company acquired two heating oil businesses for an aggregate purchase price of approximately $ 2.5 million in cash. The gross purchase price was allocated $ 2.7 million to intangible assets, $ 0.2 million to goodwill, $ 0.8 million to fixed assets and reduced by $ 1.2 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 the three months ended December 31, 2022, the Company sold certain assets for cash proceeds of $ 2.2 million and acquired two heating oil businesses for an aggregate purchase price of approximately $ 1.2 million in cash. The gross purchase price was allocated $ 1.7 million to intangible assets, $ 0.2 million to goodwill, $ 0.2 million to fixed assets and reduced by $ 0.9 million of negative working capital. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, net | 3 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, net | 10) Goodwill and Intangible Assets, net Goodwill A summary of changes in Company’s goodwill is as follows (in thousands): Balance as of September 30, 2023 $ 262,103 Fiscal year 2024 business combinations 244 Balance as of December 31, 2023 $ 262,347 Intangibles, net The gross carrying amount and accumulated amortization of intangible assets subject to amortization are as follows (in thousands): December 31, 2023 September 30, 2023 Gross Gross Carrying Accum. Carrying Accum. Amount Amortization Net Amount Amortization Net Customer lists $ 420,460 $ 362,914 $ 57,546 $ 418,190 $ 358,855 $ 59,335 Trade names and other intangibles 42,197 25,774 16,423 41,782 24,811 16,971 Total $ 462,657 $ 388,688 $ 73,969 $ 459,972 $ 383,666 $ 76,306 Amortization expense for intangible assets was $ 5.0 million for the three months ended December 31, 2023, compared to $ 4.3 million for the three months ended December 31, 2022. |
Long-Term Debt and Bank Facilit
Long-Term Debt and Bank Facility Borrowings | 3 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Bank Facility Borrowings | 11) Long-Term Debt and Bank Facility Borrowings The Company’s debt is as follows (in thousands): December 31, September 30, 2023 2023 Carrying Fair Value (a) Carrying Fair Value (a) Revolving Credit Facility Borrowings $ 51,877 $ 51,877 $ 240 $ 240 Senior Secured Term Loan (b) 143,883 144,500 147,827 148,500 Total debt $ 195,760 $ 196,377 $ 148,067 $ 148,740 Total short-term portion of debt $ 72,502 $ 72,502 $ 20,740 $ 20,740 Total long-term portion of debt (b) $ 123,258 $ 123,875 $ 127,327 $ 128,000 (a) The face amount of the Company’s variable rate long-term debt approximates fair value. (b) Carrying amounts are net of unamortized debt issuance costs of $ 0.6 million as of December 31, 2023 and $ 0.7 million as of September 30, 2023 . 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 an additional $ 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 (as defined in the credit agreement), 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 sixth amended and restated revolving credit facility 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 was made December 30, 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 the first quarter of 2024 the Company repaid $ 4.0 million of additional loan repayments due to Excess Cash Flow related to fiscal 2023. There was no additional loan repayments due to Excess Cash Flow in the first quarter of fiscal 2023 related to fiscal 2022. The $ 4.1 million quarterly payment for the quarter ended December 31, 2023 was made on January 2, 2024. 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 December 31, 2023, the effective interest rate on the term loan (considering the impact of interest rate hedges) and revolving credit facility borrowings was approximately 7.4 % and 8.6 %, respectively, compared to 6.6 % and 6.3 %, respectively at September 30, 2023. 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. On September 26, 2023, the Company signed a first amendment (the “Amendment”) to its Sixth Amended and Restated Credit Agreement with a group of banks, which provides temporary relief from certain financial covenants under the Credit Agreement that must be satisfied in order for the Company to make distributions and unit repurchases or, if availability under the Credit Agreement drops below a minimum threshold due to, among other things, the Company making acquisitions. In particular, the Amendment reduces the minimum fixed charge coverage ratio for distributions and unit repurchases during the period commencing October 31, 2023 and ending February 27, 2024 (the “Relief Period”) from 1.15 -to-1.00 down to 1.00 -to-1.00. The Amendment also reduces the minimum fixed charge coverage ratio that must be maintained by the Company if availability under the under the Credit Agreement drops below 12.5 % of the facility size during the Relief Period from 1.10 -to-1.00 down to 1.00 -to-1.00. The Company’s fixed charge coverage ratio as of December 31, 2023 was 1.39 to 1.00. Certain restrictions are also imposed by the sixth amended and restated 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, repurchase units, make investments, grant liens, sell assets, make acquisitions and engage in certain other activities. At December 31, 2023, $ 144.5 million of the Term Loan was outstanding, $ 51.9 million was outstanding under the revolving credit facility, $ 15.7 million hedge positions were secured under the credit agreement, and $ 3.2 million of letters of credit were issued and outstanding. At September 30, 2023, $ 148.5 million of the term loan was outstanding, $ 0.2 million was outstanding under the revolving credit facility, $ 0.1 million hedge positions were secured under the credit agreement and $ 3.2 million of letters of credit were issued and outstanding. At December 31, 2023, availability was $ 189.2 million, and the Company was in compliance with the financial covenants. At September 30, 2023, availability was $ 202.1 million, and the Company was in compliance with the financial covenants. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12) Income Taxes 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. The current and deferred income tax expense for the three months ended December 31, 2023 and December 31, 2022 are as follows: Three Months Ended December 31, (in thousands) 2023 2022 Income before income taxes $ 18,153 $ 19,002 Current income tax expense 6,765 6,687 Deferred income tax expense (benefit) ( 1,591 ) ( 1,224 ) Total income tax expense $ 5,174 $ 5,463 At December 31, 2023, we did no t have unrecognized income tax benefits. Our continuing practice is to recognize interest and penalties related to income tax matters as a component of income tax expense. We file U.S. Federal income tax returns and various state and local returns. A number of years may elapse before an uncertain tax position is audited and finally resolved. For our Federal income tax returns we have four tax years subject to examination. In our major state tax jurisdictions of New York, Connecticut and Pennsylvania, we have four years that are subject to examination. In the state tax jurisdiction of New Jersey we have five tax years that are subject to examination. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, based on our assessment of many factors, including past experience and interpretation of tax law, we believe that our provision for income taxes reflect the most probable outcome. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 3 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | 13) Supplemental Disclosure of Cash Flow Information Three Months Ended Cash paid during the period for: December 31, (in thousands) 2023 2022 Income taxes, net $ 4,819 $ 5,479 Interest $ 3,768 $ 4,286 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14) 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 Unit | 3 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Limited Partner Unit | 15) Earnings Per Limited Partner Unit The following table presents the net income allocation and per unit data: Three Months Ended Basic and Diluted Earnings Per Limited Partner: December 31, (in thousands, except per unit data) 2023 2022 Net income $ 12,979 $ 13,539 Less General Partner’s interest in net income 118 122 Net income available to limited partners 12,861 13,417 Less dilutive impact of theoretical distribution of earnings * 1,588 1,723 Limited Partner’s interest in net income $ 11,273 $ 11,694 Per unit data: Basic and diluted net income available to limited partners $ 0.36 $ 0.37 Less dilutive impact of theoretical distribution of earnings * 0.04 0.04 Limited Partner’s interest in net income $ 0.32 $ 0.33 Weighted average number of Limited Partner units outstanding 35,593 35,916 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16) Subseq ue nt Events Quarterly Distribution Declared In January 2024, we declared a quarterly distribution of $ 0.1625 per unit, or $ 0.65 per unit on an annualized basis, on all Common Units with respect to the first quarter of fiscal 2024, paid on January 31, 2024 , to holders of record on January 22, 2024 . The amount of distributions in excess of the minimum quarterly distribution of $ 0.0675 are distributed in accordance with our Partnership Agreement, subject to the management incentive compensation plan. As a result, $ 5.8 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. Acquisitions Subsequent to December 31, 2023, the Company purchased the customer list and assets of one propane business and one heating oil business for an aggregate amount of approximately $ 19.9 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements include the accounts of Star and its subsidiaries. All material intercompany items and transactions have been eliminated in consolidation. The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair statement of financial condition and results for the interim periods. Due to the seasonal nature of the Company’s business, the results of operations and cash flows for the three-month period ended December 31, 2023 are not necessarily indicative of the results to be expected for the full year. These interim financial statements of the Company have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2023. |
Comprehensive Income | Comprehensive Income Comprehensive income is comprised of Net income and Other comprehensive income. Other comprehensive income consists of the unrealized gain on amortization on the Company’s pension plan obligation for its two frozen defined benefit pension plans, unrealized gain on available-for-sale investments, unrealized loss on interest rate hedges and the corresponding tax effects. |
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 December 31, 2023, the $ 20.2 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $ 19.9 million of cash and cash equivalents and $ 0.3 million of restricted cash. At September 30, 2023, the $ 45.4 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $ 45.2 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. |
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: • 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. |
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 income (loss), except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net income and are included in Interest expense, net, at which time the average cost basis of these securities are adjusted to fair value. |
Weather Hedge Contract | Weather Hedge Contract To partially mitigate the adverse effect of warm 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 years 2023 and 2024. 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. Under these contracts the maximum amount the Company can receive is $ 12.5 million annually. For the contracts applicable to fiscal 2023, we were additionally obligated to make an annual payment capped at $ 5.0 million if degree days exceeded the Payment Threshold. This obligation does not exist under the contract applicable to 2024. In accordance with ASC 815-45, we recorded a $ 1.0 million benefit to delivery and branch expenses for the first quarter of fiscal 2024. The final settlement under this weather hedge contract for fiscal 2024 may differ depending on the actual degree-days recorded in the period January 1, 2024 through March 31, 2024. For the first quarter of fiscal 2023, we recorded an expense of $ 0.4 million which was subsequently reversed as the actual degree-days for the second quarter of fiscal 2023 were warmer than the Payment Thresholds and the Company recorded a benefit of $ 12.9 million in the second quarter of fiscal 2023. |
New England Teamsters and Trucking Industry Pension Fund ("the NETTI Fund") Liability | New England Teamsters and Trucking Industry Pension Fund (“the NETTI Fund”) Liability As of December 31, 2023, we had $ 0.3 million and $ 15.9 million balances included in the captions “Accrued expenses and other current liabilities” and “Other long-term liabilities,” respectively, on our Condensed Consolidated Balance Sheet representing the remaining balance of the NETTI Fund withdrawal liability. As of September 30, 2023, we had $ 0.3 million and $ 16.0 million balances reflected in these categories 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 December 31, 2023 and September 30, 2023 was $ 19.6 million and $ 18.5 million, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability. |
Recently Adopted Accounting Pronouncements | Recently Adopted 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 Company adopted the ASU effective October 1, 2023. The Company's adoption of the ASU did not have an impact on the Company's condensed consolidated financial statements and related disclosures. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to income tax disclosures, which requires that an entity, on an annual basis, disclose additional income tax information, primarily related to the rate reconciliation and income taxes paid. The standard is effective for fiscal years beginning after December 15, 2024. Adoption is either with a prospective method or a fully retrospective method of transition. Early adoption is permitted. The Company has not determined the timing of adoption and is currently evaluating the impact of the new standard on its condensed consolidated financial statements. |
Deferred Contract Costs | Deferred Contract Costs 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 . |
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. |
Derivatives and Hedging | 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 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. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregation of Revenue by Major Sources | The following disaggregates our revenue by major sources for the three months ended December 31, 2023 and December 31, 2022: Three Months (in thousands) 2023 2022 Petroleum Products: Home heating oil and propane $ 351,214 $ 435,523 Other petroleum products 97,336 134,406 Total petroleum products 448,550 569,929 Installations and Services: Equipment installations 34,315 32,789 Equipment maintenance service contracts 28,916 28,716 Billable call services 16,315 16,753 Total installations and services 79,546 78,258 Total Sales $ 528,096 $ 648,187 |
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, 2023 $ 8,375 Current period provision 649 Write-offs, net and other ( 950 ) Balance as of December 31, 2023 $ 8,074 |
Common Unit Repurchase and Re_2
Common Unit Repurchase and Retirement (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Company's Repurchase Activities | The following table shows repurchases under the Repurchase Plan: (in thousands, except per unit amounts) Period Total Number of Average Price Total Number of Maximum Number Fiscal year 2012 to 2023 total 25,422 $ 8.82 20,534 2,568 October 2023 13 $ 11.27 13 2,555 November 2023 — — — 2,555 December 2023 — — — 2,555 First quarter fiscal year 2024 total 13 $ 11.27 13 2,555 January 2024 15 $ 11.27 15 2,540 (b) (a) Amount includes repurchase costs. (b) Of the total available for repurchase, approximately 2.2 million units are available for repurchase in open market transactions and approximately 0.3 million units are available for repurchase in privately-negotiated transactions, under the Repurchase Plan. |
Captive Insurance Collateral (T
Captive Insurance Collateral (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 6,365 $ — $ — $ 6,365 U.S. Government Sponsored Agencies 50,813 11 ( 966 ) 49,858 Corporate Debt Securities 16,209 3 ( 415 ) 15,797 Total $ 73,387 $ 14 $ ( 1,381 ) $ 72,020 Investments at September 30, 2023 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 4,335 $ — $ — $ 4,335 U.S. Government Sponsored Agencies 50,471 — ( 1,620 ) 48,851 Corporate Debt Securities 18,210 12 ( 691 ) 17,531 Total $ 73,016 $ 12 $ ( 2,311 ) $ 70,717 |
Schedule of Maturities of Investments | Maturities of investments were as follows at December 31, 2023 (in thousands): Net Carrying Amount Due within one year $ 52,825 Due after one year through five years 19,195 Due after five years through ten years — Total $ 72,020 |
Derivatives and Hedging-Discl_2
Derivatives and Hedging-Disclosures and Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Company's Commodity Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | 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 Reporting Date Using: Derivatives Not Designated Quoted Prices in Significant Other Under FASB ASC 815-10 Balance Sheet Location Total Level 1 Level 2 Asset Derivatives at December 31, 2023 Commodity contracts Fair liability value of derivative instruments $ 17,620 $ — $ 17,620 Commodity contracts Other long-term liabilities, net balance 1,198 — 1,198 Commodity contract assets at December 31, 2023 $ 18,818 $ — $ 18,818 Liability Derivatives at December 31, 2023 Commodity contracts Fair liability value of derivative instruments $ ( 32,452 ) $ — $ ( 32,452 ) Commodity contracts Other long-term liabilities, net balance ( 1,404 ) — ( 1,404 ) Commodity contract liabilities at December 31, 2023 $ ( 33,856 ) $ — $ ( 33,856 ) Asset Derivatives at September 30, 2023 Commodity contracts Fair asset and liability value of derivative instruments $ 17,891 $ — $ 17,891 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net and other long-term liabilities, net balances 779 — 779 Commodity contract assets September 30, 2023 $ 18,670 $ — $ 18,670 Liability Derivatives at September 30, 2023 Commodity contracts Fair asset and liability value of derivative instruments $ ( 7,349 ) $ — $ ( 7,349 ) Commodity contracts Long-term derivative liabilities included in the deferred charges and other assets, net and other long-term liabilities, net balances ( 679 ) — ( 679 ) Commodity contract liabilities September 30, 2023 $ ( 8,028 ) $ — $ ( 8,028 ) |
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) and Derivative Assets (Liabilities) Gross Gross Net Assets in the Financial Cash Net Fair liability value of derivative instruments $ 17,620 $ ( 32,452 ) $ ( 14,832 ) $ — $ — $ ( 14,832 ) Long-term derivative liabilities included in 1,198 ( 1,404 ) ( 206 ) — — ( 206 ) Total at December 31, 2023 $ 18,818 $ ( 33,856 ) $ ( 15,038 ) $ — $ — $ ( 15,038 ) Fair asset value of derivative instruments $ 17,815 $ ( 7,155 ) $ 10,660 $ — $ — $ 10,660 Long-term derivative assets included in deferred charges and other assets, net 567 ( 452 ) 115 — — 115 Fair liability value of derivative instruments 76 ( 194 ) ( 118 ) — — ( 118 ) Long-term derivative liabilities included in other long-term liabilities, net 212 ( 227 ) ( 15 ) — — ( 15 ) Total at September 30, 2023 $ 18,670 $ ( 8,028 ) $ 10,642 $ — $ — $ 10,642 |
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 Derivatives Not Designated as Hedging Instruments Under FASB ASC 815-10 Location of (Gain) or Loss Three Months Ended December 31, Three Months Ended December 31, Commodity contracts Cost of product (a) $ 4,723 $ ( 8,942 ) Commodity contracts Cost of installations and service (a) $ 14 $ 40 Commodity contracts Delivery and branch expenses (a) $ ( 392 ) $ ( 200 ) Commodity contracts (Increase) / decrease in the fair $ 19,030 $ 17,636 (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) | 3 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory were as follows (in thousands): December 31, September 30, Product $ 61,859 $ 33,994 Parts and equipment 22,174 22,469 Total inventory $ 84,033 $ 56,463 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment are stated at cost. Depreciation and amortization is computed over the estimated useful lives of the depreciable assets using the straight-line method (in thousands): December 31, September 30, Property and equipment $ 246,555 $ 244,816 Less: accumulated depreciation and amortization 141,397 139,412 Property and equipment, net $ 105,158 $ 105,404 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, net (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Company's Goodwill | A summary of changes in Company’s goodwill is as follows (in thousands): Balance as of September 30, 2023 $ 262,103 Fiscal year 2024 business combinations 244 Balance as of December 31, 2023 $ 262,347 |
Intangible Assets Subject to Amortization | The gross carrying amount and accumulated amortization of intangible assets subject to amortization are as follows (in thousands): December 31, 2023 September 30, 2023 Gross Gross Carrying Accum. Carrying Accum. Amount Amortization Net Amount Amortization Net Customer lists $ 420,460 $ 362,914 $ 57,546 $ 418,190 $ 358,855 $ 59,335 Trade names and other intangibles 42,197 25,774 16,423 41,782 24,811 16,971 Total $ 462,657 $ 388,688 $ 73,969 $ 459,972 $ 383,666 $ 76,306 |
Long-Term Debt and Bank Facil_2
Long-Term Debt and Bank Facility Borrowings (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Company's Debt | The Company’s debt is as follows (in thousands): December 31, September 30, 2023 2023 Carrying Fair Value (a) Carrying Fair Value (a) Revolving Credit Facility Borrowings $ 51,877 $ 51,877 $ 240 $ 240 Senior Secured Term Loan (b) 143,883 144,500 147,827 148,500 Total debt $ 195,760 $ 196,377 $ 148,067 $ 148,740 Total short-term portion of debt $ 72,502 $ 72,502 $ 20,740 $ 20,740 Total long-term portion of debt (b) $ 123,258 $ 123,875 $ 127,327 $ 128,000 (a) The face amount of the Company’s variable rate long-term debt approximates fair value. (b) Carrying amounts are net of unamortized debt issuance costs of $ 0.6 million as of December 31, 2023 and $ 0.7 million as of September 30, 2023 . |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Current and Deferred Income Tax Expense | The current and deferred income tax expense for the three months ended December 31, 2023 and December 31, 2022 are as follows: Three Months Ended December 31, (in thousands) 2023 2022 Income before income taxes $ 18,153 $ 19,002 Current income tax expense 6,765 6,687 Deferred income tax expense (benefit) ( 1,591 ) ( 1,224 ) Total income tax expense $ 5,174 $ 5,463 |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Disclosure of Cash Flow Information | Three Months Ended Cash paid during the period for: December 31, (in thousands) 2023 2022 Income taxes, net $ 4,819 $ 5,479 Interest $ 3,768 $ 4,286 |
Earnings Per Limited Partner _2
Earnings Per Limited Partner Unit (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Allocation and Per Unit Data | The following table presents the net income allocation and per unit data: Three Months Ended Basic and Diluted Earnings Per Limited Partner: December 31, (in thousands, except per unit data) 2023 2022 Net income $ 12,979 $ 13,539 Less General Partner’s interest in net income 118 122 Net income available to limited partners 12,861 13,417 Less dilutive impact of theoretical distribution of earnings * 1,588 1,723 Limited Partner’s interest in net income $ 11,273 $ 11,694 Per unit data: Basic and diluted net income available to limited partners $ 0.36 $ 0.37 Less dilutive impact of theoretical distribution of earnings * 0.04 0.04 Limited Partner’s interest in net income $ 0.32 $ 0.33 Weighted average number of Limited Partner units outstanding 35,593 35,916 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. |
Organization - Additional Infor
Organization - Additional Information (Detail) shares in Thousands | 3 Months Ended | ||||
Jul. 06, 2022 USD ($) | Dec. 31, 2023 Customer Segment shares | Sep. 30, 2023 shares | Dec. 31, 2022 shares | Sep. 30, 2022 shares | |
Limited Partners' Capital Account [Line Items] | |||||
Number of reportable segments | Segment | 1 | ||||
Number of residential and commercial home heating oil and propane customers served | 21,200 | ||||
Number of customers to whom sell gasoline and diesel fuel | 26,900 | ||||
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 customers to whom only home heating oil, gasoline and diesel were sells on a delivery only basis | 57,600 | ||||
Number of residential and commercial home heating oil and propane customers served | 404,800 | ||||
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 | 35,590 | 35,603 | 35,681 | 36,092 | |
General Partner | |||||
Limited Partners' Capital Account [Line Items] | |||||
Number of outstanding units | shares | 326 | 326 | 326 | 326 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | ||||
Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule Of Significant Accounting Policies [Line Items] | |||||
Cash, cash equivalents, and restricted cash | $ 20,175,000 | $ 22,841,000 | $ 45,441,000 | $ 14,870,000 | |
Cash and cash equivalents | 19,925,000 | 45,191,000 | |||
Restricted cash | 250,000 | 250,000 | |||
Derivative maximum payout | 5,000,000 | ||||
Accrued expenses and other current liabilities | 118,382,000 | 115,606,000 | |||
Other long-term liabilities | 16,298,000 | 16,175,000 | |||
New England Teamsters & Trucking Industry Pension Fund | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Accrued expenses and other current liabilities | 300,000 | 300,000 | |||
Other long-term liabilities | 15,900,000 | 16,000,000 | |||
New England Teamsters & Trucking Industry Pension Fund | Significant Other Observable Inputs Level 2 | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Multiemployer plan discounted withdrawal liability | 19,600,000 | $ 18,500,000 | |||
Financial Products Corporation | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Delivery and branch expense increased (reduced) under weather hedge contract | $ 1,000,000 | $ 12,900,000 | $ (400,000) | ||
Maximum | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Cash equivalents, highly liquid investments maturity | 3 months | ||||
Derivative maximum receivable | $ 12,500,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue by Major Sources (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Total sales | $ 528,096 | $ 648,187 |
Home heating oil and propane | ||
Disaggregation Of Revenue [Line Items] | ||
Total sales | 351,214 | 435,523 |
Other petroleum products | ||
Disaggregation Of Revenue [Line Items] | ||
Total sales | 97,336 | 134,406 |
Petroleum products | ||
Disaggregation Of Revenue [Line Items] | ||
Total sales | 448,550 | 569,929 |
Equipment installations | ||
Disaggregation Of Revenue [Line Items] | ||
Total sales | 34,315 | 32,789 |
Equipment maintenance service contracts | ||
Disaggregation Of Revenue [Line Items] | ||
Total sales | 28,916 | 28,716 |
Billable call services | ||
Disaggregation Of Revenue [Line Items] | ||
Total sales | 16,315 | 16,753 |
Installations and services | ||
Disaggregation Of Revenue [Line Items] | ||
Total sales | $ 79,546 | $ 78,258 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Revenue Recognition [Line Items] | |||
Contract costs, amortization period | 5 years | ||
Contract liabilities | $ 161.9 | $ 170.3 | |
Contract with customer liability, revenue recognized | $ 91.6 | $ 85.6 | |
Maximum | |||
Revenue Recognition [Line Items] | |||
Contract liabilities recognition service contract period | 1 year | ||
Delivery and Branch Expenses | |||
Revenue Recognition [Line Items] | |||
Amortization of deferred contract costs | $ 1 | $ 1 | |
Prepaid Expense and Other Current Assets | |||
Revenue Recognition [Line Items] | |||
Deferred contract costs,current | 3.3 | 3.3 | |
Deferred Charges and Other Assets, Net | |||
Revenue Recognition [Line Items] | |||
Deferred contract costs,non current | $ 5.6 | $ 5.4 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Changes in Allowance for Credit Losses (Detail) $ in Thousands | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Balance at September 30, 2022 | $ 8,375 |
Current period provision | 649 |
Write-offs, net and other | (950) |
Balance as of December 31, 2023 | $ 8,074 |
Common Unit Repurchase and Re_3
Common Unit Repurchase and Retirement - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 131 Months Ended | 132 Months Ended | |||||
Feb. 28, 2024 | Jul. 06, 2022 | Jan. 31, 2024 | Oct. 31, 2023 | Oct. 30, 2023 | Dec. 31, 2023 | Feb. 27, 2024 | May 31, 2023 | Sep. 30, 2023 | Jul. 31, 2022 | |
Capital Unit [Line Items] | ||||||||||
Company's common units authorized for repurchase | 2,600,000 | 1,100,000 | ||||||||
Sixth 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 | $ 400,000,000 | |||||||||
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | 100% | 1.15% | ||||||||
Sixth Amendment | Scenario Forecast | ||||||||||
Capital Unit [Line Items] | ||||||||||
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | 1.15% | 1% | ||||||||
Repurchase Plan | ||||||||||
Capital Unit [Line Items] | ||||||||||
Company's common units repurchased and retired | 13,000 | 13,000 | 20,500,000 | 25,422,000 | ||||||
Repurchase Plan | Subsequent Event | ||||||||||
Capital Unit [Line Items] | ||||||||||
Company's common units repurchased and retired | 15,000 | |||||||||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | ||||||||||
Capital Unit [Line Items] | ||||||||||
Company's common units authorized for repurchase | 300,000 | |||||||||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | Subsequent Event | ||||||||||
Capital Unit [Line Items] | ||||||||||
Company's common units authorized for repurchase | 300,000 | |||||||||
Common Stock Available for Repurchase Under Open Market Transactions | ||||||||||
Capital Unit [Line Items] | ||||||||||
Company's common units authorized for repurchase | 2,300,000 | |||||||||
Common Stock Available for Repurchase Under Open Market Transactions | Subsequent Event | ||||||||||
Capital Unit [Line Items] | ||||||||||
Company's common units authorized for repurchase | 2,200,000 |
Common Unit Repurchase and Re_4
Common Unit Repurchase and Retirement - Company's Repurchase Activities (Detail) - $ / shares shares in Thousands | 1 Months Ended | 3 Months Ended | 131 Months Ended | 132 Months Ended | |||
Jan. 31, 2024 | Oct. 31, 2023 | Dec. 31, 2023 | May 31, 2023 | Sep. 30, 2023 | Nov. 30, 2023 | ||
Repurchase Plan | |||||||
Capital Unit [Line Items] | |||||||
Total Number of Units Purchased | 13 | 13 | 20,500 | 25,422 | |||
Average Price Paid per Unit | [1] | $ 11.27 | $ 11.27 | $ 8.82 | |||
Maximum Number of Units that May Yet Be Purchased | 2,555 | 2,555 | 2,568 | 2,555 | |||
Repurchase Plan | Subsequent Event | |||||||
Capital Unit [Line Items] | |||||||
Total Number of Units Purchased | 15 | ||||||
Average Price Paid per Unit | [1] | $ 11.27 | |||||
Maximum Number of Units that May Yet Be Purchased | [2] | 2,540 | |||||
Publicly Announced Plans or Programs As Part of Repurchase Plan | |||||||
Capital Unit [Line Items] | |||||||
Total Number of Units Purchased | 13 | 13 | 20,534 | ||||
Publicly Announced Plans or Programs As Part of Repurchase Plan | Subsequent Event | |||||||
Capital Unit [Line Items] | |||||||
Total Number of Units Purchased | 15 | ||||||
[1] Amount includes repurchase costs. Of the total available for repurchase, approximately 2.2 million units are available for repurchase in open market transactions and approximately 0.3 million units are available for repurchase in privately-negotiated transactions, under the Repurchase Plan. |
Common Unit Repurchase and Re_5
Common Unit Repurchase and Retirement - Company's Repurchase Activities (Parenthetical) (Detail) - shares | Jan. 31, 2024 | May 31, 2023 | Jul. 31, 2022 |
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 2,600,000 | 1,100,000 | |
Common Stock Available for Repurchase Under Open Market Transactions | |||
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 2,300,000 | ||
Common Stock Available for Repurchase Under Open Market Transactions | Subsequent Event | |||
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 2,200,000 | ||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | |||
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 300,000 | ||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | Subsequent Event | |||
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 300,000 |
Captive Insurance Collateral -
Captive Insurance Collateral - Schedule of Captive Insurance Collateral to be Available-for-sale Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 73,387 | $ 73,016 |
Gross Unrealized Gain | 14 | 12 |
Gross Unrealized (Loss) | (1,381) | (2,311) |
Fair Value | 72,020 | 70,717 |
Cash and Receivables | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 6,365 | 4,335 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized (Loss) | 0 | 0 |
Fair Value | 6,365 | 4,335 |
U.S. Government Sponsored Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 50,813 | 50,471 |
Gross Unrealized Gain | 11 | 0 |
Gross Unrealized (Loss) | (966) | (1,620) |
Fair Value | 49,858 | 48,851 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 16,209 | 18,210 |
Gross Unrealized Gain | 3 | 12 |
Gross Unrealized (Loss) | (415) | (691) |
Fair Value | $ 15,797 | $ 17,531 |
Captive Insurance Collateral _2
Captive Insurance Collateral - Schedule of Maturities of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year | $ 52,825 | |
Due after one year through five years | 19,195 | |
Due after five years through ten years | 0 | |
Total | $ 72,020 | $ 70,717 |
Derivatives and Hedging-Discl_3
Derivatives and Hedging-Disclosures and Fair Value Measurements - Additional Information (Detail) gal in Millions | 3 Months Ended | ||
Dec. 31, 2023 USD ($) gal | Dec. 31, 2022 gal | Sep. 30, 2023 USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedging positions or payable amounts secured under credit facility | $ | $ 15,700,000 | $ 100,000 | |
Prepaid expense and other current assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Aggregated cash posted as collateral in normal course of business | $ | 1,600,000 | ||
Interest rate swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional Value | $ | $ 54,600,000 | 55,500,000 | |
Percentage of market risk exposure of long term debt | 38% | ||
Fair Value | $ | $ 600,000 | $ 1,600,000 | |
Call Option | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 8.8 | 23.2 | |
Call Option | Synthetic calls | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 61.4 | 61.3 | |
Put Option | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 6.6 | 4.3 | |
Swap Contracts Bought | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 14.2 | 9.4 | |
Swap Contracts Bought | Short | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 0.2 | 25.3 | |
Future Contracts | Short | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 20.7 | 7.3 | |
Hedge its Internal Fuel Usage and Other Related Activities Swap Contracts Bought | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 5.3 | 3.7 |
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 | Dec. 31, 2023 | Sep. 30, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | $ 18,818 | $ 18,670 |
Derivative Liabilities, commodity contracts | (33,856) | (8,028) |
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 | 17,620 | 17,891 |
Derivative Liabilities, commodity contracts | (32,452) | (7,349) |
Other long-term liabilities, net balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 1,198 | |
Derivative Liabilities, commodity contracts | (1,404) | |
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 | 779 | |
Derivative Liabilities, commodity contracts | (679) | |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 18,818 | 18,670 |
Derivative Liabilities, commodity contracts | (33,856) | (8,028) |
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 | 17,620 | 17,891 |
Derivative Liabilities, commodity contracts | (32,452) | (7,349) |
Significant Other Observable Inputs Level 2 | Other long-term liabilities, net balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 1,198 | |
Derivative Liabilities, commodity contracts | $ (1,404) | |
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 | 779 | |
Derivative Liabilities, commodity contracts | $ (679) |
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 | Dec. 31, 2023 | Sep. 30, 2023 |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ (14,832) | $ (118) |
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 | (14,832) | (118) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | (206) | (15) |
Gross Assets Recognized | 18,818 | 18,670 |
Gross Liabilities Offset in the Statement of Financial Position | (33,856) | (8,028) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | (15,038) | 10,642 |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | (15,038) | 10,642 |
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 | 17,815 | |
Gross Liabilities Offset in the Statement of Financial Position | (7,155) | |
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ 10,660 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Derivative Asset, Current | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ 10,660 | |
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 | 567 | |
Gross Liabilities Offset in the Statement of Financial Position | (452) | |
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ 115 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Derivative Asset, Current | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ 115 | |
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 | 17,620 | 76 |
Gross Liabilities Offset in the Statement of Financial Position | (32,452) | (194) |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | (14,832) | (118) |
Subject to an enforceable master netting arrangement | Other long-term liabilities, net | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 1,198 | 212 |
Gross Liabilities Offset in the Statement of Financial Position | (1,404) | (227) |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ (206) | $ (15) |
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 | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of (Gain) or Loss Unrealized, commodity contracts | [1] | $ 19,030 | $ 17,636 |
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] | $ 4,723 | $ (8,942) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost and expenses | Cost and expenses | |
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] | $ 14 | $ 40 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost and expenses | Cost and expenses | |
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] | $ (392) | $ (200) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Delivery and branch expenses | Delivery and branch 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 | Dec. 31, 2023 | Sep. 30, 2023 |
Inventory Disclosure [Abstract] | ||
Product | $ 61,859 | $ 33,994 |
Parts and equipment | 22,174 | 22,469 |
Total inventory | $ 84,033 | $ 56,463 |
Property and Equipment - Compon
Property and Equipment - Component of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Property, Plant and Equipment [Abstract] | ||
Property and equipment | $ 246,555 | $ 244,816 |
Less: accumulated depreciation and amortization | 141,397 | 139,412 |
Property and equipment, net | $ 105,158 | $ 105,404 |
Business Combinations and Div_2
Business Combinations and Divestitures - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 USD ($) PartnershipUnit | Dec. 31, 2022 USD ($) PartnershipUnit | Sep. 30, 2023 USD ($) | |
Business Acquisition [Line Items] | |||
Goodwill | $ 262,347 | $ 262,103 | |
Heating Oil Businesses | |||
Business Acquisition [Line Items] | |||
Number of businesses acquired | PartnershipUnit | 2 | 2 | |
Cash and assuming | $ 2,500 | $ 1,200 | |
Aggregate purchase price allocation, intangible assets | 2,700 | 1,700 | |
Goodwill | 200 | 200 | |
Aggregate purchase price allocation, fixed assets | 800 | 200 | |
Gross purchase price increased (reduced) by working capital credits | $ 1,200 | (900) | |
Cash proceeds from sale of assets | $ 2,200 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, net - Summary of Changes in Company's Goodwill (Detail) $ in Thousands | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance on beginning | $ 262,103 |
Fiscal year 2024 business combinations | 244 |
Balance on ending | $ 262,347 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, net - Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 462,657 | $ 459,972 |
Accum. Amortization | 388,688 | 383,666 |
Net | 73,969 | 76,306 |
Customer Lists | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 420,460 | 418,190 |
Accum. Amortization | 362,914 | 358,855 |
Net | 57,546 | 59,335 |
Trade Names And Other Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 42,197 | 41,782 |
Accum. Amortization | 25,774 | 24,811 |
Net | $ 16,423 | $ 16,971 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense for intangible assets | $ 5 | $ 4.3 |
Long-Term Debt and Bank Facil_3
Long-Term Debt and Bank Facility Borrowings - Company's Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | |
Debt Instrument [Line Items] | |||
Long-term debt, carrying Amount | $ 195,760 | $ 148,067 | |
Current maturities of long-term debt, carrying Amount | 72,502 | 20,740 | |
Long-term debt | [1] | 123,258 | 127,327 |
Long-term debt, fair value | [2] | 196,377 | 148,740 |
Current maturities of long-term debt, fair value | [2] | 72,502 | 20,740 |
Long-term portion of debt, fair value | [1],[2] | 123,875 | 128,000 |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility borrowings, carrying Amount | 51,877 | 240 | |
Credit facility borrowings, fair value | [2] | 51,877 | 240 |
Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying Amount | [1] | 143,883 | 147,827 |
Long-term debt, fair value | [1],[2] | $ 144,500 | $ 148,500 |
[1] Carrying amounts are net of unamortized debt issuance costs of $ 0.6 million as of December 31, 2023 and $ 0.7 million as of September 30, 2023 The face amount of the Company’s variable rate long-term debt approximates fair value. |
Long-Term Debt and Bank Facil_4
Long-Term Debt and Bank Facility Borrowings - Company's Debt (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2023 | Sep. 30, 2023 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 0.6 | $ 0.7 |
Long-Term Debt and Bank Facil_5
Long-Term Debt and Bank Facility Borrowings - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 4 Months Ended | |||||
Feb. 28, 2024 | Sep. 30, 2023 USD ($) | Jul. 06, 2022 USD ($) | Oct. 30, 2023 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Feb. 27, 2024 | ||
Debt Instrument [Line Items] | ||||||||
Additional loan repayments | $ 4,000,000 | $ 4,125,000 | ||||||
Fixed charge coverage ratio | 1.39 | |||||||
Hedging positions and payable amounts secured under credit facility | $ 100,000 | $ 15,700,000 | ||||||
Letters of credit issued and outstanding | 3,200,000 | 3,200,000 | ||||||
Long-term debt, fair value | [1] | 148,740,000 | 196,377,000 | |||||
Revolving credit facility outstanding | 240,000 | 51,877,000 | ||||||
Availability under credit agreement | $ 202,100,000 | $ 189,200,000 | ||||||
Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, effective interest rate | 6.60% | 7.40% | ||||||
Long-term debt, fair value | [1],[2] | $ 148,500,000 | $ 144,500,000 | |||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, effective interest rate | 6.30% | 8.60% | ||||||
Revolving credit facility outstanding | $ 200,000 | $ 51,900,000 | ||||||
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 additional without consulting bank group | 200,000,000 | |||||||
Facility size that can be increased without consulting bank group | 200,000,000 | |||||||
Term loan annual payment percentage | 25% | |||||||
Additional loan repayments | 4,000,000 | $ 0 | ||||||
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% | 12.50% | ||||||
Minimum fixed charge coverage ratio to be maintained credit facilities | 1.10% | |||||||
Credit Agreement | Scenario Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum fixed charge coverage ratio to be maintained credit facilities | 1% | |||||||
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 | 4,100,000 | ||||||
Credit Agreement | Annually | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan periodic payment | $ 8,500,000 | |||||||
Credit Agreement | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding term loan | $ 165,000,000 | |||||||
Senior secured term loan maturity period | 5 years | |||||||
Sixth Amendment | ||||||||
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 | |||||||
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | 100% | 1.15% | ||||||
Sixth Amendment | Scenario Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | 1.15% | 1% | ||||||
Sixth Amendment | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding term loan | $ 165,000,000 | |||||||
Senior secured term loan maturity period | 5 years | |||||||
[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 $ 0.6 million as of December 31, 2023 and $ 0.7 million as of September 30, 2023 |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Income Tax Assets And Liabilities | ||
Income before income taxes | $ 18,153 | $ 19,002 |
Current income tax expense | 6,765 | 6,687 |
Deferred income tax expense (benefit) | (1,591) | (1,224) |
Total income tax expense | $ 5,174 | $ 5,463 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Income Tax Disclosure [Line Items] | |
Unrecognized income tax benefits | $ 0 |
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 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information - Schedule of Supplemental Disclosure of Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid during the period for: | ||
Income taxes, net | $ 4,819 | $ 5,479 |
Interest | $ 3,768 | $ 4,286 |
Earnings Per Limited Partner _3
Earnings Per Limited Partner Unit - Net Income Allocation and Per Unit Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Basic and Diluted Earnings Per Limited Partner: | |||
Net income | $ 12,979 | $ 13,539 | |
Less General Partner's interest in net income | 118 | 122 | |
Net income available to limited partners | 12,861 | 13,417 | |
Less dilutive impact of theoretical distribution of earnings | [1] | 1,588 | 1,723 |
Limited Partner's interest in net income | $ 11,273 | $ 11,694 | |
Per unit data: | |||
Basic net income available to limited partners | $ 0.36 | $ 0.37 | |
Diluted net income available to limited partners | 0.36 | 0.37 | |
Less dilutive impact of theoretical distribution of earnings | [1] | 0.04 | 0.04 |
Limited Partner's interest in net income | [2] | $ 0.32 | $ 0.33 |
Weighted average number of Limited Partner units outstanding, Basic | 35,593 | 35,916 | |
Weighted average number of Limited Partner units outstanding, Diluted | 35,593 | 35,916 | |
[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. See Note 15 - Earnings Per Limited Partner Unit. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2024 USD ($) PartnershipUnit $ / shares | Dec. 31, 2023 PartnershipUnit | Dec. 31, 2022 PartnershipUnit | |
Heating Oil Businesses | |||
Subsequent Event [Line Items] | |||
Number of businesses acquired | PartnershipUnit | 2 | 2 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Aggregate purchase price partnership acquired | $ 19.9 | ||
Subsequent Event | Dividend Declared | |||
Subsequent Event [Line Items] | |||
Distribution declared | $ / shares | $ 0.1625 | ||
Partners capital projected distribution amount on annualized basis | $ / shares | 0.65 | ||
Minimum dividend distribution per unit | $ / shares | $ 0.0675 | ||
Amount to paid to common unit holders | $ 5.8 | ||
Amount to paid to the General Partner | 0.3 | ||
Incentive distribution to the General Partner | 0.3 | ||
Incentive distributions to management | $ 0.3 | ||
Dividend payable date | Jan. 31, 2024 | ||
Dividend record date | Jan. 22, 2024 | ||
Subsequent Event | Heating Oil Businesses | |||
Subsequent Event [Line Items] | |||
Number of businesses acquired | PartnershipUnit | 1 | ||
Subsequent Event | Propane business | |||
Subsequent Event [Line Items] | |||
Number of businesses acquired | PartnershipUnit | 1 |