Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Nov. 30, 2014 | Mar. 31, 2014 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'SGU | ' | ' |
Entity Registrant Name | 'STAR GAS PARTNERS LP | ' | ' |
Entity Central Index Key | '0001002590 | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 57,282,752 | ' |
Entity Public Float | ' | ' | $255,051,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ||
Cash and cash equivalents | $48,999 | $85,057 | ||
Receivables, net of allowance of $9,220 and $7,928, respectively | 123,800 | 96,124 | ||
Inventories | 59,240 | 68,150 | ||
Fair asset value of derivative instruments | 2,342 | 646 | ||
Current deferred tax assets, net | 38,141 | 32,447 | ||
Prepaid expenses and other current assets | 23,943 | 23,456 | ||
Total current assets | 296,465 | 305,880 | ||
Property and equipment, net | 67,419 | 51,323 | ||
Goodwill | 209,331 | 201,130 | ||
Intangibles, net | 100,783 | 66,790 | ||
Deferred charges and other assets, net | 11,109 | 7,381 | ||
Total assets | 685,107 | 632,504 | ||
Current liabilities | ' | ' | ||
Accounts payable | 21,644 | 18,681 | ||
Fair liability value of derivative instruments | 12,358 | 3,999 | ||
Accrued expenses and other current liabilities | 102,934 | 87,142 | ||
Unearned service contract revenue | 43,901 | 40,608 | ||
Customer credit balances | 72,595 | 70,196 | ||
Total current liabilities | 253,432 | 220,626 | ||
Long-term debt | 124,572 | [1] | 124,460 | [1] |
Long-term deferred tax liabilities, net | 25,181 | 19,292 | ||
Other long-term liabilities | 8,677 | 8,845 | ||
Partners' capital | ' | ' | ||
Common unitholders | 296,968 | 282,289 | ||
General partner | -105 | 3 | ||
Accumulated other comprehensive loss, net of taxes | -23,618 | -23,011 | ||
Total partners' capital | 273,245 | 259,281 | ||
Total liabilities and partners' capital | $685,107 | $632,504 | ||
[1] | The 8.875% Senior Notes were originally issued in November 2010 in a private placement offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933, and in February 2011, were exchanged for substantially identical public notes registered with the Securities and Exchange Commission. These public notes mature in December 2017 and accrue interest at an annual rate of 8.875% requiring semi-annual interest payments on June 1 and December 1 of each year. The discount on these notes was $0.4 million at September 30, 2014. Under the terms of the indenture, these notes permit restricted payments after passing particular financial tests. The Partnership can incur debt up to $100 million for acquisitions and can also pay restricted payments of $22.0 million without passing certain financial tests. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Receivables, allowance | $9,220 | $7,928 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Sales: | ' | ' | ' | |||
Product | $1,734,475 | $1,518,738 | $1,295,374 | |||
Installations and services | 227,249 | 223,058 | 202,214 | |||
Total sales | 1,961,724 | 1,741,796 | 1,497,588 | |||
Cost and expenses: | ' | ' | ' | |||
Cost of product | 1,349,432 | 1,192,009 | 1,024,071 | |||
Cost of installations and services | 205,868 | 196,659 | 175,740 | |||
(Increase) decrease in the fair value of derivative instruments | 6,566 | 6,775 | -8,549 | |||
Delivery and branch expenses | 282,646 | 250,210 | 217,376 | |||
Depreciation and amortization expenses | 21,635 | 17,303 | 16,395 | |||
General and administrative expenses | 22,592 | 18,356 | 18,689 | |||
Finance charge income | -6,870 | -5,521 | -4,393 | |||
Operating income | 79,855 | 66,005 | 58,259 | |||
Interest expense, net | -16,854 | -14,433 | -14,060 | |||
Amortization of debt issuance costs | -1,602 | -1,745 | -1,634 | |||
Income before income taxes | 61,399 | 49,827 | 42,565 | |||
Income tax expense | 25,315 | 19,921 | 16,576 | |||
Net income | 36,084 | 29,906 | 25,989 | |||
General Partner's interest in net income | 203 | 159 | 136 | |||
Limited Partners' interest in net income | $35,881 | $29,747 | $25,853 | |||
Basic and diluted income per Limited Partner Unit | $0.57 | [1],[2] | $0.47 | [1],[2] | $0.40 | [2] |
Weighted average number of Limited Partner units outstanding: | ' | ' | ' | |||
Basic and Diluted | 57,476 | 59,409 | 61,931 | |||
[1] | The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. | |||||
[2] | See Note 17 Earnings Per Limited Partner Units. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Net income | $36,084 | $29,906 | $25,989 | |||
Other comprehensive income (loss): | ' | ' | ' | |||
Unrealized gain (loss) on pension plan obligation | -1,070 | [1] | 6,337 | [1] | 1,176 | [1] |
Tax effect of unrealized gain (loss) on pension plan obligation | 463 | -2,577 | -480 | |||
Total other comprehensive income (loss) | -607 | 3,760 | 696 | |||
Total comprehensive income | $35,477 | $33,666 | $26,685 | |||
[1] | These items are included in the computation of net periodic pension cost. See Note 12-Employee Benefit Plan. |
Consolidated_Statements_of_Par
Consolidated Statements of Partners' Capital (USD $) | Total | Common Stock | General Partner | Accumulated Other Comprehensive Income (Loss) | |
In Thousands | |||||
Beginning Balance at Sep. 30, 2011 | $272,633 | $299,913 | $187 | ($27,467) | |
Beginning Balance, unit at Sep. 30, 2011 | ' | 64,970 | 326 | ' | |
Net income | 25,989 | 25,853 | 136 | ' | |
Unrealized gain (loss) on pension plan obligation | [1] | 1,176 | ' | ' | 1,176 |
Tax effect of unrealized gain (loss) on pension plan obligation | -480 | ' | ' | -480 | |
Distributions | [2] | -19,525 | -19,299 | -226 | ' |
Retirement of units, shares | [3] | ' | -3,968 | ' | ' |
Retirement of units | [3] | -19,648 | -19,648 | ' | ' |
Ending Balance at Sep. 30, 2012 | 260,145 | 286,819 | 97 | -26,771 | |
Ending Balance, Unit at Sep. 30, 2012 | ' | 61,002 | 326 | ' | |
Net income | 29,906 | 29,747 | 159 | ' | |
Unrealized gain (loss) on pension plan obligation | [1] | 6,337 | ' | ' | 6,337 |
Tax effect of unrealized gain (loss) on pension plan obligation | -2,577 | ' | ' | -2,577 | |
Distributions | [2] | -19,313 | -19,060 | -253 | ' |
Retirement of units, shares | [3] | ' | -3,284 | ' | ' |
Retirement of units | [3] | -15,217 | -15,217 | ' | ' |
Ending Balance at Sep. 30, 2013 | 259,281 | 282,289 | 3 | -23,011 | |
Ending Balance, Unit at Sep. 30, 2013 | ' | 57,718 | 326 | ' | |
Net income | 36,084 | 35,881 | 203 | ' | |
Unrealized gain (loss) on pension plan obligation | [1] | -1,070 | ' | ' | -1,070 |
Tax effect of unrealized gain (loss) on pension plan obligation | 463 | ' | ' | 463 | |
Distributions | [2] | -19,850 | -19,539 | -311 | ' |
Retirement of units, shares | [3] | ' | -313 | ' | ' |
Retirement of units | [3] | -1,663 | -1,663 | ' | ' |
Ending Balance at Sep. 30, 2014 | $273,245 | $296,968 | ($105) | ($23,618) | |
Ending Balance, Unit at Sep. 30, 2014 | ' | 57,405 | 326 | ' | |
[1] | These items are included in the computation of net periodic pension cost. See Note 12-Employee Benefit Plan. | ||||
[2] | See Note 3-Quarterly Distributions of Available Cash. | ||||
[3] | See Note 4-Common Unit Repurchase and Retirement. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows provided by (used in) operating activities: | ' | ' | ' |
Net income | $36,084 | $29,906 | $25,989 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
(Increase) decrease in the fair value of derivative instruments | 6,566 | 6,775 | -8,549 |
Depreciation and amortization | 23,237 | 19,047 | 18,029 |
Provision for losses on accounts receivable | 7,514 | 6,481 | 6,017 |
Change in deferred taxes | 658 | 1,676 | 12,913 |
Changes in operating assets and liabilities net of amounts related to acquisitions: | ' | ' | ' |
(Increase) decrease in receivables | 12,771 | -14,074 | 5,804 |
(Increase) decrease in inventories | 14,057 | -20,664 | 34,335 |
Decrease in other assets | 2,571 | 4,207 | 4,226 |
Increase (decrease) in accounts payable | -8,091 | -4,555 | 3,372 |
Increase (decrease) in customer credit balances | -2,433 | -15,878 | 11,952 |
Increase (decrease) in other current and long-term liabilities | 2,221 | 5,571 | -8,260 |
Net cash provided by operating activities | 95,155 | 18,492 | 105,828 |
Cash flows provided by (used in) investing activities: | ' | ' | ' |
Capital expenditures | -9,112 | -5,994 | -5,803 |
Proceeds from sales of fixed assets | 257 | 410 | 503 |
Acquisitions (net of cash acquired of $4,151, $0 and $0, respectively) | -98,463 | -1,376 | -39,217 |
Net cash used in investing activities | -107,318 | -6,960 | -44,517 |
Cash flows provided by (used in) financing activities: | ' | ' | ' |
Revolving credit facility borrowings | 195,482 | 111,542 | 86,252 |
Revolving credit facility repayments | -195,482 | -111,542 | -86,252 |
Distributions | -19,850 | -19,313 | -19,525 |
Unit repurchase | -1,663 | -15,217 | -19,648 |
Increase in deferred charges | -2,382 | -36 | -836 |
Net cash used in financing activities | -23,895 | -34,566 | -40,009 |
Net increase (decrease) in cash | -36,058 | -23,034 | 21,302 |
Cash and equivalents at beginning of period | 85,057 | 108,091 | 86,789 |
Cash and equivalents at end of period | $48,999 | $85,057 | $108,091 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Acquisitions, cash acquired | $4,151 | $0 | $0 |
Partnership_Organization
Partnership Organization | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Partnership Organization | ' | |||
1) Partnership Organization | ||||
Star Gas Partners, L.P. (“Star Gas Partners,” the “Partnership,” “we,” “us,” or “our”) is a full service provider specializing in the sale of home heating products and services to residential and commercial customers to heat their homes and buildings. The Partnership also services and sells heating and air conditioning equipment to its home heating oil and propane customers and to a lesser extent, provides these offerings to customers outside of our home heating oil and propane customer base. In certain of our marketing areas, we provide home security and plumbing services primarily to our home heating oil and propane customer base. We also sell diesel fuel, gasoline and home heating oil on a delivery only basis. All of these product and services are offered through our home heating oil and propane locations. The Partnership has one reportable segment for accounting purposes. We are the nation’s largest retail distributor of home heating oil, based upon sales volume, operating throughout the Northeast and Mid-Atlantic. | ||||
The Partnership is organized as follows: | ||||
• | The Partnership is a master limited partnership, which at September 30, 2014, had outstanding 57.4 million Common Units (NYSE: “SGU”) representing 99.44% limited partner interest in Star Gas Partners, and 0.3 million general partner units, representing 0.56% general partner interest in Star Gas Partners. The general partner of the Partnership 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”). | |||
• | The Partnership 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. The Partnership’s operations are conducted through Petro and its subsidiaries. Petro is a Northeast and Mid-Atlantic region retail distributor of home heating oil and propane that at September 30, 2014, served approximately 444,000 full-service residential and commercial home heating oil and propane customers. Petro also sold diesel fuel, gasoline and home heating oil to approximately 68,000 customers on a delivery only basis. In addition, Petro installed, maintained, and repaired heating and air conditioning equipment for its customers, and provided ancillary home services, including home security and plumbing, to approximately 22,000 customers. | |||
• | Star Gas Finance Company (“SGFC”) is a 100% owned subsidiary of the Partnership. SGFC serves as the co-issuer, jointly and severally with the Partnership, of its $125 million principal amount of 8.875% Senior Notes outstanding at September 30, 2014, due 2017. SGFC and the Partnership are dependent on distributions, including inter-company interest payments from its subsidiaries, to service the debt issued by SGFC and the Partnership. The distributions from these subsidiaries are not guaranteed and are subject to certain loan restrictions. SGFC has nominal assets and conducts no business operations. (See Note 11—Long-Term Debt and Bank Facility Borrowings) |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
2) Summary of Significant Accounting Policies | |||||||||||||
Basis of Presentation | |||||||||||||
The Consolidated Financial Statements include the accounts of Star Gas Partners, L.P. and its subsidiaries. All material intercompany items and transactions have been eliminated in consolidation. | |||||||||||||
Correction of Immaterial Errors | |||||||||||||
As reported in our June 30, 2014 Form 10-Q, during fiscal year 2014 we recorded adjustments that reduce net income by $2.2 million ($3.7 million, excluding the related income tax benefit) to correct certain errors related to periods from 2002 through September 30, 2013. The errors include understatements of expenses for state sales and petroleum taxes and the related interest and penalties, and overstatements of installations and services sales. The errors were the result of certain control deficiencies that we identified during the third quarter of fiscal 2014. | |||||||||||||
These errors did not, individually or in the aggregate, result in a material misstatement of our previously issued consolidated financial statements for any period through September 30, 2013. The correction of these errors in fiscal year 2014 had no material effect on our results for the full year ending September 30, 2014. | |||||||||||||
Interest expense, net | |||||||||||||
The components of interest expense, net are: | |||||||||||||
(in thousands) | September 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense | $ | (16,904 | ) | $ | (14,474 | ) | $ | (14,110 | ) | ||||
Interest income | 50 | 41 | 50 | ||||||||||
Interest expense, net | $ | (16,854 | ) | $ | (14,433 | ) | $ | (14,060 | ) | ||||
Comprehensive Income | |||||||||||||
Comprehensive income is comprised of net income and other comprehensive income. Other comprehensive income consists of the unrealized gain (loss) amortization on the Partnership’s pension plan obligation for its two frozen defined benefit pension plans, and the corresponding tax effect. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Revenue Recognition | |||||||||||||
Sales of petroleum products are recognized at the time of delivery to the customer and sales of heating and air conditioning equipment are recognized at the time of installation. Revenue from repairs, maintenance and other services are recognized upon completion of the service. Payments received from customers for equipment service contracts are deferred and amortized into income over the terms of the respective service contracts, on a straight-line basis, which generally do not exceed one year. To the extent that the Partnership anticipates that future costs for fulfilling its contractual obligations under its service maintenance contracts will exceed the amount of deferred revenue currently attributable to these contracts, the Partnership recognizes a loss in current period earnings equal to the amount that anticipated future costs exceed related deferred revenues. | |||||||||||||
Cost of Product | |||||||||||||
Cost of product includes the cost of heating oil, diesel, propane, kerosene, heavy oil, gasoline, throughput costs, barging costs, option costs, and realized gains/losses on closed derivative positions for product sales. | |||||||||||||
Cost of Installations and Services | |||||||||||||
Cost of installations and services includes equipment and material costs, wages and benefits for equipment technicians, dispatchers and other support personnel, subcontractor expenses, commissions and vehicle related costs. | |||||||||||||
Delivery and Branch Expenses | |||||||||||||
Delivery and branch expenses include wages and benefits and department related costs for drivers, dispatchers, garage mechanics, customer service, sales and marketing, compliance, credit and branch accounting, information technology, insurance, weather hedge contract costs and recoveries, and operational support. | |||||||||||||
General and Administrative Expenses | |||||||||||||
General and administrative expenses include wages and benefits and department related costs for human resources, finance and partnership accounting, administrative support and supply. | |||||||||||||
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 Partnership’s best estimate of the amount of trade receivables that may not be collectible. The allowance is determined at an aggregate level by grouping accounts based on certain account criteria and its receivable aging. The allowance is based on both quantitative and qualitative factors, including historical loss experience, historical collection patterns, overdue status, aging trends, and current economic conditions. The Partnership 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. | |||||||||||||
Allocation of Net Income | |||||||||||||
Net income for partners’ capital and statement of operations is allocated to the general partner and the limited partners in accordance with their respective ownership percentages, after giving effect to cash distributions paid to the general partner in excess of its ownership interest, if any. | |||||||||||||
Net Income per Limited Partner Unit | |||||||||||||
Income per limited partner unit is computed in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 260-10-05 Earnings Per Share, Master Limited Partnerships (EITF 03-06), by dividing the limited partners’ interest in net income by the weighted average number of limited partner units outstanding. The pro forma nature of the allocation required by this standard provides that in any accounting period where the Partnership’s aggregate net income exceeds its aggregate distribution for such period, the Partnership is required to present net income per limited partner unit as if all of the earnings for the periods were distributed, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Partnership’s overall net income or other financial results. However, for periods in which the Partnership’s aggregate net income exceeds its aggregate distributions for such period, it will have the impact of reducing the earnings per limited partner unit, as the calculation according to this standard results in a theoretical increased allocation of undistributed earnings to the general partner. In accounting periods where aggregate net income does not exceed aggregate distributions for such period, this standard does not have any impact on the Partnership’s net income per limited partner unit calculation. A separate and independent calculation for each quarter and year-to-date period is performed, in which the Partnership’s contractual participation rights are taken into account. | |||||||||||||
Cash, Accounts Receivable, Notes Receivable, Revolving Credit Facility Borrowings, and Accounts Payable | |||||||||||||
The carrying amount of cash, accounts receivable, notes receivable, revolving credit facility borrowings, and accounts payable approximates fair value because of the short maturity of these instruments. | |||||||||||||
Cash Equivalents | |||||||||||||
The Partnership considers all highly liquid investments with an original maturity of three months or less, when purchased, to be cash equivalents. | |||||||||||||
Inventories | |||||||||||||
Liquid product inventories are stated at the lower of cost or market using the weighted average cost method of accounting. All other inventories, representing parts and equipment are stated at the lower of cost or market using the FIFO method. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the depreciable assets using the straight-line method. | |||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Goodwill and intangible assets include goodwill, customer lists, trade names and covenants not to compete. | |||||||||||||
Goodwill is the excess of cost over the fair value of net assets in the acquisition of a company. In accordance with FASB ASC 350-10-05 Intangibles-Goodwill and Other, goodwill and intangible assets with indefinite useful lives are not amortized, but instead are annually tested for impairment. Also in accordance with this standard, intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. The Partnership performs its annual impairment review during its fiscal fourth quarter or more frequently if events or circumstances indicate that the value of goodwill might be impaired. | |||||||||||||
Customer lists are the names and addresses of an acquired company’s customers. Based on historical retention experience, these lists are amortized on a straight-line basis over seven to ten years. | |||||||||||||
Trade names are the names of acquired companies. Based on the economic benefit expected and historical retention experience of customers, trade names are amortized on a straight-line basis over seven to twenty years. | |||||||||||||
Covenants not to compete are agreements with the owners of acquired companies and are amortized over the respective lives of the covenants on a straight-line basis, which are generally five years. | |||||||||||||
Business Combinations | |||||||||||||
The Partnership uses the acquisition method of accounting in accordance with FASB ASC 805 Business Combinations. The acquisition method of accounting requires the Partnership to use significant estimates and assumptions, including fair value estimates, as of the business combination date, and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which the amounts recognized for a business combination may be adjusted). Each acquired company’s operating results are included in the Partnership’s consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. The separately identifiable intangible assets generally are comprised of customer lists, trade names and covenants not to compete. Goodwill is recognized for the excess of the purchase price over the net fair value of assets acquired and liabilities assumed. | |||||||||||||
Costs that are incurred to complete the business combination such as legal and other professional fees are not considered part of consideration transferred, and are charged to general and administrative expense as they are incurred. For any given acquisition, certain contingent consideration may be identified. Estimates of the fair value of liability or asset classified contingent consideration are included under the acquisition method as part of the assets acquired or liabilities assumed. At each reporting date, these estimates are remeasured to fair value, with changes recognized in earnings. | |||||||||||||
Impairment of Long-lived Assets | |||||||||||||
The Partnership reviews intangible assets and other long-lived assets in accordance with FASB ASC 360-10-05-4 Property Plant and Equipment, Impairment or Disposal of Long-Lived Assets subsection, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Partnership determines whether the carrying values of such assets are recoverable over their remaining estimated lives through undiscounted future cash flow analysis. If such a review should indicate that the carrying amount of the assets is not recoverable, the Partnership will reduce the carrying amount of such assets to fair value. | |||||||||||||
Deferred Charges | |||||||||||||
Deferred charges represent the costs associated with the issuance of debt instruments and are amortized over the lives of the related debt instruments. | |||||||||||||
Advertising and Direct Mail Expenses | |||||||||||||
Advertising and direct mail costs are expensed as they are incurred. Advertising and direct mail expenses were $12.5 million, $10.5 million, and $9.6 million, in 2014, 2013, and 2012, respectively and are recorded in delivery and branch expenses. | |||||||||||||
Customer Credit Balances | |||||||||||||
Customer credit balances represent payments received in advance from customers pursuant to a balanced payment plan (whereby customers pay on a fixed monthly basis) and the payments made have exceeded the charges for liquid product and other services. | |||||||||||||
Environmental Costs | |||||||||||||
Costs associated with managing hazardous substances and pollution are expensed on a current basis. Accruals are made for costs associated with the remediation of environmental pollution when it becomes probable that a liability has been incurred and the amount can be reasonably estimated. | |||||||||||||
Insurance Reserves | |||||||||||||
The Partnership uses a combination of insurance, self-insured retention and self-insurance for a number of risks, including workers’ compensation, general liability, vehicle liability and property. Reserves are established and periodically evaluated, based upon expectations as to what our ultimate liability may be for outstanding claims using developmental factors based upon historical claim experience, including frequency, severity, demographic factors and other actuarial assumptions, supplemented with support from qualified actuaries. | |||||||||||||
Income Taxes | |||||||||||||
The Partnership is a master limited partnership and is not subject to tax at the entity level for Federal and State income tax purposes. Rather, income and losses of the Partnership are allocated directly to the individual partners (the Partnership’s corporate subsidiaries are subject to tax at the entity level for federal and state income tax purposes). While the Partnership will generate non-qualifying Master Limited Partnership revenue through its corporate subsidiaries, distributions from the corporate subsidiaries to the Partnership are generally included in the determination of qualified Master Limited Partnership income. All or a portion of the distributions received by the Partnership from the corporate subsidiaries could be a dividend or capital gain to the partners. | |||||||||||||
The accompanying financial statements are reported on a fiscal year, however, the Partnership and its Corporate subsidiaries file Federal and State income tax returns on a calendar year. | |||||||||||||
As most of the Partnership’s income is derived from its corporate subsidiaries, these financial statements reflect significant Federal and State income taxes. For corporate subsidiaries of the Partnership, a consolidated Federal income tax return is filed. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of assets and liabilities and their respective tax bases and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized if, based on the weight of available evidence including historical tax losses, it is more likely than not that some or all of deferred tax assets will not be realized. | |||||||||||||
Sales, Use and Value Added Taxes | |||||||||||||
Taxes are assessed by various governmental authorities on many different types of transactions. Sales reported for product, installations and services excludes taxes. | |||||||||||||
Derivatives and Hedging | |||||||||||||
FASB ASC 815-10-05 Derivatives and Hedging, requires that derivative instruments be recorded at fair value and included in the consolidated balance sheet as assets or liabilities. The Partnership has elected not to designate its derivative instruments as hedging instruments under this guidance, and the changes in fair value of the derivative instruments are recognized in our statement of operations. | |||||||||||||
Weather Hedge Contract | |||||||||||||
To partially mitigate the adverse effect of warm weather on cash flows, the Partnership has used weather hedge contracts for a number of years. Weather hedge contracts are recorded in accordance with the intrinsic value method defined by FASB 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. | |||||||||||||
For fiscal years 2015, 2016 and 2017 the Partnership has a weather hedge contract with subsidiaries of Swiss Re under which we are entitled to receive a payment of $35,000 per heating degree-day shortfall, when the total number of heating degree-days in the hedge period is less than approximately 92.5% of the ten year average, the Payment Threshold. The hedge covers the period from November 1, through March 31, taken as a whole, for each respective fiscal year, and has a maximum payout of $12.5 million for each respective fiscal year. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in U.S. Generally Accepted Accounting Principles (“GAAP”) when it becomes effective. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2018, with early adoption prohibited. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Quarterly_Distribution_of_Avai
Quarterly Distribution of Available Cash | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Quarterly Distribution of Available Cash | ' | |||
3) Quarterly Distribution of Available Cash | ||||
The Partnership agreement provides that beginning October 1, 2008, minimum quarterly distributions on the common units will start accruing at the rate of $0.0675 per quarter ($0.27 on an annual basis) in accordance with the Partnership agreement. There were no distributions of available cash by us before February 2009. Thereafter, in general, the Partnership intends to distribute to its partners on a quarterly basis, all of its available cash, if any, in the manner described below. “Available cash” generally means, for any of its fiscal quarters, all cash on hand at the end of that quarter, less the amount of cash reserves that are necessary or appropriate in the reasonable discretion of the general partners to: | ||||
• | provide for the proper conduct of the Partnership’s business including acquisitions and debt payments; | |||
• | comply with applicable law, any of its debt instruments or other agreements; or | |||
• | provide funds for distributions to the common unitholders during the next four quarters, in some circumstances. | |||
Available cash will generally be distributed as follows: | ||||
• | first, 100% to the common units, pro rata, until the Partnership distributes to each common unit the minimum quarterly distribution of $0.0675; | |||
• | second, 100% to the common units, pro rata, until the Partnership distributes to each common unit any arrearages in payment of the minimum quarterly distribution on the common units for prior quarters; | |||
• | third, 100% to the general partner units, pro rata, until the Partnership distributes to each general partner unit the minimum quarterly distribution of $0.0675; | |||
• | fourth, 90% to the common units, pro rata, and 10% to the general partner units, pro rata (subject to the Management Incentive Plan), until the Partnership distributes to each common unit the first target distribution of $0.1125; and | |||
• | thereafter, 80% to the common units, pro rata, and 20% to the general partner units, pro rata. | |||
The Partnership is obligated to meet certain financial covenants under the amended and restated revolving credit facility. The Partnership must maintain excess availability of at least 15.0% of the revolving commitment then in effect and a fixed charge coverage ratio of 1.15 in order to make any distributions to unitholders. | ||||
For fiscal 2014, 2013, and 2012, cash distributions declared per common unit were $0.34, $0.32, and $0.31, respectively. | ||||
For fiscal 2014, 2013, and 2012, $0.2 million, $0.2 million, and $0.1 million, respectively, of incentive distributions were paid to the general partner, exclusive of amounts paid subject to the Management Incentive Plan. |
Common_Unit_Repurchase_Plans_a
Common Unit Repurchase Plans and Retirement | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Common Unit Repurchase Plans and Retirement | ' | ||||||||||||
4) Common Unit Repurchase Plans and Retirement | |||||||||||||
In July 2012, the Board of Directors (the “Board”) of the general partner of the Partnership authorized the repurchase of up to 3.0 million of the Partnership’s Common Units (“Plan III”). In July 2013, the Board authorized the repurchase of an additional 1.9 million Common Units under Plan III. The authorized Common Unit repurchases may be made from time-to-time in the open market, in privately negotiated transactions or in such other manner deemed appropriate by management. There is no guarantee of the exact number of units that will be purchased under the program and the Partnership may discontinue purchases at any time. The program does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Partnership’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the Common Units purchased in the repurchase program will be retired. | |||||||||||||
Under the Partnership’s second amended and restated credit agreement dated January 14, 2014, in order to repurchase Common Units we must maintain Availability (as defined in the second amended and restated credit facility agreement) of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is outstanding) on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 measured as of the date of repurchase. The Partnership was in compliance with this covenant (or the equivalent covenant under the credit agreement then in effect) for all unit repurchases made during the twelve months ended September 30, 2014. | |||||||||||||
The following table shows repurchases under Plan III. | |||||||||||||
(in thousands, except per unit amounts) | |||||||||||||
Period | Total Number | Average Price | Maximum Number | ||||||||||
of Units | Paid per Unit (b) | of Units that May | |||||||||||
Purchased (a) | Yet Be Purchased | ||||||||||||
Plan III - Number of units authorized | 4,894 | ||||||||||||
Private transaction - Number of units authorized (c) | 1,150 | ||||||||||||
6,044 | |||||||||||||
Plan III - Fiscal year 2012 total | 22 | $ | 4.26 | 6,022 | |||||||||
Plan III - Fiscal year 2013 total (c) | 3,284 | $ | 4.63 | 2,738 | |||||||||
Plan III - First quarter fiscal year 2014 total (d) | 250 | $ | 5.2 | 2,488 | |||||||||
Plan III - Second quarter fiscal year 2014 total | — | $ | — | 2,488 | |||||||||
Plan III - Third quarter fiscal year 2014 total | — | $ | — | 2,488 | |||||||||
Plan III - July 2014 | — | $ | — | 2,488 | |||||||||
Plan III - August 2014 | 9 | $ | 5.76 | 2,479 | |||||||||
Plan III - September 2014 | 54 | $ | 5.78 | 2,425 | |||||||||
Plan III - Fourth quarter fiscal year 2014 total | 63 | $ | 5.77 | 2,425 | |||||||||
Plan III - Fiscal year 2014 total | 313 | $ | 5.32 | 2,425 | |||||||||
(a) | Units were repurchased as part of a publicly announced program, except as noted in a private transaction. | ||||||||||||
(b) | Amounts include repurchase costs. | ||||||||||||
(c) | Fiscal year 2013 common unit repurchases include 1.15 million common units acquired in a private transaction. | ||||||||||||
(d) | First quarter fiscal year 2014 common unit repurchases were acquired in a private transaction. |
Derivatives_and_HedgingDisclos
Derivatives and Hedging-Disclosures and Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Derivatives and Hedging-Disclosures and Fair Value Measurements | ' | ||||||||||||||||||||||||
5) Derivatives and Hedging—Disclosures and Fair Value Measurements | |||||||||||||||||||||||||
The Partnership 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 and priced purchase commitments. | |||||||||||||||||||||||||
To hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers as of September 30, 2014, the Partnership had bought 13.9 million gallons of swap contracts with a notional value of $39.9 million and a fair value of $(2.9) million, 3.1 million gallons of call options with a notional value of $10.8 million and a fair value of $0.01 million, 8.5 million gallons of put options with a notional value of $19.3 million and a fair value of $0.1 million and 83.8 million net gallons of synthetic calls with a notional value of $252.3 million and a fair value of $(28.8) million, all in future months to match anticipated sales. To hedge the inter-month differentials for its price-protected customers, its physical inventory on hand and inventory in transit, the Partnership, as of September 30, 2014, had sold 18.7 million gallons of future contracts with a notional value of $52.0 million and a fair value of $2.3 million. In addition to the previously described hedging instruments, to lock-in the differential between high sulfur home heating oil and ultra low sulfur diesel, the Partnership as of September 30, 2014, had bought corresponding long and short 12.4 million net gallons of swap contracts with an average notional value of $36.2 million and a net fair value of $(0.2) million. To hedge a majority of its internal fuel usage for fiscal 2014, the Partnership as of September 30, 2014, had bought 4.3 million gallons of future swap contracts with a notional value of $12.0 million and a fair value of $(0.9) million. | |||||||||||||||||||||||||
To hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers as of September 30, 2013, the Partnership held 2.4 million gallons of physical inventory and had bought 6.0 million gallons of swap contracts with a notional value of $18.0 million and a fair value of $(0.2) million, 2.9 million gallons of call options with a notional value of $10.6 million and a fair value of $0.02 million, 5.0 million gallons of put options with a notional value of $11.8 million and a fair value of $0.04 million and 81.2 million net gallons of synthetic calls with a notional value of $252.8 million and a fair value of $(15.9) million, all in future months to match anticipated sales. To hedge the inter-month differentials for its price-protected customers, its physical inventory on hand and inventory in transit, the Partnership, as of September 30, 2013, had bought 17.4 million gallons of future contracts with a notional value of $51.9 million and a fair value of $(0.6) million, had sold 26.4 million gallons of future contracts with a notional value of $78.9 million and a fair value of $1.2 million and had sold 8.5 million gallons of future swap contracts with a notional value of $24.9 million and a fair value of $(0.3) million. In addition to the previously described hedging instruments, to lock-in the differential between high sulfur home heating oil and ultra low sulfur diesel, the Partnership as of September 30, 2013, had bought corresponding long and short 28.2 million net gallons of swap contracts with a notional value of $83.8 million and a fair value of $0.7 million and bought 6.0 million gallons of spread contracts (simultaneous long and short positions) with a notional value of $(0.5) million and a fair value of $0.1 million. To hedge a majority of its internal fuel usage for fiscal 2013, the Partnership as of September 30, 2013, had bought 3.2 million gallons of future swap contracts with a notional value of $9.0 million and a fair value of $0.05 million. | |||||||||||||||||||||||||
The Partnership’s derivative instruments are with the following counterparties: Bank of America, N.A., Bank of Montreal, Cargill, Inc., JPMorgan Chase Bank, N.A., Key Bank, N.A., Regions Financial Corporation, Societe Generale, and Wells Fargo Bank, N.A. The Partnership assesses counterparty credit risk and maintains master netting arrangements with counterparties to help manage the risks, and record derivative positions on a net basis. The Partnership considers counterparty credit risk to be low. At September 30, 2014, the aggregate cash posted as collateral in the normal course of business at counterparties was $2.5 million. Positions with counterparties who are also parties to our revolving credit facility are collateralized under that facility. As of September 30, 2014, $14.9 million of hedge positions were secured under the credit facility. | |||||||||||||||||||||||||
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. To the extent derivative instruments designated as cash flow hedges are effective and the standard’s documentation requirements have been met, changes in fair value are recognized in other comprehensive income until the underlying hedged item is recognized in earnings. The Partnership has elected not to designate its derivative instruments as hedging instruments under this standard and the change in fair value of the derivative instruments is recognized in our statement of operations in the line item (Increase) decrease in the fair value of derivative instruments. Depending on the risk being hedged, realized gains and losses are recorded in cost of product, cost of installations and services, or delivery and branch expenses. | |||||||||||||||||||||||||
FASB ASC 820-10 Fair Value Measurements and Disclosures, established a three-tier fair value hierarchy, which classified the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Partnership’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 Partnership’s Level 2 derivative assets and liabilities represent the fair value of commodity 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 Partnership 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 Partnership. The Partnership’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 Partnership are based on a combination of the NYMEX published market prices and other inputs, including such factors as present value, volatility and duration. | |||||||||||||||||||||||||
The Partnership had no assets or liabilities that are measured at fair value on a nonrecurring basis subsequent to their initial recognition. The Partnership’s financial assets and liabilities measured at fair value on a recurring basis are listed on the following table. | |||||||||||||||||||||||||
(In thousands) | Fair Value Measurements at Reporting Date Using: | ||||||||||||||||||||||||
Derivatives Not | Balance Sheet Location | Total | Quoted Prices in | Significant Other | |||||||||||||||||||||
Designated as Hedging | Active Markets for | Observable Inputs | |||||||||||||||||||||||
Instruments | Identical Assets | Level 2 | |||||||||||||||||||||||
Under FASB ASC 815-10 | Level 1 | ||||||||||||||||||||||||
Asset Derivatives at September 30, 2014 | |||||||||||||||||||||||||
Commodity contracts | Fair asset and fair liability value | $ | 26,263 | $ | 2,328 | $ | 23,935 | ||||||||||||||||||
of derivative instruments | |||||||||||||||||||||||||
Commodity contract assets at September 30, 2014 | $ | 26,263 | $ | 2,328 | $ | 23,935 | |||||||||||||||||||
Liability Derivatives at September 30, 2014 | |||||||||||||||||||||||||
Commodity contracts | Fair liability and fair asset value of derivative instruments | $ | (36,279 | ) | $ | — | $ | (36,279 | ) | ||||||||||||||||
Commodity contract liabilities at September 30, 2014 | $ | (36,279 | ) | $ | — | $ | (36,279 | ) | |||||||||||||||||
Asset Derivatives at September 30, 2013 | |||||||||||||||||||||||||
Commodity contracts | Fair asset and fair liability value of derivative instruments | $ | 14,467 | $ | 1,175 | $ | 13,292 | ||||||||||||||||||
Commodity contract assets at September 30, 2013 | $ | 14,467 | $ | 1,175 | $ | 13,292 | |||||||||||||||||||
Liability Derivatives at September 30, 2013 | |||||||||||||||||||||||||
Commodity contracts | Fair liability and fair asset value of derivative instruments | $ | (17,820 | ) | $ | (519 | ) | $ | (17,301 | ) | |||||||||||||||
Commodity contract liabilities at September 30, 2013 | $ | (17,820 | ) | $ | (519 | ) | $ | (17,301 | ) | ||||||||||||||||
The Partnership’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table. | |||||||||||||||||||||||||
(In thousands) | Gross Amounts Not Offset in the | ||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Offsetting of Financial Assets (Liabilities) | Gross | Gross | Net Assets | Financial | Cash | Net Amount | |||||||||||||||||||
and Derivative Assets (Liabilities) | Assets | Liabilities | (Liabilities) | Instruments | Collateral | ||||||||||||||||||||
Recognized | Offset in the | Presented in | Received | ||||||||||||||||||||||
Statement of | the | ||||||||||||||||||||||||
Financial | Statement of | ||||||||||||||||||||||||
Position | Financial | ||||||||||||||||||||||||
Position | |||||||||||||||||||||||||
Fair asset value of derivative instruments | $ | 2,342 | $ | — | $ | 2,342 | $ | — | $ | — | $ | 2,342 | |||||||||||||
Fair liability value of derivative instruments | 23,921 | (36,279 | ) | (12,358 | ) | — | — | (12,358 | ) | ||||||||||||||||
Total at September 30, 2014 | $ | 26,263 | $ | (36,279 | ) | $ | (10,016 | ) | $ | — | $ | — | $ | (10,016 | ) | ||||||||||
Fair asset value of derivative instruments | $ | 7,254 | $ | (6,608 | ) | $ | 646 | $ | — | $ | — | $ | 646 | ||||||||||||
Fair liability value of derivative instruments | 7,213 | (11,212 | ) | (3,999 | ) | — | — | (3,999 | ) | ||||||||||||||||
Total at September 30, 2013 | $ | 14,467 | $ | (17,820 | ) | $ | (3,353 | ) | $ | — | $ | — | $ | (3,353 | ) | ||||||||||
(In thousands) | |||||||||||||||||||||||||
The Effect of Derivative Instruments on the Statement of Operations | |||||||||||||||||||||||||
Amount of (Gain) or Loss Recognized | |||||||||||||||||||||||||
Years Ended September 30, | |||||||||||||||||||||||||
Derivatives Not | Location of (Gain) or | 2014 | 2013 | 2012 | |||||||||||||||||||||
Designated as Hedging | Loss Recognized in | ||||||||||||||||||||||||
Instruments Under | Income on Derivative | ||||||||||||||||||||||||
FASB ASC 815-10 | |||||||||||||||||||||||||
Commodity contracts | Cost of product (a) | $ | 11,781 | $ | 17,769 | $ | 18,636 | ||||||||||||||||||
Commodity contracts | Cost of installations and service (a) | $ | (202 | ) | $ | (440 | ) | $ | (284 | ) | |||||||||||||||
Commodity contracts | Delivery and branch expenses (a) | $ | (104 | ) | $ | (286 | ) | $ | (82 | ) | |||||||||||||||
Commodity contracts | (Increase) / decrease in the fair value of derivative instruments | $ | 6,566 | $ | 6,775 | $ | (8,549 | ) | |||||||||||||||||
(a) | Represents realized closed positions and includes the cost of options as they expire. |
Inventories
Inventories | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Inventories | ' | ||||||||
6) Inventories | |||||||||
The Partnership’s product inventories are stated at the lower of cost or market computed on the weighted average cost method. All other inventories, representing parts and equipment are stated at the lower of cost or market using the FIFO method. The components of inventory were as follows (in thousands): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Product | $ | 39,802 | $ | 50,197 | |||||
Parts and equipment | 19,438 | 17,953 | |||||||
Total inventory | $ | 59,240 | $ | 68,150 | |||||
Product inventories were comprised of 14.3 million gallons and 17.1 million gallons on September 30, 2014 and September 30, 2013, respectively. The Partnership has market price based product supply contracts for approximately 285.7 million gallons of home heating oil and propane, and 24.8 million gallons of diesel and gasoline, which it expects to fully utilize to meet its requirements over the next twelve months. | |||||||||
During fiscal 2014, Global Companies LLC and NIC Holding Corp. provided approximately 17% and 11%, respectively, of our petroleum product purchases. No other single supplier provided more than 10% of our product supply during fiscal 2014. During fiscal 2013, Global Companies LLC and JPMorgan Ventures Energy Corporation provided approximately 19% and 11% respectively, of our petroleum product purchases. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property and Equipment | ' | ||||||||
7) Property and Equipment | |||||||||
The components of property and equipment and their estimated useful lives were as follows (in thousands): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 16,884 | $ | 13,958 | |||||
Buildings and leasehold improvements | 30,877 | 27,571 | |||||||
Fleet and other equipment | 54,685 | 46,260 | |||||||
Tanks and equipment | 26,204 | 21,445 | |||||||
Furniture, fixtures and office equipment | 41,657 | 61,228 | |||||||
Total | 170,307 | 170,462 | |||||||
Less accumulated depreciation | 102,888 | 119,139 | |||||||
Property and equipment, net | $ | 67,419 | $ | 51,323 | |||||
Depreciation expense was $10.1 million, $8.1 million, and $8.1 million, for the fiscal years ended September 30, 2014, 2013, and 2012 respectively. |
Business_Combinations
Business Combinations | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Business Combinations | ' | ||||||||
8) Business Combinations | |||||||||
During fiscal 2014, including the acquisition of Griffith Energy Services, Inc. (“Griffith”) discussed in more detail below, the Partnership acquired three heating oil dealers for an aggregate purchase price of approximately $98.5 million. The gross purchase price of all three heating oil dealers were allocated $53.7 million to intangible assets, $17.6 million to fixed assets and $27.2 million to working capital. Each acquired company’s operating results are included in the Partnership’s consolidated financial statements starting on its acquisition date. Customer lists, other intangibles and trade names are amortized on a straight-line basis over seven to twenty years. | |||||||||
During fiscal 2013, the Partnership acquired two heating oil dealers for an aggregate purchase price of approximately $1.4 million. The gross purchase price was allocated $1.3 million to intangible assets, $0.2 million to fixed assets and reduced by $0.1 million for working capital credits. | |||||||||
During fiscal 2012, the Partnership acquired seven heating oil and propane dealers for an aggregate purchase price of approximately $39.2 million. The gross purchase price was allocated $32.4 million to intangible assets, $8.0 million to fixed assets and reduced by $1.2 million for working capital credits. | |||||||||
On March 4, 2014 (the “Acquisition Date”), the Partnership completed the acquisition of Griffith of Columbia, Maryland, from Central Hudson Enterprises Corporation. The Partnership purchased 100% of the stock of Griffith for $97.7 million, consisting of $69.9 million paid for the long term assets and $27.8 million paid for working capital (net of $4.2 million of cash acquired). There was no long-term debt assumed in the acquisition. The business reason for this acquisition is that Griffith, being a 100-year-old brand that is broadly recognized as a premier fuel and service provider in its territories, is an excellent strategic fit for the Partnership. The Griffith acquisition adds scale to the Partnership and leverages our existing fixed cost base, providing access to approximately 50,000 residential and commercial accounts across the Mid-Atlantic region. | |||||||||
The following table summarizes the final fair values and purchase price allocation at the acquisition date, of the assets acquired and liabilities assumed related to the Griffith acquisition as of the Acquisition Date. | |||||||||
(in thousands) | As of Acquisition Date | ||||||||
Trade accounts receivable (a) | $ | 49,010 | |||||||
Inventories | 5,143 | ||||||||
Other current assets | 2,984 | ||||||||
Property and equipment | 17,263 | ||||||||
Customer lists, trade names and other intangibles | 44,400 | ||||||||
Other long term assets | 1,778 | ||||||||
Current liabilities | (31,096 | ) | |||||||
Total net identifiable assets acquired | $ | 89,482 | |||||||
Total consideration | $ | 97,650 | |||||||
Less: Total net identifiable assets acquired | 89,482 | ||||||||
Goodwill | $ | 8,168 | |||||||
(a) The gross contractual receivable amount is $50.7 million, and the best estimate at the Acquisition Date of the contractual cash flows not expected to be collected is $1.7 million. | |||||||||
The total costs of $0.8 million related to this acquisition ($1.0 million for all three heating oil dealers acquired in fiscal 2014) are included in the Consolidated Statement of Operations under general and administrative expenses for the twelve months ended September 30, 2014. | |||||||||
All of the $8.2 million of goodwill relating to the Griffith acquisition is expected to be deductible for income tax purposes. | |||||||||
Included in our consolidated statement of operations from the Acquisition Date through September 30, 2014, are Griffith’s sales and net (loss) before income taxes of $139.1 million and $(3.0) million, respectively. | |||||||||
The following table provides unaudited pro forma results of operations as if the Griffith acquisition had occurred on October 1, 2012, the beginning of fiscal year 2013. The unaudited pro forma results were prepared using Griffith’s current and prior year financial information, reflecting certain adjustments related to the acquisition, such as the elimination of directly attributable acquisition expenses and changes to depreciation and amortization expenses. These pro forma adjustments do not include any potential synergies related to combining the businesses. Accordingly, such pro forma operating results were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisition been made as of October 1, 2012 or of results that may occur in the future. | |||||||||
September 30, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Total sales | $ | 2,132,430 | $ | 2,040,271 | |||||
Net income | $ | 40,903 | $ | 31,557 |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
9) Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||
Under FASB ASC 350-10-05 Intangibles-Goodwill and Other, goodwill impairment if any, needs to be determined if the net book value of a reporting unit exceeds its estimated fair value. If goodwill of a reporting unit is determined to be impaired, the amount of impairment is measured based on the excess of the net book value of the goodwill over the implied fair value of the goodwill. The Partnership has selected August 31 of each year to perform its annual impairment review, whereby the total enterprise value as indicated by the Income Approach and Market Approach (consisting of the Market Comparable and Market Transaction Approach) is compared to the Partnership’s book value of net assets and reconciled to the Partnership’s market capitalization. | |||||||||||||||||||||||||
The Partnership performed its annual goodwill impairment valuation in each of the periods ending August 31, 2014, 2013, and 2012, and it was determined based on each year’s analysis that there was no goodwill impairment. | |||||||||||||||||||||||||
The preparation of this analysis was based upon management’s estimates and assumptions, and future impairment calculations would be affected by actual results that are materially different from projected amounts. To provide for a sensitivity of the discount rates and transaction multiples used, ranges of high and low values are employed in the analysis, with the low values examined to ensure that a reasonably likely change in an assumption would not cause the Partnership to reach a different conclusion. | |||||||||||||||||||||||||
A summary of changes in the Partnership’s goodwill during the fiscal years ended September 30, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Balance as of September 30, 2012 | $ | 201,103 | |||||||||||||||||||||||
Fiscal year 2013 business combination | 27 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | 201,130 | ||||||||||||||||||||||||
Fiscal year 2014 business combinations | 8,201 | ||||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 209,331 | |||||||||||||||||||||||
Intangibles, net | |||||||||||||||||||||||||
Intangible assets subject to amortization consist of the following (in thousands): | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Customer lists | $ | 304,699 | $ | 224,215 | $ | 80,484 | $ | 267,580 | $ | 213,773 | $ | 53,807 | |||||||||||||
Trade names and other intangibles | 24,070 | 3,771 | 20,299 | 20,431 | 7,448 | 12,983 | |||||||||||||||||||
Total | $ | 328,769 | $ | 227,986 | $ | 100,783 | $ | 288,011 | $ | 221,221 | $ | 66,790 | |||||||||||||
Amortization expense for intangible assets was $11.5 million, $9.2 million, and $8.2 million, for the fiscal years ended September 30, 2014, 2013, and 2012, respectively. Total estimated annual amortization expense related to intangible assets subject to amortization, for the year ended September 30, 2015 and the four succeeding fiscal years ended September 30, is as follows (in thousands): | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
2015 | $ | 13,229 | |||||||||||||||||||||||
2016 | $ | 13,058 | |||||||||||||||||||||||
2017 | $ | 12,538 | |||||||||||||||||||||||
2018 | $ | 11,699 | |||||||||||||||||||||||
2019 | $ | 11,464 |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
10) Accrued Expenses and Other Current Liabilities | |||||||||
The components of accrued expenses and other current liabilities were as follows (in thousands): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Accrued wages and benefits | $ | 23,926 | $ | 18,932 | |||||
Accrued insurance and environmental costs | 64,357 | 58,470 | |||||||
Other accrued expenses and other current liabilities | 14,651 | 9,740 | |||||||
Total accrued expenses and other current liabilities | $ | 102,934 | $ | 87,142 | |||||
LongTerm_Debt_and_Bank_Facilit
Long-Term Debt and Bank Facility Borrowings | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Long-Term Debt and Bank Facility Borrowings | ' | ||||||||||||||||
11) Long-Term Debt and Bank Facility Borrowings | |||||||||||||||||
The Partnership’s debt is as follows (in thousands): | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair Value (a) | Carrying | Fair Value (a) | ||||||||||||||
Amount | Amount | ||||||||||||||||
8.875% Senior Notes (b) | $ | 124,572 | $ | 130,313 | $ | 124,460 | $ | 130,000 | |||||||||
Revolving Credit Facility Borrowings (c) | — | — | — | — | |||||||||||||
Total debt | $ | 124,572 | $ | 130,313 | $ | 124,460 | $ | 130,000 | |||||||||
Total long-term portion of debt | $ | 124,572 | $ | 130,313 | $ | 124,460 | $ | 130,000 | |||||||||
(a) | The Partnership’s fair value estimates of long-term debt are made at a specific point in time, based on Level 2 inputs. | ||||||||||||||||
(b) | The 8.875% Senior Notes were originally issued in November 2010 in a private placement offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933, and in February 2011, were exchanged for substantially identical public notes registered with the Securities and Exchange Commission. These public notes mature in December 2017 and accrue interest at an annual rate of 8.875% requiring semi-annual interest payments on June 1 and December 1 of each year. The discount on these notes was $0.4 million at September 30, 2014. Under the terms of the indenture, these notes permit restricted payments after passing particular financial tests. The Partnership can incur debt up to $100 million for acquisitions and can also pay restricted payments of $22.0 million without passing certain financial tests. | ||||||||||||||||
(c) | In January 2014, the Partnership entered into a second amended and restated asset based revolving credit facility agreement with a bank syndicate comprised of fifteen participants, which replaced the then existing revolving credit facility. | ||||||||||||||||
The second amended and restated revolving credit facility provides the Partnership with the ability to borrow up to $300 million ($450 million during the heating season of December through April of each year) for working capital purposes (subject to certain borrowing base limitations and coverage ratios), including the issuance of up to $100 million in letters of credit, and extends the maturity date to June 2017, or January 2019 if the Partnership has met the conditions of the facility termination date as defined in the agreement and as discussed further below. The Partnership can increase the facility size by $100 million without the consent of the bank group. However, the bank group is not obligated to fund the $100 million increase. If the bank group elects not to fund the increase, the Partnership can add additional lenders to the group, with the consent of the Agent, which shall not be unreasonably withheld. Obligations under the second amended and restated credit facility are guaranteed by the Partnership and its subsidiaries and are secured by liens on substantially all of the Partnership’s assets including accounts receivable, inventory, general intangibles, real property, fixtures and equipment. | |||||||||||||||||
All outstanding amounts owed under the second amended and restated credit facility become due and payable on the facility termination date of June 1, 2017. If the Partnership has repaid, prepaid or otherwise defeased at least $100 million of our 8.875% Senior Notes and Availability is equal to or greater than the aggregate amount required to repay the remaining outstanding 8.875% Senior Notes (“Payoff Amount”), then the facility termination date is January 14, 2019. However, after June 1, 2017, in the event that Availability is less than the Payoff Amount, the facility termination date shall be three days following such date. Notwithstanding this, all outstanding amounts are subject to acceleration upon the occurrence of events of default which the Partnership considers usual and customary for an agreement of this type, including failure to make payments under the second amended and restated credit facility, non-performance of covenants and obligations or insolvency or bankruptcy (as described in the second amended and restated credit facility). | |||||||||||||||||
The interest rate on the second amended and restated credit facility is LIBOR plus (i) 1.75% (if Availability, as defined in the agreement is greater than or equal to $150 million), or (ii) 2.00% (if Availability is greater than $75 million but less than $150 million), or (iii) 2.25% (if Availability is less than or equal to $75 million). The Commitment Fee on the unused portion of the facility is 0.30% per annum. | |||||||||||||||||
Under the second amended and restated credit facility, the Partnership is obligated to meet certain financial covenants, including the requirement to maintain at all times either Availability (borrowing base less amounts borrowed and letters of credit issued) of 12.5% of the facility size, or a fixed charge coverage ratio (as defined in the revolving credit facility agreement) of not less than 1.1, which is calculated based upon Adjusted EBITDA for the trailing twelve months. In order to make acquisitions, the Partnership must maintain Availability of $40 million on a historical pro forma and forward-looking basis. In addition, the Partnership must maintain Availability of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is outstanding), on a historical and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 in order to pay any distributions to unitholders or repurchase Common Units. No inter-company dividends or distributions can be made (including those needed to pay interest or principle on our 8.875% Senior Notes), except to the Partnership or a wholly owned subsidiary of the Partnership, if the immediately preceding covenants have not been met. Certain restrictions are also imposed by the agreement, including restrictions on the Partnership’s ability to incur additional indebtedness, to pay distributions to unitholders, to pay inter-company dividends or distributions, make investments, grant liens, sell assets, make acquisitions and engage in certain other activities. | |||||||||||||||||
At September 30, 2014, no amount was outstanding under the revolving credit facility, $14.9 million of hedge positions were secured, and $52.8 million of letters of credit were issued. At September 30, 2013, no amount was outstanding under the revolving credit facility, $10.5 million of hedge positions were secured, and $44.7 million of letters of credit were issued. | |||||||||||||||||
At September 30, 2014, availability was $149.6 million, the restricted net assets totaled approximately $389 million and the Partnership was in compliance with the fixed charge coverage ratio. Restricted net assets are assets in the Partnership’s subsidiaries the distribution or transfer of which to Star Gas Partners, L.P. are subject to limitations under its revolving credit facility. At September 30, 2013, availability was $164.3 million, the restricted net assets totaled approximately $375 million and the Partnership was in compliance with the fixed charge coverage ratio. | |||||||||||||||||
As of September 30, 2014, the maturities including working capital borrowings during fiscal years ending September 30, are set forth in the following table (in thousands): | |||||||||||||||||
2015 | $ | — | |||||||||||||||
2016 | $ | — | |||||||||||||||
2017 | $ | — | |||||||||||||||
2018 | $ | 125,000 | |||||||||||||||
2019 | $ | — | |||||||||||||||
Thereafter | $ | — |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||
12) Employee Benefit Plans | |||||||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||||
The Partnership has several 401(k) and other defined contribution plans that cover eligible non-union and union employees, and makes employer contributions to these plans, subject to IRS limitations. These plans provide for each participant to contribute from 0% to 60% of compensation, subject to IRS limitations. The Partnership’s aggregate contributions to the 401(k) plans during fiscal 2014, 2013, and 2012, were $5.2 million, $4.9 million, and $4.5 million, respectively. The Partnership’s aggregate contribution to the other defined contribution plans was $0.5 million in each fiscal year 2014, 2013, and 2012. | |||||||||||||||||||||||||||
Management Incentive Compensation Plan | |||||||||||||||||||||||||||
The Partnership has a Management Incentive Compensation Plan. The long-term compensation structure is intended to align the employee’s performance with the long-term performance of our unitholders. Under the Plan, certain named employees who participate shall be entitled to receive a pro rata share of an amount in cash equal to: | |||||||||||||||||||||||||||
• | 50% of the distributions (“Incentive Distributions”) of Available Cash in excess of the minimum quarterly distribution of $0.0675 per unit otherwise distributable to Kestrel Heat pursuant to the Partnership Agreement on account of its general partner units; and | ||||||||||||||||||||||||||
• | 50% of the cash proceeds (the “Gains Interest”) which Kestrel Heat shall receive from the sale of its general partner units (as defined in the Partnership Agreement), less expenses and applicable taxes. | ||||||||||||||||||||||||||
The pro rata share payable to each participant under the Plan is based on the number of participation points as described under “Fiscal 2014 Compensation Decisions—Management Incentive Compensation Plan.” The amount paid in Incentive Distributions is governed by the Partnership Agreement and the calculation of Available Cash. | |||||||||||||||||||||||||||
To fund the benefits under the Plan, Kestrel Heat has agreed to forego receipt of the amount of Incentive Distributions that are payable to plan participants. For accounting purposes, amounts payable to management under this Plan will be treated as compensation and will reduce net income. Kestrel Heat has also agreed to contribute to the Partnership, as a contribution to capital, an amount equal to the Gains Interest payable to participants in the Plan by the Partnership. The Partnership is not required to reimburse Kestrel Heat for amounts payable pursuant to the Plan. | |||||||||||||||||||||||||||
The Plan is administered by the Partnership’s Chief Financial Officer under the direction of the Board or by such other officer as the Board may from time to time direct. In general, no payments will be made under the Plan if the Partnership is not distributing cash under the Incentive Distributions described above. | |||||||||||||||||||||||||||
Effective as of July 19, 2012, the Board of Directors adopted certain amendments (the “Plan Amendments”) to the Plan. Under the Plan Amendments, the number and identity of the Plan participants and their participation interests in the Plan have been frozen at the current levels. In addition, under the Plan Amendments, the plan benefits (to the extent vested) may be transferred upon the death of a participant to his or her heirs. A participant’s vested percentage of his or her plan benefits will be 100% during the time a participant is an employee or consultant of the Partnership. Following the termination of such positions, a participant’s vested percentage shall be equal to 20% for each full or partial year of employment or consultation with the Partnership starting with the fiscal year ended September 30, 2012 (33 1/3% in the case of the Partnership’s chief executive officer at that time). | |||||||||||||||||||||||||||
The Partnership distributed to management and the general partner Incentive Distributions of approximately $447,000 during fiscal 2014, $330,000 during fiscal 2013, and $277,000 during fiscal 2012. Included in these amounts for fiscal 2014, 2013, and 2012, were distributions under the management incentive compensation plan of $223,000, $165,000 and $138,000, respectively, of which named executive officers received approximately $100,000 during fiscal 2014, $119,000 during fiscal 2013, and $99,000 during fiscal 2012. With regard to the Gains Interest, Kestrel Heat has not given any indication that it will sell its general partner units within the next twelve months. Thus the Plan’s value attributable to the Gains Interest currently cannot be determined. | |||||||||||||||||||||||||||
Multiemployer Pension Plans | |||||||||||||||||||||||||||
We contribute to various multiemployer union administered pension plans under the terms of collective bargaining agreements that provide for such plans for covered union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the remaining participating employers may be required to bear the unfunded obligations of the plan. If we choose to stop participating in a multiemployer plan, we may be required to pay a withdrawal liability in part based on the underfunded status of the plan. | |||||||||||||||||||||||||||
The following table outlines our participation and contributions to multiemployer pension plans for the periods ended September 30, 2014, 2013 and 2012. The EIN/Pension Plan Number column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The most recent Pension Protection Act Zone Status for 2014 and 2013 relates to the plans’ two most recent fiscal year-ends, based on information received from the plans as reported on their Form 5500 Schedule MB. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. Certain plans have been aggregated in the All Other Multiemployer Pension Plans line of the following table, as our participation in each of these individual plans is not significant. | |||||||||||||||||||||||||||
For the Westchester Teamsters Pension Fund, Local 553 Pension Fund and Local 463 Pension Fund, we provided more than 5 percent of the total plan contributions from all employers for 2014, 2013 and 2012, as disclosed in the respective plan’s Form 5500. The collective bargaining agreements of these plans require contributions based on the hours worked and there are no minimum contributions required. | |||||||||||||||||||||||||||
Pension Protection Act | FIP / RP Status | Partnership Contributions | |||||||||||||||||||||||||
Zone Status | (in thousands) | ||||||||||||||||||||||||||
Pension Fund | EIN | 2014 | 2013 | Pending / | 2014 | 2013 | 2012 | Surcharge | Expiration Date of | ||||||||||||||||||
/ Pension Plan | Implemented | Imposed | Collective- | ||||||||||||||||||||||||
Number | Bargaining | ||||||||||||||||||||||||||
Agreement | |||||||||||||||||||||||||||
New England Teamsters & Trucking Industry Pension Fund | 04-6372430 | Red | Red | Yes / | $ | 2,868 | $ | 2,709 | $ | 2,532 | No | 3/31/17 | |||||||||||||||
/ 001 | Implemented | ||||||||||||||||||||||||||
Westchester Teamsters Pension Fund | 13-6123973 | Green | Green | N/A | 855 | 820 | 771 | No | 12/31/14 | ||||||||||||||||||
/ 001 | |||||||||||||||||||||||||||
Local 553 Pension Fund | 13-6637826 | Green | Green | N/A | 2,649 | 2,729 | 2,152 | No | 1/15/17 | ||||||||||||||||||
/ 001 | |||||||||||||||||||||||||||
Local 463 Pension Fund | 11-1800729 | Green | Green | N/A | 156 | 146 | 155 | No | 2/28/17 | ||||||||||||||||||
/ 001 | |||||||||||||||||||||||||||
All Other Multiemployer Pension Plans | 1,846 | 1,614 | 1,627 | ||||||||||||||||||||||||
Total | $ | 8,374 | $ | 8,018 | $ | 7,237 | |||||||||||||||||||||
Contributions | |||||||||||||||||||||||||||
Defined Benefit Plans | |||||||||||||||||||||||||||
The Partnership accounts for its two frozen defined benefit pension plans (“the Plan”) in accordance with FASB ASC 715-10-05 Compensation-Retirement Benefits. The Partnership has no post-retirement benefit plans. | |||||||||||||||||||||||||||
Effective September 30, 2014, the Partnership adopted the Society of Actuaries 2014 Mortality Tables Report and Mortality Improvement Scale, which updated the mortality assumptions that private defined benefit retirement plans in the United States use in the actuarial valuations that determine a plan sponsor’s pension obligations. The updated mortality data reflects increasing life expectancies in the United States, and affected plans generally expect the value of the actuarial obligations to increase, depending on the specific demographic characteristics of the plan participants and the types of benefits. | |||||||||||||||||||||||||||
The following table provides the net periodic benefit cost for the period, a reconciliation of the changes in the Plan assets, projected benefit obligations, and the amounts recognized in other comprehensive income and accumulated other comprehensive income at the dates indicated using a measurement date of September 30 (in thousands): | |||||||||||||||||||||||||||
Debit / (Credit) | Net Periodic | Cash | Fair | Projected | Other | Gross Pension | |||||||||||||||||||||
Pension | Value of | Benefit | Comprehensive | Related | |||||||||||||||||||||||
Cost in | Pension | Obligation | (Income) / Loss | Accumulated | |||||||||||||||||||||||
Income | Plan | Other | |||||||||||||||||||||||||
Statement | Assets | Comprehensive | |||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||
Fiscal Year 2012 | |||||||||||||||||||||||||||
Beginning balance | $ | 52,434 | $ | (67,878 | ) | $ | 33,041 | ||||||||||||||||||||
Interest cost | 2,858 | (2,858 | ) | ||||||||||||||||||||||||
Actual return on plan assets | (8,727 | ) | 8,727 | ||||||||||||||||||||||||
Employer contributions | (3,365 | ) | 3,365 | ||||||||||||||||||||||||
Benefit payments | (4,223 | ) | 4,223 | ||||||||||||||||||||||||
Investment and other expenses | (374 | ) | 374 | ||||||||||||||||||||||||
Difference between actual and expected return on plan assets | 5,075 | (5,075 | ) | ||||||||||||||||||||||||
Anticipated expenses | 262 | (262 | ) | ||||||||||||||||||||||||
Actuarial loss | (6,650 | ) | 6,650 | ||||||||||||||||||||||||
Amortization of unrecognized net actuarial loss | 2,751 | (2,751 | ) | ||||||||||||||||||||||||
Annual cost/change | $ | 1,845 | $ | (3,365 | ) | 7,869 | (5,173 | ) | $ | (1,176 | ) | (1,176 | ) | ||||||||||||||
Ending balance | $ | 60,303 | $ | (73,051 | ) | $ | 31,865 | ||||||||||||||||||||
Funded status at the end of the year | $ | (12,748 | ) | ||||||||||||||||||||||||
Fiscal Year 2013 | |||||||||||||||||||||||||||
Interest cost | 2,477 | (2,477 | ) | ||||||||||||||||||||||||
Actual return on plan assets | (332 | ) | 332 | ||||||||||||||||||||||||
Employer contributions | (3,476 | ) | 3,476 | ||||||||||||||||||||||||
Benefit payments | (4,083 | ) | 4,083 | ||||||||||||||||||||||||
Investment and other expenses | (285 | ) | 285 | ||||||||||||||||||||||||
Difference between actual and expected return on plan assets | (3,475 | ) | 3,475 | ||||||||||||||||||||||||
Anticipated expenses | 302 | (302 | ) | ||||||||||||||||||||||||
Actuarial gain | 7,157 | (7,157 | ) | ||||||||||||||||||||||||
Amortization of unrecognized net actuarial loss | 2,655 | (2,655 | ) | ||||||||||||||||||||||||
Annual cost/change | $ | 1,342 | $ | (3,476 | ) | (275 | ) | 8,746 | $ | (6,337 | ) | (6,337 | ) | ||||||||||||||
Ending balance | $ | 60,028 | $ | (64,305 | ) | $ | 25,528 | ||||||||||||||||||||
Funded status at the end of the year | $ | (4,277 | ) | ||||||||||||||||||||||||
Fiscal Year 2014 | |||||||||||||||||||||||||||
Interest cost | 2,761 | (2,761 | ) | ||||||||||||||||||||||||
Actual return on plan assets | (7,614 | ) | 7,614 | ||||||||||||||||||||||||
Employer contributions | (2,014 | ) | 2,014 | ||||||||||||||||||||||||
Benefit payments | (4,277 | ) | 4,277 | ||||||||||||||||||||||||
Investment and other expenses | (262 | ) | 262 | ||||||||||||||||||||||||
Difference between actual and expected return on plan assets | 4,472 | (4,472 | ) | ||||||||||||||||||||||||
Anticipated expenses | 300 | (300 | ) | ||||||||||||||||||||||||
Actuarial loss | (7,655 | ) | 7,655 | ||||||||||||||||||||||||
Amortization of unrecognized net actuarial loss | 2,113 | (2,113 | ) | ||||||||||||||||||||||||
Annual cost/change | $ | 1,770 | $ | (2,014 | ) | 5,351 | (6,177 | ) | $ | 1,070 | 1,070 | ||||||||||||||||
Ending balance | $ | 65,379 | $ | (70,482 | ) | $ | 26,598 | ||||||||||||||||||||
Funded status at the end of the year | $ | (5,103 | ) | ||||||||||||||||||||||||
At September 30, 2014 and 2013, the amounts included on the balance sheet in other long-term liabilities were $5.1 million and $4.3 million, respectively. | |||||||||||||||||||||||||||
The $26.6 million net actuarial loss balance at September 30, 2014 for the two frozen defined benefit pension plans in accumulated other comprehensive income will be recognized and amortized into net periodic pension costs as an actuarial loss in future years. The estimated amount that will be amortized from accumulated other comprehensive income into net periodic pension cost over the next fiscal year is $2.2 million. | |||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||
Weighted-Average Assumptions Used in the Measurement of the Partnership’s Benefit Obligation | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Discount rate at year end date | 4.05 | % | 4.45 | % | 3.5 | % | |||||||||||||||||||||
Expected return on plan assets for the year ended | 5.75 | % | 7 | % | 7.75 | % | |||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||||
The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets determined using fair value. | |||||||||||||||||||||||||||
The Partnership’s expected long-term rate of return on plan assets is updated at least annually, taking into consideration our asset allocation, historical returns on the types of assets held, and the current economic environment. The Partnership revised its return on plan assets assumption to 5.5% per annum effective fiscal year 2015. | |||||||||||||||||||||||||||
The discount rate used to determine net periodic pension expense for fiscal year 2014, 2013 and 2012 was 4.45%, 3.50%, and 4.35% respectively. The discount rate used by the Partnership in determining pension expense and pension obligations reflects the yield of high quality (AA or better rating by a recognized rating agency) corporate bonds whose cash flows are expected to match the timing and amounts of projected future benefit payments. | |||||||||||||||||||||||||||
The Plan’s objectives are to have the ability to pay benefit and expense obligations when due, to maintain the funded ratio of the Plan, to maximize return within reasonable and prudent levels of risk in order to minimize contributions and charges to the profit and loss statement, and to control costs of administering the Plan and managing the investments of the Plan. The target asset allocation of the Plan (currently 80% domestic fixed income, 15% domestic equities and 5% international equities) is based on a long-term perspective, and as the Plan gets closer to being fully funded, the allocations have been adjusted to lower volatility from equity holdings. | |||||||||||||||||||||||||||
The Partnership had no Level 2 or Level 3 pension plan assets during the three years ended September 30, 2014. The fair values and percentage of the Partnership’s pension plan assets by asset category are as follows (in thousands): | |||||||||||||||||||||||||||
Concentration | |||||||||||||||||||||||||||
Asset Category at September 30, 2014 | Level 1 | Percentage | |||||||||||||||||||||||||
Corporate and U.S. government bond fund (1) | $ | 52,204 | 79 | % | |||||||||||||||||||||||
U.S. large-cap equity (1) | 9,774 | 15 | % | ||||||||||||||||||||||||
International equity (1) | 3,093 | 5 | % | ||||||||||||||||||||||||
Cash | 308 | 1 | % | ||||||||||||||||||||||||
Total | $ | 65,379 | 100 | % | |||||||||||||||||||||||
-1 | Represent investments in Vanguard funds that seek to replicate the asset category description. | ||||||||||||||||||||||||||
While the Partnership is not obligated to make a minimum required contribution in fiscal year 2015, it is expected that a $1.7 million pension contribution may be made. | |||||||||||||||||||||||||||
Expected benefit payments over each of the next five years will total approximately $4.4 million per year. Expected benefit payments for the five years thereafter will aggregate approximately $21.3 million. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Income Taxes | ' | ||||||||||||
13) Income Taxes | |||||||||||||
Income tax expense is comprised of the following for the indicated periods (in thousands): | |||||||||||||
Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 19,747 | $ | 14,486 | $ | 2,168 | |||||||
State | 4,909 | 3,759 | 1,495 | ||||||||||
Deferred | 659 | 1,676 | 12,913 | ||||||||||
$ | 25,315 | $ | 19,921 | $ | 16,576 | ||||||||
The provision for income taxes differs from income taxes computed at the Federal statutory rate as a result of the following (in thousands): | |||||||||||||
Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income from continuing operations before taxes | $ | 61,399 | $ | 49,827 | $ | 42,565 | |||||||
Provision for income taxes: | |||||||||||||
Tax at Federal statutory rate | $ | 21,490 | $ | 17,440 | $ | 14,898 | |||||||
Impact of Partnership loss not subject to federal income taxes | 628 | 97 | 697 | ||||||||||
State taxes net of federal benefit | 3,310 | 3,192 | 2,801 | ||||||||||
Permanent differences | 57 | 37 | 28 | ||||||||||
Change in valuation allowance | — | (658 | ) | (14 | ) | ||||||||
Change in unrecognized tax benefit | (113 | ) | 55 | (1,669 | ) | ||||||||
Other | (57 | ) | (242 | ) | (165 | ) | |||||||
$ | 25,315 | $ | 19,921 | $ | 16,576 | ||||||||
The components of the net deferred taxes for the years ended September 30, 2014 and September 30, 2013 using current tax rates are as follows (in thousands): | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 5,490 | $ | 6,760 | |||||||||
Vacation accrual | 2,970 | 2,580 | |||||||||||
Pension accrual | 2,964 | 2,672 | |||||||||||
Allowance for bad debts | 3,661 | 3,158 | |||||||||||
Fair value of derivative instruments | 5,000 | 2,314 | |||||||||||
Insurance accrual | 22,823 | 21,073 | |||||||||||
Inventory capitalization | 865 | 941 | |||||||||||
Alternative minimum tax credit carryforward | 261 | 261 | |||||||||||
Other, net | 2,060 | 1,906 | |||||||||||
Total deferred tax assets | $ | 46,094 | $ | 41,665 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | 2,383 | $ | 2,225 | |||||||||
Inventory costing method | 256 | — | |||||||||||
Intangibles | 30,495 | 26,285 | |||||||||||
Total deferred tax liabilities | $ | 33,134 | $ | 28,510 | |||||||||
Net deferred taxes | $ | 12,960 | $ | 13,155 | |||||||||
Based upon a review of a number of factors and all available evidence, including recent historical operating performance, the expectation of sustainable earnings, and the confidence that sufficient positive taxable income would continue in all tax jurisdictions for the foreseeable future, the Partnership concludes for the years ended September 30, 2014, and September 30, 2013, that it is more likely than not that our deferred tax assets will be fully realized, and as such has not recorded a valuation allowance. | |||||||||||||
As of January 1, 2014, Star Acquisitions, a wholly-owned subsidiary of the Partnership, had a Federal net operating loss carry forward (“NOLs”) of approximately $8.3 million. The Federal NOLs, which will expire between 2018 and 2024, are generally available to offset any future taxable income but are also subject to annual limitations of between $1.0 million and $2.2 million. | |||||||||||||
FASB ASC 740-10-05-6 Income Taxes, Uncertain Tax Position, provides financial statement accounting guidance for uncertainty in income taxes and tax positions taken or expected to be taken in a tax return. At September 30, 2014, we had unrecognized income tax benefits totaling $0.8 million including related accrued interest and penalties of $0.1 million. These unrecognized tax benefits are primarily the result of State tax uncertainties. If recognized, these tax benefits would be recorded as a benefit to the effective tax rate. | |||||||||||||
Tax Uncertainties (in thousands) | |||||||||||||
Balance at September 30, 2013 | $ | 784 | |||||||||||
Additions based on tax positions related to the current year | — | ||||||||||||
Additions for tax positions of prior years | 116 | ||||||||||||
Reduction for tax positions of prior years | — | ||||||||||||
Reductions due to lapse in statue of limitations/settlements | — | ||||||||||||
Balance at September 30, 2014 | $ | 900 | |||||||||||
We believe that the total liability for unrecognized tax benefits will not materially change during the next 12 months ending September 30, 2015. 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, Pennsylvania and New Jersey, we have four, four, four, and five tax years, respectively, that are subject to examination. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, based on our assessment of many factors including past experience and interpretation of tax law, we believe that our provision for income taxes reflect the most probable outcome. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. |
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Lease Commitments | ' | ||||
14) Lease Commitments | |||||
The Partnership has entered into certain operating leases for office space, trucks and other equipment. The future minimum rental commitments at September 30, 2014 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows (in thousands): | |||||
2015 | $ | 15,765 | |||
2016 | 13,543 | ||||
2017 | 10,232 | ||||
2018 | 6,665 | ||||
2019 | 5,855 | ||||
Thereafter | 9,238 | ||||
Total future minimum lease payments | $ | 61,298 | |||
Rent expense for the fiscal years ended September 30, 2014, 2013, and 2012, was $15.9 million, $14.7 million, and $14.2 million, respectively. |
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow Information | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Supplemental Disclosure of Cash Flow Information | ' | ||||||||||||
15) Supplemental Disclosure of Cash Flow Information | |||||||||||||
Years Ended September 30, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash paid during the period for: | |||||||||||||
Income taxes, net | $ | 25,518 | $ | 16,137 | $ | 6,175 | |||||||
Interest | $ | 16,968 | $ | 14,376 | $ | 14,487 | |||||||
Non-cash financing activities: | |||||||||||||
Increase in interest expense—amortization of debt discount on 8.875% Senior Note | $ | 112 | $ | 103 | $ | 94 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies | ' |
16) Commitments and Contingencies | |
At any given time the Partnership is a defendant in various legal proceedings and litigation arising in the ordinary course of business. The Partnership records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. The Partnership maintains insurance policies with insurers in amounts and with coverages and deductibles we believe are reasonable and prudent. However, the Partnership cannot assure that this insurance will be adequate to protect it from all material expenses related to potential future claims. In the opinion of management the Partnership is not a party to any litigation which, individually or in the aggregate, could reasonably be expected to have a material adverse effect on the Partnership’s results of operations, financial position or liquidity. |
Earnings_Per_Limited_Partner_U
Earnings Per Limited Partner Units | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Limited Partner Units | ' | ||||||||||||
17) Earnings Per Limited Partner Units | |||||||||||||
The following table presents the net income allocation and per unit data in accordance with FASB ASC 260-10-45-60 Earnings per Share, Master Limited Partnerships (EITF 03-06): | |||||||||||||
Basic and Diluted Earnings Per Limited Partner: | Years Ended September 30, | ||||||||||||
(in thousands, except per unit data) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 36,084 | $ | 29,906 | $ | 25,989 | |||||||
Less General Partners’ interest in net income | 203 | 159 | 136 | ||||||||||
Net income available to limited partners | 35,881 | 29,747 | 25,853 | ||||||||||
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 * | 3,195 | 2,010 | 1,142 | ||||||||||
Limited Partner’s interest in net income under FASB ASC 260-10-45-60 | $ | 32,686 | $ | 27,737 | $ | 24,711 | |||||||
Per unit data: | |||||||||||||
Basic and diluted net income available to limited partners | $ | 0.62 | $ | 0.5 | $ | 0.42 | |||||||
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 * | 0.05 | 0.03 | 0.02 | ||||||||||
Limited Partner’s interest in net income under FASB ASC 260-10-45-60 | $ | 0.57 | $ | 0.47 | $ | 0.4 | |||||||
Weighted average number of Limited Partner units outstanding | 57,476 | 59,409 | 61,931 | ||||||||||
* | In any accounting period where the Partnership’s aggregate net income exceeds its aggregate distribution for such period, the Partnership is required as per FASB ASC 260-10-45-60 to present net income per limited partner unit as if all of the earnings for the period were distributed, based on the terms of the Partnership agreement, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Partnership’s overall net income or other financial results. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||||||
18) Selected Quarterly Financial Data (unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
(in thousands - except per unit data) | Dec. 31, | Mar. 31, | Jun. 30, | Sep. 30, | Total | ||||||||||||||||
2013 | 2014 | 2014 | 2014 | ||||||||||||||||||
Sales | $ | 520,610 | $ | 892,241 | $ | 326,511 | $ | 222,362 | $ | 1,961,724 | |||||||||||
Gross profit for product, installation and service | 108,590 | 199,645 | 60,682 | 37,507 | 406,424 | ||||||||||||||||
Operating income (loss) | 36,887 | 93,953 | (10,797 | ) | (40,188 | ) | 79,855 | ||||||||||||||
Income (loss) before income taxes | 32,843 | 89,289 | (16,618 | ) | (44,115 | ) | 61,399 | ||||||||||||||
Net income (loss) | 19,288 | 52,216 | (9,592 | ) | (25,828 | ) | 36,084 | ||||||||||||||
Limited Partner interest in net income (loss) | 19,179 | 51,922 | (9,538 | ) | (25,682 | ) | 35,881 | ||||||||||||||
Net income (loss) per Limited Partner unit: | |||||||||||||||||||||
Basic and diluted (a) | $ | 0.29 | $ | 0.75 | $ | (0.17 | ) | $ | (0.45 | ) | $ | 0.57 | |||||||||
Three Months Ended | |||||||||||||||||||||
(in thousands - except per unit data) | Dec. 31, | Mar. 31, | Jun. 30, | Sep. 30, | Total | ||||||||||||||||
2012 | 2013 | 2013 | 2013 | ||||||||||||||||||
Sales | $ | 516,525 | $ | 785,139 | $ | 262,524 | $ | 177,608 | $ | 1,741,796 | |||||||||||
Gross profit for product, installation and service | 102,691 | 162,011 | 54,907 | 33,519 | 353,128 | ||||||||||||||||
Operating income (loss) | 18,577 | 75,229 | (8,001 | ) | (19,800 | ) | 66,005 | ||||||||||||||
Income (loss) before income taxes | 14,669 | 70,796 | (11,952 | ) | (23,686 | ) | 49,827 | ||||||||||||||
Net income (loss) | 9,752 | 41,679 | (7,588 | ) | (13,937 | ) | 29,906 | ||||||||||||||
Limited Partner interest in net income (loss) | 9,699 | 41,454 | (7,547 | ) | (13,859 | ) | 29,747 | ||||||||||||||
Net income (loss) per Limited Partner unit: | |||||||||||||||||||||
Basic and diluted (a) | $ | 0.15 | $ | 0.58 | $ | (0.13 | ) | $ | (0.24 | ) | $ | 0.47 | |||||||||
(a) | The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2014 | |
Subsequent Events | ' |
19) Subsequent Events | |
Quarterly Distribution Declared | |
In October 2014, we declared a quarterly distribution of $0.0875 per unit, or $0.35 per unit on an annualized basis, on all Common Units with respect to the fourth quarter of fiscal 2014, payable on November 14, 2014, to holders of record on November 10, 2014. In accordance with our Partnership Agreement, the amount of distributions in excess of the minimum quarterly distribution of $0.0675, are distributed 90% to Common Unit holders and 10% to the General Partner unit holders (until certain distribution levels are met), subject to the management incentive compensation plan. As a result, $5.0 million will be paid to the Common Unit holders, $0.1 million to the General Partner unit holders (including $0.06 million of incentive distribution as provided in our Partnership Agreement) and $0.06 million to management pursuant to the management incentive compensation plan which provides for certain members of management to receive incentive distributions that would otherwise be payable to the General Partner. | |
Common Units Repurchased and Retired | |
In accordance with the Plan III common unit repurchase program, during the first two months of fiscal 2015 the Partnership repurchased and retired 122 thousand Common Units at an average price paid of $5.64 per unit. |
Condensed_Financial_Informatio
Condensed Financial Information of Registrant | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Condensed Financial Information of Registrant | ' | ||||||||||||
Schedule I | |||||||||||||
STAR GAS PARTNERS, L.P. (PARENT COMPANY) | |||||||||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||
September 30, | |||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||
Balance Sheets | |||||||||||||
ASSETS | |||||||||||||
Current assets | |||||||||||||
Cash and cash equivalents | $ | 324 | $ | 324 | |||||||||
Prepaid expenses and other current assets | 203 | 206 | |||||||||||
Total current assets | 527 | 530 | |||||||||||
Investment in subsidiaries (a) | 399,414 | 384,783 | |||||||||||
Deferred charges and other assets, net | 2,003 | 2,523 | |||||||||||
Total Assets | $ | 401,944 | $ | 387,836 | |||||||||
LIABILITIES AND PARTNERS’ CAPITAL | |||||||||||||
Current liabilities | |||||||||||||
Accrued expenses | $ | 4,127 | $ | 4,095 | |||||||||
Total current liabilities | 4,127 | 4,095 | |||||||||||
Long-term debt (b) | 124,572 | 124,460 | |||||||||||
Partners’ capital | 273,245 | 259,281 | |||||||||||
Total Liabilities and Partners’ Capital | $ | 401,944 | $ | 387,836 | |||||||||
(a) | Investments in Star Acquisitions, Inc. and subsidiaries are recorded in accordance with the equity method of accounting. | ||||||||||||
(b) | Scheduled principal repayments of long-term debt during each of the next five fiscal years ending September 30, are as follows: 2015—$0; 2016—$0; 2017—$0; 2018—$125,000; 2019—$0; thereafter —$0. The $125,000 principal amount of 8.875% Senior Notes mature in December 2017. | ||||||||||||
Schedule I | |||||||||||||
STAR GAS PARTNERS, L.P. (PARENT COMPANY) | |||||||||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||
Years Ended September 30, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Statements of Operations | |||||||||||||
Revenues | $ | — | $ | — | $ | — | |||||||
General and administrative expenses | 1,420 | 31 | 2,019 | ||||||||||
Operating loss | (1,420 | ) | (31 | ) | (2,019 | ) | |||||||
Net interest expense | (11,206 | ) | (11,197 | ) | (11,188 | ) | |||||||
Amortization of debt issuance costs | (520 | ) | (474 | ) | (330 | ) | |||||||
Net loss before equity income | (13,146 | ) | (11,702 | ) | (13,537 | ) | |||||||
Equity income of Star Petro Inc. and subs | 49,230 | 41,608 | 39,526 | ||||||||||
Net income | $ | 36,084 | $ | 29,906 | $ | 25,989 | |||||||
Schedule I | |||||||||||||
STAR GAS PARTNERS, L.P. (PARENT COMPANY) | |||||||||||||
CONDENSED FINANCIAL INFORMATION OF REGISTRANT | |||||||||||||
Years Ended September 30, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Statements of Cash Flows | |||||||||||||
Cash flows provided by (used in) operating activities: | |||||||||||||
Net cash provided by operating activities (a) | $ | 21,513 | $ | 34,537 | $ | 39,196 | |||||||
Cash flows provided by (used in) investing activities: | |||||||||||||
Net cash provided by (used in) investing activities | — | — | — | ||||||||||
Cash flows provided by (used in) financing activities: | |||||||||||||
Distributions | (19,850 | ) | (19,313 | ) | (19,525 | ) | |||||||
Unit repurchase | (1,663 | ) | (15,217 | ) | (19,648 | ) | |||||||
Net cash used in financing activities | (21,513 | ) | (34,530 | ) | (39,173 | ) | |||||||
Net increase in cash | — | 7 | 23 | ||||||||||
Cash and cash equivalents at beginning of period | 324 | 317 | 294 | ||||||||||
Cash and cash equivalents at end of period | $ | 324 | $ | 324 | $ | 317 | |||||||
(a) Includes distributions from subsidiaries | $ | 21,513 | $ | 34,530 | $ | 39,173 | |||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||
STAR GAS PARTNERS, L.P. AND SUBSIDIARIES | |||||||||||||||||||
Schedule II | |||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||
Years Ended September 30, 2014, 2013 and 2012 | |||||||||||||||||||
(in thousands) | |||||||||||||||||||
Year | Description | Balance at | Charged | Other | Balance at | ||||||||||||||
Beginning | to Costs & | Changes | End of Year | ||||||||||||||||
of Year | Expenses | Add (Deduct) | |||||||||||||||||
2014 | Allowance for doubtful accounts | $ | 7,928 | $ | 7,514 | $ | (6,222 | ) (a) | $ | 9,220 | |||||||||
2013 | Allowance for doubtful accounts | $ | 6,886 | $ | 6,481 | $ | (5,439 | ) (a) | $ | 7,928 | |||||||||
2012 | Allowance for doubtful accounts | $ | 9,530 | $ | 6,017 | $ | (8,661 | ) (a) | $ | 6,886 | |||||||||
(a) | Bad debts written off (net of recoveries). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Basis of Presentation | ' | ||||||||||||
Basis of Presentation | |||||||||||||
The Consolidated Financial Statements include the accounts of Star Gas Partners, L.P. and its subsidiaries. All material intercompany items and transactions have been eliminated in consolidation. | |||||||||||||
Correction of Errors | ' | ||||||||||||
Correction of Immaterial Errors | |||||||||||||
As reported in our June 30, 2014 Form 10-Q, during fiscal year 2014 we recorded adjustments that reduce net income by $2.2 million ($3.7 million, excluding the related income tax benefit) to correct certain errors related to periods from 2002 through September 30, 2013. The errors include understatements of expenses for state sales and petroleum taxes and the related interest and penalties, and overstatements of installations and services sales. The errors were the result of certain control deficiencies that we identified during the third quarter of fiscal 2014. | |||||||||||||
These errors did not, individually or in the aggregate, result in a material misstatement of our previously issued consolidated financial statements for any period through September 30, 2013. The correction of these errors in fiscal year 2014 had no material effect on our results for the full year ending September 30, 2014. | |||||||||||||
Interest expense, net | ' | ||||||||||||
Interest expense, net | |||||||||||||
The components of interest expense, net are: | |||||||||||||
(in thousands) | September 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense | $ | (16,904 | ) | $ | (14,474 | ) | $ | (14,110 | ) | ||||
Interest income | 50 | 41 | 50 | ||||||||||
Interest expense, net | $ | (16,854 | ) | $ | (14,433 | ) | $ | (14,060 | ) | ||||
Comprehensive Income | ' | ||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income is comprised of net income and other comprehensive income. Other comprehensive income consists of the unrealized gain (loss) amortization on the Partnership’s pension plan obligation for its two frozen defined benefit pension plans, and the corresponding tax effect. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Sales of petroleum products are recognized at the time of delivery to the customer and sales of heating and air conditioning equipment are recognized at the time of installation. Revenue from repairs, maintenance and other services are recognized upon completion of the service. Payments received from customers for equipment service contracts are deferred and amortized into income over the terms of the respective service contracts, on a straight-line basis, which generally do not exceed one year. To the extent that the Partnership anticipates that future costs for fulfilling its contractual obligations under its service maintenance contracts will exceed the amount of deferred revenue currently attributable to these contracts, the Partnership recognizes a loss in current period earnings equal to the amount that anticipated future costs exceed related deferred revenues. | |||||||||||||
Cost of Product | ' | ||||||||||||
Cost of Product | |||||||||||||
Cost of product includes the cost of heating oil, diesel, propane, kerosene, heavy oil, gasoline, throughput costs, barging costs, option costs, and realized gains/losses on closed derivative positions for product sales. | |||||||||||||
Cost of Installations and Service | ' | ||||||||||||
Cost of Installations and Services | |||||||||||||
Cost of installations and services includes equipment and material costs, wages and benefits for equipment technicians, dispatchers and other support personnel, subcontractor expenses, commissions and vehicle related costs. | |||||||||||||
Delivery and Branch Expenses | ' | ||||||||||||
Delivery and Branch Expenses | |||||||||||||
Delivery and branch expenses include wages and benefits and department related costs for drivers, dispatchers, garage mechanics, customer service, sales and marketing, compliance, credit and branch accounting, information technology, insurance, weather hedge contract costs and recoveries, and operational support. | |||||||||||||
General and Administrative Expenses | ' | ||||||||||||
General and Administrative Expenses | |||||||||||||
General and administrative expenses include wages and benefits and department related costs for human resources, finance and partnership accounting, administrative support and supply. | |||||||||||||
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 Partnership’s best estimate of the amount of trade receivables that may not be collectible. The allowance is determined at an aggregate level by grouping accounts based on certain account criteria and its receivable aging. The allowance is based on both quantitative and qualitative factors, including historical loss experience, historical collection patterns, overdue status, aging trends, and current economic conditions. The Partnership 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. | |||||||||||||
Allocation of Net Income | ' | ||||||||||||
Allocation of Net Income | |||||||||||||
Net income for partners’ capital and statement of operations is allocated to the general partner and the limited partners in accordance with their respective ownership percentages, after giving effect to cash distributions paid to the general partner in excess of its ownership interest, if any. | |||||||||||||
Net Income per Limited Partner Unit | ' | ||||||||||||
Net Income per Limited Partner Unit | |||||||||||||
Income per limited partner unit is computed in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 260-10-05 Earnings Per Share, Master Limited Partnerships (EITF 03-06), by dividing the limited partners’ interest in net income by the weighted average number of limited partner units outstanding. The pro forma nature of the allocation required by this standard provides that in any accounting period where the Partnership’s aggregate net income exceeds its aggregate distribution for such period, the Partnership is required to present net income per limited partner unit as if all of the earnings for the periods were distributed, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Partnership’s overall net income or other financial results. However, for periods in which the Partnership’s aggregate net income exceeds its aggregate distributions for such period, it will have the impact of reducing the earnings per limited partner unit, as the calculation according to this standard results in a theoretical increased allocation of undistributed earnings to the general partner. In accounting periods where aggregate net income does not exceed aggregate distributions for such period, this standard does not have any impact on the Partnership’s net income per limited partner unit calculation. A separate and independent calculation for each quarter and year-to-date period is performed, in which the Partnership’s contractual participation rights are taken into account. | |||||||||||||
Cash, Accounts Receivable, Notes Receivable, Revolving Credit Facility Borrowings, and Accounts Payable | ' | ||||||||||||
Cash, Accounts Receivable, Notes Receivable, Revolving Credit Facility Borrowings, and Accounts Payable | |||||||||||||
The carrying amount of cash, accounts receivable, notes receivable, revolving credit facility borrowings, and accounts payable approximates fair value because of the short maturity of these instruments. | |||||||||||||
Cash Equivalents | ' | ||||||||||||
Cash Equivalents | |||||||||||||
The Partnership considers all highly liquid investments with an original maturity of three months or less, when purchased, to be cash equivalents. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Liquid product inventories are stated at the lower of cost or market using the weighted average cost method of accounting. All other inventories, representing parts and equipment are stated at the lower of cost or market using the FIFO method. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the depreciable assets using the straight-line method. | |||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
Goodwill and Intangible Assets | |||||||||||||
Goodwill and intangible assets include goodwill, customer lists, trade names and covenants not to compete. | |||||||||||||
Goodwill is the excess of cost over the fair value of net assets in the acquisition of a company. In accordance with FASB ASC 350-10-05 Intangibles-Goodwill and Other, goodwill and intangible assets with indefinite useful lives are not amortized, but instead are annually tested for impairment. Also in accordance with this standard, intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. The Partnership performs its annual impairment review during its fiscal fourth quarter or more frequently if events or circumstances indicate that the value of goodwill might be impaired. | |||||||||||||
Customer lists are the names and addresses of an acquired company’s customers. Based on historical retention experience, these lists are amortized on a straight-line basis over seven to ten years. | |||||||||||||
Trade names are the names of acquired companies. Based on the economic benefit expected and historical retention experience of customers, trade names are amortized on a straight-line basis over seven to twenty years. | |||||||||||||
Covenants not to compete are agreements with the owners of acquired companies and are amortized over the respective lives of the covenants on a straight-line basis, which are generally five years. | |||||||||||||
Business Combinations | ' | ||||||||||||
Business Combinations | |||||||||||||
The Partnership uses the acquisition method of accounting in accordance with FASB ASC 805 Business Combinations. The acquisition method of accounting requires the Partnership to use significant estimates and assumptions, including fair value estimates, as of the business combination date, and to refine those estimates as necessary during the measurement period (defined as the period, not to exceed one year, in which the amounts recognized for a business combination may be adjusted). Each acquired company’s operating results are included in the Partnership’s consolidated financial statements starting on the date of acquisition. The purchase price is equivalent to the fair value of consideration transferred. Tangible and identifiable intangible assets acquired and liabilities assumed as of the date of acquisition are recorded at the acquisition date fair value. The separately identifiable intangible assets generally are comprised of customer lists, trade names and covenants not to compete. Goodwill is recognized for the excess of the purchase price over the net fair value of assets acquired and liabilities assumed. | |||||||||||||
Costs that are incurred to complete the business combination such as legal and other professional fees are not considered part of consideration transferred, and are charged to general and administrative expense as they are incurred. For any given acquisition, certain contingent consideration may be identified. Estimates of the fair value of liability or asset classified contingent consideration are included under the acquisition method as part of the assets acquired or liabilities assumed. At each reporting date, these estimates are remeasured to fair value, with changes recognized in earnings. | |||||||||||||
Impairment of Long-lived Assets | ' | ||||||||||||
Impairment of Long-lived Assets | |||||||||||||
The Partnership reviews intangible assets and other long-lived assets in accordance with FASB ASC 360-10-05-4 Property Plant and Equipment, Impairment or Disposal of Long-Lived Assets subsection, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Partnership determines whether the carrying values of such assets are recoverable over their remaining estimated lives through undiscounted future cash flow analysis. If such a review should indicate that the carrying amount of the assets is not recoverable, the Partnership will reduce the carrying amount of such assets to fair value. | |||||||||||||
Deferred Charges | ' | ||||||||||||
Deferred Charges | |||||||||||||
Deferred charges represent the costs associated with the issuance of debt instruments and are amortized over the lives of the related debt instruments. | |||||||||||||
Advertising and Direct Mail Expenses | ' | ||||||||||||
Advertising and Direct Mail Expenses | |||||||||||||
Advertising and direct mail costs are expensed as they are incurred. Advertising and direct mail expenses were $12.5 million, $10.5 million, and $9.6 million, in 2014, 2013, and 2012, respectively and are recorded in delivery and branch expenses. | |||||||||||||
Customer Credit Balances | ' | ||||||||||||
Customer Credit Balances | |||||||||||||
Customer credit balances represent payments received in advance from customers pursuant to a balanced payment plan (whereby customers pay on a fixed monthly basis) and the payments made have exceeded the charges for liquid product and other services. | |||||||||||||
Environmental Costs | ' | ||||||||||||
Environmental Costs | |||||||||||||
Costs associated with managing hazardous substances and pollution are expensed on a current basis. Accruals are made for costs associated with the remediation of environmental pollution when it becomes probable that a liability has been incurred and the amount can be reasonably estimated. | |||||||||||||
Insurance Reserves | ' | ||||||||||||
Insurance Reserves | |||||||||||||
The Partnership uses a combination of insurance, self-insured retention and self-insurance for a number of risks, including workers’ compensation, general liability, vehicle liability and property. Reserves are established and periodically evaluated, based upon expectations as to what our ultimate liability may be for outstanding claims using developmental factors based upon historical claim experience, including frequency, severity, demographic factors and other actuarial assumptions, supplemented with support from qualified actuaries. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The Partnership is a master limited partnership and is not subject to tax at the entity level for Federal and State income tax purposes. Rather, income and losses of the Partnership are allocated directly to the individual partners (the Partnership’s corporate subsidiaries are subject to tax at the entity level for federal and state income tax purposes). While the Partnership will generate non-qualifying Master Limited Partnership revenue through its corporate subsidiaries, distributions from the corporate subsidiaries to the Partnership are generally included in the determination of qualified Master Limited Partnership income. All or a portion of the distributions received by the Partnership from the corporate subsidiaries could be a dividend or capital gain to the partners. | |||||||||||||
The accompanying financial statements are reported on a fiscal year, however, the Partnership and its Corporate subsidiaries file Federal and State income tax returns on a calendar year. | |||||||||||||
As most of the Partnership’s income is derived from its corporate subsidiaries, these financial statements reflect significant Federal and State income taxes. For corporate subsidiaries of the Partnership, a consolidated Federal income tax return is filed. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amount of assets and liabilities and their respective tax bases and operating loss carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized if, based on the weight of available evidence including historical tax losses, it is more likely than not that some or all of deferred tax assets will not be realized. | |||||||||||||
Sales, Use and Value Added Taxes | ' | ||||||||||||
Sales, Use and Value Added Taxes | |||||||||||||
Taxes are assessed by various governmental authorities on many different types of transactions. Sales reported for product, installations and services excludes taxes. | |||||||||||||
Derivatives and Hedging | ' | ||||||||||||
Derivatives and Hedging | |||||||||||||
FASB ASC 815-10-05 Derivatives and Hedging, requires that derivative instruments be recorded at fair value and included in the consolidated balance sheet as assets or liabilities. The Partnership has elected not to designate its derivative instruments as hedging instruments under this guidance, and the changes in fair value of the derivative instruments are recognized in our statement of operations. | |||||||||||||
Weather Hedge Contract | ' | ||||||||||||
Weather Hedge Contract | |||||||||||||
To partially mitigate the adverse effect of warm weather on cash flows, the Partnership has used weather hedge contracts for a number of years. Weather hedge contracts are recorded in accordance with the intrinsic value method defined by FASB 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. | |||||||||||||
For fiscal years 2015, 2016 and 2017 the Partnership has a weather hedge contract with subsidiaries of Swiss Re under which we are entitled to receive a payment of $35,000 per heating degree-day shortfall, when the total number of heating degree-days in the hedge period is less than approximately 92.5% of the ten year average, the Payment Threshold. The hedge covers the period from November 1, through March 31, taken as a whole, for each respective fiscal year, and has a maximum payout of $12.5 million for each respective fiscal year. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This ASU will replace most existing revenue recognition guidance in U.S. Generally Accepted Accounting Principles (“GAAP”) when it becomes effective. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2018, with early adoption prohibited. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Components of Interest Expense, Net | ' | ||||||||||||
The components of interest expense, net are: | |||||||||||||
(in thousands) | September 30, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense | $ | (16,904 | ) | $ | (14,474 | ) | $ | (14,110 | ) | ||||
Interest income | 50 | 41 | 50 | ||||||||||
Interest expense, net | $ | (16,854 | ) | $ | (14,433 | ) | $ | (14,060 | ) | ||||
Common_Unit_Repurchase_Plans_a1
Common Unit Repurchase Plans and Retirement (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Partnership's Repurchase Activities | ' | ||||||||||||
The following table shows repurchases under Plan III. | |||||||||||||
(in thousands, except per unit amounts) | |||||||||||||
Period | Total Number | Average Price | Maximum Number | ||||||||||
of Units | Paid per Unit (b) | of Units that May | |||||||||||
Purchased (a) | Yet Be Purchased | ||||||||||||
Plan III - Number of units authorized | 4,894 | ||||||||||||
Private transaction - Number of units authorized (c) | 1,150 | ||||||||||||
6,044 | |||||||||||||
Plan III - Fiscal year 2012 total | 22 | $ | 4.26 | 6,022 | |||||||||
Plan III - Fiscal year 2013 total (c) | 3,284 | $ | 4.63 | 2,738 | |||||||||
Plan III - First quarter fiscal year 2014 total (d) | 250 | $ | 5.2 | 2,488 | |||||||||
Plan III - Second quarter fiscal year 2014 total | — | $ | — | 2,488 | |||||||||
Plan III - Third quarter fiscal year 2014 total | — | $ | — | 2,488 | |||||||||
Plan III - July 2014 | — | $ | — | 2,488 | |||||||||
Plan III - August 2014 | 9 | $ | 5.76 | 2,479 | |||||||||
Plan III - September 2014 | 54 | $ | 5.78 | 2,425 | |||||||||
Plan III - Fourth quarter fiscal year 2014 total | 63 | $ | 5.77 | 2,425 | |||||||||
Plan III - Fiscal year 2014 total | 313 | $ | 5.32 | 2,425 | |||||||||
(a) | Units were repurchased as part of a publicly announced program, except as noted in a private transaction. | ||||||||||||
(b) | Amounts include repurchase costs. | ||||||||||||
(c) | Fiscal year 2013 common unit repurchases include 1.15 million common units acquired in a private transaction. | ||||||||||||
(d) | First quarter fiscal year 2014 common unit repurchases were acquired in a private transaction. |
Derivatives_and_HedgingDisclos1
Derivatives and Hedging-Disclosures and Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Partnership's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||
The Partnership had no assets or liabilities that are measured at fair value on a nonrecurring basis subsequent to their initial recognition. The Partnership’s financial assets and liabilities measured at fair value on a recurring basis are listed on the following table. | |||||||||||||||||||||||||
(In thousands) | Fair Value Measurements at Reporting Date Using: | ||||||||||||||||||||||||
Derivatives Not | Balance Sheet Location | Total | Quoted Prices in | Significant Other | |||||||||||||||||||||
Designated as Hedging | Active Markets for | Observable Inputs | |||||||||||||||||||||||
Instruments | Identical Assets | Level 2 | |||||||||||||||||||||||
Under FASB ASC 815-10 | Level 1 | ||||||||||||||||||||||||
Asset Derivatives at September 30, 2014 | |||||||||||||||||||||||||
Commodity contracts | Fair asset and fair liability value | $ | 26,263 | $ | 2,328 | $ | 23,935 | ||||||||||||||||||
of derivative instruments | |||||||||||||||||||||||||
Commodity contract assets at September 30, 2014 | $ | 26,263 | $ | 2,328 | $ | 23,935 | |||||||||||||||||||
Liability Derivatives at September 30, 2014 | |||||||||||||||||||||||||
Commodity contracts | Fair liability and fair asset value of derivative instruments | $ | (36,279 | ) | $ | — | $ | (36,279 | ) | ||||||||||||||||
Commodity contract liabilities at September 30, 2014 | $ | (36,279 | ) | $ | — | $ | (36,279 | ) | |||||||||||||||||
Asset Derivatives at September 30, 2013 | |||||||||||||||||||||||||
Commodity contracts | Fair asset and fair liability value of derivative instruments | $ | 14,467 | $ | 1,175 | $ | 13,292 | ||||||||||||||||||
Commodity contract assets at September 30, 2013 | $ | 14,467 | $ | 1,175 | $ | 13,292 | |||||||||||||||||||
Liability Derivatives at September 30, 2013 | |||||||||||||||||||||||||
Commodity contracts | Fair liability and fair asset value of derivative instruments | $ | (17,820 | ) | $ | (519 | ) | $ | (17,301 | ) | |||||||||||||||
Commodity contract liabilities at September 30, 2013 | $ | (17,820 | ) | $ | (519 | ) | $ | (17,301 | ) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
The Effect of Derivative Instruments on the Statement of Operations | |||||||||||||||||||||||||
Amount of (Gain) or Loss Recognized | |||||||||||||||||||||||||
Years Ended September 30, | |||||||||||||||||||||||||
Derivatives Not | Location of (Gain) or | 2014 | 2013 | 2012 | |||||||||||||||||||||
Designated as Hedging | Loss Recognized in | ||||||||||||||||||||||||
Instruments Under | Income on Derivative | ||||||||||||||||||||||||
FASB ASC 815-10 | |||||||||||||||||||||||||
Commodity contracts | Cost of product (a) | $ | 11,781 | $ | 17,769 | $ | 18,636 | ||||||||||||||||||
Commodity contracts | Cost of installations and service (a) | $ | (202 | ) | $ | (440 | ) | $ | (284 | ) | |||||||||||||||
Commodity contracts | Delivery and branch expenses (a) | $ | (104 | ) | $ | (286 | ) | $ | (82 | ) | |||||||||||||||
Commodity contracts | (Increase) / decrease in the fair value of derivative instruments | $ | 6,566 | $ | 6,775 | $ | (8,549 | ) | |||||||||||||||||
(a) | Represents realized closed positions and includes the cost of options as they expire. | ||||||||||||||||||||||||
Partnership's Derivatives Assets (Liabilities) Offset by Counterparty | ' | ||||||||||||||||||||||||
The Partnership’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table. | |||||||||||||||||||||||||
(In thousands) | Gross Amounts Not Offset in the | ||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Offsetting of Financial Assets (Liabilities) | Gross | Gross | Net Assets | Financial | Cash | Net Amount | |||||||||||||||||||
and Derivative Assets (Liabilities) | Assets | Liabilities | (Liabilities) | Instruments | Collateral | ||||||||||||||||||||
Recognized | Offset in the | Presented in | Received | ||||||||||||||||||||||
Statement of | the | ||||||||||||||||||||||||
Financial | Statement of | ||||||||||||||||||||||||
Position | Financial | ||||||||||||||||||||||||
Position | |||||||||||||||||||||||||
Fair asset value of derivative instruments | $ | 2,342 | $ | — | $ | 2,342 | $ | — | $ | — | $ | 2,342 | |||||||||||||
Fair liability value of derivative instruments | 23,921 | (36,279 | ) | (12,358 | ) | — | — | (12,358 | ) | ||||||||||||||||
Total at September 30, 2014 | $ | 26,263 | $ | (36,279 | ) | $ | (10,016 | ) | $ | — | $ | — | $ | (10,016 | ) | ||||||||||
Fair asset value of derivative instruments | $ | 7,254 | $ | (6,608 | ) | $ | 646 | $ | — | $ | — | $ | 646 | ||||||||||||
Fair liability value of derivative instruments | 7,213 | (11,212 | ) | (3,999 | ) | — | — | (3,999 | ) | ||||||||||||||||
Total at September 30, 2013 | $ | 14,467 | $ | (17,820 | ) | $ | (3,353 | ) | $ | — | $ | — | $ | (3,353 | ) | ||||||||||
Partnership's Derivatives Assets (Liabilities) Offset by Counterparty | ' | ||||||||||||||||||||||||
The Partnership’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table. | |||||||||||||||||||||||||
(In thousands) | Gross Amounts Not Offset in the | ||||||||||||||||||||||||
Statement of Financial Position | |||||||||||||||||||||||||
Offsetting of Financial Assets (Liabilities) | Gross | Gross | Net Assets | Financial | Cash | Net Amount | |||||||||||||||||||
and Derivative Assets (Liabilities) | Assets | Liabilities | (Liabilities) | Instruments | Collateral | ||||||||||||||||||||
Recognized | Offset in the | Presented in | Received | ||||||||||||||||||||||
Statement of | the | ||||||||||||||||||||||||
Financial | Statement of | ||||||||||||||||||||||||
Position | Financial | ||||||||||||||||||||||||
Position | |||||||||||||||||||||||||
Fair asset value of derivative instruments | $ | 2,342 | $ | — | $ | 2,342 | $ | — | $ | — | $ | 2,342 | |||||||||||||
Fair liability value of derivative instruments | 23,921 | (36,279 | ) | (12,358 | ) | — | — | (12,358 | ) | ||||||||||||||||
Total at September 30, 2014 | $ | 26,263 | $ | (36,279 | ) | $ | (10,016 | ) | $ | — | $ | — | $ | (10,016 | ) | ||||||||||
Fair asset value of derivative instruments | $ | 7,254 | $ | (6,608 | ) | $ | 646 | $ | — | $ | — | $ | 646 | ||||||||||||
Fair liability value of derivative instruments | 7,213 | (11,212 | ) | (3,999 | ) | — | — | (3,999 | ) | ||||||||||||||||
Total at September 30, 2013 | $ | 14,467 | $ | (17,820 | ) | $ | (3,353 | ) | $ | — | $ | — | $ | (3,353 | ) | ||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Components of Inventory | ' | ||||||||
The components of inventory were as follows (in thousands): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Product | $ | 39,802 | $ | 50,197 | |||||
Parts and equipment | 19,438 | 17,953 | |||||||
Total inventory | $ | 59,240 | $ | 68,150 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property and Equipment | ' | ||||||||
The components of property and equipment and their estimated useful lives were as follows (in thousands): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Land and land improvements | $ | 16,884 | $ | 13,958 | |||||
Buildings and leasehold improvements | 30,877 | 27,571 | |||||||
Fleet and other equipment | 54,685 | 46,260 | |||||||
Tanks and equipment | 26,204 | 21,445 | |||||||
Furniture, fixtures and office equipment | 41,657 | 61,228 | |||||||
Total | 170,307 | 170,462 | |||||||
Less accumulated depreciation | 102,888 | 119,139 | |||||||
Property and equipment, net | $ | 67,419 | $ | 51,323 | |||||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Final Fair Values and Purchase Price Allocation at Acquisition Date of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the final fair values and purchase price allocation at the acquisition date, of the assets acquired and liabilities assumed related to the Griffith acquisition as of the Acquisition Date. | |||||||||
(in thousands) | As of Acquisition Date | ||||||||
Trade accounts receivable (a) | $ | 49,010 | |||||||
Inventories | 5,143 | ||||||||
Other current assets | 2,984 | ||||||||
Property and equipment | 17,263 | ||||||||
Customer lists, trade names and other intangibles | 44,400 | ||||||||
Other long term assets | 1,778 | ||||||||
Current liabilities | (31,096 | ) | |||||||
Total net identifiable assets acquired | $ | 89,482 | |||||||
Total consideration | $ | 97,650 | |||||||
Less: Total net identifiable assets acquired | 89,482 | ||||||||
Goodwill | $ | 8,168 | |||||||
(a) The gross contractual receivable amount is $50.7 million, and the best estimate at the Acquisition Date of the contractual cash flows not expected to be collected is $1.7 million. | |||||||||
Unaudited Pro Forma Results of Operations | ' | ||||||||
The following table provides unaudited pro forma results of operations as if the Griffith acquisition had occurred on October 1, 2012, the beginning of fiscal year 2013. The unaudited pro forma results were prepared using Griffith’s current and prior year financial information, reflecting certain adjustments related to the acquisition, such as the elimination of directly attributable acquisition expenses and changes to depreciation and amortization expenses. These pro forma adjustments do not include any potential synergies related to combining the businesses. Accordingly, such pro forma operating results were prepared for comparative purposes only and do not purport to be indicative of what would have occurred had the acquisition been made as of October 1, 2012 or of results that may occur in the future. | |||||||||
September 30, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Total sales | $ | 2,132,430 | $ | 2,040,271 | |||||
Net income | $ | 40,903 | $ | 31,557 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Summary of Changes in the Partnership's Goodwill | ' | ||||||||||||||||||||||||
A summary of changes in the Partnership’s goodwill during the fiscal years ended September 30, 2014 and 2013 are as follows (in thousands): | |||||||||||||||||||||||||
Balance as of September 30, 2012 | $ | 201,103 | |||||||||||||||||||||||
Fiscal year 2013 business combination | 27 | ||||||||||||||||||||||||
Balance as of September 30, 2013 | 201,130 | ||||||||||||||||||||||||
Fiscal year 2014 business combinations | 8,201 | ||||||||||||||||||||||||
Balance as of September 30, 2014 | $ | 209,331 | |||||||||||||||||||||||
Components of Intangible Assets Subject to Amortization | ' | ||||||||||||||||||||||||
Intangible assets subject to amortization consist of the following (in thousands): | |||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross | Accum. | Net | Gross | Accum. | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||||||||||
Amount | Amount | ||||||||||||||||||||||||
Customer lists | $ | 304,699 | $ | 224,215 | $ | 80,484 | $ | 267,580 | $ | 213,773 | $ | 53,807 | |||||||||||||
Trade names and other intangibles | 24,070 | 3,771 | 20,299 | 20,431 | 7,448 | 12,983 | |||||||||||||||||||
Total | $ | 328,769 | $ | 227,986 | $ | 100,783 | $ | 288,011 | $ | 221,221 | $ | 66,790 | |||||||||||||
Estimated Annual Amortization Expense Related to Intangible Assets Subject to Amortization | ' | ||||||||||||||||||||||||
Total estimated annual amortization expense related to intangible assets subject to amortization, for the year ended September 30, 2015 and the four succeeding fiscal years ended September 30, is as follows (in thousands): | |||||||||||||||||||||||||
Amount | |||||||||||||||||||||||||
2015 | $ | 13,229 | |||||||||||||||||||||||
2016 | $ | 13,058 | |||||||||||||||||||||||
2017 | $ | 12,538 | |||||||||||||||||||||||
2018 | $ | 11,699 | |||||||||||||||||||||||
2019 | $ | 11,464 |
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Components of Accrued Expenses and Other Current Liabilities | ' | ||||||||
The components of accrued expenses and other current liabilities were as follows (in thousands): | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Accrued wages and benefits | $ | 23,926 | $ | 18,932 | |||||
Accrued insurance and environmental costs | 64,357 | 58,470 | |||||||
Other accrued expenses and other current liabilities | 14,651 | 9,740 | |||||||
Total accrued expenses and other current liabilities | $ | 102,934 | $ | 87,142 | |||||
LongTerm_Debt_and_Bank_Facilit1
Long-Term Debt and Bank Facility Borrowings (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Partnership's Debt | ' | ||||||||||||||||
The Partnership’s debt is as follows (in thousands): | |||||||||||||||||
September 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Carrying | Fair Value (a) | Carrying | Fair Value (a) | ||||||||||||||
Amount | Amount | ||||||||||||||||
8.875% Senior Notes (b) | $ | 124,572 | $ | 130,313 | $ | 124,460 | $ | 130,000 | |||||||||
Revolving Credit Facility Borrowings (c) | — | — | — | — | |||||||||||||
Total debt | $ | 124,572 | $ | 130,313 | $ | 124,460 | $ | 130,000 | |||||||||
Total long-term portion of debt | $ | 124,572 | $ | 130,313 | $ | 124,460 | $ | 130,000 | |||||||||
(a) | The Partnership’s fair value estimates of long-term debt are made at a specific point in time, based on Level 2 inputs. | ||||||||||||||||
(b) | The 8.875% Senior Notes were originally issued in November 2010 in a private placement offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933, and in February 2011, were exchanged for substantially identical public notes registered with the Securities and Exchange Commission. These public notes mature in December 2017 and accrue interest at an annual rate of 8.875% requiring semi-annual interest payments on June 1 and December 1 of each year. The discount on these notes was $0.4 million at September 30, 2014. Under the terms of the indenture, these notes permit restricted payments after passing particular financial tests. The Partnership can incur debt up to $100 million for acquisitions and can also pay restricted payments of $22.0 million without passing certain financial tests. | ||||||||||||||||
(c) | In January 2014, the Partnership entered into a second amended and restated asset based revolving credit facility agreement with a bank syndicate comprised of fifteen participants, which replaced the then existing revolving credit facility. | ||||||||||||||||
Maturities Including Working Capital Borrowings | ' | ||||||||||||||||
As of September 30, 2014, the maturities including working capital borrowings during fiscal years ending September 30, are set forth in the following table (in thousands): | |||||||||||||||||
2015 | $ | — | |||||||||||||||
2016 | $ | — | |||||||||||||||
2017 | $ | — | |||||||||||||||
2018 | $ | 125,000 | |||||||||||||||
2019 | $ | — | |||||||||||||||
Thereafter | $ | — |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||
Participation and Contributions to Multiemployer Pension Plans | ' | ||||||||||||||||||||||||||
Pension Protection Act | FIP / RP Status | Partnership Contributions | |||||||||||||||||||||||||
Zone Status | (in thousands) | ||||||||||||||||||||||||||
Pension Fund | EIN | 2014 | 2013 | Pending / | 2014 | 2013 | 2012 | Surcharge | Expiration Date of | ||||||||||||||||||
/ Pension Plan | Implemented | Imposed | Collective- | ||||||||||||||||||||||||
Number | Bargaining | ||||||||||||||||||||||||||
Agreement | |||||||||||||||||||||||||||
New England Teamsters & Trucking Industry Pension Fund | 04-6372430 | Red | Red | Yes / | $ | 2,868 | $ | 2,709 | $ | 2,532 | No | 3/31/17 | |||||||||||||||
/ 001 | Implemented | ||||||||||||||||||||||||||
Westchester Teamsters Pension Fund | 13-6123973 | Green | Green | N/A | 855 | 820 | 771 | No | 12/31/14 | ||||||||||||||||||
/ 001 | |||||||||||||||||||||||||||
Local 553 Pension Fund | 13-6637826 | Green | Green | N/A | 2,649 | 2,729 | 2,152 | No | 1/15/17 | ||||||||||||||||||
/ 001 | |||||||||||||||||||||||||||
Local 463 Pension Fund | 11-1800729 | Green | Green | N/A | 156 | 146 | 155 | No | 2/28/17 | ||||||||||||||||||
/ 001 | |||||||||||||||||||||||||||
All Other Multiemployer Pension Plans | 1,846 | 1,614 | 1,627 | ||||||||||||||||||||||||
Total | $ | 8,374 | $ | 8,018 | $ | 7,237 | |||||||||||||||||||||
Contributions | |||||||||||||||||||||||||||
Net Periodic Benefit Cost for Period Reconciliation of Changes in Plan Assets Projected Benefit Obligations and Amounts Recognized in Other Comprehensive Income and Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||||
The following table provides the net periodic benefit cost for the period, a reconciliation of the changes in the Plan assets, projected benefit obligations, and the amounts recognized in other comprehensive income and accumulated other comprehensive income at the dates indicated using a measurement date of September 30 (in thousands): | |||||||||||||||||||||||||||
Debit / (Credit) | Net Periodic | Cash | Fair | Projected | Other | Gross Pension | |||||||||||||||||||||
Pension | Value of | Benefit | Comprehensive | Related | |||||||||||||||||||||||
Cost in | Pension | Obligation | (Income) / Loss | Accumulated | |||||||||||||||||||||||
Income | Plan | Other | |||||||||||||||||||||||||
Statement | Assets | Comprehensive | |||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||
Fiscal Year 2012 | |||||||||||||||||||||||||||
Beginning balance | $ | 52,434 | $ | (67,878 | ) | $ | 33,041 | ||||||||||||||||||||
Interest cost | 2,858 | (2,858 | ) | ||||||||||||||||||||||||
Actual return on plan assets | (8,727 | ) | 8,727 | ||||||||||||||||||||||||
Employer contributions | (3,365 | ) | 3,365 | ||||||||||||||||||||||||
Benefit payments | (4,223 | ) | 4,223 | ||||||||||||||||||||||||
Investment and other expenses | (374 | ) | 374 | ||||||||||||||||||||||||
Difference between actual and expected return on plan assets | 5,075 | (5,075 | ) | ||||||||||||||||||||||||
Anticipated expenses | 262 | (262 | ) | ||||||||||||||||||||||||
Actuarial loss | (6,650 | ) | 6,650 | ||||||||||||||||||||||||
Amortization of unrecognized net actuarial loss | 2,751 | (2,751 | ) | ||||||||||||||||||||||||
Annual cost/change | $ | 1,845 | $ | (3,365 | ) | 7,869 | (5,173 | ) | $ | (1,176 | ) | (1,176 | ) | ||||||||||||||
Ending balance | $ | 60,303 | $ | (73,051 | ) | $ | 31,865 | ||||||||||||||||||||
Funded status at the end of the year | $ | (12,748 | ) | ||||||||||||||||||||||||
Fiscal Year 2013 | |||||||||||||||||||||||||||
Interest cost | 2,477 | (2,477 | ) | ||||||||||||||||||||||||
Actual return on plan assets | (332 | ) | 332 | ||||||||||||||||||||||||
Employer contributions | (3,476 | ) | 3,476 | ||||||||||||||||||||||||
Benefit payments | (4,083 | ) | 4,083 | ||||||||||||||||||||||||
Investment and other expenses | (285 | ) | 285 | ||||||||||||||||||||||||
Difference between actual and expected return on plan assets | (3,475 | ) | 3,475 | ||||||||||||||||||||||||
Anticipated expenses | 302 | (302 | ) | ||||||||||||||||||||||||
Actuarial gain | 7,157 | (7,157 | ) | ||||||||||||||||||||||||
Amortization of unrecognized net actuarial loss | 2,655 | (2,655 | ) | ||||||||||||||||||||||||
Annual cost/change | $ | 1,342 | $ | (3,476 | ) | (275 | ) | 8,746 | $ | (6,337 | ) | (6,337 | ) | ||||||||||||||
Ending balance | $ | 60,028 | $ | (64,305 | ) | $ | 25,528 | ||||||||||||||||||||
Funded status at the end of the year | $ | (4,277 | ) | ||||||||||||||||||||||||
Fiscal Year 2014 | |||||||||||||||||||||||||||
Interest cost | 2,761 | (2,761 | ) | ||||||||||||||||||||||||
Actual return on plan assets | (7,614 | ) | 7,614 | ||||||||||||||||||||||||
Employer contributions | (2,014 | ) | 2,014 | ||||||||||||||||||||||||
Benefit payments | (4,277 | ) | 4,277 | ||||||||||||||||||||||||
Investment and other expenses | (262 | ) | 262 | ||||||||||||||||||||||||
Difference between actual and expected return on plan assets | 4,472 | (4,472 | ) | ||||||||||||||||||||||||
Anticipated expenses | 300 | (300 | ) | ||||||||||||||||||||||||
Actuarial loss | (7,655 | ) | 7,655 | ||||||||||||||||||||||||
Amortization of unrecognized net actuarial loss | 2,113 | (2,113 | ) | ||||||||||||||||||||||||
Annual cost/change | $ | 1,770 | $ | (2,014 | ) | 5,351 | (6,177 | ) | $ | 1,070 | 1,070 | ||||||||||||||||
Ending balance | $ | 65,379 | $ | (70,482 | ) | $ | 26,598 | ||||||||||||||||||||
Funded status at the end of the year | $ | (5,103 | ) | ||||||||||||||||||||||||
Weighted-Average Assumptions Used in Measurement of Partnership's Benefit Obligation | ' | ||||||||||||||||||||||||||
September 30, | |||||||||||||||||||||||||||
Weighted-Average Assumptions Used in the Measurement of the Partnership’s Benefit Obligation | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Discount rate at year end date | 4.05 | % | 4.45 | % | 3.5 | % | |||||||||||||||||||||
Expected return on plan assets for the year ended | 5.75 | % | 7 | % | 7.75 | % | |||||||||||||||||||||
Rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||||
Fair Values and Percentage of Partnership's Pension Plan Assets by Asset Category | ' | ||||||||||||||||||||||||||
The fair values and percentage of the Partnership’s pension plan assets by asset category are as follows (in thousands): | |||||||||||||||||||||||||||
Concentration | |||||||||||||||||||||||||||
Asset Category at September 30, 2014 | Level 1 | Percentage | |||||||||||||||||||||||||
Corporate and U.S. government bond fund (1) | $ | 52,204 | 79 | % | |||||||||||||||||||||||
U.S. large-cap equity (1) | 9,774 | 15 | % | ||||||||||||||||||||||||
International equity (1) | 3,093 | 5 | % | ||||||||||||||||||||||||
Cash | 308 | 1 | % | ||||||||||||||||||||||||
Total | $ | 65,379 | 100 | % | |||||||||||||||||||||||
-1 | Represent investments in Vanguard funds that seek to replicate the asset category description. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Components of Income Tax Expense | ' | ||||||||||||
Income tax expense is comprised of the following for the indicated periods (in thousands): | |||||||||||||
Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 19,747 | $ | 14,486 | $ | 2,168 | |||||||
State | 4,909 | 3,759 | 1,495 | ||||||||||
Deferred | 659 | 1,676 | 12,913 | ||||||||||
$ | 25,315 | $ | 19,921 | $ | 16,576 | ||||||||
Provision for Income Taxes Differs from Income Taxes | ' | ||||||||||||
The provision for income taxes differs from income taxes computed at the Federal statutory rate as a result of the following (in thousands): | |||||||||||||
Years Ended September 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income from continuing operations before taxes | $ | 61,399 | $ | 49,827 | $ | 42,565 | |||||||
Provision for income taxes: | |||||||||||||
Tax at Federal statutory rate | $ | 21,490 | $ | 17,440 | $ | 14,898 | |||||||
Impact of Partnership loss not subject to federal income taxes | 628 | 97 | 697 | ||||||||||
State taxes net of federal benefit | 3,310 | 3,192 | 2,801 | ||||||||||
Permanent differences | 57 | 37 | 28 | ||||||||||
Change in valuation allowance | — | (658 | ) | (14 | ) | ||||||||
Change in unrecognized tax benefit | (113 | ) | 55 | (1,669 | ) | ||||||||
Other | (57 | ) | (242 | ) | (165 | ) | |||||||
$ | 25,315 | $ | 19,921 | $ | 16,576 | ||||||||
Components of Net Deferred Taxes | ' | ||||||||||||
The components of the net deferred taxes for the years ended September 30, 2014 and September 30, 2013 using current tax rates are as follows (in thousands): | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 5,490 | $ | 6,760 | |||||||||
Vacation accrual | 2,970 | 2,580 | |||||||||||
Pension accrual | 2,964 | 2,672 | |||||||||||
Allowance for bad debts | 3,661 | 3,158 | |||||||||||
Fair value of derivative instruments | 5,000 | 2,314 | |||||||||||
Insurance accrual | 22,823 | 21,073 | |||||||||||
Inventory capitalization | 865 | 941 | |||||||||||
Alternative minimum tax credit carryforward | 261 | 261 | |||||||||||
Other, net | 2,060 | 1,906 | |||||||||||
Total deferred tax assets | $ | 46,094 | $ | 41,665 | |||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | $ | 2,383 | $ | 2,225 | |||||||||
Inventory costing method | 256 | — | |||||||||||
Intangibles | 30,495 | 26,285 | |||||||||||
Total deferred tax liabilities | $ | 33,134 | $ | 28,510 | |||||||||
Net deferred taxes | $ | 12,960 | $ | 13,155 | |||||||||
Tax Benefits Recorded as a Benefit to Effective Tax Rate | ' | ||||||||||||
Tax Uncertainties (in thousands) | |||||||||||||
Balance at September 30, 2013 | $ | 784 | |||||||||||
Additions based on tax positions related to the current year | — | ||||||||||||
Additions for tax positions of prior years | 116 | ||||||||||||
Reduction for tax positions of prior years | — | ||||||||||||
Reductions due to lapse in statue of limitations/settlements | — | ||||||||||||
Balance at September 30, 2014 | $ | 900 | |||||||||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Future Minimum Rental Commitments | ' | ||||
The future minimum rental commitments at September 30, 2014 under operating leases having an initial or remaining non-cancelable term of one year or more are as follows (in thousands): | |||||
2015 | $ | 15,765 | |||
2016 | 13,543 | ||||
2017 | 10,232 | ||||
2018 | 6,665 | ||||
2019 | 5,855 | ||||
Thereafter | 9,238 | ||||
Total future minimum lease payments | $ | 61,298 | |||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Supplemental Disclosure of Cash Flow Information | ' | ||||||||||||
Years Ended September 30, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Cash paid during the period for: | |||||||||||||
Income taxes, net | $ | 25,518 | $ | 16,137 | $ | 6,175 | |||||||
Interest | $ | 16,968 | $ | 14,376 | $ | 14,487 | |||||||
Non-cash financing activities: | |||||||||||||
Increase in interest expense—amortization of debt discount on 8.875% Senior Note | $ | 112 | $ | 103 | $ | 94 |
Earnings_Per_Limited_Partner_U1
Earnings Per Limited Partner Units (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Net Income Allocation and Per Unit Data | ' | ||||||||||||
The following table presents the net income allocation and per unit data in accordance with FASB ASC 260-10-45-60 Earnings per Share, Master Limited Partnerships (EITF 03-06): | |||||||||||||
Basic and Diluted Earnings Per Limited Partner: | Years Ended September 30, | ||||||||||||
(in thousands, except per unit data) | 2014 | 2013 | 2012 | ||||||||||
Net income | $ | 36,084 | $ | 29,906 | $ | 25,989 | |||||||
Less General Partners’ interest in net income | 203 | 159 | 136 | ||||||||||
Net income available to limited partners | 35,881 | 29,747 | 25,853 | ||||||||||
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 * | 3,195 | 2,010 | 1,142 | ||||||||||
Limited Partner’s interest in net income under FASB ASC 260-10-45-60 | $ | 32,686 | $ | 27,737 | $ | 24,711 | |||||||
Per unit data: | |||||||||||||
Basic and diluted net income available to limited partners | $ | 0.62 | $ | 0.5 | $ | 0.42 | |||||||
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 * | 0.05 | 0.03 | 0.02 | ||||||||||
Limited Partner’s interest in net income under FASB ASC 260-10-45-60 | $ | 0.57 | $ | 0.47 | $ | 0.4 | |||||||
Weighted average number of Limited Partner units outstanding | 57,476 | 59,409 | 61,931 | ||||||||||
* | In any accounting period where the Partnership’s aggregate net income exceeds its aggregate distribution for such period, the Partnership is required as per FASB ASC 260-10-45-60 to present net income per limited partner unit as if all of the earnings for the period were distributed, based on the terms of the Partnership agreement, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Partnership’s overall net income or other financial results. |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
(in thousands - except per unit data) | Dec. 31, | Mar. 31, | Jun. 30, | Sep. 30, | Total | ||||||||||||||||
2013 | 2014 | 2014 | 2014 | ||||||||||||||||||
Sales | $ | 520,610 | $ | 892,241 | $ | 326,511 | $ | 222,362 | $ | 1,961,724 | |||||||||||
Gross profit for product, installation and service | 108,590 | 199,645 | 60,682 | 37,507 | 406,424 | ||||||||||||||||
Operating income (loss) | 36,887 | 93,953 | (10,797 | ) | (40,188 | ) | 79,855 | ||||||||||||||
Income (loss) before income taxes | 32,843 | 89,289 | (16,618 | ) | (44,115 | ) | 61,399 | ||||||||||||||
Net income (loss) | 19,288 | 52,216 | (9,592 | ) | (25,828 | ) | 36,084 | ||||||||||||||
Limited Partner interest in net income (loss) | 19,179 | 51,922 | (9,538 | ) | (25,682 | ) | 35,881 | ||||||||||||||
Net income (loss) per Limited Partner unit: | |||||||||||||||||||||
Basic and diluted (a) | $ | 0.29 | $ | 0.75 | $ | (0.17 | ) | $ | (0.45 | ) | $ | 0.57 | |||||||||
Three Months Ended | |||||||||||||||||||||
(in thousands - except per unit data) | Dec. 31, | Mar. 31, | Jun. 30, | Sep. 30, | Total | ||||||||||||||||
2012 | 2013 | 2013 | 2013 | ||||||||||||||||||
Sales | $ | 516,525 | $ | 785,139 | $ | 262,524 | $ | 177,608 | $ | 1,741,796 | |||||||||||
Gross profit for product, installation and service | 102,691 | 162,011 | 54,907 | 33,519 | 353,128 | ||||||||||||||||
Operating income (loss) | 18,577 | 75,229 | (8,001 | ) | (19,800 | ) | 66,005 | ||||||||||||||
Income (loss) before income taxes | 14,669 | 70,796 | (11,952 | ) | (23,686 | ) | 49,827 | ||||||||||||||
Net income (loss) | 9,752 | 41,679 | (7,588 | ) | (13,937 | ) | 29,906 | ||||||||||||||
Limited Partner interest in net income (loss) | 9,699 | 41,454 | (7,547 | ) | (13,859 | ) | 29,747 | ||||||||||||||
Net income (loss) per Limited Partner unit: | |||||||||||||||||||||
Basic and diluted (a) | $ | 0.15 | $ | 0.58 | $ | (0.13 | ) | $ | (0.24 | ) | $ | 0.47 | |||||||||
(a) | The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. |
Partnership_Organization_Addit
Partnership Organization - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | ||
8.875% Senior Notes | 8.875% Senior Notes | 8.875% Senior Notes | Star Acquisitions, Inc | Petro Holdings, Inc | Star Gas Finance Company | Common Stock | Common Stock | Common Stock | Common Stock | General Partner | General Partner | General Partner | General Partner | |||||
Customer | ||||||||||||||||||
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of outstanding units | ' | ' | ' | ' | ' | ' | ' | ' | 57,405 | 57,718 | 61,002 | 64,970 | 326 | 326 | 326 | 326 | ||
Percentage of limited partner interest | 99.44% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Percentage of general partner interest | 0.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ownership interest of partnership | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ownership interest of Star Acquisitions Inc. | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of full-service residential and commercial home heating oil and propane customers served | ' | ' | ' | ' | ' | ' | 444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of customers to whom only home heating oil, gasoline and diesel fuel were sold on a delivery only basis | ' | ' | ' | ' | ' | ' | 68,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of customers to whom ancillary services were provided | ' | ' | ' | ' | ' | ' | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Outstanding senior notes | $124,572 | [1] | $124,460 | [1] | $125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on senior notes | ' | ' | 8.88% | 8.88% | 8.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Maturity of public notes due | ' | ' | 1-Dec-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | The 8.875% Senior Notes were originally issued in November 2010 in a private placement offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933, and in February 2011, were exchanged for substantially identical public notes registered with the Securities and Exchange Commission. These public notes mature in December 2017 and accrue interest at an annual rate of 8.875% requiring semi-annual interest payments on June 1 and December 1 of each year. The discount on these notes was $0.4 million at September 30, 2014. Under the terms of the indenture, these notes permit restricted payments after passing particular financial tests. The Partnership can incur debt up to $100 million for acquisitions and can also pay restricted payments of $22.0 million without passing certain financial tests. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Advertising and direct mail expenses | $12,500,000 | $10,500,000 | $9,600,000 |
Subsidiaries of Swiss Re | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Weather hedge contract, payment entitled to be received per heating degree-day shortfall | 35,000 | ' | ' |
Percentage in heating degree days less than ten year average that is covered | 92.50% | ' | ' |
Derivative maximum payout | 12,500,000 | ' | ' |
Maximum | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Cash equivalents, highly liquid investments maturity | '3 months | ' | ' |
Customer Lists | Maximum | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, amortization period | '10 years | ' | ' |
Customer Lists | Minimum | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, amortization period | '7 years | ' | ' |
Trade Names | Maximum | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, amortization period | '20 years | ' | ' |
Trade Names | Minimum | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, amortization period | '7 years | ' | ' |
Noncompete Agreements | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Intangible assets, amortization period | '5 years | ' | ' |
Immaterial Error Correction | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Other taxes, related interest and penalties, and installation and service revenue overstatement, net of tax | 2,200,000 | ' | ' |
Other taxes, related interest and penalties, and installation and service revenue overstatement | $3,700,000 | ' | ' |
Components_of_Interest_Expense
Components of Interest Expense, Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income Expense Net [Line Items] | ' | ' | ' |
Interest expense | ($16,904) | ($14,474) | ($14,110) |
Interest income | 50 | 41 | 50 |
Interest expense, net | ($16,854) | ($14,433) | ($14,060) |
Quarterly_Distribution_of_Avai1
Quarterly Distribution of Available Cash - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Selected Quarterly Financial Data [Line Items] | ' | ' | ' |
Minimum distribution of available cash per unit | $0.07 | ' | ' |
Common units distribution amount on annualized basis | $0.27 | ' | ' |
First tier, percentage of cash distribution to common units minimum quarterly distribution | 100.00% | ' | ' |
Second tier, percentage of available cash distribution to common units for any arrearages | 100.00% | ' | ' |
Third tier, percentage of available cash distribution to general partner unit holder until minimum quarterly distribution is met | 100.00% | ' | ' |
Fourth tier, percentage of distributions to common unit holders until first target distribution is met | 90.00% | ' | ' |
Fourth tier, percentage of distributions to general partner unit holder until first target distribution is met | 10.00% | ' | ' |
First target distribution | $0.11 | ' | ' |
Thereafter, percentage of distributions to common unit holders after first target distribution is met | 80.00% | ' | ' |
Thereafter, percentage of distributions to general partner unit holders after first target distribution is met | 20.00% | ' | ' |
Percentage of excess availability of revolving commitment that must be maintained | 15.00% | ' | ' |
Fixed charge coverage ratio that must be maintained to make distributions | 115.00% | ' | ' |
Annual cash distributions declared per common unit | $0.34 | $0.32 | $0.31 |
General partner incentive distributions exclusive of amounts paid subject to management incentive plan | $0.20 | $0.20 | $0.10 |
Common_Unit_Repurchase_Plans_a2
Common Unit Repurchase Plans and Retirement - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Jan. 14, 2014 | Sep. 30, 2014 | Jan. 14, 2014 | Jul. 31, 2012 | Jul. 31, 2013 |
In Millions, except Share data in Thousands, unless otherwise specified | Second Amendment | Second Amendment | Second Amendment | Initial Common Units Authorized Plan III Common Units Repurchase Program | Additional Common Units Authorized Plan III Common Units Repurchase Program | |
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' |
Partnership's common units authorized for repurchase | 6,044 | ' | ' | ' | 3,000 | 1,900 |
Availability required to repurchase common units | ' | $45 | $45 | ' | ' | ' |
Percentage of the maximum facility size on a historical proforma and forward-looking basis | ' | 15.00% | 15.00% | ' | ' | ' |
Non Seasonal maximum borrowing capacity under revolving credit facility | ' | ' | $300 | $300 | ' | ' |
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | ' | 115.00% | 115.00% | ' | ' | ' |
Partnerships_Repurchase_Activi
Partnership's Repurchase Activities (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jul. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |||||||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Partnership's common units authorized for repurchase | 6,044 | ' | 6,044 | ' | 6,044 | ' | ' | ' | ' | ' | |||||||
Private Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Partnership's common units authorized for repurchase | 1,150 | [1] | ' | 1,150 | [1] | ' | 1,150 | [1] | 1,150 | ' | ' | ' | ' | ||||
Plan III Common Units Repurchase Program | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Partnership's common units authorized for repurchase | 4,894 | ' | 4,894 | ' | 4,894 | ' | ' | ' | ' | ' | |||||||
Total Number of Units Purchased | 54 | [2] | 9 | [2] | 63 | [2] | 250 | [2],[3] | 313 | [2] | 3,284 | [1],[2] | 22 | [2] | ' | ' | ' |
Average Price Paid per Unit | $5.78 | [4] | $5.76 | [4] | $5.77 | [4] | $5.20 | [3],[4] | $5.32 | [4] | $4.63 | [1],[4] | $4.26 | [4] | ' | ' | ' |
Maximum Number of Units that May Yet Be Purchased | 2,425 | 2,479 | 2,425 | 2,488 | [3] | 2,425 | 2,738 | [1] | 6,022 | 2,488 | 2,488 | 2,488 | |||||
[1] | Fiscal year 2013 common unit repurchases include 1.15 million common units acquired in a private transaction. | ||||||||||||||||
[2] | Units were repurchased as part of a publicly announced program, except as noted in a private transaction. | ||||||||||||||||
[3] | First quarter fiscal year 2014 common unit repurchases were acquired in a private transaction. | ||||||||||||||||
[4] | Amounts include repurchase costs. |
Partnerships_Repurchase_Activi1
Partnership's Repurchase Activities (Parenthetical) (Detail) | Sep. 30, 2014 | Sep. 30, 2013 | |
In Thousands, unless otherwise specified | |||
Capital Unit [Line Items] | ' | ' | |
Partnership's common units authorized for repurchase | 6,044 | ' | |
Private Transaction | ' | ' | |
Capital Unit [Line Items] | ' | ' | |
Partnership's common units authorized for repurchase | 1,150 | [1] | 1,150 |
[1] | Fiscal year 2013 common unit repurchases include 1.15 million common units acquired in a private transaction. |
Derivatives_and_HedgingDisclos2
Derivatives and Hedging-Disclosures and Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
gal | gal | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Aggregated cash posted as collateral in normal course of business | $2,500,000 | ' |
Hedging positions and payable amounts secured under credit facility | 14,900,000 | 10,500,000 |
Call Option | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | 3,100,000 | 2,900,000 |
Notional Value | 10,800,000 | 10,600,000 |
Fair Value | 10,000 | 20,000 |
Put Option | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | 8,500,000 | 5,000,000 |
Notional Value | 19,300,000 | 11,800,000 |
Fair Value | 100,000 | 40,000 |
Inventory | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | 13,900,000 | 2,400,000 |
Swap Contracts Bought | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | ' | 6,000,000 |
Notional Value | 39,900,000 | 18,000,000 |
Fair Value | -2,900,000 | -200,000 |
Synthetic calls | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | 83,800,000 | 81,200,000 |
Notional Value | 252,300,000 | 252,800,000 |
Fair Value | -28,800,000 | -15,900,000 |
Futures Contracts Bought | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | ' | 17,400,000 |
Notional Value | ' | 51,900,000 |
Fair Value | ' | -600,000 |
Futures Contracts Sold | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | ' | 26,400,000 |
Notional Value | ' | 78,900,000 |
Fair Value | ' | 1,200,000 |
Swap Contracts Sold | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | 18,700,000 | 8,500,000 |
Notional Value | 52,000,000 | 24,900,000 |
Fair Value | 2,300,000 | -300,000 |
Corresponding Long And Short Swap Contracts Bought | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | 12,400,000 | 28,200,000 |
Notional Value | 36,200,000 | 83,800,000 |
Fair Value | -200,000 | 700,000 |
Hedge a Majority of its Internal Fuel Usage Swap Contracts Bought | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | 4,300,000 | 3,200,000 |
Notional Value | 12,000,000 | 9,000,000 |
Fair Value | -900,000 | 50,000 |
Spread Contracts Bought | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivative activity volume | ' | 6,000,000 |
Notional Value | ' | -500,000 |
Fair Value | ' | $100,000 |
Partnerships_Financial_Assets_
Partnership's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10, Commodity Contract, USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, commodity contracts | $26,263 | $14,467 |
Derivative Liabilities, commodity contracts | -36,279 | -17,820 |
Fair asset and fair liability value of derivative instruments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, commodity contracts | 26,263 | 14,467 |
Fair liability and fair asset value of derivative instruments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities, commodity contracts | -36,279 | -17,820 |
Quoted Prices in Active Markets for Identical Assets Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, commodity contracts | 2,328 | 1,175 |
Derivative Liabilities, commodity contracts | ' | -519 |
Quoted Prices in Active Markets for Identical Assets Level 1 | Fair asset and fair liability value of derivative instruments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, commodity contracts | 2,328 | 1,175 |
Quoted Prices in Active Markets for Identical Assets Level 1 | Fair liability and fair asset value of derivative instruments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities, commodity contracts | ' | -519 |
Significant Other Observable Inputs Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, commodity contracts | 23,935 | 13,292 |
Derivative Liabilities, commodity contracts | -36,279 | -17,301 |
Significant Other Observable Inputs Level 2 | Fair asset and fair liability value of derivative instruments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Assets, commodity contracts | 23,935 | 13,292 |
Significant Other Observable Inputs Level 2 | Fair liability and fair asset value of derivative instruments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative Liabilities, commodity contracts | ($36,279) | ($17,301) |
Offsetting_of_Financial_Assets
Offsetting of Financial Assets (Liabilities) and Derivative Assets (liabilities) (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' | ' |
Net Assets (Liabilities) Presented in the Statement of Financial Position | $2,342 | $646 |
Net Assets (Liabilities) Presented in the Statement of Financial Position | -12,358 | -3,999 |
Subject to an enforceable master netting arrangement | ' | ' |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' | ' |
Gross Assets Recognized | 26,263 | 14,467 |
Gross Liabilities Offset in the Statement of Financial Position | -36,279 | -17,820 |
Net Assets (Liabilities) Presented in the Statement of Financial Position | -10,016 | -3,353 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | -10,016 | -3,353 |
Subject to an enforceable master netting arrangement | Fair liability and fair asset value of derivative instruments | ' | ' |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' | ' |
Gross Assets Recognized | 23,921 | 7,213 |
Gross Liabilities Offset in the Statement of Financial Position | -36,279 | -11,212 |
Net Assets (Liabilities) Presented in the Statement of Financial Position | -12,358 | -3,999 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | -12,358 | -3,999 |
Subject to an enforceable master netting arrangement | Fair asset and fair liability value of derivative instruments | ' | ' |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ' | ' |
Gross Assets Recognized | 2,342 | 7,254 |
Gross Liabilities Offset in the Statement of Financial Position | ' | -6,608 |
Net Assets (Liabilities) Presented in the Statement of Financial Position | 2,342 | 646 |
Financial Instruments | 0 | 0 |
Cash Collateral Received | 0 | 0 |
Net Amount | $2,342 | $646 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments on Statement of Operations (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |||
Amount of (Gain) or Loss Unrealized, commodity contracts | $6,566 | $6,775 | ($8,549) | |||
Open Position | ' | ' | ' | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |||
Amount of (Gain) or Loss Unrealized, commodity contracts | 6,566 | 6,775 | -8,549 | |||
Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Cost of product | Closed Positions | ' | ' | ' | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |||
Amount of (Gain) or Loss Recognized, commodity contracts | 11,781 | [1] | 17,769 | [1] | 18,636 | [1] |
Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Cost of installations and service | Closed Positions | ' | ' | ' | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |||
Amount of (Gain) or Loss Recognized, commodity contracts | -202 | [1] | -440 | [1] | -284 | [1] |
Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Delivery and branch expenses | Closed Positions | ' | ' | ' | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |||
Amount of (Gain) or Loss Recognized, commodity contracts | ($104) | [1] | ($286) | [1] | ($82) | [1] |
[1] | Represents realized closed positions and includes the cost of options as they expire. |
Components_of_Inventory_Detail
Components of Inventory (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Product | $39,802 | $50,197 |
Parts and equipment | 19,438 | 17,953 |
Total inventory | $59,240 | $68,150 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
gal | gal | |
Inventory [Line Items] | ' | ' |
Heating oil and other fuel inventories | 14,300,000 | 17,100,000 |
Maximum product supply by other supplier | 10.00% | 10.00% |
Home heating oil and Propane | ' | ' |
Inventory [Line Items] | ' | ' |
Market price based product supply contracts for next twelve months | 285,700,000 | ' |
Diesel and gasoline | ' | ' |
Inventory [Line Items] | ' | ' |
Market price based product supply contracts for next twelve months | 24,800,000 | ' |
Global Companies LLC | ' | ' |
Inventory [Line Items] | ' | ' |
Product purchases | 17.00% | 19.00% |
J P Morgan Ventures Energy Corp | ' | ' |
Inventory [Line Items] | ' | ' |
Product purchases | ' | 11.00% |
Nic Holding Corp | ' | ' |
Inventory [Line Items] | ' | ' |
Product purchases | 11.00% | ' |
Component_of_Property_and_Equi
Component of Property and Equipment and their Estimated Useful Lives (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $170,307 | $170,462 |
Less accumulated depreciation | 102,888 | 119,139 |
Property and equipment, net | 67,419 | 51,323 |
Land and land improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 16,884 | 13,958 |
Buildings and leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 30,877 | 27,571 |
Fleet and other equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 54,685 | 46,260 |
Tanks and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 26,204 | 21,445 |
Furniture, fixtures and office equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $41,657 | $61,228 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $10.10 | $8.10 | $8.10 |
Business_Combinations_Addition
Business Combinations - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 04, 2014 | Sep. 30, 2014 | Mar. 04, 2014 | |
PartnershipUnit | PartnershipUnit | PartnershipUnit | Minimum | Maximum | Griffith Energy Services, Inc. | Griffith Energy Services, Inc. | Griffith Energy Services, Inc. | |
Customer | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of heating oil dealer acquired | 3 | 2 | 7 | ' | ' | ' | ' | ' |
Aggregate purchase price partnership acquired | $98,500,000 | $1,400,000 | $39,200,000 | ' | ' | ' | ' | ' |
Gross purchase price allocation, intangible assets | 53,700,000 | 1,300,000 | 32,400,000 | ' | ' | ' | ' | ' |
Gross purchase price allocation, fixed assets | 17,600,000 | 200,000 | 8,000,000 | ' | ' | ' | ' | 17,263,000 |
Gross purchase price reduced by working capital credits | 27,200,000 | 100,000 | 1,200,000 | ' | ' | ' | ' | ' |
Customer lists, other intangibles and trade names amortization period | ' | ' | ' | '7 years | '20 years | ' | ' | ' |
Name of acquired entity | ' | ' | ' | ' | ' | ' | 'Griffith Energy Services, Inc. | ' |
Percentage of voting equity interests acquired | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Total Cash paid to acquire business | 98,463,000 | 1,376,000 | 39,217,000 | ' | ' | 97,700,000 | ' | ' |
Cash paid to acquire business | ' | ' | ' | ' | ' | 69,900,000 | ' | ' |
Working capital acquired, net of cash | ' | ' | ' | ' | ' | ' | ' | 27,800,000 |
Cash acquired | 4,151,000 | 0 | 0 | ' | ' | 4,200,000 | ' | ' |
Number of customers acquired from Griffith | ' | ' | ' | ' | ' | 50,000 | ' | ' |
Total costs related to the acquisition | 1,000,000 | ' | ' | ' | ' | ' | 800,000 | ' |
Goodwill | 209,331,000 | 201,130,000 | 201,103,000 | ' | ' | ' | 8,200,000 | 8,168,000 |
Sales of acquired entity since acquisition date | ' | ' | ' | ' | ' | ' | 139,100,000 | ' |
Net (loss) of acquired entity since acquisition date | ' | ' | ' | ' | ' | ' | ($3,000,000) | ' |
Summary_of_Final_Fair_Values_a
Summary of Final Fair Values and Purchase Price Allocation at Acquisition Date of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Mar. 04, 2014 | Mar. 04, 2014 | |
In Thousands, unless otherwise specified | Griffith Energy Services, Inc. | Griffith Energy Services, Inc. | Griffith Energy Services, Inc. | ||||
Customer lists, trade names and other intangibles | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | |
Trade accounts receivable | ' | ' | ' | ' | $49,010 | [1] | ' |
Inventories | ' | ' | ' | ' | 5,143 | ' | |
Other current assets | ' | ' | ' | ' | 2,984 | ' | |
Property and equipment | 17,600 | 200 | 8,000 | ' | 17,263 | ' | |
Intangible assets | ' | ' | ' | ' | ' | 44,400 | |
Other long term assets | ' | ' | ' | ' | 1,778 | ' | |
Current liabilities | ' | ' | ' | ' | -31,096 | ' | |
Total net identifiable assets acquired | ' | ' | ' | ' | 89,482 | ' | |
Total consideration | ' | ' | ' | ' | 97,650 | ' | |
Less: Total net identifiable assets acquired | ' | ' | ' | ' | 89,482 | ' | |
Goodwill | $209,331 | $201,130 | $201,103 | $8,200 | $8,168 | ' | |
[1] | The gross contractual receivable amount is $50.7 million, and the best estimate at the Acquisition Date of the contractual cash flows not expected to be collected is $1.7 million. |
Summary_of_Final_Fair_Values_a1
Summary of Final Fair Values and Purchase Price Allocation at Acquisition Date of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) (Griffith Energy Services, Inc., USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Griffith Energy Services, Inc. | ' |
Business Acquisition [Line Items] | ' |
Gross contractual receivable amount | $50.70 |
Contractual cash flows not expected to be collected | $1.70 |
Unaudited_Pro_Forma_Results_of
Unaudited Pro Forma Results of Operations (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Total sales | $2,132,430 | $2,040,271 |
Net income | $40,903 | $31,557 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule Of Other Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Goodwill impairment | $0 | $0 | $0 | ' | ' | ' |
Amortization expense for intangible assets | ' | ' | ' | $11,500,000 | $9,200,000 | $8,200,000 |
Summary_of_Changes_in_the_Part
Summary of Changes in the Partnership's Goodwill (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Balance on beginning | $201,130 | $201,103 |
Fiscal year business combinations | 8,201 | 27 |
Balance on ending | $209,331 | $201,130 |
Intangible_Assets_Subject_to_A
Intangible Assets Subject to Amortization (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $328,769 | $288,011 |
Accum. Amortization | 227,986 | 221,221 |
Net | 100,783 | 66,790 |
Customer Lists | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 304,699 | 267,580 |
Accum. Amortization | 224,215 | 213,773 |
Net | 80,484 | 53,807 |
Trade Names And Other Intangibles | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 24,070 | 20,431 |
Accum. Amortization | 3,771 | 7,448 |
Net | $20,299 | $12,983 |
Estimated_Annual_Amortization_
Estimated Annual Amortization Expense Related to Intangible Assets Subject to Amortization (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2015 | $13,229 |
2016 | 13,058 |
2017 | 12,538 |
2018 | 11,699 |
2019 | $11,464 |
Components_of_Accrued_Expenses
Components of Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Expenses and Other Current Liabilities [Line Items] | ' | ' |
Accrued wages and benefits | $23,926 | $18,932 |
Accrued insurance and environmental costs | 64,357 | 58,470 |
Other accrued expenses and other current liabilities | 14,651 | 9,740 |
Total accrued expenses and other current liabilities | $102,934 | $87,142 |
Partnerships_Debt_Detail
Partnership's Debt (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Debt Instrument [Line Items] | ' | ' | ||
8.875% Senior Notes, Carrying Amount | $124,572 | [1] | $124,460 | [1] |
Revolving Credit Facility Borrowings, Carrying Amount | 0 | [2] | 0 | [2] |
Total debt, Carrying Amount | 124,572 | 124,460 | ||
Total long-term portion of debt, Carrying Amount | 124,572 | 124,460 | ||
8.875% Senior Notes, Fair Value | 130,313 | [1],[3] | 130,000 | [1],[3] |
Revolving Credit Facility Borrowings, Fair Value | 0 | [2],[3] | 0 | [2],[3] |
Total debt, Fair Value | 130,313 | [3] | 130,000 | [3] |
Total long-term portion of debt, Fair Value | $130,313 | [1],[3] | $130,000 | [1],[3] |
[1] | The 8.875% Senior Notes were originally issued in November 2010 in a private placement offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933, and in February 2011, were exchanged for substantially identical public notes registered with the Securities and Exchange Commission. These public notes mature in December 2017 and accrue interest at an annual rate of 8.875% requiring semi-annual interest payments on June 1 and December 1 of each year. The discount on these notes was $0.4 million at September 30, 2014. Under the terms of the indenture, these notes permit restricted payments after passing particular financial tests. The Partnership can incur debt up to $100 million for acquisitions and can also pay restricted payments of $22.0 million without passing certain financial tests. | |||
[2] | In January 2014, the Partnership entered into a second amended and restated asset based revolving credit facility agreement with a bank syndicate comprised of fifteen participants, which replaced the then existing revolving credit facility. | |||
[3] | The Partnership's fair value estimates of long-term debt are made at a specific point in time, based on Level 2 inputs. |
Partnerships_Debt_Parenthetica
Partnership's Debt (Parenthetical) (Detail) (8.875% Senior Notes, USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
8.875% Senior Notes | ' |
Debt Instrument [Line Items] | ' |
Senior notes issuance date | 1-Nov-10 |
Interest accrued by public notes for each year | 8.88% |
Discount on notes | $0.40 |
Maximum debt allowed for acquisitions | 100 |
Restricted payments without passing certain financial tests | $22 |
Maturity of public notes due | 1-Dec-17 |
Interest payment frequency | 'Semi-annual interest payments on June 1 and December 1 of each year |
LongTerm_Debt_and_Bank_Facilit2
Long-Term Debt and Bank Facility Borrowings - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jan. 14, 2014 | Sep. 30, 2014 | Jan. 14, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Revolving Credit Facility | Revolving Credit Facility | Second Amendment | Second Amendment | Second Amendment | 8.875% Senior Notes | 8.875% Senior Notes | |||
Second Amendment | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non Seasonal maximum borrowing capacity under revolving credit facility | ' | ' | ' | ' | ' | $300,000,000 | $300,000,000 | ' | ' |
Maximum borrowing capacity (heating season December to April) under revolving credit facility | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' |
Issuance of line of credit for working capital purposes | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Alternate revolving credit facility expiry | ' | ' | ' | ' | ' | 14-Jan-19 | ' | ' | ' |
Revolving credit facility expiry | ' | ' | ' | ' | ' | 1-Jun-17 | ' | ' | ' |
Additional revolving credit | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Facility size that can be increased without consulting bank group | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' |
Line of credit facility description | ' | ' | ' | ' | ' | 'All outstanding amounts owed under the second amended and restated credit facility become due and payable on the facility termination date of June 1, 2017. If the Partnership has repaid, prepaid or otherwise defeased at least $100 million of our 8.875% Senior Notes and Availability is equal to or greater than the aggregate amount required to repay the remaining outstanding 8.875% Senior Notes ("Payoff Amount"), then the facility termination date is January 14, 2019. | ' | ' | ' |
Amount required to repaid, prepaid or defeased | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 |
Description of variable rate | ' | ' | ' | ' | ' | 'The interest rate on the second amended and restated credit facility is LIBOR plus (i) 1.75% (if Availability, as defined in the agreement is greater than or equal to $150 million), or (ii) 2.00% (if Availability is greater than $75 million but less than $150 million), or (iii) 2.25% (if Availability is less than or equal to $75 million). The Commitment Fee on the unused portion of the facility is 0.30% per annum. | ' | ' | ' |
Condition one, additional interest rate based on LIBOR | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' |
Condition two, additional interest rate based on LIBOR | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' |
Condition three, additional interest rate based on LIBOR | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' |
Minimum availability, condition one | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' |
Maximum availability, condition two | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' |
Minimum availability, condition two | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' |
Maximum availability, condition three | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' |
Commitment fee on the unused portion of the facility | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' |
Availability percentage to maximum facility size | ' | ' | ' | ' | ' | 12.50% | ' | ' | ' |
Minimum fixed charge coverage ratio | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' |
Availability required to make acquisition | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' |
Availability required to pay distributions | ' | ' | ' | ' | 45,000,000 | 45,000,000 | ' | ' | ' |
Percentage of the maximum facility size on a historical proforma and forward-looking basis | ' | ' | ' | ' | 15.00% | 15.00% | ' | ' | ' |
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | ' | ' | ' | ' | 115.00% | 115.00% | ' | ' | ' |
Interest accrued by public notes for each year | ' | ' | ' | ' | ' | ' | ' | 8.88% | 8.88% |
Hedging positions and payable amounts secured under credit facility | 14,900,000 | 10,500,000 | ' | ' | ' | ' | ' | ' | ' |
Letters of credit issued | 52,800,000 | 44,700,000 | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility outstanding | ' | ' | 0 | 0 | ' | ' | ' | ' | ' |
Availability in compliance with the fixed charge coverage ratio | 149,600,000 | 164,300,000 | ' | ' | ' | ' | ' | ' | ' |
Total restricted net assets | $389,000,000 | $375,000,000 | ' | ' | ' | ' | ' | ' | ' |
Maturities_Including_Working_C
Maturities Including Working Capital Borrowings (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' |
2015 | $0 |
2016 | 0 |
2017 | 0 |
2018 | 125,000 |
2019 | 0 |
Thereafter | $0 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Minimum | Frozen Defined Benefit Pension Plans | Frozen Defined Benefit Pension Plans | Frozen Defined Benefit Pension Plans | Frozen Defined Benefit Pension Plans | Other Postretirement Benefit Plan, Defined Benefit | Other Postretirement Benefit Plan, Defined Benefit | Other Postretirement Benefit Plan, Defined Benefit | Domestic Fixed Income | International Equities | Domestic Equities | Management | Management And General Partner | Management And General Partner | Management And General Partner | Management Incentive Compensation Plan | Management Incentive Compensation Plan | Management Incentive Compensation Plan | Management Incentive Compensation Plan Executive Officer | Management Incentive Compensation Plan Executive Officer | Management Incentive Compensation Plan Executive Officer | Employee and Consultant | Termination of employment or consultation | Chief executive officer | ||||
Program | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participant Contribution | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum participant contribution | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership aggregate contributions to defined contribution plans | $5,200,000 | $4,900,000 | $4,500,000 | ' | ' | ' | ' | ' | ' | ' | $500,000 | $500,000 | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incentive distribution percentage of available cash in excess of minimum quarterly distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum quarterly distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.0675 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains interest cash proceeds percentage from the sale of general partner units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participant's vested percentage of plan benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 20.00% | 33.33% |
Partnership incentive distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 447,000 | 330,000 | 277,000 | 223,000 | 165,000 | 138,000 | 100,000 | 119,000 | 99,000 | ' | ' | ' |
Maximum funded for red zone | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum funded for yellow zone | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum funded for green zone | 80.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partnership contributions in excess of 5% of the plan's total contributions in percentage | 5.00% | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of frozen defined benefit pension plans | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan funded status included in other long-term liabilities | 5,100,000 | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net actuarial loss balance in accumulated other comprehensive income to be amortized | 26,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount to be amortized from accumulated other comprehensive income | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate pension plan assets expect to earn | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate to determine periodic pension expense | 4.45% | 3.50% | 4.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension asset allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | 5.00% | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair values of the Partnership's pension plan assets | ' | ' | ' | 0 | 0 | ' | 65,379,000 | 60,028,000 | 60,303,000 | 52,434,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Pension Contribution Next Year | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected benefit payments in years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected benefit payments over the next 5 years | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate expected benefit payment for five years thereafter | $21,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Participation_and_Contribution
Participation and Contributions to Multi Employer Pension Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Multiemployer Plans [Line Items] | ' | ' | ' |
Partnership Contributions | $8,374 | $8,018 | $7,237 |
New England Teamsters & Trucking Industry Pension Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
EIN / Pension Plan Number | '04-6372430 / 001 | ' | ' |
Pension Protection Act Zone Status | 'Red | 'Red | ' |
FIP / RP Status Pending / Implemented | 'Implemented | ' | ' |
Partnership Contributions | 2,868 | 2,709 | 2,532 |
Surcharge Imposed | 'No | ' | ' |
Westchester Teamsters Pension Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
EIN / Pension Plan Number | '13-6123973 / 001 | ' | ' |
Pension Protection Act Zone Status | 'Green | 'Green | ' |
FIP / RP Status Pending / Implemented | 'NA | ' | ' |
Partnership Contributions | 855 | 820 | 771 |
Surcharge Imposed | 'No | ' | ' |
Local 553 Pension Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
EIN / Pension Plan Number | '13-6637826 / 001 | ' | ' |
Pension Protection Act Zone Status | 'Green | 'Green | ' |
FIP / RP Status Pending / Implemented | 'NA | ' | ' |
Partnership Contributions | 2,649 | 2,729 | 2,152 |
Surcharge Imposed | 'No | ' | ' |
Local 463 Pension Fund | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
EIN / Pension Plan Number | '11-1800729 / 001 | ' | ' |
Pension Protection Act Zone Status | 'Green | 'Green | ' |
FIP / RP Status Pending / Implemented | 'NA | ' | ' |
Partnership Contributions | 156 | 146 | 155 |
Surcharge Imposed | 'No | ' | ' |
All Other Multiemployer Pension Plans | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Partnership Contributions | $1,846 | $1,614 | $1,627 |
Net_Periodic_Benefit_Cost_for_
Net Periodic Benefit Cost for Period Reconciliation of Changes in Plan Assets Projected Benefit Obligations and Amounts Recognized in Other Comprehensive Income and Accumulated Other Comprehensive Income (Detail) (Frozen Defined Benefit Pension Plans, USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Frozen Defined Benefit Pension Plans | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Fair Value of Pension Plan Assets, Beginning Balance | $60,028,000 | $60,303,000 | $52,434,000 |
Net Periodic Pension Cost in Income Statement, Interest cost | 2,761,000 | 2,477,000 | 2,858,000 |
Net Periodic Pension Cost in Income Statement, Actual return on plan assets | -7,614,000 | -332,000 | -8,727,000 |
Net Periodic Pension Cost in Income Statement, Investment and other expenses | -262,000 | -285,000 | -374,000 |
Net Periodic Pension Cost in Income Statement, Difference between actual and expected return on plan assets | 4,472,000 | -3,475,000 | 5,075,000 |
Net Periodic Pension Cost in Income Statement, Anticipated expenses | 300,000 | 302,000 | 262,000 |
Net Periodic Pension Cost in Income Statement, Amortization of unrecognized net actuarial loss | 2,113,000 | 2,655,000 | 2,751,000 |
Net Periodic Pension Cost in Income Statement, Annual cost/change | 1,770,000 | 1,342,000 | 1,845,000 |
Cash, Employer contributions/ Annual cost/change | -2,014,000 | -3,476,000 | -3,365,000 |
Fair Value of Pension Plan Assets, Actual return on plan assets | 7,614,000 | 332,000 | 8,727,000 |
Fair Value of Pension Plan Assets, Employer contributions | 2,014,000 | 3,476,000 | 3,365,000 |
Fair Value of Pension Plan Assets, Benefit payments | -4,277,000 | -4,083,000 | -4,223,000 |
Fair Value of Pension Plan Assets, Annual cost/change | 5,351,000 | -275,000 | 7,869,000 |
Fair Value of Pension Plan Assets, Ending Balance | 65,379,000 | 60,028,000 | 60,303,000 |
Projected Benefit Obligation, Beginning balance | -64,305,000 | -73,051,000 | -67,878,000 |
Projected Benefit Obligation, Interest cost | -2,761,000 | -2,477,000 | -2,858,000 |
Projected Benefit Obligation, Benefit payments | 4,277,000 | 4,083,000 | 4,223,000 |
Projected Benefit Obligation, Investment and other expenses | 262,000 | 285,000 | 374,000 |
Projected Benefit Obligation , Anticipated expenses | -300,000 | -302,000 | -262,000 |
Projected Benefit Obligation, Actuarial gain (loss) | -7,655,000 | 7,157,000 | -6,650,000 |
Projected Benefit Obligation , Annual cost/change | -6,177,000 | 8,746,000 | -5,173,000 |
Projected Benefit Obligation, Ending balance | -70,482,000 | -64,305,000 | -73,051,000 |
Funded status at the end of the year | -5,103,000 | -4,277,000 | -12,748,000 |
Other Comprehensive (Income) / Loss, Difference between actual and expected return on plan assets | -4,472,000 | 3,475,000 | -5,075,000 |
Other Comprehensive (Income) / Loss, Actuarial gain (loss) | 7,655,000 | -7,157,000 | 6,650,000 |
Other Comprehensive (Income) / Loss, Amortization of unrecognized net actuarial loss | -2,113,000 | -2,655,000 | -2,751,000 |
Other Comprehensive (Income) / Loss, Annual cost/change | 1,070,000 | -6,337,000 | -1,176,000 |
Gross Pension Related Accumulated Other Comprehensive Income, Beginning Balance | 25,528,000 | 31,865,000 | 33,041,000 |
Gross Pension Related Accumulated Other Comprehensive Income, Annual cost/change | 1,070,000 | -6,337,000 | -1,176,000 |
Gross Pension Related Accumulated Other Comprehensive Income, Ending Balance | $26,598,000 | $25,528,000 | $31,865,000 |
WeightedAverage_Assumptions_Us
Weighted-Average Assumptions Used in Measurement of Partnership's Benefit Obligation (Detail) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate at year end date | 4.05% | 4.45% | 3.50% |
Expected return on plan assets for the year ended | 5.75% | 7.00% | 7.75% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Fair_Values_and_Percentage_of_
Fair Values and Percentage of Partnership's Pension Plan Assets by Asset Category (Detail) (USD $) | Sep. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage of the Partnership's pension plan assets | 100.00% | |
Quoted Prices in Active Markets for Identical Assets Level 1 | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Fair values of the Partnership's pension plan assets | 65,379,000 | |
Corporate and U.S. government bond fund | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage of the Partnership's pension plan assets | 79.00% | [1] |
Corporate and U.S. government bond fund | Quoted Prices in Active Markets for Identical Assets Level 1 | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Fair values of the Partnership's pension plan assets | 52,204,000 | [1] |
U.S. large-cap equity | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage of the Partnership's pension plan assets | 15.00% | [1] |
U.S. large-cap equity | Quoted Prices in Active Markets for Identical Assets Level 1 | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Fair values of the Partnership's pension plan assets | 9,774,000 | [1] |
International equity | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage of the Partnership's pension plan assets | 5.00% | [1] |
International equity | Quoted Prices in Active Markets for Identical Assets Level 1 | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Fair values of the Partnership's pension plan assets | 3,093,000 | [1] |
Cash | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Percentage of the Partnership's pension plan assets | 1.00% | |
Cash | Quoted Prices in Active Markets for Identical Assets Level 1 | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Fair values of the Partnership's pension plan assets | 308,000 | |
[1] | Represent investments in Vanguard funds that seek to replicate the asset category description. |
Income_Tax_Expense_Detail
Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Current: | ' | ' | ' |
Federal | $19,747 | $14,486 | $2,168 |
State | 4,909 | 3,759 | 1,495 |
Deferred | 659 | 1,676 | 12,913 |
Income tax expense | $25,315 | $19,921 | $16,576 |
Income_Taxes_Computed_at_Feder
Income Taxes Computed at Federal Statutory Rate (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before taxes | ($44,115) | ($16,618) | $89,289 | $32,843 | ($23,686) | ($11,952) | $70,796 | $14,669 | $61,399 | $49,827 | $42,565 |
Provision for income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax at Federal statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | 21,490 | 17,440 | 14,898 |
Impact of Partnership loss not subject to federal income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 628 | 97 | 697 |
State taxes net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 3,310 | 3,192 | 2,801 |
Permanent differences | ' | ' | ' | ' | ' | ' | ' | ' | 57 | 37 | 28 |
Change in valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | -658 | -14 |
Change in unrecognized tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -113 | 55 | -1,669 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -57 | -242 | -165 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | $25,315 | $19,921 | $16,576 |
Components_of_Net_Deferred_Tax
Components of Net Deferred Taxes (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Net operating loss carryforwards | $5,490 | $6,760 |
Vacation accrual | 2,970 | 2,580 |
Pension accrual | 2,964 | 2,672 |
Allowance for bad debts | 3,661 | 3,158 |
Fair value of derivative instruments | 5,000 | 2,314 |
Insurance accrual | 22,823 | 21,073 |
Inventory capitalization | 865 | 941 |
Alternative minimum tax credit carryforward | 261 | 261 |
Other, net | 2,060 | 1,906 |
Total deferred tax assets | 46,094 | 41,665 |
Deferred tax liabilities: | ' | ' |
Property and equipment | 2,383 | 2,225 |
Inventory costing method | 256 | ' |
Intangibles | 30,495 | 26,285 |
Total deferred tax liabilities | 33,134 | 28,510 |
Net deferred taxes | $12,960 | $13,155 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | Sep. 30, 2014 | Jan. 01, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 01, 2014 | Jan. 01, 2014 | Jan. 01, 2014 | Jan. 01, 2014 |
Federal | New York | Connecticut | Pennsylvania | New Jersey | Minimum | Minimum | Maximum | Maximum | ||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax assets, valuation allowance | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net operating loss carryforward | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual limitation of federal NOLs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | 2,200,000 |
Expiration date of net operating loss carryforward | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-18 | ' | 31-Dec-24 | ' |
Unrecognized income tax benefit, if recognized, would benefit the effective tax rate | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized income tax benefit related accrued interest and penalties | $100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years for examination | ' | ' | ' | 'Four | 'Four | 'Four | 'Four | 'Five | ' | ' | ' | ' |
Unrecognized_Tax_Benefits_Deta
Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Tax benefits recorded as a benefit to the effective tax rate | ' |
Beginning Balance | $784 |
Additions based on tax positions related to the current year | 0 |
Additions for tax positions of prior years | 116 |
Reduction for tax positions of prior years | 0 |
Reductions due to lapse in statue of limitations/settlements | 0 |
Ending Balance | $900 |
Future_Minimum_Rental_Commitme
Future Minimum Rental Commitments (Detail) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Schedule of minimum future rent payment receivable | ' |
2015 | $15,765 |
2016 | 13,543 |
2017 | 10,232 |
2018 | 6,665 |
2019 | 5,855 |
Thereafter | 9,238 |
Total future minimum lease payments | $61,298 |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Leases Disclosure [Line Items] | ' | ' | ' |
Rent expense for the fiscal years | $15.90 | $14.70 | $14.20 |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash paid during the period for: | ' | ' | ' |
Income taxes, net | $25,518 | $16,137 | $6,175 |
Interest | 16,968 | 14,376 | 14,487 |
Non-cash financing activities: | ' | ' | ' |
Increase in interest expense-amortization of debt discount on 8.875% Senior Note | $112 | $103 | $94 |
Supplemental_Disclosure_of_Cas3
Supplemental Disclosure of Cash Flow Information (Parenthetical) (Detail) (8.875% Senior Notes) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
8.875% Senior Notes | ' | ' | ' |
Cash paid during the period for: | ' | ' | ' |
Interest on senior notes | 8.88% | 8.88% | 8.88% |
Net_Income_Allocation_and_Per_
Net Income Allocation and Per Unit Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||||||||||
Basic and Diluted Earnings Per Limited Partner: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Net income | ($25,828) | ($9,592) | $52,216 | $19,288 | ($13,937) | ($7,588) | $41,679 | $9,752 | $36,084 | $29,906 | $25,989 | |||||||||||
Less General Partners' interest in net income | ' | ' | ' | ' | ' | ' | ' | ' | 203 | 159 | 136 | |||||||||||
Net income available to limited partners | -25,682 | -9,538 | 51,922 | 19,179 | -13,859 | -7,547 | 41,454 | 9,699 | 35,881 | 29,747 | 25,853 | |||||||||||
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 | ' | ' | ' | ' | ' | ' | ' | ' | 3,195 | [1] | 2,010 | [1] | 1,142 | [1] | ||||||||
Limited Partner's interest in net income under FASB ASC 260-10-45-60 | ' | ' | ' | ' | ' | ' | ' | ' | $32,686 | $27,737 | $24,711 | |||||||||||
Per unit data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic and diluted net income available to limited partners | ' | ' | ' | ' | ' | ' | ' | ' | 0.62 | 0.5 | 0.42 | |||||||||||
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60 | ' | ' | ' | ' | ' | ' | ' | ' | 0.05 | [1] | 0.03 | [1] | 0.02 | [1] | ||||||||
Limited Partner's interest in net income under FASB ASC 260-10-45-60 | ($0.45) | [2] | ($0.17) | [2] | $0.75 | [2] | $0.29 | [2] | ($0.24) | [2] | ($0.13) | [2] | $0.58 | [2] | $0.15 | [2] | $0.57 | [2],[3] | $0.47 | [2],[3] | $0.40 | [3] |
Weighted average number of Limited Partner units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 57,476 | 59,409 | 61,931 | |||||||||||
[1] | In any accounting period where the Partnership's aggregate net income exceeds its aggregate distribution for such period, the Partnership is required as per FASB ASC 260-10-45-60 to present net income per limited partner unit as if all of the earnings for the period were distributed, based on the terms of the Partnership agreement, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Partnership's overall net income or other financial results. | |||||||||||||||||||||
[2] | The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. | |||||||||||||||||||||
[3] | See Note 17 Earnings Per Limited Partner Units. |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||||||||||
Selected Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Sales | $222,362 | $326,511 | $892,241 | $520,610 | $177,608 | $262,524 | $785,139 | $516,525 | $1,961,724 | $1,741,796 | $1,497,588 | |||||||||||
Gross profit for product, installation and service | 37,507 | 60,682 | 199,645 | 108,590 | 33,519 | 54,907 | 162,011 | 102,691 | 406,424 | 353,128 | ' | |||||||||||
Operating income (loss) | -40,188 | -10,797 | 93,953 | 36,887 | -19,800 | -8,001 | 75,229 | 18,577 | 79,855 | 66,005 | 58,259 | |||||||||||
Income (loss) before income taxes | -44,115 | -16,618 | 89,289 | 32,843 | -23,686 | -11,952 | 70,796 | 14,669 | 61,399 | 49,827 | 42,565 | |||||||||||
Net income (loss) | -25,828 | -9,592 | 52,216 | 19,288 | -13,937 | -7,588 | 41,679 | 9,752 | 36,084 | 29,906 | 25,989 | |||||||||||
Limited Partner interest in net income (loss) | ($25,682) | ($9,538) | $51,922 | $19,179 | ($13,859) | ($7,547) | $41,454 | $9,699 | $35,881 | $29,747 | $25,853 | |||||||||||
Net income (loss) per Limited Partner unit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
Basic and diluted | ($0.45) | [1] | ($0.17) | [1] | $0.75 | [1] | $0.29 | [1] | ($0.24) | [1] | ($0.13) | [1] | $0.58 | [1] | $0.15 | [1] | $0.57 | [1],[2] | $0.47 | [1],[2] | $0.40 | [2] |
[1] | The sum of the quarters do not add-up to the total due to the weighting of Limited Partner Units outstanding, rounding or the theoretical effects of FASB ASC 260-10-45-60 to Master Limited Partners earnings per unit. | |||||||||||||||||||||
[2] | See Note 17 Earnings Per Limited Partner Units. |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event, USD $) | 1 Months Ended | 2 Months Ended |
In Millions, except Share data in Thousands, unless otherwise specified | Oct. 31, 2014 | Nov. 30, 2014 |
Dividend Declared | Plan III Common Units Repurchase Program | |
Subsequent Event [Line Items] | ' | ' |
Distribution declared | $0.09 | ' |
Partners capital projected distribution amount on annualized basis | $0.35 | ' |
Minimum dividend distribution per unit | $0.07 | ' |
Percentage of distributions to common unit holders in excess of minimum quarterly distribution | 90.00% | ' |
Percentage of distributions to general unit holders in excess of minimum quarterly distribution | 10.00% | ' |
Amount to paid to common unit holders | $5 | ' |
Amount to paid to the General Partner | 0.1 | ' |
Incentive distribution to the General Partner | 0.06 | ' |
Incentive distributions to management | $0.06 | ' |
Dividend payable date | 14-Nov-14 | ' |
Dividend record date | 10-Nov-14 | ' |
Number of shares repurchased and retired | ' | 122 |
Average price paid to common units | ' | $5.64 |
Condensed_Financial_Informatio1
Condensed Financial Information of Registrant Balance Sheets (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | ||
In Thousands, unless otherwise specified | ||||||
Current assets | ' | ' | ' | ' | ||
Cash and cash equivalents | $48,999 | $85,057 | $108,091 | $86,789 | ||
Prepaid expenses and other current assets | 23,943 | 23,456 | ' | ' | ||
Total current assets | 296,465 | 305,880 | ' | ' | ||
Deferred charges and other assets, net | 11,109 | 7,381 | ' | ' | ||
Total assets | 685,107 | 632,504 | ' | ' | ||
Current liabilities | ' | ' | ' | ' | ||
Accrued expenses | 102,934 | 87,142 | ' | ' | ||
Total current liabilities | 253,432 | 220,626 | ' | ' | ||
Long-term debt | 124,572 | [1] | 124,460 | [1] | ' | ' |
Partners' capital | 273,245 | 259,281 | 260,145 | 272,633 | ||
Total liabilities and partners' capital | 685,107 | 632,504 | ' | ' | ||
STAR GAS PARTNERS, L.P. | ' | ' | ' | ' | ||
Current assets | ' | ' | ' | ' | ||
Cash and cash equivalents | 324 | 324 | 317 | 294 | ||
Prepaid expenses and other current assets | 203 | 206 | ' | ' | ||
Total current assets | 527 | 530 | ' | ' | ||
Investment in subsidiaries | 399,414 | [2] | 384,783 | [2] | ' | ' |
Deferred charges and other assets, net | 2,003 | 2,523 | ' | ' | ||
Total assets | 401,944 | 387,836 | ' | ' | ||
Current liabilities | ' | ' | ' | ' | ||
Accrued expenses | 4,127 | 4,095 | ' | ' | ||
Total current liabilities | 4,127 | 4,095 | ' | ' | ||
Long-term debt | 124,572 | [3] | 124,460 | [3] | ' | ' |
Partners' capital | 273,245 | 259,281 | ' | ' | ||
Total liabilities and partners' capital | $401,944 | $387,836 | ' | ' | ||
[1] | The 8.875% Senior Notes were originally issued in November 2010 in a private placement offering pursuant to Rule 144A and Regulation S under the Securities Act of 1933, and in February 2011, were exchanged for substantially identical public notes registered with the Securities and Exchange Commission. These public notes mature in December 2017 and accrue interest at an annual rate of 8.875% requiring semi-annual interest payments on June 1 and December 1 of each year. The discount on these notes was $0.4 million at September 30, 2014. Under the terms of the indenture, these notes permit restricted payments after passing particular financial tests. The Partnership can incur debt up to $100 million for acquisitions and can also pay restricted payments of $22.0 million without passing certain financial tests. | |||||
[2] | Investments in Star Acquisitions, Inc. and subsidiaries are recorded in accordance with the equity method of accounting. | |||||
[3] | Scheduled principal repayments of long-term debt during each of the next five fiscal years ending September 30, are as follows: 2015-$0; 2016-$0; 2017-$0; 2018-$125,000; 2019-$0; thereafter -$0. The $125,000 principal amount of 8.875% Senior Notes mature in December 2017. |
Condensed_Financial_Informatio2
Condensed Financial Information of Registrant Balance Sheets (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
8.875% Senior Notes | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' |
Maturity of public notes due | 1-Dec-17 |
STAR GAS PARTNERS, L.P. | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' |
Scheduled principal repayments of long-term debt during 2014 | 0 |
Scheduled principal repayments of long-term debt during 2015 | 0 |
Scheduled principal repayments of long-term debt during 2016 | 0 |
Scheduled principal repayments of long-term debt during 2017 | 0 |
Scheduled principal repayments of long-term debt during 2018 | 125,000 |
Scheduled principal repayments of long-term debt during thereafter | 0 |
STAR GAS PARTNERS, L.P. | 8.875% Senior Notes | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' |
Senior notes | 125,000 |
Maturity of public notes due | 1-Dec-17 |
Condensed_Financial_Informatio3
Condensed Financial Information of Registrant Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $222,362 | $326,511 | $892,241 | $520,610 | $177,608 | $262,524 | $785,139 | $516,525 | $1,961,724 | $1,741,796 | $1,497,588 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | -22,592 | -18,356 | -18,689 |
Operating income | -40,188 | -10,797 | 93,953 | 36,887 | -19,800 | -8,001 | 75,229 | 18,577 | 79,855 | 66,005 | 58,259 |
Net interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -16,854 | -14,433 | -14,060 |
Amortization of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | -1,602 | -1,745 | -1,634 |
Net loss before equity income | -44,115 | -16,618 | 89,289 | 32,843 | -23,686 | -11,952 | 70,796 | 14,669 | 61,399 | 49,827 | 42,565 |
Net income | -25,828 | -9,592 | 52,216 | 19,288 | -13,937 | -7,588 | 41,679 | 9,752 | 36,084 | 29,906 | 25,989 |
STAR GAS PARTNERS, L.P. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
General and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,420 | 31 | 2,019 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -1,420 | -31 | -2,019 |
Net interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -11,206 | -11,197 | -11,188 |
Amortization of debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | -520 | -474 | -330 |
Net loss before equity income | ' | ' | ' | ' | ' | ' | ' | ' | -13,146 | -11,702 | -13,537 |
Equity income of Star Petro Inc. and subs | ' | ' | ' | ' | ' | ' | ' | ' | 49,230 | 41,608 | 39,526 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $36,084 | $29,906 | $25,989 |
Condensed_Financial_Informatio4
Condensed Financial Information of Registrant Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Cash flows provided by (used in) financing activities: | ' | ' | ' | |||
Distributions | ($19,850) | ($19,313) | ($19,525) | |||
Unit repurchase | -1,663 | -15,217 | -19,648 | |||
Net increase (decrease) in cash | -36,058 | -23,034 | 21,302 | |||
Cash and equivalents at beginning of period | 85,057 | 108,091 | 86,789 | |||
Cash and equivalents at end of period | 48,999 | 85,057 | 108,091 | |||
STAR GAS PARTNERS, L.P. | ' | ' | ' | |||
Cash flows provided by (used in) operating activities: | ' | ' | ' | |||
Net cash provided by operating activities | 21,513 | [1] | 34,537 | [1] | 39,196 | [1] |
Cash flows provided by (used in) investing activities: | ' | ' | ' | |||
Net cash provided by (used in) investing activities | 0 | 0 | 0 | |||
Cash flows provided by (used in) financing activities: | ' | ' | ' | |||
Distributions | -19,850 | -19,313 | -19,525 | |||
Unit repurchase | -1,663 | -15,217 | -19,648 | |||
Net cash used in financing activities | -21,513 | -34,530 | -39,173 | |||
Net increase (decrease) in cash | ' | 7 | 23 | |||
Cash and equivalents at beginning of period | 324 | 317 | 294 | |||
Cash and equivalents at end of period | $324 | $324 | $317 | |||
[1] | Includes distributions from subsidiaries $ 21,513 $ 34,530 $ 39,173 |
Condensed_Financial_Informatio5
Condensed Financial Information of Registrant Statements of Cash Flows (Parenthetical) (Detail) (STAR GAS PARTNERS, L.P., USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
STAR GAS PARTNERS, L.P. | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Includes distributions from subsidiaries | $21,513 | $34,530 | $39,173 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Detail) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |||
Allowance for Doubtful Accounts | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at Beginning of Year | $7,928 | $6,886 | $9,530 | |||
Charged to Costs & Expenses | 7,514 | 6,481 | 6,017 | |||
Other Changes Add (Deduct) | -6,222 | [1] | -5,439 | [1] | -8,661 | [1] |
Balance at End of Year | $9,220 | $7,928 | $6,886 | |||
[1] | Bad debts written off (net of recoveries). |