Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SGU | |
Title of 12(b) Security | Common Units | |
Security Exchange Name | NYSE | |
Entity Registrant Name | STAR GROUP, L.P. | |
Entity Central Index Key | 0001002590 | |
Entity Tax Identification Number | 06-1437793 | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-14129 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 36,783,664 | |
Entity Address, Address Line One | 9 West Broad Street | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | (203) | |
Local Phone Number | 328-7310 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 17,682 | $ 4,767 |
Receivables, net of allowance of $6,781 and $4,779, respectively | 262,738 | 99,680 |
Inventories | 79,698 | 61,183 |
Fair asset value of derivative instruments | 37,777 | 26,222 |
Prepaid expenses and other current assets | 64,310 | 30,140 |
Total current assets | 462,205 | 221,992 |
Property and equipment, net | 101,456 | 99,123 |
Operating lease right-of-use assets | 96,076 | 95,839 |
Goodwill | 254,842 | 253,398 |
Intangibles, net | 89,601 | 95,474 |
Restricted cash | 250 | 250 |
Captive insurance collateral | 67,511 | 69,933 |
Deferred charges and other assets, net | 18,201 | 17,854 |
Total assets | 1,090,142 | 853,863 |
Current liabilities | ||
Accounts payable | 53,098 | 37,291 |
Revolving credit facility borrowings | 185,723 | 8,618 |
Current maturities of long-term debt | 13,000 | 17,621 |
Current portion of operating lease liabilities | 16,717 | 16,446 |
Accrued expenses and other current liabilities | 157,093 | 121,221 |
Unearned service contract revenue | 66,801 | 56,972 |
Customer credit balances | 36,542 | 86,828 |
Total current liabilities | 528,974 | 344,997 |
Long-term debt | 85,734 | 92,385 |
Long-term operating lease liabilities | 84,182 | 84,019 |
Deferred tax liabilities, net | 33,705 | 29,014 |
Other long-term liabilities | 17,193 | 25,244 |
Partners’ capital | ||
Common unitholders | 357,020 | 295,063 |
General partner | (2,524) | (2,821) |
Accumulated other comprehensive loss, net of taxes | (14,142) | (14,038) |
Total partners’ capital | 340,354 | 278,204 |
Total liabilities and partners’ capital | $ 1,090,142 | $ 853,863 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowance | $ 6,781 | $ 4,779 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Sales: | |||||
Total sales | $ 782,543 | $ 604,115 | $ 1,270,813 | $ 977,435 | |
Cost and expenses: | |||||
(Increase) decrease in the fair value of derivative instruments | [1] | (17,615) | (8,224) | (4,212) | (25,619) |
Delivery and branch expenses | 107,486 | 100,942 | 196,475 | 181,629 | |
Depreciation and amortization expenses | 8,081 | 8,268 | 16,529 | 16,225 | |
General and administrative expenses | 5,902 | 6,320 | 12,578 | 12,561 | |
Finance charge income | (1,026) | (799) | (1,538) | (1,205) | |
Operating income | 117,245 | 119,695 | 139,869 | 174,481 | |
Interest expense, net | (2,729) | (2,136) | (4,787) | (3,987) | |
Amortization of debt issuance costs | (237) | (243) | (476) | (490) | |
Income before income taxes | 114,279 | 117,316 | 134,606 | 170,004 | |
Income tax expense | 32,900 | 32,152 | 38,738 | 46,980 | |
Net income | 81,379 | 85,164 | 95,868 | 123,024 | |
General Partner’s interest in net income | 697 | 681 | 819 | 977 | |
Limited Partners’ interest in net income | $ 80,682 | $ 84,483 | $ 95,049 | $ 122,047 | |
Basic and diluted income per Limited Partner Unit (1): | $ 1.75 | $ 1.71 | $ 2.05 | $ 2.43 | |
Weighted average number of Limited Partner units outstanding: | |||||
Basic and Diluted | 37,634 | 40,382 | 38,218 | 41,324 | |
Product | |||||
Sales: | |||||
Total sales | $ 712,462 | $ 539,371 | $ 1,123,727 | $ 839,703 | |
Installations and services | |||||
Sales: | |||||
Total sales | 70,081 | 64,744 | 147,086 | 137,732 | |
Cost of product | |||||
Cost and expenses: | |||||
Cost and expenses | 492,334 | 313,552 | 766,928 | 485,699 | |
Cost of installations and services | |||||
Cost and expenses: | |||||
Cost and expenses | $ 70,136 | $ 64,361 | $ 144,184 | $ 133,664 | |
[1] | Represents the change in value of unrealized open positions and expired options. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 81,379 | $ 85,164 | $ 95,868 | $ 123,024 |
Other comprehensive income (loss): | ||||
Unrealized gain on pension plan obligation | 224 | 235 | 448 | 470 |
Tax effect of unrealized gain on pension plan obligation | (61) | (64) | (106) | (128) |
Unrealized loss on captive insurance collateral | (2,062) | (526) | (2,674) | (866) |
Tax effect of unrealized loss on captive insurance collateral | 435 | 110 | 564 | 182 |
Unrealized gain on interest rate hedges | 1,549 | 719 | 2,267 | 1,051 |
Tax effect of unrealized gain on interest rate hedges | (410) | (190) | (603) | (278) |
Total other comprehensive income (loss) | (325) | 284 | (104) | 431 |
Total comprehensive income | $ 81,054 | $ 85,448 | $ 95,764 | $ 123,455 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL - USD ($) shares in Thousands, $ in Thousands | Total | General Partner | Common Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Sep. 30, 2020 | $ 255,820 | $ (2,506) | $ 273,283 | $ (14,957) |
Beginning Balance, unit at Sep. 30, 2020 | 326 | 43,328 | ||
Net income | 123,024 | $ 977 | $ 122,047 | |
Unrealized gain on pension plan obligation | 470 | 470 | ||
Tax effect of unrealized gain on pension plan obligation | (128) | (128) | ||
Unrealized loss on captive insurance collateral | (866) | (866) | ||
Tax effect of unrealized loss on captive insurance collateral | 182 | 182 | ||
Unrealized gain on interest rate hedges | 1,051 | 1,051 | ||
Tax effect of unrealized gain on interest rate hedges | (278) | (278) | ||
Distributions | (11,533) | (462) | (11,071) | |
Retirement of units | (30,466) | $ (30,466) | ||
Retirement of units, shares | (3,129) | |||
Ending Balance at Mar. 31, 2021 | 337,276 | $ (1,991) | $ 353,793 | (14,526) |
Ending Balance, Unit at Mar. 31, 2021 | 326 | 40,199 | ||
Beginning Balance at Dec. 31, 2020 | 262,616 | $ (2,447) | $ 279,873 | (14,810) |
Beginning Balance, unit at Dec. 31, 2020 | 326 | 40,737 | ||
Net income | 85,164 | $ 681 | $ 84,483 | |
Unrealized gain on pension plan obligation | 235 | 235 | ||
Tax effect of unrealized gain on pension plan obligation | (64) | (64) | ||
Unrealized loss on captive insurance collateral | (526) | (526) | ||
Tax effect of unrealized loss on captive insurance collateral | 110 | 110 | ||
Unrealized gain on interest rate hedges | 719 | 719 | ||
Tax effect of unrealized gain on interest rate hedges | (190) | (190) | ||
Distributions | (5,594) | (225) | (5,369) | |
Retirement of units | (5,194) | $ (5,194) | ||
Retirement of units, shares | (538) | |||
Ending Balance at Mar. 31, 2021 | 337,276 | $ (1,991) | $ 353,793 | (14,526) |
Ending Balance, Unit at Mar. 31, 2021 | 326 | 40,199 | ||
Beginning Balance at Sep. 30, 2021 | 278,204 | $ (2,821) | $ 295,063 | (14,038) |
Beginning Balance, unit at Sep. 30, 2021 | 326 | 39,046 | ||
Ending Balance at Dec. 31, 2021 | 275,359 | $ (2,963) | $ 292,139 | (13,817) |
Ending Balance, Unit at Dec. 31, 2021 | 326 | 37,942 | ||
Beginning Balance at Sep. 30, 2021 | 278,204 | $ (2,821) | $ 295,063 | (14,038) |
Beginning Balance, unit at Sep. 30, 2021 | 326 | 39,046 | ||
Net income | 95,868 | $ 819 | $ 95,049 | |
Unrealized gain on pension plan obligation | 448 | 448 | ||
Tax effect of unrealized gain on pension plan obligation | (106) | (106) | ||
Unrealized loss on captive insurance collateral | (2,674) | (2,674) | ||
Tax effect of unrealized loss on captive insurance collateral | 564 | 564 | ||
Unrealized gain on interest rate hedges | 2,267 | 2,267 | ||
Tax effect of unrealized gain on interest rate hedges | (603) | (603) | ||
Distributions | (11,432) | (522) | (10,910) | |
Retirement of units | (22,182) | $ (22,182) | ||
Retirement of units, shares | (2,096) | |||
Ending Balance at Mar. 31, 2022 | 340,354 | $ (2,524) | $ 357,020 | (14,142) |
Ending Balance, Unit at Mar. 31, 2022 | 326 | 36,950 | ||
Beginning Balance at Dec. 31, 2021 | 275,359 | $ (2,963) | $ 292,139 | (13,817) |
Beginning Balance, unit at Dec. 31, 2021 | 326 | 37,942 | ||
Net income | 81,379 | $ 697 | $ 80,682 | |
Unrealized gain on pension plan obligation | 224 | 224 | ||
Tax effect of unrealized gain on pension plan obligation | (61) | (61) | ||
Unrealized loss on captive insurance collateral | (2,062) | (2,062) | ||
Tax effect of unrealized loss on captive insurance collateral | 435 | 435 | ||
Unrealized gain on interest rate hedges | 1,549 | 1,549 | ||
Tax effect of unrealized gain on interest rate hedges | (410) | (410) | ||
Distributions | (5,642) | (258) | (5,384) | |
Retirement of units | (10,417) | $ (10,417) | ||
Retirement of units, shares | (992) | |||
Ending Balance at Mar. 31, 2022 | $ 340,354 | $ (2,524) | $ 357,020 | $ (14,142) |
Ending Balance, Unit at Mar. 31, 2022 | 326 | 36,950 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Cash flows provided by (used in) operating activities: | |||
Net income | $ 95,868 | $ 123,024 | |
Adjustment to reconcile net income to net cash provided by (used in) operating activities: | |||
(Increase) decrease in the fair value of derivative instruments | [1] | (4,212) | (25,619) |
Depreciation and amortization | 17,005 | 16,715 | |
Provision for losses on accounts receivable | 2,167 | 256 | |
Change in deferred taxes | 4,545 | 12,623 | |
Change in weather hedge contracts | (1,087) | (3,424) | |
Changes in operating assets and liabilities: | |||
Increase in receivables | (165,063) | (103,987) | |
Increase in inventories | (18,048) | (9,652) | |
Increase in other assets | (41,314) | (2,016) | |
Increase in accounts payable | 16,434 | 5,538 | |
Decrease in customer credit balances | (50,913) | (43,421) | |
Increase in other current and long-term liabilities | 39,177 | 35,436 | |
Net cash (used in) provided by operating activities | (105,441) | 5,473 | |
Cash flows provided by (used in) investing activities: | |||
Capital expenditures | (7,128) | (7,232) | |
Proceeds from sales of fixed assets | 530 | 143 | |
Proceeds from sale of propane assets | 6,093 | ||
Purchase of investments | (369) | (603) | |
Acquisitions | (6,536) | (38,363) | |
Net cash used in investing activities | (13,503) | (39,962) | |
Cash flows provided by (used in) financing activities: | |||
Revolving credit facility borrowings | 200,177 | 75,154 | |
Revolving credit facility repayments | (23,072) | (40,154) | |
Term loan repayments | (11,365) | (6,500) | |
Distributions | (11,432) | (11,533) | |
Unit repurchases | (22,182) | (30,466) | |
Customer retainage payments | (267) | (29) | |
Payments of debt issue costs | (11) | ||
Net cash provided by (used in) financing activities | 131,859 | (13,539) | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | 12,915 | (48,028) | |
Cash, cash equivalents, and restricted cash at beginning of period | 5,017 | 57,161 | |
Cash, cash equivalents, and restricted cash at end of period | $ 17,932 | $ 9,133 | |
[1] | Represents the change in value of unrealized open positions and expired options. |
Organization
Organization | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Organization | 1) Organization Star Group, L.P. (“Star,” the “Company,” “we,” “us,” or “our”) is a full service provider specializing in the sale of home heating and air conditioning products and services to residential and commercial home heating oil and propane customers. The Company has one reportable segment for accounting purposes. We also sell diesel fuel, gasoline and home heating oil on a delivery only basis, and in certain of our marketing areas, we provide plumbing services primarily to our home heating oil and propane customer base. We believe we are the nation’s largest retail distributor of home heating oil based upon sales volume. The Company is organized as follows: • Star is a limited partnership, which at March 31, 2022, had outstanding 36.9 • Star owns 100% of Star Acquisitions, Inc. (“SA”), a Minnesota corporation that owns 100% of Petro Holdings, Inc. (“Petro”). SA and its subsidiaries are subject to Federal and state corporate income taxes. Star’s operations are conducted through Petro and its subsidiaries. Petro is primarily a Northeast and Mid-Atlantic U.S. region retail distributor of home heating oil and propane that at March 31, 2022 served approximately 424,600 full service residential and commercial home heating oil and propane customers and 74,300 customers on a delivery only basis. We also sell gasoline and diesel fuel to approximately 27,800 service contracts for natural gas and other heating systems . • Petroleum Heat and Power Co., Inc. (“PH&P”) is a wholly owned subsidiary of Star. PH&P is the borrower and Star is the guarantor of the fifth amended and restated credit agreement’s $130 million five-year |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2) Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements include the accounts of Star and its subsidiaries. All material intercompany items and transactions have been eliminated in consolidation. The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair statement of financial condition and results for the interim periods. Due to the seasonal nature of the Company’s business, the results of operations and cash flows for the six-month period ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. These interim financial statements of the Company have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2021. Comprehensive Income Comprehensive income is comprised of Net income and Other comprehensive income (loss). Other comprehensive income (loss) consists of the unrealized gain on amortization on the Company’s pension plan obligation for its two frozen defined benefit pension plans, unrealized loss on available-for-sale investments, unrealized gain on interest rate hedges and the corresponding tax effects. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2022, the $17.9 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $17.7 million of cash and cash equivalents and $0.3 million of restricted cash. At September 30, 2021, the $5.0 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $4.8 million of cash and cash equivalents and $0.3 million of restricted cash. Restricted cash represents deposits held by our captive insurance company that are required by state insurance regulations to remain in the captive insurance company as cash. Fair Value Valuation Approach The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Captive Insurance Collateral The captive insurance collateral is held by our captive insurance company in an irrevocable trust as collateral for certain workers’ compensation and automobile liability claims. The collateral is required by a third party insurance carrier that insures per claim amounts above a set deductible. If we did not deposit cash into the trust, the third party carrier would require that we issue an equal amount of letters of credit. Due to the expected timing of claim payments, the nature of the collateral agreement with the carrier, and our captive insurance company’s source of other operating cash, the collateral is not expected to be used to pay obligations within the next twelve months. Unrealized gains and losses, net of related income taxes, are reported as accumulated other comprehensive income (loss), except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net income and are included in Interest expense, net, at which time the average cost basis of these securities are adjusted to fair value. Weather Hedge Contract To partially mitigate the adverse effect of warm weather on cash flows, the Company has used weather hedge contracts for a number of years. Weather hedge contracts are recorded in accordance with the intrinsic value method defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815-45-15 Derivatives and Hedging, Weather Derivatives (EITF 99-2). The premium paid is included in the caption “Prepaid expenses and other current assets” in the accompanying balance sheets and amortized over the life of the contract, with the intrinsic value method applied at each interim period. T he Company entered into weather hedge contracts for fiscal year 2023. Under these contracts, we are entitled to receive a payment if the total number of degree days within the hedge period is less than the prior ten year average. The hedge period runs from November 1 through March 31, taken as a whole, for each respective fiscal year. The “Payment Thresholds ,” or strikes, are set at various levels . The maximum that the Company can receive is $12.5 million per year . In addition, we are obligated to make an annual payment capped at $5.0 million if degree days exceed the Payment Threshold . For fiscal 2022 and 2021, we had weather hedge contracts with similar payment thresholds and terms. The temperatures experienced during the six months ended March 31, 2022 and March 31, 2021 were warmer than the strikes in the weather hedge contracts. As a result at March 31, 2022 and March 31, 2021, the Company reduced delivery and branch expenses and recorded receivable under those contracts of $1.1 million and $3.4 million, respectively. The amounts were received in full in April 2022 and April 2021, respectively. New England Teamsters and Trucking Industry Pension Fund (“the NETTI Fund”) Liability As of March 31, 2022, we had $0.2 million and $16.4 million balances included in the captions “Accrued expenses and other current liabilities” and “Other long-term liabilities,” on our Condensed Consolidated Balance Sheet representing the remaining balance of the NETTI Fund withdrawal liability. As of September 30, 2021, we had $0.2 million and $16.5 million balances reflected in these categories respectively. Based on the borrowing rates currently available to the Company for long-term financing of a similar maturity, the fair value of the NETTI Fund withdrawal liability as of March 31, 2022 and September 30, 2021 was $23.5 million and $25.8 million, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability. Recently Adopted Accounting Pronouncements The Company did not adopt new standards in the first six months of fiscal 2022 that have a material impact on its consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires accounting for contract assets and liabilities from contracts with customers in a business combination to be accounted for in accordance with ASC No. 606. The standard is effective for fiscal years beginning after December 15, 2022. The Company has not determined the timing of adoption, but does not expect ASU 2021-08 to have a material impact on its consolidated financial statements and related disclosures. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3) Revenue Recognition The following disaggregates our revenue by major sources for the three and six months ended March 31, 2022 and March 31, 2021: Three Months Ended March 31, Six Months Ended March 31, (in thousands) 2022 2021 2022 2021 Petroleum Products: Home heating oil and propane $ 593,475 $ 466,401 $ 899,198 $ 707,213 Other petroleum products 118,987 72,970 224,529 132,490 Total petroleum products 712,462 539,371 1,123,727 839,703 Installations and Services: Equipment installations 26,965 22,865 60,034 52,925 Equipment maintenance service contracts 27,341 27,045 54,318 53,913 Billable call services 15,775 14,834 32,734 30,894 Total installations and services 70,081 64,744 147,086 137,732 Total Sales $ 782,543 $ 604,115 $ 1,270,813 $ 977,435 Deferred Contract Costs We recognize an asset for incremental commission expenses paid to sales personnel in conjunction with obtaining new residential customer product and equipment maintenance service contracts. We defer these costs only when we have determined the commissions are, in fact, incremental and would not have been incurred absent the customer contract. Costs to obtain a contract are amortized and recorded ratably as delivery and branch expenses over the period representing the transfer of goods or services to which the assets relate. Costs to obtain new residential product and equipment maintenance service contracts are amortized as expense over the estimated customer relationship period of approximately five years. Deferred contract costs are classified as current or non-current within “Prepaid expenses and other current assets” and “Deferred charges and other assets, net,” respectively. At March 31, 2022, the amount of deferred contract costs included in “Prepaid expenses and other current assets” and “Deferred charges and other assets, net” was $3.5 million and $6.1 3.4 5.7 $2.0 Contract Liability Balances The Company has contract liabilities for advanced payments received from customers for future oil deliveries (primarily amounts received from customers on “smart pay” budget payment plans in advance of oil deliveries) and obligations to service customers with equipment maintenance service contracts. Contract liabilities are recognized straight-line over the service contract period, generally one year or less. As of March 31, 2022 and September 30, 2021 the Company had contract liabilities of $98.0 million and $141.6 million, respectively. During the six months ended March 31, 2022, the Company recognized $ 108.4 Receivables and Allowance for Doubtful Accounts Accounts receivables from customers are recorded at the invoiced amounts. Finance charges may be applied to trade receivables that are more than 30 days past due, and are recorded as finance charge income. The allowance for doubtful accounts is the Company’s estimate of the amount of trade receivables that may not be collectible. The allowance is determined at an aggregate level by grouping accounts based on certain account criteria and its receivable aging. The allowance is based on both quantitative and qualitative factors, including historical loss experience, historical collection patterns, overdue status, aging trends, current and future economic conditions. The Company has an established process to periodically review current and past due trade receivable balances to determine the adequacy of the allowance. No single statistic or measurement determines the adequacy of the allowance. The total allowance reflects management’s estimate of losses inherent in its trade receivables at the balance sheet date. Different assumptions or changes in economic conditions could result in material changes to the allowance for doubtful accounts. Changes in the allowance for credit losses are as follows: (in thousands) Credit Loss Allowance Balance at September 30, 2021 $ 4,779 Current period provision 2,167 Write-offs, net and other (165 ) Balance as of March 31, 2022 $ 6,781 |
Common Unit Repurchase and Reti
Common Unit Repurchase and Retirement | 6 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Common Unit Repurchase and Retirement | 4) Common Unit Repurchase and Retirement In July 2012, the Board adopted a plan to repurchase certain of the Company’s Common Units that was amended in fiscal 2018 (the “Repurchase Plan”). Through August 2020, the Company had repurchased approximately 14.4 million Common Units under the Repurchase Plan. In August 2020, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 2.0 million to a total of 6.0 million, of which 4.9 million were available for repurchase in open market transactions and 1.1 million were available for repurchase in privately-negotiated transactions. There is no guarantee of the number of units that will be purchased under the Repurchase Plan and the Company may discontinue purchases at any time. The Repurchase Plan does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Company’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the Common Units purchased under the Repurchase Plan will be retired. Under the Company’s fifth amended and restated credit agreement dated December 4, 2019, in order to repurchase Common Units, we must maintain Availability (as defined in the fifth amended and restated credit agreement) of $60 million, 15.0% of the facility size of $400 million (assuming $100 million of the 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 Company was in compliance with this covenant through March 31, 2022. The following table shows repurchases under the Repurchase Plan: (in thousands, except per unit amounts) Period Total Number of Units Purchased Average Price Paid per Unit (a) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Units that May Yet Be Purchased Fiscal year 2012 to 2021 total 21,979 $ 8.60 17,504 2,848 First quarter fiscal year 2022 total 1,104 $ 10.65 691 2,157 (b) January 2022 264 $ 10.59 264 1,893 February 2022 330 $ 10.34 330 1,563 March 2022 398 $ 10.58 398 1,165 Second quarter fiscal year 2022 total 992 $ 10.50 992 1,165 April 2022 165 $ 11.10 165 1,000 (c) (a) Amount includes repurchase costs. (b) On December 30, 2021, the Company purchased 0.4 million Common Units in a private transaction for aggregate consideration of approximately $4.4 million. The approved purchase was made outside of the Company’s unit repurchase plan. ( c ) Of the total available for repurchase, approximately 0.7 million units are available for repurchase in open market transactions and 0.3 million units are available for repurchase in privately-negotiated transactions, under the Repurchase Plan. |
Captive Insurance Collateral
Captive Insurance Collateral | 6 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Captive Insurance Collateral | 5) Captive Insurance Collateral The Company considers all of its captive insurance collateral to be Level 1 available-for-sale investments. Investments at March 31, 2022 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 1,865 $ — $ — $ 1,865 U.S. Government Sponsored Agencies 48,473 5 (1,649 ) 46,829 Corporate Debt Securities 18,865 133 (181 ) 18,817 Total $ 69,203 $ 138 $ (1,830 ) $ 67,511 Investments at September 30, 2021 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 515 $ — $ — $ 515 U.S. Government Sponsored Agencies 51,632 108 (53 ) 51,687 Corporate Debt Securities 16,302 918 (18 ) 17,202 Foreign Bonds and Notes 502 27 — 529 Total $ 68,951 $ 1,053 $ (71 ) $ 69,933 Maturities of investments were as follows at March 31, 2022 (in thousands): Net Carrying Amount Due within one year $ 1,865 Due after one year through five years 65,646 Due after five years through ten years — Total $ 67,511 |
Derivatives and Hedging-Disclos
Derivatives and Hedging-Disclosures and Fair Value Measurements | 6 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging-Disclosures and Fair Value Measurements | 6) Derivatives and Hedging—Disclosures and Fair Value Measurements The Company uses derivative instruments such as futures, options and swap agreements in order to mitigate exposure to market risk associated with the purchase of home heating oil for price-protected customers, physical inventory on hand, inventory in transit, priced purchase commitments and internal fuel usage. FASB ASC 815-10-05 Derivatives and Hedging, established accounting and reporting standards requiring that derivative instruments be recorded at fair value and included in the consolidated balance sheet as assets or liabilities, along with qualitative disclosures regarding the derivative activity. The Company has elected not to designate its commodity derivative instruments as hedging derivatives, but rather as economic hedges whose change in fair value is recognized in its statement of operations in the caption “(Increase) decrease in the fair value of derivative instruments.” Depending on the risk being economically hedged, realized gains and losses are recorded in cost of product, cost of installations and services, or delivery and branch expenses. As of March 31, 2022, to hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers, the Company held the following derivative instruments that settle in future months to match anticipated sales: 6.2 million gallons of swap contracts, 37.1 million gallons of call options, 2.2 million gallons of put options, and 15.5 million net gallons of synthetic call options. To hedge the inter-month differentials for its price-protected customers, its physical inventory on hand and inventory in transit, the Company, as of March 31, 2022, held 2.9 million gallons of long future contracts and 17.1 million gallons of short future contracts that settle in future months. To hedge its internal fuel usage and other activities for fiscal 2022, the Company held 1.0 million gallons of call options and swap contracts that settle in future months. As of March 31, 2021, to hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers, the Company held the following derivative instruments that settle in future months to match anticipated sales: 6.4 million gallons of swap contracts, 4.5 million gallons of call options, 2.8 million gallons of put options, and 54.4 million net gallons of synthetic call options. To hedge the inter-month differentials for its price-protected customers, its physical inventory on hand and inventory in transit, the Company, as of March 31, 2021, held 3.8 million gallons of long future contracts and 25.5 million gallons of short future contracts that settle in future months. To hedge its internal fuel usage and other activities for fiscal 2021, the Company, as of March 31, 2021, held 0.5 million gallons of call options and swap contracts that settle in future months. As of March 31, 2022, the Company has interest rate swap agreements in order to mitigate exposure to market risk associated with variable rate interest on $56.5 million, or 57% The Company’s derivative instruments are with the following counterparties: Bank of America, N.A., Bank of Montreal, Cargill, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Key Bank, N.A., Toronto-Dominion Bank and Wells Fargo Bank, N.A. The Company assesses counterparty credit risk and considers it to be low. We maintain master netting arrangements that allow for the non-conditional offsetting of amounts receivable and payable with counterparties to help manage our risks and record derivative positions on a net basis. The Company generally does not receive cash collateral from its counterparties and does not restrict the use of cash collateral it maintains at counterparties. At March 31, 2022, the aggregate cash posted as collateral in the normal course of business at counterparties was $7.7 million and recorded in “Prepaid expense and other current assets.” Positions with counterparties who are also parties to our credit agreement are collateralized under that facility. As of March 31, 2022, no hedge positions or payable amounts were secured under the credit facility. The Company’s Level 1 derivative assets and liabilities represent the fair value of commodity contracts used in its hedging activities that are identical and traded in active markets. The Company’s Level 2 derivative assets and liabilities represent the fair value of commodity and interest rate contracts used in its hedging activities that are valued using either directly or indirectly observable inputs, whose nature, risk and class are similar. No significant transfers of assets or liabilities have been made into and out of the Level 1 or Level 2 tiers. All derivative instruments were non-trading positions and were either a Level 1 or Level 2 instrument. The Company had no Level 3 derivative instruments. The fair market value of our Level 1 and Level 2 derivative assets and liabilities are calculated by our counter-parties and are independently validated by the Company. The Company’s calculations are, for Level 1 derivative assets and liabilities, based on the published New York Mercantile Exchange (“NYMEX”) market prices for the commodity contracts open at the end of the period. For Level 2 derivative assets and liabilities the calculations performed by the Company are based on a combination of the NYMEX published market prices and other inputs, including such factors as present value, volatility and duration. The Company had no assets or liabilities that are measured at fair value on a nonrecurring basis subsequent to their initial recognition. The Company’s commodity financial assets and liabilities measured at fair value on a recurring basis are listed on the following table. (In thousands) Fair Value Measurements at Reporting Date Using: Derivatives Not Designated as Hedging Instruments Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Under FASB ASC 815-10 Balance Sheet Location Total Level 1 Level 2 Asset Derivatives at March 31, 2022 Commodity contracts Fair asset value of derivative instruments $ 38,503 $ — $ 38,503 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net 1,929 — 1,929 Commodity contract assets at March 31, 2022 $ 40,432 $ — $ 40,432 Liability Derivatives at March 31, 2022 Commodity contracts Fair asset value of derivative instruments $ (726 ) $ — $ (726 ) Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net — — — Commodity contract liabilities at March 31, 2022 $ (726 ) $ — $ (726 ) Asset Derivatives at September 30, 2021 Commodity contracts Fair asset value of derivative instruments $ 29,360 $ — $ 29,360 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net 2,023 — 2,023 Commodity contract assets September 30, 2021 $ 31,383 $ — $ 31,383 Liability Derivatives at September 30, 2021 Commodity contracts Fair asset value of derivative instruments $ (3,138 ) $ — $ (3,138 ) Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net (463 ) — (463 ) Commodity contract liabilities September 30, 2021 $ (3,601 ) $ — $ (3,601 ) The Company’s commodity derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table. (In thousands) Gross Amounts Not Offset in the Statement of Financial Position Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities) Gross Assets Recognized Gross Liabilities Offset in the Statement of Financial Position Net Assets (Liabilities) Presented Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Fair asset value of derivative instruments $ 38,503 $ (726 ) $ 37,777 $ — $ — $ 37,777 Long-term derivative assets included in deferred charges and other assets, net 1,929 — 1,929 — — 1,929 Total at March 31, 2022 $ 40,432 $ (726 ) $ 39,706 $ — $ — $ 39,706 Fair asset value of derivative instruments $ 29,360 $ (3,138 ) $ 26,222 $ — $ — $ 26,222 Long-term derivative assets included in deferred charges and other assets, net 2,023 (463 ) 1,560 — — 1,560 Total at September 30, 2021 $ 31,383 $ (3,601 ) $ 27,782 $ — $ — $ 27,782 (In thousands) The Effect of Derivative Instruments on the Statement of Operations Amount of (Gain) or Loss Recognized Amount of (Gain) or Loss Recognized Derivatives Not Designated as Hedging Instruments Under FASB ASC 815-10 Location of (Gain) or Loss Recognized in Income on Derivative Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Six Months Ended March 31, 2022 Six Months Ended March 31, 2021 Commodity contracts Cost of product (a) $ (8,545 ) $ (5,064 ) $ (18,520 ) $ 6,514 Commodity contracts Cost of installations and service (a) $ (1,355 ) $ (130 ) $ (1,482 ) $ (37 ) Commodity contracts Delivery and branch expenses (a) $ (2,968 ) $ (193 ) $ (3,252 ) $ 8 Commodity contracts (Increase) / decrease in the fair value of derivative instruments (b) $ (17,615 ) $ (8,224 ) $ (4,212 ) $ (25,619 ) (a) Represents realized closed positions and includes the cost of options as they expire. (b) Represents the change in value of unrealized open positions and expired options. |
Inventories
Inventories | 6 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 7) Inventories The Company’s product inventories are stated at the lower of cost and net realizable value computed on the weighted average cost method. All other inventories, representing parts and equipment are stated at the lower of cost and net realizable value using the FIFO method. The components of inventory were as follows (in thousands): March 31, 2022 September 30, 2021 Product $ 54,907 $ 37,890 Parts and equipment 24,791 23,293 Total inventory $ 79,698 $ 61,183 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 8) 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 (in thousands): March 31, 2022 September 30, 2021 Property and equipment $ 245,518 $ 238,330 Less: accumulated depreciation 144,062 139,207 Property and equipment, net $ 101,456 $ 99,123 |
Business Combinations and Dives
Business Combinations and Divestitures | 6 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combinations and Divestitures | 9) Business Combinations and Divestitures During fiscal year 2022 the Company has acquired four During fiscal year 2021, the Company acquired two propane and two oil dealers for approximately $39.3 million; $38.4 million in cash and $0.9 million of deferred liabilities. The gross purchase price was allocated $34.3 million to intangible assets, $5.8 million to fixed assets and reduced by $0.8 million in working capital credits. On October 27, 2020, the Company sold certain propane assets for cash proceeds of $6.1 million. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, net | 6 Months Ended |
Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, net | 10) Goodwill and Intangible Assets, net Goodwill A summary of changes in Company’s goodwill is as follows (in thousands): Balance as of September 30, 2021 $ 253,398 Fiscal year 2022 business combinations 1,444 Balance as of March 31, 2022 $ 254,842 Intangibles, net The gross carrying amount and accumulated amortization of intangible assets subject to amortization are as follows (in thousands): March 31, 2022 September 30, 2021 Gross Gross Carrying Accum. Carrying Accum. Amount Amortization Net Amount Amortization Net Customer lists $ 406,614 $ 337,508 $ 69,106 $ 403,913 $ 329,406 $ 74,507 Trade names and other intangibles 41,300 20,805 20,495 40,548 19,581 20,967 Total $ 447,914 $ 358,313 $ 89,601 $ 444,461 $ 348,987 $ 95,474 Amortization expense for intangible assets was $9.3 million for the six months ended March 31, 2022, compared to $9.1 million for the six months ended March 31, 2021. |
Long-Term Debt and Bank Facilit
Long-Term Debt and Bank Facility Borrowings | 6 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt and Bank Facility Borrowings | 11) Long-Term Debt and Bank Facility Borrowings The Company’s debt is as follows (in thousands): March 31, September 30, 2022 2021 Carrying Amount Fair Value (a) Carrying Amount Fair Value (a) Revolving Credit Facility Borrowings $ 185,723 $ 185,723 $ 8,618 $ 8,618 Senior Secured Term Loan (b) 98,734 99,135 110,006 110,500 Total debt $ 284,457 $ 284,858 $ 118,624 $ 119,118 Total short-term portion of debt $ 198,723 $ 198,723 $ 26,239 $ 26,239 Total long-term portion of debt $ 85,734 $ 86,135 $ 92,385 $ 92,879 (a) The face amount of the Company’s variable rate long-term debt approximates fair value. (b) Carrying amounts are net of unamortized debt issuance costs of $0.4 million as of March 31, 2022 and $0.5 million as of September 30, 2021. On December 4, 2019, the Company refinanced its five-year term loan and the revolving credit facility with the execution of the fifth amended and restated revolving credit facility agreement with a bank syndicate comprised of eleven participants, which enables the Company to borrow up to five-year The Company can increase the revolving credit facility size by an additional $200 million without the consent of the bank group. However, the bank group is not obligated to fund the $200 million increase. If the bank group elects not to fund the increase, the Company can add additional lenders to the group, with the consent of the Agent (as defined in the credit agreement), which shall not be unreasonably withheld. Obligations under the fifth amended and restated credit facility are guaranteed by the Company and its subsidiaries and are secured by liens on substantially all of the Company’s assets, including accounts receivable, inventory, general intangibles, real property, fixtures and equipment. All amounts outstanding under the fifth amended and restated revolving credit facility become due and payable on the facility termination date of December 4, 2024. The Term Loan is repayable in quarterly payments of $3.25 million, the first of which was made on April 1, 2020, plus an annual payment equal to 25% of the annual Excess Cash Flow as defined in the credit agreement (an amount not to exceed $12 million annually), less certain voluntary prepayments made during the year, with final payment at maturity . The interest rate on the fifth amended and restated revolving credit facility and the Term Loan is based on a margin over LIBOR or a base rate. At March 31, 2022, the effective interest rate on the Term Loan was approximately 4.3% and the effective interest rate on revolving credit facility borrowings was approximately 2.3%. At September 30, 2021, the effective interest rate on the term loan and revolving credit facility borrowings was approximately 4.3% and 2.5%, respectively. The commitment fee on the unused portion of the revolving credit facility is 0.30% from December through April, and 0.20% from May through November. The fifth amended and restated credit agreement requires the Company to meet certain financial covenants, including a Fixed Charge Coverage Ratio (as defined in the credit agreement) of not less than 1.1 as long as the Term Loan is outstanding or revolving credit facility availability is less than 12.5% of the facility size. In addition, as long as the Term Loan is outstanding, a senior secured leverage ratio cannot be more than 3.0 as calculated as of the quarters ending June or September, and no more than 4.5 as calculated as of the quarters ending December or March. Certain restrictions are also imposed by the credit agreement, including restrictions on the Company’s ability to incur additional indebtedness, to pay distributions to unitholders, to pay certain inter-company dividends or distributions, repurchase units, make investments, grant liens, sell assets, make acquisitions and engage in certain other activities. At March 31, 2022, $99.1 million of the Term Loan was outstanding, $185.7 million amount was outstanding under the revolving credit facility, no hedge positions were secured under the credit agreement, and $5.1 million of letters of credit were issued and outstanding. At September 30, 2021, $110.5 million of the Term Loan was outstanding, $8.6 million was outstanding under the revolving credit facility, no hedge positions were secured under the credit agreement, and $3.1 million of letters of credit were issued and outstanding. At March 31, 2022, availability was $146.7 million, and the Company was in compliance with the fixed charge coverage ratio and the senior secured leverage ratio. At September 30, 2021, availability was $171.5 million, and the Company was in compliance with the fixed charge coverage ratio and the senior secured leverage ratio. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12) Income Taxes The accompanying financial statements are reported on a fiscal year, however, the Company and its corporate subsidiaries file Federal and State income tax returns on a calendar year. The current and deferred income tax expense for the three and six months ended March 31, 2022, and March 31, 2021 are as follows: Three Months Ended Six Months Ended March 31, March 31, (in thousands) 2022 2021 2022 2021 Income before income taxes $ 114,279 $ 117,316 $ 134,606 $ 170,004 Current income tax expense 27,671 23,130 34,193 34,357 Deferred income tax expense 5,229 9,022 4,545 12,623 Total income tax expense $ 32,900 $ 32,152 $ 38,738 $ 46,980 At March 31, 2022, we did not have unrecognized income tax benefits. Our continuing practice is to recognize interest and penalties related to income tax matters as a component of income tax expense. We file U.S. Federal income tax returns and various state and local returns. A number of years may elapse before an uncertain tax position is audited and finally resolved. For our Federal income tax returns we have four tax years subject to examination. In our major state tax jurisdictions of New York, Connecticut and Pennsylvania, we have four years that are subject to examination. In the state tax jurisdiction of New Jersey we have five tax years that are subject to examination. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, based on our assessment of many factors, including past experience and interpretation of tax law, we believe that our provision for income taxes reflect the most probable outcome. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 6 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosure of Cash Flow Information | 13) Supplemental Disclosure of Cash Flow Information Six Months Ended Cash paid during the period for: March 31, (in thousands) 2022 2021 Income taxes, net $ 6,645 $ 4,606 Interest $ 4,560 $ 4,756 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14) Commitments and Contingencies The Company’s operations are subject to the operating hazards and risks normally incidental to handling, storing and transporting and otherwise providing for use by consumers hazardous liquids such as home heating oil and propane. In the ordinary course of business, the Company is a defendant in various legal proceedings and litigation. The Company records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. We do not believe these matters, when considered individually or in the aggregate, could reasonably be expected to have a material adverse effect on the Company’s results of operations, financial position or liquidity . The Company maintains insurance policies with insurers in amounts and with coverages and deductibles we believe are reasonable and prudent. However, the Company cannot assure that this insurance will be adequate to protect it from all material expenses related to current and potential future claims, legal proceedings and litigation, as certain types of claims may be excluded from our insurance coverage. If we incur substantial liability and the damages are not covered by insurance, or are in excess of policy limits, or if we incur liability at a time when we are not able to obtain liability insurance, then our business, results of operations and financial condition could be materially adversely affected. |
Earnings Per Limited Partner Un
Earnings Per Limited Partner Unit | 6 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Limited Partner Unit | 15) Earnings Per Limited Partner Unit The following table presents the net income allocation and per unit data: Three Months Ended Six Months Ended Basic and Diluted Earnings Per Limited Partner: March 31, March 31, (in thousands, except per unit data) 2022 2021 2022 2021 Net income $ 81,379 $ 85,164 $ 95,868 $ 123,024 Less General Partner’s interest in net income 697 681 819 977 Net income available to limited partners 80,682 84,483 95,049 122,047 Less dilutive impact of theoretical distribution of earnings * 14,707 15,457 16,599 21,798 Limited Partner’s interest in net income $ 65,975 $ 69,026 $ 78,450 $ 100,249 Per unit data: Basic and diluted net income available to limited partners $ 2.14 $ 2.09 $ 2.49 $ 2.95 Less dilutive impact of theoretical distribution of earnings * 0.39 0.38 0.44 0.52 Limited Partner’s interest in net income $ 1.75 $ 1.71 $ 2.05 $ 2.43 Weighted average number of Limited Partner units outstanding 37,634 40,382 38,218 41,324 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16) Subsequent Events Acquisition In April 2022, the Company purchased the customer list and assets of a heating oil dealer for an aggregate amount of approximately $8.1 million; $6.5 million in cash and $1.6 million of deferred liabilities. The purchase price was allocated $5.6 million to intangible assets, $2.4 million to fixed assets and $0.1 million to working capital. Quarterly Distribution Declared In April 2022, we declared a quarterly distribution of $0.1525 per unit, or $0.61 per unit on an annualized basis, on all Common Units with respect to the second quarter of fiscal 2022, paid on May 3, 2022, to holders of record on April 25, 2022. The amount of distributions in excess of the minimum quarterly distribution of $0.0675 are distributed in accordance with our Partnership Agreement, subject to the management incentive compensation plan. As a result, $5.6 million was paid to the Common Unit holders, $0.3 million to the General Partner unit holders (including $0.3 million of incentive distribution as provided in our Partnership Agreement) and $0.3 million to management pursuant to the management incentive compensation plan which provides for certain members of management to receive incentive distributions that would otherwise be payable to the General Partner. Common Units Repurchased and Retired In April 2022, in accordance with the Repurchase Plan, the Company repurchased and retired 0.2 million Common Units at an average price paid of $11.10 per unit. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements include the accounts of Star and its subsidiaries. All material intercompany items and transactions have been eliminated in consolidation. The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair statement of financial condition and results for the interim periods. Due to the seasonal nature of the Company’s business, the results of operations and cash flows for the six-month period ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. These interim financial statements of the Company have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (the “SEC”) and should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2021. |
Comprehensive Income | Comprehensive Income Comprehensive income is comprised of Net income and Other comprehensive income (loss). Other comprehensive income (loss) consists of the unrealized gain on amortization on the Company’s pension plan obligation for its two frozen defined benefit pension plans, unrealized loss on available-for-sale investments, unrealized gain on interest rate hedges and the corresponding tax effects. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At March 31, 2022, the $17.9 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $17.7 million of cash and cash equivalents and $0.3 million of restricted cash. At September 30, 2021, the $5.0 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $4.8 million of cash and cash equivalents and $0.3 million of restricted cash. Restricted cash represents deposits held by our captive insurance company that are required by state insurance regulations to remain in the captive insurance company as cash. |
Fair Value Valuation Approach | Fair Value Valuation Approach The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. |
Captive Insurance Collateral | Captive Insurance Collateral The captive insurance collateral is held by our captive insurance company in an irrevocable trust as collateral for certain workers’ compensation and automobile liability claims. The collateral is required by a third party insurance carrier that insures per claim amounts above a set deductible. If we did not deposit cash into the trust, the third party carrier would require that we issue an equal amount of letters of credit. Due to the expected timing of claim payments, the nature of the collateral agreement with the carrier, and our captive insurance company’s source of other operating cash, the collateral is not expected to be used to pay obligations within the next twelve months. Unrealized gains and losses, net of related income taxes, are reported as accumulated other comprehensive income (loss), except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net income and are included in Interest expense, net, at which time the average cost basis of these securities are adjusted to fair value. |
Weather Hedge Contract | Weather Hedge Contract To partially mitigate the adverse effect of warm weather on cash flows, the Company has used weather hedge contracts for a number of years. Weather hedge contracts are recorded in accordance with the intrinsic value method defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815-45-15 Derivatives and Hedging, Weather Derivatives (EITF 99-2). The premium paid is included in the caption “Prepaid expenses and other current assets” in the accompanying balance sheets and amortized over the life of the contract, with the intrinsic value method applied at each interim period. T he Company entered into weather hedge contracts for fiscal year 2023. Under these contracts, we are entitled to receive a payment if the total number of degree days within the hedge period is less than the prior ten year average. The hedge period runs from November 1 through March 31, taken as a whole, for each respective fiscal year. The “Payment Thresholds ,” or strikes, are set at various levels . The maximum that the Company can receive is $12.5 million per year . In addition, we are obligated to make an annual payment capped at $5.0 million if degree days exceed the Payment Threshold . For fiscal 2022 and 2021, we had weather hedge contracts with similar payment thresholds and terms. The temperatures experienced during the six months ended March 31, 2022 and March 31, 2021 were warmer than the strikes in the weather hedge contracts. As a result at March 31, 2022 and March 31, 2021, the Company reduced delivery and branch expenses and recorded receivable under those contracts of $1.1 million and $3.4 million, respectively. The amounts were received in full in April 2022 and April 2021, respectively. |
New England Teamsters and Trucking Industry Pension Fund ("the NETTI Fund") Liability | New England Teamsters and Trucking Industry Pension Fund (“the NETTI Fund”) Liability As of March 31, 2022, we had $0.2 million and $16.4 million balances included in the captions “Accrued expenses and other current liabilities” and “Other long-term liabilities,” on our Condensed Consolidated Balance Sheet representing the remaining balance of the NETTI Fund withdrawal liability. As of September 30, 2021, we had $0.2 million and $16.5 million balances reflected in these categories respectively. Based on the borrowing rates currently available to the Company for long-term financing of a similar maturity, the fair value of the NETTI Fund withdrawal liability as of March 31, 2022 and September 30, 2021 was $23.5 million and $25.8 million, respectively. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Company did not adopt new standards in the first six months of fiscal 2022 that have a material impact on its consolidated financial statements and related disclosures. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires accounting for contract assets and liabilities from contracts with customers in a business combination to be accounted for in accordance with ASC No. 606. The standard is effective for fiscal years beginning after December 15, 2022. The Company has not determined the timing of adoption, but does not expect ASU 2021-08 to have a material impact on its consolidated financial statements and related disclosures. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Revenue by Major Sources | The following disaggregates our revenue by major sources for the three and six months ended March 31, 2022 and March 31, 2021: Three Months Ended March 31, Six Months Ended March 31, (in thousands) 2022 2021 2022 2021 Petroleum Products: Home heating oil and propane $ 593,475 $ 466,401 $ 899,198 $ 707,213 Other petroleum products 118,987 72,970 224,529 132,490 Total petroleum products 712,462 539,371 1,123,727 839,703 Installations and Services: Equipment installations 26,965 22,865 60,034 52,925 Equipment maintenance service contracts 27,341 27,045 54,318 53,913 Billable call services 15,775 14,834 32,734 30,894 Total installations and services 70,081 64,744 147,086 137,732 Total Sales $ 782,543 $ 604,115 $ 1,270,813 $ 977,435 |
Summary of Changes in Allowance for Credit Losses | Changes in the allowance for credit losses are as follows: (in thousands) Credit Loss Allowance Balance at September 30, 2021 $ 4,779 Current period provision 2,167 Write-offs, net and other (165 ) Balance as of March 31, 2022 $ 6,781 |
Common Unit Repurchase and Re_2
Common Unit Repurchase and Retirement (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Company's Repurchase Activities | The following table shows repurchases under the Repurchase Plan: (in thousands, except per unit amounts) Period Total Number of Units Purchased Average Price Paid per Unit (a) Total Number of Units Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Units that May Yet Be Purchased Fiscal year 2012 to 2021 total 21,979 $ 8.60 17,504 2,848 First quarter fiscal year 2022 total 1,104 $ 10.65 691 2,157 (b) January 2022 264 $ 10.59 264 1,893 February 2022 330 $ 10.34 330 1,563 March 2022 398 $ 10.58 398 1,165 Second quarter fiscal year 2022 total 992 $ 10.50 992 1,165 April 2022 165 $ 11.10 165 1,000 (c) (a) Amount includes repurchase costs. (b) On December 30, 2021, the Company purchased 0.4 million Common Units in a private transaction for aggregate consideration of approximately $4.4 million. The approved purchase was made outside of the Company’s unit repurchase plan. ( c ) Of the total available for repurchase, approximately 0.7 million units are available for repurchase in open market transactions and 0.3 million units are available for repurchase in privately-negotiated transactions, under the Repurchase Plan. |
Captive Insurance Collateral (T
Captive Insurance Collateral (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Captive Insurance Collateral to be Available-for-sale Investments | The Company considers all of its captive insurance collateral to be Level 1 available-for-sale investments. Investments at March 31, 2022 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 1,865 $ — $ — $ 1,865 U.S. Government Sponsored Agencies 48,473 5 (1,649 ) 46,829 Corporate Debt Securities 18,865 133 (181 ) 18,817 Total $ 69,203 $ 138 $ (1,830 ) $ 67,511 Investments at September 30, 2021 consist of the following (in thousands): Amortized Cost Gross Unrealized Gain Gross Unrealized (Loss) Fair Value Cash and Receivables $ 515 $ — $ — $ 515 U.S. Government Sponsored Agencies 51,632 108 (53 ) 51,687 Corporate Debt Securities 16,302 918 (18 ) 17,202 Foreign Bonds and Notes 502 27 — 529 Total $ 68,951 $ 1,053 $ (71 ) $ 69,933 |
Schedule of Maturities of Investments | Maturities of investments were as follows at March 31, 2022 (in thousands): Net Carrying Amount Due within one year $ 1,865 Due after one year through five years 65,646 Due after five years through ten years — Total $ 67,511 |
Derivatives and Hedging-Discl_2
Derivatives and Hedging-Disclosures and Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Company's Commodity Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s commodity financial assets and liabilities measured at fair value on a recurring basis are listed on the following table. (In thousands) Fair Value Measurements at Reporting Date Using: Derivatives Not Designated as Hedging Instruments Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Under FASB ASC 815-10 Balance Sheet Location Total Level 1 Level 2 Asset Derivatives at March 31, 2022 Commodity contracts Fair asset value of derivative instruments $ 38,503 $ — $ 38,503 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net 1,929 — 1,929 Commodity contract assets at March 31, 2022 $ 40,432 $ — $ 40,432 Liability Derivatives at March 31, 2022 Commodity contracts Fair asset value of derivative instruments $ (726 ) $ — $ (726 ) Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net — — — Commodity contract liabilities at March 31, 2022 $ (726 ) $ — $ (726 ) Asset Derivatives at September 30, 2021 Commodity contracts Fair asset value of derivative instruments $ 29,360 $ — $ 29,360 Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net 2,023 — 2,023 Commodity contract assets September 30, 2021 $ 31,383 $ — $ 31,383 Liability Derivatives at September 30, 2021 Commodity contracts Fair asset value of derivative instruments $ (3,138 ) $ — $ (3,138 ) Commodity contracts Long-term derivative assets included in the deferred charges and other assets, net (463 ) — (463 ) Commodity contract liabilities September 30, 2021 $ (3,601 ) $ — $ (3,601 ) |
Company's Commodity Derivatives Assets (Liabilities) Offset by Counterparty | The Company’s commodity derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table. (In thousands) Gross Amounts Not Offset in the Statement of Financial Position Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities) Gross Assets Recognized Gross Liabilities Offset in the Statement of Financial Position Net Assets (Liabilities) Presented Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Fair asset value of derivative instruments $ 38,503 $ (726 ) $ 37,777 $ — $ — $ 37,777 Long-term derivative assets included in deferred charges and other assets, net 1,929 — 1,929 — — 1,929 Total at March 31, 2022 $ 40,432 $ (726 ) $ 39,706 $ — $ — $ 39,706 Fair asset value of derivative instruments $ 29,360 $ (3,138 ) $ 26,222 $ — $ — $ 26,222 Long-term derivative assets included in deferred charges and other assets, net 2,023 (463 ) 1,560 — — 1,560 Total at September 30, 2021 $ 31,383 $ (3,601 ) $ 27,782 $ — $ — $ 27,782 |
Company's Commodity Derivatives Assets (Liabilities) Offset by Counterparty | The Company’s commodity derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table. (In thousands) Gross Amounts Not Offset in the Statement of Financial Position Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities) Gross Assets Recognized Gross Liabilities Offset in the Statement of Financial Position Net Assets (Liabilities) Presented Statement of Financial Position Financial Instruments Cash Collateral Received Net Amount Fair asset value of derivative instruments $ 38,503 $ (726 ) $ 37,777 $ — $ — $ 37,777 Long-term derivative assets included in deferred charges and other assets, net 1,929 — 1,929 — — 1,929 Total at March 31, 2022 $ 40,432 $ (726 ) $ 39,706 $ — $ — $ 39,706 Fair asset value of derivative instruments $ 29,360 $ (3,138 ) $ 26,222 $ — $ — $ 26,222 Long-term derivative assets included in deferred charges and other assets, net 2,023 (463 ) 1,560 — — 1,560 Total at September 30, 2021 $ 31,383 $ (3,601 ) $ 27,782 $ — $ — $ 27,782 |
Company's Effect on Derivative Instruments on the Statement of Operations | (In thousands) The Effect of Derivative Instruments on the Statement of Operations Amount of (Gain) or Loss Recognized Amount of (Gain) or Loss Recognized Derivatives Not Designated as Hedging Instruments Under FASB ASC 815-10 Location of (Gain) or Loss Recognized in Income on Derivative Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Six Months Ended March 31, 2022 Six Months Ended March 31, 2021 Commodity contracts Cost of product (a) $ (8,545 ) $ (5,064 ) $ (18,520 ) $ 6,514 Commodity contracts Cost of installations and service (a) $ (1,355 ) $ (130 ) $ (1,482 ) $ (37 ) Commodity contracts Delivery and branch expenses (a) $ (2,968 ) $ (193 ) $ (3,252 ) $ 8 Commodity contracts (Increase) / decrease in the fair value of derivative instruments (b) $ (17,615 ) $ (8,224 ) $ (4,212 ) $ (25,619 ) (a) Represents realized closed positions and includes the cost of options as they expire. (b) Represents the change in value of unrealized open positions and expired options. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory were as follows (in thousands): March 31, 2022 September 30, 2021 Product $ 54,907 $ 37,890 Parts and equipment 24,791 23,293 Total inventory $ 79,698 $ 61,183 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
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 (in thousands): March 31, 2022 September 30, 2021 Property and equipment $ 245,518 $ 238,330 Less: accumulated depreciation 144,062 139,207 Property and equipment, net $ 101,456 $ 99,123 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, net (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Company's Goodwill | A summary of changes in Company’s goodwill is as follows (in thousands): Balance as of September 30, 2021 $ 253,398 Fiscal year 2022 business combinations 1,444 Balance as of March 31, 2022 $ 254,842 |
Intangible Assets Subject to Amortization | The gross carrying amount and accumulated amortization of intangible assets subject to amortization are as follows (in thousands): March 31, 2022 September 30, 2021 Gross Gross Carrying Accum. Carrying Accum. Amount Amortization Net Amount Amortization Net Customer lists $ 406,614 $ 337,508 $ 69,106 $ 403,913 $ 329,406 $ 74,507 Trade names and other intangibles 41,300 20,805 20,495 40,548 19,581 20,967 Total $ 447,914 $ 358,313 $ 89,601 $ 444,461 $ 348,987 $ 95,474 |
Long-Term Debt and Bank Facil_2
Long-Term Debt and Bank Facility Borrowings (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Company's Debt | The Company’s debt is as follows (in thousands): March 31, September 30, 2022 2021 Carrying Amount Fair Value (a) Carrying Amount Fair Value (a) Revolving Credit Facility Borrowings $ 185,723 $ 185,723 $ 8,618 $ 8,618 Senior Secured Term Loan (b) 98,734 99,135 110,006 110,500 Total debt $ 284,457 $ 284,858 $ 118,624 $ 119,118 Total short-term portion of debt $ 198,723 $ 198,723 $ 26,239 $ 26,239 Total long-term portion of debt $ 85,734 $ 86,135 $ 92,385 $ 92,879 (a) The face amount of the Company’s variable rate long-term debt approximates fair value. (b) Carrying amounts are net of unamortized debt issuance costs of $0.4 million as of March 31, 2022 and $0.5 million as of September 30, 2021. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Current and Deferred Income Tax Expense | The current and deferred income tax expense for the three and six months ended March 31, 2022, and March 31, 2021 are as follows: Three Months Ended Six Months Ended March 31, March 31, (in thousands) 2022 2021 2022 2021 Income before income taxes $ 114,279 $ 117,316 $ 134,606 $ 170,004 Current income tax expense 27,671 23,130 34,193 34,357 Deferred income tax expense 5,229 9,022 4,545 12,623 Total income tax expense $ 32,900 $ 32,152 $ 38,738 $ 46,980 |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Disclosure of Cash Flow Information | Six Months Ended Cash paid during the period for: March 31, (in thousands) 2022 2021 Income taxes, net $ 6,645 $ 4,606 Interest $ 4,560 $ 4,756 |
Earnings Per Limited Partner _2
Earnings Per Limited Partner Unit (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Allocation and Per Unit Data | The following table presents the net income allocation and per unit data: Three Months Ended Six Months Ended Basic and Diluted Earnings Per Limited Partner: March 31, March 31, (in thousands, except per unit data) 2022 2021 2022 2021 Net income $ 81,379 $ 85,164 $ 95,868 $ 123,024 Less General Partner’s interest in net income 697 681 819 977 Net income available to limited partners 80,682 84,483 95,049 122,047 Less dilutive impact of theoretical distribution of earnings * 14,707 15,457 16,599 21,798 Limited Partner’s interest in net income $ 65,975 $ 69,026 $ 78,450 $ 100,249 Per unit data: Basic and diluted net income available to limited partners $ 2.14 $ 2.09 $ 2.49 $ 2.95 Less dilutive impact of theoretical distribution of earnings * 0.39 0.38 0.44 0.52 Limited Partner’s interest in net income $ 1.75 $ 1.71 $ 2.05 $ 2.43 Weighted average number of Limited Partner units outstanding 37,634 40,382 38,218 41,324 |
Organization - Additional Infor
Organization - Additional Information (Detail) shares in Thousands | Dec. 04, 2019USD ($) | Mar. 31, 2022SegmentCustomerContractshares | Dec. 31, 2021USD ($)shares | Sep. 30, 2021shares | Mar. 31, 2021shares | Dec. 31, 2020shares | Sep. 30, 2020shares |
Limited Partners' Capital Account [Line Items] | |||||||
Number of reportable segments | Segment | 1 | ||||||
Fifth Amendment | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ | $ 300,000,000 | $ 400,000,000 | |||||
Maximum borrowing capacity (heating season December to April) under revolving credit facility | $ | $ 450,000,000 | ||||||
Due date of debt | Dec. 4, 2024 | ||||||
Fifth Amendment | Term Loan | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Outstanding term loan | $ | $ 130,000,000 | ||||||
Senior secured term loan maturity period | 5 years | ||||||
Petro Holdings, Inc | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Ownership interest of Star Acquisitions Inc. | 100.00% | ||||||
Number of residential and commercial home heating oil and propane customers served | Customer | 424,600 | ||||||
Number of customers to whom only home heating oil, gasoline and diesel were sells on a delivery only basis | Customer | 74,300 | ||||||
Number of service contracts for natural gas and other heating systems | Contract | 18,400 | ||||||
Number of customers to whom sell gasoline and diesel fuel | Customer | 27,800 | ||||||
Star Group L.P. | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Percentage of limited partner interest | 99.10% | ||||||
Percentage of general partner interest | 0.90% | ||||||
Star Acquisitions, Inc | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Ownership interest of partnership | 100.00% | ||||||
Common Stock | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Number of outstanding units | shares | 36,950 | 37,942 | 39,046 | 40,199 | 40,737 | 43,328 | |
General Partner | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Number of outstanding units | shares | 326 | 326 | 326 | 326 | 326 | 326 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Significant Accounting Policies [Line Items] | |||||
Cash, cash equivalents, and restricted cash | $ 17,932,000 | $ 9,133,000 | $ 5,017,000 | $ 57,161,000 | |
Cash and cash equivalents | 17,682,000 | 4,767,000 | |||
Restricted cash | 250,000 | 250,000 | |||
Accrued expenses and other current liabilities | 157,093,000 | 121,221,000 | |||
Other long-term liabilities | 17,193,000 | 25,244,000 | |||
New England Teamsters & Trucking Industry Pension Fund | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Accrued expenses and other current liabilities | 200,000 | 200,000 | |||
Other long-term liabilities | 16,400,000 | 16,500,000 | |||
New England Teamsters & Trucking Industry Pension Fund | Significant Other Observable Inputs Level 2 | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Multiemployer plan discounted withdrawal liability | 23,500,000 | $ 25,800,000 | |||
Financial Products Corporation | Delivery and branch expenses | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Delivery and branch expense reduced under weather hedge contract | $ 1,100,000 | $ 3,400,000 | |||
Scenario Forecast | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Derivative maximum payout | $ 5,000,000 | ||||
Maximum | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Cash equivalents, highly liquid investments maturity | 3 months | ||||
Maximum | Scenario Forecast | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Derivative maximum receivable | $ 12,500,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue by Major Sources (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total sales | $ 782,543 | $ 604,115 | $ 1,270,813 | $ 977,435 |
Home heating oil and propane | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 593,475 | 466,401 | 899,198 | 707,213 |
Other petroleum products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 118,987 | 72,970 | 224,529 | 132,490 |
Petroleum products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 712,462 | 539,371 | 1,123,727 | 839,703 |
Equipment installations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 26,965 | 22,865 | 60,034 | 52,925 |
Equipment maintenance service contracts | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 27,341 | 27,045 | 54,318 | 53,913 |
Billable call services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 15,775 | 14,834 | 32,734 | 30,894 |
Installations and services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | $ 70,081 | $ 64,744 | $ 147,086 | $ 137,732 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | |
Revenue Recognition [Line Items] | |||
Contract costs, amortization period | 5 years | ||
Contract liabilities | $ 98 | $ 141.6 | |
Contract with customer liability, revenue recognized | $ 108.4 | $ 107.2 | |
Maximum | |||
Revenue Recognition [Line Items] | |||
Contract liabilities recognition service contract period | 1 year | ||
Delivery and Branch Expenses | |||
Revenue Recognition [Line Items] | |||
Amortization of deferred contract costs | $ 2 | $ 2 | |
Prepaid Expense and Other Current Assets | |||
Revenue Recognition [Line Items] | |||
Deferred contract costs,current | 3.5 | 3.4 | |
Deferred Charges and Other Assets, Net | |||
Revenue Recognition [Line Items] | |||
Deferred contract costs,non current | $ 6.1 | $ 5.7 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Changes in Allowance for Credit Losses (Detail) $ in Thousands | 6 Months Ended |
Mar. 31, 2022USD ($) | |
Revenue From Contract With Customer [Abstract] | |
Balance at September 30, 2021 | $ 4,779 |
Current period provision | 2,167 |
Write-offs, net and other | (165) |
Balance as of March 31, 2022 | $ 6,781 |
Common Unit Repurchase and Re_3
Common Unit Repurchase and Retirement - Additional Information (Detail) - USD ($) shares in Thousands | Dec. 04, 2019 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2020 | Sep. 30, 2021 | Jul. 31, 2020 |
Capital Unit [Line Items] | |||||||||
Company's common units authorized for repurchase | 6,000 | 2,000 | |||||||
Fifth Amendment | |||||||||
Capital Unit [Line Items] | |||||||||
Availability required to repurchase common units | $ 60,000,000 | ||||||||
Percentage of the maximum facility size on a historical proforma and forward-looking basis | 15.00% | ||||||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ 300,000,000 | $ 400,000,000 | |||||||
Seasonal borrowing capacity outstanding under revolving credit facility | $ 100,000,000 | ||||||||
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | 115.00% | ||||||||
Repurchase Plan | |||||||||
Capital Unit [Line Items] | |||||||||
Company's common units repurchased and retired | 398 | 330 | 264 | 992 | 1,104 | 14,400 | 21,979 | ||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | |||||||||
Capital Unit [Line Items] | |||||||||
Company's common units authorized for repurchase | 300 | 1,100 | |||||||
Common Stock Available for Repurchase Under Open Market Transactions | |||||||||
Capital Unit [Line Items] | |||||||||
Company's common units authorized for repurchase | 700 | 4,900 |
Common Unit Repurchase and Re_4
Common Unit Repurchase and Retirement - Company's Repurchase Activities (Detail) - $ / shares shares in Thousands | 1 Months Ended | 3 Months Ended | 98 Months Ended | 108 Months Ended | ||||||
Apr. 30, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2020 | Sep. 30, 2021 | |||
Repurchase Plan | ||||||||||
Capital Unit [Line Items] | ||||||||||
Total Number of Units Purchased | 398 | 330 | 264 | 992 | 1,104 | 14,400 | 21,979 | |||
Average Price Paid per Unit | [1] | $ 10.58 | $ 10.34 | $ 10.59 | $ 10.50 | $ 10.65 | $ 8.60 | |||
Maximum Number of Units that May Yet Be Purchased | 1,165 | 1,563 | 1,893 | 1,165 | 2,157 | [2] | 2,848 | |||
Repurchase Plan | Subsequent Event | ||||||||||
Capital Unit [Line Items] | ||||||||||
Total Number of Units Purchased | 165 | |||||||||
Average Price Paid per Unit | [1] | $ 11.10 | ||||||||
Maximum Number of Units that May Yet Be Purchased | [3] | 1,000 | ||||||||
Publicly Announced Plans or Programs As Part of Repurchase Plan | ||||||||||
Capital Unit [Line Items] | ||||||||||
Total Number of Units Purchased | 398 | 330 | 264 | 992 | 691 | 17,504 | ||||
Publicly Announced Plans or Programs As Part of Repurchase Plan | Subsequent Event | ||||||||||
Capital Unit [Line Items] | ||||||||||
Total Number of Units Purchased | 165 | |||||||||
[1] | Amount includes repurchase costs. | |||||||||
[2] | On December 30, 2021, the Company purchased 0.4 million Common Units in a private transaction for aggregate consideration of approximately $4.4 million. The approved purchase was made outside of the Company’s unit repurchase plan. | |||||||||
[3] | Of the total available for repurchase, approximately 0.7 million units are available for repurchase in open market transactions and 0.3 million units are available for repurchase in privately-negotiated transactions, under the Repurchase Plan |
Common Unit Repurchase and Re_5
Common Unit Repurchase and Retirement - Company's Repurchase Activities (Parenthetical) (Detail) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | |||
Dec. 30, 2021 | Jan. 31, 2022 | Aug. 31, 2020 | Jul. 31, 2020 | |
Capital Unit [Line Items] | ||||
Company's common units authorized for repurchase | 6 | 2 | ||
Private Transaction | ||||
Capital Unit [Line Items] | ||||
Company's common units repurchased | 0.4 | |||
Aggregate consideration paid for common units purchased | $ 4.4 | |||
Common Stock Available for Repurchase Under Open Market Transactions | ||||
Capital Unit [Line Items] | ||||
Company's common units authorized for repurchase | 0.7 | 4.9 | ||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | ||||
Capital Unit [Line Items] | ||||
Company's common units authorized for repurchase | 0.3 | 1.1 |
Captive Insurance Collateral -
Captive Insurance Collateral - Schedule of Captive Insurance Collateral to be Available-for-sale Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 69,203 | $ 68,951 |
Gross Unrealized Gain | 138 | 1,053 |
Gross Unrealized (Loss) | (1,830) | (71) |
Fair Value | 67,511 | 69,933 |
Cash and Receivables | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,865 | 515 |
Fair Value | 1,865 | 515 |
U.S. Government Sponsored Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 48,473 | 51,632 |
Gross Unrealized Gain | 5 | 108 |
Gross Unrealized (Loss) | (1,649) | (53) |
Fair Value | 46,829 | 51,687 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 18,865 | 16,302 |
Gross Unrealized Gain | 133 | 918 |
Gross Unrealized (Loss) | (181) | (18) |
Fair Value | $ 18,817 | 17,202 |
Foreign Bonds and Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 502 | |
Gross Unrealized Gain | 27 | |
Gross Unrealized (Loss) | 0 | |
Fair Value | $ 529 |
Captive Insurance Collateral _2
Captive Insurance Collateral - Schedule of Maturities of Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Investments Debt And Equity Securities [Abstract] | ||
Due within one year | $ 1,865 | |
Due after one year through five years | 65,646 | |
Total | $ 67,511 | $ 69,933 |
Derivatives and Hedging-Discl_3
Derivatives and Hedging-Disclosures and Fair Value Measurements - Additional Information (Detail) gal in Millions | 6 Months Ended | ||
Mar. 31, 2022USD ($)gal | Mar. 31, 2021gal | Sep. 30, 2021USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedging positions or payable amounts secured under credit facility | $ | $ 0 | $ 0 | |
Prepaid expense and other current assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Aggregated cash posted as collateral in normal course of business | $ | 7,700,000 | ||
Interest rate swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional Value | $ | $ 56,500,000 | 59,000,000 | |
Percentage of market risk exposure of long term debt | 57.00% | ||
Fair Value | $ | $ 700,000 | $ (1,600,000) | |
Call Option | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 37.1 | 4.5 | |
Call Option | Synthetic calls | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 15.5 | 54.4 | |
Put Option | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 2.2 | 2.8 | |
Swap Contracts Bought | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 6.2 | 6.4 | |
Future Contracts | Long | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 2.9 | 3.8 | |
Future Contracts | Short | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 17.1 | 25.5 | |
Hedge its Internal Fuel Usage and Other Related Activities Call Options and Swap Contracts Bought | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 1 | 0.5 |
Derivatives and Hedging-Discl_4
Derivatives and Hedging-Disclosures and Fair Value Measurements - Company's Commodity Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 - Commodity Contract - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | $ 40,432 | $ 31,383 |
Derivative Liabilities, commodity contracts | (726) | (3,601) |
Fair liability and fair asset value of derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 38,503 | 29,360 |
Derivative Liabilities, commodity contracts | (726) | (3,138) |
Deferred charges and other assets, net and other long-term liabilities, net balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 1,929 | 2,023 |
Derivative Liabilities, commodity contracts | (463) | |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 40,432 | 31,383 |
Derivative Liabilities, commodity contracts | (726) | (3,601) |
Significant Other Observable Inputs Level 2 | Fair liability and fair asset value of derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 38,503 | 29,360 |
Derivative Liabilities, commodity contracts | (726) | (3,138) |
Significant Other Observable Inputs Level 2 | Deferred charges and other assets, net and other long-term liabilities, net balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | $ 1,929 | 2,023 |
Derivative Liabilities, commodity contracts | $ (463) |
Derivatives and Hedging-Discl_5
Derivatives and Hedging-Disclosures and Fair Value Measurements - Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities) (Detail) - Subject to an enforceable master netting arrangement - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | $ 40,432 | $ 31,383 |
Gross Liabilities Offset in the Statement of Financial Position | (726) | (3,601) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | 39,706 | 27,782 |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | 39,706 | 27,782 |
Fair asset value of derivative instruments | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 38,503 | 29,360 |
Gross Liabilities Offset in the Statement of Financial Position | (726) | (3,138) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | 37,777 | 26,222 |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | 37,777 | 26,222 |
Other long-term assets, net | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 1,929 | 2,023 |
Gross Liabilities Offset in the Statement of Financial Position | (463) | |
Net Assets (Liabilities) Presented in the Statement of Financial Position | 1,929 | 1,560 |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ 1,929 | $ 1,560 |
Derivatives and Hedging-Discl_6
Derivatives and Hedging-Disclosures and Fair Value Measurements - Effect of Derivative Instruments on Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Gain) or Loss Unrealized, commodity contracts | [1] | $ (17,615) | $ (8,224) | $ (4,212) | $ (25,619) |
Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Cost of product | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Gain) or Loss Recognized, commodity contracts | [2] | (8,545) | (5,064) | (18,520) | 6,514 |
Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Cost of installations and service | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Gain) or Loss Recognized, commodity contracts | [2] | (1,355) | (130) | (1,482) | (37) |
Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Delivery and branch expenses | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of (Gain) or Loss Recognized, commodity contracts | [2] | $ (2,968) | $ (193) | $ (3,252) | $ 8 |
[1] | Represents the change in value of unrealized open positions and expired options. | ||||
[2] | Represents realized closed positions and includes the cost of options as they expire. |
Inventories - Components of Inv
Inventories - Components of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Inventory Disclosure [Abstract] | ||
Product | $ 54,907 | $ 37,890 |
Parts and equipment | 24,791 | 23,293 |
Total inventory | $ 79,698 | $ 61,183 |
Property and Equipment - Compon
Property and Equipment - Component of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Property Plant And Equipment [Abstract] | ||
Property and equipment | $ 245,518 | $ 238,330 |
Less: accumulated depreciation | 144,062 | 139,207 |
Property and equipment, net | $ 101,456 | $ 99,123 |
Business Combinations and Div_2
Business Combinations and Divestitures - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Sep. 30, 2022USD ($)PartnershipUnit | Sep. 30, 2021USD ($)PartnershipUnit | |
Propane Assets | ||
Business Acquisition [Line Items] | ||
Cash proceeds from sale of assets | $ 6.1 | |
Heating Oil Dealers | Scenario Forecast | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | PartnershipUnit | 4 | |
Aggregate purchase price partnership acquired | $ 7.4 | |
Cash paid | 6.5 | |
Deferred liabilities | 0.9 | |
Aggregate purchase price allocation, intangible assets | 4.9 | |
Aggregate purchase price allocation, fixed assets | 3.2 | |
Gross purchase price increased (reduced) by working capital credits | $ (0.7) | |
Propane and Oil Dealers | ||
Business Acquisition [Line Items] | ||
Number of businesses acquired | PartnershipUnit | 2 | |
Aggregate purchase price partnership acquired | $ 39.3 | |
Cash paid | 38.4 | |
Deferred liabilities | 0.9 | |
Aggregate purchase price allocation, intangible assets | 34.3 | |
Aggregate purchase price allocation, fixed assets | 5.8 | |
Gross purchase price increased (reduced) by working capital credits | $ (0.8) |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, net - Summary of Changes in Company's Goodwill (Detail) $ in Thousands | 6 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Balance on beginning | $ 253,398 |
Fiscal year 2022 business combinations | 1,444 |
Balance on ending | $ 254,842 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, net - Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 447,914 | $ 444,461 |
Accum. Amortization | 358,313 | 348,987 |
Net | 89,601 | 95,474 |
Customer Lists | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 406,614 | 403,913 |
Accum. Amortization | 337,508 | 329,406 |
Net | 69,106 | 74,507 |
Trade Names And Other Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,300 | 40,548 |
Accum. Amortization | 20,805 | 19,581 |
Net | $ 20,495 | $ 20,967 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, net - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense for intangible assets | $ 9.3 | $ 9.1 |
Long-Term Debt and Bank Facil_3
Long-Term Debt and Bank Facility Borrowings - Company's Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||
Long-term debt, carrying Amount | $ 284,457 | $ 118,624 | |
Current maturities of long-term debt, carrying Amount | 198,723 | 26,239 | |
Long-term debt | 85,734 | 92,385 | |
Long-term debt, fair value | [1] | 284,858 | 119,118 |
Current maturities of long-term debt, fair value | [1] | 198,723 | 26,239 |
Long-term portion of debt, fair value | [1] | 86,135 | 92,879 |
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility borrowings, carrying Amount | 185,723 | 8,618 | |
Credit facility borrowings, fair value | [1] | 185,723 | 8,618 |
Term Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt, carrying Amount | [2] | 98,734 | 110,006 |
Long-term debt, fair value | [1],[2] | $ 99,135 | $ 110,500 |
[1] | The face amount of the Company’s variable rate long-term debt approximates fair value. | ||
[2] | Carrying amounts are net of unamortized debt issuance costs of $0.4 million as of March 31, 2022 and $0.5 million as of September 30, 2021. |
Long-Term Debt and Bank Facil_4
Long-Term Debt and Bank Facility Borrowings - Company's Debt (Parenthetical) (Detail) - USD ($) $ in Millions | Mar. 31, 2022 | Sep. 30, 2021 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 0.4 | $ 0.5 |
Long-Term Debt and Bank Facil_5
Long-Term Debt and Bank Facility Borrowings - Additional Information (Detail) - USD ($) | Dec. 04, 2019 | Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | |||||||
Additional term loan repayments | $ 11,365,000 | $ 6,500,000 | |||||
Hedging positions and payable amounts secured under credit facility | $ 0 | 0 | $ 0 | ||||
Letters of credit issued and outstanding | 5,100,000 | 5,100,000 | 3,100,000 | ||||
Long-term debt, fair value | [1] | 284,858,000 | 284,858,000 | 119,118,000 | |||
Revolving credit facility outstanding | 185,723,000 | 185,723,000 | 8,618,000 | ||||
Availability under credit agreement | $ 146,700,000 | $ 146,700,000 | $ 171,500,000 | ||||
Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, effective interest rate | 4.30% | 4.30% | 4.30% | ||||
Long-term debt, fair value | [1],[2] | $ 99,135,000 | $ 99,135,000 | $ 110,500,000 | |||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, effective interest rate | 2.30% | 2.30% | 2.50% | ||||
Revolving credit facility outstanding | $ 185,700,000 | $ 185,700,000 | $ 8,600,000 | ||||
Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ 300,000,000 | 400,000,000 | $ 400,000,000 | ||||
Maximum borrowing capacity (heating season December to April) under revolving credit facility | 450,000,000 | ||||||
Issuance of line of credit for working capital purposes | $ 25,000,000 | ||||||
Senior secured term loan maturity date | Dec. 4, 2024 | ||||||
Increase in revolving credit facility | 100,000,000 | ||||||
Facility size that can be increased additional without consulting bank group | 200,000,000 | ||||||
Facility size that can be increased without consulting bank group | $ 200,000,000 | ||||||
Term loan annual payment percentage | 25.00% | ||||||
Commitment fee on the unused portion of the facility from December through April | 0.30% | ||||||
Commitment fee on the unused portion of the facility from May through November | 0.20% | ||||||
Minimum fixed charge coverage ratio | 110.00% | ||||||
Availability percentage to maximum facility size | 12.50% | ||||||
Credit Agreement | Scenario Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Additional term loan repayments | $ 4,900,000 | ||||||
Credit Agreement | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Senior secured leverage ratio during quarters ending June or September | 300.00% | ||||||
Senior secured leverage ratio during quarters ending December or March | 450.00% | ||||||
Credit Agreement | Quarterly | |||||||
Debt Instrument [Line Items] | |||||||
Term loan periodic payment | $ 3,250,000 | ||||||
Credit Agreement | Annually | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Term loan periodic payment | 12,000,000 | ||||||
Credit Agreement | Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding term loan | $ 130,000,000 | ||||||
Senior secured term loan maturity period | 5 years | ||||||
[1] | The face amount of the Company’s variable rate long-term debt approximates fair value. | ||||||
[2] | Carrying amounts are net of unamortized debt issuance costs of $0.4 million as of March 31, 2022 and $0.5 million as of September 30, 2021. |
Income Taxes - Current and Defe
Income Taxes - Current and Deferred Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Deferred Income Tax Assets And Liabilities | ||||
Income before income taxes | $ 114,279 | $ 117,316 | $ 134,606 | $ 170,004 |
Current income tax expense | 27,671 | 23,130 | 34,193 | 34,357 |
Deferred income tax expense | 5,229 | 9,022 | 4,545 | 12,623 |
Total income tax expense | $ 32,900 | $ 32,152 | $ 38,738 | $ 46,980 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended |
Mar. 31, 2022USD ($) | |
Income Tax Disclosure [Line Items] | |
Unrecognized income tax benefits | $ 0 |
Federal | |
Income Tax Disclosure [Abstract] | |
Number of years for examination | 4 years |
New York | |
Income Tax Disclosure [Abstract] | |
Number of years for examination | 4 years |
Connecticut | |
Income Tax Disclosure [Abstract] | |
Number of years for examination | 4 years |
Pennsylvania | |
Income Tax Disclosure [Abstract] | |
Number of years for examination | 4 years |
New Jersey | |
Income Tax Disclosure [Abstract] | |
Number of years for examination | 5 years |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information - Schedule of Supplemental Disclosure of Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash paid during the period for: | ||
Income taxes, net | $ 6,645 | $ 4,606 |
Interest | $ 4,560 | $ 4,756 |
Earnings Per Limited Partner _3
Earnings Per Limited Partner Unit - Net Income Allocation and Per Unit Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Basic and Diluted Earnings Per Limited Partner: | |||||
Net income | $ 81,379 | $ 85,164 | $ 95,868 | $ 123,024 | |
Less General Partner’s interest in net income | 697 | 681 | 819 | 977 | |
Net income available to limited partners | 80,682 | 84,483 | 95,049 | 122,047 | |
Less dilutive impact of theoretical distribution of earnings | [1] | 14,707 | 15,457 | 16,599 | 21,798 |
Limited Partner’s interest in net income | $ 65,975 | $ 69,026 | $ 78,450 | $ 100,249 | |
Per unit data: | |||||
Basic and diluted net income available to limited partners | $ 2.14 | $ 2.09 | $ 2.49 | $ 2.95 | |
Less dilutive impact of theoretical distribution of earnings | [1] | 0.39 | 0.38 | 0.44 | 0.52 |
Limited Partner’s interest in net income | $ 1.75 | $ 1.71 | $ 2.05 | $ 2.43 | |
Weighted average number of Limited Partner units outstanding | 37,634 | 40,382 | 38,218 | 41,324 | |
[1] | In any accounting period where the Company’s aggregate net income exceeds its aggregate distribution for such period, the Company is required to present net income per Limited Partner unit as if all of the earnings for the period were distributed, based on the terms of the Partnership agreement, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Company’s overall net income or other financial results. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 98 Months Ended | 108 Months Ended | |||||
Apr. 30, 2022 | Mar. 31, 2022 | Feb. 28, 2022 | Jan. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Aug. 31, 2020 | Sep. 30, 2021 | ||
Repurchase Plan | |||||||||
Subsequent Event [Line Items] | |||||||||
Company's common units repurchased and retired | 398 | 330 | 264 | 992 | 1,104 | 14,400 | 21,979 | ||
Average price paid per unit | [1] | $ 10.58 | $ 10.34 | $ 10.59 | $ 10.50 | $ 10.65 | $ 8.60 | ||
Subsequent Event | Repurchase Plan | |||||||||
Subsequent Event [Line Items] | |||||||||
Company's common units repurchased and retired | 165 | ||||||||
Average price paid per unit | [1] | $ 11.10 | |||||||
Subsequent Event | Dividend Declared | |||||||||
Subsequent Event [Line Items] | |||||||||
Distribution declared | 0.1525 | ||||||||
Partners capital projected distribution amount on annualized basis | 0.61 | ||||||||
Minimum dividend distribution per unit | $ 0.0675 | ||||||||
Amount to paid to common unit holders | $ 5.6 | ||||||||
Amount to paid to the General Partner | 0.3 | ||||||||
Incentive distribution to the General Partner | 0.3 | ||||||||
Incentive distributions to management | $ 0.3 | ||||||||
Dividend paid date | May 3, 2022 | ||||||||
Dividend record date | Apr. 25, 2022 | ||||||||
Subsequent Event | Heating Oil Dealers | |||||||||
Subsequent Event [Line Items] | |||||||||
Aggregate purchase price partnership acquired | $ 8.1 | ||||||||
Cash paid | 6.5 | ||||||||
Deferred liabilities | 1.6 | ||||||||
Aggregate purchase price allocation, intangible assets | 5.6 | ||||||||
Aggregate purchase price allocation, fixed assets | 2.4 | ||||||||
Aggregate purchase price allocation, working capital | $ 0.1 | ||||||||
[1] | Amount includes repurchase costs. |