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Derivatives and Hedging - Disclosures and Fair Value Measurements (Tables)
9 Months Ended
Jun. 30, 2013
Partnership's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The Partnership had no assets or liabilities that are measured at fair value on a nonrecurring basis subsequent to their initial recognition. The Partnership’s financial assets and liabilities measured at fair value on a recurring basis are listed on the following table.

 

(In thousands)               Fair Value Measurements at Reporting Date Using:  

Derivatives Not Designated as Hedging
Instruments Under FASB ASC 815-10

  

Balance Sheet Location

   Total     Quoted Prices  in
Active Markets for
Identical Assets
Level 1
    Significant  Other
Observable Inputs
Level 2
    Significant
Unobservable
Inputs
Level 3
 

Asset Derivatives at June 30, 2013

 

Commodity contracts

  

Fair asset and fair liability value of derivative instruments

   $ 12,015      $ 2,529      $ 9,486      $ —     
     

 

 

   

 

 

   

 

 

   

 

 

 

Commodity contract assets at June 30, 2013

      $ 12,015      $ 2,529      $ 9,486      $ —     
     

 

 

   

 

 

   

 

 

   

 

 

 

Liability Derivatives at June 30, 2013

  

Commodity contracts

  

Fair liability and fair asset value of derivative instruments

   $ (16,096   $ (2,435   $ (13,661   $ —     
     

 

 

   

 

 

   

 

 

   

 

 

 

Commodity contract liabilities at June 30, 2013

      $ (16,096   $ (2,435   $ (13,661   $ —     
     

 

 

   

 

 

   

 

 

   

 

 

 

Asset Derivatives at September 30, 2012

  

Commodity contracts

  

Fair asset and fair liability value of derivative instruments

   $ 15,100      $ 1,749      $ 13,351      $ —     
     

 

 

   

 

 

   

 

 

   

 

 

 

Commodity contract assets at September 30, 2012

      $ 15,100      $ 1,749      $ 13,351      $ —     
     

 

 

   

 

 

   

 

 

   

 

 

 

Liability Derivatives at September 30, 2012

  

Commodity contracts

  

Fair liability and fair asset value of derivative instruments

   $ (10,549   $ (1,898   $ (8,651   $ —     
     

 

 

   

 

 

   

 

 

   

 

 

 

Commodity contract liabilities at September 30, 2012

      $ (10,549   $ (1,898   $ (8,651   $ —     
     

 

 

   

 

 

   

 

 

   

 

 

 

 

(In thousands)  

The Effect of Derivative Instruments on the Statement of Operations

 
          Amount of (Gain) or Loss Recognized  

Derivatives Not Designated as Hedging
Instruments Under FASB ASC 815-10

  

Location of (Gain) or

Loss Recognized in

Income on Derivative

   Three  Months
Ended
June 30, 2013
    Three  Months
Ended
June 30, 2012
    Nine  Months
Ended
June 30, 2013
    Nine  Months
Ended
June 30, 2012
 

Commodity contracts

  

Cost of product (a)

   $ 2,531      $ 359      $ 15,951      $ 15,683   

Commodity contracts

  

Cost of installations and service (a)

   $ (67   $ (120   $ (401   $ (224

Commodity contracts

  

Delivery and branch expenses (a)

   $ (43   $ 4      $ (246   $ (87

Commodity contracts

  

(Increase) / decrease in the fair value of derivative instruments

   $ 1,910      $ 11,225      $ 6,428      $ 1,362   

 

(a) Represents realized closed positions and includes the cost of options as they expire.