Derivatives and Hedging-Fair Value Measurements and Accounting for the Offsetting of Certain Contracts (Tables)

9 Months Ended

Jun. 30, 2014

Partnership's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

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


(In thousands)					Fair Value Measurements at Reporting Date Using:
Derivatives Not 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, 2014
Commodity contracts	Fair asset and fair liability value of derivative instruments	$	10,035		$	3,855		$	6,180		$	—

Commodity contract assets at June 30, 2014		$	10,035		$	3,855		$	6,180		$	—


Liability Derivatives at June 30, 2014
Commodity contracts	Fair liability and fair asset value of derivative instruments	$	(9,571	)	$	(4,348	)	$	(5,223	)	$	—

Commodity contract liabilities at June 30, 2014		$	(9,571	)	$	(4,348	)	$	(5,223	)	$	—


Asset Derivatives at September 30, 2013
Commodity contracts	Fair asset and fair liability value of derivative instruments	$	14,467		$	1,175		$	13,292		$	—

Commodity contract assets at September 30, 2013		$	14,467		$	1,175		$	13,292		$	—


Liability Derivatives at September 30, 2013
Commodity contracts	Fair liability and fair asset value of derivative instruments	$	(17,820	)	$	(519	)	$	(17,301	)	$	—

Commodity contract liabilities at September 30, 2013		$	(17,820	)	$	(519	)	$	(17,301	)	$	—

The Partnership’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table.

(In thousands)	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, 2014			Three Months Ended June 30, 2013			Nine Months Ended June 30, 2014			Nine Months Ended June 30, 2013
Closed Positions
Commodity contracts	Cost of product (a)	$	2,718		$	2,531		$	11,245		$	15,951
Commodity contracts	Cost of installations and service (a)	$	(82	)	$	(67	)	$	(177	)	$	(401	)
Commodity contracts	Delivery and branch expenses (a)	$	(5	)	$	(43	)	$	(119	)	$	(246	)

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

Open Positions
Commodity contracts	(Increase) / decrease in the fair value of derivative instruments	$	(3,308	)	$	1,910		$	(4,661	)	$	6,428

Partnership's Derivatives Assets (Liabilities) Offset by Counterparty

The Partnership’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table.


(In thousands)									Gross Amounts Not Offset in the Statement of Financial Position
Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities)	Gross Assets Recognized		Gross Liabilities Offset in the Statement of Financial Position			Net Assets (Liabilities) Presented in the Statement of Financial Position			Financial Instruments		Cash Collateral Received		Net Amount
Fair asset value of derivative instruments	$	1,928	$	(856	)	$	1,072		$	—	$	—	$	1,072
Fair liability value of derivative instruments		8,107		(8,715	)		(608	)		—		—		(608	)

Total at June 30, 2014	$	10,035	$	(9,571	)	$	464		$	—	$	—	$	464


Fair asset value of derivative instruments	$	7,254	$	(6,608	)	$	646		$	—	$	—	$	646
Fair liability value of derivative instruments		7,213		(11,212	)		(3,999	)		—		—		(3,999	)

Total at September 30, 2013	$	14,467	$	(17,820	)	$	(3,353	)	$	—	$	—	$	(3,353	)

Partnership's Derivatives Assets (Liabilities) Offset by Counterparty

The Partnership’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table.


(In thousands)									Gross Amounts Not Offset in the Statement of Financial Position
Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities)	Gross Assets Recognized		Gross Liabilities Offset in the Statement of Financial Position			Net Assets (Liabilities) Presented in the Statement of Financial Position			Financial Instruments		Cash Collateral Received		Net Amount
Fair asset value of derivative instruments	$	1,928	$	(856	)	$	1,072		$	—	$	—	$	1,072
Fair liability value of derivative instruments		8,107		(8,715	)		(608	)		—		—		(608	)

Total at June 30, 2014	$	10,035	$	(9,571	)	$	464		$	—	$	—	$	464


Fair asset value of derivative instruments	$	7,254	$	(6,608	)	$	646		$	—	$	—	$	646
Fair liability value of derivative instruments		7,213		(11,212	)		(3,999	)		—		—		(3,999	)

Total at September 30, 2013	$	14,467	$	(17,820	)	$	(3,353	)	$	—	$	—	$	(3,353	)