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

9 Months Ended

Jun. 30, 2015

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
Asset Derivatives at June 30, 2015
Commodity contracts		Fair asset and fair liability value of derivative instruments		$	13,809			$	1,076			$	12,733
Commodity contracts		Long-term derivative assets included in the deferred charges and other assets, net balance			1,680				56				1,624
Commodity contract assets at June 30, 2015				$	15,489			$	1,132			$	14,357
Liability Derivatives at June 30, 2015
Commodity contracts		Fair liability and fair asset value of derivative instruments		$	15,963			$	890			$	15,073
Commodity contracts		Long-term derivative liabilities included in the other long-term liabilities balance			1,347				54				1,293
Commodity contract liabilities at June 30, 2015				$	17,310			$	944			$	16,366
Asset Derivatives at September 30, 2014
Commodity contracts		Fair asset and fair liability value of derivative instruments		$	26,263			$	2,328			$	23,935
Commodity contract assets at September 30, 2014				$	26,263			$	2,328			$	23,935
Liability Derivatives at September 30, 2014
Commodity contracts		Fair liability and fair asset value of derivative instruments		$	(36,279	)		$	—			$	(36,279	)
Commodity contract liabilities at September 30, 2014				$	(36,279	)		$	—			$	(36,279	)

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		$	1,114			$	(890	)		$	224			$	—			$	—			$	224
Long-term derivative assets included in deferred charges and other assets, net			1,655				(1,321	)			334				—				—				334
Fair liability value of derivative instruments			12,694				(15,072	)			(2,378	)			—				—				(2,378	)
Long-term derivative liabilities included in other long-term liabilities, net			26				(27	)			(1	)											(1	)
Total at June 30, 2015		$	15,489			$	(17,310	)		$	(1,821	)		$	—			$	—			$	(1,821	)
Fair asset value of derivative instruments		$	2,342			$	—			$	2,342			$	—			$	—			$	2,342
Fair liability value of derivative instruments			23,921				(36,279	)			(12,358	)			—				—				(12,358	)
Total at September 30, 2014		$	26,263			$	(36,279	)		$	(10,016	)		$	—			$	—			$	(10,016	)

(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, 2015				Three Months Ended June 30, 2014				Nine Months Ended June 30, 2015				Nine Months Ended June 30, 2014
Closed Positions
Commodity contracts		Cost of product (a)		$	6,599			$	2,718			$	17,115			$	11,245
Commodity contracts		Cost of installations and service (a)		$	280			$	(82	)		$	1,625			$	(177	)
Commodity contracts		Delivery and branch expenses (a)		$	251			$	(5	)		$	1,716			$	(119	)
(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		$	(5,415	)		$	(3,308	)		$	(9,756	)		$	(4,661	)

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		$	1,114			$	(890	)		$	224			$	—			$	—			$	224
Long-term derivative assets included in deferred charges and other assets, net			1,655				(1,321	)			334				—				—				334
Fair liability value of derivative instruments			12,694				(15,072	)			(2,378	)			—				—				(2,378	)
Long-term derivative liabilities included in other long-term liabilities, net			26				(27	)			(1	)											(1	)
Total at June 30, 2015		$	15,489			$	(17,310	)		$	(1,821	)		$	—			$	—			$	(1,821	)
Fair asset value of derivative instruments		$	2,342			$	—			$	2,342			$	—			$	—			$	2,342
Fair liability value of derivative instruments			23,921				(36,279	)			(12,358	)			—				—				(12,358	)
Total at September 30, 2014		$	26,263			$	(36,279	)		$	(10,016	)		$	—			$	—			$	(10,016	)

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		$	1,114			$	(890	)		$	224			$	—			$	—			$	224
Long-term derivative assets included in deferred charges and other assets, net			1,655				(1,321	)			334				—				—				334
Fair liability value of derivative instruments			12,694				(15,072	)			(2,378	)			—				—				(2,378	)
Long-term derivative liabilities included in other long-term liabilities, net			26				(27	)			(1	)											(1	)
Total at June 30, 2015		$	15,489			$	(17,310	)		$	(1,821	)		$	—			$	—			$	(1,821	)
Fair asset value of derivative instruments		$	2,342			$	—			$	2,342			$	—			$	—			$	2,342
Fair liability value of derivative instruments			23,921				(36,279	)			(12,358	)			—				—				(12,358	)
Total at September 30, 2014		$	26,263			$	(36,279	)		$	(10,016	)		$	—			$	—			$	(10,016	)

X

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 20



-Section 50



-Paragraph 3



-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225862-175312



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 20



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- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 20



-Section 50



-Paragraph 4



-URI http://asc.fasb.org/extlink&oid=51824906&loc=SL20225877-175312



Reference 2: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 210



-SubTopic 20



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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 820



-SubTopic 10



-Section 50



-Paragraph 1



-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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