XML 37 R25.htm IDEA: XBRL DOCUMENT
v3.19.1

Revenue Recognition (Tables) | 6 Months Ended
--- | ---
Mar. 31, 2019
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, 2019 and March 31, 2018:
| Three Months Ended March 31, |  |  | Six Months Ended March 31, |
(in thousands) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Petroleum Products: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home heating oil and propane | $ | 554,364 |  |  | $ | 554,782 |  |  | $ | 918,566 |  |  | $ | 856,250 |
Other petroleum products |  | 83,036 |  |  |  | 68,180 |  |  |  | 177,541 |  |  |  | 133,446 |
Total petroleum products |  | 637,400 |  |  |  | 622,962 |  |  |  | 1,096,107 |  |  |  | 989,696 |
Installations and Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equipment installations |  | 20,384 |  |  |  | 19,697 |  |  |  | 50,367 |  |  |  | 47,041 |
Equipment maintenance service contracts |  | 26,678 |  |  |  | 25,504 |  |  |  | 54,997 |  |  |  | 50,901 |
Billable call services |  | 15,120 |  |  |  | 15,868 |  |  |  | 33,138 |  |  |  | 33,227 |
Total installations and services |  | 62,182 |  |  |  | 61,069 |  |  |  | 138,502 |  |  |  | 131,169 |
Total Sales | $ | 699,582 |  |  | $ | 684,031 |  |  | $ | 1,234,609 |  |  | $ | 1,120,865 |
ASU 2014-09 |
Summary of Impact of Adoption on Condensed Consolidated Statement of Operations and Balance Sheet | Effective October 1, 2018 we adopted the requirements of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The adoption was not material to the financial statements presented. In accordance with the new revenue standard requirements, our condensed consolidated statement of operations and the consolidated balance sheet were impacted due to: i) the deferment of commissions provided to Company employees that were previously expensed as incurred, ii) the deferment of certain upfront credits provided to customers upon entering into a new annual product or service contract as contra-revenue that were previously expensed as incurred and recorded as delivery and branch expense, and iii) the allocation of transaction price of certain combination of contracts that were previously accounted for as separate contracts that impacts the classification of revenue and timing of revenue recognition. The impact of adoption on our condensed consolidated statement of operations and balance sheet, as of and for the three and six months ended March 31, 2019 was as follows (in thousands):
| For the Three Months Ended March 31, 2019 |  |  | For the Six Months Ended March 31, 2019 |
Statement of Operations | As Reported |  |  | Balances without Adoption of ASC 606 |  |  | Effect of Change Higher/(Lower) |  |  | As Reported |  |  | Balances without Adoption of ASC 606 |  |  | Effect of Change Higher/(Lower) |
Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product | $ | 637,400 |  |  | $ | 643,407 |  |  | $ | (6,007 | ) |  | $ | 1,096,107 |  |  | $ | 1,105,560 |  |  | $ | (9,453 | )
Installations and services |  | 62,182 |  |  |  | 60,475 |  |  |  | 1,707 |  |  |  | 138,502 |  |  |  | 135,269 |  |  |  | 3,233 |
Total Sales |  | 699,582 |  |  |  | 703,882 |  |  |  | (4,300 | ) |  |  | 1,234,609 |  |  |  | 1,240,829 |  |  |  | (6,220 | )
Cost and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Delivery and branch expenses |  | 110,684 |  |  |  | 111,163 |  |  |  | (479 | ) |  |  | 213,357 |  |  |  | 216,372 |  |  |  | (3,015 | )
Operating income |  | 105,002 |  |  |  | 108,823 |  |  |  | (3,821 | ) |  |  | 111,065 |  |  |  | 114,270 |  |  |  | (3,205 | )
Income before income taxes |  | 101,564 |  |  |  | 105,385 |  |  |  | (3,821 | ) |  |  | 104,852 |  |  |  | 108,057 |  |  |  | (3,205 | )
Income tax expense |  | 29,239 |  |  |  | 30,344 |  |  |  | (1,105 | ) |  |  | 30,212 |  |  |  | 31,135 |  |  |  | (923 | )
Net income | $ | 72,325 |  |  | $ | 75,041 |  |  | $ | (2,716 | ) |  | $ | 74,640 |  |  | $ | 76,922 |  |  | $ | (2,282 | )
General Partner's interest in net income |  | 454 |  |  |  | 470 |  |  |  | (16 | ) |  |  | 469 |  |  |  | 483 |  |  |  | (14 | )
Limited Partner's interest in net income | $ | 71,871 |  |  | $ | 74,571 |  |  | $ | (2,700 | ) |  | $ | 74,171 |  |  | $ | 76,439 |  |  | $ | (2,268 | )
Basic and diluted income per Limited Partner Unit | $ | 1.15 |  |  | $ | 1.19 |  |  | $ | (0.04 | ) |  | $ | 1.19 |  |  | $ | 1.22 |  |  | $ | (0.03 | )
| March 31, 2019 |
Balance Sheet | As Reported |  |  | Balances without Adoption of ASC 606 |  |  | Effect of Change Higher/(Lower) |
Assets |  |  |  |  |  |  |  |  |  |  |
Prepaid expenses and other current assets | $ | 32,288 |  |  | $ | 27,701 |  |  | $ | 4,587 |
Deferred charges and other assets, net | $ | 18,539 |  |  | $ | 11,962 |  |  | $ | 6,577 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Accrued expenses and other current liabilities | $ | 157,524 |  |  | $ | 158,447 |  |  | $ | (923 | )
Unearned service contract revenue | $ | 63,718 |  |  | $ | 62,341 |  |  | $ | 1,377 |
Deferred tax liabilities, net | $ | 15,872 |  |  | $ | 12,104 |  |  | $ | 3,768 |
Partners' capital |  |  |  |  |  |  |  |  |  |  |
Common unitholders | $ | 373,748 |  |  | $ | 366,852 |  |  | $ | 6,896 |
General partner | $ | (1,146 | ) |  | $ | (1,192 | ) |  | $ | 46 |

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109196051&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e765-108305 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22580-107794 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=109236672&loc=d3e725-108305 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794 + Details
Name: | us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_AdjustmentsForNewAccountingPronouncementsAxis=us-gaap_AccountingStandardsUpdate201409Member
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |