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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

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