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Revenue Recognition (Tables)

9 Months Ended

Jun. 30, 2019

Summary of Disaggregation of Revenue by Major Sources

The following disaggregates our revenue by major sources for the three and nine months ended June 30, 2019 and June 30, 2018:

	Three Months Ended June 30,								Nine Months Ended June 30,
(in thousands)	2019				2018				2019				2018
Petroleum Products:
Home heating oil and propane	$	115,988			$	169,605			$	1,034,554			$	1,025,855
Other petroleum products		94,669				86,842				272,210				220,288
Total petroleum products		210,657				256,447				1,306,764				1,246,143
Installations and Services:
Equipment installations		24,344				25,472				74,711				72,513
Equipment maintenance service contracts		32,279				30,184				87,276				81,085
Billable call services		16,096				15,251				49,234				48,478
Total installations and services		72,719				70,907				211,221				202,076
Total Sales	$	283,376			$	327,354			$	1,517,985			$	1,448,219

ASU 2014-09

Summary of Impact of Adoption on Condensed Consolidated Balance Sheet and Statement of Operations

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 Condensed 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 the combination of certain 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 Balance Sheet and Condensed Consolidated Statement of Operations, as of and for the three and nine months ended June 30, 2019 was as follows (in thousands):

	For the Three Months Ended June 30, 2019												For the Nine Months Ended June 30, 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	$	210,657			$	212,249			$	(1,592	)		$	1,306,764			$	1,317,809			$	(11,045	)
Installations and services		72,719				70,975				1,744				211,221				206,244				4,977
Total Sales		283,376				283,224				152				1,517,985				1,524,053				(6,068	)
Cost and Expenses:
Delivery and branch expenses		82,669				82,432				237				296,026				298,804				(2,778	)
Operating income (loss)		(29,933	)			(29,848	)			(85	)			81,132				84,422				(3,290	)
Income (loss) before income taxes		(33,153	)			(33,068	)			(85	)			71,699				74,989				(3,290	)
Income tax expense (benefit)		(10,055	)			(10,053	)			(2	)			20,157				21,082				(925	)
Net income (loss)	$	(23,098	)		$	(23,015	)		$	(83	)		$	51,542			$	53,907			$	(2,365	)
General Partner's interest in net income (loss)		(150	)			(149	)			(1	)			319				334				(15	)
Limited Partner's interest in net income (loss)	$	(22,948	)		$	(22,866	)		$	(82	)		$	51,223			$	53,573			$	(2,350	)
Basic and diluted income (loss) per Limited Partner Unit	$	(0.46	)		$	(0.46	)		$	-			$	0.86			$	0.90			$	(0.04	)

	June 30, 2019
Balance Sheet	As Reported				Balances without Adoption of ASC 606				Effect of Change Higher/(Lower)
Assets
Prepaid expenses and other current assets	$	35,610			$	31,265			$	4,345
Deferred charges and other assets, net	$	17,625			$	11,536			$	6,089
Liabilities
Accrued expenses and other current liabilities	$	145,558			$	146,483			$	(925	)
Unearned service contract revenue	$	60,560			$	59,828			$	732
Deferred tax liabilities, net	$	14,069			$	10,301			$	3,768
Partners' capital
Common unitholders	$	335,958			$	329,144			$	6,814
General partner	$	(1,522	)		$	(1,567	)		$	45

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