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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Jul. 31, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Trading Symbol	SGU
Entity Registrant Name	STAR GAS PARTNERS LP
Entity Central Index Key	0001002590
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		55,887,832

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2017

Sep. 30, 2016

Current assets

Cash and cash equivalents

$ 94,574

$ 139,188

Receivables, net of allowance of $6,577 and $4,419, respectively

116,646

78,650

Inventories

42,422

45,894

Fair asset value of derivative instruments

3,987

Prepaid expenses and other current assets

24,409

27,139

Total current assets

278,051

294,858

Property and equipment, net

74,491

70,410

Goodwill

215,262

212,760

Intangibles, net

94,520

97,656

Deferred tax assets, net

255

5,353

Restricted cash

250

Investments

^[1]

11,686

Deferred charges and other assets, net

9,782

11,074

Total assets

684,297

692,111

Current liabilities

Accounts payable

20,354

25,690

Fair liability value of derivative instruments

4,760

2,285

Current maturities of long-term debt

10,000

16,200

Accrued expenses and other current liabilities

130,776

103,855

Unearned service contract revenue

55,759

56,971

Customer credit balances

40,340

84,921

Total current liabilities

261,989

289,922

Long-term debt

68,155

75,441

Other long-term liabilities

25,082

25,255

Partners' capital

Common unitholders

349,554

322,771

General partner

(672)

(516)

Accumulated other comprehensive loss, net of taxes

(19,811)

(20,762)

Total partners' capital

329,071

301,493

Total liabilities and partners' capital

$ 684,297

$ 692,111

[1]	See Note 2 - Investments

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Receivables, allowance	$ 6,577	$ 4,419

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Sales:

Product

$ 158,531

$ 156,229

$ 950,307

$ 813,519

Installations and services

67,270

61,965

191,664

185,755

Total sales

225,801

218,194

1,141,971

999,274

Cost and expenses:

Cost of product

104,268

103,568

592,802

473,534

Cost of installations and services

58,224

53,272

183,137

175,042

(Increase) decrease in fair value of derivative instruments

^[1]

3,135

(11,283)

7,026

(20,071)

Delivery and branch expenses

67,640

64,052

240,987

218,755

Depreciation and amortization expenses

7,418

6,468

20,705

19,959

General and administrative expenses

6,235

6,017

18,144

17,525

Finance charge income

(1,308)

(945)

(3,288)

(2,480)

Operating income (loss)

(19,811)

(2,955)

82,458

117,010

Interest expense, net

(1,619)

(1,731)

(5,118)

(5,481)

Amortization of debt issuance costs

(336)

(307)

(972)

(934)

Income (loss) before income taxes

(21,766)

(4,993)

76,368

110,595

Income tax expense (benefit)

(8,434)

(1,755)

31,721

46,566

Net income (loss)

(13,332)

(3,238)

44,647

64,029

General Partner's interest in net income (loss)

(79)

(19)

259

362

Limited Partners' interest in net income (loss)

$ (13,253)

$ (3,219)

$ 44,388

$ 63,667

Basic and diluted income (loss) per Limited Partner Unit

^[2]

$ (0.24)

$ (0.06)

$ 0.70

$ 0.95

Weighted average number of Limited Partner units outstanding:

Basic and Diluted

55,888

57,188

55,888

57,237

[1]	Represents the change in value of unrealized open positions and expired options.
[2]	See Note 13 Earnings Per Limited Partner Unit.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Net income (loss)

$ (13,332)

$ (3,238)

$ 44,647

$ 64,029

Other comprehensive income:

Unrealized gain on pension plan obligation

^[1]

532

647

1,598

1,943

Tax effect of unrealized gain on pension plan

(215)

(267)

(647)

(802)

Total other comprehensive income

317

380

951

1,141

Total comprehensive income (loss)

$ (13,015)

$ (2,858)

$ 45,598

$ 65,170

[1]	This item is included in the computation of net periodic pension cost.

CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL - 9 months ended Jun. 30, 2017 - USD ($)
shares in Thousands, $ in Thousands

Total

General Partner

Common Stock

Accumulated Other Comprehensive Income (Loss)

Beginning Balance at Sep. 30, 2016

$ 301,493

$ (516)

$ 322,771

$ (20,762)

Beginning Balance, unit at Sep. 30, 2016

326

55,888

Net income

44,647

$ 259

$ 44,388

Unrealized gain on pension plan obligation

1,598

^[1]

1,598

Tax effect of unrealized gain on pension plan

(647)

Distributions

(18,020)

(415)

(17,605)

Ending Balance at Jun. 30, 2017

$ 329,071

$ (672)

$ 349,554

$ (19,811)

Ending Balance, Unit at Jun. 30, 2017

326

55,888

[1]	This item is included in the computation of net periodic pension cost.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

9 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Cash flows provided by (used in) operating activities:

Net income

$ 44,647

$ 64,029

Adjustment to reconcile net income to net cash provided by (used in) operating activities:

(Increase) decrease in fair value of derivative instruments

^[1]

7,026

(20,071)

Depreciation and amortization

21,677

20,893

Provision (recovery) for losses on accounts receivable

2,261

(140)

Change in deferred taxes

4,451

13,299

Changes in operating assets and liabilities:

(Increase) decrease in receivables

(40,524)

647

Decrease in inventories

3,761

13,402

Decrease in other assets

3,443

968

Decrease in accounts payable

(3,468)

(2,173)

Decrease in customer credit balances

(45,757)

(2,026)

Increase in other current and long-term liabilities

25,693

21,357

Net cash provided by operating activities

23,210

110,185

Cash flows provided by (used in) investing activities:

Capital expenditures

(9,348)

(7,230)

Proceeds from sales of fixed assets

171

303

Purchase of investments

^[2]

(11,538)

Acquisitions

(14,504)

(8,829)

Net cash used in investing activities

(35,219)

(15,756)

Cash flows used in financing activities:

Term loan repayment

(13,700)

(5,000)

Distributions

(18,020)

(17,097)

Unit repurchases

(707)

Customer retainage payments

(575)

(680)

Payments of debt issuance costs

(60)

(297)

Net cash used in financing activities

(32,355)

(23,781)

Net (decrease) increase in cash, cash equivalents, and restricted cash

(44,364)

70,648

Cash, cash equivalents, and restricted cash at beginning of period

139,188

100,508

Cash, cash equivalents, and restricted cash at end of period

$ 94,824

$ 171,156

[1]	Represents the change in value of unrealized open positions and expired options.
[2]	See Note 2 - Investments

Partnership Organization

9 Months Ended

Jun. 30, 2017

Partnership Organization

1) Partnership Organization

Star Gas Partners, L.P. (“Star Gas Partners,” the “Partnership,” “we,” “us,” or “our”) is a full service provider specializing in the sale of home heating products and services to residential and commercial customers. The Partnership also services and sells heating and air conditioning equipment to its home heating oil and propane customers and to a lesser extent, provides these offerings to customers outside of our home heating oil and propane customer base. In certain of our marketing areas, we provide home security and plumbing services primarily to our home heating oil and propane customer base. We also sell diesel fuel, gasoline and home heating oil on a delivery only basis. These products and services are offered through our home heating oil and propane locations. The Partnership has one reportable segment for accounting purposes. We are the nation’s largest retail distributor of home heating oil based upon sales volume. Including our propane locations, we serve customers in the more northern and eastern states within the Northeast, Central and Southeast U.S. regions.

The Partnership is organized as follows:

•

The Partnership is a master limited partnership, which as of June 30, 2017, had outstanding 55.9 million Common Units (NYSE: “SGU”), representing 99.4% limited partner interest in Star Gas Partners, and 0.3 million general partner units, representing 0.6% general partner interest in Star Gas Partners. The general partner of the Partnership is Kestrel Heat, LLC, a Delaware limited liability company (“Kestrel Heat” or the “General Partner”). The Board of Directors of Kestrel Heat (the “Board”) is appointed by its sole member, Kestrel Energy Partners, LLC, a Delaware limited liability company (“Kestrel”).

•

The Partnership owns 100% of Star Acquisitions, Inc., a Minnesota corporation (“SA”) that owns 100% of Petro Holdings, Inc., a Minnesota corporation (“Petro”) and 100% of Woodbury Insurance Co., Inc., a Connecticut captive insurance corporation formed in July 2016 to insure large deductibles for certain insurance policies carried by Petro. SA and its subsidiaries are subject to Federal and state corporate income taxes. The Partnership’s operations are conducted through Petro and its subsidiaries. Petro is primarily a Northeast, Central and Southeast region retail distributor of home heating oil and propane that as of June 30, 2017, served approximately 441,000 full-service residential and commercial home heating oil and propane customers. Petro also sold diesel fuel, gasoline and home heating oil to approximately 73,000 customers on a delivery only basis. We installed, maintained, and repaired heating and air conditioning equipment and to a lesser extent provided these services outside our customer base including 14,900 service contracts for natural gas and other heating systems. In addition, we provided home security and plumbing to approximately 29,100 customers.

•

Petroleum Heat and Power Co., Inc., a Minnesota corporation (“PH&P”) is a 100% owned subsidiary of the Partnership. PH&P is the borrower and the Partnership is the guarantor of the third amended and restated credit agreement’s $100 million five-year senior secured term loan and the $300 million ($450 million during the heating season of December through April of each year) revolving credit facility, both due July 30, 2020. (See Note 9—Long-Term Debt and Bank Facility Borrowings).

Summary of Significant Accounting Policies

9 Months Ended

Jun. 30, 2017

Summary of Significant Accounting Policies

2) Summary of Significant Accounting Policies

Basis of Presentation

The Consolidated Financial Statements include the accounts of Star Gas Partners and its subsidiaries. All material inter-company items and transactions have been eliminated in consolidation.

The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair statement of financial condition and results for the interim periods. Due to the seasonal nature of the Partnership’s business, the results of operations and cash flows for the nine month period ended June 30, 2017, are not necessarily indicative of the results to be expected for the full year.

These interim financial statements of the Partnership have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission and should be read in conjunction with the financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended September 30, 2016.

Comprehensive Income (Loss)

Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of the unrealized gain (loss) amortization on the Partnership’s pension plan obligation for its two frozen defined benefit pension plans and the corresponding tax effect.

Cash, cash equivalents, and restricted cash

At June 30, 2017, the $94.8 million of cash, cash equivalents, and restricted cash on the condensed consolidated statement of cash flows is composed of $94.6 million of cash and cash equivalents and $0.3 million of restricted cash. Restricted cash represents deposits held by our captive insurance company that are required by state insurance regulations to remain in the captive insurance company as cash.

Investments

The investments are held by our captive insurance company in an irrevocable trust as collateral for workers’ compensation and automobile liability claims incurred and expected to be incurred in fiscal 2017. The collateral is required by a third party insurance carrier that insures per claim amounts above a set deductible. Due to the expected timing of claim payments, the nature of the collateral agreement with the carrier, and our captive insurance company’s source of other operating cash, the collateral is not expected to be used to pay obligations within the next twelve months.

Investments are currently comprised of $10.3 million of Level 1 debt securities and $1.4 million of mutual funds measured at net asset value.

Weather Hedge Contract

To partially mitigate the effect of weather on cash flows, the Partnership has used weather hedge contracts for a number of years. Weather hedge contracts are recorded in accordance with the intrinsic value method defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815-45-15 Derivatives and Hedging, Weather Derivatives (EITF 99-2). The premium paid is included in the caption prepaid expenses and other current assets in the accompanying balance sheets and amortized over the life of the contract, with the intrinsic value method applied at each interim period.

For fiscal years 2016 and 2017, the Partnership had weather hedge contracts that cover the five month period from November 1, through March 31, taken as a whole, for each respective fiscal year. The ultimate amount due to the Partnership (if any) was based on the entire five month accumulated calculation for the hedge period and had a maximum payout of $12.5 million for each respective fiscal year. In accordance with ASC 815-45-15, as of December 31, 2015, the Partnership recorded a credit of $12.5 million during fiscal 2016 under this contract that reduced delivery and branch expenses. No credit was recorded during the nine months ended June 30, 2017.

New England Teamsters and Trucking Industry Pension Fund (“the NETTI Fund”) Liability

As of June 30, 2017, we had $0.2 million and $17.4 million balances included in the captions accrued expenses and other current liabilities and other long-term liabilities, respectively, on our condensed consolidated balance sheet representing the remaining balance of the NETTI Fund withdrawal liability. Based on the borrowing rates currently available to the Partnership for long-term financing of a similar maturity, the fair value of the NETTI Fund withdrawal liability as of June 30, 2017 was $22.2 million. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability.

Recently Adopted Accounting Pronouncements

In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. The Partnership retrospectively adopted the ASU effective December 31, 2016. As a result of the adoption, certain prior year balances (September 30, 2016) changed to conform to the current year presentation as follows: deferred charges and other assets, net decreased from $11.9 million to $11.1 million and long-term debt decreased from $76.3 million to $75.4 million.

In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which requires an acquiring entity to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquiring entity is required to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, the acquiring entity is to present separately on the face of its income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods as if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Partnership adopted the ASU effective December 31, 2016. The adoption of ASU No. 2015-16 did not have an impact on the Partnership’s consolidated financial statements and related disclosures.

In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flow (Topic 230): Restricted cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Partnership adopted the ASU effective December 31, 2016. The adoption of ASU No. 2016-18 did not have a material impact on the Partnership’s consolidated financial statements and related disclosures.

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB has also issued several updates to ASU 2014-09. This ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2019, with early adoption permitted beginning in the first quarter of fiscal 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership is in the process of evaluating the effect that ASU 2014-09 will have on its revenue streams, consolidated financial statements and related disclosures. The Partnership has not yet selected a transition method, nor does it intend to early adopt.

In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. The update changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2018, with early adoption permitted. The Partnership does not expect ASU No. 2015-11 to have a material impact on its consolidated financial statements and related disclosures.

In February 2016, the FASB issued ASU No. 2016-02, Leases. The update requires all leases with a term greater than twelve months to be recognized on the balance sheet by calculating the discounted present value of such leases and accounting for them through a right-of-use asset and an offsetting lease liability, and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2020, with early adoption permitted. The Partnership does not intend to early adopt. The Partnership is continuing to evaluate the effect that ASU No. 2016-02 could have on its consolidated financial statements and related disclosures, but has not yet selected a transition method. The new guidance will materially change how we account for operating leases for office space, trucks and other equipment. Upon adoption, we expect to recognize discounted right-of-use assets and offsetting lease liabilities related to our operating leases of office space, trucks and other equipment. As of June 30, 2017, the undiscounted future minimum lease payments through 2032 for such operating leases are approximately $131.8 million, but what the range of reasonable discount rates will be at the time of adoption and what amount of leasing activity is expected between June 30, 2017, and the date of adoption, are currently unknown. For this reason we are unable to estimate the discounted right-of-use assets and lease liabilities as of the date of adoption.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. The update broadens the information that an entity should consider in developing expected credit loss estimates, eliminates the probable initial recognition threshold, and allows for the immediate recognition of the full amount of expected credit losses. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2021, with early adoption permitted in the first quarter of fiscal 2020. The Partnership is evaluating the effect that ASU No. 2016-13 will have on its consolidated financial statements and related disclosures, but has not yet determined the timing of adoption.

In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flow (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update addresses the issues of debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2019, with early adoption permitted. The Partnership has not determined the timing of adoption, but does not expect ASU 2016-15 to have a material impact on its consolidated financial statements and related disclosures.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the definition of a business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2019, with early adoption permitted. The Partnership has not determined the timing of adoption, but does not expect ASU 2017-01 to have a material impact on its consolidated financial statements and related disclosures.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 230): Simplifying the test for goodwill impairment. The update simplifies how an entity is required to test goodwill for impairment. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but not exceed the total amount of goodwill allocated to the reporting unit. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2021, with early adoption permitted. The Partnership has not determined the timing of adoption, but does not expect ASU 2017-04 to have a material impact on its consolidated financial statements and related disclosures.

Common Unit Repurchase and Retirement

9 Months Ended

Jun. 30, 2017

Common Unit Repurchase and Retirement

3) Common Unit Repurchase and Retirement

In July 2012, the Board authorized the repurchase of up to 3.0 million of the Partnership’s Common Units (“Plan III”). In July 2013, the Board authorized the repurchase of an additional 1.9 million Common Units under Plan III. The authorized Common Unit repurchases may be made from time to time in the open market, in privately negotiated transactions or in such other manner deemed appropriate by management. There is no guarantee of the exact number of units that will be purchased under the program and the Partnership may discontinue purchases at any time. The program does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Partnership’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the Common Units purchased in the repurchase program will be retired.

Under the Partnership’s third amended and restated credit agreement dated July 30, 2015, in order to repurchase Common Units we must maintain Availability (as defined in the amended and restated credit agreement) of $45 million, 15.0% of the facility size of $300 million (assuming the non-seasonal aggregate commitment is in effect) on a historical pro forma and forward-looking basis, and a fixed charge coverage ratio of not less than 1.15 measured as of the date of repurchase. The Partnership was in compliance with this covenant as of June 30, 2017.

The following table shows repurchases under Plan III.


(in thousands, except per unit amounts) Period	Total Number of Units Purchased (a)		Average Price Paid per Unit (b)		Maximum Number of Units that May Yet Be Purchased
Plan III - Number of units authorized						4,894
Private transaction - Number of units authorized						2,450

						7,344

Plan III - Fiscal years 2012 to 2016 total (c)		5,137	$	5.78		2,207



Plan III - Fiscal year 2017 total		—	$	—		2,207

(a)	Units were repurchased as part of a publicly announced program, except as noted in a private transaction.

(b)	Amounts include repurchase costs.

(c)	Includes 2.45 million common units acquired in a private transaction.

Derivatives and Hedging-Disclosures and Fair Value Measurements

9 Months Ended

Jun. 30, 2017

Derivatives and Hedging-Disclosures and Fair Value Measurements

4) Derivatives and Hedging—Disclosures and Fair Value Measurements

FASB ASC 815-10-05 Derivatives and Hedging, established accounting and reporting standards requiring that derivative instruments be recorded at fair value and included in the consolidated balance sheet as assets or liabilities, along with qualitative disclosures regarding the derivative activity. The Partnership uses derivative instruments such as futures, options and swap agreements in order to mitigate exposure to market risk associated with the purchase of home heating oil for price-protected customers, physical inventory on hand, inventory in transit, priced purchase commitments and internal fuel usage. The Partnership has elected not to designate its derivative instruments as hedging derivatives, but rather as economic hedges whose change in fair value is recognized in its statement of operations in the line item (increase) decrease in the fair value of derivative instruments. Depending on the risk being economically hedged, realized gains and losses are recorded in cost of product, cost of installations and services, or delivery and branch expenses.

As of June 30, 2017, to hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers, the Partnership held the following derivative instruments that settle in future months to match anticipated sales: 9.0 million gallons of swap contracts, 3.6 million gallons of call options, 5.0 million gallons of put options, and 55.0 million net gallons of synthetic call options. To hedge the inter-month differentials for its price-protected customers, its physical inventory on hand and inventory in transit, the Partnership, as of June 30, 2017, had 1.3 million gallons of long swap contracts, 53.3 million gallons of long future contracts, and 67.7 million gallons of short future contracts that settle in future months. In addition to the above, to lock-in the differential between high sulfur home heating oil and ultra low sulfur diesel, the Partnership as of June 30, 2017, had 0.4 million gallons of spread contracts (simultaneous long and short positions). To hedge its internal fuel usage and other related activities for fiscal 2017, the Partnership, as of June 30, 2017, had 6.5 million gallons of swap contracts that settle in future months.

As of June 30, 2016, to hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers, the Partnership held the following derivative instruments that settle in future months to match anticipated sales: 6.6 million gallons of swap contracts, 4.5 million gallons of call options, 4.1 million gallons of put options, and 60.0 million net gallons of synthetic call options. To hedge the inter-month differentials for its price-protected customers, its physical inventory on hand and inventory in transit, the Partnership, as of June 30, 2016, had 1.1 million gallons of long swap contracts, 54.0 million gallons of long future contracts, and 70.1 million gallons of short future contracts that settle in future months. In addition to the previously described hedging instruments, to lock-in the differential between high sulfur home heating oil and ultra low sulfur diesel, the Partnership as of June 30, 2016, had 0.7 million gallons of spread contracts (simultaneous long and short positions). To hedge its internal fuel usage and other related activities for fiscal 2016, the Partnership, as of June 30, 2016, had 5.9 million gallons of swap contracts that settle in future months.

The Partnership’s derivative instruments are with the following counterparties: Bank of America, N.A., Bank of Montreal, Cargill, Inc., Citibank, N.A., JPMorgan Chase Bank, N.A., Key Bank, N.A., Munich Re Trading LLC, Regions Financial Corporation, Societe Generale, and Wells Fargo Bank, N.A. The Partnership assesses counterparty credit risk and considers it to be low. We maintain master netting arrangements that allow for the non-conditional offsetting of amounts receivable and payable with counterparties to help manage our risks and record derivative positions on a net basis. The Partnership generally does not receive cash collateral from its counterparties and does not restrict the use of cash collateral it maintains at counterparties. At June 30, 2017, the aggregate cash posted as collateral in the normal course of business at counterparties was $0.5 million, which was recorded in prepaid expenses and other current assets. Positions with counterparties who are also parties to our credit agreement are collateralized under that facility. As of June 30, 2017, $4.9 million of hedge positions were secured under the credit facility.

FASB ASC 820-10 Fair Value Measurements and Disclosures, established a three-tier fair value hierarchy, which classified the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Partnership’s Level 1 derivative assets and liabilities represent the fair value of commodity contracts used in its hedging activities that are identical and traded in active markets. The Partnership’s Level 2 derivative assets and liabilities represent the fair value of commodity contracts used in its hedging activities that are valued using either directly or indirectly observable inputs, whose nature, risk and class are similar. No significant transfers of assets or liabilities have been made into and out of the Level 1 or Level 2 tiers. All derivative instruments were non-trading positions and were either a Level 1 or Level 2 instrument. The Partnership had no Level 3 derivative instruments. The fair market value of our Level 1 and Level 2 derivative assets and liabilities are calculated by our counter-parties and are independently validated by the Partnership. The Partnership’s calculations are, for Level 1 derivative assets and liabilities, based on the published New York Mercantile Exchange (“NYMEX”) market prices for the commodity contracts open at the end of the period. For Level 2 derivative assets and liabilities the calculations performed by the Partnership are based on a combination of the NYMEX published market prices and other inputs, including such factors as present value, volatility and duration.

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					Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs
Under FASB ASC 815-10	Balance Sheet Location	Total			Level 1			Level 2
Asset Derivatives at June 30, 2017
Commodity contracts	Fair asset and fair liability value of derivative instruments	$	8,378		$	—		$	8,378
Commodity contracts	Long-term derivative assets included in the deferred charges and other assets, net and other long-term liabilities balances		1,096			—			1,096

Commodity contract assets at June 30, 2017		$	9,474		$	—		$	9,474


Liability Derivatives at June 30, 2017
Commodity contracts	Fair liability and fair asset value of derivative instruments	$	(13,138	)	$	—		$	(13,138	)
Commodity contracts	Cash collateral		—			—			—
Commodity contracts	Long-term derivative liabilities included in the deferred charges and other assets, net and other long-term liabilities balances		(1,232	)		—			(1,232	)

Commodity contract liabilities at June 30, 2017		$	(14,370	)	$	—		$	(14,370	)


Asset Derivatives at September 30, 2016
Commodity contracts	Fair asset and fair liability value of derivative instruments	$	11,692		$	—		$	11,692
Commodity contracts	Long-term derivative assets included in the other long-term liabilities balance		1,369			481			888

Commodity contract assets at September 30, 2016		$	13,061		$	481		$	12,580


Liability Derivatives at September 30, 2016
Commodity contracts	Fair liability and fair asset value of derivative instruments	$	(9,990	)	$	(1,603	)	$	(8,387	)
Commodity contracts	Cash collateral		—			—			—
Commodity contracts	Long-term derivative liabilities included in the other long-term liabilities balance		(565	)		(484	)		(81	)

Commodity contract liabilities at September 30, 2016		$	(10,555	)	$	(2,087	)	$	(8,468	)

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	$	—	$	—		$	—		$	—	$	—	$	—
Long-term derivative assets included in deferred charges and other assets, net		174		(165	)		9			—		—		9
Fair liability value of derivative instruments		8,378		(13,138	)		(4,760	)		—		—		(4,760	)
Long-term derivative liabilities included in other long-term liabilities, net		922		(1,067	)		(145	)						(145	)

Total at June 30, 2017	$	9,474	$	(14,370	)	$	(4,896	)	$	—	$	—	$	(4,896	)

Fair asset value of derivative instruments	$	7,716	$	(3,729	)	$	3,987		$	—	$	—	$	3,987
Long-term derivative assets included in other long-term assets, net		888		(81	)		807			—		—		807
Fair liability value of derivative instruments		3,976		(6,261	)		(2,285	)		—		—		(2,285	)
Long-term derivative liabilities included in other long-term liabilities, net		481		(484	)		(3	)		—		—		(3	)

Total at September 30, 2016	$	13,061	$	(10,555	)	$	2,506		$	—	$	—	$	2,506


(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, 2017		Three Months Ended June 30, 2016			Nine Months Ended June 30, 2017			Nine Months Ended June 30, 2016
Commodity contracts	Cost of product (a)	$	1,092	$	8,177		$	4,073		$	16,978
Commodity contracts	Cost of installations and service (a)	$	—	$	72		$	(526	)	$	848
Commodity contracts	Delivery and branch expenses (a)	$	27	$	150		$	(422	)	$	1,029

Commodity contracts	(Increase) / decrease in the fair value of derivative instruments (b)	$	3,135	$	(11,283	)	$	7,026		$	(20,071	)

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

(b)	Represents the change in value of unrealized open positions and expired options.

Inventories

9 Months Ended

Jun. 30, 2017

Inventories

5) Inventories

The Partnership’s product inventories are stated at the lower of cost or market computed on the weighted average cost method. All other inventories, representing parts and equipment are stated at the lower of cost or market using the FIFO method. The components of inventory were as follows (in thousands):


	June 30, 2017		September 30, 2016
Product	$	21,364	$	25,419
Parts and equipment		21,058		20,475

Total inventory	$	42,422	$	45,894

Property and Equipment

9 Months Ended

Jun. 30, 2017

Property and Equipment

6) Property and Equipment

Property and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the depreciable assets using the straight-line method (in thousands):


	June 30, 2017		September 30, 2016
Property and equipment	$	195,181	$	184,079
Less: accumulated depreciation		120,690		113,669

Property and equipment, net	$	74,491	$	70,410

Business Combinations

9 Months Ended

Jun. 30, 2017

Business Combinations

7) Business Combinations

Through the third quarter of fiscal 2017, the Partnership acquired three heating oil dealers, a propane dealer and a plumbing service provider for an aggregate purchase price of approximately $16.0 million; $14.5 million in cash and $1.5 million of deferred liabilities (including $0.6 million of contingent consideration). The gross purchase price was allocated $9.3 million to intangible assets, $2.5 million to goodwill, $5.0 million to fixed assets and received credit for a negative working capital position of $0.8 million. The acquired companies’ operating results are included in the Partnership’s consolidated financial statements starting on their respective acquisition dates, and are not material to the Partnership’s financial condition, results of operations, or cash flows.

Goodwill and Intangibles, net

9 Months Ended

Jun. 30, 2017

Goodwill and Intangibles, net

8) Goodwill and Intangibles, net

Goodwill

A summary of changes in the Partnership’s goodwill is as follows (in thousands):


Balance as of September 30, 2016	$	212,760
Fiscal year 2017 business combinations		2,502

Balance as of June 30, 2017	$	215,262

Intangibles, net

The gross carrying amount and accumulated amortization of intangible assets subject to amortization are as follows (in thousands):


	June 30, 2017						September 30, 2016
	Gross						Gross
	Carrying		Accum.				Carrying		Accum.
	Amount		Amortization		Net		Amount		Amortization		Net
Customer lists	$	334,605	$	261,017	$	73,588	$	327,388	$	250,427	$	76,961
Trade names and other intangibles		29,210		8,278		20,932		27,134		6,439		20,695

Total	$	363,815	$	269,295	$	94,520	$	354,522	$	256,866	$	97,656

Amortization expense for intangible assets was $12.4 million for the nine months ended June 30, 2017, compared to $11.5 million for the nine months ended June 30, 2016.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Long-Term Debt and Bank Facility Borrowings

9 Months Ended

Jun. 30, 2017

Long-Term Debt and Bank Facility Borrowings

9) Long-Term Debt and Bank Facility Borrowings

The Partnership’s debt is as follows (in thousands):


	June 30,				September 30,
	2017				2016
	Carrying				Carrying
	Amount		Fair Value (a)		Amount		Fair Value (a)
Revolving Credit Facility Borrowings	$	—	$	—	$	—	$	—
Senior Secured Term Loan (b)	$	78,155	$	78,800	$	91,641	$	92,500

Total debt	$	78,155	$	78,800	$	91,641	$	92,500

Total short-term portion of debt	$	10,000	$	10,000	$	16,200	$	16,200

Total long-term portion of debt	$	68,155	$	68,800	$	75,441	$	76,300

(a)	The face amount of the Partnership’s variable rate long-term debt approximates fair value.

(b)	Carrying amounts are net of unamortized debt issuance costs of $0.6 million as of June 30, 2017, and $0.9 million as of September 30, 2016.

On July 30, 2015, the Partnership entered into a third amended and restated asset-based credit agreement with a bank syndicate comprised of thirteen participants, which enables the Partnership to borrow up to $300 million ($450 million during the heating season of December through April of each year) on a revolving credit facility for working capital purposes (subject to certain borrowing base limitations and coverage ratios), provides for a $100 million five-year senior secured term loan (the “Term Loan”), allows for the issuance of up to $100 million in letters of credit, and has a maturity date of July 30, 2020.

The Partnership can increase the revolving credit facility size by $100 million without the consent of the bank group. However, the bank group is not obligated to fund the $100 million increase. If the bank group elects not to fund the increase, the Partnership can add additional lenders to the group, with the consent of the Agent (as defined in the credit agreement), which shall not be unreasonably withheld. Obligations under the third amended and restated credit facility are guaranteed by the Partnership and its subsidiaries and are secured by liens on substantially all of the Partnership’s assets including accounts receivable, inventory, general intangibles, real property, fixtures and equipment.

All amounts outstanding under the third amended and restated revolving credit facility become due and payable on the facility termination date of July 30, 2020. The Term Loan is repayable in quarterly payments of $2.5 million, plus an annual payment equal to 25% of the annual Excess Cash Flow as defined in the agreement (an amount not to exceed $15 million annually), less certain voluntary prepayments made during the year, with final payment at maturity.

The interest rate on the third amended and restated revolving credit facility and the Term Loan is based on a margin over LIBOR or a base rate. At June 30, 2017, the effective interest rate on the Term Loan was approximately 4.01%.

The Commitment Fee on the unused portion of the revolving credit facility is 0.30% from December through April, and 0.20% from May through November.

The third amended and restated credit agreement requires the Partnership to meet certain financial covenants, including a fixed charge coverage ratio (as defined in the credit agreement) of not less than 1.1 as long as the Term Loan is outstanding or revolving credit facility availability is less than 12.5% of the facility size. In addition, as long as the Term Loan is outstanding, a senior secured leverage ratio at any time cannot be more than 3.0 as calculated during the quarters ending June or September, and at any time no more than 4.5 as calculated during the quarters ending December or March.

Certain restrictions are also imposed by the agreement, including restrictions on the Partnership’s ability to incur additional indebtedness, to pay distributions to unitholders, to pay certain inter-company dividends or distributions, make investments, grant liens, sell assets, make acquisitions and engage in certain other activities.

At June 30, 2017, $78.8 million of the Term Loan was outstanding, no amount was outstanding under the revolving credit facility, $4.9 million of hedge positions were secured under the credit agreement, and $48.2 million of letters of credit were issued and outstanding. At September 30, 2016, $92.5 million of the Term Loan was outstanding, no amount was outstanding under the revolving credit facility, $0.3 million of hedge positions were secured under the credit agreement, and $50.6 million of letters of credit were issued and outstanding.

At June 30, 2017, availability was $160.3 million, and the Partnership was in compliance with the fixed charge coverage ratio and the senior secured leverage ratio. At September 30, 2016, availability was $163.4 million, and the Partnership was in compliance with the fixed charge coverage ratio and the senior secured leverage ratio.

Income Taxes

9 Months Ended

Jun. 30, 2017

Income Taxes

10) Income Taxes

Since Star Gas Partners is organized as a master limited partnership, it is not subject to tax at its entity level for Federal and state income tax purposes. However, Star Gas Partners’ income is derived from its corporate subsidiaries, and these entities do incur Federal and state income taxes relating to their respective corporate subsidiaries, which are reflected in these financial statements. For the corporate subsidiaries of Star Gas Partners, a consolidated Federal income tax return is filed.

Income and losses of Star Gas Partners are allocated directly to the individual partners. Even though Star Gas Partners will generate non-qualifying Master Limited Partnership income through its corporate subsidiaries, cash received by Star Gas Partners from its corporate subsidiaries is generally included in the determination of qualified Master Limited Partnership income. All or a portion of such cash could be taxable as dividend income or as a capital gain to the individual partners. This could be the case even if Star Gas Partners used the cash received from its corporate subsidiaries for purposes such as the repurchase of Common Units, other types of capital transactions, or paying its own expenses rather than for distributions to its individual partners.

The accompanying financial statements are reported on a fiscal year; however, Star Gas Partners and its corporate subsidiaries file Federal and state income tax returns on a calendar year.

The current and deferred income tax expenses (benefits) for the three and nine months ended June 30, 2017, and 2016, are as follows:


	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(in thousands)	2017			2016			2017		2016
Income (loss) before income taxes	$	(21,766	)	$	(4,993	)	$	76,368	$	110,595

Current tax expense (benefit)		(5,764	)		(6,759	)		27,270		33,268
Deferred tax expense (benefit)		(2,670	)	$	5,004			4,451	$	13,298

Total tax expense (benefit)	$	(8,434	)	$	(1,755	)	$	31,721	$	46,566

As of January 1, 2017, Star Acquisitions, Inc., a wholly-owned subsidiary of the Partnership, had an estimated Federal net operating loss carry forward (“NOLs”) of approximately $1.6 million. The Federal NOLs, which will expire between 2018 and 2024, are generally available to offset any future taxable income but are also subject to annual limitations of between $1.0 million and $2.2 million.

At June 30, 2017, we did not have unrecognized income tax benefits.

Our continuing practice is to recognize interest and penalties related to income tax matters as a component of income tax expense. We file U.S. Federal income tax returns and various state and local returns. A number of years may elapse before an uncertain tax position is audited and finally resolved. For our Federal income tax returns we have four tax years subject to examination. In our major state tax jurisdictions of New York, Connecticut, Pennsylvania we have four years that are subject to examination. In the state tax jurisdictions of New Jersey we have five tax years that are subject to examination. While it is often difficult to predict the final outcome or the timing of resolution of any particular uncertain tax position, based on our assessment of many factors including past experience and interpretation of tax law, we believe that our provision for income taxes reflect the most probable outcome. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events.

Supplemental Disclosure of Cash Flow Information

9 Months Ended

Jun. 30, 2017

Supplemental Disclosure of Cash Flow Information

11) Supplemental Disclosure of Cash Flow Information


	Nine Months Ended
	June 30,
(in thousands)	2017		2016
Cash paid during the period for:
Income taxes, net	$	4,116	$	15,411
Interest	$	6,002	$	5,082

Non-cash operating activities:
Increase in interest expense—amortization of deferred charges on senior secured term loan	$	225	$	214

Commitments and Contingencies

9 Months Ended

Jun. 30, 2017

Commitments and Contingencies

12) Commitments and Contingencies

On February 18, 2016, a civil action was filed in the United States District Court, District of New Jersey, entitled M. Norman Donnenfeld v. Petro Home Services, Petro Holdings Inc. and Petro, Inc., Civil Action Number 2:16-cv-00882 JMV-JBC, against Petro Home Services which is a brand name, Petro Holdings Inc. and Petro, Inc. Plaintiff alleged he did not receive expected contractual benefits under his protected price plan contract when oil prices fell and asserted various claims for relief including breach of contract, violation of the New York General Business Law and fraud. The Plaintiff also sought to have a class certified of all customers of the defendants in the United States who entered into protected price plan contracts and were denied the same contractual benefits and to be appointed to represent them. The Plaintiff sought compensatory, punitive and other damages in unspecified amounts. On May 9, 2016, the Partnership filed a motion to dismiss the complaint for lack of personal jurisdiction and failure to state a claim for relief and to strike the class action allegations. On March 24, 2017, the motion to dismiss the complaint was granted, for failure to state a claim and for lack of personal jurisdiction but Plaintiff was given 30 days to attempt to replead.

Instead of filing an amended complaint, on April 18, 2017, Plaintiff commenced a new putative class action in the United States District Court for the Eastern District of New York, entitled M. Norman Donnenfeld v. Petro, Inc., Civil Action Number 2:17-cv-02310-JFB-SIL. The new complaint names Petro, Inc. d/b/a Petro Home Services as the sole defendant. The allegations and claims in the new complaint are substantially similar to those in the prior complaint filed in the District of New Jersey. No class has yet been certified in this action. The Partnership believes the allegations lack merit and intends to vigorously defend the action; at this time we cannot assess the potential outcome or materiality of this matter.

The Partnership’s operations are subject to the operating hazards and risks normally incidental to handling, storing and transporting and otherwise providing for use by consumers hazardous liquids such as home heating oil and propane. In the ordinary course of business, the Partnership is a defendant in various legal proceedings and litigation. The Partnership records a liability when it is probable that a loss has been incurred and the amount is reasonably estimable. We do not believe these matters, when considered individually or in the aggregate, could reasonably be expected to have a material adverse effect on the Partnership’s results of operations, financial position or liquidity.

The Partnership maintains insurance policies with insurers in amounts and with coverages and deductibles we believe are reasonable and prudent. However, the Partnership cannot assure that this insurance will be adequate to protect it from all material expenses related to current and potential future claims, legal proceedings and litigation, including the above mentioned action, as certain types of claims may be excluded from our insurance coverage. If we incur substantial liability and the damages are not covered by insurance, or are in excess of policy limits, or if we incur liability at a time when we are not able to obtain liability insurance, then our business, results of operations and financial condition could be materially adversely affected.

Earnings Per Limited Partner Unit

9 Months Ended

Jun. 30, 2017

Earnings Per Limited Partner Unit

13) Earnings Per Limited Partner Unit

Income per limited partner unit is computed in accordance with FASB ASC 260-10-05 Earnings Per Share, Master Limited Partnerships (EITF 03-06), by dividing the limited partners’ interest in net income by the weighted average number of limited partner units outstanding. The pro forma nature of the allocation required by this standard provides that in any accounting period where the Partnership’s aggregate net income exceeds its aggregate distribution for such period, the Partnership is required to present net income per limited partner unit as if all of the earnings for the periods were distributed, regardless of whether those earnings would actually be distributed during a particular period from an economic or practical perspective. This allocation does not impact the Partnership’s overall net income or other financial results. However, for periods in which the Partnership’s aggregate net income exceeds its aggregate distributions for such period, it will have the impact of reducing the earnings per limited partner unit, as the calculation according to this standard result in a theoretical increased allocation of undistributed earnings to the General Partner. In accounting periods where aggregate net income does not exceed aggregate distributions for such period, this standard does not have any impact on the Partnership’s net income per limited partner unit calculation. A separate and independent calculation for each quarter and year-to-date period is performed, in which the Partnership’s contractual participation rights are taken into account.

The following presents the net income allocation and per unit data using this method for the periods presented:


	Three Months Ended						Nine Months Ended
Basic and Diluted Earnings Per Limited Partner:	June 30,						June 30,
(in thousands, except per unit data)	2017			2016			2017		2016
Net income (loss)	$	(13,332	)	$	(3,238	)	$	44,647	$	64,029
Less General Partner’s interest in net income		(79	)		(19	)		259		362

Net income (loss) available to limited partners		(13,253	)		(3,219	)		44,388		63,667
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60		—			—			5,420		9,313

Limited Partner’s interest in net income (loss) under FASB ASC 260-10-45-60	$	(13,253	)	$	(3,219	)	$	38,968	$	54,354

Per unit data:
Basic and diluted net income (loss) available to limited partners	$	(0.24	)	$	(0.06	)	$	0.79	$	1.11

Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60		—			—			0.09		0.16

Limited Partner’s interest in net income (loss) under FASB ASC 260-10-45-60	$	(0.24	)	$	(0.06	)	$	0.70	$	0.95

Weighted average number of Limited Partner units outstanding		55,888			57,188			55,888		57,237

Subsequent Events

9 Months Ended

Jun. 30, 2017

Subsequent Events

14) Subsequent Events

Quarterly Distribution Declared

In July 2017, we declared a quarterly distribution of $0.11 per unit, or $0.44 per unit on an annualized basis, on all Common Units with respect to the second quarter of fiscal 2017, payable on August 8, 2017, to holders of record on July 31, 2017. In accordance with our Partnership Agreement, the amount of distributions in excess of the minimum quarterly distribution of $0.0675, are distributed 90% to Common Unit holders and 10% to the General Partner unit holders (until certain distribution levels are met), subject to the management incentive compensation plan. As a result, $6.1 million will be paid to the Common Unit holders, $0.2 million to the General Partner unit holders (including $0.1 million of incentive distribution as provided in our Partnership Agreement) and $0.1 million to management pursuant to the management incentive compensation plan which provides for certain members of management to receive incentive distributions that would otherwise be payable to the General Partner.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2017
Basis of Presentation	Basis of Presentation The Consolidated Financial Statements include the accounts of Star Gas Partners and its subsidiaries. All material inter-company items and transactions have been eliminated in consolidation. The financial information included herein is unaudited; however, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair statement of financial condition and results for the interim periods. Due to the seasonal nature of the Partnership’s business, the results of operations and cash flows for the nine month period ended June 30, 2017, are not necessarily indicative of the results to be expected for the full year. These interim financial statements of the Partnership have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission and should be read in conjunction with the financial statements included in the Partnership’s Annual Report on Form 10-K for the year ended September 30, 2016.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) consists of the unrealized gain (loss) amortization on the Partnership’s pension plan obligation for its two frozen defined benefit pension plans and the corresponding tax effect.
Cash, Cash Equivalents, and Restricted Cash	Cash, cash equivalents, and restricted cash At June 30, 2017, the $94.8 million of cash, cash equivalents, and restricted cash on the condensed consolidated statement of cash flows is composed of $94.6 million of cash and cash equivalents and $0.3 million of restricted cash. Restricted cash represents deposits held by our captive insurance company that are required by state insurance regulations to remain in the captive insurance company as cash.
Investments	Investments The investments are held by our captive insurance company in an irrevocable trust as collateral for workers’ compensation and automobile liability claims incurred and expected to be incurred in fiscal 2017. The collateral is required by a third party insurance carrier that insures per claim amounts above a set deductible. Due to the expected timing of claim payments, the nature of the collateral agreement with the carrier, and our captive insurance company’s source of other operating cash, the collateral is not expected to be used to pay obligations within the next twelve months. Investments are currently comprised of $10.3 million of Level 1 debt securities and $1.4 million of mutual funds measured at net asset value.
Weather Hedge Contract	Weather Hedge Contract To partially mitigate the effect of weather on cash flows, the Partnership has used weather hedge contracts for a number of years. Weather hedge contracts are recorded in accordance with the intrinsic value method defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 815-45-15 Derivatives and Hedging, Weather Derivatives (EITF 99-2). The premium paid is included in the caption prepaid expenses and other current assets in the accompanying balance sheets and amortized over the life of the contract, with the intrinsic value method applied at each interim period. For fiscal years 2016 and 2017, the Partnership had weather hedge contracts that cover the five month period from November 1, through March 31, taken as a whole, for each respective fiscal year. The ultimate amount due to the Partnership (if any) was based on the entire five month accumulated calculation for the hedge period and had a maximum payout of $12.5 million for each respective fiscal year. In accordance with ASC 815-45-15, as of December 31, 2015, the Partnership recorded a credit of $12.5 million during fiscal 2016 under this contract that reduced delivery and branch expenses. No credit was recorded during the nine months ended June 30, 2017.
New England Teamsters and Trucking Industry Pension Fund ("the NETTI Fund") Liability	New England Teamsters and Trucking Industry Pension Fund (“the NETTI Fund”) Liability As of June 30, 2017, we had $0.2 million and $17.4 million balances included in the captions accrued expenses and other current liabilities and other long-term liabilities, respectively, on our condensed consolidated balance sheet representing the remaining balance of the NETTI Fund withdrawal liability. Based on the borrowing rates currently available to the Partnership for long-term financing of a similar maturity, the fair value of the NETTI Fund withdrawal liability as of June 30, 2017 was $22.2 million. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of this liability.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In April 2015, the FASB issued Accounting Standards Update (“ASU”) No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. The Partnership retrospectively adopted the ASU effective December 31, 2016. As a result of the adoption, certain prior year balances (September 30, 2016) changed to conform to the current year presentation as follows: deferred charges and other assets, net decreased from $11.9 million to $11.1 million and long-term debt decreased from $76.3 million to $75.4 million. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, which requires an acquiring entity to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquiring entity is required to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, the acquiring entity is to present separately on the face of its income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods as if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Partnership adopted the ASU effective December 31, 2016. The adoption of ASU No. 2015-16 did not have an impact on the Partnership’s consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flow (Topic 230): Restricted cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Partnership adopted the ASU effective December 31, 2016. The adoption of ASU No. 2016-18 did not have a material impact on the Partnership’s consolidated financial statements and related disclosures.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The FASB has also issued several updates to ASU 2014-09. This ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2019, with early adoption permitted beginning in the first quarter of fiscal 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Partnership is in the process of evaluating the effect that ASU 2014-09 will have on its revenue streams, consolidated financial statements and related disclosures. The Partnership has not yet selected a transition method, nor does it intend to early adopt. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. The update changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2018, with early adoption permitted. The Partnership does not expect ASU No. 2015-11 to have a material impact on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases. The update requires all leases with a term greater than twelve months to be recognized on the balance sheet by calculating the discounted present value of such leases and accounting for them through a right-of-use asset and an offsetting lease liability, and the disclosure of key information pertaining to leasing arrangements. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2020, with early adoption permitted. The Partnership does not intend to early adopt. The Partnership is continuing to evaluate the effect that ASU No. 2016-02 could have on its consolidated financial statements and related disclosures, but has not yet selected a transition method. The new guidance will materially change how we account for operating leases for office space, trucks and other equipment. Upon adoption, we expect to recognize discounted right-of-use assets and offsetting lease liabilities related to our operating leases of office space, trucks and other equipment. As of June 30, 2017, the undiscounted future minimum lease payments through 2032 for such operating leases are approximately $131.8 million, but what the range of reasonable discount rates will be at the time of adoption and what amount of leasing activity is expected between June 30, 2017, and the date of adoption, are currently unknown. For this reason we are unable to estimate the discounted right-of-use assets and lease liabilities as of the date of adoption. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses. The update broadens the information that an entity should consider in developing expected credit loss estimates, eliminates the probable initial recognition threshold, and allows for the immediate recognition of the full amount of expected credit losses. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2021, with early adoption permitted in the first quarter of fiscal 2020. The Partnership is evaluating the effect that ASU No. 2016-13 will have on its consolidated financial statements and related disclosures, but has not yet determined the timing of adoption. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flow (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update addresses the issues of debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2019, with early adoption permitted. The Partnership has not determined the timing of adoption, but does not expect ASU 2016-15 to have a material impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the definition of a business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2019, with early adoption permitted. The Partnership has not determined the timing of adoption, but does not expect ASU 2017-01 to have a material impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 230): Simplifying the test for goodwill impairment. The update simplifies how an entity is required to test goodwill for impairment. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, but not exceed the total amount of goodwill allocated to the reporting unit. This new guidance is effective for our annual reporting period beginning in the first quarter of fiscal 2021, with early adoption permitted. The Partnership has not determined the timing of adoption, but does not expect ASU 2017-04 to have a material impact on its consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details

- Definition

Disclosure of accounting policy for pension and other postretirement benefit plans. This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived.

+ References + Details

Common Unit Repurchase and Retirement (Tables)

9 Months Ended

Jun. 30, 2017

Partnership's Repurchase Activities

The following table shows repurchases under Plan III.


(in thousands, except per unit amounts) Period	Total Number of Units Purchased (a)		Average Price Paid per Unit (b)		Maximum Number of Units that May Yet Be Purchased
Plan III - Number of units authorized						4,894
Private transaction - Number of units authorized						2,450

						7,344

Plan III - Fiscal years 2012 to 2016 total (c)		5,137	$	5.78		2,207



Plan III - Fiscal year 2017 total		—	$	—		2,207

(a)	Units were repurchased as part of a publicly announced program, except as noted in a private transaction.

(b)	Amounts include repurchase costs.

(c)	Includes 2.45 million common units acquired in a private transaction.

Derivatives and Hedging-Disclosures and Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2017

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

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					Quoted Prices in Active Markets for Identical Assets			Significant Other Observable Inputs
Under FASB ASC 815-10	Balance Sheet Location	Total			Level 1			Level 2
Asset Derivatives at June 30, 2017
Commodity contracts	Fair asset and fair liability value of derivative instruments	$	8,378		$	—		$	8,378
Commodity contracts	Long-term derivative assets included in the deferred charges and other assets, net and other long-term liabilities balances		1,096			—			1,096

Commodity contract assets at June 30, 2017		$	9,474		$	—		$	9,474


Liability Derivatives at June 30, 2017
Commodity contracts	Fair liability and fair asset value of derivative instruments	$	(13,138	)	$	—		$	(13,138	)
Commodity contracts	Cash collateral		—			—			—
Commodity contracts	Long-term derivative liabilities included in the deferred charges and other assets, net and other long-term liabilities balances		(1,232	)		—			(1,232	)

Commodity contract liabilities at June 30, 2017		$	(14,370	)	$	—		$	(14,370	)


Asset Derivatives at September 30, 2016
Commodity contracts	Fair asset and fair liability value of derivative instruments	$	11,692		$	—		$	11,692
Commodity contracts	Long-term derivative assets included in the other long-term liabilities balance		1,369			481			888

Commodity contract assets at September 30, 2016		$	13,061		$	481		$	12,580


Liability Derivatives at September 30, 2016
Commodity contracts	Fair liability and fair asset value of derivative instruments	$	(9,990	)	$	(1,603	)	$	(8,387	)
Commodity contracts	Cash collateral		—			—			—
Commodity contracts	Long-term derivative liabilities included in the other long-term liabilities balance		(565	)		(484	)		(81	)

Commodity contract liabilities at September 30, 2016		$	(10,555	)	$	(2,087	)	$	(8,468	)

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	$	—	$	—		$	—		$	—	$	—	$	—
Long-term derivative assets included in deferred charges and other assets, net		174		(165	)		9			—		—		9
Fair liability value of derivative instruments		8,378		(13,138	)		(4,760	)		—		—		(4,760	)
Long-term derivative liabilities included in other long-term liabilities, net		922		(1,067	)		(145	)						(145	)

Total at June 30, 2017	$	9,474	$	(14,370	)	$	(4,896	)	$	—	$	—	$	(4,896	)

Fair asset value of derivative instruments	$	7,716	$	(3,729	)	$	3,987		$	—	$	—	$	3,987
Long-term derivative assets included in other long-term assets, net		888		(81	)		807			—		—		807
Fair liability value of derivative instruments		3,976		(6,261	)		(2,285	)		—		—		(2,285	)
Long-term derivative liabilities included in other long-term liabilities, net		481		(484	)		(3	)		—		—		(3	)

Total at September 30, 2016	$	13,061	$	(10,555	)	$	2,506		$	—	$	—	$	2,506

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	$	—	$	—		$	—		$	—	$	—	$	—
Long-term derivative assets included in deferred charges and other assets, net		174		(165	)		9			—		—		9
Fair liability value of derivative instruments		8,378		(13,138	)		(4,760	)		—		—		(4,760	)
Long-term derivative liabilities included in other long-term liabilities, net		922		(1,067	)		(145	)						(145	)

Total at June 30, 2017	$	9,474	$	(14,370	)	$	(4,896	)	$	—	$	—	$	(4,896	)

Fair asset value of derivative instruments	$	7,716	$	(3,729	)	$	3,987		$	—	$	—	$	3,987
Long-term derivative assets included in other long-term assets, net		888		(81	)		807			—		—		807
Fair liability value of derivative instruments		3,976		(6,261	)		(2,285	)		—		—		(2,285	)
Long-term derivative liabilities included in other long-term liabilities, net		481		(484	)		(3	)		—		—		(3	)

Total at September 30, 2016	$	13,061	$	(10,555	)	$	2,506		$	—	$	—	$	2,506

Partnership's Effect on Derivative Instruments on the Statement of Operations


(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, 2017		Three Months Ended June 30, 2016			Nine Months Ended June 30, 2017			Nine Months Ended June 30, 2016
Commodity contracts	Cost of product (a)	$	1,092	$	8,177		$	4,073		$	16,978
Commodity contracts	Cost of installations and service (a)	$	—	$	72		$	(526	)	$	848
Commodity contracts	Delivery and branch expenses (a)	$	27	$	150		$	(422	)	$	1,029

Commodity contracts	(Increase) / decrease in the fair value of derivative instruments (b)	$	3,135	$	(11,283	)	$	7,026		$	(20,071	)

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

(b)	Represents the change in value of unrealized open positions and expired options.

Inventories (Tables)

9 Months Ended

Jun. 30, 2017

Components of Inventory

The components of inventory were as follows (in thousands):


	June 30, 2017		September 30, 2016
Product	$	21,364	$	25,419
Parts and equipment		21,058		20,475

Total inventory	$	42,422	$	45,894

Property and Equipment (Tables)

9 Months Ended

Jun. 30, 2017

Property and Equipment

Property and equipment are stated at cost. Depreciation is computed over the estimated useful lives of the depreciable assets using the straight-line method (in thousands):


	June 30, 2017		September 30, 2016
Property and equipment	$	195,181	$	184,079
Less: accumulated depreciation		120,690		113,669

Property and equipment, net	$	74,491	$	70,410

Goodwill and Intangibles, net (Tables)

9 Months Ended

Jun. 30, 2017

Summary of Changes in the Partnership's Goodwill

A summary of changes in the Partnership’s goodwill is as follows (in thousands):


Balance as of September 30, 2016	$	212,760
Fiscal year 2017 business combinations		2,502

Balance as of June 30, 2017	$	215,262

Intangible Assets Subject to Amortization

The gross carrying amount and accumulated amortization of intangible assets subject to amortization are as follows (in thousands):


	June 30, 2017						September 30, 2016
	Gross						Gross
	Carrying		Accum.				Carrying		Accum.
	Amount		Amortization		Net		Amount		Amortization		Net
Customer lists	$	334,605	$	261,017	$	73,588	$	327,388	$	250,427	$	76,961
Trade names and other intangibles		29,210		8,278		20,932		27,134		6,439		20,695

Total	$	363,815	$	269,295	$	94,520	$	354,522	$	256,866	$	97,656

Long-Term Debt and Bank Facility Borrowings (Tables)

9 Months Ended

Jun. 30, 2017

Partnership's Debt

The Partnership’s debt is as follows (in thousands):


	June 30,				September 30,
	2017				2016
	Carrying				Carrying
	Amount		Fair Value (a)		Amount		Fair Value (a)
Revolving Credit Facility Borrowings	$	—	$	—	$	—	$	—
Senior Secured Term Loan (b)	$	78,155	$	78,800	$	91,641	$	92,500

Total debt	$	78,155	$	78,800	$	91,641	$	92,500

Total short-term portion of debt	$	10,000	$	10,000	$	16,200	$	16,200

Total long-term portion of debt	$	68,155	$	68,800	$	75,441	$	76,300

(a)	The face amount of the Partnership’s variable rate long-term debt approximates fair value.

(b)	Carrying amounts are net of unamortized debt issuance costs of $0.6 million as of June 30, 2017, and $0.9 million as of September 30, 2016.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

Income Taxes (Tables)

9 Months Ended

Jun. 30, 2017

Current and Deferred Income Tax Expenses (Benefits)

The current and deferred income tax expenses (benefits) for the three and nine months ended June 30, 2017, and 2016, are as follows:


	Three Months Ended						Nine Months Ended
	June 30,						June 30,
(in thousands)	2017			2016			2017		2016
Income (loss) before income taxes	$	(21,766	)	$	(4,993	)	$	76,368	$	110,595

Current tax expense (benefit)		(5,764	)		(6,759	)		27,270		33,268
Deferred tax expense (benefit)		(2,670	)	$	5,004			4,451	$	13,298

Total tax expense (benefit)	$	(8,434	)	$	(1,755	)	$	31,721	$	46,566

Supplemental Disclosure of Cash Flow Information (Tables)

9 Months Ended

Jun. 30, 2017

Supplemental Disclosure of Cash Flow Information


	Nine Months Ended
	June 30,
(in thousands)	2017		2016
Cash paid during the period for:
Income taxes, net	$	4,116	$	15,411
Interest	$	6,002	$	5,082

Non-cash operating activities:
Increase in interest expense—amortization of deferred charges on senior secured term loan	$	225	$	214

Earnings Per Limited Partner Unit (Tables)

9 Months Ended

Jun. 30, 2017

Net Income Allocation and Per Unit Data

The following presents the net income allocation and per unit data using this method for the periods presented:


	Three Months Ended						Nine Months Ended
Basic and Diluted Earnings Per Limited Partner:	June 30,						June 30,
(in thousands, except per unit data)	2017			2016			2017		2016
Net income (loss)	$	(13,332	)	$	(3,238	)	$	44,647	$	64,029
Less General Partner’s interest in net income		(79	)		(19	)		259		362

Net income (loss) available to limited partners		(13,253	)		(3,219	)		44,388		63,667
Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60		—			—			5,420		9,313

Limited Partner’s interest in net income (loss) under FASB ASC 260-10-45-60	$	(13,253	)	$	(3,219	)	$	38,968	$	54,354

Per unit data:
Basic and diluted net income (loss) available to limited partners	$	(0.24	)	$	(0.06	)	$	0.79	$	1.11

Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60		—			—			0.09		0.16

Limited Partner’s interest in net income (loss) under FASB ASC 260-10-45-60	$	(0.24	)	$	(0.06	)	$	0.70	$	0.95

Weighted average number of Limited Partner units outstanding		55,888			57,188			55,888		57,237

Partnership Organization - Additional Information (Detail) shares in Thousands		9 Months Ended
	Jul. 30, 2015 USD ($)	Jun. 30, 2017 Contract Customer shares	Sep. 30, 2016 shares
Limited Partners' Capital Account [Line Items]
Percentage of limited partner interest		99.40%
Percentage of general partner interest		0.60%
Common Stock
Limited Partners' Capital Account [Line Items]
Number of outstanding units \| shares		55,888	55,888
Third Amendment
Limited Partners' Capital Account [Line Items]
Non Seasonal maximum borrowing capacity under revolving credit facility \| $	$ 300,000,000
Maximum borrowing capacity (heating season December to April) under revolving credit facility \| $	$ 450,000,000
Due date of debt	Jul. 30, 2020
Third Amendment \| Term Loan
Limited Partners' Capital Account [Line Items]
Outstanding senior notes \| $	$ 100,000,000
Senior secured term loan maturity period	5 years
Star Acquisitions, Inc
Limited Partners' Capital Account [Line Items]
Ownership interest of partnership		100.00%
Petro Holdings, Inc
Limited Partners' Capital Account [Line Items]
Ownership interest of Star Acquisitions Inc.		100.00%
Number of full-service residential and commercial home heating oil and propane customers served \| Customer		441,000
Number of customers to whom only home heating oil, gasoline and diesel fuel were sold on a delivery only basis \| Customer		73,000
Number of customers to whom ancillary services were provided \| Customer		29,100
Number of service contracts for natural gas and other heating systems \| Contract		14,900
Woodbury Insurance Co., Inc.
Limited Partners' Capital Account [Line Items]
Ownership interest of Star Acquisitions Inc.		100.00%
Petroleum Heat and Power Co., Inc.
Limited Partners' Capital Account [Line Items]
Ownership interest of partnership		100.00%
General Partner
Limited Partners' Capital Account [Line Items]
Number of outstanding units \| shares		326	326

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Dec. 31, 2015	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2016	Sep. 30, 2015
Schedule Of Significant Accounting Policies [Line Items]
Cash, cash equivalents, and restricted cash		$ 94,824,000	$ 139,188,000	$ 171,156,000	$ 100,508,000
Cash and cash equivalents		94,574,000	139,188,000
Restricted cash		300,000
Accrued expenses and other current liabilities		130,776,000	103,855,000
Other long-term liabilities		25,082,000	25,255,000
Deferred charges and other assets, net		9,782,000	11,074,000
Long-term debt		$ 68,155,000	75,441,000
Operating lease expiration year		2032
Undiscounted future minimum lease payments through 2032		$ 131,800,000
New England Teamsters & Trucking Industry Pension Fund
Schedule Of Significant Accounting Policies [Line Items]
Accrued expenses and other current liabilities		200,000
Other long-term liabilities		17,400,000
Significant Other Observable Inputs Level 2 \| New England Teamsters & Trucking Industry Pension Fund
Schedule Of Significant Accounting Policies [Line Items]
Multiemployer plan discounted withdrawal liability		22,200,000
Quoted Prices in Active Markets for Identical Assets Level 1
Schedule Of Significant Accounting Policies [Line Items]
Investments, debt securities		10,300,000
Investments, mutual funds		1,400,000
Accounting Standards Update 2015-03
Schedule Of Significant Accounting Policies [Line Items]
Deferred charges and other assets, net			11,100,000
Long-term debt			75,400,000
Accounting Standards Update 2015-03 \| Scenario, Previously Reported
Schedule Of Significant Accounting Policies [Line Items]
Deferred charges and other assets, net			11,900,000
Long-term debt			$ 76,300,000
Subsidiaries of Swiss Re
Schedule Of Significant Accounting Policies [Line Items]
Derivative maximum payout		12,500,000
Subsidiaries of Swiss Re \| Delivery and branch expenses
Schedule Of Significant Accounting Policies [Line Items]
Credit on weather hedge contract	$ 12,500,000	$ 0

Common Unit Repurchase and Retirement - Additional Information (Detail) - USD ($) shares in Thousands	Jul. 30, 2015	Jun. 30, 2017	Jul. 31, 2013	Jul. 31, 2012
Capital Unit [Line Items]
Partnership's common units authorized for repurchase		7,344
Third Amendment
Capital Unit [Line Items]
Availability required to repurchase common units	$ 45,000,000
Percentage of the maximum facility size on a historical proforma and forward-looking basis	15.00%
Non Seasonal maximum borrowing capacity under revolving credit facility	$ 300,000,000
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units	115.00%
Initial Common Units Authorized Plan III Common Units Repurchase Program
Capital Unit [Line Items]
Partnership's common units authorized for repurchase				3,000
Additional Common Units Authorized Plan III Common Units Repurchase Program
Capital Unit [Line Items]
Partnership's common units authorized for repurchase			1,900

Partnership's Repurchase Activities (Detail) - $ / shares
shares in Thousands

60 Months Ended

Sep. 30, 2016

Jun. 30, 2017

Capital Unit [Line Items]

Partnership's common units authorized for repurchase

7,344

Private Transaction

Capital Unit [Line Items]

Partnership's common units authorized for repurchase

2,450

Total Number of Units Purchased

2,450

Plan III Common Units Repurchase Program

Capital Unit [Line Items]

Partnership's common units authorized for repurchase

4,894

Total Number of Units Purchased

^[1],[2]

5,137

Average Price Paid per Unit

^[1],[3]

$ 5.78

Maximum Number of Units that May Yet Be Purchased

2,207

^[1]

2,207

[1]	Includes 2.45 million common units acquired in a private transaction.
[2]	Units were repurchased as part of a publicly announced program, except as noted in a private transaction.
[3]	Amounts include repurchase costs.

Partnership's Repurchase Activities (Parenthetical) (Detail) shares in Thousands	60 Months Ended
	Sep. 30, 2016 shares
Private Transaction
Capital Unit [Line Items]
Total Number of Units Purchased	2,450

Derivatives and Hedging-Disclosures and Fair Value Measurements - Additional Information (Detail) gal in Millions, $ in Millions	9 Months Ended
	Jun. 30, 2017 USD ($) gal	Jun. 30, 2016 gal	Sep. 30, 2016 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Hedging positions secured under credit facility \| $	$ 4.9		$ 0.3
Prepaid expenses and other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Aggregated cash posted as collateral in normal course of business \| $	$ 0.5
Call Option
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative activity volume	3.6	4.5
Put Option
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative activity volume	5.0	4.1
Synthetic calls \| Call Option
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative activity volume	55.0	60.0
Inventory
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative activity volume	9.0	6.6
Swap Contracts \| Long
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative activity volume	1.3	1.1
Future Contracts \| Long
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative activity volume	53.3	54.0
Future Contracts \| Short
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative activity volume	67.7	70.1
Spread Contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative activity volume	0.4	0.7
Hedge its Internal Fuel Usage and Other Related Activities Swap Contracts Bought
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative activity volume	6.5	5.9

Partnership's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 - Commodity Contract - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, commodity contracts	$ 9,474	$ 13,061
Derivative Liabilities, commodity contracts	(14,370)	(10,555)
Fair asset and fair liability value of derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, commodity contracts	8,378	11,692
Other long-term liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, commodity contracts		1,369
Derivative Liabilities, commodity contracts		(565)
Fair liability and fair asset value of derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, commodity contracts	(13,138)	(9,990)
Deferred charges and other assets, net and other long-term liabilities balances
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, commodity contracts	1,096
Derivative Liabilities, commodity contracts	(1,232)
Quoted Prices in Active Markets for Identical Assets Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, commodity contracts		481
Derivative Liabilities, commodity contracts		(2,087)
Quoted Prices in Active Markets for Identical Assets Level 1 \| Other long-term liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, commodity contracts		481
Derivative Liabilities, commodity contracts		(484)
Quoted Prices in Active Markets for Identical Assets Level 1 \| Fair liability and fair asset value of derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, commodity contracts		(1,603)
Significant Other Observable Inputs Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, commodity contracts	9,474	12,580
Derivative Liabilities, commodity contracts	(14,370)	(8,468)
Significant Other Observable Inputs Level 2 \| Fair asset and fair liability value of derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, commodity contracts	8,378	11,692
Significant Other Observable Inputs Level 2 \| Other long-term liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, commodity contracts		888
Derivative Liabilities, commodity contracts		(81)
Significant Other Observable Inputs Level 2 \| Fair liability and fair asset value of derivative instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liabilities, commodity contracts	(13,138)	$ (8,387)
Significant Other Observable Inputs Level 2 \| Deferred charges and other assets, net and other long-term liabilities balances
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Assets, commodity contracts	1,096
Derivative Liabilities, commodity contracts	$ (1,232)

Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Net Assets (Liabilities) Presented in the Statement of Financial Position		$ 3,987
Net Assets (Liabilities) Presented in the Statement of Financial Position	$ (4,760)	(2,285)
Subject to an enforceable master netting arrangement
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Gross Assets Recognized	9,474	13,061
Gross Liabilities Offset in the Statement of Financial Position	(14,370)	(10,555)
Net Assets (Liabilities) Presented in the Statement of Financial Position	(4,896)	2,506
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	(4,896)	2,506
Subject to an enforceable master netting arrangement \| Fair liability and fair asset value of derivative instruments
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Gross Assets Recognized	8,378	3,976
Gross Liabilities Offset in the Statement of Financial Position	(13,138)	(6,261)
Net Assets (Liabilities) Presented in the Statement of Financial Position	(4,760)	(2,285)
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	(4,760)	(2,285)
Subject to an enforceable master netting arrangement \| Other long-term liabilities
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Gross Assets Recognized	922	481
Gross Liabilities Offset in the Statement of Financial Position	(1,067)	(484)
Net Assets (Liabilities) Presented in the Statement of Financial Position	(145)	(3)
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	(145)	(3)
Subject to an enforceable master netting arrangement \| Fair asset and fair liability value of derivative instruments
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Gross Assets Recognized		7,716
Gross Liabilities Offset in the Statement of Financial Position		(3,729)
Net Assets (Liabilities) Presented in the Statement of Financial Position		3,987
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount		3,987
Subject to an enforceable master netting arrangement \| Deferred charges and other assets, net
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items]
Gross Assets Recognized	174	888
Gross Liabilities Offset in the Statement of Financial Position	(165)	(81)
Net Assets (Liabilities) Presented in the Statement of Financial Position	9	807
Financial Instruments	0	0
Cash Collateral Received	0	0
Net Amount	$ 9	$ 807

Effect of Derivative Instruments on Statement of Operations (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Gain) or Loss Unrealized, commodity contracts

^[1]

$ 3,135

$ (11,283)

$ 7,026

$ (20,071)

Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Cost of product

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Gain) or Loss Recognized, commodity contracts

^[2]

1,092

8,177

4,073

16,978

Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Cost of installations and service

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Gain) or Loss Recognized, commodity contracts

^[2]

(526)

848

Fair Value, Measurements, Recurring | Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 | Commodity Contract | Delivery and branch expenses

Derivative Instruments, Gain (Loss) [Line Items]

Amount of (Gain) or Loss Recognized, commodity contracts

^[2]

$ 27

$ 150

$ (422)

$ 1,029

[1]	Represents the change in value of unrealized open positions and expired options.
[2]	Represents realized closed positions and includes the cost of options as they expire.

Components of Inventory (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Inventory [Line Items]
Product	$ 21,364	$ 25,419
Parts and equipment	21,058	20,475
Total inventory	$ 42,422	$ 45,894

Component of Property and Equipment (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Property, Plant and Equipment [Line Items]
Property and equipment	$ 195,181	$ 184,079
Less: accumulated depreciation	120,690	113,669
Property and equipment, net	$ 74,491	$ 70,410

Business Combinations - Additional Information (Detail) $ in Thousands	9 Months Ended
	Jun. 30, 2017 USD ($) PartnershipUnit	Sep. 30, 2016 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 215,262	$ 212,760
Number of heating oil dealer acquired \| PartnershipUnit	3
Heating Oil Dealer, Propane Dealer and Plumbing Service Provider
Business Acquisition [Line Items]
Aggregate purchase prices partnership acquired	$ 16,000
Cash paid	14,500
Deferred liabilities	1,500
Contingent consideration	600
Aggregate purchase price allocation, intangible assets	9,300
Goodwill	2,500
Aggregate purchase price allocation, fixed assets	5,000
Gross purchase price reduced by working capital credits	$ (800)

Summary of Changes in the Partnership's Goodwill (Detail) $ in Thousands	9 Months Ended
	Jun. 30, 2017 USD ($)
Goodwill [Line Items]
Balance on beginning	$ 212,760
Fiscal year business combinations	2,502
Balance on ending	$ 215,262

Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 363,815	$ 354,522
Accum. Amortization	269,295	256,866
Net	94,520	97,656
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	334,605	327,388
Accum. Amortization	261,017	250,427
Net	73,588	76,961
Trade Names And Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	29,210	27,134
Accum. Amortization	8,278	6,439
Net	$ 20,932	$ 20,695

Goodwill and Intangibles, net - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Amortization expense for intangible assets	$ 12.4	$ 11.5

Partnership's Debt (Detail) - USD ($)
$ in Thousands

Jun. 30, 2017

Sep. 30, 2016

Debt Instrument [Line Items]

Long-term debt, carrying Amount

$ 78,155

$ 91,641

Current maturities of long-term debt, carrying Amount

10,000

16,200

Long-term portion of debt, Carrying Amount

68,155

75,441

Long-term debt, fair value

^[1]

78,800

92,500

Current maturities of long-term debt, fair value

^[1]

10,000

16,200

Long-term portion of debt, fair value

^[1]

68,800

76,300

Term Loan

Debt Instrument [Line Items]

Long-term debt, carrying Amount

^[2]

78,155

91,641

Long-term debt, fair value

^[1],[2]

$ 78,800

$ 92,500

[1]	The face amount of the Partnership's variable rate long-term debt approximates fair value.
[2]	Carrying amounts are net of unamortized debt issuance costs of $0.6 million as of June 30, 2017, and $0.9 million as of September 30, 2016.

Partnership's Debt (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Sep. 30, 2016
Term Loan
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 0.6	$ 0.9

Long-Term Debt and Bank Facility Borrowings - Additional Information (Detail) - USD ($)

Jul. 30, 2015

Jun. 30, 2017

Sep. 30, 2016

Debt Instrument [Line Items]

Hedging positions secured under credit facility

$ 4,900,000

$ 300,000

Letters of credit issued and outstanding

48,200,000

50,600,000

Long-term debt, fair value

^[1]

78,800,000

92,500,000

Availability in compliance with the fixed charge coverage ratio

$ 160,300,000

163,400,000

Third Amendment

Debt Instrument [Line Items]

Non Seasonal maximum borrowing capacity under revolving credit facility

$ 300,000,000

Maximum borrowing capacity (heating season December to April) under revolving credit facility

450,000,000

Issuance of line of credit for working capital purposes

$ 100,000,000

Revolving credit facility expiry

Jul. 30, 2020

Additional revolving credit

$ 100,000,000

Facility size that can be increased without consulting bank group

$ 100,000,000

Term loan annual payment percentage

25.00%

Debt instrument, effective interest rate

4.01%

Minimum fixed charge coverage ratio

110.00%

Availability percentage to maximum facility size

12.50%

Third Amendment | Quarterly

Debt Instrument [Line Items]

Term loan periodic payment

$ 2,500,000

Third Amendment | Annually | Maximum

Debt Instrument [Line Items]

Term loan periodic payment

$ 15,000,000

Third Amendment | December through April

Debt Instrument [Line Items]

Commitment fee on the unused portion of the facility

0.30%

Third Amendment | May through November

Debt Instrument [Line Items]

Commitment fee on the unused portion of the facility

0.20%

Third Amendment | Quarters ending June or September | Maximum

Debt Instrument [Line Items]

Senior secured leverage ratio

300.00%

Third Amendment | Quarters ending December or March | Maximum

Debt Instrument [Line Items]

Senior secured leverage ratio

450.00%

Term Loan

Debt Instrument [Line Items]

Long-term debt, fair value

^[1],[2]

$ 78,800,000

92,500,000

Term Loan | Third Amendment

Debt Instrument [Line Items]

Outstanding senior notes

$ 100,000,000

Senior secured term loan maturity period

5 years

Revolving Credit Facility

Debt Instrument [Line Items]

Revolving credit facility outstanding

$ 0

[1]	The face amount of the Partnership's variable rate long-term debt approximates fair value.
[2]	Carrying amounts are net of unamortized debt issuance costs of $0.6 million as of June 30, 2017, and $0.9 million as of September 30, 2016.

Current and Deferred Income Tax Expenses (Benefits) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Deferred Income Tax Assets And Liabilities
Income (loss) before income taxes	$ (21,766)	$ (4,993)	$ 76,368	$ 110,595
Current tax expense (benefit)	(5,764)	(6,759)	27,270	33,268
Deferred tax expense (benefit)	(2,670)	5,004	4,451	13,298
Total tax expense (benefit)	$ (8,434)	$ (1,755)	$ 31,721	$ 46,566

Income Taxes - Additional Information (Detail) - USD ($)		9 Months Ended
	Jan. 01, 2017	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$ 1,600,000
Unrecognized income tax benefits		$ 0
Federal
Income Tax Disclosure [Abstract]
Number of years for examination		4 years
New York
Income Tax Disclosure [Abstract]
Number of years for examination		4 years
Connecticut
Income Tax Disclosure [Abstract]
Number of years for examination		4 years
Pennsylvania
Income Tax Disclosure [Abstract]
Number of years for examination		4 years
New Jersey
Income Tax Disclosure [Abstract]
Number of years for examination		5 years
Minimum
Income Tax Disclosure [Abstract]
Annual limitation of federal NOLs	$ 1,000,000
Expiration date of net operating loss carryforward	Dec. 31, 2018
Maximum
Income Tax Disclosure [Abstract]
Annual limitation of federal NOLs	$ 2,200,000
Expiration date of net operating loss carryforward	Dec. 31, 2024

Supplemental Disclosure of Cash Flow Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash paid during the period for:
Income taxes, net	$ 4,116	$ 15,411
Interest	6,002	5,082
Non-cash operating activities:
Increase in interest expense-amortization of deferred charges on senior secured term loan	$ 225	$ 214

Net Income Allocation and Per Unit Data (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Jun. 30, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Basic and Diluted Earnings Per Limited Partner:

Net income (loss)

$ (13,332)

$ (3,238)

$ 44,647

$ 64,029

Less General Partner's interest in net income

(79)

(19)

259

362

Net income (loss) available to limited partners

(13,253)

(3,219)

44,388

63,667

Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60

5,420

9,313

Limited Partner's interest in net income (loss) under FASB ASC 260-10-45-60

$ (13,253)

$ (3,219)

$ 38,968

$ 54,354

Per unit data:

Basic and diluted net income (loss) available to limited partners

$ (0.24)

$ (0.06)

$ 0.79

$ 1.11

Less dilutive impact of theoretical distribution of earnings under FASB ASC 260-10-45-60

0.09

0.16

Limited Partner's interest in net income (loss) under FASB ASC 260-10-45-60

^[1]

$ (0.24)

$ (0.06)

$ 0.70

$ 0.95

Weighted average number of Limited Partner units outstanding

55,888

57,188

55,888

57,237

[1]	See Note 13 Earnings Per Limited Partner Unit.

Subsequent Events - Additional Information (Detail) - Subsequent Event - Dividend Declared $ / shares in Units, $ in Millions	1 Months Ended
	Jul. 31, 2017 USD ($) $ / shares
Subsequent Event [Line Items]
Distribution declared \| $ / shares	$ 0.11
Partners capital projected distribution amount on annualized basis \| $ / shares	0.44
Minimum dividend distribution per unit \| $ / shares	$ 0.0675
Percentage of distributions to common unit holders in excess of minimum quarterly distribution	90.00%
Percentage of distributions to general unit holders in excess of minimum quarterly distribution	10.00%
Amount to paid to common unit holders	$ 6.1
Amount to paid to the General Partner	0.2
Incentive distribution to the General Partner	0.1
Incentive distributions to management	$ 0.1
Dividend payable date	Aug. 08, 2017
Dividend record date	Jul. 31, 2017