Inventories (Tables) |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventory | The components of inventory were as follows (in thousands):
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- References No definition available.
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- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Captive Insurance Collateral |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Captive Insurance Collateral | 5) Captive Insurance Collateral The Company considers all of its captive insurance collateral to be Level 1 available-for-sale investments. Investments at June 30, 2023 consist of the following (in thousands):
Investments at September 30, 2022 consist of the following (in thousands):
Maturities of investments were as follows at June 30, 2023 (in thousands):
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- References No definition available.
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- Definition The entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Payments of Customer Retainage No definition available.
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- Definition Proceeds from sale Of certain assets. No definition available.
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- References No definition available.
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- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) in obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of increase (decrease) in operating assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) in operating liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash outflow to reacquire common and preferred stock. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expense (reversal of expense) for expected credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Goodwill and Intangible Assets, net - Summary of Changes in Company's Goodwill (Detail) $ in Thousands |
9 Months Ended |
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Jun. 30, 2023
USD ($)
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Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance on beginning | $ 254,110 |
Fiscal year 2023 business combinations | 244 |
Balance on ending | $ 254,354 |
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- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of increase in asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized resulting from a business combination. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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Revenue Recognition - Summary of Changes in Allowance for Credit Losses (Detail) $ in Thousands |
9 Months Ended |
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Jun. 30, 2023
USD ($)
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Revenue from Contract with Customer [Abstract] | |
Balance at September 30, 2022 | $ 7,755 |
Current period provision | 8,510 |
Write-offs, net and other | (3,714) |
Balance as of June 30, 2023 | $ 12,551 |
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- Definition Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of writeoff of financing receivable, charged against allowance for credit loss. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Long-Term Debt and Bank Facility Borrowings - Company's Debt (Parenthetical) (Detail) - USD ($) $ in Millions |
Jun. 30, 2023 |
Sep. 30, 2022 |
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Term Loan | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ 0.7 | $ 0.9 |
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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Property and Equipment (Tables) |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment are stated at cost. Depreciation and amortization is computed over the estimated useful lives of the depreciable assets using the straight-line method (in thousands):
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- References No definition available.
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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Earnings Per Limited Partner Unit (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Allocation and Per Unit Data | The following table presents the net income allocation and per unit data:
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- Definition Net income per unit data. No definition available.
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- References No definition available.
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Inventories |
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Jun. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Inventories | 7) Inventories The Company’s product inventories are stated at the lower of cost and net realizable value computed on the weighted average cost method. All other inventories, representing parts and equipment are stated at the lower of cost and net realizable value using the FIFO method. The components of inventory were as follows (in thousands):
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- References No definition available.
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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill and Intangible Assets, net - Additional Information (Detail) - USD ($) $ in Millions |
9 Months Ended | |
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Jun. 30, 2023 |
Jun. 30, 2022 |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense for intangible assets | $ 12.8 | $ 13.8 |
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Supplemental Disclosure of Cash Flow Information |
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Supplemental Disclosure of Cash Flow Information | 13) Supplemental Disclosure of Cash Flow Information
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- Definition The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Summary of Significant Accounting Policies |
9 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2) Summary of Significant Accounting Policies
Basis of Presentation The Consolidated Financial Statements include the accounts of Star and its subsidiaries. All material intercompany 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 Company’s business, the results of operations and cash flows for the nine-month period ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. These interim financial statements of the Company 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 (the “SEC”) and should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2022. 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 on amortization on the Company’s pension plan obligation for its two frozen defined benefit pension plans, unrealized gain (loss) on available-for-sale investments, unrealized gain (loss) on interest rate hedges and the corresponding tax effects. Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At June 30, 2023, the $57.4 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $57.1 million of cash and cash equivalents and $0.3 million of restricted cash. At September 30, 2022, the $14.9 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $14.6 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. Assets Held for Sale Assets held for sale at September 30, 2022 represent certain heating oil assets that the Company sold on October 25, 2022. The carrying amount of the assets held for sale included $2.2 million of goodwill and $0.8 million of property and equipment, net. We measure and record assets held for sale at the lower of their carrying amount or fair value less cost to sell. The carrying amounts of the assets held for sale approximated their fair value at September 30, 2022. Fair Value Valuation Approach The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Captive Insurance Collateral The captive insurance collateral is held by our captive insurance company in an irrevocable trust as collateral for certain workers’ compensation and automobile liability claims. The collateral is required by a third party insurance carrier that insures per claim amounts above a set deductible. If we did not deposit cash into the trust, the third party carrier would require that we issue an equal amount of letters of credit, which would reduce our availability under the sixth amended and restated credit agreement. 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. Unrealized gains and losses, net of related income taxes, are reported as accumulated other comprehensive income (loss), except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net income and are included in Interest expense, net, at which time the average cost basis of these securities are adjusted to fair value. Weather Hedge Contract To partially mitigate the adverse effect of warm weather on cash flows, the Company 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. The Company entered into weather hedge contracts for fiscal years 2022 and 2023. The hedge period runs from November 1 through March 31, taken as a whole. The “Payment Thresholds,” or strikes, are set at various levels and are referenced against degree days for the prior ten year average. The maximum amount the Company can receive is $12.5 million per year. In addition, we are obligated to make an annual payment capped at $5.0 million if degree days exceed the Payment Threshold. The temperatures experienced during the hedge period through March 31, 2023 and March 31, 2022 were warmer than the strikes in the weather hedge contracts. As a result at June 30, 2023 and June 30, 2022, the Company reduced delivery and branch expenses for the gains realized under those contracts of $12.5 million and $1.1 million, respectively. The amounts payable by the counterparties under the weather hedge contracts were received in full in April 2023 and April 2022, respectively. For fiscal 2024, the Company entered into a weather hedge contract with the similar hedge period described above. The maximum that the Company can receive is $12.5 million annually and the Company has no obligation to pay the counterparty beyond the initial premium should degree days exceed the Payment Threshold. New England Teamsters and Trucking Industry Pension Fund (“the NETTI Fund”) Liability As of June 30, 2023, we had $0.3 million and $16.0 million balances included in the captions “Accrued expenses and other current liabilities” and “Other long-term liabilities,” on our Condensed Consolidated Balance Sheet representing the remaining balance of the NETTI Fund withdrawal liability. As of September 30, 2022, we had $0.3 million and $16.2 million balances reflected in these categories respectively. Based on the borrowing rates currently available to the Company for long-term financing of a similar maturity, the fair value of the NETTI Fund withdrawal liability as of June 30, 2023 and September 30, 2022 was $19.9 million and $20.2 million, respectively. 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 December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The Company adopted the ASU effective December 31, 2022. The update extends the sunset of Topic 848 from December 31, 2022 to December 31, 2024. The guidance provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. The Company has $24.0 million of interest rate swap agreements at June 30, 2023 that are benchmarked against LIBOR, which the Company has designated as cash flow hedging derivatives. This guidance includes practical expedients for contract modifications due to reference rate reform. The Company has elected to adopt the practical expedient that the Company may change the contractual terms of the interest rate swap agreements that are expected to be affected by reference rate reform and not be required to de-designate the hedging relationships. The Company's adoption of the ASU did not have an impact on the Company’s consolidated financial statements and related disclosures. Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires accounting for contract assets and liabilities from contracts with customers in a business combination to be accounted for in accordance with ASC No. 606. The standard is effective for fiscal years beginning after December 15, 2022. The Company has not determined the timing of adoption, but does not expect ASU 2021-08 to have a material impact on its consolidated financial statements and related disclosures. |
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- References No definition available.
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Derivatives and Hedging-Disclosures and Fair Value Measurements - Company's Commodity Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - Derivatives Not Designated as Hedging Instruments under FASB ASC 815-10 - Commodity Contract - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | $ 17,798 | $ 53,228 |
Derivative Liabilities, commodity contracts | (28,310) | (35,237) |
Fair asset and liability value of derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 17,224 | 51,134 |
Derivative Liabilities, commodity contracts | (27,622) | (34,494) |
Other long-term liabilities, net balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 574 | |
Derivative Liabilities, commodity contracts | (688) | |
Deferred charges and other assets, net and other long-term liabilities, net balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 2,094 | |
Derivative Liabilities, commodity contracts | (743) | |
Significant Other Observable Inputs Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 17,798 | 53,228 |
Derivative Liabilities, commodity contracts | (28,310) | (35,237) |
Significant Other Observable Inputs Level 2 | Fair asset and liability value of derivative instruments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 17,224 | 51,134 |
Derivative Liabilities, commodity contracts | (27,622) | (34,494) |
Significant Other Observable Inputs Level 2 | Other long-term liabilities, net balance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 574 | |
Derivative Liabilities, commodity contracts | $ (688) | |
Significant Other Observable Inputs Level 2 | Deferred charges and other assets, net and other long-term liabilities, net balances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets, commodity contracts | 2,094 | |
Derivative Liabilities, commodity contracts | $ (743) |
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- Definition Fair value as of the balance sheet date of derivative instrument not designated as hedging instrument and classified as an asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value as of the balance sheet date of derivative instrument not designated as hedging instrument and classified as a liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Supplemental Disclosure of Cash Flow Information - Schedule of Supplemental Disclosure of Cash Flow Information (Detail) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
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Cash paid during the period for: | ||
Income taxes, net | $ 12,986 | $ 15,451 |
Interest | $ 14,119 | $ 7,813 |
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- Definition Cash paid during the period for: No definition available.
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- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Captive Insurance Collateral - Schedule of Captive Insurance Collateral to be Available-for-sale Investments (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
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Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 71,242 | $ 70,633 |
Gross Unrealized Gain | 6 | 0 |
Gross Unrealized (Loss) | (2,897) | (3,971) |
Fair Value | 68,351 | 66,662 |
Cash and Receivables | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 537 | 1,838 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized (Loss) | 0 | 0 |
Fair Value | 537 | 1,838 |
U.S. Government Sponsored Agencies | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 50,471 | 48,473 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized (Loss) | (2,156) | (3,052) |
Fair Value | 48,315 | 45,421 |
Corporate Debt Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 20,234 | 20,322 |
Gross Unrealized Gain | 6 | 0 |
Gross Unrealized (Loss) | (741) | (919) |
Fair Value | $ 19,499 | $ 19,403 |
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- Definition Amount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Organization |
9 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Organization | 1) Organization Star Group, L.P. (“Star,” the “Company,” “we,” “us,” or “our”) is a full service provider specializing in the sale of home heating and air conditioning products and services to residential and commercial home heating oil and propane customers. The Company has one reportable segment for accounting purposes. We also sell diesel fuel, gasoline and home heating oil on a delivery only basis. We believe we are the nation’s largest retail distributor of home heating oil based upon sales volume. The Company is organized as follows: • Star is a limited partnership, which at June 30, 2023, had outstanding 35.6 million Common Units (NYSE: “SGU”), representing a 99.1% limited partner interest in Star, and 0.3 million general partner units, representing a 0.9% general partner interest in Star. Our general partner 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”). Although Star is a partnership, it is taxed as a corporation and its distributions to unitholders are treated as taxable dividends. • Star owns 100% of Star Acquisitions, Inc. (“SA”), a Minnesota corporation that owns 100% of Petro Holdings, Inc. (“Petro”). SA and its subsidiaries are subject to Federal and state corporate income taxes. Star’s operations are conducted through Petro and its subsidiaries. Petro is primarily a Northeast and Mid-Atlantic U.S. region retail distributor of home heating oil and propane that at June 30, 2023 served approximately 403,900 full service residential and commercial home heating oil and propane customers and 77,200 customers on a delivery only basis. We also sell gasoline and diesel fuel to approximately 26,900 customers. We install, maintain, and repair heating and air conditioning equipment and to a lesser extent provide these services outside our heating oil and propane customer base including approximately 21,100 service contracts for natural gas and other heating systems. •
Petroleum Heat and Power Co., Inc. (“PH&P”) is a wholly owned subsidiary of Star. PH&P is the borrower and Star is the guarantor of the sixth amended and restated credit agreement’s $165 million five-year senior secured term loan and the $400 million ($550 million during the heating season of December through April of each year) revolving credit facility, both due July 6, 2027. (See Note 11—Long-Term Debt and Bank Facility Borrowings). |
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- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Inventories - Components of Inventory (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
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Inventory Disclosure [Abstract] | ||
Product | $ 30,482 | $ 58,727 |
Parts and equipment | 23,108 | 24,830 |
Total inventory | $ 53,590 | $ 83,557 |
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- Definition Carrying amount as of the balance sheet date of petroleum or crude oil. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Gross amount of components of assembled products that can be sold directly or indirectly through sales of assembled products. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Captive Insurance Collateral (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Captive Insurance Collateral to be Available-for-sale Investments | The Company considers all of its captive insurance collateral to be Level 1 available-for-sale investments. Investments at June 30, 2023 consist of the following (in thousands):
Investments at September 30, 2022 consist of the following (in thousands):
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Schedule of Maturities of Investments | Maturities of investments were as follows at June 30, 2023 (in thousands):
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- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. No definition available.
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- References No definition available.
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Long-Term Debt and Bank Facility Borrowings - Additional Information (Detail) - USD ($) |
9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 06, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2022 |
|||||
Debt Instrument [Line Items] | ||||||||
Term loan periodic payment | $ 8,500,000 | |||||||
Additional term loan repayments | 12,375,000 | $ 14,615,000 | ||||||
Hedging positions and payable amounts secured under credit facility | 9,800,000 | $ 0 | ||||||
Letters of credit issued and outstanding | 3,100,000 | 5,100,000 | ||||||
Long-term debt, fair value | [1] | 152,823,000 | 185,276,000 | |||||
Revolving credit facility outstanding | 198,000 | 20,276,000 | ||||||
Availability under credit agreement | $ 218,000,000 | $ 189,400,000 | ||||||
Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, effective interest rate | 6.30% | 4.70% | ||||||
Long-term debt, fair value | [1],[2] | $ 152,625,000 | $ 165,000,000 | |||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, effective interest rate | 6.40% | 2.60% | ||||||
Revolving credit facility outstanding | $ 200,000 | $ 20,300,000 | ||||||
Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ 400,000,000 | |||||||
Maximum borrowing capacity (heating season December to April) under revolving credit facility | 550,000,000 | |||||||
Issuance of line of credit for working capital purposes | $ 25,000,000 | |||||||
Senior secured term loan maturity date | Jul. 06, 2027 | |||||||
Facility size that can be increased additional without consulting bank group | 200,000,000 | |||||||
Facility size that can be increased without consulting bank group | $ 200,000,000 | |||||||
Term loan annual payment percentage | 25.00% | |||||||
Additional term loan repayments | $ 4,900,000 | |||||||
Commitment fee on the unused portion of the facility from December through April | 0.30% | |||||||
Commitment fee on the unused portion of the facility from May through November | 0.20% | |||||||
Minimum fixed charge coverage ratio | 110.00% | |||||||
Availability percentage to maximum facility size | 12.50% | |||||||
Credit Agreement | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior secured leverage ratio during quarters ending June or September | 300.00% | |||||||
Senior secured leverage ratio during quarters ending December or March | 550.00% | |||||||
Credit Agreement | Quarterly | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan periodic payment | $ 4,100,000 | |||||||
Credit Agreement | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding term loan | $ 165,000,000 | |||||||
Senior secured term loan maturity period | 5 years | |||||||
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- Definition Additional annual payment to term loan facility, percentage of excess cash flow. No definition available.
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- Definition Availability percentage to maximum facility size. No definition available.
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- Definition Debt instrument leverage ratio period one. No definition available.
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- Definition Debt instrument leverage ratio period two. No definition available.
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- Definition Line of credit facility additional borrowing capacity for working capital needs. No definition available.
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- Definition Line of credit facility maximum borrowing capacity during the heating season. No definition available.
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- Definition Line of credit facility unused capacity commitment fee percentage period one. No definition available.
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- Definition Maximum increase allowed without bank consulting. No definition available.
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- Definition Minimum fixed charge coverage ratio on revolving credit facilities. No definition available.
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- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the required periodic payments applied to principal. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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- Definition Amount of hedged item in hedging relationship. Excludes hedged asset or liability. No definition available.
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- Definition The total amount of the contingent obligation under letters of credit outstanding as of the reporting date. No definition available.
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- Definition Date the credit facility terminates, in YYYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
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- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (23,906) | $ (10,587) | $ 51,674 | $ 85,281 |
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- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' CAPITAL - USD ($) shares in Thousands, $ in Thousands |
Total |
General Partner |
Common Stock |
Accumulated Other Comprehensive Income (Loss) |
---|---|---|---|---|
Beginning Balance at Sep. 30, 2021 | $ 278,204 | $ (2,821) | $ 295,063 | $ (14,038) |
Beginning Balance, unit at Sep. 30, 2021 | 326 | 39,046 | ||
Net Income (Loss) | 85,281 | $ 726 | $ 84,555 | |
Unrealized gain on pension plan obligation | 672 | 672 | ||
Tax effect of unrealized gain on pension plan obligation | (167) | (167) | ||
Unrealized gain (loss) on captive insurance collateral | (3,486) | (3,486) | ||
Tax effect of unrealized gain (loss) on captive insurance collateral | 735 | 735 | ||
Unrealized gain (loss) on interest rate hedges | 2,890 | 2,890 | ||
Tax effect of unrealized gain (loss) on interest rate hedges | (768) | (768) | ||
Distributions | (17,350) | (821) | (16,529) | |
Retirement of units | (27,309) | $ (27,309) | ||
Retirement of units, shares | (2,583) | |||
Ending Balance at Jun. 30, 2022 | 318,702 | $ (2,916) | $ 335,780 | (14,162) |
Ending Balance, Unit at Jun. 30, 2022 | 326 | 36,463 | ||
Beginning Balance at Mar. 31, 2022 | 340,354 | $ (2,524) | $ 357,020 | (14,142) |
Beginning Balance, unit at Mar. 31, 2022 | 326 | 36,950 | ||
Net Income (Loss) | (10,587) | $ (93) | $ (10,494) | |
Unrealized gain on pension plan obligation | 224 | 224 | ||
Tax effect of unrealized gain on pension plan obligation | (61) | (61) | ||
Unrealized gain (loss) on captive insurance collateral | (812) | (812) | ||
Tax effect of unrealized gain (loss) on captive insurance collateral | 171 | 171 | ||
Unrealized gain (loss) on interest rate hedges | 623 | 623 | ||
Tax effect of unrealized gain (loss) on interest rate hedges | (165) | (165) | ||
Distributions | (5,918) | (299) | (5,619) | |
Retirement of units | (5,127) | $ (5,127) | ||
Retirement of units, shares | (487) | |||
Ending Balance at Jun. 30, 2022 | 318,702 | $ (2,916) | $ 335,780 | (14,162) |
Ending Balance, Unit at Jun. 30, 2022 | 326 | 36,463 | ||
Beginning Balance at Sep. 30, 2022 | 257,915 | $ (3,656) | $ 277,177 | (15,606) |
Beginning Balance, unit at Sep. 30, 2022 | 326 | 36,092 | ||
Net Income (Loss) | 51,674 | $ 468 | $ 51,206 | |
Unrealized gain on pension plan obligation | 1,144 | 1,144 | ||
Tax effect of unrealized gain on pension plan obligation | (305) | (305) | ||
Unrealized gain (loss) on captive insurance collateral | 1,080 | 1,080 | ||
Tax effect of unrealized gain (loss) on captive insurance collateral | (227) | (227) | ||
Unrealized gain (loss) on interest rate hedges | (510) | (510) | ||
Tax effect of unrealized gain (loss) on interest rate hedges | 137 | 137 | ||
Distributions | (17,624) | (915) | (16,709) | |
Retirement of units | (4,475) | $ (4,475) | ||
Retirement of units, shares | (489) | |||
Ending Balance at Jun. 30, 2023 | 288,809 | $ (4,103) | $ 307,199 | (14,287) |
Ending Balance, Unit at Jun. 30, 2023 | 326 | 35,603 | ||
Beginning Balance at Mar. 31, 2023 | 318,175 | $ (3,553) | $ 336,674 | (14,946) |
Beginning Balance, unit at Mar. 31, 2023 | 326 | 35,603 | ||
Net Income (Loss) | (23,906) | $ (216) | $ (23,690) | |
Unrealized gain on pension plan obligation | 382 | 382 | ||
Tax effect of unrealized gain on pension plan obligation | (104) | (104) | ||
Unrealized gain (loss) on captive insurance collateral | (50) | (50) | ||
Tax effect of unrealized gain (loss) on captive insurance collateral | 11 | 11 | ||
Unrealized gain (loss) on interest rate hedges | 571 | 571 | ||
Tax effect of unrealized gain (loss) on interest rate hedges | (151) | (151) | ||
Distributions | (6,119) | (334) | (5,785) | |
Ending Balance at Jun. 30, 2023 | $ 288,809 | $ (4,103) | $ 307,199 | $ (14,287) |
Ending Balance, Unit at Jun. 30, 2023 | 326 | 35,603 |
X | ||||||||||
- Definition Other comprehensive income loss pension and other postretirement benefit plans obligation. No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax and after adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after adjustment, of tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax and after reclassification, of gain (loss) from derivative instrument designated and qualifying cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after reclassification, of tax expense (benefit) for gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total distributions to each class of partners (i.e., general, limited and preferred partners). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The number of each class of partnership units outstanding at the balance sheet date. Units represent shares of ownership of the general, limited, and preferred partners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares that have been repurchased and retired during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Derivatives and Hedging-Disclosures and Fair Value Measurements - Effect of Derivative Instruments on Statement of Operations (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of (Gain) or Loss Unrealized, commodity contracts | [1] | $ (1,036) | $ (7,669) | $ 19,622 | $ (11,881) | |||
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] | $ 5,566 | $ (8,648) | $ 10,578 | $ (27,168) | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost and expenses | Cost and expenses | Cost and expenses | Cost and expenses | ||||
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] | $ (24) | $ (142) | $ 55 | $ (1,624) | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost and expenses | Cost and expenses | Cost and expenses | Cost and expenses | ||||
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] | $ 273 | $ (138) | $ 422 | $ (3,390) | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Delivery and branch expenses | Delivery and branch expenses | Delivery and branch expenses | Delivery and branch expenses | ||||
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- Definition Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Indicates line item in statement of income or comprehensive income that includes gain (loss) from derivative. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Business Combinations and Divestitures |
9 Months Ended |
---|---|
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Business Combinations and Divestitures | 9) Business Combinations and Divestitures During fiscal year 2023 the Company sold certain assets for cash proceeds of $2.2 million and acquired two heating oil dealers for an aggregate purchase price of approximately $1.2 million (using $1.2 million in cash). The gross purchase price was allocated $1.7 million to intangible assets, $0.2 million to goodwill, $0.2 million to fixed assets and reduced by $0.9 million of negative working capital. The acquired companies’ operating results are included in the Company’s consolidated financial statements starting on their respective acquisition date, and are not material to the Company’s financial condition, results of operations, or cash flows. During the nine months ended June 30, 2022, the Company acquired five heating oil dealers for an aggregate purchase price of approximately $15.6 million (using $13.1 million in cash and assuming $2.5 million of liabilities). The gross purchase price was allocated $7.3 million to intangible assets, $3.1 million to goodwill, $5.6 million to fixed assets and reduced by $0.4 million of negative working capital. |
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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Business Combinations and Divestitures - Additional Information (Detail) $ in Thousands |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022
USD ($)
PartnershipUnit
|
Sep. 30, 2023
USD ($)
PartnershipUnit
|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
|
Business Acquisition [Line Items] | ||||
Goodwill | $ 254,354 | $ 254,110 | ||
Heating Oil Dealers | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | PartnershipUnit | 5 | |||
Aggregate purchase price partnership acquired | $ 15,600 | |||
Cash and assuming | 13,100 | |||
Liabilities | 2,500 | |||
Aggregate purchase price allocation, intangible assets | 7,300 | |||
Goodwill | 3,100 | |||
Aggregate purchase price allocation, fixed assets | 5,600 | |||
Gross purchase price increased (reduced) by working capital credits | $ (400) | |||
Heating Oil Dealers | Scenario Forecast | ||||
Business Acquisition [Line Items] | ||||
Number of businesses acquired | PartnershipUnit | 2 | |||
Aggregate purchase price partnership acquired | $ 1,200 | |||
Cash and assuming | 1,200 | |||
Aggregate purchase price allocation, intangible assets | 1,700 | |||
Goodwill | 200 | |||
Aggregate purchase price allocation, fixed assets | 200 | |||
Gross purchase price increased (reduced) by working capital credits | (900) | |||
Cash proceeds from sale of assets | $ 2,200 |
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- Definition Business combination, recognized identifiable assets acquired and liabilities assumed, net working capital. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of intangible assets, excluding goodwill, acquired at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of property, plant, and equipment recognized as of the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The number of businesses acquired by the entity during the period. No definition available.
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- Definition The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Long-Term Debt and Bank Facility Borrowings - Company's Debt (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
||||
---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||
Long-term debt, carrying Amount | $ 152,092 | $ 184,360 | ||||
Current maturities of long-term debt, carrying Amount | 16,698 | 32,651 | ||||
Long-term debt | [1] | 135,394 | 151,709 | |||
Long-term debt, fair value | [2] | 152,823 | 185,276 | |||
Current maturities of long-term debt, fair value | [2] | 16,698 | 32,651 | |||
Long-term portion of debt, fair value | [1],[2] | 136,125 | 152,625 | |||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility borrowings, carrying Amount | 198 | 20,276 | ||||
Credit facility borrowings, fair value | [2] | 198 | 20,276 | |||
Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, carrying Amount | [1] | 151,894 | 164,084 | |||
Long-term debt, fair value | [1],[2] | $ 152,625 | $ 165,000 | |||
|
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- Definition Lines of credit current carrying value. No definition available.
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- Definition Lines of credit current fair value. No definition available.
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- Definition Long-term debt, noncurrent, fair value. No definition available.
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- Definition Long-term debt, fair value, current. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Carrying value as of the balance sheet date of current portion of long-term loans payable to bank due within one year or the operating cycle if longer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
X | ||||||||||
- Definition Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Revenue Recognition - Summary of Disaggregation of Revenue by Major Sources (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation Of Revenue [Line Items] | ||||
Total sales | $ 300,121 | $ 439,101 | $ 1,685,925 | $ 1,709,914 |
Home heating oil and propane | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 122,003 | 189,262 | 1,123,983 | 1,088,460 |
Other petroleum products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 101,562 | 168,974 | 338,723 | 393,503 |
Petroleum products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 223,565 | 358,236 | 1,462,706 | 1,481,963 |
Equipment installations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 27,474 | 30,360 | 85,471 | 90,394 |
Equipment maintenance service contracts | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 34,564 | 33,185 | 92,241 | 87,503 |
Billable call services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | 14,518 | 17,320 | 45,507 | 50,054 |
Installations and services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total sales | $ 76,556 | $ 80,865 | $ 223,219 | $ 227,951 |
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies |
9 Months Ended |
---|---|
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14) Commitments and Contingencies The Company’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 Company is a defendant in various legal proceedings and litigation. The Company 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 Company’s results of operations, financial position or liquidity. The Company maintains insurance policies with insurers in amounts and with coverages and deductibles we believe are reasonable and prudent. However, the Company 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, 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. |
X | ||||||||||
- References No definition available.
|
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- Definition The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Revenue Recognition |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | 3) Revenue Recognition The following disaggregates our revenue by major sources for the three and nine months ended June 30, 2023 and June 30, 2022:
Deferred Contract Costs We recognize an asset for incremental commission expenses paid to sales personnel in conjunction with obtaining new residential customer product and equipment maintenance service contracts. We defer these costs only when we have determined the commissions are, in fact, incremental and would not have been incurred absent the customer contract. Costs to obtain a contract are amortized and recorded ratably as delivery and branch expenses over the period representing the transfer of goods or services to which the assets relate. Costs to obtain new residential product and equipment maintenance service contracts are amortized as expense over the estimated customer relationship period of approximately five years. Deferred contract costs are classified as current or non-current within “Prepaid expenses and other current assets” and “Deferred charges and other assets, net,” respectively. At June 30, 2023, the amount of deferred contract costs included in “Prepaid expenses and other current assets” and “Deferred charges and other assets, net” was $3.3 million and $5.6 million, respectively. At September 30, 2022, the amount of deferred contract costs included in “Prepaid expenses and other current assets” and “Deferred charges and other assets, net” was $3.4 million and $5.6 million, respectively. For the nine months ended June 30, 2023 and June 30, 2022 we recognized expense of $3.2 million and 3.0 million, respectively, associated with the amortization of deferred contract costs within “Delivery and branch expenses” in the Condensed Consolidated Statement of Operations. Contract Liability Balances The Company has contract liabilities for advanced payments received from customers for future oil deliveries (primarily amounts received from customers on “smart pay” budget payment plans in advance of oil deliveries) and obligations to service customers with equipment maintenance service contracts. Contract liabilities are recognized straight-line over the service contract period, generally one year or less. As of June 30, 2023 and September 30, 2022 the Company had contract liabilities of $136.9 million and $152.1 million, respectively. During the nine months ended June 30, 2023, the Company recognized $133.1 million of revenue that was included in the September 30, 2022 contract liability balance. During the nine months ended June 30, 2022 the Company recognized $123.8 million of revenue that was included in the September 30, 2021 contract liability balance. Receivables and Allowance for Doubtful Accounts Accounts receivables from customers are recorded at the invoiced amounts. Finance charges may be applied to trade receivables that are more than 30 days past due, and are recorded as finance charge income. The allowance for doubtful accounts is the Company’s estimate of the amount of trade receivables that may not be collectible. The allowance is determined at an aggregate level by grouping accounts based on certain account criteria and its receivable aging. The allowance is based on both quantitative and qualitative factors, including historical loss experience, historical collection patterns, overdue status, aging trends, current and future economic conditions. The Company has an established process to periodically review current and past due trade receivable balances to determine the adequacy of the allowance. No single statistic or measurement determines the adequacy of the allowance. The total allowance reflects management’s estimate of losses inherent in its trade receivables at the balance sheet date. Different assumptions or changes in economic conditions could result in material changes to the allowance for doubtful accounts. Changes in the allowance for credit losses are as follows:
|
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- References No definition available.
|
X | ||||||||||
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Sales: | ||||||
Total sales | $ 300,121 | $ 439,101 | $ 1,685,925 | $ 1,709,914 | ||
Cost and expenses: | ||||||
(Increase) decrease in the fair value of derivative instruments | [1] | (1,036) | (7,669) | 19,622 | (11,881) | |
Delivery and branch expenses | 83,075 | 83,914 | 276,953 | 280,389 | ||
Depreciation and amortization expenses | 7,684 | 8,067 | 23,147 | 24,596 | ||
General and administrative expenses | 6,065 | 6,251 | 19,619 | 18,829 | ||
Finance charge income | (1,774) | (1,762) | (4,857) | (3,300) | ||
Operating income (loss) | (29,586) | (11,496) | 85,534 | 128,373 | ||
Interest expense, net | (3,365) | (2,635) | (12,602) | (7,422) | ||
Amortization of debt issuance costs | (245) | (222) | (832) | (698) | ||
Income (loss) before income taxes | (33,196) | (14,353) | 72,100 | 120,253 | ||
Income tax expense (benefit) | (9,290) | (3,766) | 20,426 | 34,972 | ||
Net income (loss) | (23,906) | (10,587) | 51,674 | 85,281 | ||
General Partner's interest in net income (loss) | (216) | (93) | 468 | 726 | ||
Limited Partners' interest in net income (loss) | $ (23,690) | $ (10,494) | $ 51,206 | $ 84,555 | ||
Basic and diluted income (loss) per Limited Partner Unit (1): | $ (0.67) | $ (0.29) | $ 1.23 | $ 1.88 | ||
Weighted average number of Limited Partner units outstanding: | ||||||
Weighted average number of Limited Partner units outstanding, Basic | 35,603 | 36,781 | 35,725 | 37,739 | ||
Weighted average number of Limited Partner units outstanding, Diluted | 35,603 | 36,781 | 35,725 | 37,739 | ||
Product | ||||||
Sales: | ||||||
Total sales | $ 223,565 | $ 358,236 | $ 1,462,706 | $ 1,481,963 | ||
Installations and services | ||||||
Sales: | ||||||
Total sales | 76,556 | 80,865 | 223,219 | 227,951 | ||
Cost of product | ||||||
Cost and expenses: | ||||||
Cost and expenses | 169,097 | 291,236 | 1,054,457 | 1,058,164 | ||
Cost of installations and services | ||||||
Cost and expenses: | ||||||
Cost and expenses | $ 66,596 | $ 70,560 | $ 211,450 | $ 214,744 | ||
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest revenue (income derived from investments in debt securities and on cash and cash equivalents) net of interest expense (cost of borrowed funds accounted for as interest). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate amount of net income allocated to general partners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate amount of net income allocated to limited partners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Per unit of ownership amount after tax of income (loss) available to outstanding limited partnership (LP) unit-holder. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of expense charged against earnings to allocate the cost of tangible and intangible assets over their remaining economic lives, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The total amount of other operating income, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2022 |
|
Revenue Recognition [Line Items] | |||
Contract costs, amortization period | 5 years | ||
Contract liabilities | $ 136.9 | $ 152.1 | |
Contract with customer liability, revenue recognized | $ 133.1 | $ 123.8 | |
Maximum | |||
Revenue Recognition [Line Items] | |||
Contract liabilities recognition service contract period | 1 year | ||
Delivery and Branch Expenses | |||
Revenue Recognition [Line Items] | |||
Amortization of deferred contract costs | $ 3.2 | $ 3.0 | |
Prepaid Expense and Other Current Assets | |||
Revenue Recognition [Line Items] | |||
Deferred contract costs,current | 3.3 | 3.4 | |
Deferred Charges and Other Assets, Net | |||
Revenue Recognition [Line Items] | |||
Deferred contract costs,non current | $ 5.6 | $ 5.6 |
X | ||||||||||
- Definition Contract liabilities recognition service contract period. No definition available.
|
X | ||||||||||
- Definition Revenue recognition. No definition available.
|
X | ||||||||||
- Definition Amount of amortization expense for asset recognized from cost incurred to obtain or fulfill contract with customer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amortization period of cost capitalized in obtaining or fulfilling contract with customer, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount, after accumulated amortization and accumulated impairment loss, of asset recognized from cost incurred to obtain or fulfill contract with customer; classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount, after accumulated amortization and accumulated impairment loss, of asset recognized from cost incurred to obtain or fulfill contract with customer; classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of revenue recognized that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Earnings Per Limited Partner Unit |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Limited Partner Unit | 15) Earnings Per Limited Partner Unit The following table presents the net income allocation and per unit data:
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Captive Insurance Collateral - Schedule of Maturities of Investments (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year | $ 26,218 | |
Due after one year through five years | 42,133 | |
Due after five years through ten years | 0 | |
Total | $ 68,351 | $ 66,662 |
X | ||||||||||
- Definition Fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in sixth through tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in second through fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
Organization - Additional Information (Detail) shares in Thousands |
9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 04, 2019
USD ($)
|
Jun. 30, 2023
Segment
Customer
shares
|
Mar. 31, 2023
shares
|
Sep. 30, 2022
shares
|
Jul. 06, 2022
USD ($)
|
Jun. 30, 2022
shares
|
Mar. 31, 2022
shares
|
Sep. 30, 2021
shares
|
|
Limited Partners' Capital Account [Line Items] | ||||||||
Number of reportable segments | Segment | 1 | |||||||
Number of service contracts for natural gas and other heating systems | 21,100 | |||||||
Number of customers to whom sell gasoline and diesel fuel | 26,900 | |||||||
Sixth Amendment | ||||||||
Limited Partners' Capital Account [Line Items] | ||||||||
Non Seasonal maximum borrowing capacity under revolving credit facility | $ | $ 400,000,000 | $ 400,000,000 | ||||||
Maximum borrowing capacity (heating season December to April) under revolving credit facility | $ | $ 550,000,000 | |||||||
Due date of debt | Jul. 06, 2027 | |||||||
Sixth Amendment | Term Loan | ||||||||
Limited Partners' Capital Account [Line Items] | ||||||||
Outstanding term loan | $ | $ 165,000,000 | |||||||
Senior secured term loan maturity period | 5 years | |||||||
Petro Holdings, Inc | ||||||||
Limited Partners' Capital Account [Line Items] | ||||||||
Ownership interest of Star Acquisitions Inc. | 100.00% | |||||||
Number of residential and commercial home heating oil and propane customers served | 403,900 | |||||||
Number of customers to whom only home heating oil, gasoline and diesel were sells on a delivery only basis | 77,200 | |||||||
Star Group L.P. | ||||||||
Limited Partners' Capital Account [Line Items] | ||||||||
Percentage of limited partner interest | 99.10% | |||||||
Percentage of general partner interest | 0.90% | |||||||
Star Acquisitions, Inc | ||||||||
Limited Partners' Capital Account [Line Items] | ||||||||
Ownership interest of partnership | 100.00% | |||||||
Common Stock | ||||||||
Limited Partners' Capital Account [Line Items] | ||||||||
Number of outstanding units | shares | 35,603 | 35,603 | 36,092 | 36,463 | 36,950 | 39,046 | ||
General Partner | ||||||||
Limited Partners' Capital Account [Line Items] | ||||||||
Number of outstanding units | shares | 326 | 326 | 326 | 326 | 326 | 326 |
X | ||||||||||
- Definition Equity method investment acquired, ownership percentage. No definition available.
|
X | ||||||||||
- Definition Line of credit facility maximum borrowing capacity during the heating season. No definition available.
|
X | ||||||||||
- Definition Number of customers to whom only home heating oil gasoline and diesel were sells on delivery only basis. No definition available.
|
X | ||||||||||
- Definition Number of customers to whom sell gasoline and diesel fuel. No definition available.
|
X | ||||||||||
- Definition Number of residential and commercial home heating oil and propane customers served. No definition available.
|
X | ||||||||||
- Definition Number of service contracts for natural gas and other heating systems. No definition available.
|
X | ||||||||||
- Definition Date the original debt was scheduled to mature, in YYYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
X | ||||||||||
- Definition Percentage investment held by the managing member or general partner of the limited liability company (LLC) or limited partnership (LP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Percentage investment held by members or limited partners of limited liability company (LLC) or limited partnership (LP). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The number of each class of partnership units outstanding at the balance sheet date. Units represent shares of ownership of the general, limited, and preferred partners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The number of units or percentage investment held in the subsidiary by the limited liability company or limited partnership. No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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- Details
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X | ||||||||||
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Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) |
9 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Schedule Of Significant Accounting Policies [Line Items] | |||||
Cash, cash equivalents, and restricted cash | $ 57,396,000 | $ 9,214,000 | $ 14,870,000 | $ 5,017,000 | |
Cash and cash equivalents | 57,146,000 | 14,620,000 | |||
Restricted cash | 250,000 | 250,000 | |||
Accrued expenses and other current liabilities | 135,267,000 | 125,561,000 | |||
Other long-term liabilities | 16,342,000 | 14,766,000 | |||
Weather hedge contract receivable | 12,500,000 | ||||
Interest Rate Swap Agreements | Cash Flow Hedging Derivatives | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Cash flow hedging derivatives, amount | 24,000,000 | ||||
Propane Assets | Goodwill | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Assets held-for-sale | 2,200,000 | ||||
Propane Assets | Property and Equipment, Net | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Assets held-for-sale | 800,000 | ||||
New England Teamsters & Trucking Industry Pension Fund | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Accrued expenses and other current liabilities | 300,000 | 300,000 | |||
Other long-term liabilities | 16,000,000.0 | 16,200,000 | |||
New England Teamsters & Trucking Industry Pension Fund | Significant Other Observable Inputs Level 2 | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Multiemployer plan discounted withdrawal liability | 19,900,000 | $ 20,200,000 | |||
Financial Products Corporation | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Delivery and branch expense increased (reduced) under weather hedge contract | $ 12,500,000 | $ (1,100,000) | |||
Scenario Forecast | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Derivative maximum payout | $ 5,000,000.0 | ||||
Maximum | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Cash equivalents, highly liquid investments maturity | 3 months | ||||
Derivative maximum receivable | $ 12,500,000 |
X | ||||||||||
- Definition Cash equivalents, maturity period. No definition available.
|
X | ||||||||||
- Definition Derivative maximum payout under weather hedge contract. No definition available.
|
X | ||||||||||
- Definition Right to receive payment under weather hedge contract. No definition available.
|
X | ||||||||||
- Definition Schedule Of Significant Accounting Policies [Line Items] No definition available.
|
X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of assets held-for-sale that are not part of a disposal group. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Fair value of all asset derivatives designated as cash flow hedging instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Carrying amount as of the balance sheet date of the asset arising from a financial instrument or a contract used to mitigate a specified risk (hedge), and which are expected to be converted into cash or otherwise disposed of within a year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount of the obligation recognized by withdrawing from a pension or postretirement benefit plan to which two or more unrelated employers contribute where assets contributed by one participating employer may be used to provide benefits to employees of other participating employers. No definition available.
|
X | ||||||||||
- Definition Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
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X | ||||||||||
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X | ||||||||||
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Derivatives and Hedging-Disclosures and Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Commodity Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The Company’s commodity financial assets and liabilities measured at fair value on a recurring basis are listed on the following table.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Commodity Derivatives Assets (Liabilities) Offset by Counterparty | The Company’s commodity derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table.
|
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Company's Effect on Derivative Instruments on the Statement of Operations |
(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. |
X | ||||||||||
- Definition Offsetting assets liabilities. No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Income Taxes - Additional Information (Detail) |
9 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Income Tax Disclosure [Line Items] | |
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 |
X | ||||||||||
- Definition Income Tax Disclosure [Line Items] No definition available.
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- Definition Income tax examination, years open for examination. No definition available.
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- References No definition available.
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- Definition The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Disaggregation of Revenue by Major Sources | The following disaggregates our revenue by major sources for the three and nine months ended June 30, 2023 and June 30, 2022:
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Summary of Changes in Allowance for Credit Losses | Changes in the allowance for credit losses are as follows:
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- Definition Tabular disclosure of allowance for credit loss on financing receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Long-Term Debt and Bank Facility Borrowings (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Debt | The Company’s debt is as follows (in thousands):
(a) The face amount of the Company’s variable rate long-term debt approximates fair value. (b)
Carrying amounts are net of unamortized debt issuance costs of $0.7 million as of June 30, 2023 and $0.9 million as of September 30, 2022. |
X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
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Current assets | ||||
Cash and cash equivalents | $ 57,146 | $ 14,620 | ||
Receivables, net of allowance of $12,551 and $7,755, respectively | 139,301 | 138,252 | ||
Inventories | 53,590 | 83,557 | ||
Fair asset value of derivative instruments | 0 | 16,823 | ||
Prepaid expenses and other current assets | 28,680 | 32,016 | ||
Assets held for sale | 0 | 2,995 | ||
Total current assets | 278,717 | 288,263 | ||
Property and equipment, net | 103,498 | 107,744 | ||
Operating lease right-of-use assets | 89,840 | 93,435 | ||
Goodwill | 254,354 | 254,110 | ||
Intangibles, net | 73,272 | 84,510 | ||
Restricted cash | 250 | 250 | ||
Captive insurance collateral | 68,351 | 66,662 | ||
Deferred charges and other assets, net | 16,068 | 17,501 | ||
Total assets | 884,350 | 912,475 | ||
Current liabilities | ||||
Accounts payable | 29,010 | 49,061 | ||
Revolving credit facility borrowings | 198 | 20,276 | ||
Fair liability value of derivative instruments | 10,398 | 183 | ||
Current maturities of long-term debt | 16,500 | 12,375 | ||
Current portion of operating lease liabilities | 17,617 | 17,211 | ||
Accrued expenses and other current liabilities | 135,267 | 125,561 | ||
Unearned service contract revenue | 63,446 | 62,858 | ||
Customer credit balances | 78,315 | 93,555 | ||
Total current liabilities | 350,751 | 381,080 | ||
Long-term debt | [1] | 135,394 | 151,709 | |
Long-term operating lease liabilities | 77,323 | 81,385 | ||
Deferred tax liabilities, net | 15,731 | 25,620 | ||
Other long-term liabilities | 16,342 | 14,766 | ||
Partners’ capital | ||||
Common unitholders | 307,199 | 277,177 | ||
General partner | (4,103) | (3,656) | ||
Accumulated other comprehensive loss, net of taxes | (14,287) | (15,606) | ||
Total partners’ capital | 288,809 | 257,915 | ||
Total liabilities and partners’ capital | $ 884,350 | $ 912,475 | ||
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X | ||||||||||
- Definition Customer credit balances. No definition available.
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X | ||||||||||
- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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X | ||||||||||
- Definition Amount of assets held-for-sale that are not part of a disposal group, expected to be sold within a year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences with jurisdictional netting. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable, classified as current. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The amount of the general partner's ownership interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of the limited partners' ownership interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as current. Excludes lease obligation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's right to use underlying asset under operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of noncurrent assets classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Common Unit Repurchase and Retirement |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Unit Repurchase and Retirement | 4) Common Unit Repurchase and Retirement In July 2012, the Board adopted a plan to repurchase certain of the Company’s Common Units (the “Repurchase Plan”). Through May 2023, the Company had repurchased approximately 20.5 million Common Units under the Repurchase Plan. In May 2023, the Board authorized an increase of the number of Common Units that remained available for the Company to repurchase from 1.1 million to a total of 2.6 million, of which, 2.3 million were available for repurchase in open market transactions and 0.3 million were available for repurchase in privately-negotiated transactions. There is no guarantee of the number of units that will be purchased under the Repurchase Plan and the Company may discontinue purchases at any time. The Repurchase Plan does not have a time limit. The Board may also approve additional purchases of units from time to time in private transactions. The Company’s repurchase activities take into account SEC safe harbor rules and guidance for issuer repurchases. All of the Common Units purchased under the Repurchase Plan will be retired. Under the Company’s sixth amended and restated credit agreement dated July 6, 2022, in order to pay distributions and repurchase Common Units, we must maintain Availability (as defined in the sixth amended and restated credit agreement) of $60 million, 15.0% of the facility size of $400 million (assuming no borrowings under the seasonal advance) 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 or distribution. (See Note 11—Long-Term Debt and Bank Facility Borrowings). The following table shows repurchases under the Repurchase Plan:
(a) Amount includes repurchase costs. (b) In May 2023, the Board authorized an increase in the number of Common Units available for repurchase in open market transactions from 0.8 million to 2.3 million. (c) Of the total available for repurchase, approximately 2.3 million units are available for repurchase in open market transactions and 0.3 million units are available for repurchase in privately-negotiated transactions, under the Repurchase Plan. |
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- References No definition available.
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X | ||||||||||
- Definition The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Derivatives and Hedging-Disclosures and Fair Value Measurements - Offsetting of Financial Assets (Liabilities) and Derivative Assets (Liabilities) (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ (10,398) | $ (183) |
Subject to an enforceable master netting arrangement | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Net Assets (Liabilities) Presented in the Statement of Financial Position | (10,398) | (183) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | (114) | |
Gross Assets Recognized | 17,798 | 53,228 |
Gross Liabilities Offset in the Statement of Financial Position | (28,310) | (35,237) |
Net Assets (Liabilities) Presented in the Statement of Financial Position | (10,512) | 17,991 |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | (10,512) | 17,991 |
Subject to an enforceable master netting arrangement | Fair asset value of derivative instruments | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 47,784 | |
Gross Liabilities Offset in the Statement of Financial Position | (30,961) | |
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ 16,823 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Derivative Asset, Current | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ 16,823 | |
Subject to an enforceable master netting arrangement | Other long-term assets, net | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 2,094 | |
Gross Liabilities Offset in the Statement of Financial Position | (743) | |
Net Assets (Liabilities) Presented in the Statement of Financial Position | $ 1,351 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Derivative Asset, Current | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ 1,351 | |
Subject to an enforceable master netting arrangement | Fair liability value of derivative instruments | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 17,224 | 3,350 |
Gross Liabilities Offset in the Statement of Financial Position | (27,622) | (3,533) |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | (10,398) | $ (183) |
Subject to an enforceable master netting arrangement | Other long-term liabilities, net | ||
Fair Values Of Financial Assets And Liabilities Including Derivative Financial Instruments [Line Items] | ||
Gross Assets Recognized | 574 | |
Gross Liabilities Offset in the Statement of Financial Position | (688) | |
Gross Amounts Not Offset in the Statement of Financial Position, Net Amount | $ (114) |
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- Definition Fair values of financial assets and liabilities including derivative financial instruments. No definition available.
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X | ||||||||||
- Definition Fair value of liability associated with financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Indicates line item in statement of financial position that includes derivative asset classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Fair values as of the balance sheet date of the net amount of all assets and liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The net amount as of the balance sheet date of the fair value of derivative assets and derivative liabilities that in accordance with the entity's accounting policy were offset against collateral under a master netting arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Fair value, before effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Fair value, after offset of derivative liability, of financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, before offset against an obligation to return collateral under a master netting arrangement. Includes assets elected not to be offset. Excludes assets not subject to a master netting arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Fair value, after effect of master netting arrangement and deduction of obligation to return financial collateral not offset and financial instrument subject to master netting arrangement not offset, of financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative not subject to master netting arrangement or similar agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Fair value, before effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities elected not to be offset. Excludes liabilities not subject to a master netting arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Fair value, after effect of master netting arrangement and deduction of obligation to return financial collateral not offset and financial instrument subject to master netting arrangement not offset, of financial liability or contract with one or more underlyings, notional amount or payment provision or both, and contract can be net settled by means outside contract or delivery of asset. Includes derivative not subject to master netting arrangement or similar agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value of the assets less the liabilities of a derivative or group of derivatives. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled after one year or the normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Fair value of asset associated with financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Goodwill and Intangible Assets, net - Intangible Assets Subject to Amortization (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
---|---|---|
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 451,194 | $ 451,716 |
Accum. Amortization | 377,922 | 367,206 |
Net | 73,272 | 84,510 |
Customer Lists | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 409,679 | 409,980 |
Accum. Amortization | 354,922 | 345,237 |
Net | 54,757 | 64,743 |
Trade Names And Other Intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 41,515 | 41,736 |
Accum. Amortization | 23,000 | 21,969 |
Net | $ 18,515 | $ 19,767 |
X | ||||||||||
- Definition Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Subsequent Events - Additional Information (Detail) - Subsequent Event - Dividend Declared $ / shares in Units, $ in Millions |
1 Months Ended |
---|---|
Jul. 31, 2023
USD ($)
$ / shares
| |
Subsequent Event [Line Items] | |
Distribution declared | $ / shares | $ 0.1625 |
Partners capital projected distribution amount on annualized basis | $ / shares | 0.65 |
Minimum dividend distribution per unit | $ / shares | $ 0.0675 |
Amount to paid to common unit holders | $ 5.8 |
Amount to paid to the General Partner | 0.3 |
Incentive distribution to the General Partner | 0.3 |
Incentive distributions to management | $ 0.3 |
Dividend payable date | Jul. 31, 2023 |
Dividend record date | Jul. 24, 2023 |
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- Definition Incentive distribution to the general partner. No definition available.
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- Definition Incentive distributions to management. No definition available.
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- Definition Minimum dividend distribution per unit. No definition available.
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- Definition Partners capital projected distribution amount on annualized basis per share. No definition available.
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- Definition Date the declared dividend will be paid, in YYYY-MM-DD format. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Date the holder must own the stock to be entitled to the dividend, in YYYY-MM-DD format. No definition available.
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- Definition The total amount of distributions to the general partner during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The total amount of distributions to limited partners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The distribution amount per share for all classes of units. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Long-Term Debt and Bank Facility Borrowings |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Bank Facility Borrowings | 11) Long-Term Debt and Bank Facility Borrowings The Company’s debt is as follows (in thousands):
(a) The face amount of the Company’s variable rate long-term debt approximates fair value. (b) Carrying amounts are net of unamortized debt issuance costs of $0.7 million as of June 30, 2023 and $0.9 million as of September 30, 2022.
On July 6, 2022, the Company refinanced its five-year term loan and the revolving credit facility with the execution of the sixth amended and restated revolving credit facility agreement (the “credit agreement”) with a bank syndicate comprised of ten participants, which enables the Company to borrow up to $400 million ($550 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 $165 million five-year senior secured term loan (“Term Loan”), allows for the issuance of up to $25 million in letters of credit, and has a maturity date of July 6, 2027. The Company can increase the revolving credit facility size by an additional $200 million without the consent of the bank group. However, the bank group is not obligated to fund the $200 million increase. If the bank group elects not to fund the increase, the Company 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 credit agreement are guaranteed by the Company and its subsidiaries and are secured by liens on substantially all of the Company’s assets, including accounts receivable, inventory, general intangibles, real property, fixtures and equipment. All amounts outstanding under the sixth amended and restated revolving credit facility become due and payable on the facility termination date of July 6, 2027. The Term Loan is repayable in quarterly payments of $4.1 million, the first of which was made December 30, 2022, plus an annual payment equal to 25% of the annual Excess Cash Flow as defined in the credit agreement (an amount not to exceed $8.5 million annually), less certain voluntary prepayments made during the year, with final payment at maturity. In fiscal 2022 the Company repaid $4.9 million of additional loan repayments due to Excess Cash Flow related to fiscal 2021. Under the Company’s sixth amended and restated revolving credit facility, the next annual Excess Cash Flow payment will be applicable for fiscal year ending September 30, 2023. The interest rate on the revolving credit facility and the term loan is based on a margin over Adjusted Term Secured Overnight Financing Rate ("SOFR") or a base rate. At June 30, 2023, the effective interest rate on the term loan (considering the impact of interest rate hedges) and revolving credit facility borrowings was approximately 6.3% and 6.4%, respectively, compared to 4.7% and 2.6%, respectively at September 30, 2022. 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 credit agreement requires the Company 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 cannot be more than 3.0 as calculated as of the quarters ending June or September, and no more than 5.5 as calculated as of the quarters ending December or March. Certain restrictions are also imposed by the sixth amended and restated credit agreement, including restrictions on the Company’s ability to incur additional indebtedness, to pay distributions to unitholders, to pay certain inter-company dividends or distributions, repurchase units, make investments, grant liens, sell assets, make acquisitions and engage in certain other activities. At June 30, 2023, $152.6 million of the Term Loan was outstanding, $0.2 million was outstanding under the revolving credit facility, $9.8 million hedge positions were secured under the credit agreement, and $3.1 million of letters of credit were issued and outstanding. At September 30, 2022, $165.0 million of the term loan was outstanding, $20.3 million was outstanding under the revolving credit facility, we did not have to provide collateral for our hedge positions under the credit agreement and $5.1 million of letters of credit were issued and outstanding. At June 30, 2023, availability was $218.0 million, and the Company was in compliance with the financial covenants. At September 30, 2022, availability was $189.4 million, and the Company was in compliance with the financial covenants. |
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes - Current and Deferred Income Tax Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Deferred Income Tax Assets And Liabilities | ||||
Income (loss) before income taxes | $ (33,196) | $ (14,353) | $ 72,100 | $ 120,253 |
Current income tax expense (benefit) | (11,385) | (7,058) | 30,710 | 27,135 |
Deferred income tax expense (benefit) | 2,095 | 3,292 | (10,284) | 7,837 |
Total income tax expense (benefit) | $ (9,290) | $ (3,766) | $ 20,426 | $ 34,972 |
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- References No definition available.
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- Definition Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Common Unit Repurchase and Retirement - Company's Repurchase Activities (Parenthetical) (Detail) - shares |
Jul. 31, 2023 |
May 31, 2023 |
Jul. 31, 2022 |
---|---|---|---|
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 2,600,000 | 1,100,000 | |
Private Transaction | |||
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 2,300,000 | 800,000 | |
Common Stock Available for Repurchase Under Open Market Transactions | |||
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 2,300,000 | ||
Common Stock Available for Repurchase Under Open Market Transactions | Subsequent Event | |||
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 2,300,000 | ||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | |||
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 300,000 | ||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | Subsequent Event | |||
Capital Unit [Line Items] | |||
Company's common units authorized for repurchase | 300,000 |
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition The number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan. No definition available.
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Common Unit Repurchase and Retirement (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Repurchase Activities | The following table shows repurchases under the Repurchase Plan:
(a) Amount includes repurchase costs. (b) In May 2023, the Board authorized an increase in the number of Common Units available for repurchase in open market transactions from 0.8 million to 2.3 million. (c)
Of the total available for repurchase, approximately 2.3 million units are available for repurchase in open market transactions and 0.3 million units are available for repurchase in privately-negotiated transactions, under the Repurchase Plan. |
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- Definition Partnership's repurchase activities. No definition available.
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- References No definition available.
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Common Unit Repurchase and Retirement - Additional Information (Detail) - USD ($) |
3 Months Ended | 120 Months Ended | 131 Months Ended | |||||
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Jul. 06, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
May 31, 2023 |
Jul. 31, 2023 |
Jul. 31, 2022 |
Dec. 04, 2019 |
|
Capital Unit [Line Items] | ||||||||
Company's common units authorized for repurchase | 2,600,000 | 1,100,000 | ||||||
Sixth Amendment | ||||||||
Capital Unit [Line Items] | ||||||||
Availability required to repurchase common units | $ 60,000,000 | |||||||
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 | $ 400,000,000 | $ 400,000,000 | ||||||
Minimum fixed charge coverage ratio for distributions to unit holders or to repurchase common units | 115.00% | |||||||
Repurchase Plan | ||||||||
Capital Unit [Line Items] | ||||||||
Company's common units repurchased and retired | 78,000 | 411,000 | 24,933,000 | 20,500,000 | ||||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | ||||||||
Capital Unit [Line Items] | ||||||||
Company's common units authorized for repurchase | 300,000 | |||||||
Common Stock Available for Repurchase Under Privately Negotiated Transactions | Subsequent Event | ||||||||
Capital Unit [Line Items] | ||||||||
Company's common units authorized for repurchase | 300,000 | |||||||
Common Stock Available for Repurchase Under Open Market Transactions | ||||||||
Capital Unit [Line Items] | ||||||||
Company's common units authorized for repurchase | 2,300,000 | |||||||
Common Stock Available for Repurchase Under Open Market Transactions | Subsequent Event | ||||||||
Capital Unit [Line Items] | ||||||||
Company's common units authorized for repurchase | 2,300,000 |
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- Definition Availability required to pay distributions or repurchase common units. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan. No definition available.
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- Definition Number of shares that have been repurchased and retired during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Derivatives and Hedging-Disclosures and Fair Value Measurements |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging-Disclosures and Fair Value Measurements | 6) Derivatives and Hedging—Disclosures and Fair Value Measurements The Company 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. 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 Company has elected not to designate its commodity derivative instruments as hedging derivatives, but rather as economic hedges whose change in fair value is recognized in its statement of operations in the caption “(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, 2023, to hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers, the Company held the following derivative instruments that settle in future months to match anticipated sales: 5.0 million gallons of swap contracts, 6.1 million gallons of call options, 2.2 million gallons of put options, and 41.6 million net gallons of synthetic call options. To hedge its physical inventory on hand, inventory in transit and basis risk, the Company, as of June 30, 2023, held 0.9 million gallons of swap contracts and 10.9 million gallons of short future contracts that settle in future months. To hedge its internal fuel usage and other activities for fiscal 2023 and 2024, the Company held 5.4 million gallons of swap contracts that settle in future months. As of June 30, 2022, to hedge a substantial majority of the purchase price associated with heating oil gallons anticipated to be sold to its price-protected customers, the Company held the following derivative instruments that settle in future months to match anticipated sales: 5.5 million gallons of swap contracts, 37.3 million gallons of call options, 2.1 million gallons of put options, and 17.6 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 Company, as of June 30, 2022, held 26.0 million gallons of swap contracts and 0.5 million gallons of short future contracts that settle in future months. To hedge its internal fuel usage and other activities for fiscal 2023, the Company held 0.4 million gallons of call options and swap contracts that settle in future months. As of June 30, 2023, the Company has interest rate swap agreements in order to mitigate exposure to market risk associated with variable rate interest on $56.4 million, or 37.0%, of its long term debt. The Company has designated its interest rate swap agreements as cash flow hedging derivatives. To the extent these derivative instruments are effective and the accounting standard’s documentation requirements have been met, changes in fair value are recognized in other comprehensive income (loss) until the underlying hedged item is recognized in earnings. As of June 30, 2023 the fair value of the swap contracts was $1.5 million. As of September 30, 2022, the notional value of the swap contracts was $54.0 million and the fair value of the swap contracts was $2.0 million. We utilized Level 2 inputs in the fair value hierarchy of valuation techniques to determine the fair value of the swap contracts. The Company’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., Toronto-Dominion Bank and Wells Fargo Bank, N.A. The Company 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 Company 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, 2023, the aggregate cash posted as collateral in the normal course of business at counterparties was $1.8 million and recorded in “Prepaid expense and other current assets.” Positions with counterparties who are also parties to our credit agreement are collateralized under that facility. As of June 30, 2023, $9.8 million hedge positions or payable amounts were secured under the credit facility. The Company’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 Company’s Level 2 derivative assets and liabilities represent the fair value of commodity and interest rate 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 Company 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 Company. The Company’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 Company are based on a combination of the NYMEX published market prices and other inputs, including such factors as present value, volatility and duration. The Company had no assets or liabilities that are measured at fair value on a nonrecurring basis subsequent to their initial recognition. The Company’s commodity financial assets and liabilities measured at fair value on a recurring basis are listed on the following table.
The Company’s commodity derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table.
(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. |
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- References No definition available.
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Common Unit Repurchase and Retirement - Company's Repurchase Activities (Detail) - $ / shares |
3 Months Ended | 120 Months Ended | 131 Months Ended | ||||||||||
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Dec. 31, 2022 |
Sep. 30, 2022 |
May 31, 2023 |
Jul. 31, 2023 |
Jun. 30, 2023 |
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Repurchase Plan | |||||||||||||
Capital Unit [Line Items] | |||||||||||||
Total Number of Units Purchased | 78,000 | 411,000 | 24,933,000 | 20,500,000 | |||||||||
Average Price Paid per Unit | [1] | $ 11.2 | $ 8.77 | $ 8.82 | |||||||||
Maximum Number of Units that May Yet Be Purchased | 1,068,000 | 1,146,000 | 1,557,000 | 2,568,000 | |||||||||
Repurchase Plan | Subsequent Event | |||||||||||||
Capital Unit [Line Items] | |||||||||||||
Maximum Number of Units that May Yet Be Purchased | [3] | 2,568,000 | |||||||||||
Publicly Announced Plans or Programs As Part of Repurchase Plan | |||||||||||||
Capital Unit [Line Items] | |||||||||||||
Total Number of Units Purchased | 78,000 | 411,000 | 20,045,000 | ||||||||||
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- Definition Average price paid per unit. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition The remaining number of shares authorized to be repurchased by an entity's Board of Directors under a stock repurchase plan. No definition available.
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- Definition Number of shares that have been repurchased and retired during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Supplemental Disclosure of Cash Flow Information (Tables) |
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Supplemental Cash Flow Elements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Disclosure of Cash Flow Information |
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- Definition Tabular disclosure of supplemental cash flow information for the periods presented. No definition available.
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- References No definition available.
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Insider Trading Arrangements |
9 Months Ended |
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Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | 12) Income Taxes The accompanying financial statements are reported on a fiscal year, however, the Company and its corporate subsidiaries file Federal and State income tax returns on a calendar year. The current and deferred income tax expense for the three and nine months ended June 30, 2023 and June 30, 2022 are as follows:
At June 30, 2023, 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 and Pennsylvania, we have four years that are subject to examination. In the state tax jurisdiction 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. |
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current and Deferred Income Tax Expense | The current and deferred income tax expense for the three and nine months ended June 30, 2023 and June 30, 2022 are as follows:
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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Earnings Per Limited Partner Unit - Net Income Allocation and Per Unit Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
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Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Basic and Diluted Earnings Per Limited Partner: | ||||||
Net income (loss) | $ (23,906) | $ (10,587) | $ 51,674 | $ 85,281 | ||
Less General Partner's interest in net income (loss) | (216) | (93) | 468 | 726 | ||
Net income (loss) available to limited partners | (23,690) | (10,494) | 51,206 | 84,555 | ||
Less dilutive impact of theoretical distribution of earnings | [1] | 0 | 0 | 7,258 | 13,677 | |
Limited Partner's interest in net income (loss) | $ (23,690) | $ (10,494) | $ 43,948 | $ 70,878 | ||
Per unit data: | ||||||
Basic and diluted net income (loss) available to limited partners | $ (0.67) | $ (0.29) | $ 1.43 | $ 2.24 | ||
Less dilutive impact of theoretical distribution of earnings | [1] | 0 | 0 | 0.2 | 0.36 | |
Limited Partner's interest in net income (loss) | $ (0.67) | $ (0.29) | $ 1.23 | $ 1.88 | ||
Weighted average number of Limited Partner units outstanding, Basic | 35,603 | 36,781 | 35,725 | 37,739 | ||
Weighted average number of Limited Partner units outstanding, Diluted | 35,603 | 36,781 | 35,725 | 37,739 | ||
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- Definition Dilutive impact of theoretical distribution. No definition available.
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- Definition Dilutive impact of theoretical distribution of earnings. No definition available.
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- Definition Income loss from operations per outstanding limited partnership unit basic and diluted. No definition available.
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- Definition Limited partners interest in net income loss dilutive . No definition available.
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- References No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Aggregate amount of net income allocated to general partners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate amount of net income allocated to limited partners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Per unit of ownership amount after tax of income (loss) available to outstanding limited partnership (LP) unit-holder. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill and Intangible Assets, net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, net | 10) Goodwill and Intangible Assets, net Goodwill A summary of changes in Company’s goodwill is as follows (in thousands):
Intangibles, net The gross carrying amount and accumulated amortization of intangible assets subject to amortization are as follows (in thousands):
Amortization expense for intangible assets was $12.8 million for the nine months ended June 30, 2023, compared to $13.8 million for the nine months ended June 30, 2022. |
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- References No definition available.
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- Definition The entire disclosure for goodwill and intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements include the accounts of Star and its subsidiaries. All material intercompany 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 Company’s business, the results of operations and cash flows for the nine-month period ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year. These interim financial statements of the Company 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 (the “SEC”) and should be read in conjunction with the financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2022. |
Comprehensive Income | 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 on amortization on the Company’s pension plan obligation for its two frozen defined benefit pension plans, unrealized gain (loss) on available-for-sale investments, unrealized gain (loss) on interest rate hedges and the corresponding tax effects. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. At June 30, 2023, the $57.4 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $57.1 million of cash and cash equivalents and $0.3 million of restricted cash. At September 30, 2022, the $14.9 million of cash, cash equivalents, and restricted cash on the Condensed Consolidated Statements of Cash Flows is composed of $14.6 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. |
Assets Held for Sale | Assets Held for Sale Assets held for sale at September 30, 2022 represent certain heating oil assets that the Company sold on October 25, 2022. The carrying amount of the assets held for sale included $2.2 million of goodwill and $0.8 million of property and equipment, net. We measure and record assets held for sale at the lower of their carrying amount or fair value less cost to sell. The carrying amounts of the assets held for sale approximated their fair value at September 30, 2022. |
Fair Value Valuation Approach | Fair Value Valuation Approach The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. •
Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. |
Captive Insurance Collateral | Captive Insurance Collateral The captive insurance collateral is held by our captive insurance company in an irrevocable trust as collateral for certain workers’ compensation and automobile liability claims. The collateral is required by a third party insurance carrier that insures per claim amounts above a set deductible. If we did not deposit cash into the trust, the third party carrier would require that we issue an equal amount of letters of credit, which would reduce our availability under the sixth amended and restated credit agreement. 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. Unrealized gains and losses, net of related income taxes, are reported as accumulated other comprehensive income (loss), except for losses from impairments which are determined to be other-than-temporary. Realized gains and losses, and declines in value judged to be other-than-temporary on available-for-sale securities are included in the determination of net income and are included in Interest expense, net, at which time the average cost basis of these securities are adjusted to fair value. |
Weather Hedge Contract | Weather Hedge Contract To partially mitigate the adverse effect of warm weather on cash flows, the Company 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. The Company entered into weather hedge contracts for fiscal years 2022 and 2023. The hedge period runs from November 1 through March 31, taken as a whole. The “Payment Thresholds,” or strikes, are set at various levels and are referenced against degree days for the prior ten year average. The maximum amount the Company can receive is $12.5 million per year. In addition, we are obligated to make an annual payment capped at $5.0 million if degree days exceed the Payment Threshold. The temperatures experienced during the hedge period through March 31, 2023 and March 31, 2022 were warmer than the strikes in the weather hedge contracts. As a result at June 30, 2023 and June 30, 2022, the Company reduced delivery and branch expenses for the gains realized under those contracts of $12.5 million and $1.1 million, respectively. The amounts payable by the counterparties under the weather hedge contracts were received in full in April 2023 and April 2022, respectively. For fiscal 2024, the Company entered into a weather hedge contract with the similar hedge period described above. The maximum that the Company can receive is $12.5 million annually and the Company has no obligation to pay the counterparty beyond the initial premium should degree days exceed the Payment Threshold. |
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, 2023, we had $0.3 million and $16.0 million balances included in the captions “Accrued expenses and other current liabilities” and “Other long-term liabilities,” on our Condensed Consolidated Balance Sheet representing the remaining balance of the NETTI Fund withdrawal liability. As of September 30, 2022, we had $0.3 million and $16.2 million balances reflected in these categories respectively. Based on the borrowing rates currently available to the Company for long-term financing of a similar maturity, the fair value of the NETTI Fund withdrawal liability as of June 30, 2023 and September 30, 2022 was $19.9 million and $20.2 million, respectively. 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 December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The Company adopted the ASU effective December 31, 2022. The update extends the sunset of Topic 848 from December 31, 2022 to December 31, 2024. The guidance provides optional guidance for a limited period of time to ease potential accounting impacts associated with transitioning away from reference rates that are expected to be discontinued, such as interbank offered rates and LIBOR. The Company has $24.0 million of interest rate swap agreements at June 30, 2023 that are benchmarked against LIBOR, which the Company has designated as cash flow hedging derivatives. This guidance includes practical expedients for contract modifications due to reference rate reform. The Company has elected to adopt the practical expedient that the Company may change the contractual terms of the interest rate swap agreements that are expected to be affected by reference rate reform and not be required to de-designate the hedging relationships. The Company's adoption of the ASU did not have an impact on the Company’s consolidated financial statements and related disclosures. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In October 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires accounting for contract assets and liabilities from contracts with customers in a business combination to be accounted for in accordance with ASC No. 606. The standard is effective for fiscal years beginning after December 15, 2022. The Company has not determined the timing of adoption, but does not expect ASU 2021-08 to have a material impact on its consolidated financial statements and related disclosures. |
Deferred Contract Costs | Deferred Contract Costs We recognize an asset for incremental commission expenses paid to sales personnel in conjunction with obtaining new residential customer product and equipment maintenance service contracts. We defer these costs only when we have determined the commissions are, in fact, incremental and would not have been incurred absent the customer contract. Costs to obtain a contract are amortized and recorded ratably as delivery and branch expenses over the period representing the transfer of goods or services to which the assets relate. Costs to obtain new residential product and equipment maintenance service contracts are amortized as expense over the estimated customer relationship period of approximately five years. |
Receivables and Allowance for Doubtful Accounts | Receivables and Allowance for Doubtful Accounts Accounts receivables from customers are recorded at the invoiced amounts. Finance charges may be applied to trade receivables that are more than 30 days past due, and are recorded as finance charge income. The allowance for doubtful accounts is the Company’s estimate of the amount of trade receivables that may not be collectible. The allowance is determined at an aggregate level by grouping accounts based on certain account criteria and its receivable aging. The allowance is based on both quantitative and qualitative factors, including historical loss experience, historical collection patterns, overdue status, aging trends, current and future economic conditions. The Company has an established process to periodically review current and past due trade receivable balances to determine the adequacy of the allowance. No single statistic or measurement determines the adequacy of the allowance. The total allowance reflects management’s estimate of losses inherent in its trade receivables at the balance sheet date. Different assumptions or changes in economic conditions could result in material changes to the allowance for doubtful accounts. |
Derivatives and Hedging | The Company 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. 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 Company has elected not to designate its commodity derivative instruments as hedging derivatives, but rather as economic hedges whose change in fair value is recognized in its statement of operations in the caption “(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. |
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- Definition Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities. No definition available.
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- Definition Disclosure of accounting policy for revenue from contract with customer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss) | $ (23,906) | $ (10,587) | $ 51,674 | $ 85,281 |
Other comprehensive income (loss): | ||||
Unrealized gain on pension plan obligation | 382 | 224 | 1,144 | 672 |
Tax effect of unrealized gain on pension plan obligation | (104) | (61) | (305) | (167) |
Unrealized gain (loss) on captive insurance collateral | (50) | (812) | 1,080 | (3,486) |
Tax effect of unrealized gain (loss) on captive insurance collateral | 11 | 171 | (227) | 735 |
Unrealized gain (loss) on interest rate hedges | 571 | 623 | (510) | 2,890 |
Tax effect of unrealized gain (loss) on interest rate hedges | (151) | (165) | 137 | (768) |
Total other comprehensive income (loss) | 659 | (20) | 1,319 | (124) |
Total comprehensive income (loss) | $ (23,247) | $ (10,607) | $ 52,993 | $ 85,157 |
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax and after adjustment, of unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after adjustment, of tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax and after reclassification, of gain (loss) from derivative instrument designated and qualifying cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after reclassification, of tax expense (benefit) for gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after reclassification adjustment, of tax (expense) benefit for (increase) decrease in accumulated other comprehensive income of defined benefit plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Subsequent Events |
9 Months Ended |
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Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16) Subsequent Events Quarterly Distribution Declared In July 2023, we declared a quarterly distribution of $0.1625 per unit, or $0.65 per unit on an annualized basis, on all Common Units with respect to the third quarter of fiscal 2023, paid on July 31, 2023, to holders of record on July 24, 2023. The amount of distributions in excess of the minimum quarterly distribution of $0.0675 are distributed in accordance with our Partnership Agreement, subject to the management incentive compensation plan. As a result, $5.8 million was paid to the Common Unit holders, $0.3 million to the General Partner unit holders (including $0.3 million of incentive distribution as provided in our Partnership Agreement) and $0.3 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.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jul. 31, 2023 |
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Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | SGU | |
Title of 12(b) Security | Common Units | |
Security Exchange Name | NYSE | |
Entity Registrant Name | STAR GROUP, L.P. | |
Entity Central Index Key | 0001002590 | |
Entity Tax Identification Number | 06-1437793 | |
Current Fiscal Year End Date | --09-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-14129 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 35,602,552 | |
Entity Address, Address Line One | 9 West Broad Street | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | 203 | |
Local Phone Number | 328-7310 |
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- Definition This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Sep. 30, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Receivables, allowance | $ 12,551 | $ 7,755 |
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- Definition Amount of allowance for credit loss on accounts receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Goodwill and Intangible Assets, net (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Company's Goodwill | A summary of changes in Company’s goodwill is as follows (in thousands):
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Intangible Assets Subject to Amortization | The gross carrying amount and accumulated amortization of intangible assets subject to amortization are as follows (in thousands):
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- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Derivatives and Hedging-Disclosures and Fair Value Measurements - Additional Information (Detail) gal in Millions |
9 Months Ended | ||
---|---|---|---|
Jun. 30, 2023
USD ($)
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Jun. 30, 2022
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Sep. 30, 2022
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Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedging positions or payable amounts secured under credit facility | $ | $ 9,800,000 | $ 0 | |
Prepaid expense and other current assets | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Aggregated cash posted as collateral in normal course of business | $ | 1,800,000 | ||
Interest rate swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional Value | $ | $ 56,400,000 | 54,000,000.0 | |
Percentage of market risk exposure of long term debt | 37.00% | ||
Fair Value | $ | $ 1,500,000 | $ 2,000,000 | |
Call Option | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 6.1 | 37.3 | |
Call Option | Synthetic calls | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 41.6 | 17.6 | |
Put Option | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 2.2 | 2.1 | |
Swap Contracts Bought | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 5.0 | 5.5 | |
Swap Contracts Bought | Short | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 0.9 | 26.0 | |
Future Contracts | Short | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 10.9 | 0.5 | |
Hedge its Internal Fuel Usage and Other Related Activities Swap Contracts Bought | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 5.4 | ||
Hedge its Internal Fuel Usage and Other Related Activities Call Options and Swap Contracts Bought | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative activity volume | 0.4 |
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- Definition Carrying amount as of the balance sheet date of cash collateral held for borrowed securities, for which the cash is restricted as to withdrawal or usage. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of hedged item in hedging relationship. Excludes hedged asset or liability. No definition available.
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Property and Equipment - Component of Property and Equipment (Detail) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Sep. 30, 2022 |
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Property, Plant and Equipment [Abstract] | ||
Property and equipment | $ 247,206 | $ 246,919 |
Less: accumulated depreciation and amortization | 143,708 | 139,175 |
Property and equipment, net | $ 103,498 | $ 107,744 |
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- Definition Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Property and Equipment | 8) Property and Equipment Property and equipment are stated at cost. Depreciation and amortization is computed over the estimated useful lives of the depreciable assets using the straight-line method (in thousands):
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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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