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Derivatives and Hedging-Disclosures and Fair Value Measurements (Tables)
 9 Months Ended
Jun. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s financial assets and liabilities measured at fair value on a recurring basis are listed on the following table.

(In thousands)

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using:

 

Derivatives Not Designated

   as Hedging Instruments

 

 

 

 

 

 

 

Quoted Prices in

Active Markets for

Identical Assets

 

 

Significant Other

Observable Inputs

 

Under FASB ASC 815-10

 

Balance Sheet Location

 

Total

 

 

Level 1

 

 

Level 2

 

Asset Derivatives at June 30, 2018

 

Commodity contracts

 

Fair asset value of derivative

   instruments

 

$

11,959

 

 

$

-

 

 

$

11,959

 

Commodity contracts

 

Long-term derivative assets

   included in the deferred

   charges and other assets, net

   balance

 

 

35

 

 

 

-

 

 

 

35

 

Commodity contract assets at June 30, 2018

 

$

11,994

 

 

$

-

 

 

$

11,994

 

Liability Derivatives at June 30, 2018

 

Commodity contracts

 

Fair asset value of derivative

   instruments

 

$

(53

)

 

$

-

 

 

$

(53

)

Commodity contracts

 

Long-term derivative liabilities

   included in the deferred

   charges and other assets, net

   balance

 

 

(5

)

 

 

-

 

 

 

(5

)

Commodity contract liabilities at June 30, 2018

 

$

(58

)

 

$

-

 

 

$

(58

)

Asset Derivatives at September 30, 2017

 

Commodity contracts

 

Fair asset and fair liability value

   of derivative instruments

 

$

7,729

 

 

$

-

 

 

$

7,729

 

Commodity contracts

 

Long-term derivative assets

   included in the deferred

   charges and other assets, net

   balance

 

 

996

 

 

 

-

 

 

 

996

 

Commodity contract assets September 30, 2017

 

$

8,725

 

 

$

-

 

 

$

8,725

 

Liability Derivatives at September 30, 2017

 

Commodity contracts

 

Fair liability and fair asset value

   of derivative instruments

 

$

(2,086

)

 

$

-

 

 

$

(2,086

)

Commodity contracts

 

Long-term derivative liabilities

   included in the deferred

   charges and other assets, net

   and other long-term liabilities

   balances

 

 

(731

)

 

 

-

 

 

 

(731

)

Commodity contract liabilities September 30, 2017

 

$

(2,817

)

 

$

-

 

 

$

(2,817

)

 
Company's Derivatives Assets (Liabilities) Offset by Counterparty

The Company’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table.

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not Offset in the

Statement of Financial Position

 

Offsetting of Financial Assets (Liabilities)

   and Derivative Assets (Liabilities)

 

Gross

Assets

Recognized

 

 

Gross

Liabilities

Offset in the

Statement

of Financial

Position

 

 

Net Assets

(Liabilities)

Presented in the

Statement

of Financial

Position

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amount

 

Fair asset value of derivative instruments

 

$

11,959

 

 

$

(53

)

 

$

11,906

 

 

$

-

 

 

$

-

 

 

$

11,906

 

Long-term derivative assets included in

   deferred charges and other assets, net

 

 

35

 

 

 

-

 

 

 

35

 

 

 

-

 

 

 

-

 

 

 

35

 

Fair liability value of derivative instruments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Long-term derivative liabilities included in

   other long-term liabilities, net

 

 

-

 

 

 

(5

)

 

 

(5

)

 

 

-

 

 

 

-

 

 

 

(5

)

Total at June 30, 2018

 

$

11,994

 

 

$

(58

)

 

$

11,936

 

 

$

-

 

 

$

-

 

 

$

11,936

 

Fair asset value of derivative instruments

 

$

6,023

 

 

$

(91

)

 

$

5,932

 

 

$

-

 

 

$

-

 

 

$

5,932

 

Long-term derivative assets included in

   other long-term assets, net

 

 

996

 

 

 

(730

)

 

 

266

 

 

 

-

 

 

 

-

 

 

 

266

 

Fair liability value of derivative instruments

 

 

1,706

 

 

 

(1,995

)

 

 

(289

)

 

 

-

 

 

 

-

 

 

 

(289

)

Long-term derivative liabilities included in

   other long-term liabilities, net

 

 

-

 

 

 

(1

)

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

(1

)

Total at September 30, 2017

 

$

8,725

 

 

$

(2,817

)

 

$

5,908

 

 

$

-

 

 

$

-

 

 

$

5,908

 

 
Company's Derivatives Assets (Liabilities) Offset by Counterparty

The Company’s derivative assets (liabilities) offset by counterparty and subject to an enforceable master netting arrangement are listed on the following table.

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Amounts Not Offset in the

Statement of Financial Position

 

Offsetting of Financial Assets (Liabilities)

   and Derivative Assets (Liabilities)

 

Gross

Assets

Recognized

 

 

Gross

Liabilities

Offset in the

Statement

of Financial

Position

 

 

Net Assets

(Liabilities)

Presented in the

Statement

of Financial

Position

 

 

Financial

Instruments

 

 

Cash

Collateral

Received

 

 

Net

Amount

 

Fair asset value of derivative instruments

 

$

11,959

 

 

$

(53

)

 

$

11,906

 

 

$

-

 

 

$

-

 

 

$

11,906

 

Long-term derivative assets included in

   deferred charges and other assets, net

 

 

35

 

 

 

-

 

 

 

35

 

 

 

-

 

 

 

-

 

 

 

35

 

Fair liability value of derivative instruments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Long-term derivative liabilities included in

   other long-term liabilities, net

 

 

-

 

 

 

(5

)

 

 

(5

)

 

 

-

 

 

 

-

 

 

 

(5

)

Total at June 30, 2018

 

$

11,994

 

 

$

(58

)

 

$

11,936

 

 

$

-

 

 

$

-

 

 

$

11,936

 

Fair asset value of derivative instruments

 

$

6,023

 

 

$

(91

)

 

$

5,932

 

 

$

-

 

 

$

-

 

 

$

5,932

 

Long-term derivative assets included in

   other long-term assets, net

 

 

996

 

 

 

(730

)

 

 

266

 

 

 

-

 

 

 

-

 

 

 

266

 

Fair liability value of derivative instruments

 

 

1,706

 

 

 

(1,995

)

 

 

(289

)

 

 

-

 

 

 

-

 

 

 

(289

)

Long-term derivative liabilities included in

   other long-term liabilities, net

 

 

-

 

 

 

(1

)

 

 

(1

)

 

 

-

 

 

 

-

 

 

 

(1

)

Total at September 30, 2017

 

$

8,725

 

 

$

(2,817

)

 

$

5,908

 

 

$

-

 

 

$

-

 

 

$

5,908

 

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

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Effect of Derivative Instruments on the Statement of Operations

 

 

 

 

 

Amount of (Gain) or Loss Recognized

 

 

Amount of (Gain) or Loss Recognized

 

Derivatives Not Designated as Hedging

Instruments Under FASB ASC 815-10

 

Location of (Gain) or Loss

Recognized in Income on Derivative

 

Three Months Ended June 30,

2018

 

 

Three Months Ended June 30,

2017

 

 

Nine Months Ended June 30,

2018

 

 

Nine Months Ended June 30,

2017

 

Commodity contracts

 

Cost of product (a)

 

$

914

 

 

$

1,092

 

 

$

(8,463

)

 

$

4,073

 

Commodity contracts

 

Cost of installations and service (a)

 

$

(102

)

 

$

-

 

 

$

(673

)

 

$

(526

)

Commodity contracts

 

Delivery and branch expenses (a)

 

$

(61

)

 

$

27

 

 

$

(1,335

)

 

$

(422

)

Commodity contracts

 

(Increase) / decrease in the fair

value of derivative instruments (b)

 

$

(7,515

)

 

$

3,135

 

 

$

(7,306

)

 

$

7,026

 

 

(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.