Revenue Recognition (Tables)

3 Months Ended

Dec. 31, 2018

Summary of Disaggregation of Revenue by Major Sources

The following disaggregates our revenue by major sources for the three months ended December 31, 2018:

	Three Months Ended December 31,
(in thousands)	2018		2017
Petroleum Products:
Home heating oil and propane	$	364,202	$	301,468
Other petroleum products		94,505		65,266
Total petroleum products		458,707		366,734
Installations and Services:
Equipment installations		29,983		27,344
Equipment maintenance service contracts		28,319		25,397
Billable call services		18,018		17,359
Total installations and services		76,320		70,100
Total Sales	$	535,027	$	436,834

ASU 2014-09

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

Effective October 1, 2018 we adopted the requirements of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The adoption was not material to the financial statements presented. In accordance with the new revenue standard requirements, our condensed consolidated statement of operations and the consolidated balance sheet were impacted due to the deferment of commissions provided to Company employees that were previously expensed as incurred, the deferment of certain upfront credits provided to customers upon entering into a new annual product or service contract as contra-revenue that were previously expensed as incurred and recorded as delivery and branch expense, and the allocation of transaction price of certain combination of contracts that were previously accounted for as separate contracts.  The impact of adoption on our condensed consolidated statement of operations and balance sheet, as of and for the three months ended December 31, 2018 was as follows (in thousands):

	Three months ended December 31, 2018
Statement of Operations	As Reported		Balances without Adoption of ASC 606		Effect of Change Higher/(Lower)
Sales:
Product	$	458,707	$	462,153	$	(3,446	)
Installations and services		76,320		74,794		1,526
Total Sales		535,027		536,947		(1,920	)
Cost and Expenses:
Delivery and branch expenses		102,673		105,209		(2,536	)
Operating income		6,063		5,447		616
Income before income taxes		3,288		2,672		616
Income tax expense		973		791		182
Net income	$	2,315	$	1,881	$	434
General Partner's interest in net income		15		13		2
Limited Partner's interest in net income	$	2,300	$	1,868	$	432
Basic and diluted income per Limited Partner Unit	$	0.04	$	0.04	$	-

	December 31, 2018
Balance Sheet	As Reported			Balances without Adoption of ASC 606			Effect of Change Higher/(Lower)
Assets
Prepaid expenses and other current assets	$	48,657		$	41,823		$	6,834
Deferred charges and other assets, net	$	18,774		$	12,182		$	6,592
Liabilities
Deferred tax liabilities, net	$	24,367		$	20,599		$	3,768
Partners' capital
Common unitholders	$	328,633		$	319,037		$	9,596
General partner	$	(1,416	)	$	(1,478	)	$	62