Derivatives and Hedging-Disclosures and Fair Value Measurements (Tables)
|
9 Months Ended |
Jun. 30, 2020 |
|---|
| 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, 2020 |
|
|
Commodity contracts |
|
Fair liability value of derivative instruments |
|
$ |
22,715 |
|
|
$ |
— |
|
|
$ |
22,715 |
|
|
Commodity contracts |
|
Long-term derivative liabilities included in the deferred charges and other assets, net and other long-term liabilities, net balances |
|
|
1,576 |
|
|
|
— |
|
|
|
1,576 |
|
|
Commodity contract assets at June 30, 2020 |
|
$ |
24,291 |
|
|
$ |
— |
|
|
$ |
24,291 |
|
|
Liability Derivatives at June 30, 2020 |
|
|
Commodity contracts |
|
Fair liability value of derivative instruments |
|
$ |
(33,210 |
) |
|
$ |
— |
|
|
$ |
(33,210 |
) |
|
Commodity contracts |
|
Long-term derivative liabilities included in the deferred charges and other assets, net and other long-term liabilities, net balances |
|
|
(1,214 |
) |
|
|
— |
|
|
|
(1,214 |
) |
|
Commodity contract liabilities at June 30, 2020 |
|
$ |
(34,424 |
) |
|
$ |
— |
|
|
$ |
(34,424 |
) |
|
Asset Derivatives at September 30, 2019 |
|
|
Commodity contracts |
|
Fair liability value of derivative instruments |
|
$ |
13,824 |
|
|
$ |
— |
|
|
$ |
13,824 |
|
|
Commodity contracts |
|
Long-term derivative assets included in the deferred charges and other assets, net balance and other long term liabilities, net |
|
|
1,466 |
|
|
|
— |
|
|
|
1,466 |
|
|
Commodity contract assets September 30, 2019 |
|
$ |
15,290 |
|
|
$ |
— |
|
|
$ |
15,290 |
|
|
Liability Derivatives at September 30, 2019 |
|
|
Commodity contracts |
|
Fair liability value of derivative instruments |
|
$ |
(22,086 |
) |
|
$ |
— |
|
|
$ |
(22,086 |
) |
|
Commodity contracts |
|
Long-term derivative liabilities included in the deferred charges and other assets, net balance and other long term liabilities, net |
|
|
(1,719 |
) |
|
|
— |
|
|
|
(1,719 |
) |
|
Commodity contract liabilities September 30, 2019 |
|
$ |
(23,805 |
) |
|
$ |
— |
|
|
$ |
(23,805 |
) |
|
| 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 |
|
|
Long-term derivative assets included in deferred charges and other assets, net |
|
$ |
1,576 |
|
|
$ |
(1,174 |
) |
|
$ |
402 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
402 |
|
|
Fair liability value of derivative instruments |
|
|
22,715 |
|
|
|
(33,210 |
) |
|
|
(10,495 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10,495 |
) |
|
Long-term derivative liabilities included in other long-term liabilities, net |
|
|
— |
|
|
|
(40 |
) |
|
|
(40 |
) |
|
|
— |
|
|
|
— |
|
|
|
(40 |
) |
|
Total at June 30, 2020 |
|
$ |
24,291 |
|
|
$ |
(34,424 |
) |
|
$ |
(10,133 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(10,133 |
) |
|
Long-term derivative assets included in other long-term assets, net |
|
$ |
16 |
|
|
$ |
(16 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Fair liability value of derivative instruments |
|
|
13,824 |
|
|
|
(22,086 |
) |
|
|
(8,262 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,262 |
) |
|
Long-term derivative liabilities included in other long-term liabilities, net |
|
|
1,450 |
|
|
|
(1,703 |
) |
|
|
(253 |
) |
|
|
— |
|
|
|
— |
|
|
|
(253 |
) |
|
Total at September 30, 2019 |
|
$ |
15,290 |
|
|
$ |
(23,805 |
) |
|
$ |
(8,515 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(8,515 |
) |
|
| 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 |
|
|
Long-term derivative assets included in deferred charges and other assets, net |
|
$ |
1,576 |
|
|
$ |
(1,174 |
) |
|
$ |
402 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
402 |
|
|
Fair liability value of derivative instruments |
|
|
22,715 |
|
|
|
(33,210 |
) |
|
|
(10,495 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10,495 |
) |
|
Long-term derivative liabilities included in other long-term liabilities, net |
|
|
— |
|
|
|
(40 |
) |
|
|
(40 |
) |
|
|
— |
|
|
|
— |
|
|
|
(40 |
) |
|
Total at June 30, 2020 |
|
$ |
24,291 |
|
|
$ |
(34,424 |
) |
|
$ |
(10,133 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(10,133 |
) |
|
Long-term derivative assets included in other long-term assets, net |
|
$ |
16 |
|
|
$ |
(16 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Fair liability value of derivative instruments |
|
|
13,824 |
|
|
|
(22,086 |
) |
|
|
(8,262 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,262 |
) |
|
Long-term derivative liabilities included in other long-term liabilities, net |
|
|
1,450 |
|
|
|
(1,703 |
) |
|
|
(253 |
) |
|
|
— |
|
|
|
— |
|
|
|
(253 |
) |
|
Total at September 30, 2019 |
|
$ |
15,290 |
|
|
$ |
(23,805 |
) |
|
$ |
(8,515 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(8,515 |
) |
|
| 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,
2020 |
|
|
Three Months Ended June 30,
2019 |
|
|
Nine Months Ended June 30,
2020 |
|
|
Nine Months Ended June 30,
2019 |
|
|
Commodity contracts |
|
Cost of product (a) |
|
$ |
4,681 |
|
|
$ |
558 |
|
|
$ |
7,030 |
|
|
$ |
8,751 |
|
|
Commodity contracts |
|
Cost of installations and service (a) |
|
$ |
282 |
|
|
$ |
79 |
|
|
$ |
506 |
|
|
$ |
729 |
|
|
Commodity contracts |
|
Delivery and branch expenses (a) |
|
$ |
664 |
|
|
$ |
75 |
|
|
$ |
1,261 |
|
|
$ |
512 |
|
|
Commodity contracts |
|
(Increase) / decrease in the fair
value of derivative instruments (b) |
|
$ |
(3,279 |
) |
|
$ |
1,630 |
|
|
$ |
1,974 |
|
|
$ |
19,268 |
|
|
(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. |
|