Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 30, 2016 | Mar. 01, 2016 | |
Entity Registrant Name | FERRELLGAS PARTNERS L P | |
Entity Central Index Key | 922,358 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 98,002,665 | |
Trading Symbol | fgp | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Ferrellgas Partners Finance Corp. [Member] | ||
Entity Registrant Name | FERRELLGAS PARTNERS FINANCE CORP | |
Entity Central Index Key | 1,012,493 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Ferrellgas, L.P. [Member] | ||
Entity Registrant Name | FERRELLGAS L P | |
Entity Central Index Key | 922,359 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Ferrellgas Finance Corp. [Member] | ||
Entity Registrant Name | FERRELLGAS FINANCE CORP | |
Entity Central Index Key | 922,360 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2016 | Jul. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 6,266,000 | $ 7,652,000 |
Accounts and notes receivable, net | 192,704,000 | 196,918,000 |
Inventories | 87,739,000 | 96,754,000 |
Prepaid expenses and other current assets | 35,857,000 | 64,285,000 |
Total current assets | 322,566,000 | 365,609,000 |
Property, plant and equipment, net | 981,453,000 | 965,217,000 |
Goodwill, net | 446,333,000 | 478,747,000 |
Intangible assets, net | 551,372,000 | 580,043,000 |
Assets held for sale | 845,000 | 0 |
Other assets, net | 70,280,000 | 74,440,000 |
Total assets | 2,372,849,000 | 2,464,056,000 |
Current liabilities: | ||
Accounts payable | 78,063,000 | 83,974,000 |
Short-term borrowings | 9,071,000 | 75,319,000 |
Collateralized note payable | 77,000,000 | 70,000,000 |
Other current liabilities | 161,394,000 | 180,687,000 |
Total current liabilities | 325,528,000 | 409,980,000 |
Long-term debt | 1,960,331,000 | 1,804,392,000 |
Other liabilities | $ 33,347,000 | $ 41,975,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | $ 122,740,000 | $ 299,730,000 |
General partner | (58,829,000) | (57,042,000) |
Accumulated other comprehensive income | (12,709,000) | (38,934,000) |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | 51,202,000 | 203,754,000 |
Noncontrolling interest | 2,441,000 | 3,955,000 |
Total partners' capital (deficit) | 53,643,000 | 207,709,000 |
Total liabilities and partners' capital (deficit) | 2,372,849,000 | 2,464,056,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,000 | 1,000 |
Total assets | $ 1,000 | $ 1,000 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | $ 1,000 | $ 1,000 |
Additional paid in capital | 17,760 | 17,485 |
Accumulated deficit | (17,760) | (17,485) |
Total stockholder's equity | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 6,235,000 | 5,600,000 |
Accounts and notes receivable, net | 192,704,000 | 196,918,000 |
Inventories | 87,739,000 | 96,754,000 |
Prepaid expenses and other current assets | 35,975,000 | 64,211,000 |
Total current assets | 322,653,000 | 363,483,000 |
Property, plant and equipment, net | 981,453,000 | 965,217,000 |
Goodwill, net | 446,333,000 | 478,747,000 |
Intangible assets, net | 551,372,000 | 580,043,000 |
Assets held for sale | 845,000 | 0 |
Other assets, net | 68,628,000 | 72,472,000 |
Total assets | 2,371,284,000 | 2,459,962,000 |
Current liabilities: | ||
Accounts payable | 78,063,000 | 83,974,000 |
Short-term borrowings | 9,071,000 | 75,319,000 |
Collateralized note payable | 77,000,000 | 70,000,000 |
Other current liabilities | 155,464,000 | 176,176,000 |
Total current liabilities | 319,598,000 | 405,469,000 |
Long-term debt | 1,778,331,000 | 1,622,392,000 |
Other liabilities | $ 33,347,000 | $ 41,975,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | $ 250,276,000 | $ 425,105,000 |
General partner | 2,558,000 | 4,339,000 |
Accumulated other comprehensive income | (12,826,000) | (39,318,000) |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | 252,834,000 | 429,444,000 |
Total partners' capital (deficit) | 240,008,000 | 390,126,000 |
Total liabilities and partners' capital (deficit) | 2,371,284,000 | 2,459,962,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,100 | 1,100 |
Total assets | $ 1,100 | $ 1,100 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | $ 1,000 | $ 1,000 |
Additional paid in capital | 56,583 | 53,267 |
Accumulated deficit | (56,483) | (53,167) |
Total stockholder's equity | $ 1,100 | $ 1,100 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Accounts receivable pledged as collateral | $ 134,538 | $ 123,791 |
Intangible assets accumulated amortization | $ 421,475 | $ 375,119 |
Limited Partners' Capital Account, Units Outstanding | 98,002,665 | 100,376,789 |
General partner unitholder, units outstanding | 989,926 | 1,013,907 |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | $ 134,538 | $ 123,791 |
Intangible assets accumulated amortization | $ 421,475 | $ 375,119 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Revenues: | ||||
Propane and other gas liquids sales | $ 338,929,000 | $ 445,667,000 | $ 961,086,000 | $ 1,400,895,000 |
Midstream operations | 105,424,000 | 5,293,000 | 487,427,000 | 20,362,000 |
Other | 65,119,000 | 81,591,000 | 181,343,000 | 220,622,000 |
Total revenues | 509,472,000 | 532,551,000 | 1,629,856,000 | 1,641,879,000 |
Costs and expenses: | ||||
Cost of sales - propane and other gas liquids sales | 152,261,000 | 253,684,000 | 448,841,000 | 849,190,000 |
Cost of sales - midstream operations | 71,852,000 | 1,877,000 | 373,899,000 | 6,064,000 |
Cost of sales - other | 41,203,000 | 57,709,000 | 111,425,000 | 147,672,000 |
Operating expense | 115,271,000 | 107,504,000 | 347,467,000 | 321,146,000 |
Depreciation and amortization expense | 38,352,000 | 23,324,000 | 112,698,000 | 70,576,000 |
General and administrative expense | 13,314,000 | 10,902,000 | 42,530,000 | 45,169,000 |
Equipment lease expense | 7,244,000 | 6,347,000 | 21,554,000 | 17,674,000 |
Non-cash employee stock ownership plan compensation charge | 9,978,000 | 8,566,000 | 18,375,000 | 16,728,000 |
Goodwill impairment | 0 | 0 | 29,316,000 | 0 |
Loss on disposal of assets and other | 5,779,000 | 2,203,000 | 23,220,000 | 4,578,000 |
Operating loss | 54,218,000 | 60,435,000 | 100,531,000 | 163,082,000 |
Interest expense | (34,371,000) | (23,510,000) | (102,889,000) | (71,797,000) |
Other income, net | 331,000 | 212,000 | (89,000) | (415,000) |
Loss before income taxes | 20,178,000 | 37,137,000 | (2,447,000) | 90,870,000 |
Income tax benefit | 1,260,000 | 917,000 | 1,446,000 | 1,448,000 |
Net Earnings (Loss) | 18,918,000 | 36,220,000 | (3,893,000) | 89,422,000 |
Net earnings attributable to noncontrolling interest | 233,000 | 408,000 | 88,000 | 1,027,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | 18,685,000 | 35,812,000 | (3,981,000) | 88,395,000 |
Less: General partner's interest in net earnings | 187,000 | 358,000 | (40,000) | 884,000 |
Common unitholders' interest in net earnings | $ 18,498,000 | $ 35,454,000 | $ (3,941,000) | $ 87,511,000 |
Basic and diluted net earnings per common unitholders' interest | $ 0.19 | $ 0.43 | $ (0.04) | $ 1.06 |
Cash distributions declared per common unit | $ 0.5125 | $ 0.50 | $ 1.54 | $ 1.50 |
Ferrellgas Partners Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | $ 225 | $ 549 | $ 275 | $ 699 |
Net Earnings (Loss) | (225) | (549) | (275) | (699) |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 338,929,000 | 445,667,000 | 961,086,000 | 1,400,895,000 |
Midstream operations | 105,424,000 | 5,293,000 | 487,427,000 | 20,362,000 |
Other | 65,119,000 | 81,591,000 | 181,343,000 | 220,622,000 |
Total revenues | 509,472,000 | 532,551,000 | 1,629,856,000 | 1,641,879,000 |
Costs and expenses: | ||||
Cost of sales - propane and other gas liquids sales | 152,261,000 | 253,684,000 | 448,841,000 | 849,190,000 |
Cost of sales - midstream operations | 71,852,000 | 1,877,000 | 373,899,000 | 6,064,000 |
Cost of sales - other | 41,203,000 | 57,709,000 | 111,425,000 | 147,672,000 |
Operating expense | 115,271,000 | 107,418,000 | 347,467,000 | 321,063,000 |
Depreciation and amortization expense | 38,352,000 | 23,324,000 | 112,698,000 | 70,576,000 |
General and administrative expense | 13,214,000 | 10,902,000 | 42,032,000 | 45,169,000 |
Equipment lease expense | 7,244,000 | 6,347,000 | 21,554,000 | 17,674,000 |
Non-cash employee stock ownership plan compensation charge | 9,978,000 | 8,566,000 | 18,375,000 | 16,728,000 |
Goodwill impairment | 0 | 0 | 29,316,000 | 0 |
Loss on disposal of assets and other | 5,779,000 | 2,203,000 | 23,220,000 | 4,578,000 |
Operating loss | 54,318,000 | 60,521,000 | 101,029,000 | 163,165,000 |
Interest expense | (30,340,000) | (19,476,000) | (90,799,000) | (59,695,000) |
Other income, net | 331,000 | 212,000 | (89,000) | (415,000) |
Loss before income taxes | 24,309,000 | 41,257,000 | 10,141,000 | 103,055,000 |
Income tax benefit | 1,260,000 | 853,000 | 1,441,000 | 1,379,000 |
Net Earnings (Loss) | 23,049,000 | 40,404,000 | 8,700,000 | 101,676,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | 23,049,000 | 40,404,000 | 8,700,000 | 101,676,000 |
Ferrellgas Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 225 | 548 | 3,316 | 4,108 |
Net Earnings (Loss) | $ (225) | $ (548) | $ (3,316) | $ (4,108) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Net loss | $ 18,918 | $ 36,220 | $ (3,893) | $ 89,422 |
Other comprehensive income (loss): | ||||
Change in value of risk management derivatives | 14,681 | 7,919 | 3,561 | (51,105) |
Reclassification of derivative gains and losses to earnings | 6,138 | 10,907 | 22,931 | 17,338 |
Foreign currency translation adjustment | 0 | 0 | 0 | (2) |
Other comprehensive income (loss) | 20,819 | 18,826 | 26,492 | (33,769) |
Comprehensive income | 39,737 | 55,046 | 22,599 | 55,653 |
Less: Comprehensive income attributable to noncontrolling interest | 444 | 598 | 355 | 686 |
Comprehensive income attributable to Ferrellgas Partners, LP | 39,293 | 54,448 | 22,244 | 54,967 |
Ferrellgas, L.P. [Member] | ||||
Net loss | 23,049 | 40,404 | 8,700 | 101,676 |
Other comprehensive income (loss): | ||||
Change in value of risk management derivatives | 14,681 | 7,919 | 3,561 | (51,105) |
Reclassification of derivative gains and losses to earnings | 6,138 | 10,907 | 22,931 | 17,338 |
Foreign currency translation adjustment | 0 | 0 | 0 | (2) |
Other comprehensive income (loss) | 20,819 | 18,826 | 26,492 | (33,769) |
Comprehensive income | $ 43,868 | $ 59,230 | $ 35,192 | $ 67,907 |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Capital (Deficit) - 9 months ended Apr. 30, 2016 - USD ($) $ in Thousands | Total | Accumulated Other Comprehensive Income (Loss) | Total Ferrellgas Partners, L.P. Partners' Capital (Deficit) [Member] | Noncontrolling Interest [Member] | Common Unitholders [Member] | General Partner Unitholder [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member]Accumulated Other Comprehensive Income (Loss) | Ferrellgas, L.P. [Member]Common Unitholders [Member] | Ferrellgas, L.P. [Member]General Partner Unitholder [Member] |
Partners' capital balance (in units) at Jul. 31, 2015 | 100,376,800 | 1,014,000 | ||||||||
Partners' capital balance at Jul. 31, 2015 | $ 207,709 | $ (38,934) | $ 203,754 | $ 3,955 | $ 299,730 | $ (57,042) | $ 390,126 | $ (39,318) | $ 425,105 | $ 4,339 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 25,132 | 24,878 | 254 | 24,629 | 249 | 25,132 | 24,878 | 254 | ||
Partners' Capital Account, Acquisitions | (284) | 0 | (284) | 0 | ||||||
Distributions | (155,549) | (153,426) | (2,123) | (151,892) | (1,534) | (210,158) | (208,035) | (2,123) | ||
Partners' Capital Account, Treasury Units, Purchased | (46,432) | (46,432) | 0 | $ (45,968) | $ (464) | |||||
Partners' Capital Account, Units, Treasury Units Purchased | (2,385,800) | (24,200) | ||||||||
Partners' Capital Account, Units, Unit-based Compensation | 11,700 | 100 | ||||||||
Partners' Capital Account, Unit-based Compensation | 184 | 184 | 0 | $ 182 | $ 2 | |||||
Net loss | (3,893) | (3,981) | 88 | $ (3,941) | $ (40) | 8,700 | 8,612 | 88 | ||
Other comprehensive income (loss) | 26,492 | 26,225 | 26,225 | 267 | 26,492 | 26,492 | ||||
Partners' capital balance (in units) at Apr. 30, 2016 | 98,002,700 | 989,900 | ||||||||
Partners' capital balance at Apr. 30, 2016 | $ 53,643 | $ (12,709) | $ 51,202 | $ 2,441 | $ 122,740 | $ (58,829) | $ 240,008 | $ (12,826) | $ 250,276 | $ 2,558 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | $ (3,893,000) | $ 89,422,000 |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 112,698,000 | 70,576,000 |
Non-cash employee stock ownership plan compensation charge | 18,375,000 | 16,728,000 |
Non-cash stock-based compensation charge | 6,757,000 | 19,701,000 |
Goodwill impairment | 29,316,000 | 0 |
Loss on Disposal of Assets and Asset Impairment Charges | 23,220,000 | 4,578,000 |
Change in fair value of contingent consideration | (100,000) | (6,300,000) |
Provision for doubtful accounts | 1,974,000 | 3,194,000 |
Deferred tax expense | (124,000) | 102,000 |
Other | 3,721,000 | 2,731,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | 3,039,000 | (14,073,000) |
Inventories | 8,771,000 | 47,159,000 |
Prepaid expenses and other current assets | 21,603,000 | (17,675,000) |
Accounts payable | (5,194,000) | (15,001,000) |
Accrued interest expense | 27,758,000 | 20,045,000 |
Other current liabilities | (37,168,000) | (19,127,000) |
Other assets and liabilities | 9,329,000 | (6,996,000) |
Net cash provided by (used in) operating activities | 220,082,000 | 195,064,000 |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | (13,894,000) | (68,902,000) |
Capital expenditures | (108,387,000) | (51,321,000) |
Proceeds from sale of assets | 11,862,000 | 4,060,000 |
Other | (499,000) | 0 |
Net cash used in investing activities | (110,918,000) | (116,163,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (153,426,000) | (125,328,000) |
Proceeds from issuance of long-term debt | 159,814,000 | 107,951,000 |
Payments on long-term debt | (8,739,000) | (60,216,000) |
Net additions to (reductions in) short-term borrowings | (66,248,000) | (69,519,000) |
Net additions to collateralized short-term borrowings | 7,000,000 | 26,000,000 |
Cash paid for financing costs | (640,000) | (204,000) |
Proceeds from (Payments to) Noncontrolling Interests | (2,093,000) | (927,000) |
Payments for Repurchase of Common Stock | (46,432,000) | 0 |
Proceeds from Stock Options Exercised | 182,000 | 91,000 |
Proceeds from Issuance of Common Limited Partners Units | 0 | 41,948,000 |
Contributions from partners | 32,000 | 425,000 |
Net cash provided by (used in) financing activities | (110,550,000) | (79,779,000) |
Effect of exchange rate changes on cash | 0 | (2,000) |
Net change in cash and cash equivalents | (1,386,000) | (880,000) |
Cash and cash equivalents - beginning of period | 7,652,000 | 8,289,000 |
Cash and cash equivalents - end of period | 6,266,000 | 7,409,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (275) | (699) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Net cash provided by (used in) operating activities | (275) | (699) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 275 | 730 |
Net cash provided by (used in) financing activities | 275 | 730 |
Net change in cash | 0 | 31 |
Cash - beginning of period | 1,000 | 969 |
Cash - end of period | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | 8,700,000 | 101,676,000 |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 112,698,000 | 70,576,000 |
Non-cash employee stock ownership plan compensation charge | 18,375,000 | 16,728,000 |
Non-cash stock-based compensation charge | 6,757,000 | 19,701,000 |
Goodwill impairment | 29,316,000 | 0 |
Loss on Disposal of Assets and Asset Impairment Charges | 23,220,000 | 4,578,000 |
Change in fair value of contingent consideration | (100,000) | (6,300,000) |
Provision for doubtful accounts | 1,974,000 | 3,194,000 |
Deferred tax expense | (124,000) | 102,000 |
Other | 3,406,000 | 2,402,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | 2,755,000 | (14,073,000) |
Inventories | 8,771,000 | 47,159,000 |
Prepaid expenses and other current assets | 21,623,000 | (17,621,000) |
Accounts payable | (5,194,000) | (15,001,000) |
Accrued interest expense | 23,834,000 | 16,121,000 |
Other current liabilities | (34,845,000) | (19,128,000) |
Other assets and liabilities | 9,328,000 | (6,996,000) |
Net cash provided by (used in) operating activities | 230,494,000 | 203,118,000 |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | (13,894,000) | (68,902,000) |
Capital expenditures | (108,387,000) | (51,321,000) |
Proceeds from sale of assets | 11,862,000 | 4,060,000 |
Other | (499,000) | 0 |
Net cash used in investing activities | (110,918,000) | (116,163,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (210,158,000) | (134,535,000) |
Proceeds from issuance of long-term debt | 159,814,000 | 107,951,000 |
Payments on long-term debt | (8,739,000) | (60,216,000) |
Net additions to (reductions in) short-term borrowings | (66,248,000) | (69,519,000) |
Net additions to collateralized short-term borrowings | 7,000,000 | 26,000,000 |
Cash paid for financing costs | (640,000) | (204,000) |
Contributions from partners | 30,000 | 42,655,000 |
Capital contribution | 30,000 | 42,655,000 |
Net cash provided by (used in) financing activities | (118,941,000) | (87,868,000) |
Effect of exchange rate changes on cash | 0 | (2,000) |
Net change in cash and cash equivalents | 635,000 | (915,000) |
Cash and cash equivalents - beginning of period | 5,600,000 | 8,283,000 |
Cash and cash equivalents - end of period | 6,235,000 | 7,368,000 |
Ferrellgas Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (3,316) | (4,108) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Net cash provided by (used in) operating activities | (3,316) | (4,108) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 3,316 | 4,108 |
Net cash provided by (used in) financing activities | 3,316 | 4,108 |
Net change in cash | 0 | 0 |
Cash - beginning of period | 1,100 | 1,100 |
Cash - end of period | $ 1,100 | $ 1,100 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Payments of Stock Issuance Costs | $ 0 | $ 52 |
Payments for Repurchase of Equity | $ 34 | $ 0 |
Business combinations Business
Business combinations Business combinations | 9 Months Ended |
Apr. 30, 2016 | |
Business Combination Disclosure [Text Block] | Business combinations Ferrellgas records the assets acquired and liabilities assumed in a business combination at their acquisition date fair values. An entity is allowed a reasonable period of time (not to exceed one year) to obtain the information necessary to identify and measure the fair values of the assets acquired and liabilities assumed in a business combination. The Bridger acquisition, which occurred during the year ended July 31, 2015 and is described below, is still within this measurement period, and as a result, the acquisition date fair values Ferrellgas recorded for the assets acquired and liabilities assumed are subject to change. Ferrellgas made certain adjustments during the nine months ended April 30, 2016 to its estimates of the acquisition date fair values of the Bridger assets acquired and liabilities assumed. On June 24, 2015, Ferrellgas acquired Bridger and formed a new midstream operations - crude oil logistics segment based near Dallas, Texas. Ferrellgas paid $560.0 million of cash, net of cash acquired and issued $260.0 million of Ferrellgas Partners common units to the seller, along with $2.5 million of other seller costs and consideration for an aggregate value of $822.5 million . The purchase agreement for the Bridger acquisition contemplates post-closing payments for certain working capital items. Ferrellgas is in the process of identifying and determining the fair values of the assets acquired and liabilities assumed in this business combination, and as a result, the estimates of fair value at April 30, 2016 remain subject to change to reflect new information obtained about facts and circumstances that existed as of the acquisition date. Ferrellgas is currently determining the appropriate value of working capital acquired with the former owners of Bridger. Ferrellgas has preliminarily estimated the fair values of the assets acquired and liabilities assumed as follows: Estimated At April 30, 2016 (as adjusted) July 31, 2015 (as initially reported) Measurement period adjustments Working capital $ (7,867 ) $ 1,783 $ (9,650 ) Transportation equipment 293,491 293,491 — Injection stations and pipelines 41,632 41,632 — Goodwill 188,872 193,311 (4,439 ) Customer relationships 277,100 261,811 15,289 Non-compete agreements 10,000 14,800 (4,800 ) Trade names & trademarks 9,400 5,800 3,600 Office equipment 7,449 7,449 — Other 2,375 2,375 — Aggregate fair value of net assets acquired $ 822,452 $ 822,452 $ — Pro forma results of operations (unaudited) : The following summarized unaudited pro forma consolidated statement of earnings information assumes that the acquisition of Bridger during fiscal 2015 occurred as of August 1, 2014. These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2014 or the results that would be attained in the future. For the three months ended April 30, For the nine months ended April 30, 2015 2015 Revenue $ 614,777 $ 1,894,618 Net earnings 29,806 76,632 Net earnings per common unitholders' interest $ 0.35 $ 0.91 The unaudited pro forma consolidated data presented above has also been prepared as if the following transactions had been completed on August 1, 2014: • the issuance of senior secured notes in June 2015; • the sale of common units in June 2015 in a public offering; and • the issuance of common units to the seller in June 2015. |
Ferrellgas, L.P. [Member] | |
Business Combination Disclosure [Text Block] | Business combinations Ferrellgas, L.P. records the assets acquired and liabilities assumed in a business combination at their acquisition date fair values. An entity is allowed a reasonable period of time (not to exceed one year) to obtain the information necessary to identify and measure the fair values of the assets acquired and liabilities assumed in a business combination. The Bridger acquisition, which occurred during the year ended July 31, 2015 and is described below, is still within this measurement period, and as a result, the acquisition date fair values Ferrellgas, L.P. recorded for the assets acquired and liabilities assumed are subject to change. Ferrellgas, L.P. made certain adjustments during the nine months ended April 30, 2016 to its estimates of the acquisition date fair values of the Bridger assets acquired and liabilities assumed. On June 24, 2015, Ferrellgas Partners acquired Bridger and formed a new midstream operations - crude oil logistics segment based near Dallas, Texas. Ferrellgas paid $560.0 million of cash, net of cash acquired and issued $260.0 million of Ferrellgas Partners common units to the seller, along with $2.5 million of other seller costs and consideration for an aggregate value of $822.5 million . Ferrellgas Partners then contributed the Bridger assets and liabilities to Ferrellgas, L.P. The purchase agreement for the Bridger acquisition contemplates post-closing payments for certain working capital items. Ferrellgas, L.P. is in the process of identifying and determining the fair values of the assets acquired and liabilities assumed in this business combination, and as a result, the estimates of fair value at April 30, 2016 remain subject to change to reflect new information obtained about facts and circumstances that existed as of the acquisition date. Ferrellgas, L.P. is currently determining the appropriate value of working capital acquired with the former owners of Bridger. Ferrellgas, L.P. has preliminarily estimated the fair values of the assets acquired and liabilities assumed as follows: Estimated At April 30, 2016 July 31, 2015 (as initially reported) Measurement period adjustments Working capital $ (7,867 ) $ 1,783 $ (9,650 ) Transportation equipment 293,491 293,491 — Injection stations and pipelines 41,632 41,632 — Goodwill 188,872 193,311 (4,439 ) Customer relationships 277,100 261,811 15,289 Non-compete agreements 10,000 14,800 (4,800 ) Trade names & trademarks 9,400 5,800 3,600 Office equipment 7,449 7,449 — Other 2,375 2,375 — Aggregate fair value of net assets acquired $ 822,452 $ 822,452 $ — Pro forma results of operations (unaudited) : The following summarized unaudited pro forma consolidated statement of earnings information assumes that the acquisition of Bridger during fiscal 2015 occurred as of August 1, 2014. These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2014 or the results that would be attained in the future. For the three months ended April 30, For the nine months ended April 30, 2015 2015 Revenue $ 614,777 $ 1,894,618 Net earnings 33,990 88,886 The unaudited pro forma consolidated data presented above has also been prepared as if the following transaction had been completed on August 1, 2014: • the issuance of senior secured notes in June 2015. |
Partnership Organization And Fo
Partnership Organization And Formation | 9 Months Ended |
Apr. 30, 2016 | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed April 19, 1994, and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of April 30, 2016 , Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner"), a wholly-owned subsidiary of Ferrell Companies, has retained a 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is engaged in the following reportable business segment activities: • Propane and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of two reportable operating segments: crude oil logistics and water solutions. The crude oil logistics segment ("Bridger") primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Bridger services include transportation through its operation of a fleet of trucks, tank trailers, railcars, pipeline injection stations and a barge. Bridger primarily operates in major oil and gas basins across the continental United States. Bridger also enters into crude oil purchase and sales arrangements. The salt water disposal wells within the water solutions segment are located in the Eagle Ford shale region of south Texas and are a critical component of the oil and natural gas well drilling industry. Oil and natural gas wells generate significant volumes of salt water. In the oil and gas fields Ferrellgas services, these volumes of water are transported by truck away from the fields to salt water disposal wells where a combination of gravity and chemicals are used to separate crude oil that is residual in the salt water through a process that results in the collection of "skimming oil". This skimming oil is then captured and sold before the salt water is injected into underground geologic formations using high-pressure pumps. Due to seasonality, the results of operations for the nine months ended April 30, 2016 are not necessarily indicative of the results to be expected for a full fiscal year ending July 31, 2016. The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas' Annual Report on Form 10-K for fiscal 2015 . |
Ferrellgas Partners Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Ferrellgas, L.P. [Member] | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets, crude oil transportation and logistics services and salt water disposal wells in south Texas. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P. Ferrellgas, L.P. owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas, L.P. Ferrellgas, L.P. is engaged in the following reportable business segment activities: • Propane and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas, L.P. serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of two reportable operating segments: crude oil logistics and water solutions. The crude oil logistics segment ("Bridger") primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Bridger services include transportation through its operation of a fleet of trucks, tank trailers, railcars, pipeline injection terminals, and a barge. Bridger primarily operates in major oil and gas basins across the continental United States. Bridger also enters into crude oil purchase and sales arrangements. The salt water disposal wells within the water solutions segment are located in the Eagle Ford shale region of south Texas and are a critical component of the oil and natural gas well drilling industry. Oil and natural gas wells generate significant volumes of salt water. In the oil and gas fields Ferrellgas, L.P. services, these volumes of water are transported by truck away from the fields to salt water disposal wells where a combination of gravity and chemicals are used to separate crude oil that is residual in the salt water through a process that results in the collection of "skimming oil". This skimming oil is then captured and sold before the salt water is injected into underground geologic formations using high-pressure pumps. Due to seasonality, the results of operations for the nine months ended April 30, 2016 are not necessarily indicative of the results to be expected for a full fiscal year ending July 31, 2016. The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10-K for fiscal 2015 . |
Ferrellgas Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Apr. 30, 2016 | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, valuation methods used to value intangibles and goodwill in business combination, allowance for doubtful accounts, fair value of assets held for sale, fair value of reporting units, fair value of derivative contracts and stock based compensation calculations. (2) Goodwill: Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas has determined that it has five reporting units for goodwill impairment testing purposes. Three of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. We completed our last annual goodwill impairment test on January 31, 2016 and did not incur an impairment loss. During the three months ended April 30, 2016, Ferrellgas determined that the uncertainty surrounding the future cash flows associated with a logistics contract with its largest customer and Jamex, that customer’s crude oil supplier, constituted a triggering event for its Midstream operations - crude oil logistics business that required an update to the goodwill impairment assessment as of April 30, 2016. Additionally, during the three months ended October 31, 2015, Ferrellgas determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. See Note F – Goodwill and intangible assets, net – for further discussion of Ferrellgas' goodwill impairment assessment. (3) Assets held for sale: Assets held for sale represent tractor trucks that have met the criteria of “held for sale” accounting. During the first quarter of fiscal 2016, Ferrellgas committed to a plan to sell certain trucks held by the Midstream operations - crude oil logistics segment. These assets were reclassified from "Vehicles, including transport trailers" to Assets held for sale in the balance sheet as of October 31, 2015. Ferrellgas ceased depreciation on these assets during October 2015. Assets held for sale are recorded at the lower of the carrying amount or fair value less costs to sell. See Note D – Supplemental financial statement information – for further discussion of these held for sale assets. (4) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-06 In September 2015, the FASB issued ASU 2015-06, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments, which requires all entities to record the effects on earnings, if any, of changes in provisional amounts for items in a business combination in the same period in which the adjustment amounts are determined. The requirement to retrospectively account for the adjustments is eliminated by this amendment. ASU 2015-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. (5) Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2016 2015 CASH PAID FOR: Interest $ 71,409 $ 49,021 Income taxes $ 432 $ 333 NON-CASH INVESTING AND FINANCING ACTIVITIES: Liabilities incurred in connection with acquisitions $ 1,239 $ — Change in accruals for property, plant and equipment additions $ 1,293 $ 1,316 (6) Inventories: Inventories are stated at the lower of cost or market using weighted average cost and actual cost methods. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, valuation methods used to value intangibles and goodwill in business combinations, allowance for doubtful accounts, fair value of assets held for sale, fair value of reporting units, fair value of derivative contracts, and stock based compensation calculations. (2) Goodwill: Ferrellgas, L.P. records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas, L.P. has determined that it has five reporting units for goodwill impairment testing purposes. Three of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. We completed our last annual goodwill impairment test on January 31, 2016 and did not incur an impairment loss. During the three months ended April 30, 2016, Ferrellgas, L.P. determined that the uncertainty surrounding the future cash flows associated with a logistics contract with its largest customer and Jamex, that customer’s crude oil supplier, constituted a triggering event for its Midstream operations - crude oil logistics business that required an update to the goodwill impairment assessment as of April 30, 2016. Additionally, during the three months ended October 31, 2015, Ferrellgas, L.P. determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. See Note F – Goodwill and intangible assets, net – for further discussion of Ferrellgas, L.P.'s goodwill impairment assessment. (3) Assets held for sale: Assets held for sale represent tractor trucks that have met the criteria of “held for sale” accounting. During the first quarter of fiscal 2016, Ferrellgas, L.P. committed to a plan to sell certain trucks held by the Midstream operations - crude oil logistics segment. These assets were reclassified from "Vehicles, including transport trailers" to Assets held for sale in the balance sheet as of October 31, 2015. Ferrellgas, L.P. ceased depreciation on these assets during October 2015. Assets held for sale are recorded at the lower of the carrying amount or fair value less costs to sell. See Note D – Supplemental financial statement information – for further discussion of these held for sale assets. (4) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-06 In September 2015, the FASB issued ASU 2015-06, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments, which requires all entities to record the effects on earnings, if any, of changes in provisional amounts for items in a business combination in the same period in which the adjustment amounts are determined. The requirement to retrospectively account for the adjustments is eliminated by this amendment. ASU 2015-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2016-02 on the consolidated financial statements. (5) Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2016 2015 CASH PAID FOR: Interest $ 63,559 $ 41,172 Income taxes $ 427 $ 264 NON-CASH INVESTING AND FINANCING ACTIVITIES: Liabilities incurred in connection with acquisitions $ 1,239 $ — Change in accruals for property, plant and equipment additions $ 1,293 $ 1,316 (6) Inventories: Inventories are stated at the lower of cost or market using weighted average cost and actual cost methods. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 9 Months Ended |
Apr. 30, 2016 | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: April 30, 2016 July 31, 2015 Propane gas and related products $ 51,502 $ 68,731 Crude oil 9,871 — Appliances, parts and supplies 26,366 28,023 Inventories $ 87,739 $ 96,754 In addition to inventories on hand, Ferrellgas enters into contracts primarily to buy propane for supply procurement purposes with terms up to 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2016 , Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 92.7 million gallons of propane at fixed prices. Property, plant and equipment, net consist of the following: April 30, July 31, Estimated Useful Lives 2016 2015 Land Indefinite $ 35,220 $ 34,389 Land improvements 2-20 13,776 13,249 Building and improvements 20 72,800 71,923 Vehicles, including transport trailers 8-20 205,892 228,646 Bulk equipment and district facilities 5-30 112,283 111,657 Tanks, cylinders and customer equipment 2-30 773,022 772,904 Salt water disposal wells and related equipment 2-30 55,569 38,460 Rail cars 30 199,240 150,235 Injection stations 20 32,178 37,619 Pipeline 15 4,074 4,074 Computer and office equipment 2-5 121,813 123,386 Construction in progress n/a 22,080 16,841 1,647,947 1,603,383 Less: accumulated depreciation 666,494 638,166 Property, plant and equipment, net $ 981,453 $ 965,217 Other current liabilities consist of the following: April 30, 2016 July 31, 2015 Accrued interest $ 45,039 $ 17,281 Accrued payroll 18,354 17,485 Customer deposits and advances 21,335 28,792 Price risk management liabilities 20,077 31,450 Other 56,589 85,679 Other current liabilities $ 161,394 $ 180,687 Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Operating expense $ 42,378 $ 41,291 $ 126,946 $ 135,206 Depreciation and amortization expense 1,071 1,194 3,268 3,970 Equipment lease expense 6,470 5,900 19,385 16,479 $ 49,919 $ 48,385 $ 149,599 $ 155,655 During the three month period ended October 31, 2015, Ferrellgas committed to a plan to dispose of certain assets in its Midstream operations - crude oil logistics segment. As of October 31, 2015, this plan resulted in 69 tractor trucks sold and 136 tractor trucks reclassified from "Vehicles, including transport trailers" to Assets held for sale. The held for sale assets were recorded at the lower of carrying value or estimated fair value, less an estimate of costs to sell. The estimate of fair value included significant unobservable inputs (Level 3 fair value). Subsequent to October 31, 2015, 64 of these tractor trucks were sold, 59 were repurposed and reclassified to property, plant, and equipment as held for use within other Ferrellgas businesses, which constitutes a change in plan, and 13 tractor trucks remain classified as held for sale assets as of April 30, 2016 . Loss on disposal of assets and other during the three and nine month periods ended April 30, 2016 consists of: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Loss on assets held for sale $ — $ — $ 12,112 $ — Loss on sale of assets held for sale 896 — 1,687 — Loss on sale of assets and other 4,883 2,203 9,421 4,578 Loss on disposal of assets and other $ 5,779 $ 2,203 $ 23,220 $ 4,578 |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: April 30, 2016 July 31, 2015 Propane gas and related products $ 51,502 $ 68,731 Crude oil 9,871 — Appliances, parts and supplies 26,366 28,023 Inventories $ 87,739 $ 96,754 In addition to inventories on hand, Ferrellgas, L.P. enters into contracts primarily to buy propane for supply procurement purposes with terms up to 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2016 , Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 92.7 million gallons of propane at fixed prices. Property, plant and equipment, net consist of the following: April 30, July 31, Estimated useful lives 2016 2015 Land Indefinite $ 35,220 $ 34,389 Land improvements 2-20 13,776 13,249 Building and improvements 20 72,800 71,923 Vehicles, including transport trailers 8-20 205,892 228,646 Bulk equipment and district facilities 5-30 112,283 111,657 Tanks, cylinders and customer equipment 2-30 773,022 772,904 Salt water disposal wells and related equipment 2-30 55,569 38,460 Rail cars 30 199,240 150,235 Injection stations 20 32,178 37,619 Pipeline 15 4,074 4,074 Computer and office equipment 2-5 121,813 123,386 Construction in progress n/a 22,080 16,841 1,647,947 1,603,383 Less: accumulated depreciation 666,494 638,166 Property, plant and equipment, net $ 981,453 $ 965,217 Other current liabilities consist of the following: April 30, 2016 July 31, 2015 Accrued interest $ 39,109 $ 15,275 Accrued payroll 18,354 17,485 Customer deposits and advances 21,335 28,792 Price risk management liabilities 20,077 31,450 Other 56,589 83,174 Other current liabilities $ 155,464 $ 176,176 Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Operating expense $ 42,378 $ 41,291 $ 126,946 $ 135,206 Depreciation and amortization expense 1,071 1,194 3,268 3,970 Equipment lease expense 6,470 5,900 19,385 16,479 $ 49,919 $ 48,385 $ 149,599 $ 155,655 During the three month period ended October 31, 2015, Ferrellgas, L.P. committed to a plan to dispose of certain assets in its Midstream operations - crude oil logistics segment. As of October 31, 2015, this plan resulted in 69 tractor trucks sold and 136 tractor trucks reclassified from "Vehicles, including transport trailers" to Assets held for sale. The held for sale assets were recorded at the lower of carrying value or estimated fair value, less an estimate of costs to sell. The estimate of fair value included significant unobservable inputs (Level 3 fair value). Subsequent to October 31, 2015, 64 of these tractor trailers were sold, 59 were repurposed and reclassified to property, plant, and equipment as held for use within other Ferrellgas businesses, which constitutes a change in plan, and 13 tractor trucks remain classified as held for sale as of April 30, 2016 . Loss on disposal of assets and other during the three and nine month periods ended April 30, 2016 consists of: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Loss on assets held for sale $ — $ — $ 12,112 $ — Loss on sale of assets held for sale 896 — 1,687 — Loss on sale of assets and other 4,883 2,203 9,421 4,578 Loss on disposal of assets and other $ 5,779 $ 2,203 $ 23,220 $ 4,578 |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 9 Months Ended |
Apr. 30, 2016 | |
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: April 30, 2016 July 31, 2015 Accounts receivable pledged as collateral $ 134,538 $ 123,791 Accounts receivable 64,359 77,636 Other 382 307 Less: Allowance for doubtful accounts (6,575 ) (4,816 ) Accounts and notes receivable, net $ 192,704 $ 196,918 At April 30, 2016 , $134.5 million of trade accounts receivable were pledged as collateral against $77.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2015 , $ 123.8 million of trade accounts receivable were pledged as collateral against $70.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from the operating partnership. The operating partnership does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of April 30, 2016 , the operating partnership had received cash proceeds of $77.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2015 , the operating partnership had received cash proceeds of $70.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 2.9% and 2.3% as of April 30, 2016 and July 31, 2015 , respectively. |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: April 30, 2016 July 31, 2015 Accounts receivable pledged as collateral $ 134,538 $ 123,791 Accounts receivable 64,359 77,636 Other 382 307 Less: Allowance for doubtful accounts (6,575 ) (4,816 ) Accounts and notes receivable, net $ 192,704 $ 196,918 At April 30, 2016 , $134.5 million of trade accounts receivable were pledged as collateral against $77.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2015 , $123.8 million of trade accounts receivable were pledged as collateral against $70.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of April 30, 2016 , Ferrellgas, L.P. had received cash proceeds of $77.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2015 , Ferrellgas, L.P. had received cash proceeds of $70.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 2.9% and 2.3% as of April 30, 2016 and July 31, 2015 , respectively. |
Goodwill and intangibles Goodwi
Goodwill and intangibles Goodwill and intangibles | 9 Months Ended |
Apr. 30, 2016 | |
Goodwill [Line Items] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and intangible assets, net Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas tests goodwill for impairment annually during the second quarter or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. During the nine months ended April 30, 2016, approximately 60% of Midstream Operations - Crude oil logistics' segment gross margin was generated from its largest customer and Jamex, that customer's crude oil supplier, under a take-or-pay arrangement (the “contract”). Under the terms of the take-or-pay arrangement, Jamex is responsible for payments to Ferrellgas and also for sourcing crude oil volumes for that customer. Ferrellgas believes Jamex may not have financial resources sufficient to satisfy its payment obligations to Ferrellgas through June 2019, the remaining term of this agreement. If current market conditions persist, Ferrellgas also believes Jamex may not be able to fulfill its crude oil sourcing volume commitments to Ferrellgas’ customer throughout the remaining term of this agreement, which could cause a termination of the transportation and logistics agreement Ferrellgas has with that customer. Ferrellgas is currently negotiating alternative contractual arrangements to mitigate this risk. If Ferrellgas’ transportation and logistics agreement with that customer were to terminate and Ferrellgas was unable to negotiate an economically similar replacement agreement with that customer, Ferrellgas would likely experience a decrease in sales, gross margin and net income from crude oil logistics operations which would materially and adversely affect the results of operations and cash flows generated by the segment. As a result of the uncertainty surrounding the future cash flows associated with this contract, Ferrellgas considered whether the fair value of this reporting unit no longer exceeded the carrying value. Upon applying the fair-value-based test as described above for purposes of the interim impairment test, Ferrellgas concluded that there was no impairment of the Midstream operations - crude oil logistics reporting unit as of April 30, 2016. As of April 30, 2016, Ferrellgas determined that this reporting unit had an estimated fair value in excess of its respective carrying value of approximately 10%. This test primarily consists of using discounted future cash flow models to estimate fair value. Ferrellgas prepared various cash flow models involving certain potential scenarios and probability weighted these scenarios which included the following critical assumptions: (1) renewal of certain significant, long term logistics contracts upon their expiration; (2) the economic conditions present in the oil and gas sector at the time of these contract renewals; (3) the timing, success rate and capital required for certain organic growth projects; (4) the amount of capital expenditures required to maintain the existing cash flows; and (5) a terminal period growth rate equal to the expected rate of inflation. In addition to these critical cash flow assumptions, a discount rate of 11.3% was applied to the various projected cash flow models. Judgments and assumptions are inherent in management’s estimates used to determine the fair value of Ferrellgas' reporting units and are consistent with what management believes would be utilized by primary market participants. Additionally, during the three months ended October 31, 2015, Ferrellgas determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. The first step of this test primarily consists of a discounted future cash flow model to predict fair value. The result of this first step is based on the following critical assumptions: (1) the NYMEX West Texas Intermediate (“WTI”) crude oil curve was used to estimate future oil prices; (2) the oil skimming rate was expected to increase or decrease consistent with the projected increases/decreases in the NYMEX WTI crude oil curve consistent with past history; and (3) certain organic growth projects were projected to increase the salt water volumes processed as new drilling activity increases associated with the projected NYMEX WTI crude oil curve. As noted in our discussion of this reporting unit in Ferrellgas' Annual Report on Form 10-K for the year ended July 31, 2015, Ferrellgas believes that the results of this business are closely tied to the price of WTI crude oil. The daily average closing price for WTI crude oil for the three months ended July 31, 2015 of $56.63 decreased 20.7% to $44.90 during the three months ended October 31, 2015. Additionally, the projected NYMEX WTI crude oil curve decreased approximately 6.5% from August 31, 2015 to October 31, 2015. These events have led to an overall decline in drilling activity and volumes in the Eagle Ford shale region of Texas. These market changes, in addition to previous declines noted during fiscal year 2015, negatively affected Ferrellgas' current period results and future projections sufficiently to indicate that the fair value of the reporting unit likely no longer exceeded its carrying value. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. As of October 31, 2015, Ferrellgas performed the first step of the goodwill impairment test for the Midstream operations - water solutions reporting unit and determined that the carrying value of the reporting unit exceeded the fair value. Ferrellgas then completed the second step of the goodwill impairment analysis comparing the implied fair value of the reporting unit to the carrying amount of goodwill and determined that goodwill was completely impaired and has written off the entire $29.3 million of goodwill related to this reporting unit. Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance at July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 Acquisitions — — 1,356 1,356 Measurement period adjustments — — (4,439 ) (4,439 ) Dispositions (15 ) — — (15 ) Impairment — (29,316 ) — (29,316 ) Balance at April 30, 2016 $ 256,105 $ — $ 190,228 $ 446,333 |
Ferrellgas, L.P. [Member] | |
Goodwill [Line Items] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and intangible assets, net Ferrellgas, L.P. records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas, L.P. tests goodwill for impairment annually during the second quarter or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. During the nine months ended April 30, 2016, approximately 60% of Midstream Operations - Crude oil logistics' segment gross margin was generated from its largest customer and Jamex, that customer's crude oil supplier, under a take-or-pay arrangement (the “contract”). Under the terms of the take-or-pay arrangement, Jamex is responsible for payments to Ferrellgas, L.P. and also for sourcing crude oil volumes for that customer. Ferrellgas, L.P. believes Jamex may not have financial resources sufficient to satisfy its payment obligations to Ferrellgas, L.P. through June 2019, the remaining term of this agreement. If current market conditions persist, Ferrellgas, L.P. also believes Jamex may not be able to fulfill its crude oil sourcing volume commitments to Ferrellgas, L.P.’s customer throughout the remaining term of this agreement, which could cause a termination of the transportation and logistics agreement Ferrellgas, L.P. has with that customer. Ferrellgas, L.P. is currently negotiating alternative contractual arrangements to mitigate this risk. If Ferrellgas, L.P.’s transportation and logistics agreement with that customer were to terminate and Ferrellgas, L.P. was unable to negotiate an economically similar replacement agreement with that customer, Ferrellgas, L.P. would likely experience a decrease in sales, gross margin and net income from crude oil logistics operations which would materially and adversely affect the results of operations and cash flows generated by the segment. As a result of the uncertainty surrounding the future cash flows associated with this contract, Ferrellgas, L.P. considered whether the fair value of this reporting unit no longer exceeded the carrying value. Upon applying the fair-value-based test as described above for purposes of the interim impairment test, Ferrellgas, L.P. concluded that there was no impairment of the Midstream operations - crude oil logistics reporting unit as of April 30, 2016. As of April 30, 2016, Ferrellgas, L.P. determined that this reporting unit had an estimated fair value in excess of its respective carrying value of approximately 10%. This test primarily consists of using discounted future cash flow models to estimate fair value. Ferrellgas, L.P. prepared various cash flow models involving certain potential scenarios and probability weighted these scenarios which included the following critical assumptions: (1) renewal of certain significant, long term logistics contracts upon their expiration; (2) the economic conditions present in the oil and gas sector at the time of these contract renewals; (3) the timing, success rate and capital required for certain organic growth projects; (4) the amount of capital expenditures required to maintain the existing cash flows; and (5) a terminal period growth rate equal to the expected rate of inflation. In addition to these critical cash flow assumptions, a discount rate of 11.3% was applied to the various projected cash flow models. Judgments and assumptions are inherent in management’s estimates used to determine the fair value of Ferrellgas, L.P.'s reporting units and are consistent with what management believes would be utilized by primary market participants. Additionally, during the three months ended October 31, 2015 , Ferrellgas, L.P. determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015 . The first step of this test primarily consists of a discounted future cash flow model to predict fair value. The result of this first step is based on the following critical assumptions: (1) the NYMEX West Texas Intermediate (“WTI”) crude oil curve was used to estimate future oil prices; (2) the oil skimming rate was expected to increase or decrease consistent with the projected increases/decreases in the NYMEX WTI crude oil curve consistent with past history; and (3) certain organic growth projects were projected to increase the salt water volumes processed as new drilling activity increases associated with the projected NYMEX WTI crude oil curve. As noted in our discussion of this reporting unit in Ferrellgas, L.P.'s Annual Report on Form 10-K for the year ended July 31, 2015, Ferrellgas, L.P. believes that the results of this business are closely tied to the price of WTI crude oil. The daily average closing price for WTI crude oil for the three months ended July 31, 2015 of $56.63 decreased 20.7% to $44.90 during the three months ended October 31, 2015. Additionally, the projected NYMEX WTI crude oil curve decreased approximately 6.5% from August 31, 2015 to October 31, 2015. These events have led to an overall decline in drilling activity and volumes in the Eagle Ford shale region of Texas. These market changes negatively affected Ferrellgas, L.P.'s current period results and future projections sufficiently to indicate that the fair value of the reporting unit likely no longer exceeded its carrying value. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. As of October 31, 2015, Ferrellgas, L.P. performed the first step of the goodwill impairment test for the Midstream operations - water solutions reporting unit and determined that the carrying value of the reporting unit exceeded the fair value. Ferrellgas, L.P. then completed the second step of the goodwill impairment analysis comparing the implied fair value of the reporting unit to the carrying amount of goodwill and determined that goodwill was completely impaired and has written off the entire $29.3 million of goodwill related to this reporting unit. Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance at July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 Acquisitions — — 1,356 1,356 Measurement period adjustments — — (4,439 ) (4,439 ) Dispositions (15 ) — — (15 ) Impairment — (29,316 ) — (29,316 ) Balance at April 30, 2016 $ 256,105 $ — $ 190,228 $ 446,333 |
Debt
Debt | 9 Months Ended |
Apr. 30, 2016 | |
Debt | Debt Short-term borrowings Ferrellgas classified a portion of its secured credit facility borrowings as short-term because it was used to fund working capital needs that management had intended to pay down within the 12 month period following each balance sheet date. As of April 30, 2016 and July 31, 2015 , $9.1 million and $75.3 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Secured credit facility As of April 30, 2016 , Ferrellgas had total borrowings outstanding under its secured credit facility of $299.0 million , of which $289.9 million was classified as long-term debt. As of July 31, 2015 , Ferrellgas had total borrowings outstanding under its secured credit facility of $211.4 million , of which $136.1 million was classified as long-term debt. Borrowings outstanding at April 30, 2016 and July 31, 2015 under the secured credit facility had weighted average interest rates of 3.6% and 3.5% , respectively. The obligations under this credit facility are secured by substantially all assets of Ferrellgas, the general partner and certain subsidiaries of Ferrellgas but specifically excluding (a) assets that are subject to Ferrellgas’ accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interest in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of Ferrellgas. Letters of credit outstanding at April 30, 2016 totaled $69.5 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2015 totaled $61.2 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. At April 30, 2016 , Ferrellgas had remaining letter of credit capacity of $130.5 million . At July 31, 2015 , Ferrellgas had remaining letter of credit capacity of $138.8 million . |
Ferrellgas, L.P. [Member] | |
Debt | Debt Short-term borrowings Ferrellgas, L.P. classified a portion of its secured credit facility borrowings as short-term because it was used to fund working capital needs that management had intended to pay down within the 12 month period following each balance sheet date. As of April 30, 2016 and July 31, 2015 , $9.1 million and $75.3 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Secured credit facility As of April 30, 2016 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $299.0 million , of which $289.9 million was classified as long-term debt. As of July 31, 2015 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $211.4 million , of which $136.1 million was classified as long-term debt. Borrowings outstanding at April 30, 2016 and July 31, 2015 under the secured credit facility had weighted average interest rates of 3.6% and 3.5% , respectively. The obligations under this credit facility are secured by substantially all assets of Ferrellgas, L.P., the general partner and certain subsidiaries of Ferrellgas, L.P. but specifically excluding (a) assets that are subject to Ferrellgas, L.P.’s accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interest in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of Ferrellgas, L.P. Letters of credit outstanding at April 30, 2016 totaled $69.5 million and were used primarily to secure insurance arrangements and to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2015 totaled $61.2 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. At April 30, 2016 , Ferrellgas, L.P. had remaining letter of credit capacity of $130.5 million . At July 31, 2015 Ferrellgas, L.P. had remaining letter of credit capacity of $138.8 million . |
Partners' Capital
Partners' Capital | 9 Months Ended |
Apr. 30, 2016 | |
Partners' Capital | Partners' capital As of April 30, 2016 and July 31, 2015 , limited partner units were beneficially owned by the following: April 30, 2016 July 31, 2015 Public common unitholders (1) 65,691,492 63,294,168 Ferrell Companies (2) 22,529,361 22,529,361 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) (7) 4,763,475 4,763,475 James H. Ballengee (6) (7) 4,771,447 9,542,895 (1) These common units are listed on the New York Stock Exchange under the symbol “FGP.” (2) Ferrell Companies is the owner of the general partner and is an approximate 23.0% direct owner of Ferrellgas Partners' common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies' beneficial ownership to 23.2% at April 30, 2016 . (3) FCI Trading is an affiliate of the general partner and thus a related party. (4) Ferrell Propane is controlled by the general partner and thus a related party. (5) James E. Ferrell is the Chairman of the Board of Directors of the general partner and thus a related party. JEF Capital Management owns 4,758,859 of these common units and is wholly-owned by the James E. Ferrell Revocable Trust Two for which James E. Ferrell is the trustee and sole beneficiary. The remaining 4,616 common units are held by Ferrell Resources Holding, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. (6) Jamex Marketing, LLC, is the unitholder of record of these common units, with whom Bridger regularly conducts business in their normal operations. (7) Beneficially owned limited partner units are based on the most recent Schedule 13G, Schedule 13D, or Section 16 SEC filing, or information provided by the beneficial owner. Partnership distributions paid Ferrellgas Partners has paid the following distributions: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Public common unitholders $ 32,792 $ 27,791 $ 97,673 $ 83,370 Ferrell Companies 11,546 11,265 34,638 33,795 FCI Trading Corp. 100 98 300 294 Ferrell Propane, Inc. 26 26 78 78 James E. Ferrell 2,441 2,179 7,323 6,537 James H. Ballengee 3,321 — 11,880 — General partner 507 418 1,534 1,254 $ 50,733 $ 41,777 $ 153,426 $ 125,328 On May 24, 2016 , Ferrellgas Partners declared a cash distribution of $0.5125 per common unit for the three months ended April 30, 2016 , which is expected to be paid on June 14, 2016 . Included in this cash distribution are the following amounts to be paid to related parties: Ferrell Companies $ 11,546 FCI Trading Corp. 100 Ferrell Propane, Inc. 26 James E. Ferrell (1) 2,441 James H. Ballengee (1) 2,445 General partner 507 (1) Beneficially owned limited partner units are based on the most recent Schedule 13G, Schedule 13D or Section 16 SEC filing, or information provided by the beneficial owner. See additional discussions about transactions with related parties in Note K – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note J – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2016 and 2015 . General partner’s commitment to maintain its capital account Ferrellgas’ partnership agreements allow the general partner to have an option to maintain its effective 2% general partner interest concurrent with the issuance of other additional equity. During the nine months ended April 30, 2016 , the general partner made non-cash contributions of $0.5 million to Ferrellgas to maintain its effective 2% general partner interest. During the nine months ended April 30, 2015 , the general partner made cash contributions of $0.9 million and non-cash contributions of $0.7 million to Ferrellgas to maintain its effective 2% general partner interest. |
Ferrellgas, L.P. [Member] | |
Partners' Capital | Partners’ capital Partnership distributions paid Ferrellgas, L.P. has paid the following distributions: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Ferrellgas Partners $ 50,733 $ 41,777 $ 208,035 $ 133,177 General partner 518 426 2,123 1,358 $ 51,251 $ 42,203 $ 210,158 $ 134,535 On May 24, 2016 , Ferrellgas, L.P. declared distributions for the three months ended April 30, 2016 to Ferrellgas Partners and the general partner of $58.8 million and $0.6 million , respectively, which are expected to be paid on June 14, 2016 . See additional discussions about transactions with related parties in Note K – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note J – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2016 and 2015 . General partner’s commitment to maintain its capital account Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest concurrent with the issuance of other additional equity. During the nine months ended April 30, 2016 , the general partner made non-cash contributions of $0.3 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During the nine months ended April 30, 2015 , the general partner made cash contributions of $0.4 million and non-cash contributions of $0.4 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2016 | |
Fair Value Measurements | Fair value measurements Derivative financial instruments and contingent consideration The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2016 and July 31, 2015 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total April 30, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 4,582 $ — $ 4,582 Commodity derivatives $ — $ 6,344 $ — $ 6,344 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,856 ) $ — $ (3,856 ) Commodity derivatives $ — $ (20,818 ) $ — $ (20,818 ) July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended April 30, 2016 : Contingent consideration liability Balance at July 31, 2015 $ 100 Increase in fair value related to accretion — Change in fair value included in earnings (100 ) Balance at April 30, 2016 $ — Methodology The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair value of the trucks classified as assets held for sale represents Ferrellgas' estimate of expected sales price less costs to sell. The fair value measurements used to determine this value of the assets held for sale were based on a market approach utilizing prices from prior transactions and third party pricing information. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At April 30, 2016 and July 31, 2015 , the estimated fair value of Ferrellgas’ long-term debt instruments was $1,873.2 million and $1,889.8 million , respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Ferrellgas, L.P. [Member] | |
Fair Value Measurements | Fair value measurements Derivative financial instruments and contingent consideration The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2016 and July 31, 2015 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total April 30, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 4,582 $ — $ 4,582 Commodity derivatives $ — $ 6,344 $ — $ 6,344 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,856 ) $ — $ (3,856 ) Commodity derivatives $ — $ (20,818 ) $ — $ (20,818 ) July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended April 30, 2016 : Contingent consideration liability Balance at July 31, 2015 $ 100 Increase in fair value related to accretion — Change in fair value included in earnings (100 ) Balance at April 30, 2016 $ — Methodology The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair value of the trucks classified as assets held for sale represents Ferrellgas, L.P.'s estimate of expected sales price less costs to sell. The fair value measurements used to determine this value of the assets held for sale were based on a market approach utilizing prices from prior transactions and third party pricing information. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At April 30, 2016 and July 31, 2015 , the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,694.8 million and $1,700.5 million , respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas, L.P. has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Apr. 30, 2016 | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. All other commodity derivative instruments do not qualify or are not designated as cash flow hedges, therefore, the change in their fair value are recorded currently in earnings. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the nine months ended April 30, 2016 , Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. During the nine months ended April 30, 2015 , Ferrellgas recognized a $0.2 million loss related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2016 and July 31, 2015 : April 30, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 2,058 Other current liabilities $ 11,441 Commodity derivatives-propane Other assets, net 2,926 Other liabilities 2,301 Interest rate swap agreements Prepaid expenses and other current assets 1,676 Other current liabilities 2,315 Interest rate swap agreements Other assets, net 2,906 Other liabilities 1,541 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,249 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 755 Commodity derivatives- crude oil Prepaid expenses and other current assets 1,360 Other current liabilities 3,072 Total $ 10,926 Total $ 24,674 July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives-propane Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 Ferrellgas' exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. The following tables provide a summary of cash margin deposit balances as of April 30, 2016 and July 31, 2015 , respectively: April 30, 2016 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 8,100 Other current liabilities $ — Other assets, net 2,992 Other liabilities — $ 11,092 $ — July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three and nine months ended April 30, 2016 and 2015 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 433 $ 601 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 1,477 $ 1,408 $ (6,825 ) $ (6,825 ) The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income for the three and nine months ended April 30, 2016 and 2015 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 14,998 Cost of sales-propane and other gas liquids sales $ (5,467 ) $ — Interest rate swap agreements (317 ) Interest expense (671 ) — $ 14,681 $ (6,138 ) $ — For the three months ended April 30, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 7,813 Cost of sales-propane and other gas liquids sales $ (10,907 ) $ — Interest rate swap agreements 106 Interest expense — — $ 7,919 $ (10,907 ) $ — For the nine months ended April 30, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 5,823 Cost of sales-propane and other gas liquids sales $ (20,729 ) $ — Interest rate swap agreements (2,262 ) Interest expense (2,202 ) — $ 3,561 $ (22,931 ) $ — For the nine months ended April 30, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (47,855 ) Cost of sales-propane and other gas liquids sales $ (17,139 ) $ — Interest rate swap agreements (3,250 ) Interest expense — (199 ) $ (51,105 ) $ (17,139 ) $ (199 ) The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three and nine months ended April 30, 2016 and 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 487 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 955 Operating expense For the nine months ended April 30, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,532 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (3,779 ) Operating expense For the three months ended April 30, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ 1,609 Operating expense For the nine months ended April 30, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ 1,609 Operating expense The changes in derivatives included in AOCI for the nine months ended April 30, 2016 and 2015 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2016 2015 Beginning balance $ (38,906 ) $ 6,483 Change in value of risk management commodity derivatives 5,823 (47,855 ) Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 20,729 17,139 Change in value of risk management interest rate derivatives (2,262 ) (3,250 ) Reclassification of gains and losses on interest rate hedges to interest expense 2,202 199 Ending balance $ (12,414 ) $ (27,284 ) Ferrellgas expects to reclassify net losses related to the risk management commodity derivatives of approximately $9.4 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sales exception. During the nine months ended April 30, 2016 and 2015 , Ferrellgas had no reclassifications to earnings resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of April 30, 2016 , Ferrellgas had financial derivative contracts covering 3.1 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. As of April 30, 2016 , Ferrellgas had financial derivative contracts covering 0.2 million barrels of diesel and 35 thousand barrels of unleaded gasoline related to fuel hedges in transportation of propane. As of April 30, 2016 , Ferrellgas had financial derivative contracts covering 0.5 million barrels of crude oil related to the hedging of crude oil line fill and inventory. Derivative financial instruments credit risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduce its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parental guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at April 30, 2016 , the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas would incur is zero . Ferrellgas holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon the Ferrellgas' debt rating. As of April 30, 2016 , a downgrade in Ferrellgas' debt rating could trigger a reduction in credit limit and would result in an additional collateral requirement of zero . There were no derivatives with credit-risk-related contingent features in a liability position on April 30, 2016 and Ferrellgas had posted no collateral in the normal course of business related to such derivatives. |
Ferrellgas, L.P. [Member] | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. All other commodity derivative instruments do not qualify or are not designated as cash flow hedges, therefore, the change in their fair value are recorded currently in earnings. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activities During the nine months ended April 30, 2016 Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. During the nine months ended April 30, 2015 , Ferrellgas, L.P. recognized a $0.2 million loss related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of April 30, 2016 and July 31, 2015 : April 30, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 2,058 Other current liabilities $ 11,441 Commodity derivatives-propane Other assets, net 2,926 Other liabilities 2,301 Interest rate swap agreements Prepaid expenses and other current assets 1,676 Other current liabilities 2,315 Interest rate swap agreements Other assets, net 2,906 Other liabilities 1,541 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,249 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 755 Commodity derivatives- crude oil Prepaid expenses and other current assets 1,360 Other current liabilities 3,072 Total $ 10,926 Total $ 24,674 July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives - vehicle fuel Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives - vehicle fuel Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 Ferrellgas, L.P.'s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. The following tables provide a summary of cash margin deposit balances as of April 30, 2016 and July 31, 2015 , respectively: April 30, 2016 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 8,100 Other current liabilities $ — Other assets, net 2,992 Other liabilities — $ 11,092 $ — July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of earnings for the three and nine months ended April 30, 2016 and 2015 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 433 $ 601 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 1,477 $ 1,408 $ (6,825 ) $ (6,825 ) The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income for the three and nine months ended April 30, 2016 and 2015 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 14,998 Cost of sales-propane and other gas liquids sales $ (5,467 ) $ — Interest rate swap agreements (317 ) Interest expense (671 ) — $ 14,681 $ (6,138 ) $ — For the three months ended April 30, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 7,813 Cost of sales-propane and other gas liquids sales $ (10,907 ) $ — Interest rate swap agreements 106 Interest expense — — $ 7,919 $ (10,907 ) $ — For the nine months ended April 30, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 5,823 Cost of sales-propane and other gas liquids sales $ (20,729 ) $ — Interest rate swap agreements (2,262 ) Interest expense (2,202 ) — $ 3,561 $ (22,931 ) $ — For the nine months ended April 30, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ (47,855 ) Cost of sales-propane and other gas liquids sales $ (17,139 ) $ — Interest rate swap agreements (3,250 ) Interest expense — (199 ) $ (51,105 ) $ (17,139 ) $ (199 ) The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of earnings for the three and nine months ended April 30, 2016 and 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 487 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 955 Operating expense For the nine months ended April 30, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,532 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (3,779 ) Operating expense For the three months ended April 30, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ 1,609 Operating expense For the nine months ended April 30, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ 1,609 Operating expense The changes in derivatives included in AOCI for the nine months ended April 30, 2016 and 2015 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2016 2015 Beginning balance $ (38,906 ) $ 6,483 Change in value of risk management commodity derivatives 5,823 (47,855 ) Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 20,729 17,139 Change in value of risk management interest rate derivatives (2,262 ) (3,250 ) Reclassification of gains and losses on interest rate hedges to interest expense 2,202 199 Ending balance $ (12,414 ) $ (27,284 ) Ferrellgas, L.P. expects to reclassify net losses related to the risk management commodity derivatives of approximately $9.4 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sales exception. During the nine months ended April 30, 2016 and 2015 , Ferrellgas, L.P. had no reclassifications to earnings resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of April 30, 2016 , Ferrellgas, L.P. had financial derivative contracts covering 3.1 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. As of April 30, 2016 , Ferrellgas, L.P. had financial derivative contracts covering 0.2 million barrels of diesel and 35 thousand barrels of unleaded gasoline related to fuel hedges in transportation of propane. As of April 30, 2016 , Ferrellgas, L.P. financial derivative contracts covering 0.5 million barrels of crude oil related to the hedging of crude oil line fill and inventory. Derivative financial instruments credit risk Ferrellgas, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parental guarantees or cash. Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at April 30, 2016 , the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas, L.P. would incur is zero . Ferrellgas, L.P. holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.’s debt rating. As of April 30, 2016 , a downgrade in Ferrellgas, L.P.'s debt rating could trigger a reduction in credit limit and would result in an additional collateral requirement of zero . There were no derivatives with credit-risk-related contingent features in a liability position on April 30, 2016 and Ferrellgas, L.P. had posted no collateral in the normal course of business related to such derivatives. |
Transactions With Related Parti
Transactions With Related Parties | 9 Months Ended |
Apr. 30, 2016 | |
Transactions With Related Parties | Transactions with related parties Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of earnings as follows: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Operating expense $ 59,907 $ 53,155 $ 174,943 $ 163,417 General and administrative expense $ 7,957 $ 5,394 $ 22,297 $ 20,059 In connection with the closing of the Bridger acquisition, Ferrellgas issued common units to Bridger Marketing, LLC (now known as Jamex Marketing, LLC) and entered into a ten-year transportation and logistics agreement (the "TLA") with Jamex Marketing, LLC. As of April 30, 2016 , Jamex Marketing, LLC owned 4.9% (1) of Ferrellgas Partners' limited partners' interest. Jamex Marketing, LLC, in connection with the TLA, enters into transactions with the operating partnership and its subsidiaries. Bridger provides crude oil logistics services for Jamex Marketing, LLC, including the transportation and storage of crude oil by truck, terminal and pipeline. During the three and nine months ended April 30, 2016 , Ferrellgas' total revenues from these transactions were $26.6 million and $36.7 million , respectively. During the three and nine months ended April 30, 2016 , Ferrellgas' total cost of sales from these transactions were $1.4 million and $3.0 million , respectively. There was no activity for the three and nine months ended April 30, 2015 . The amounts due from and due to Jamex Marketing, LLC at April 30, 2016 , were $19.4 million and $0.8 million , respectively. The amounts due from and due to Jamex Marketing, LLC at July 31, 2015, were $4.8 million and $4.2 million , respectively. On November 13, 2015, Ferrellgas Partners, L.P repurchased approximately 2.4 million common units from Jamex Marketing, LLC, for approximately $45.9 million . During the three months ended April 30, 2016, Jamex Marketing, LLC sold approximately 2.4 million units in the open market, bringing their unit ownership to 4.8 million units as of April 30, 2016 (1). See additional discussions about transactions with the general partner and related parties in Note H – Partners’ capital. (1) Beneficially owned limited partner units are based on the most recent Schedule 13G, Schedule 13D, Schedule 16 SEC filing, or information provided by the beneficial owner. |
Ferrellgas, L.P. [Member] | |
Transactions With Related Parties | Transactions with related parties Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.’s partnership agreement, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas, L.P. and all other necessary or appropriate expenses allocable to Ferrellgas, L.P. or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas, L.P.’s business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of earnings as follows: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Operating expense $ 59,907 $ 53,155 $ 174,943 $ 163,417 General and administrative expense $ 7,957 $ 5,394 $ 22,297 $ 20,059 In connection with the closing of the Bridger acquisition, Ferrellgas Partners, L.P. issued common units to Bridger Marketing, LLC (now known as Jamex Marketing, LLC) and Ferrellgas, L.P. entered into a ten-year transportation and logistics agreement (the "TLA") with Jamex Marketing, LLC. As a result of that issuance, As of April 30, 2016 , Jamex Marketing, LLC owned 4.9% (1) of Ferrellgas Partners' limited partners' interest. Jamex Marketing, LLC, in connection with the TLA, enters into transactions with Ferrellgas, L.P. and its subsidiaries. Bridger provides crude oil logistics services for Jamex Marketing, LLC, including the transportation and storage of crude oil by truck, terminal and pipeline. During the three and nine months ended April 30, 2016 , Ferrellgas L.P.'s total revenues from these transactions were $26.6 million and $36.7 million , respectively. During the three and nine months ended April 30, 2016 , Ferrellgas L.P.'s total cost of sales from these transactions were $1.4 million and $3.0 million , respectively. There was no activity for the three and nine months ended April 30, 2015 . The amounts due from and due to Jamex Marketing, LLC at April 30, 2016 , were $19.4 million and $0.8 million , respectively. The amounts due from and due to Jamex Marketing, LLC at July 31, 2015, were $4.8 million and $4.2 million , respectively. On November 13, 2015, Ferrellgas Partners repurchased approximately 2.4 million common units from Jamex Marketing, LLC, for approximately $45.9 million . During the three months ended April 30, 2016, Jamex Marketing, LLC sold approximately 2.4 million units in the open market, bringing their unit ownership to 4.8 million units as of April 30, 2016 (1). See additional discussions about transactions with the general partner and related parties in Note H – Partners’ capital. (1) Beneficially owned limited partner units are based on the most recent Schedule 13G, Schedule 13D, Schedule 16 SEC filing, or information provided by the beneficial owner. |
Contingencies And Commitments
Contingencies And Commitments | 9 Months Ended |
Apr. 30, 2016 | |
Contingencies And Commitments | Contingencies and commitments Litigation Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas. Ferrellgas has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Court has dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs have filed an appeal, which is pending. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. In addition, putative class action cases have been filed in California relating to residual propane remaining in the tank after use. Ferrellgas has prevailed at the trial court on a motion to dismiss those claims. It is uncertain whether plaintiffs will appeal; Ferrellgas intends to vigorously defend any such appeal. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. |
Ferrellgas Partners Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for the Partnership's $182.0 million , 8.625% senior notes due 2020 . |
Ferrellgas, L.P. [Member] | |
Contingencies And Commitments | Contingencies and commitments Litigation Ferrellgas L.P.’s operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas L.P. can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas L.P. is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas L.P. Ferrellgas L.P. has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits allege that Ferrellgas L.P. and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Court has dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs have filed an appeal, which is pending. Ferrellgas L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. In addition, putative class action cases have been filed in California relating to residual propane remaining in the tank after use. Ferrellgas L.P. has prevailed at the trial court on a motion to dismiss those claims. It is uncertain whether plaintiffs will appeal; Ferrellgas L.P. intends to vigorously defend any such appeal. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. |
Ferrellgas Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 9 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Earning Per Common Unitholders' Interest | Net earnings per common unitholders’ interest Below is a calculation of the basic and diluted net earnings per common unitholders’ interest in the condensed consolidated statements of earnings for the periods indicated. Ferrellgas calculates net earnings (loss) per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed according to the incentive distribution rights in the Ferrellgas partnership agreement. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % There was no dilutive effect resulting from this guidance based on basic and diluted net earnings per common unitholders' interest for both the three and nine months ended April 30, 2016 or 2015 . In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, there are no dilutive securities in periods with net losses. For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 (in thousands, except per unitholders' interest amounts) Common unitholders’ interest in net earnings (loss) $ 18,498 $ 35,454 $ (3,941 ) $ 87,511 Weighted average common units outstanding - basic 98,002.7 82,717.6 98,911.2 82,536.1 Dilutive securities 0.5 5.7 — 7.2 Weighted average common units outstanding - diluted 98,003.2 82,723.3 98,911.2 82,543.3 Basic and diluted net (earnings) loss per common unitholders’ interest $ 0.19 $ 0.43 $ (0.04 ) $ 1.06 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting | 9 Months Ended |
Apr. 30, 2016 | |
Segment Reporting Disclosure | Segment reporting Ferrellgas has two primary operations: propane and related equipment sales and midstream operations. These two operations result in three reportable operating segments: propane and related equipment sales, midstream operations - water solutions and midstream operations - crude oil logistics. The chief operating decision maker evaluates the operating segments using an Adjusted EBITDA performance measure which is based on earnings before income tax expense, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, goodwill impairment, loss on disposal of assets and other, other expense, net, change in fair value of contingent consideration, severance costs, litigation accrual and related legal fees associated with a class action lawsuit, unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments, acquisition and transition expenses and net earnings (loss) attributable to non-controlling interest. This performance measure is not a GAAP measure, however, the components are computed using amounts that are determined in accordance with GAAP. A reconciliation of this performance measure to net earnings, which is its nearest comparable GAAP measure, is included in the tables below. In management's evaluation of performance, costs such as compensation for certain administrative staff and executive management, are not allocated by segment and, accordingly, the following reportable segment results do not include such unallocated costs. The accounting policies of the operating segments are otherwise the same as those described in Note B - Summary of Significant Accounting Policies. Assets reported within a segment are those assets that can be identified to a segment and primarily consist of trade receivables, property, plant and equipment, inventories, identifiable intangible assets and goodwill. Cash, certain prepaid assets and other assets are not allocated to segments. Although Ferrellgas can and does identify long-lived assets such as property, plant and equipment and identifiable intangible assets to reportable segments, Ferrellgas does not allocate the related depreciation and amortization to the segment as management evaluates segment performance exclusive of these non-cash charges. The propane and related equipment sales segment primarily includes the distribution and sale of propane and related equipment and supplies with concentrations in the Midwest, Southeast, Southwest and Northwest regions of the United States. Sales from propane distribution are generated principally from transporting propane purchased from third parties to propane distribution locations and then to tanks on customers’ premises or to portable propane tanks delivered to nationwide and local retailers. Sales from portable tank exchanges, nationally branded under the name Blue Rhino, are generated through a network of independent and partnership-owned distribution outlets. The midstream operations - crude oil logistics segment primarily includes a domestic crude oil transportation and logistics provider with an integrated portfolio of midstream assets. These assets connect crude oil production in prolific unconventional resource plays to downstream markets. Bridger's truck, pipeline terminal, pipeline, rail and maritime assets form a comprehensive, fee-for-service business model, and substantially all of its cash flow is from fee-based commercial agreements. Bridger's fee-based business model generates income by providing crude oil transportation and logistics services on behalf of producers and end users of crude oil. The midstream operations - water solutions segment primarily includes salt water disposal wells that are a critical component of the oil and natural gas well drilling industry. Oil and gas wells generate significant volumes of salt water known as “flowback” and “production” water. Flowback is a water based solution that flows back to the surface during and after the completion of the hydraulic fracturing (“fracking”) process whereby large volumes of water, sand and chemicals are injected under high pressures into rock formations to stimulate production. Production water is salt water from underground formations that are brought to the surface during the normal course of oil or gas production. In the oil and gas fields Ferrellgas services, these volumes of water are transported by truck away from the fields to salt water disposal wells where it is injected into underground geologic formations using high-pressure pumps. Revenue is derived from fees charged to customers to dispose of salt water at the disposal facilities and crude oil sales from the skimming oil process. Following is a summary of segment information for the three and nine months ended April 30, 2016 and 2015 . Three months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 404,048 $ 101,996 $ 3,907 $ — $ (479 ) $ 509,472 Direct costs (1) 307,708 76,826 5,301 11,684 (33 ) 401,486 Adjusted EBITDA $ 96,340 $ 25,170 $ (1,394 ) $ (11,684 ) $ (446 ) $ 107,986 Three months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 527,258 $ — $ 5,293 $ — $ — $ 532,551 Direct costs (1) 422,837 — 4,871 8,570 — 436,278 Adjusted EBITDA $ 104,421 $ — $ 422 $ (8,570 ) $ — $ 96,273 Nine months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 1,142,429 $ 475,162 $ 12,744 $ — $ (479 ) $ 1,629,856 Direct costs (1) 888,380 396,468 15,538 34,289 (33 ) 1,334,642 Adjusted EBITDA $ 254,049 $ 78,694 $ (2,794 ) $ (34,289 ) $ (446 ) $ 295,214 Nine months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 1,621,517 $ — $ 20,362 $ — $ — $ 1,641,879 Direct costs (1) 1,329,648 — 14,741 29,928 — 1,374,317 Adjusted EBITDA $ 291,869 $ — $ 5,621 $ (29,928 ) $ — $ 267,562 (1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net earnings: Three months ended April 30, Nine months ended April 30, 2016 2015 2016 2015 Net earnings (loss) attributable to Ferrellgas Partners, L.P. $ 18,685 $ 35,812 $ (3,981 ) $ 88,395 Income tax expense 1,260 917 1,446 1,448 Interest expense 34,371 23,510 102,889 71,797 Depreciation and amortization expense 38,352 23,324 112,698 70,576 EBITDA 92,668 83,563 213,052 232,216 Non-cash employee stock ownership plan compensation charge 9,978 8,566 18,375 16,728 Non-cash stock-based compensation charge 1,091 3,271 6,757 19,701 Goodwill impairment — — 29,316 — Loss on disposal of assets and other 5,779 2,203 23,220 4,578 Other (income) expense, net (331 ) (212 ) 89 415 Change in fair value of contingent consideration — — (100 ) (6,300 ) Severance costs 469 — 1,325 — Litigation accrual and related legal fees associated with a class action lawsuit — 83 — 806 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments (1,915 ) (1,609 ) 2,993 (1,609 ) Acquisition and transition expenses 14 — 99 — Net earnings attributable to noncontrolling interest 233 408 88 1,027 Adjusted EBITDA $ 107,986 $ 96,273 $ 295,214 $ 267,562 Following are total assets by segment: Assets April 30, 2016 July 31, 2015 Propane and related equipment sales $ 1,257,965 $ 1,295,831 Midstream operations - crude oil logistics 897,181 917,325 Midstream operations - water logistics 175,157 205,358 Corporate and unallocated 42,546 45,542 Total consolidated assets $ 2,372,849 $ 2,464,056 Following are capital expenditures by segment: Nine months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 12,705 $ 32 $ — $ 991 $ 13,728 Growth 28,461 52,315 10,553 — 91,329 Total $ 41,166 $ 52,347 $ 10,553 $ 991 $ 105,057 Nine months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 12,839 $ — $ 976 $ 1,012 $ 14,827 Growth 27,128 — 6,561 — 33,689 Total $ 39,967 $ — $ 7,537 $ 1,012 $ 48,516 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Disclosure | Segment reporting Ferrellgas, L.P. has two primary operations: propane and related equipment sales and midstream operations. These two operations result in three reportable operating segments: propane and related equipment sales, midstream operations - water solutions and midstream operations - crude oil logistics. The chief operating decision maker evaluates the operating segments using an Adjusted EBITDA performance measure which is based on earnings before income tax expense, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, goodwill impairment, loss on disposal of assets and other, other expense, net, change in fair value of contingent consideration, severance costs, litigation accrual and related legal fees associated with a class action lawsuit, unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments and acquisition and transition expenses. This performance measure is not a GAAP measure, however, the components are computed using amounts that are determined in accordance with GAAP. A reconciliation of this performance measure to net earnings, which is its nearest comparable GAAP measure, is included in the tables below. In management's evaluation of performance, costs such as compensation for certain administrative staff and executive management, are not allocated by segment and, accordingly, the following reportable segment results do not include such unallocated costs. The accounting policies of the operating segments are otherwise the same as those described in Note B - Summary of Significant Accounting Policies. Assets reported within a segment are those assets that can be identified to a segment and primarily consist of trade receivables, property, plant and equipment, inventories, identifiable intangible assets and goodwill. Cash, certain prepaid assets and other assets are not allocated to segments. Although Ferrellgas, L.P. can and does identify long-lived assets such as property, plant and equipment and identifiable intangible assets to reportable segments, Ferrellgas, L.P. does not allocate the related depreciation and amortization to the segment as management evaluates segment performance exclusive of these non-cash charges. The propane and related equipment sales segment primarily includes the distribution and sale of propane and related equipment and supplies with concentrations in the Midwest, Southeast, Southwest and Northwest regions of the United States. Sales from propane distribution are generated principally from transporting propane purchased from third parties to propane distribution locations and then to tanks on customers’ premises or to portable propane tanks delivered to nationwide and local retailers. Sales from portable tank exchanges, nationally branded under the name Blue Rhino, are generated through a network of independent and partnership-owned distribution outlets. The midstream operations - crude oil logistics segment primarily includes a domestic crude oil transportation and logistics provider with an integrated portfolio of midstream assets. These assets connect crude oil production in prolific unconventional resource plays to downstream markets. Bridger's truck, pipeline terminal, pipeline, rail and maritime assets form a comprehensive, fee-for-service business model, and substantially all of its cash flow is generated from fee-based commercial agreements. Bridger's fee-based business model generates income by providing crude oil transportation and logistics services on behalf of producers and end users of crude oil. The midstream operations - water solutions segment primarily includes salt water disposal wells that are a critical component of the oil and natural gas well drilling industry. Oil and gas wells generate significant volumes of salt water known as “flowback” and “production” water. Flowback is a water based solution that flows back to the surface during and after the completion of the hydraulic fracturing (“fracking”) process whereby large volumes of water, sand and chemicals are injected under high pressures into rock formations to stimulate production. Production water is salt water from underground formations that are brought to the surface during the normal course of oil or gas production. In the oil and gas fields Ferrellgas, L.P. services, these volumes of water are transported by truck away from the fields to salt water disposal wells where it is injected into underground geologic formations using high-pressure pumps. Revenue is derived from fees charged to customers to dispose of salt water at the disposal facilities and crude oil sales from the skimming oil process. Following is a summary of segment information for the three and nine months ended April 30, 2016 and 2015 . Three months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 404,048 $ 101,996 $ 3,907 $ — $ (479 ) $ 509,472 Direct costs (1) 307,708 76,826 5,301 11,584 (33 ) 401,386 Adjusted EBITDA $ 96,340 $ 25,170 $ (1,394 ) $ (11,584 ) $ (446 ) $ 108,086 Three months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 527,258 $ — $ 5,293 $ — $ — $ 532,551 Direct costs (1) 422,751 — 4,871 8,570 — 436,192 Adjusted EBITDA $ 104,507 $ — $ 422 $ (8,570 ) $ — $ 96,359 Nine months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 1,142,429 $ 475,162 $ 12,744 $ — $ (479 ) $ 1,629,856 Direct costs (1) 888,380 396,468 15,538 33,791 (33 ) 1,334,144 Adjusted EBITDA $ 254,049 $ 78,694 $ (2,794 ) $ (33,791 ) $ (446 ) $ 295,712 Nine months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 1,621,517 $ — $ 20,362 $ — $ — $ 1,641,879 Direct costs (1) 1,329,565 — 14,741 29,928 — 1,374,234 Adjusted EBITDA $ 291,952 $ — $ 5,621 $ (29,928 ) $ — $ 267,645 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net earnings: Three months ended April 30, Nine months ended April 30, 2016 2015 2016 2015 Net earnings $ 23,049 $ 40,404 $ 8,700 $ 101,676 Income tax expense 1,260 853 1,441 1,379 Interest expense 30,340 19,476 90,799 59,695 Depreciation and amortization expense 38,352 23,324 112,698 70,576 EBITDA 93,001 84,057 213,638 233,326 Non-cash employee stock ownership plan compensation charge 9,978 8,566 18,375 16,728 Non-cash stock-based compensation charge 1,091 3,271 6,757 19,701 Goodwill impairment — — 29,316 — Loss on disposal of assets and other 5,779 2,203 23,220 4,578 Other (income) expense, net (331 ) (212 ) 89 415 Change in fair value of contingent consideration — — (100 ) (6,300 ) Severance costs 469 — 1,325 — Litigation accrual and related legal fees associated with a class action lawsuit — 83 — 806 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments (1,915 ) (1,609 ) 2,993 (1,609 ) Acquisition and transition expenses 14 — 99 — Adjusted EBITDA $ 108,086 $ 96,359 $ 295,712 $ 267,645 Following are total assets by segment: Assets April 30, 2016 July 31, 2015 Propane and related equipment sales $ 1,257,965 $ 1,291,737 Midstream operations - crude oil logistics 897,181 917,325 Midstream operations - water logistics 175,157 205,358 Corporate and unallocated 40,981 45,542 Total consolidated assets $ 2,371,284 $ 2,459,962 Following are capital expenditures by segment: Nine months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 12,705 $ 32 $ — $ 991 $ 13,728 Growth 28,461 52,315 10,553 — 91,329 Total $ 41,166 $ 52,347 $ 10,553 $ 991 $ 105,057 Nine months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 12,839 $ — $ 976 $ 1,012 $ 14,827 Growth 27,128 — 6,561 — 33,689 Total $ 39,967 $ — $ 7,537 $ 1,012 $ 48,516 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2016 | |
Subsequent Events | Subsequent events Ferrellgas evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas' condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Subsequent Events | Subsequent events Ferrellgas, L.P. evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas L.P.'s condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. |
Guarantor financial information
Guarantor financial information | 9 Months Ended |
Apr. 30, 2016 | |
Ferrellgas, L.P. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor financial information | Guarantor financial information The $500.0 million aggregate principal amount of unregistered 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are, and any notes registered under the Securities Act of 1933 and issued in exchange for such unregistered notes will be, fully and unconditionally and joint and severally guaranteed by all of Ferrellgas, L.P.’s 100% owned subsidiaries except: i) Ferrellgas Finance Corp; ii) certain special purposes subsidiaries formed for use in connection with our accounts receivable securitization; and iii) foreign subsidiaries. Guarantees of these senior notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the assets of a guarantor or (b) all of the capital stock of such guarantor (including by way of merger or consolidation), in each case, to a person that is not Ferrellgas, L.P. or a restricted subsidiary of Ferrellgas, L.P., (ii) if Ferrellgas, L.P. designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon defeasance or discharge of the notes, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor. The guarantor financial information discloses in separate columns the financial position, results of operations and the cash flows of Ferrellgas, L.P. (Parent), Ferrellgas Finance Corp. (co-issuer), Ferrellgas L.P.’s guarantor subsidiaries on a combined basis, and Ferrellgas L.P.’s non-guarantor subsidiaries on a combined basis. The dates and the periods presented in the guarantor financial information are consistent with the periods presented in Ferrellgas, L.P.’s consolidated financial statements. FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of April 30, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 5,742 $ 1 $ 492 $ — $ — $ 6,235 Accounts and notes receivable (3,863 ) — 66,079 130,488 — 192,704 Intercompany receivables 44,309 — — — (44,309 ) — Inventories 63,313 — 24,426 — — 87,739 Prepaid expenses and other current assets 26,155 — 9,818 2 — 35,975 Total current assets 135,656 1 100,815 130,490 (44,309 ) 322,653 Property, plant and equipment, net 566,750 — 414,703 — — 981,453 Goodwill 243,598 — 202,735 — — 446,333 Intangible assets, net 145,188 — 406,184 — — 551,372 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries 640,282 — — — (640,282 ) — Assets held for sale — — 845 — — 845 Other assets, net 60,773 — 7,676 179 — 68,628 Total assets $ 2,242,247 $ 1 $ 1,132,958 $ 130,669 $ (1,134,591 ) $ 2,371,284 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable $ 42,536 $ — $ 35,527 $ — $ — $ 78,063 Short-term borrowings 9,071 — — — — 9,071 Collateralized note payable — — — 77,000 — 77,000 Intercompany payables — — 34,210 10,099 (44,309 ) — Other current liabilities 144,259 — 11,012 193 — 155,464 Total current liabilities 195,866 — 80,749 87,292 (44,309 ) 319,598 Long-term debt 1,777,331 — 451,000 — (450,000 ) 1,778,331 Other liabilities 29,042 — 4,080 225 — 33,347 Contingencies and commitments Partners' capital: Partners' equity 252,834 1 597,776 42,827 (640,604 ) 252,834 Accumulated other comprehensive income (loss) (12,826 ) — (647 ) 325 322 (12,826 ) Total partners' capital 240,008 1 597,129 43,152 (640,282 ) 240,008 Total liabilities and partners' capital $ 2,242,247 $ 1 $ 1,132,958 $ 130,669 $ (1,134,591 ) $ 2,371,284 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 5,579 $ 1 $ 20 $ — $ — $ 5,600 Accounts and notes receivable (2,858 ) — 80,657 119,119 — 196,918 Intercompany receivables 39,238 — — — (39,238 ) — Inventories 78,132 — 18,622 — — 96,754 Prepaid expenses and other current assets 42,069 — 22,140 2 — 64,211 Total current assets 162,160 1 121,439 119,121 (39,238 ) 363,483 Property, plant and equipment, net 569,640 — 395,577 — — 965,217 Goodwill 246,116 — 232,631 — — 478,747 Intangible assets, net 155,659 — 424,384 — — 580,043 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries 661,081 — — — (661,081 ) — Other assets, net 62,019 — 10,087 366 — 72,472 Total assets $ 2,306,675 $ 1 $ 1,184,118 $ 119,487 $ (1,150,319 ) $ 2,459,962 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable $ 40,210 $ — $ 43,764 $ — $ — $ 83,974 Short-term borrowings 75,319 — — — — 75,319 Collateralized note payable — — — 70,000 — 70,000 Intercompany payables — — 30,289 8,949 (39,238 ) — Other current liabilities 142,137 — 33,903 136 — 176,176 Total current liabilities 257,666 — 107,956 79,085 (39,238 ) 405,469 Long-term debt 1,621,439 — 450,953 — (450,000 ) 1,622,392 Other liabilities 37,444 — 4,306 225 — 41,975 Contingencies and commitments Partners' capital: Partners' equity 429,444 1 621,550 39,852 (661,403 ) 429,444 Accumulated other comprehensive income (loss) (39,318 ) — (647 ) 325 322 (39,318 ) Total partners' capital 390,126 1 620,903 40,177 (661,081 ) 390,126 Total liabilities and partners' capital $ 2,306,675 $ 1 $ 1,184,118 $ 119,487 $ (1,150,319 ) $ 2,459,962 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (in thousands) For the three months ended April 30, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 338,929 $ — $ — $ — $ — $ 338,929 Midstream operations — — 105,424 — — 105,424 Other 19,739 — 45,380 — — 65,119 Total revenues 358,668 — 150,804 — — 509,472 Costs and expenses: Cost of sales - propane and other gas liquids sales 152,261 — — — — 152,261 Cost of sales - midstream operations — — 71,852 — — 71,852 Cost of sales - other 2,009 — 39,194 — — 41,203 Operating expense 100,998 — 13,999 1,376 (1,102 ) 115,271 Depreciation and amortization expense 18,247 — 19,918 187 — 38,352 General and administrative expense 11,884 — 1,330 — — 13,214 Equipment lease expense 7,127 — 117 — — 7,244 Non-cash employee stock ownership plan compensation charge 9,978 — — — — 9,978 Loss on disposal of assets 1,775 — 4,004 — — 5,779 Operating income (loss) 54,389 — 390 (1,563 ) 1,102 54,318 Interest expense (19,316 ) — (10,499 ) (536 ) 11 (30,340 ) Other income (expense), net 331 — — 1,113 (1,113 ) 331 Earnings (loss) before income taxes 35,404 — (10,109 ) (986 ) — 24,309 Income tax expense 395 — 865 — — 1,260 Equity in earnings of subsidiary (11,960 ) — — — 11,960 — Net earnings (loss) 23,049 — (10,974 ) (986 ) 11,960 23,049 Other comprehensive income 20,819 — — — — 20,819 Comprehensive income (loss) $ 43,868 $ — $ (10,974 ) $ (986 ) $ 11,960 $ 43,868 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (in thousands) For the three months ended April 30, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 445,667 $ — $ — $ — $ — $ 445,667 Midstream operations — — 5,293 — — 5,293 Other 18,893 — 62,698 — — 81,591 Total revenues 464,560 — 67,991 — — 532,551 Costs and expenses: Cost of sales - propane and other gas liquids sales 253,684 — — — — 253,684 Cost of sales - midstream operations — — 1,877 — — 1,877 Cost of sales - other 1,626 — 56,083 — — 57,709 Operating expense 100,155 — 7,135 2,171 (2,043 ) 107,418 Depreciation and amortization expense 18,675 — 4,462 187 — 23,324 General and administrative expense 10,902 — — — — 10,902 Equipment lease expense 6,327 — 20 — — 6,347 Non-cash employee stock ownership plan compensation charge 8,566 — — — — 8,566 Loss on disposal of assets 2,199 — 4 — — 2,203 Operating income (loss) 62,426 — (1,590 ) (2,358 ) 2,043 60,521 Interest expense (16,969 ) — (1,256 ) (750 ) (501 ) (19,476 ) Other income (expense), net 212 — — 1,542 (1,542 ) 212 Earnings (loss) before income taxes 45,669 — (2,846 ) (1,566 ) — 41,257 Income tax expense 86 — 767 — — 853 Equity in earnings of subsidiary (5,179 ) — — — 5,179 — Net earnings (loss) 40,404 — (3,613 ) (1,566 ) 5,179 40,404 Other comprehensive income 18,826 — — — — 18,826 Comprehensive income (loss) $ 59,230 $ — $ (3,613 ) $ (1,566 ) $ 5,179 $ 59,230 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (in thousands) For the nine months ended April 30, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 961,086 $ — $ — $ — $ — $ 961,086 Midstream operations — — 487,427 — — 487,427 Other 58,687 — 122,656 — — 181,343 Total revenues 1,019,773 — 610,083 — — 1,629,856 Costs and expenses: Cost of sales - propane and other gas liquids sales 448,841 — — — — 448,841 Cost of sales - midstream operations — — 373,899 — — 373,899 Cost of sales - other 6,804 — 104,621 — — 111,425 Operating expense 299,660 — 46,380 3,981 (2,554 ) 347,467 Depreciation and amortization expense 55,602 — 56,909 187 — 112,698 General and administrative expense 37,619 3 4,410 — — 42,032 Equipment lease expense 21,170 — 384 — — 21,554 Non-cash employee stock ownership plan compensation charge 18,375 — — — — 18,375 Goodwill impairment — — 29,316 — — 29,316 Loss on disposal of assets 5,420 — 17,800 — — 23,220 Operating income (loss) 126,282 (3 ) (23,636 ) (4,168 ) 2,554 101,029 Interest expense (57,467 ) — (31,819 ) (1,669 ) 156 (90,799 ) Other income (expense), net (89 ) — — 2,710 (2,710 ) (89 ) Earnings (loss) before income taxes 68,726 (3 ) (55,455 ) (3,127 ) — 10,141 Income tax expense 673 — 768 — — 1,441 Equity in earnings of subsidiary (59,353 ) — — — 59,353 — Net earnings (loss) 8,700 (3 ) (56,223 ) (3,127 ) 59,353 8,700 Other comprehensive income 26,492 — — — — 26,492 Comprehensive income (loss) $ 35,192 $ (3 ) $ (56,223 ) $ (3,127 ) $ 59,353 $ 35,192 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (in thousands) For the nine months ended April 30, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,400,895 $ — $ — $ — $ — $ 1,400,895 Midstream operations — — 20,362 — — 20,362 Other 59,480 — 161,142 — — 220,622 Total revenues 1,460,375 — 181,504 — — 1,641,879 Costs and expenses: Cost of sales - propane and other gas liquids sales 849,190 — — — — 849,190 Cost of sales - midstream operations — — 6,064 — — 6,064 Cost of sales - other 5,624 — 142,048 — — 147,672 Operating expense 306,184 — 14,460 5,211 (4,792 ) 321,063 Depreciation and amortization expense 57,529 — 12,860 187 — 70,576 General and administrative expense 45,166 3 — — — 45,169 Equipment lease expense 17,642 — 32 — — 17,674 Non-cash employee stock ownership plan compensation charge 16,728 — — — — 16,728 Loss on disposal of assets 4,574 — 4 — — 4,578 Operating income (loss) 157,738 (3 ) 6,036 (5,398 ) 4,792 163,165 Interest expense (54,217 ) — (3,639 ) (1,883 ) 44 (59,695 ) Other income (expense), net (415 ) — — 4,836 (4,836 ) (415 ) Earnings (loss) before income taxes 103,106 (3 ) 2,397 (2,445 ) — 103,055 Income tax expense 249 — 1,130 — — 1,379 Equity in earnings of subsidiary (1,181 ) — — — 1,181 — Net earnings (loss) 101,676 (3 ) 1,267 (2,445 ) 1,181 101,676 Other comprehensive loss (33,769 ) — — — — (33,769 ) Comprehensive income (loss) $ 67,907 $ (3 ) $ 1,267 $ (2,445 ) $ 1,181 $ 67,907 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 193,703 $ (3 ) $ 57,450 $ (13,656 ) $ (7,000 ) $ 230,494 Cash flows from investing activities: Business acquisitions, net of cash acquired (13,894 ) — — — — (13,894 ) Capital expenditures (44,330 ) — (64,057 ) — — (108,387 ) Proceeds from sale of assets 11,862 — — — — 11,862 Cash collected for purchase of interest in accounts receivable — — — 763,604 (763,604 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (770,604 ) 770,604 — Net changes in advances with consolidated entities (20,740 ) — — — 20,740 — Other (499 ) — — — — (499 ) Net cash used in investing activities (67,601 ) — (64,057 ) (7,000 ) 27,740 (110,918 ) Cash flows from financing activities: Distributions (210,158 ) — — — — (210,158 ) Contributions from Partners 30 — — — — 30 Proceeds from increase in long-term debt 159,814 — — — — 159,814 Reductions in long-term debt (8,739 ) — — — — (8,739 ) Net reductions in short-term borrowings (66,248 ) — — — — (66,248 ) Net additions to collateralized short-term borrowings — — — 7,000 — 7,000 Net changes in advances with parent — 3 7,079 13,658 (20,740 ) — Cash paid for financing costs (640 ) — — — — (640 ) Net cash provided by (used in) financing activities (125,941 ) 3 7,079 20,658 (20,740 ) (118,941 ) Effect of exchange rate changes on cash 2 — — (2 ) — — Increase in cash and cash equivalents 163 — 472 — — 635 Cash and cash equivalents - beginning of year 5,579 1 20 — — 5,600 Cash and cash equivalents - end of year $ 5,742 $ 1 $ 492 $ — $ — $ 6,235 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 241,141 $ (3 ) $ 12,307 $ (24,327 ) $ (26,000 ) $ 203,118 Cash flows from investing activities: Business acquisitions, net of cash acquired (68,901 ) — (1 ) — — (68,902 ) Capital expenditures (42,854 ) — (8,467 ) — — (51,321 ) Proceeds from sale of assets 4,060 — — — — 4,060 Cash collected for purchase of interest in accounts receivable — — — 1,079,031 (1,079,031 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (1,105,031 ) 1,105,031 — Net changes in advances with consolidated entities (20,087 ) — — — 20,087 — Other — — — — — — Net cash used in investing activities (127,782 ) — (8,468 ) (26,000 ) 46,087 (116,163 ) Cash flows from financing activities: Distributions (134,535 ) — — — — (134,535 ) Contributions from Partners 42,655 — — — — 42,655 Proceeds from increase in long-term debt 107,951 — — — — 107,951 Reductions in long-term debt (60,216 ) — — — — (60,216 ) Net reductions in short-term borrowings (69,519 ) — — — — (69,519 ) Net additions to collateralized short-term borrowings — — — 26,000 — 26,000 Net changes in advances with parent — 3 (4,245 ) 24,329 (20,087 ) — Cash paid for financing costs (204 ) — — — — (204 ) Net cash provided by (used in) financing activities (113,868 ) 3 (4,245 ) 50,329 (20,087 ) (87,868 ) Effect of exchange rate changes on cash — — — (2 ) — (2 ) Decrease in cash and cash equivalents (509 ) — (406 ) — — (915 ) Cash and cash equivalents - beginning of year 7,798 1 484 — — 8,283 Cash and cash equivalents - end of year $ 7,289 $ 1 $ 78 $ — $ — $ 7,368 |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Apr. 30, 2016 | |
Significant Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | (6) Inventories: Inventories are stated at the lower of cost or market using weighted average cost and actual cost methods. |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, valuation methods used to value intangibles and goodwill in business combination, allowance for doubtful accounts, fair value of assets held for sale, fair value of reporting units, fair value of derivative contracts and stock based compensation calculations. |
Goodwill | Goodwill: Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas has determined that it has five reporting units for goodwill impairment testing purposes. Three of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. We completed our last annual goodwill impairment test on January 31, 2016 and did not incur an impairment loss. During the three months ended April 30, 2016, Ferrellgas determined that the uncertainty surrounding the future cash flows associated with a logistics contract with its largest customer and Jamex, that customer’s crude oil supplier, constituted a triggering event for its Midstream operations - crude oil logistics business that required an update to the goodwill impairment assessment as of April 30, 2016. Additionally, during the three months ended October 31, 2015, Ferrellgas determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. See Note F – Goodwill and intangible assets, net – for further discussion of Ferrellgas' goodwill impairment assessment. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Assets held for sale: Assets held for sale represent tractor trucks that have met the criteria of “held for sale” accounting. During the first quarter of fiscal 2016, Ferrellgas committed to a plan to sell certain trucks held by the Midstream operations - crude oil logistics segment. These assets were reclassified from "Vehicles, including transport trailers" to Assets held for sale in the balance sheet as of October 31, 2015. Ferrellgas ceased depreciation on these assets during October 2015. Assets held for sale are recorded at the lower of the carrying amount or fair value less costs to sell. See Note D – Supplemental financial statement information – for further discussion of these held for sale assets. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-06 In September 2015, the FASB issued ASU 2015-06, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments, which requires all entities to record the effects on earnings, if any, of changes in provisional amounts for items in a business combination in the same period in which the adjustment amounts are determined. The requirement to retrospectively account for the adjustments is eliminated by this amendment. ASU 2015-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. |
Cash equivalents | Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2016 2015 CASH PAID FOR: Interest $ 71,409 $ 49,021 Income taxes $ 432 $ 333 NON-CASH INVESTING AND FINANCING ACTIVITIES: Liabilities incurred in connection with acquisitions $ 1,239 $ — Change in accruals for property, plant and equipment additions $ 1,293 $ 1,316 |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | (6) Inventories: Inventories are stated at the lower of cost or market using weighted average cost and actual cost methods. |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, valuation methods used to value intangibles and goodwill in business combinations, allowance for doubtful accounts, fair value of assets held for sale, fair value of reporting units, fair value of derivative contracts, and stock based compensation calculations. |
Goodwill | Goodwill: Ferrellgas, L.P. records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas, L.P. has determined that it has five reporting units for goodwill impairment testing purposes. Three of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. We completed our last annual goodwill impairment test on January 31, 2016 and did not incur an impairment loss. During the three months ended April 30, 2016, Ferrellgas, L.P. determined that the uncertainty surrounding the future cash flows associated with a logistics contract with its largest customer and Jamex, that customer’s crude oil supplier, constituted a triggering event for its Midstream operations - crude oil logistics business that required an update to the goodwill impairment assessment as of April 30, 2016. Additionally, during the three months ended October 31, 2015, Ferrellgas, L.P. determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. See Note F – Goodwill and intangible assets, net – for further discussion of Ferrellgas, L.P.'s goodwill impairment assessment. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Assets held for sale: Assets held for sale represent tractor trucks that have met the criteria of “held for sale” accounting. During the first quarter of fiscal 2016, Ferrellgas, L.P. committed to a plan to sell certain trucks held by the Midstream operations - crude oil logistics segment. These assets were reclassified from "Vehicles, including transport trailers" to Assets held for sale in the balance sheet as of October 31, 2015. Ferrellgas, L.P. ceased depreciation on these assets during October 2015. Assets held for sale are recorded at the lower of the carrying amount or fair value less costs to sell. See Note D – Supplemental financial statement information – for further discussion of these held for sale assets. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-06 In September 2015, the FASB issued ASU 2015-06, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments, which requires all entities to record the effects on earnings, if any, of changes in provisional amounts for items in a business combination in the same period in which the adjustment amounts are determined. The requirement to retrospectively account for the adjustments is eliminated by this amendment. ASU 2015-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2016-02 on the consolidated financial statements. |
Cash equivalents | Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2016 2015 CASH PAID FOR: Interest $ 63,559 $ 41,172 Income taxes $ 427 $ 264 NON-CASH INVESTING AND FINANCING ACTIVITIES: Liabilities incurred in connection with acquisitions $ 1,239 $ — Change in accruals for property, plant and equipment additions $ 1,293 $ 1,316 |
Business combinations Busines26
Business combinations Business combinations (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Business Acquisition, Pro Forma Information [Table Text Block] | These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2014 or the results that would be attained in the future. For the three months ended April 30, For the nine months ended April 30, 2015 2015 Revenue $ 614,777 $ 1,894,618 Net earnings 29,806 76,632 Net earnings per common unitholders' interest $ 0.35 $ 0.91 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Ferrellgas has preliminarily estimated the fair values of the assets acquired and liabilities assumed as follows: Estimated At April 30, 2016 (as adjusted) July 31, 2015 (as initially reported) Measurement period adjustments Working capital $ (7,867 ) $ 1,783 $ (9,650 ) Transportation equipment 293,491 293,491 — Injection stations and pipelines 41,632 41,632 — Goodwill 188,872 193,311 (4,439 ) Customer relationships 277,100 261,811 15,289 Non-compete agreements 10,000 14,800 (4,800 ) Trade names & trademarks 9,400 5,800 3,600 Office equipment 7,449 7,449 — Other 2,375 2,375 — Aggregate fair value of net assets acquired $ 822,452 $ 822,452 $ — |
Ferrellgas, L.P. [Member] | |
Business Acquisition, Pro Forma Information [Table Text Block] | These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2014 or the results that would be attained in the future. For the three months ended April 30, For the nine months ended April 30, 2015 2015 Revenue $ 614,777 $ 1,894,618 Net earnings 33,990 88,886 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Ferrellgas, L.P. has preliminarily estimated the fair values of the assets acquired and liabilities assumed as follows: Estimated At April 30, 2016 July 31, 2015 (as initially reported) Measurement period adjustments Working capital $ (7,867 ) $ 1,783 $ (9,650 ) Transportation equipment 293,491 293,491 — Injection stations and pipelines 41,632 41,632 — Goodwill 188,872 193,311 (4,439 ) Customer relationships 277,100 261,811 15,289 Non-compete agreements 10,000 14,800 (4,800 ) Trade names & trademarks 9,400 5,800 3,600 Office equipment 7,449 7,449 — Other 2,375 2,375 — Aggregate fair value of net assets acquired $ 822,452 $ 822,452 $ — |
Summary Of Significant Accoun27
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Certain cash flow and significant non-cash activities | Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2016 2015 CASH PAID FOR: Interest $ 71,409 $ 49,021 Income taxes $ 432 $ 333 NON-CASH INVESTING AND FINANCING ACTIVITIES: Liabilities incurred in connection with acquisitions $ 1,239 $ — Change in accruals for property, plant and equipment additions $ 1,293 $ 1,316 |
Ferrellgas, L.P. [Member] | |
Certain cash flow and significant non-cash activities | Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2016 2015 CASH PAID FOR: Interest $ 63,559 $ 41,172 Income taxes $ 427 $ 264 NON-CASH INVESTING AND FINANCING ACTIVITIES: Liabilities incurred in connection with acquisitions $ 1,239 $ — Change in accruals for property, plant and equipment additions $ 1,293 $ 1,316 |
Supplemental Financial Statem28
Supplemental Financial Statement Information (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consist of the following: April 30, July 31, Estimated Useful Lives 2016 2015 Land Indefinite $ 35,220 $ 34,389 Land improvements 2-20 13,776 13,249 Building and improvements 20 72,800 71,923 Vehicles, including transport trailers 8-20 205,892 228,646 Bulk equipment and district facilities 5-30 112,283 111,657 Tanks, cylinders and customer equipment 2-30 773,022 772,904 Salt water disposal wells and related equipment 2-30 55,569 38,460 Rail cars 30 199,240 150,235 Injection stations 20 32,178 37,619 Pipeline 15 4,074 4,074 Computer and office equipment 2-5 121,813 123,386 Construction in progress n/a 22,080 16,841 1,647,947 1,603,383 Less: accumulated depreciation 666,494 638,166 Property, plant and equipment, net $ 981,453 $ 965,217 |
Schedule of Inventories | Inventories consist of the following: April 30, 2016 July 31, 2015 Propane gas and related products $ 51,502 $ 68,731 Crude oil 9,871 — Appliances, parts and supplies 26,366 28,023 Inventories $ 87,739 $ 96,754 |
Other Current Liabilities | Other current liabilities consist of the following: April 30, 2016 July 31, 2015 Accrued interest $ 45,039 $ 17,281 Accrued payroll 18,354 17,485 Customer deposits and advances 21,335 28,792 Price risk management liabilities 20,077 31,450 Other 56,589 85,679 Other current liabilities $ 161,394 $ 180,687 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Operating expense $ 42,378 $ 41,291 $ 126,946 $ 135,206 Depreciation and amortization expense 1,071 1,194 3,268 3,970 Equipment lease expense 6,470 5,900 19,385 16,479 $ 49,919 $ 48,385 $ 149,599 $ 155,655 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Loss on disposal of assets and other during the three and nine month periods ended April 30, 2016 consists of: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Loss on assets held for sale $ — $ — $ 12,112 $ — Loss on sale of assets held for sale 896 — 1,687 — Loss on sale of assets and other 4,883 2,203 9,421 4,578 Loss on disposal of assets and other $ 5,779 $ 2,203 $ 23,220 $ 4,578 |
Ferrellgas, L.P. [Member] | |
Property, Plant and Equipment [Table Text Block] | roperty, plant and equipment, net consist of the following: April 30, July 31, Estimated useful lives 2016 2015 Land Indefinite $ 35,220 $ 34,389 Land improvements 2-20 13,776 13,249 Building and improvements 20 72,800 71,923 Vehicles, including transport trailers 8-20 205,892 228,646 Bulk equipment and district facilities 5-30 112,283 111,657 Tanks, cylinders and customer equipment 2-30 773,022 772,904 Salt water disposal wells and related equipment 2-30 55,569 38,460 Rail cars 30 199,240 150,235 Injection stations 20 32,178 37,619 Pipeline 15 4,074 4,074 Computer and office equipment 2-5 121,813 123,386 Construction in progress n/a 22,080 16,841 1,647,947 1,603,383 Less: accumulated depreciation 666,494 638,166 Property, plant and equipment, net $ 981,453 $ 965,217 |
Schedule of Inventories | Inventories consist of the following: April 30, 2016 July 31, 2015 Propane gas and related products $ 51,502 $ 68,731 Crude oil 9,871 — Appliances, parts and supplies 26,366 28,023 Inventories $ 87,739 $ 96,754 |
Other Current Liabilities | Other current liabilities consist of the following: April 30, 2016 July 31, 2015 Accrued interest $ 39,109 $ 15,275 Accrued payroll 18,354 17,485 Customer deposits and advances 21,335 28,792 Price risk management liabilities 20,077 31,450 Other 56,589 83,174 Other current liabilities $ 155,464 $ 176,176 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Operating expense $ 42,378 $ 41,291 $ 126,946 $ 135,206 Depreciation and amortization expense 1,071 1,194 3,268 3,970 Equipment lease expense 6,470 5,900 19,385 16,479 $ 49,919 $ 48,385 $ 149,599 $ 155,655 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Loss on disposal of assets and other during the three and nine month periods ended April 30, 2016 consists of: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Loss on assets held for sale $ — $ — $ 12,112 $ — Loss on sale of assets held for sale 896 — 1,687 — Loss on sale of assets and other 4,883 2,203 9,421 4,578 Loss on disposal of assets and other $ 5,779 $ 2,203 $ 23,220 $ 4,578 |
Accounts And Notes Receivable29
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: April 30, 2016 July 31, 2015 Accounts receivable pledged as collateral $ 134,538 $ 123,791 Accounts receivable 64,359 77,636 Other 382 307 Less: Allowance for doubtful accounts (6,575 ) (4,816 ) Accounts and notes receivable, net $ 192,704 $ 196,918 |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: April 30, 2016 July 31, 2015 Accounts receivable pledged as collateral $ 134,538 $ 123,791 Accounts receivable 64,359 77,636 Other 382 307 Less: Allowance for doubtful accounts (6,575 ) (4,816 ) Accounts and notes receivable, net $ 192,704 $ 196,918 |
Goodwill and intangibles Good30
Goodwill and intangibles Goodwill and intangibles (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance at July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 Acquisitions — — 1,356 1,356 Measurement period adjustments — — (4,439 ) (4,439 ) Dispositions (15 ) — — (15 ) Impairment — (29,316 ) — (29,316 ) Balance at April 30, 2016 $ 256,105 $ — $ 190,228 $ 446,333 |
Ferrellgas, L.P. [Member] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance at July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 Acquisitions — — 1,356 1,356 Measurement period adjustments — — (4,439 ) (4,439 ) Dispositions (15 ) — — (15 ) Impairment — (29,316 ) — (29,316 ) Balance at April 30, 2016 $ 256,105 $ — $ 190,228 $ 446,333 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | As of April 30, 2016 and July 31, 2015 , limited partner units were beneficially owned by the following: April 30, 2016 July 31, 2015 Public common unitholders (1) 65,691,492 63,294,168 Ferrell Companies (2) 22,529,361 22,529,361 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) (7) 4,763,475 4,763,475 James H. Ballengee (6) (7) 4,771,447 9,542,895 |
Cash distributions | Ferrellgas Partners has paid the following distributions: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Public common unitholders $ 32,792 $ 27,791 $ 97,673 $ 83,370 Ferrell Companies 11,546 11,265 34,638 33,795 FCI Trading Corp. 100 98 300 294 Ferrell Propane, Inc. 26 26 78 78 James E. Ferrell 2,441 2,179 7,323 6,537 James H. Ballengee 3,321 — 11,880 — General partner 507 418 1,534 1,254 $ 50,733 $ 41,777 $ 153,426 $ 125,328 |
Ferrellgas, L.P. [Member] | |
Cash distributions | Ferrellgas, L.P. has paid the following distributions: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Ferrellgas Partners $ 50,733 $ 41,777 $ 208,035 $ 133,177 General partner 518 426 2,123 1,358 $ 51,251 $ 42,203 $ 210,158 $ 134,535 |
Subsequent Event [Member] | |
Dividends expected to be paid to related parties | Included in this cash distribution are the following amounts to be paid to related parties: Ferrell Companies $ 11,546 FCI Trading Corp. 100 Ferrell Propane, Inc. 26 James E. Ferrell (1) 2,441 James H. Ballengee (1) 2,445 General partner 507 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Schedule of fair value assets and liabilities | The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2016 and July 31, 2015 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total April 30, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 4,582 $ — $ 4,582 Commodity derivatives $ — $ 6,344 $ — $ 6,344 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,856 ) $ — $ (3,856 ) Commodity derivatives $ — $ (20,818 ) $ — $ (20,818 ) July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) |
Level 3 fair value rollforward | The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended April 30, 2016 : Contingent consideration liability Balance at July 31, 2015 $ 100 Increase in fair value related to accretion — Change in fair value included in earnings (100 ) Balance at April 30, 2016 $ — |
Ferrellgas, L.P. [Member] | |
Schedule of fair value assets and liabilities | The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2016 and July 31, 2015 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total April 30, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 4,582 $ — $ 4,582 Commodity derivatives $ — $ 6,344 $ — $ 6,344 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,856 ) $ — $ (3,856 ) Commodity derivatives $ — $ (20,818 ) $ — $ (20,818 ) July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) |
Level 3 fair value rollforward | The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended April 30, 2016 : Contingent consideration liability Balance at July 31, 2015 $ 100 Increase in fair value related to accretion — Change in fair value included in earnings (100 ) Balance at April 30, 2016 $ — |
Derivative Instruments and He33
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2016 and July 31, 2015 : April 30, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 2,058 Other current liabilities $ 11,441 Commodity derivatives-propane Other assets, net 2,926 Other liabilities 2,301 Interest rate swap agreements Prepaid expenses and other current assets 1,676 Other current liabilities 2,315 Interest rate swap agreements Other assets, net 2,906 Other liabilities 1,541 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,249 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 755 Commodity derivatives- crude oil Prepaid expenses and other current assets 1,360 Other current liabilities 3,072 Total $ 10,926 Total $ 24,674 July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives-propane Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin deposit balances as of April 30, 2016 and July 31, 2015 , respectively: April 30, 2016 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 8,100 Other current liabilities $ — Other assets, net 2,992 Other liabilities — $ 11,092 $ — July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 |
Fair Value Hedge Derivative Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three and nine months ended April 30, 2016 and 2015 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 433 $ 601 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 1,477 $ 1,408 $ (6,825 ) $ (6,825 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income for the three and nine months ended April 30, 2016 and 2015 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 14,998 Cost of sales-propane and other gas liquids sales $ (5,467 ) $ — Interest rate swap agreements (317 ) Interest expense (671 ) — $ 14,681 $ (6,138 ) $ — For the three months ended April 30, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 7,813 Cost of sales-propane and other gas liquids sales $ (10,907 ) $ — Interest rate swap agreements 106 Interest expense — — $ 7,919 $ (10,907 ) $ — For the nine months ended April 30, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 5,823 Cost of sales-propane and other gas liquids sales $ (20,729 ) $ — Interest rate swap agreements (2,262 ) Interest expense (2,202 ) — $ 3,561 $ (22,931 ) $ — For the nine months ended April 30, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (47,855 ) Cost of sales-propane and other gas liquids sales $ (17,139 ) $ — Interest rate swap agreements (3,250 ) Interest expense — (199 ) $ (51,105 ) $ (17,139 ) $ (199 ) |
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three and nine months ended April 30, 2016 and 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 487 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 955 Operating expense For the nine months ended April 30, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,532 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (3,779 ) Operating expense For the three months ended April 30, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ 1,609 Operating expense For the nine months ended April 30, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ 1,609 Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the nine months ended April 30, 2016 and 2015 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2016 2015 Beginning balance $ (38,906 ) $ 6,483 Change in value of risk management commodity derivatives 5,823 (47,855 ) Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 20,729 17,139 Change in value of risk management interest rate derivatives (2,262 ) (3,250 ) Reclassification of gains and losses on interest rate hedges to interest expense 2,202 199 Ending balance $ (12,414 ) $ (27,284 ) |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of April 30, 2016 and July 31, 2015 : April 30, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 2,058 Other current liabilities $ 11,441 Commodity derivatives-propane Other assets, net 2,926 Other liabilities 2,301 Interest rate swap agreements Prepaid expenses and other current assets 1,676 Other current liabilities 2,315 Interest rate swap agreements Other assets, net 2,906 Other liabilities 1,541 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,249 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 755 Commodity derivatives- crude oil Prepaid expenses and other current assets 1,360 Other current liabilities 3,072 Total $ 10,926 Total $ 24,674 July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives - vehicle fuel Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives - vehicle fuel Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin deposit balances as of April 30, 2016 and July 31, 2015 , respectively: April 30, 2016 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 8,100 Other current liabilities $ — Other assets, net 2,992 Other liabilities — $ 11,092 $ — July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 |
Fair Value Hedge Derivative Effect on Earnings | The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of earnings for the three and nine months ended April 30, 2016 and 2015 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 433 $ 601 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 1,477 $ 1,408 $ (6,825 ) $ (6,825 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income for the three and nine months ended April 30, 2016 and 2015 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 14,998 Cost of sales-propane and other gas liquids sales $ (5,467 ) $ — Interest rate swap agreements (317 ) Interest expense (671 ) — $ 14,681 $ (6,138 ) $ — For the three months ended April 30, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 7,813 Cost of sales-propane and other gas liquids sales $ (10,907 ) $ — Interest rate swap agreements 106 Interest expense — — $ 7,919 $ (10,907 ) $ — For the nine months ended April 30, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 5,823 Cost of sales-propane and other gas liquids sales $ (20,729 ) $ — Interest rate swap agreements (2,262 ) Interest expense (2,202 ) — $ 3,561 $ (22,931 ) $ — For the nine months ended April 30, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ (47,855 ) Cost of sales-propane and other gas liquids sales $ (17,139 ) $ — Interest rate swap agreements (3,250 ) Interest expense — (199 ) $ (51,105 ) $ (17,139 ) $ (199 ) |
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of earnings for the three and nine months ended April 30, 2016 and 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 487 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 955 Operating expense For the nine months ended April 30, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,532 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (3,779 ) Operating expense For the three months ended April 30, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ 1,609 Operating expense For the nine months ended April 30, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ 1,609 Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the nine months ended April 30, 2016 and 2015 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2016 2015 Beginning balance $ (38,906 ) $ 6,483 Change in value of risk management commodity derivatives 5,823 (47,855 ) Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 20,729 17,139 Change in value of risk management interest rate derivatives (2,262 ) (3,250 ) Reclassification of gains and losses on interest rate hedges to interest expense 2,202 199 Ending balance $ (12,414 ) $ (27,284 ) |
Transactions With Related Par34
Transactions With Related Parties (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Schedule of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of earnings as follows: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Operating expense $ 59,907 $ 53,155 $ 174,943 $ 163,417 General and administrative expense $ 7,957 $ 5,394 $ 22,297 $ 20,059 |
Ferrellgas, L.P. [Member] | |
Schedule of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of earnings as follows: For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 Operating expense $ 59,907 $ 53,155 $ 174,943 $ 163,417 General and administrative expense $ 7,957 $ 5,394 $ 22,297 $ 20,059 |
Net Earnings (Loss) Per Commo35
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Distribution Allocation | In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % |
Schedule of Earnings Per Share | Additionally, there are no dilutive securities in periods with net losses. For the three months ended April 30, For the nine months ended April 30, 2016 2015 2016 2015 (in thousands, except per unitholders' interest amounts) Common unitholders’ interest in net earnings (loss) $ 18,498 $ 35,454 $ (3,941 ) $ 87,511 Weighted average common units outstanding - basic 98,002.7 82,717.6 98,911.2 82,536.1 Dilutive securities 0.5 5.7 — 7.2 Weighted average common units outstanding - diluted 98,003.2 82,723.3 98,911.2 82,543.3 Basic and diluted net (earnings) loss per common unitholders’ interest $ 0.19 $ 0.43 $ (0.04 ) $ 1.06 |
Segment Reporting Segment Rep36
Segment Reporting Segment Reporting (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Segment Reporting Information | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net earnings: Three months ended April 30, Nine months ended April 30, 2016 2015 2016 2015 Net earnings (loss) attributable to Ferrellgas Partners, L.P. $ 18,685 $ 35,812 $ (3,981 ) $ 88,395 Income tax expense 1,260 917 1,446 1,448 Interest expense 34,371 23,510 102,889 71,797 Depreciation and amortization expense 38,352 23,324 112,698 70,576 EBITDA 92,668 83,563 213,052 232,216 Non-cash employee stock ownership plan compensation charge 9,978 8,566 18,375 16,728 Non-cash stock-based compensation charge 1,091 3,271 6,757 19,701 Goodwill impairment — — 29,316 — Loss on disposal of assets and other 5,779 2,203 23,220 4,578 Other (income) expense, net (331 ) (212 ) 89 415 Change in fair value of contingent consideration — — (100 ) (6,300 ) Severance costs 469 — 1,325 — Litigation accrual and related legal fees associated with a class action lawsuit — 83 — 806 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments (1,915 ) (1,609 ) 2,993 (1,609 ) Acquisition and transition expenses 14 — 99 — Net earnings attributable to noncontrolling interest 233 408 88 1,027 Adjusted EBITDA $ 107,986 $ 96,273 $ 295,214 $ 267,562 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets April 30, 2016 July 31, 2015 Propane and related equipment sales $ 1,257,965 $ 1,295,831 Midstream operations - crude oil logistics 897,181 917,325 Midstream operations - water logistics 175,157 205,358 Corporate and unallocated 42,546 45,542 Total consolidated assets $ 2,372,849 $ 2,464,056 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net earnings: Three months ended April 30, Nine months ended April 30, 2016 2015 2016 2015 Net earnings $ 23,049 $ 40,404 $ 8,700 $ 101,676 Income tax expense 1,260 853 1,441 1,379 Interest expense 30,340 19,476 90,799 59,695 Depreciation and amortization expense 38,352 23,324 112,698 70,576 EBITDA 93,001 84,057 213,638 233,326 Non-cash employee stock ownership plan compensation charge 9,978 8,566 18,375 16,728 Non-cash stock-based compensation charge 1,091 3,271 6,757 19,701 Goodwill impairment — — 29,316 — Loss on disposal of assets and other 5,779 2,203 23,220 4,578 Other (income) expense, net (331 ) (212 ) 89 415 Change in fair value of contingent consideration — — (100 ) (6,300 ) Severance costs 469 — 1,325 — Litigation accrual and related legal fees associated with a class action lawsuit — 83 — 806 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments (1,915 ) (1,609 ) 2,993 (1,609 ) Acquisition and transition expenses 14 — 99 — Adjusted EBITDA $ 108,086 $ 96,359 $ 295,712 $ 267,645 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets April 30, 2016 July 31, 2015 Propane and related equipment sales $ 1,257,965 $ 1,291,737 Midstream operations - crude oil logistics 897,181 917,325 Midstream operations - water logistics 175,157 205,358 Corporate and unallocated 40,981 45,542 Total consolidated assets $ 2,371,284 $ 2,459,962 |
Profit Measure [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three and nine months ended April 30, 2016 and 2015 . Three months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 404,048 $ 101,996 $ 3,907 $ — $ (479 ) $ 509,472 Direct costs (1) 307,708 76,826 5,301 11,684 (33 ) 401,486 Adjusted EBITDA $ 96,340 $ 25,170 $ (1,394 ) $ (11,684 ) $ (446 ) $ 107,986 Three months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 527,258 $ — $ 5,293 $ — $ — $ 532,551 Direct costs (1) 422,837 — 4,871 8,570 — 436,278 Adjusted EBITDA $ 104,421 $ — $ 422 $ (8,570 ) $ — $ 96,273 Nine months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 1,142,429 $ 475,162 $ 12,744 $ — $ (479 ) $ 1,629,856 Direct costs (1) 888,380 396,468 15,538 34,289 (33 ) 1,334,642 Adjusted EBITDA $ 254,049 $ 78,694 $ (2,794 ) $ (34,289 ) $ (446 ) $ 295,214 Nine months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 1,621,517 $ — $ 20,362 $ — $ — $ 1,641,879 Direct costs (1) 1,329,648 — 14,741 29,928 — 1,374,317 Adjusted EBITDA $ 291,869 $ — $ 5,621 $ (29,928 ) $ — $ 267,562 (1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". |
Profit Measure [Member] | Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three and nine months ended April 30, 2016 and 2015 . Three months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 404,048 $ 101,996 $ 3,907 $ — $ (479 ) $ 509,472 Direct costs (1) 307,708 76,826 5,301 11,584 (33 ) 401,386 Adjusted EBITDA $ 96,340 $ 25,170 $ (1,394 ) $ (11,584 ) $ (446 ) $ 108,086 Three months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 527,258 $ — $ 5,293 $ — $ — $ 532,551 Direct costs (1) 422,751 — 4,871 8,570 — 436,192 Adjusted EBITDA $ 104,507 $ — $ 422 $ (8,570 ) $ — $ 96,359 Nine months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 1,142,429 $ 475,162 $ 12,744 $ — $ (479 ) $ 1,629,856 Direct costs (1) 888,380 396,468 15,538 33,791 (33 ) 1,334,144 Adjusted EBITDA $ 254,049 $ 78,694 $ (2,794 ) $ (33,791 ) $ (446 ) $ 295,712 Nine months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Eliminations Total Segment revenues $ 1,621,517 $ — $ 20,362 $ — $ — $ 1,641,879 Direct costs (1) 1,329,565 — 14,741 29,928 — 1,374,234 Adjusted EBITDA $ 291,952 $ — $ 5,621 $ (29,928 ) $ — $ 267,645 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". |
Capital Expenditures [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment: Nine months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 12,705 $ 32 $ — $ 991 $ 13,728 Growth 28,461 52,315 10,553 — 91,329 Total $ 41,166 $ 52,347 $ 10,553 $ 991 $ 105,057 Nine months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 12,839 $ — $ 976 $ 1,012 $ 14,827 Growth 27,128 — 6,561 — 33,689 Total $ 39,967 $ — $ 7,537 $ 1,012 $ 48,516 |
Capital Expenditures [Member] | Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment: Nine months ended April 30, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 12,705 $ 32 $ — $ 991 $ 13,728 Growth 28,461 52,315 10,553 — 91,329 Total $ 41,166 $ 52,347 $ 10,553 $ 991 $ 105,057 Nine months ended April 30, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 12,839 $ — $ 976 $ 1,012 $ 14,827 Growth 27,128 — 6,561 — 33,689 Total $ 39,967 $ — $ 7,537 $ 1,012 $ 48,516 |
Guarantor financial informati37
Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Condensed Consolidated Balance Sheets | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of April 30, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 5,742 $ 1 $ 492 $ — $ — $ 6,235 Accounts and notes receivable (3,863 ) — 66,079 130,488 — 192,704 Intercompany receivables 44,309 — — — (44,309 ) — Inventories 63,313 — 24,426 — — 87,739 Prepaid expenses and other current assets 26,155 — 9,818 2 — 35,975 Total current assets 135,656 1 100,815 130,490 (44,309 ) 322,653 Property, plant and equipment, net 566,750 — 414,703 — — 981,453 Goodwill 243,598 — 202,735 — — 446,333 Intangible assets, net 145,188 — 406,184 — — 551,372 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries 640,282 — — — (640,282 ) — Assets held for sale — — 845 — — 845 Other assets, net 60,773 — 7,676 179 — 68,628 Total assets $ 2,242,247 $ 1 $ 1,132,958 $ 130,669 $ (1,134,591 ) $ 2,371,284 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable $ 42,536 $ — $ 35,527 $ — $ — $ 78,063 Short-term borrowings 9,071 — — — — 9,071 Collateralized note payable — — — 77,000 — 77,000 Intercompany payables — — 34,210 10,099 (44,309 ) — Other current liabilities 144,259 — 11,012 193 — 155,464 Total current liabilities 195,866 — 80,749 87,292 (44,309 ) 319,598 Long-term debt 1,777,331 — 451,000 — (450,000 ) 1,778,331 Other liabilities 29,042 — 4,080 225 — 33,347 Contingencies and commitments Partners' capital: Partners' equity 252,834 1 597,776 42,827 (640,604 ) 252,834 Accumulated other comprehensive income (loss) (12,826 ) — (647 ) 325 322 (12,826 ) Total partners' capital 240,008 1 597,129 43,152 (640,282 ) 240,008 Total liabilities and partners' capital $ 2,242,247 $ 1 $ 1,132,958 $ 130,669 $ (1,134,591 ) $ 2,371,284 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 5,579 $ 1 $ 20 $ — $ — $ 5,600 Accounts and notes receivable (2,858 ) — 80,657 119,119 — 196,918 Intercompany receivables 39,238 — — — (39,238 ) — Inventories 78,132 — 18,622 — — 96,754 Prepaid expenses and other current assets 42,069 — 22,140 2 — 64,211 Total current assets 162,160 1 121,439 119,121 (39,238 ) 363,483 Property, plant and equipment, net 569,640 — 395,577 — — 965,217 Goodwill 246,116 — 232,631 — — 478,747 Intangible assets, net 155,659 — 424,384 — — 580,043 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries 661,081 — — — (661,081 ) — Other assets, net 62,019 — 10,087 366 — 72,472 Total assets $ 2,306,675 $ 1 $ 1,184,118 $ 119,487 $ (1,150,319 ) $ 2,459,962 LIABILITIES AND PARTNERS' CAPITAL Current liabilities: Accounts payable $ 40,210 $ — $ 43,764 $ — $ — $ 83,974 Short-term borrowings 75,319 — — — — 75,319 Collateralized note payable — — — 70,000 — 70,000 Intercompany payables — — 30,289 8,949 (39,238 ) — Other current liabilities 142,137 — 33,903 136 — 176,176 Total current liabilities 257,666 — 107,956 79,085 (39,238 ) 405,469 Long-term debt 1,621,439 — 450,953 — (450,000 ) 1,622,392 Other liabilities 37,444 — 4,306 225 — 41,975 Contingencies and commitments Partners' capital: Partners' equity 429,444 1 621,550 39,852 (661,403 ) 429,444 Accumulated other comprehensive income (loss) (39,318 ) — (647 ) 325 322 (39,318 ) Total partners' capital 390,126 1 620,903 40,177 (661,081 ) 390,126 Total liabilities and partners' capital $ 2,306,675 $ 1 $ 1,184,118 $ 119,487 $ (1,150,319 ) $ 2,459,962 | |
Condensed Consolidated Statements of Earnings | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (in thousands) For the three months ended April 30, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 338,929 $ — $ — $ — $ — $ 338,929 Midstream operations — — 105,424 — — 105,424 Other 19,739 — 45,380 — — 65,119 Total revenues 358,668 — 150,804 — — 509,472 Costs and expenses: Cost of sales - propane and other gas liquids sales 152,261 — — — — 152,261 Cost of sales - midstream operations — — 71,852 — — 71,852 Cost of sales - other 2,009 — 39,194 — — 41,203 Operating expense 100,998 — 13,999 1,376 (1,102 ) 115,271 Depreciation and amortization expense 18,247 — 19,918 187 — 38,352 General and administrative expense 11,884 — 1,330 — — 13,214 Equipment lease expense 7,127 — 117 — — 7,244 Non-cash employee stock ownership plan compensation charge 9,978 — — — — 9,978 Loss on disposal of assets 1,775 — 4,004 — — 5,779 Operating income (loss) 54,389 — 390 (1,563 ) 1,102 54,318 Interest expense (19,316 ) — (10,499 ) (536 ) 11 (30,340 ) Other income (expense), net 331 — — 1,113 (1,113 ) 331 Earnings (loss) before income taxes 35,404 — (10,109 ) (986 ) — 24,309 Income tax expense 395 — 865 — — 1,260 Equity in earnings of subsidiary (11,960 ) — — — 11,960 — Net earnings (loss) 23,049 — (10,974 ) (986 ) 11,960 23,049 Other comprehensive income 20,819 — — — — 20,819 Comprehensive income (loss) $ 43,868 $ — $ (10,974 ) $ (986 ) $ 11,960 $ 43,868 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (in thousands) For the three months ended April 30, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 445,667 $ — $ — $ — $ — $ 445,667 Midstream operations — — 5,293 — — 5,293 Other 18,893 — 62,698 — — 81,591 Total revenues 464,560 — 67,991 — — 532,551 Costs and expenses: Cost of sales - propane and other gas liquids sales 253,684 — — — — 253,684 Cost of sales - midstream operations — — 1,877 — — 1,877 Cost of sales - other 1,626 — 56,083 — — 57,709 Operating expense 100,155 — 7,135 2,171 (2,043 ) 107,418 Depreciation and amortization expense 18,675 — 4,462 187 — 23,324 General and administrative expense 10,902 — — — — 10,902 Equipment lease expense 6,327 — 20 — — 6,347 Non-cash employee stock ownership plan compensation charge 8,566 — — — — 8,566 Loss on disposal of assets 2,199 — 4 — — 2,203 Operating income (loss) 62,426 — (1,590 ) (2,358 ) 2,043 60,521 Interest expense (16,969 ) — (1,256 ) (750 ) (501 ) (19,476 ) Other income (expense), net 212 — — 1,542 (1,542 ) 212 Earnings (loss) before income taxes 45,669 — (2,846 ) (1,566 ) — 41,257 Income tax expense 86 — 767 — — 853 Equity in earnings of subsidiary (5,179 ) — — — 5,179 — Net earnings (loss) 40,404 — (3,613 ) (1,566 ) 5,179 40,404 Other comprehensive income 18,826 — — — — 18,826 Comprehensive income (loss) $ 59,230 $ — $ (3,613 ) $ (1,566 ) $ 5,179 $ 59,230 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (in thousands) For the nine months ended April 30, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 961,086 $ — $ — $ — $ — $ 961,086 Midstream operations — — 487,427 — — 487,427 Other 58,687 — 122,656 — — 181,343 Total revenues 1,019,773 — 610,083 — — 1,629,856 Costs and expenses: Cost of sales - propane and other gas liquids sales 448,841 — — — — 448,841 Cost of sales - midstream operations — — 373,899 — — 373,899 Cost of sales - other 6,804 — 104,621 — — 111,425 Operating expense 299,660 — 46,380 3,981 (2,554 ) 347,467 Depreciation and amortization expense 55,602 — 56,909 187 — 112,698 General and administrative expense 37,619 3 4,410 — — 42,032 Equipment lease expense 21,170 — 384 — — 21,554 Non-cash employee stock ownership plan compensation charge 18,375 — — — — 18,375 Goodwill impairment — — 29,316 — — 29,316 Loss on disposal of assets 5,420 — 17,800 — — 23,220 Operating income (loss) 126,282 (3 ) (23,636 ) (4,168 ) 2,554 101,029 Interest expense (57,467 ) — (31,819 ) (1,669 ) 156 (90,799 ) Other income (expense), net (89 ) — — 2,710 (2,710 ) (89 ) Earnings (loss) before income taxes 68,726 (3 ) (55,455 ) (3,127 ) — 10,141 Income tax expense 673 — 768 — — 1,441 Equity in earnings of subsidiary (59,353 ) — — — 59,353 — Net earnings (loss) 8,700 (3 ) (56,223 ) (3,127 ) 59,353 8,700 Other comprehensive income 26,492 — — — — 26,492 Comprehensive income (loss) $ 35,192 $ (3 ) $ (56,223 ) $ (3,127 ) $ 59,353 $ 35,192 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF EARNINGS (in thousands) For the nine months ended April 30, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,400,895 $ — $ — $ — $ — $ 1,400,895 Midstream operations — — 20,362 — — 20,362 Other 59,480 — 161,142 — — 220,622 Total revenues 1,460,375 — 181,504 — — 1,641,879 Costs and expenses: Cost of sales - propane and other gas liquids sales 849,190 — — — — 849,190 Cost of sales - midstream operations — — 6,064 — — 6,064 Cost of sales - other 5,624 — 142,048 — — 147,672 Operating expense 306,184 — 14,460 5,211 (4,792 ) 321,063 Depreciation and amortization expense 57,529 — 12,860 187 — 70,576 General and administrative expense 45,166 3 — — — 45,169 Equipment lease expense 17,642 — 32 — — 17,674 Non-cash employee stock ownership plan compensation charge 16,728 — — — — 16,728 Loss on disposal of assets 4,574 — 4 — — 4,578 Operating income (loss) 157,738 (3 ) 6,036 (5,398 ) 4,792 163,165 Interest expense (54,217 ) — (3,639 ) (1,883 ) 44 (59,695 ) Other income (expense), net (415 ) — — 4,836 (4,836 ) (415 ) Earnings (loss) before income taxes 103,106 (3 ) 2,397 (2,445 ) — 103,055 Income tax expense 249 — 1,130 — — 1,379 Equity in earnings of subsidiary (1,181 ) — — — 1,181 — Net earnings (loss) 101,676 (3 ) 1,267 (2,445 ) 1,181 101,676 Other comprehensive loss (33,769 ) — — — — (33,769 ) Comprehensive income (loss) $ 67,907 $ (3 ) $ 1,267 $ (2,445 ) $ 1,181 $ 67,907 | |
Condensed Consolidated Statements of Cash Flows | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 193,703 $ (3 ) $ 57,450 $ (13,656 ) $ (7,000 ) $ 230,494 Cash flows from investing activities: Business acquisitions, net of cash acquired (13,894 ) — — — — (13,894 ) Capital expenditures (44,330 ) — (64,057 ) — — (108,387 ) Proceeds from sale of assets 11,862 — — — — 11,862 Cash collected for purchase of interest in accounts receivable — — — 763,604 (763,604 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (770,604 ) 770,604 — Net changes in advances with consolidated entities (20,740 ) — — — 20,740 — Other (499 ) — — — — (499 ) Net cash used in investing activities (67,601 ) — (64,057 ) (7,000 ) 27,740 (110,918 ) Cash flows from financing activities: Distributions (210,158 ) — — — — (210,158 ) Contributions from Partners 30 — — — — 30 Proceeds from increase in long-term debt 159,814 — — — — 159,814 Reductions in long-term debt (8,739 ) — — — — (8,739 ) Net reductions in short-term borrowings (66,248 ) — — — — (66,248 ) Net additions to collateralized short-term borrowings — — — 7,000 — 7,000 Net changes in advances with parent — 3 7,079 13,658 (20,740 ) — Cash paid for financing costs (640 ) — — — — (640 ) Net cash provided by (used in) financing activities (125,941 ) 3 7,079 20,658 (20,740 ) (118,941 ) Effect of exchange rate changes on cash 2 — — (2 ) — — Increase in cash and cash equivalents 163 — 472 — — 635 Cash and cash equivalents - beginning of year 5,579 1 20 — — 5,600 Cash and cash equivalents - end of year $ 5,742 $ 1 $ 492 $ — $ — $ 6,235 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 241,141 $ (3 ) $ 12,307 $ (24,327 ) $ (26,000 ) $ 203,118 Cash flows from investing activities: Business acquisitions, net of cash acquired (68,901 ) — (1 ) — — (68,902 ) Capital expenditures (42,854 ) — (8,467 ) — — (51,321 ) Proceeds from sale of assets 4,060 — — — — 4,060 Cash collected for purchase of interest in accounts receivable — — — 1,079,031 (1,079,031 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (1,105,031 ) 1,105,031 — Net changes in advances with consolidated entities (20,087 ) — — — 20,087 — Other — — — — — — Net cash used in investing activities (127,782 ) — (8,468 ) (26,000 ) 46,087 (116,163 ) Cash flows from financing activities: Distributions (134,535 ) — — — — (134,535 ) Contributions from Partners 42,655 — — — — 42,655 Proceeds from increase in long-term debt 107,951 — — — — 107,951 Reductions in long-term debt (60,216 ) — — — — (60,216 ) Net reductions in short-term borrowings (69,519 ) — — — — (69,519 ) Net additions to collateralized short-term borrowings — — — 26,000 — 26,000 Net changes in advances with parent — 3 (4,245 ) 24,329 (20,087 ) — Cash paid for financing costs (204 ) — — — — (204 ) Net cash provided by (used in) financing activities (113,868 ) 3 (4,245 ) 50,329 (20,087 ) (87,868 ) Effect of exchange rate changes on cash — — — (2 ) — (2 ) Decrease in cash and cash equivalents (509 ) — (406 ) — — (915 ) Cash and cash equivalents - beginning of year 7,798 1 484 — — 8,283 Cash and cash equivalents - end of year $ 7,289 $ 1 $ 78 $ — $ — $ 7,368 |
Partnership Organization And 38
Partnership Organization And Formation (Details) | 9 Months Ended | |
Apr. 30, 2016employeesubsidiaryshares | Jul. 31, 2015shares | |
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Number of entity subsidiaries | subsidiary | 2 | |
Equity interest in subsidiary | 100.00% | |
Number of states in which entity operates | 50 | |
Number of employees | 0 | |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock shares outstanding | shares | 1,000 | 1,000 |
Corporation formation date | Mar. 28, 1996 | |
Number of employees | 0 | |
Ferrellgas, L.P. [Member] | ||
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Equity interest in subsidiary | 100.00% | |
Number of states in which entity operates | 50 | |
Number of employees | 0 | |
Ferrellgas Finance Corp. [Member] | ||
Common stock shares outstanding | shares | 1,000 | 1,000 |
Corporation formation date | Jan. 16, 2003 | |
Number of employees | 0 | |
Ferrell Companies [Member] | ||
Common stock shares outstanding | shares | 22,800,000 | |
Operating Partnership [Member] | ||
General partner ownership interest | 1.00% | |
Ferrellgas [Member] | ||
General partner ownership interest | 2.00% |
Business combinations Busines39
Business combinations Business combinations (Narrative) (Details) - Midstream - Crude Oil Logistics [Member] $ in Millions | 9 Months Ended |
Apr. 30, 2016USD ($) | |
Payments to Acquire Businesses, Gross | $ 560 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 260 |
Business Acquisition Cost Of Acquired Entity Issuance Of Liabilities And Other Costs | 2.5 |
Business Combination, Consideration Transferred | 822.5 |
Ferrellgas, L.P. [Member] | |
Payments to Acquire Businesses, Gross | 560 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 260 |
Business Acquisition Cost Of Acquired Entity Issuance Of Liabilities And Other Costs | 2.5 |
Business Combination, Consideration Transferred | $ 822.5 |
Business combinations Busines40
Business combinations Business combinations (Aggregate Fair Value) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Jul. 31, 2015 | |
Goodwill, Acquired During Period | $ 1,356 | |
Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (7,867) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 1,783 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | (9,650) | |
Postconfirmation, Goodwill | 188,872 | |
Goodwill, Acquired During Period | 1,356 | 193,311 |
Goodwill, Purchase Accounting Adjustments | (4,439) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,375 | 2,375 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 822,452 | 822,452 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 0 | |
Transportation Equipment [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 293,491 | 293,491 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Injection Stations and Pipelines [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 41,632 | 41,632 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Office Equipment [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,449 | 7,449 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Customer Lists [Member] | Midstream - Crude Oil Logistics [Member] | ||
Finite-lived Intangible Assets Acquired | 277,100 | 261,811 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 15,289 | |
Noncompete Agreements [Member] | Midstream - Crude Oil Logistics [Member] | ||
Finite-lived Intangible Assets Acquired | 10,000 | 14,800 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (4,800) | |
Trademarks and Trade Names [Member] | Midstream - Crude Oil Logistics [Member] | ||
Indefinite-lived Intangible Assets Acquired | 9,400 | 5,800 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 3,600 | |
Other Noncurrent Assets [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 0 | |
Ferrellgas, L.P. [Member] | ||
Goodwill, Acquired During Period | 1,356 | |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (7,867) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,783 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | (9,650) | |
Postconfirmation, Goodwill | 188,872 | |
Goodwill, Acquired During Period | 1,356 | 193,311 |
Goodwill, Purchase Accounting Adjustments | (4,439) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,375 | 2,375 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 822,452 | 822,452 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 0 | |
Ferrellgas, L.P. [Member] | Transportation Equipment [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 293,491 | 293,491 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Ferrellgas, L.P. [Member] | Injection Stations and Pipelines [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 41,632 | 41,632 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Ferrellgas, L.P. [Member] | Office Equipment [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,449 | 7,449 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Ferrellgas, L.P. [Member] | Customer Lists [Member] | Midstream - Crude Oil Logistics [Member] | ||
Finite-lived Intangible Assets Acquired | 277,100 | 261,811 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 15,289 | |
Ferrellgas, L.P. [Member] | Noncompete Agreements [Member] | Midstream - Crude Oil Logistics [Member] | ||
Finite-lived Intangible Assets Acquired | 10,000 | 14,800 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (4,800) | |
Ferrellgas, L.P. [Member] | Trademarks and Trade Names [Member] | Midstream - Crude Oil Logistics [Member] | ||
Indefinite-lived Intangible Assets Acquired | 9,400 | $ 5,800 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 3,600 | |
Ferrellgas, L.P. [Member] | Other Noncurrent Assets [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | $ 0 |
Summary Of Significant Accoun41
Summary Of Significant Accounting Policies (Significant Cash And Non-Cash Activities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Cash Paid For [Abstract] | ||
Interest | $ 71,409 | $ 49,021 |
Income taxes | 432 | 333 |
Non-Cash Investing Activities [Abstract] | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,239 | 0 |
Change in accruals for property, plant and equipment additions | 1,293 | 1,316 |
Ferrellgas, L.P. [Member] | ||
Cash Paid For [Abstract] | ||
Interest | 63,559 | 41,172 |
Income taxes | 427 | 264 |
Non-Cash Investing Activities [Abstract] | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,239 | 0 |
Partners' Capital Account, Acquisitions | (284) | |
Change in accruals for property, plant and equipment additions | 1,293 | $ 1,316 |
Common Unitholders [Member] | Ferrellgas, L.P. [Member] | ||
Non-Cash Investing Activities [Abstract] | ||
Partners' Capital Account, Acquisitions | $ (284) |
Business combinations Busines42
Business combinations Business combinations (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Apr. 30, 2015 | Apr. 30, 2015 | |
Business Acquisition, Pro Forma Revenue | $ 614,777 | $ 1,894,618 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 29,806 | $ 76,632 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.35 | $ 0.91 |
Ferrellgas, L.P. [Member] | ||
Business Acquisition, Pro Forma Revenue | $ 614,777 | $ 1,894,618 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 33,990 | $ 88,886 |
Supplemental Financial Statem43
Supplemental Financial Statement Information (Narrative) (Details) $ in Thousands, gal in Millions | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2016USD ($)gal | Oct. 31, 2015 | Apr. 30, 2015USD ($) | Apr. 30, 2016USD ($)gal | Apr. 30, 2015USD ($) | |
Maximum term of supply procurement contracts | 36 months | ||||
Net procurement of fixed priced propane in gallons | gal | 92.7 | 92.7 | |||
Ferrellgas, L.P. [Member] | |||||
Maximum term of supply procurement contracts | 36 months | ||||
Net procurement of fixed priced propane in gallons | gal | 92.7 | 92.7 | |||
Vehicles [Member] | Midstream - Crude Oil Logistics [Member] | |||||
Assets sold | 64 | 69 | |||
Long Lived Assets Held-for-sale, Description | 13 | 136 | |||
Assets held in use | 59 | ||||
Vehicles [Member] | Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | |||||
Assets sold | 64 | 69 | |||
Long Lived Assets Held-for-sale, Description | 13 | 136 | |||
Assets held in use | 59 | ||||
Assets held for disposal [Member] | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ | $ 896 | $ 0 | $ 1,687 | $ 0 | |
Assets held for disposal [Member] | Ferrellgas, L.P. [Member] | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ | $ 896 | $ 0 | $ 1,687 | $ 0 |
Supplemental Financial Statem44
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Propane gas and related products | $ 51,502 | $ 68,731 |
Energy Related Inventory, Petroleum | 9,871 | 0 |
Appliances, parts and supplies | 26,366 | 28,023 |
Inventories | 87,739 | 96,754 |
Ferrellgas, L.P. [Member] | ||
Propane gas and related products | 51,502 | 68,731 |
Energy Related Inventory, Petroleum | 9,871 | 0 |
Appliances, parts and supplies | 26,366 | 28,023 |
Inventories | $ 87,739 | $ 96,754 |
Supplemental Financial Statem45
Supplemental Financial Statement Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Accrued interest | $ 45,039 | $ 17,281 |
Accrued payroll | 18,354 | 17,485 |
Customer deposits and advances | 21,335 | 28,792 |
Price risk management liabilities | 20,077 | 31,450 |
Other | 56,589 | 85,679 |
Other current liabilities | 161,394 | 180,687 |
Ferrellgas, L.P. [Member] | ||
Accrued interest | 39,109 | 15,275 |
Accrued payroll | 18,354 | 17,485 |
Customer deposits and advances | 21,335 | 28,792 |
Price risk management liabilities | 20,077 | 31,450 |
Other | 56,589 | 83,174 |
Other current liabilities | $ 155,464 | $ 176,176 |
Supplemental Financial Statem46
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | $ 49,919 | $ 48,385 | $ 149,599 | $ 155,655 |
Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 49,919 | 48,385 | 149,599 | 155,655 |
Operating Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 42,378 | 41,291 | 126,946 | 135,206 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 42,378 | 41,291 | 126,946 | 135,206 |
Depreciation And Amortization Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 1,071 | 1,194 | 3,268 | 3,970 |
Depreciation And Amortization Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 1,071 | 1,194 | 3,268 | 3,970 |
Equipment Lease Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 6,470 | 5,900 | 19,385 | 16,479 |
Equipment Lease Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | $ 6,470 | $ 5,900 | $ 19,385 | $ 16,479 |
Supplemental Financial Statem47
Supplemental Financial Statement Information Supplemental financial statement information (Property, Plant, and Equipment) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2016 | Jul. 31, 2015 | |
Property, Plant and Equipment, Gross | $ 1,647,947 | $ 1,603,383 |
Property, plant and equipment accumulated depreciation | 666,494 | 638,166 |
Property, plant and equipment, net | $ 981,453 | 965,217 |
Land [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives | Indefinite | |
Property, Plant and Equipment, Gross | $ 35,220 | 34,389 |
Land Improvements [Member] | ||
Property, Plant and Equipment, Gross | 13,776 | 13,249 |
Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 72,800 | 71,923 |
Property, Plant and Equipment, Useful Life | 20 years | |
Vehicles [Member] | ||
Property, Plant and Equipment, Gross | $ 205,892 | 228,646 |
Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Gross | 112,283 | 111,657 |
Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Gross | 773,022 | 772,904 |
Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Gross | 55,569 | 38,460 |
Rail cars [Member] | ||
Property, Plant and Equipment, Gross | $ 199,240 | 150,235 |
Property, Plant and Equipment, Useful Life | 30 years | |
Office Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 121,813 | 123,386 |
Injection stations [Member] | ||
Property, Plant and Equipment, Gross | $ 32,178 | 37,619 |
Property, Plant and Equipment, Useful Life | 20 years | |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 22,080 | 16,841 |
Pipelines [Member] | ||
Property, Plant and Equipment, Gross | $ 4,074 | 4,074 |
Property, Plant and Equipment, Useful Life | 15 years | |
Minimum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum [Member] | Vehicles [Member] | ||
Property, Plant and Equipment, Useful Life | 8 years | |
Minimum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum [Member] | Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Maximum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Maximum [Member] | Vehicles [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Maximum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Maximum [Member] | Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Maximum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Useful Life | 23 years | |
Maximum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment, Gross | $ 1,647,947 | 1,603,383 |
Property, plant and equipment accumulated depreciation | 666,494 | 638,166 |
Property, plant and equipment, net | $ 981,453 | 965,217 |
Ferrellgas, L.P. [Member] | Land [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives | Indefinite | |
Property, Plant and Equipment, Gross | $ 35,220 | 34,389 |
Ferrellgas, L.P. [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment, Gross | 13,776 | 13,249 |
Ferrellgas, L.P. [Member] | Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 72,800 | 71,923 |
Property, Plant and Equipment, Useful Life | 20 years | |
Ferrellgas, L.P. [Member] | Vehicles [Member] | ||
Property, Plant and Equipment, Gross | $ 205,892 | 228,646 |
Ferrellgas, L.P. [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Gross | 112,283 | 111,657 |
Ferrellgas, L.P. [Member] | Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Gross | 773,022 | 772,904 |
Ferrellgas, L.P. [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Gross | 55,569 | 38,460 |
Ferrellgas, L.P. [Member] | Rail cars [Member] | ||
Property, Plant and Equipment, Gross | $ 199,240 | 150,235 |
Property, Plant and Equipment, Useful Life | 30 years | |
Ferrellgas, L.P. [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 121,813 | 123,386 |
Ferrellgas, L.P. [Member] | Injection stations [Member] | ||
Property, Plant and Equipment, Gross | $ 32,178 | 37,619 |
Property, Plant and Equipment, Useful Life | 20 years | |
Ferrellgas, L.P. [Member] | Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 22,080 | 16,841 |
Ferrellgas, L.P. [Member] | Pipelines [Member] | ||
Property, Plant and Equipment, Gross | $ 4,074 | $ 4,074 |
Property, Plant and Equipment, Useful Life | 15 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Vehicles [Member] | ||
Property, Plant and Equipment, Useful Life | 8 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Vehicles [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Useful Life | 23 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years |
Supplemental Financial Statem48
Supplemental Financial Statement Information Supplemental financial statement information (Assets Held for Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Long Lived Assets Held-for-sale [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | $ 12,112 | $ 0 |
Loss on Disposal of Assets and Asset Impairment Charges | 5,779 | 2,203 | 23,220 | 4,578 |
Assets held for disposal [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 896 | 0 | 1,687 | 0 |
Assets held in use [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 4,883 | 2,203 | 9,421 | 4,578 |
Ferrellgas, L.P. [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 12,112 | 0 |
Loss on Disposal of Assets and Asset Impairment Charges | 5,779 | 2,203 | 23,220 | 4,578 |
Ferrellgas, L.P. [Member] | Assets held for disposal [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 896 | 0 | 1,687 | 0 |
Ferrellgas, L.P. [Member] | Assets held in use [Member] | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 4,883 | $ 2,203 | $ 9,421 | $ 4,578 |
Accounts And Notes Receivable49
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Jul. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 134,538,000 | $ 123,791,000 |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 134,538,000 | 123,791,000 |
Accounts Receivable Securitization [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 134,500,000 | 123,800,000 |
Collateralized notes payable | 77,000,000 | 70,000,000 |
Proceeds from accounts receivable securitization | 77,000,000 | 70,000,000 |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 |
Weighted average interest rate on borrowings under accounts receivable securitization | 2.90% | 2.30% |
Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 134,500,000 | $ 123,800,000 |
Collateralized notes payable | 77,000,000 | 70,000,000 |
Proceeds from accounts receivable securitization | 77,000,000 | 70,000,000 |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 |
Weighted average interest rate on borrowings under accounts receivable securitization | 2.90% | 2.30% |
Accounts And Notes Receivable50
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Accounts receivable pledged as collateral | $ 134,538 | $ 123,791 |
Accounts receivable | 64,359 | 77,636 |
Other | 382 | 307 |
Less: Allowance for doubtful accounts | (6,575) | (4,816) |
Accounts and notes receivable, net | 192,704 | 196,918 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | 134,538 | 123,791 |
Accounts receivable | 64,359 | 77,636 |
Other | 382 | 307 |
Less: Allowance for doubtful accounts | (6,575) | (4,816) |
Accounts and notes receivable, net | $ 192,704 | $ 196,918 |
Goodwill and intangibles Good51
Goodwill and intangibles Goodwill and intangibles (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2016 | Jul. 31, 2015 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Goodwill [Line Items] | |||||
Goodwill impairment | $ 0 | $ 0 | $ 29,316,000 | $ 0 | |
WTI average closing price | $ 44.90 | $ 56.63 | |||
WTI quarterly price decrease | 20.70% | ||||
WTi crude curve decrease | 6.50% | ||||
Ferrellgas, L.P. [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | $ 0 | $ 0 | $ 29,316,000 | $ 0 | |
WTI average closing price | $ 44.90 | $ 56.63 | |||
WTI quarterly price decrease | 20.70% | ||||
WTi crude curve decrease | 6.50% |
Goodwill and intangibles Good52
Goodwill and intangibles Goodwill and Intangibles (Goodwill rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | Jul. 31, 2015 | |
Goodwill [Line Items] | |||||
Goodwill impairment | $ 0 | $ 0 | $ 29,316 | $ 0 | |
Goodwill, Other Changes | (4,439) | ||||
Goodwill, Written off Related to Sale of Business Unit | (15) | ||||
Goodwill, Acquired During Period | 1,356 | ||||
Goodwill, net | 446,333 | 446,333 | $ 478,747 | ||
Midstream Operations - Water Solutions [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | 29,316 | ||||
Goodwill, Other Changes | 0 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Goodwill, Acquired During Period | 0 | ||||
Goodwill, net | 0 | 0 | 29,316 | ||
Propane and related equipment sales [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | 0 | ||||
Goodwill, Other Changes | 0 | ||||
Goodwill, Written off Related to Sale of Business Unit | (15) | ||||
Goodwill, Acquired During Period | 0 | ||||
Goodwill, net | 256,105 | 256,105 | 256,120 | ||
Midstream - Crude Oil Logistics [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | 0 | ||||
Goodwill, Other Changes | (4,439) | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Goodwill, Acquired During Period | 1,356 | 193,311 | |||
Goodwill, net | 190,228 | 190,228 | 193,311 | ||
Ferrellgas, L.P. [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | 0 | $ 0 | 29,316 | $ 0 | |
Goodwill, Other Changes | (4,439) | ||||
Goodwill, Written off Related to Sale of Business Unit | (15) | ||||
Goodwill, Acquired During Period | 1,356 | ||||
Goodwill, net | 446,333 | 446,333 | 478,747 | ||
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | 29,316 | ||||
Goodwill, Other Changes | 0 | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Goodwill, Acquired During Period | 0 | ||||
Goodwill, net | 0 | 0 | 29,316 | ||
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | 0 | ||||
Goodwill, Other Changes | 0 | ||||
Goodwill, Written off Related to Sale of Business Unit | (15) | ||||
Goodwill, Acquired During Period | 0 | ||||
Goodwill, net | 256,105 | 256,105 | 256,120 | ||
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | 0 | ||||
Goodwill, Other Changes | (4,439) | ||||
Goodwill, Written off Related to Sale of Business Unit | 0 | ||||
Goodwill, Acquired During Period | 1,356 | 193,311 | |||
Goodwill, net | $ 190,228 | $ 190,228 | $ 193,311 |
Debt (Short-Term Borrowings Nar
Debt (Short-Term Borrowings Narrative) (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Short-term borrowings | $ 9,071 | $ 75,319 |
Ferrellgas, L.P. [Member] | ||
Short-term borrowings | $ 9,071 | $ 75,319 |
Debt Debt (Components of Long-T
Debt Debt (Components of Long-Term Debt) (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt | $ 1,960,331 | $ 1,804,392 |
Short-term borrowings | 9,071 | 75,319 |
Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt | 1,778,331 | 1,622,392 |
Short-term borrowings | $ 9,071 | $ 75,319 |
Secured Credit Facility [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt weighted average interest rate | 3.60% | 3.50% |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt weighted average interest rate | 3.60% | 3.50% |
Debt (Senior Notes Narrative) (
Debt (Senior Notes Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Interest payments | $ 71,409 | $ 49,021 |
Ferrellgas, L.P. [Member] | ||
Interest payments | $ 63,559 | $ 41,172 |
Debt (Secured Credit Facility N
Debt (Secured Credit Facility Narrative) (Details) - USD ($) $ in Millions | Apr. 30, 2016 | Jul. 31, 2015 |
Debt Instrument [Line Items] | ||
Letters of credit outstanding | $ 69.5 | $ 61.2 |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | 69.5 | 61.2 |
Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total credit faciltiy borrowings outstanding | 299 | 211.4 |
Other Long-term Debt, Noncurrent | $ 289.9 | $ 136.1 |
Weighted average interest rate on credit facility borrowings | 3.60% | 3.50% |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Total credit faciltiy borrowings outstanding | $ 299 | $ 211.4 |
Other Long-term Debt, Noncurrent | $ 289.9 | $ 136.1 |
Weighted average interest rate on credit facility borrowings | 3.60% | 3.50% |
Letter Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | $ 130.5 | $ 138.8 |
Letter Of Credit [Member] | Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | $ 130.5 | $ 138.8 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 15, 2016 | Feb. 25, 2016 | Apr. 30, 2016 | Apr. 30, 2015 | Jul. 31, 2015 |
Capital Unit [Line Items] | |||||
Limited Partners' Capital Account, Units Outstanding | 98,002,665 | 100,376,789 | |||
General partner ownership interest | 1.00% | ||||
Contributions from partners | $ 32 | $ 425 | |||
Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
General partner ownership interest | 1.00% | ||||
Contributions from partners | $ 30 | 42,655 | |||
JEF Capital Management [Member] | |||||
Capital Unit [Line Items] | |||||
Limited Partners' Capital Account, Units Outstanding | 4,758,859 | ||||
Ferrell Resources Holdings, Inc. [Member] | |||||
Capital Unit [Line Items] | |||||
Limited Partners' Capital Account, Units Outstanding | 4,616 | ||||
FCI Trading Corp. [Member] | |||||
Capital Unit [Line Items] | |||||
Limited Partners' Capital Account, Units Outstanding | 195,686 | 195,686 | |||
General Partner [Member] | |||||
Capital Unit [Line Items] | |||||
General partner ownership interest | 2.00% | ||||
Contributions from partners | 900 | ||||
Non-cash contributions | $ 500 | 700 | |||
General Partner [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
General partner ownership interest | 1.0101% | ||||
Contributions from partners | 400 | ||||
Non-cash contributions | $ 300 | $ 400 | |||
Ferrell Propane, Inc [Member] | |||||
Capital Unit [Line Items] | |||||
Limited Partners' Capital Account, Units Outstanding | 51,204 | 51,204 | |||
Ferrell Companies Beneficial Ownership [Member] | |||||
Capital Unit [Line Items] | |||||
Limited partner ownership interest | 23.20% | ||||
Ferrell Companies [Member] | |||||
Capital Unit [Line Items] | |||||
Limited partner ownership interest | 23.00% | ||||
Subsequent Event [Member] | |||||
Capital Unit [Line Items] | |||||
Cash distribution declaration date | May 24, 2016 | ||||
Cash distributions declared per common unit | $ 0.5125 | ||||
Cash distributions payment date | Jun. 14, 2016 | ||||
Subsequent Event [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Cash distribution declaration date | May 24, 2016 | ||||
Cash distributions payment date | Jun. 14, 2016 | ||||
Subsequent Event [Member] | FCI Trading Corp. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 100 | ||||
Subsequent Event [Member] | Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | 58,800 | ||||
Subsequent Event [Member] | General Partner [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | 507 | ||||
Subsequent Event [Member] | General Partner [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | 600 | ||||
Subsequent Event [Member] | Ferrell Propane, Inc [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | 26 | ||||
Subsequent Event [Member] | Ferrell Companies [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 11,546 |
Partners' Capital (Distribution
Partners' Capital (Distributions Paid) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 50,733 | $ 41,777 | $ 153,426 | $ 125,328 |
Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 51,251 | 42,203 | 210,158 | 134,535 |
James H. Ballengee [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 3,321 | 0 | 11,880 | 0 |
Public Common Unitholders [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 32,792 | 27,791 | 97,673 | 83,370 |
Ferrell Companies [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 11,546 | 11,265 | 34,638 | 33,795 |
FCI Trading Corp. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 100 | 98 | 300 | 294 |
Ferrell Propane, Inc [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 26 | 26 | 78 | 78 |
James E. Ferrell [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 2,441 | 2,179 | 7,323 | 6,537 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 50,733 | 41,777 | 208,035 | 133,177 |
General Partner [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 507 | 418 | 1,534 | 1,254 |
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 518 | $ 426 | $ 2,123 | $ 1,358 |
Partners' Capital (Distributi59
Partners' Capital (Distributions Expected To Be Paid To Related Parties) (Details) - Subsequent Event [Member] $ in Thousands | Feb. 25, 2016USD ($) |
Ferrell Companies [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 11,546 |
FCI Trading Corp. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 100 |
Ferrell Propane, Inc [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 26 |
James E. Ferrell [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 2,441 |
James H. Ballengee [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 2,445 |
General Partner [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 507 |
Partners' Capital (Deficit) Par
Partners' Capital (Deficit) Partners' Capital (Limited Partner Units) (Details) - shares | Apr. 30, 2016 | Jul. 31, 2015 |
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 98,002,665 | 100,376,789 |
Public Common Unitholders [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 65,691,492 | 63,294,168 |
FCI Trading Corp. [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 195,686 | 195,686 |
Subsidiary of Common Parent [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 22,529,361 | 22,529,361 |
Ferrell Propane, Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 51,204 | 51,204 |
James E. Ferrell [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 4,763,475 | 4,763,475 |
James H. Ballengee [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 4,771,447 | 9,542,895 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Apr. 30, 2016 | Jul. 31, 2015 |
Long-term Debt, Fair Value | $ 1,873.2 | $ 1,889.8 |
Ferrellgas, L.P. [Member] | ||
Long-term Debt, Fair Value | $ 1,694.8 | $ 1,700.5 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Interest rate swap assets | $ 4,582 | $ 1,828 |
Propane commodity derivative assets | 6,344 | 4,655 |
Interest rate swap liabilities | (3,856) | (4,748) |
Propane commodity derivative liabilities | (20,818) | (42,375) |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | (100) |
Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 4,582 | 1,828 |
Propane commodity derivative assets | 6,344 | 4,655 |
Interest rate swap liabilities | (3,856) | (4,748) |
Propane commodity derivative liabilities | (20,818) | (42,375) |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | (100) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap assets | 4,582 | 1,828 |
Propane commodity derivative assets | 6,344 | 4,655 |
Interest rate swap liabilities | (3,856) | (4,748) |
Propane commodity derivative liabilities | (20,818) | (42,375) |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 4,582 | 1,828 |
Propane commodity derivative assets | 6,344 | 4,655 |
Interest rate swap liabilities | (3,856) | (4,748) |
Propane commodity derivative liabilities | $ (20,818) | (42,375) |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (100) | |
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ (100) |
Fair Value Measurements Fair 63
Fair Value Measurements Fair Value Measurements (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2016 | Jul. 31, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 0 | $ 100 |
Accretion [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |
Fair Value Change due to Unobservable Inputs [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (100) | |
Ferrellgas, L.P. [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 100 |
Ferrellgas, L.P. [Member] | Accretion [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |
Ferrellgas, L.P. [Member] | Fair Value Change due to Unobservable Inputs [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ (100) | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 100 | |
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 100 |
Fair Value Measurements Fair 64
Fair Value Measurements Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 0 | $ 100 |
Ferrellgas, L.P. [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 0 | $ 100 |
Derivative Instruments and He65
Derivative Instruments and Hedging Activities (Narrative) (Details) MMBbls in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) | Apr. 30, 2016USD ($)MMBbls | Apr. 30, 2015USD ($) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 | $ 0 | $ (199,000) |
Reclassification of net gain to earnings during next 12 months | $ 9,400,000 | |||
Number of barrels of propane covered by cash flow hedges | MMBbls | 3,100 | |||
Additional Collateral, Aggregate Fair Value | 0 | $ 0 | ||
Derivative amount of credit risk | 0 | |||
Derivative net liability position aggregate fair value | 0 | 0 | ||
Collateral already posted | 0 | 0 | ||
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 | ||
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | 0 | 0 | ||
Ferrellgas, L.P. [Member] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | (199,000) |
Reclassification of net gain to earnings during next 12 months | $ 9,400,000 | |||
Number of barrels of propane covered by cash flow hedges | MMBbls | 3,100 | |||
Additional Collateral, Aggregate Fair Value | 0 | $ 0 | ||
Derivative amount of credit risk | 0 | |||
Derivative net liability position aggregate fair value | 0 | 0 | ||
Collateral already posted | 0 | 0 | ||
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 | ||
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | $ 0 | 0 | ||
Diesel fuel [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 200 | |||
Diesel fuel [Member] | Ferrellgas, L.P. [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 200 | |||
Unleaded gasoline [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 35 | |||
Unleaded gasoline [Member] | Ferrellgas, L.P. [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 35 | |||
Crude Oil [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 500 | |||
Crude Oil [Member] | Ferrellgas, L.P. [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 500 | |||
Propane commodity derivatives [Member] | Interest Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | $ 0 | (199,000) |
Interest Rate Swap [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 | $ 0 | $ (199,000) |
Derivative Instruments and He66
Derivative Instruments and Hedging Activities (Fair Value of Financial Derivatives Balance Sheet Locations) (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | $ 6,344 | $ 4,655 |
Interest rate swap assets | 4,582 | 1,828 |
Derivative assets, fair value | 10,926 | 6,483 |
Propane commodity derivative liabilities | 20,818 | 42,375 |
Interest rate swap liabilities | 3,856 | 4,748 |
Derivative liabilities, fair value | 24,674 | 47,123 |
Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 6,344 | 4,655 |
Interest rate swap assets | 4,582 | 1,828 |
Derivative assets, fair value | 10,926 | 6,483 |
Propane commodity derivative liabilities | 20,818 | 42,375 |
Interest rate swap liabilities | 3,856 | 4,748 |
Derivative liabilities, fair value | 24,674 | 47,123 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 2,058 | 3,614 |
Interest rate swap assets | 1,676 | 1,828 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 2,058 | 3,614 |
Interest rate swap assets | 1,676 | 1,828 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Other assets, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 2,926 | 1,041 |
Interest rate swap assets | 2,906 | 0 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 2,926 | 1,041 |
Interest rate swap assets | 2,906 | 0 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 11,441 | 27,929 |
Interest rate swap liabilities | 2,315 | 2,241 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 3,249 | 1,280 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 11,441 | 27,929 |
Interest rate swap liabilities | 2,315 | 2,241 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 3,249 | 1,280 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 2,301 | 12,034 |
Interest rate swap liabilities | 1,541 | 2,507 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 755 | 1,132 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 2,301 | 12,034 |
Interest rate swap liabilities | 1,541 | 2,507 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 755 | $ 1,132 |
Propane and related equipment sales [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | |
Midstream - Crude Oil Logistics [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 1,360 | |
Midstream - Crude Oil Logistics [Member] | Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 1,360 | |
Midstream - Crude Oil Logistics [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 3,072 | |
Midstream - Crude Oil Logistics [Member] | Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 3,072 |
Derivative Instruments and He67
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Schedule of Derivative Collateral) (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Derivative Asset, Fair Value of Collateral | $ 11,092 | $ 29,795 |
Derivative Liability, Fair Value of Collateral | 0 | 15 |
Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 11,092 | 29,795 |
Derivative Liability, Fair Value of Collateral | 0 | 15 |
Other assets, net [Member] | ||
Derivative Asset, Fair Value of Collateral | 2,992 | 11,786 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 2,992 | 11,786 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Fair Value of Collateral | 8,100 | 18,009 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 8,100 | 18,009 |
Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 0 | 15 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | 0 | 15 |
Other Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | $ 0 | $ 0 |
Derivative Instruments and He68
Derivative Instruments and Hedging Activities (Fair Value Hedge Derivative Effect on Earnings) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Derivative, Gain (Loss) on Derivative, Net | $ 433 | $ 601 | $ 1,477 | $ 1,408 |
Interest expense recognized on fixed-rate debt | (2,275) | (2,275) | (6,825) | (6,825) |
Ferrellgas, L.P. [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | 433 | 601 | 1,477 | 1,408 |
Interest expense recognized on fixed-rate debt | $ (2,275) | $ (2,275) | $ 6,825 | $ 6,825 |
Derivative Instruments and He69
Derivative Instruments and Hedging Activities (Cash Flow Hedge Derivative Effect on Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Amount of gain (loss) recognized in AOCI | $ 14,681 | $ 7,919 | $ 3,561 | $ (51,105) |
Amount of gain (loss) reclassified from AOCI into income | (6,138) | (10,907) | (22,931) | (17,139) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | (199) |
Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | 14,681 | 7,919 | 3,561 | (51,105) |
Amount of gain (loss) reclassified from AOCI into income | (6,138) | (10,907) | (22,931) | (17,139) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | (199) |
Propane commodity derivatives [Member] | ||||
Amount of gain (loss) recognized in AOCI | 14,998 | 7,813 | 5,823 | (47,855) |
Amount of gain (loss) reclassified from AOCI into income | (20,729) | (17,139) | ||
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | 14,998 | 7,813 | 5,823 | (47,855) |
Amount of gain (loss) reclassified from AOCI into income | (20,729) | (17,139) | ||
Interest Rate Swap [Member] | ||||
Amount of gain (loss) recognized in AOCI | (317) | 106 | (2,262) | (3,250) |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | (317) | 106 | (2,262) | (3,250) |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | (5,467) | (10,907) | (20,729) | (17,139) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | (5,467) | (10,907) | (20,729) | (17,139) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | (199) |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | (671) | 0 | (2,202) | 0 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | (199) |
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | $ (671) | $ 0 | $ (2,202) | $ 0 |
Derivative Instruments and He70
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Derivatives Not Designated as Hedging Effect on Earnings) (Details) - Operating Expense [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Propane and related equipment sales [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 955 | $ 1,609 | $ (3,779) | $ 1,609 |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 955 | $ 1,609 | (3,779) | $ 1,609 |
Midstream - Crude Oil Logistics [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 487 | (3,532) | ||
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 487 | $ (3,532) |
Derivative Instruments and He71
Derivative Instruments and Hedging Activities (Changes in Derivative Value Effect on Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | Jul. 31, 2015 | Jul. 31, 2014 | |
Beginning balance | $ (12,709) | $ (12,709) | $ (38,934) | |||
Change in value of risk management derivatives | 14,681 | $ 7,919 | 3,561 | $ (51,105) | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 6,138 | 10,907 | 22,931 | 17,139 | ||
Ending balance | (12,709) | (12,709) | ||||
Ferrellgas, L.P. [Member] | ||||||
Beginning balance | (12,826) | (12,826) | (39,318) | |||
Change in value of risk management derivatives | 14,681 | 7,919 | 3,561 | (51,105) | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 6,138 | 10,907 | 22,931 | 17,139 | ||
Ending balance | (12,826) | (12,826) | ||||
Propane commodity derivatives [Member] | ||||||
Change in value of risk management derivatives | 14,998 | 7,813 | 5,823 | (47,855) | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 20,729 | 17,139 | ||||
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||||
Change in value of risk management derivatives | 14,998 | 7,813 | 5,823 | (47,855) | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 20,729 | 17,139 | ||||
Interest Rate Swap [Member] | ||||||
Change in value of risk management derivatives | (317) | 106 | (2,262) | (3,250) | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 2,202 | 199 | ||||
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||||
Change in value of risk management derivatives | (317) | 106 | (2,262) | (3,250) | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 2,202 | 199 | ||||
Derivative [Member] | ||||||
Beginning balance | (12,414) | (27,284) | (12,414) | (27,284) | (38,906) | $ 6,483 |
Ending balance | (12,414) | (27,284) | (12,414) | (27,284) | ||
Derivative [Member] | Ferrellgas, L.P. [Member] | ||||||
Beginning balance | (12,414) | (27,284) | (12,414) | (27,284) | $ (38,906) | $ 6,483 |
Ending balance | $ (12,414) | $ (27,284) | $ (12,414) | $ (27,284) |
Transactions With Related Par72
Transactions With Related Parties (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2016USD ($)employeeshares | Jan. 31, 2016USD ($)shares | Apr. 30, 2016USD ($)employeeshares | Apr. 30, 2015USD ($) | Jul. 31, 2015USD ($)shares | |
Partners' Capital Account, Units, Treasury Units Purchased | shares | 2,400,000 | ||||
Payments for Repurchase of Common Stock | $ (46,432) | $ 0 | |||
Limited Partners' Capital Account, Units Outstanding | shares | 98,002,665 | 98,002,665 | 100,376,789 | ||
Number of employees | employee | 0 | 0 | |||
Ferrellgas, L.P. [Member] | |||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 2,400,000 | ||||
Number of employees | employee | 0 | 0 | |||
James H. Ballengee [Member] | |||||
Limited partner ownership interest | 4.90% | ||||
Partners' Capital Account, Units, Period Increase (Decrease) | shares | 2,400,000 | ||||
Limited Partners' Capital Account, Units Outstanding | shares | 4,771,447 | 4,771,447 | 9,542,895 | ||
James H. Ballengee [Member] | Ferrellgas, L.P. [Member] | |||||
Limited partner ownership interest | 4.90% | ||||
Partners' Capital Account, Units, Period Increase (Decrease) | shares | 2,400,000 | ||||
Limited Partners' Capital Account, Units Outstanding | shares | 4,800,000 | 4,800,000 | |||
Jamex Marketing, LLC [Member] | |||||
Revenue from Related Parties | $ 26,600 | $ 36,700 | |||
Related Party Costs | 1,400 | 3,000 | |||
Accounts Receivable, Related Parties | 19,400 | 19,400 | $ 4,800 | ||
Accounts Payable, Related Parties | 800 | 800 | 4,200 | ||
Jamex Marketing, LLC [Member] | Ferrellgas, L.P. [Member] | |||||
Revenue from Related Parties | 26,600 | 36,700 | |||
Related Party Costs | 1,400 | 3,000 | |||
Accounts Receivable, Related Parties | 19,400 | 19,400 | 4,800 | ||
Accounts Payable, Related Parties | $ 800 | $ 800 | $ 4,200 | ||
Credit Facility [Domain] | |||||
Payments for Repurchase of Common Stock | $ 45,900 | ||||
Credit Facility [Domain] | Ferrellgas, L.P. [Member] | |||||
Payments for Repurchase of Common Stock | $ 45,900 |
Transactions With Related Par73
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Related Party Transaction [Line Items] | ||||
General and administrative expense | $ 13,314 | $ 10,902 | $ 42,530 | $ 45,169 |
Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expense | 13,214 | 10,902 | 42,032 | 45,169 |
Compensation And Benefits [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expense | 59,907 | 53,155 | 174,943 | 163,417 |
General and administrative expense | 7,957 | 5,394 | 22,297 | 20,059 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expense | 59,907 | 53,155 | 174,943 | 163,417 |
General and administrative expense | $ 7,957 | $ 5,394 | $ 22,297 | $ 20,059 |
Contingencies And Commitments (
Contingencies And Commitments (Narrative) (Details) - Senior Notes [Member] - Fixed Rate, 8.625%, Due 2020 [Member] - Ferrellgas Partners Finance Corp. [Member] $ in Millions | 9 Months Ended |
Apr. 30, 2016USD ($) | |
Debt principal amount | $ 182 |
Debt interest rate | 8.625% |
Debt maturity year | 2,020 |
Net Earnings Per Common Unithol
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details) - USD ($) | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Earnings Per Share [Abstract] | ||
Dilutive effect on earnings per share | $ 0 | $ 0 |
Net Earnings Per Common Unith76
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Earnings Distribution Allocation) (Details) | 9 Months Ended |
Apr. 30, 2016$ / shares | |
Upper Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.83 |
Upper Range [Member] | Common Stock [Member] | |
Allocated Distribution | 51.50% |
Upper Range [Member] | General Partner [Member] | |
Allocated Distribution | 48.50% |
Middle Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.64 |
Middle Range [Member] | Maximum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.82 |
Middle Range [Member] | Common Stock [Member] | |
Allocated Distribution | 76.80% |
Middle Range [Member] | General Partner [Member] | |
Allocated Distribution | 23.20% |
Lower Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.56 |
Lower Range [Member] | Maximum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.63 |
Lower Range [Member] | Common Stock [Member] | |
Allocated Distribution | 86.90% |
Lower Range [Member] | General Partner [Member] | |
Allocated Distribution | 13.10% |
Net Earnings (Loss) Per Commo77
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Common unitholders' interest in net earnings | $ 18,498 | $ 35,454 | $ (3,941) | $ 87,511 |
Weighted average common units outstanding - basic | 98,002,700 | 82,717,600 | 98,911,200 | 82,536,100 |
Dilutive securities | 500 | 5,700 | 0 | 7,200 |
Weighted average common units outstanding - diluted | 98,003,200 | 82,723,300 | 98,911,200 | 82,543,300 |
Basic and diluted net earnings per common unitholders' interest | $ 0.19 | $ 0.43 | $ (0.04) | $ 1.06 |
Segment Reporting Segment Rep78
Segment Reporting Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Segment Reporting Information | ||||
Revenues | $ 509,472 | $ 532,551 | $ 1,629,856 | $ 1,641,879 |
Costs and Expenses | 401,486 | 436,278 | 1,334,642 | 1,374,317 |
Adjusted EBITDA | 107,986 | 96,273 | 295,214 | 267,562 |
Propane and related equipment sales [Member] | ||||
Segment Reporting Information | ||||
Revenues | 404,048 | 527,258 | 1,142,429 | 1,621,517 |
Costs and Expenses | 307,708 | 422,837 | 888,380 | 1,329,648 |
Adjusted EBITDA | 96,340 | 104,421 | 254,049 | 291,869 |
Midstream - Crude Oil Logistics [Member] | ||||
Segment Reporting Information | ||||
Revenues | 101,996 | 0 | 475,162 | 0 |
Costs and Expenses | 76,826 | 0 | 396,468 | 0 |
Adjusted EBITDA | 25,170 | 0 | 78,694 | 0 |
Midstream Operations - Water Solutions [Member] | ||||
Segment Reporting Information | ||||
Revenues | 3,907 | 5,293 | 12,744 | 20,362 |
Costs and Expenses | 5,301 | 4,871 | 15,538 | 14,741 |
Adjusted EBITDA | (1,394) | 422 | (2,794) | 5,621 |
Corporate and Other [Member] | ||||
Segment Reporting Information | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 11,684 | 8,570 | 34,289 | 29,928 |
Adjusted EBITDA | (11,684) | (8,570) | (34,289) | (29,928) |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information | ||||
Revenues | (479) | 0 | (479) | 0 |
Costs and Expenses | (33) | 0 | (33) | 0 |
Adjusted EBITDA | (446) | 0 | (446) | 0 |
Ferrellgas, L.P. [Member] | ||||
Segment Reporting Information | ||||
Revenues | 509,472 | 532,551 | 1,629,856 | 1,641,879 |
Costs and Expenses | 401,386 | 436,192 | 1,334,144 | 1,374,234 |
Adjusted EBITDA | 108,086 | 96,359 | 295,712 | 267,645 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||||
Segment Reporting Information | ||||
Revenues | 404,048 | 527,258 | 1,142,429 | 1,621,517 |
Costs and Expenses | 307,708 | 422,751 | 888,380 | 1,329,565 |
Adjusted EBITDA | 96,340 | 104,507 | 254,049 | 291,952 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||||
Segment Reporting Information | ||||
Revenues | 101,996 | 0 | 475,162 | 0 |
Costs and Expenses | 76,826 | 0 | 396,468 | 0 |
Adjusted EBITDA | 25,170 | 0 | 78,694 | 0 |
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | ||||
Segment Reporting Information | ||||
Revenues | 3,907 | 5,293 | 12,744 | 20,362 |
Costs and Expenses | 5,301 | 4,871 | 15,538 | 14,741 |
Adjusted EBITDA | (1,394) | 422 | (2,794) | 5,621 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||||
Segment Reporting Information | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 11,584 | 8,570 | 33,791 | 29,928 |
Adjusted EBITDA | (11,584) | (8,570) | (33,791) | (29,928) |
Ferrellgas, L.P. [Member] | Intersegment Eliminations [Member] | ||||
Segment Reporting Information | ||||
Revenues | (479) | 0 | (479) | 0 |
Costs and Expenses | (33) | 0 | (33) | 0 |
Adjusted EBITDA | $ (446) | $ 0 | $ (446) | $ 0 |
Segment Reporting Segment Rep79
Segment Reporting Segment Reporting (Reconciliation of Consolidated EBITDA to Consolidated Net Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 18,685 | $ 35,812 | $ (3,981) | $ 88,395 |
Income tax benefit | 1,260 | 917 | 1,446 | 1,448 |
Interest Expense | 34,371 | 23,510 | 102,889 | 71,797 |
Depreciation and amortization expense | 38,352 | 23,324 | 112,698 | 70,576 |
EBITDA | 92,668 | 83,563 | 213,052 | 232,216 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 9,978 | 8,566 | 18,375 | 16,728 |
Non-cash stock-based compensation charge | 1,091 | 3,271 | 6,757 | 19,701 |
Goodwill impairment | 0 | 0 | 29,316 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 5,779 | 2,203 | 23,220 | 4,578 |
Other Nonoperating Income (Expense) | (331) | (212) | 89 | 415 |
Change in fair value of contingent consideration | 0 | 0 | (100) | (6,300) |
Severance Costs | 469 | 0 | 1,325 | 0 |
Legal Fees | 0 | 83 | 0 | 806 |
Acquisition Costs, Period Cost | 14 | 0 | 99 | 0 |
Net earnings (loss) | 18,918 | 36,220 | (3,893) | 89,422 |
Adjusted EBITDA | 107,986 | 96,273 | 295,214 | 267,562 |
Midstream - Crude Oil Logistics [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Goodwill impairment | 0 | |||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | (1,915) | (1,609) | 2,993 | (1,609) |
Adjusted EBITDA | 25,170 | 0 | 78,694 | 0 |
Noncontrolling Interest [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | 233 | 408 | 88 | 1,027 |
Ferrellgas, L.P. [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Income (Loss) Attributable to Parent | 23,049 | 40,404 | 8,700 | 101,676 |
Income tax benefit | 1,260 | 853 | 1,441 | 1,379 |
Interest Expense | 30,340 | 19,476 | (90,799) | (59,695) |
Depreciation and amortization expense | 38,352 | 23,324 | 112,698 | 70,576 |
EBITDA | 93,001 | 84,057 | 213,638 | 233,326 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 9,978 | 8,566 | 18,375 | 16,728 |
Non-cash stock-based compensation charge | 1,091 | 3,271 | 6,757 | 19,701 |
Goodwill impairment | 0 | 0 | 29,316 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 5,779 | 2,203 | 23,220 | 4,578 |
Other Nonoperating Income (Expense) | (331) | (212) | 89 | 415 |
Change in fair value of contingent consideration | 0 | 0 | (100) | (6,300) |
Severance Costs | 469 | 0 | 1,325 | 0 |
Legal Fees | 0 | 83 | 0 | 806 |
Acquisition Costs, Period Cost | 14 | 0 | 99 | 0 |
Net earnings (loss) | 23,049 | 40,404 | 8,700 | 101,676 |
Adjusted EBITDA | 108,086 | 96,359 | 295,712 | 267,645 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Goodwill impairment | 0 | |||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | (1,915) | (1,609) | 2,993 | (1,609) |
Adjusted EBITDA | $ 25,170 | $ 0 | 78,694 | $ 0 |
General Partner [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | (40) | |||
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | $ 88 |
Segment Reporting Segment Rep80
Segment Reporting Segment Reporting (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 2,372,849 | $ 2,464,056 |
Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,257,965 | 1,295,831 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 897,181 | 917,325 |
Midstream Operations - Water Solutions [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 175,157 | 205,358 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 42,546 | 45,542 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,371,284 | 2,459,962 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,257,965 | 1,291,737 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 897,181 | 917,325 |
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 175,157 | 205,358 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 40,981 | $ 45,542 |
Segment Reporting Segment Rep81
Segment Reporting Segment Reporting (Schedule of Capital Expenditure Information, by Segment) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Segment Reporting Information | ||
Capital Expenditures | $ 105,057 | $ 48,516 |
Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 41,166 | 39,967 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 52,347 | 0 |
Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 10,553 | 7,537 |
Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 991 | 1,012 |
Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 13,728 | 14,827 |
Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 12,705 | 12,839 |
Maintenance Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 32 | 0 |
Maintenance Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 976 |
Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 991 | 1,012 |
Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 91,329 | 33,689 |
Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 28,461 | 27,128 |
Growth Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 52,315 | 0 |
Growth Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 10,553 | 6,561 |
Growth Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 105,057 | 48,516 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 41,166 | 39,967 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 52,347 | 0 |
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 10,553 | 7,537 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 991 | 1,012 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 13,728 | 14,827 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 12,705 | 12,839 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 32 | 0 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 976 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 991 | 1,012 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 91,329 | 33,689 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 28,461 | 27,128 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 52,315 | 0 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 10,553 | 6,561 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | $ 0 | $ 0 |
Guarantor financial informati82
Guarantor financial information - Narrative (Details) - Ferrellgas, L.P. [Member] - USD ($) $ in Millions | Apr. 30, 2016 | Jul. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||
Ownership interest in subsidiaries | 100.00% | |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Debt issuance principal amount | $ 500 | |
Debt interest rate | 6.75% |
Guarantor financial informati83
Guarantor financial information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Apr. 30, 2016 | Jul. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Jul. 31, 2014 |
Current assets: | |||||
Cash and cash equivalents | $ 6,266 | $ 7,652 | $ 7,409 | $ 8,289 | |
Accounts and notes receivable | 192,704 | 196,918 | |||
Inventories | 87,739 | 96,754 | |||
Prepaid expenses and other current assets | 35,857 | 64,285 | |||
Total current assets | 322,566 | 365,609 | |||
Property, plant and equipment, net | 981,453 | 965,217 | |||
Goodwill | 446,333 | 478,747 | |||
Intangible assets, net | 551,372 | 580,043 | |||
Assets held for sale | 845 | 0 | |||
Other assets, net | 70,280 | 74,440 | |||
Total assets | 2,372,849 | 2,464,056 | |||
Current liabilities: | |||||
Accounts payable | 78,063 | 83,974 | |||
Short-term borrowings | 9,071 | 75,319 | |||
Collateralized note payable | 77,000 | 70,000 | |||
Other current liabilities | 161,394 | 180,687 | |||
Total current liabilities | 325,528 | 409,980 | |||
Long-term debt | 1,960,331 | 1,804,392 | |||
Other liabilities | $ 33,347 | $ 41,975 | |||
Contingencies and commitments | |||||
Partners' capital | |||||
Partners' equity | $ 51,202 | $ 203,754 | |||
Accumulated other comprehensive income (loss) | (12,709) | (38,934) | |||
Total partners' capital | 53,643 | 207,709 | |||
Total liabilities and partners' capital | 2,372,849 | 2,464,056 | |||
Ferrellgas, L.P. [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 6,235 | 5,600 | 7,368 | $ 7,368 | 8,283 |
Accounts and notes receivable | 192,704 | 196,918 | |||
Intercompany receivables | 0 | 0 | |||
Inventories | 87,739 | 96,754 | |||
Prepaid expenses and other current assets | 35,975 | 64,211 | |||
Total current assets | 322,653 | 363,483 | |||
Property, plant and equipment, net | 981,453 | 965,217 | |||
Goodwill | 446,333 | 478,747 | |||
Intangible assets, net | 551,372 | 580,043 | |||
Intercompany receivables | 0 | 0 | |||
Investments in consolidated subsidiaries | 0 | 0 | |||
Assets held for sale | 845 | 0 | |||
Other assets, net | 68,628 | 72,472 | |||
Total assets | 2,371,284 | 2,459,962 | |||
Current liabilities: | |||||
Accounts payable | 78,063 | 83,974 | |||
Short-term borrowings | 9,071 | 75,319 | |||
Collateralized note payable | 77,000 | 70,000 | |||
Intercompany Payables | 0 | 0 | |||
Other current liabilities | 155,464 | 176,176 | |||
Total current liabilities | 319,598 | 405,469 | |||
Long-term debt | 1,778,331 | 1,622,392 | |||
Other liabilities | $ 33,347 | $ 41,975 | |||
Contingencies and commitments | |||||
Partners' capital | |||||
Partners' equity | $ 252,834 | $ 429,444 | |||
Accumulated other comprehensive income (loss) | (12,826) | (39,318) | |||
Total partners' capital | 240,008 | 390,126 | |||
Total liabilities and partners' capital | 2,371,284 | 2,459,962 | |||
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 5,742 | 5,579 | 7,289 | 7,798 | |
Accounts and notes receivable | (3,863) | (2,858) | |||
Intercompany receivables | 44,309 | 39,238 | |||
Inventories | 63,313 | 78,132 | |||
Prepaid expenses and other current assets | 26,155 | 42,069 | |||
Total current assets | 135,656 | 162,160 | |||
Property, plant and equipment, net | 566,750 | 569,640 | |||
Goodwill | 243,598 | 246,116 | |||
Intangible assets, net | 145,188 | 155,659 | |||
Intercompany receivables | 450,000 | 450,000 | |||
Investments in consolidated subsidiaries | 640,282 | 661,081 | |||
Assets held for sale | 0 | ||||
Other assets, net | 60,773 | 62,019 | |||
Total assets | 2,242,247 | 2,306,675 | |||
Current liabilities: | |||||
Accounts payable | 42,536 | 40,210 | |||
Short-term borrowings | 9,071 | 75,319 | |||
Collateralized note payable | 0 | 0 | |||
Intercompany Payables | 0 | 0 | |||
Other current liabilities | 144,259 | 142,137 | |||
Total current liabilities | 195,866 | 257,666 | |||
Long-term debt | 1,777,331 | 1,621,439 | |||
Other liabilities | 29,042 | 37,444 | |||
Partners' capital | |||||
Partners' equity | 252,834 | 429,444 | |||
Accumulated other comprehensive income (loss) | (12,826) | (39,318) | |||
Total partners' capital | 240,008 | 390,126 | |||
Total liabilities and partners' capital | 2,242,247 | 2,306,675 | |||
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 1 | 1 | 1 | 1 | |
Accounts and notes receivable | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Inventories | 0 | 0 | |||
Prepaid expenses and other current assets | 0 | 0 | |||
Total current assets | 1 | 1 | |||
Property, plant and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Investments in consolidated subsidiaries | 0 | 0 | |||
Assets held for sale | 0 | ||||
Other assets, net | 0 | 0 | |||
Total assets | 1 | 1 | |||
Current liabilities: | |||||
Accounts payable | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Collateralized note payable | 0 | 0 | |||
Intercompany Payables | 0 | 0 | |||
Other current liabilities | 0 | 0 | |||
Total current liabilities | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Partners' capital | |||||
Partners' equity | 1 | 1 | |||
Accumulated other comprehensive income (loss) | 0 | 0 | |||
Total partners' capital | 1 | 1 | |||
Total liabilities and partners' capital | 1 | 1 | |||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 492 | 20 | 78 | 484 | |
Accounts and notes receivable | 66,079 | 80,657 | |||
Intercompany receivables | 0 | 0 | |||
Inventories | 24,426 | 18,622 | |||
Prepaid expenses and other current assets | 9,818 | 22,140 | |||
Total current assets | 100,815 | 121,439 | |||
Property, plant and equipment, net | 414,703 | 395,577 | |||
Goodwill | 202,735 | 232,631 | |||
Intangible assets, net | 406,184 | 424,384 | |||
Intercompany receivables | 0 | 0 | |||
Investments in consolidated subsidiaries | 0 | 0 | |||
Assets held for sale | 845 | ||||
Other assets, net | 7,676 | 10,087 | |||
Total assets | 1,132,958 | 1,184,118 | |||
Current liabilities: | |||||
Accounts payable | 35,527 | 43,764 | |||
Short-term borrowings | 0 | 0 | |||
Collateralized note payable | 0 | 0 | |||
Intercompany Payables | 34,210 | 30,289 | |||
Other current liabilities | 11,012 | 33,903 | |||
Total current liabilities | 80,749 | 107,956 | |||
Long-term debt | 451,000 | 450,953 | |||
Other liabilities | 4,080 | 4,306 | |||
Partners' capital | |||||
Partners' equity | 597,776 | 621,550 | |||
Accumulated other comprehensive income (loss) | (647) | (647) | |||
Total partners' capital | 597,129 | 620,903 | |||
Total liabilities and partners' capital | 1,132,958 | 1,184,118 | |||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Accounts and notes receivable | 130,488 | 119,119 | |||
Intercompany receivables | 0 | 0 | |||
Inventories | 0 | 0 | |||
Prepaid expenses and other current assets | 2 | 2 | |||
Total current assets | 130,490 | 119,121 | |||
Property, plant and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Investments in consolidated subsidiaries | 0 | 0 | |||
Assets held for sale | 0 | ||||
Other assets, net | 179 | 366 | |||
Total assets | 130,669 | 119,487 | |||
Current liabilities: | |||||
Accounts payable | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Collateralized note payable | 77,000 | 70,000 | |||
Intercompany Payables | 10,099 | 8,949 | |||
Other current liabilities | 193 | 136 | |||
Total current liabilities | 87,292 | 79,085 | |||
Long-term debt | 0 | 0 | |||
Other liabilities | 225 | 225 | |||
Partners' capital | |||||
Partners' equity | 42,827 | 39,852 | |||
Accumulated other comprehensive income (loss) | 325 | 325 | |||
Total partners' capital | 43,152 | 40,177 | |||
Total liabilities and partners' capital | 130,669 | 119,487 | |||
Eliminations [Member] | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Accounts and notes receivable | 0 | 0 | |||
Intercompany receivables | (44,309) | (39,238) | |||
Inventories | 0 | 0 | |||
Prepaid expenses and other current assets | 0 | 0 | |||
Total current assets | (44,309) | (39,238) | |||
Property, plant and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Intangible assets, net | 0 | 0 | |||
Intercompany receivables | (450,000) | (450,000) | |||
Investments in consolidated subsidiaries | (640,282) | (661,081) | |||
Assets held for sale | 0 | ||||
Other assets, net | 0 | 0 | |||
Total assets | (1,134,591) | (1,150,319) | |||
Current liabilities: | |||||
Accounts payable | 0 | 0 | |||
Short-term borrowings | 0 | 0 | |||
Collateralized note payable | 0 | 0 | |||
Intercompany Payables | (44,309) | (39,238) | |||
Other current liabilities | 0 | 0 | |||
Total current liabilities | (44,309) | (39,238) | |||
Long-term debt | (450,000) | (450,000) | |||
Other liabilities | 0 | 0 | |||
Partners' capital | |||||
Partners' equity | (640,604) | (661,403) | |||
Accumulated other comprehensive income (loss) | 322 | 322 | |||
Total partners' capital | (640,282) | (661,081) | |||
Total liabilities and partners' capital | $ (1,134,591) | $ (1,150,319) |
Guarantor financial informati84
Guarantor financial information - Condensed Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Revenues: | ||||
Propane and other gas liquids sales | $ 338,929 | $ 445,667 | $ 961,086 | $ 1,400,895 |
Midstream operations | 105,424 | 5,293 | 487,427 | 20,362 |
Other | 65,119 | 81,591 | 181,343 | 220,622 |
Total revenues | 509,472 | 532,551 | 1,629,856 | 1,641,879 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 152,261 | 253,684 | 448,841 | 849,190 |
Cost of sales - midstream operations | 71,852 | 1,877 | 373,899 | 6,064 |
Cost of product sold - other | 41,203 | 57,709 | 111,425 | 147,672 |
Operating expense | 115,271 | 107,504 | 347,467 | 321,146 |
Depreciation and amortization expense | 38,352 | 23,324 | 112,698 | 70,576 |
General and administrative expense | 13,314 | 10,902 | 42,530 | 45,169 |
Equipment lease expense | 7,244 | 6,347 | 21,554 | 17,674 |
Non-cash employee stock ownership plan compensation charge | 9,978 | 8,566 | 18,375 | 16,728 |
Goodwill impairment | 0 | 0 | 29,316 | 0 |
Loss on disposal of assets | 5,779 | 2,203 | 23,220 | 4,578 |
Operating income (loss) | 54,218 | 60,435 | 100,531 | 163,082 |
Interest expense | (34,371) | (23,510) | (102,889) | (71,797) |
Other income (expense), net | 331 | 212 | (89) | (415) |
Earnings (loss) before income taxes | 20,178 | 37,137 | (2,447) | 90,870 |
Income tax expense | 1,260 | 917 | 1,446 | 1,448 |
Net earnings (loss) | 18,918 | 36,220 | (3,893) | 89,422 |
Other comprehensive income (loss) | 20,819 | 18,826 | 26,492 | (33,769) |
Comprehensive income | 39,737 | 55,046 | 22,599 | 55,653 |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 338,929 | 445,667 | 961,086 | 1,400,895 |
Midstream operations | 105,424 | 5,293 | 487,427 | 20,362 |
Other | 65,119 | 81,591 | 181,343 | 220,622 |
Total revenues | 509,472 | 532,551 | 1,629,856 | 1,641,879 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 152,261 | 253,684 | 448,841 | 849,190 |
Cost of sales - midstream operations | 71,852 | 1,877 | 373,899 | 6,064 |
Cost of product sold - other | 41,203 | 57,709 | 111,425 | 147,672 |
Operating expense | 115,271 | 107,418 | 347,467 | 321,063 |
Depreciation and amortization expense | 38,352 | 23,324 | 112,698 | 70,576 |
General and administrative expense | 13,214 | 10,902 | 42,032 | 45,169 |
Equipment lease expense | 7,244 | 6,347 | 21,554 | 17,674 |
Non-cash employee stock ownership plan compensation charge | 9,978 | 8,566 | 18,375 | 16,728 |
Goodwill impairment | 0 | 0 | 29,316 | 0 |
Loss on disposal of assets | 5,779 | 2,203 | 23,220 | 4,578 |
Operating income (loss) | 54,318 | 60,521 | 101,029 | 163,165 |
Interest expense | (30,340) | (19,476) | (90,799) | (59,695) |
Other income (expense), net | 331 | 212 | (89) | (415) |
Earnings (loss) before income taxes | 24,309 | 41,257 | 10,141 | 103,055 |
Income tax expense | 1,260 | 853 | 1,441 | 1,379 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | 23,049 | 40,404 | 8,700 | 101,676 |
Other comprehensive income (loss) | 20,819 | 18,826 | 26,492 | (33,769) |
Comprehensive income | 43,868 | 59,230 | 35,192 | 67,907 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 338,929 | 445,667 | 961,086 | 1,400,895 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 19,739 | 18,893 | 58,687 | 59,480 |
Total revenues | 358,668 | 464,560 | 1,019,773 | 1,460,375 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 152,261 | 253,684 | 448,841 | 849,190 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 2,009 | 1,626 | 6,804 | 5,624 |
Operating expense | 100,998 | 100,155 | 299,660 | 306,184 |
Depreciation and amortization expense | 18,247 | 18,675 | 55,602 | 57,529 |
General and administrative expense | 11,884 | 10,902 | 37,619 | 45,166 |
Equipment lease expense | 7,127 | 6,327 | 21,170 | 17,642 |
Non-cash employee stock ownership plan compensation charge | 9,978 | 8,566 | 18,375 | 16,728 |
Goodwill impairment | 0 | |||
Loss on disposal of assets | 1,775 | 2,199 | 5,420 | 4,574 |
Operating income (loss) | 54,389 | 62,426 | 126,282 | 157,738 |
Interest expense | (19,316) | (16,969) | (57,467) | (54,217) |
Other income (expense), net | 331 | 212 | (89) | (415) |
Earnings (loss) before income taxes | 35,404 | 45,669 | 68,726 | 103,106 |
Income tax expense | 395 | 86 | 673 | 249 |
Equity in earnings of subsidiary | (11,960) | (5,179) | (59,353) | (1,181) |
Net earnings (loss) | 23,049 | 40,404 | 8,700 | 101,676 |
Other comprehensive income (loss) | 20,819 | 18,826 | 26,492 | (33,769) |
Comprehensive income | 43,868 | 59,230 | 35,192 | 67,907 |
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 0 | 0 | 0 | 0 |
Operating expense | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
General and administrative expense | 0 | 0 | 3 | 3 |
Equipment lease expense | 0 | 0 | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Goodwill impairment | 0 | |||
Loss on disposal of assets | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | (3) | (3) |
Interest expense | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) before income taxes | 0 | 0 | (3) | (3) |
Income tax expense | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | 0 | 0 | (3) | (3) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income | 0 | 0 | (3) | (3) |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 105,424 | 5,293 | 487,427 | 20,362 |
Other | 45,380 | 62,698 | 122,656 | 161,142 |
Total revenues | 150,804 | 67,991 | 610,083 | 181,504 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 71,852 | 1,877 | 373,899 | 6,064 |
Cost of product sold - other | 39,194 | 56,083 | 104,621 | 142,048 |
Operating expense | 13,999 | 7,135 | 46,380 | 14,460 |
Depreciation and amortization expense | 19,918 | 4,462 | 56,909 | 12,860 |
General and administrative expense | 1,330 | 0 | 4,410 | 0 |
Equipment lease expense | 117 | 20 | 384 | 32 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Goodwill impairment | 29,316 | |||
Loss on disposal of assets | 4,004 | 4 | 17,800 | 4 |
Operating income (loss) | 390 | (1,590) | (23,636) | 6,036 |
Interest expense | (10,499) | (1,256) | (31,819) | (3,639) |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) before income taxes | (10,109) | (2,846) | (55,455) | 2,397 |
Income tax expense | 865 | 767 | 768 | 1,130 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | (10,974) | (3,613) | (56,223) | 1,267 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income | (10,974) | (3,613) | (56,223) | 1,267 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 0 | 0 | 0 | 0 |
Operating expense | 1,376 | 2,171 | 3,981 | 5,211 |
Depreciation and amortization expense | 187 | 187 | 187 | 187 |
General and administrative expense | 0 | 0 | 0 | 0 |
Equipment lease expense | 0 | 0 | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Goodwill impairment | 0 | |||
Loss on disposal of assets | 0 | 0 | 0 | 0 |
Operating income (loss) | (1,563) | (2,358) | (4,168) | (5,398) |
Interest expense | (536) | (750) | (1,669) | (1,883) |
Other income (expense), net | 1,113 | 1,542 | 2,710 | 4,836 |
Earnings (loss) before income taxes | (986) | (1,566) | (3,127) | (2,445) |
Income tax expense | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | (986) | (1,566) | (3,127) | (2,445) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income | (986) | (1,566) | (3,127) | (2,445) |
Eliminations [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 0 | 0 | 0 | 0 |
Operating expense | (1,102) | (2,043) | (2,554) | (4,792) |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
General and administrative expense | 0 | 0 | 0 | 0 |
Equipment lease expense | 0 | 0 | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Goodwill impairment | 0 | |||
Loss on disposal of assets | 0 | 0 | 0 | 0 |
Operating income (loss) | 1,102 | 2,043 | 2,554 | 4,792 |
Interest expense | 11 | (501) | 156 | 44 |
Other income (expense), net | (1,113) | (1,542) | (2,710) | (4,836) |
Earnings (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 11,960 | 5,179 | 59,353 | 1,181 |
Net earnings (loss) | 11,960 | 5,179 | 59,353 | 1,181 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income | $ 11,960 | $ 5,179 | $ 59,353 | $ 1,181 |
Guarantor financial informati85
Guarantor financial information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 220,082 | $ 195,064 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (13,894) | (68,902) |
Capital expenditures | (108,387) | (51,321) |
Proceeds from sale of assets | 11,862 | 4,060 |
Net cash used in investing activities | (110,918) | (116,163) |
Cash flows from financing activities: | ||
Distributions | (153,426) | (125,328) |
Proceeds from increase in long-term debt | 159,814 | 107,951 |
Payments on long-term debt | (8,739) | (60,216) |
Net additions to (reductions in) short-term borrowings | (66,248) | (69,519) |
Net additions to collateralized short-term borrowings | 7,000 | 26,000 |
Cash paid for financing costs | (640) | (204) |
Net cash provided by (used in) financing activities | (110,550) | (79,779) |
Effect of exchange rate changes on cash | 0 | (2) |
Increase (decrease) in cash and cash equivalents | (1,386) | (880) |
Cash and cash equivalents - beginning of period | 7,652 | 8,289 |
Cash and cash equivalents - end of period | 6,266 | 7,409 |
Ferrellgas, L.P. [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 230,494 | 203,118 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (13,894) | (68,902) |
Capital expenditures | (108,387) | (51,321) |
Proceeds from sale of assets | 11,862 | 4,060 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 0 | 0 |
Other | (499) | 0 |
Net cash used in investing activities | (110,918) | (116,163) |
Cash flows from financing activities: | ||
Distributions | (210,158) | (134,535) |
Capital contribution | 30 | 42,655 |
Proceeds from increase in long-term debt | 159,814 | 107,951 |
Payments on long-term debt | (8,739) | (60,216) |
Net additions to (reductions in) short-term borrowings | (66,248) | (69,519) |
Net reductions to collateralized short-term borrowings | 7,000 | |
Net additions to collateralized short-term borrowings | 7,000 | 26,000 |
Net changes in advances with consolidated entities | 0 | 0 |
Cash paid for financing costs | (640) | (204) |
Net cash provided by (used in) financing activities | (118,941) | (87,868) |
Effect of exchange rate changes on cash | 0 | (2) |
Increase (decrease) in cash and cash equivalents | 635 | (915) |
Cash and cash equivalents - beginning of period | 5,600 | 8,283 |
Cash and cash equivalents - end of period | 6,235 | 7,368 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 193,703 | 241,141 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (13,894) | (68,901) |
Capital expenditures | (44,330) | (42,854) |
Proceeds from sale of assets | 11,862 | 4,060 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | (20,740) | (20,087) |
Other | (499) | 0 |
Net cash used in investing activities | (67,601) | (127,782) |
Cash flows from financing activities: | ||
Distributions | (210,158) | (134,535) |
Capital contribution | 30 | 42,655 |
Proceeds from increase in long-term debt | 159,814 | 107,951 |
Payments on long-term debt | (8,739) | (60,216) |
Net additions to (reductions in) short-term borrowings | (66,248) | (69,519) |
Net reductions to collateralized short-term borrowings | 0 | |
Net additions to collateralized short-term borrowings | 0 | |
Net changes in advances with consolidated entities | 0 | 0 |
Cash paid for financing costs | (640) | (204) |
Net cash provided by (used in) financing activities | (125,941) | (113,868) |
Effect of exchange rate changes on cash | 2 | 0 |
Increase (decrease) in cash and cash equivalents | 163 | (509) |
Cash and cash equivalents - beginning of period | 5,579 | 7,798 |
Cash and cash equivalents - end of period | 5,742 | 7,289 |
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (3) | (3) |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Capital contribution | 0 | 0 |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net reductions to collateralized short-term borrowings | 0 | |
Net additions to collateralized short-term borrowings | 0 | |
Net changes in advances with consolidated entities | 3 | 3 |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 3 | 3 |
Effect of exchange rate changes on cash | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 1 | 1 |
Cash and cash equivalents - end of period | 1 | 1 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 57,450 | 12,307 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | (1) |
Capital expenditures | (64,057) | (8,467) |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | (64,057) | (8,468) |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Capital contribution | 0 | 0 |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net reductions to collateralized short-term borrowings | 0 | |
Net additions to collateralized short-term borrowings | 0 | |
Net changes in advances with consolidated entities | 7,079 | (4,245) |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 7,079 | (4,245) |
Effect of exchange rate changes on cash | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 472 | (406) |
Cash and cash equivalents - beginning of period | 20 | 484 |
Cash and cash equivalents - end of period | 492 | 78 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (13,656) | (24,327) |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | 763,604 | 1,079,031 |
Cash remitted to Ferrellgas, L.P for accounts receivable | (770,604) | (1,105,031) |
Intercompany loan to affiliate | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | (7,000) | (26,000) |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Capital contribution | 0 | 0 |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net reductions to collateralized short-term borrowings | 7,000 | |
Net additions to collateralized short-term borrowings | 26,000 | |
Net changes in advances with consolidated entities | 13,658 | 24,329 |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 20,658 | 50,329 |
Effect of exchange rate changes on cash | (2) | (2) |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (7,000) | (26,000) |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | (763,604) | (1,079,031) |
Cash remitted to Ferrellgas, L.P for accounts receivable | 770,604 | 1,105,031 |
Intercompany loan to affiliate | 20,740 | 20,087 |
Other | 0 | 0 |
Net cash used in investing activities | 27,740 | 46,087 |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Capital contribution | 0 | 0 |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net reductions to collateralized short-term borrowings | 0 | |
Net additions to collateralized short-term borrowings | 0 | |
Net changes in advances with consolidated entities | (20,740) | (20,087) |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | (20,740) | (20,087) |
Effect of exchange rate changes on cash | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | $ 0 | $ 0 |