Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 30, 2017 | Mar. 01, 2017 | |
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 97,152,665 | |
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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, 2017 | Jul. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 9,506,000 | $ 4,965,000 |
Accounts and notes receivable, net | 208,529,000 | 149,583,000 |
Inventories | 92,757,000 | 90,594,000 |
Prepaid expenses and other current assets | 30,563,000 | 39,973,000 |
Total current assets | 341,355,000 | 285,115,000 |
Property, plant and equipment, net | 743,508,000 | 774,680,000 |
Goodwill, net | 256,103,000 | 256,103,000 |
Intangible assets, net | 259,286,000 | 280,185,000 |
Other assets, net | 79,017,000 | 87,223,000 |
Total assets | 1,679,269,000 | 1,683,306,000 |
Current liabilities: | ||
Accounts payable | 86,646,000 | 67,928,000 |
Short-term borrowings | 38,389,000 | 101,291,000 |
Collateralized note payable | 91,000,000 | 64,000,000 |
Other current liabilities | 151,473,000 | 128,958,000 |
Total current liabilities | 367,508,000 | 362,177,000 |
Long-term debt | 1,984,218,000 | 1,941,335,000 |
Other liabilities | 31,029,000 | 31,574,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | (639,881,000) | (570,754,000) |
General partner | (66,372,000) | (65,835,000) |
Accumulated other comprehensive income | 6,086,000 | (10,468,000) |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (700,167,000) | (647,057,000) |
Noncontrolling interest | (3,319,000) | (4,723,000) |
Total partners' capital (deficit) | (703,486,000) | (651,780,000) |
Total liabilities and partners' capital (deficit) | 1,679,269,000 | 1,683,306,000 |
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 | 23,064 | 19,747 |
Accumulated deficit | (23,064) | (19,747) |
Total stockholder's equity | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 9,166,000 | 4,890,000 |
Accounts and notes receivable, net | 208,529,000 | 149,583,000 |
Inventories | 92,757,000 | 90,594,000 |
Prepaid expenses and other current assets | 30,549,000 | 39,955,000 |
Total current assets | 341,001,000 | 285,022,000 |
Property, plant and equipment, net | 743,508,000 | 774,680,000 |
Goodwill, net | 256,103,000 | 256,103,000 |
Intangible assets, net | 259,286,000 | 280,185,000 |
Other assets, net | 79,017,000 | 87,223,000 |
Total assets | 1,678,915,000 | 1,683,213,000 |
Current liabilities: | ||
Accounts payable | 86,646,000 | 67,928,000 |
Short-term borrowings | 38,389,000 | 101,291,000 |
Collateralized note payable | 91,000,000 | 64,000,000 |
Other current liabilities | 139,463,000 | 126,952,000 |
Total current liabilities | 355,498,000 | 360,171,000 |
Long-term debt | 1,638,602,000 | 1,760,881,000 |
Other liabilities | 31,029,000 | 31,574,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | (348,981,000) | (454,222,000) |
General partner | (3,396,000) | (4,631,000) |
Accumulated other comprehensive income | 6,163,000 | (10,560,000) |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (352,377,000) | (458,853,000) |
Total partners' capital (deficit) | (346,214,000) | (469,413,000) |
Total liabilities and partners' capital (deficit) | 1,678,915,000 | 1,683,213,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,100 | 1,100 |
Other Assets, Current | 0 | 1,500 |
Total assets | 1,100 | 2,600 |
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 | 65,495 | 61,820 |
Accumulated deficit | (65,395) | (60,220) |
Total stockholder's equity | $ 1,100 | $ 2,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 |
Accounts receivable pledged as collateral | $ 143,337 | $ 106,464 |
Intangible assets accumulated amortization | $ 428,243 | $ 404,271 |
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 98,002,665 |
General partner unitholder, units outstanding | 989,926 | 989,926 |
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 | $ 143,337 | $ 106,464 |
Intangible assets accumulated amortization | $ 428,243 | $ 404,271 |
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, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Revenues: | ||||
Propane and other gas liquids sales | $ 369,437,000 | $ 338,929,000 | $ 1,049,211,000 | $ 961,086,000 |
Midstream operations | 126,676,000 | 105,424,000 | 331,507,000 | 487,427,000 |
Other | 41,996,000 | 65,119,000 | 116,183,000 | 181,343,000 |
Total revenues | 538,109,000 | 509,472,000 | 1,496,901,000 | 1,629,856,000 |
Costs and expenses: | ||||
Cost of sales - propane and other gas liquids sales | 197,487,000 | 152,261,000 | 551,728,000 | 448,841,000 |
Cost of sales - midstream operations | 118,767,000 | 71,852,000 | 300,433,000 | 373,899,000 |
Cost of sales - other | 20,810,000 | 41,203,000 | 53,213,000 | 111,425,000 |
Operating expense | 104,773,000 | 115,271,000 | 322,935,000 | 347,467,000 |
Depreciation and amortization expense | 25,737,000 | 38,352,000 | 77,546,000 | 112,698,000 |
General and administrative expense | 9,978,000 | 13,314,000 | 36,526,000 | 42,530,000 |
Equipment lease expense | 7,270,000 | 7,244,000 | 22,035,000 | 21,554,000 |
Non-cash employee stock ownership plan compensation charge | 4,697,000 | 9,978,000 | 11,396,000 | 18,375,000 |
Goodwill impairment | 0 | 0 | 0 | 29,316,000 |
Loss on disposal of assets and other | (2,393,000) | (5,779,000) | (8,861,000) | (23,220,000) |
Operating loss | 46,197,000 | 54,218,000 | 112,228,000 | 100,531,000 |
Interest expense | (39,860,000) | (34,371,000) | 112,107,000 | 102,889,000 |
Other income, net | 162,000 | 331,000 | 1,433,000 | (89,000) |
Loss before income taxes | 6,499,000 | 20,178,000 | 1,554,000 | (2,447,000) |
Income tax benefit | (192,000) | 1,260,000 | (194,000) | 1,446,000 |
Net Earnings (Loss) | 6,691,000 | 18,918,000 | 1,748,000 | (3,893,000) |
Net earnings attributable to noncontrolling interest | 155,000 | 233,000 | 187,000 | 88,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | 6,536,000 | 18,685,000 | 1,561,000 | (3,981,000) |
Less: General partner's interest in net earnings | 66,000 | 187,000 | (16,000) | 40,000 |
Common unitholders' interest in net earnings | $ 6,470,000 | $ 18,498,000 | $ 1,545,000 | $ (3,941,000) |
Basic and diluted net earnings per common unitholders' interest | $ 0.07 | $ 0.19 | $ 0.02 | $ (0.04) |
Cash distributions declared per common unit | $ 0.10 | $ 0.51 | $ 0.30 | $ 1.54 |
Ferrellgas Partners Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | $ 3,225 | $ 225 | $ 3,317 | $ 275 |
Net Earnings (Loss) | (3,225) | (225) | (3,317) | (275) |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 369,437,000 | 338,929,000 | 1,049,211,000 | 961,086,000 |
Midstream operations | 126,676,000 | 105,424,000 | 331,507,000 | 487,427,000 |
Other | 41,996,000 | 65,119,000 | 116,183,000 | 181,343,000 |
Total revenues | 538,109,000 | 509,472,000 | 1,496,901,000 | 1,629,856,000 |
Costs and expenses: | ||||
Cost of sales - propane and other gas liquids sales | 197,487,000 | 152,261,000 | 551,728,000 | 448,841,000 |
Cost of sales - midstream operations | 118,767,000 | 71,852,000 | 300,433,000 | 373,899,000 |
Cost of sales - other | 20,810,000 | 41,203,000 | 53,213,000 | 111,425,000 |
Operating expense | 104,773,000 | 115,271,000 | 322,935,000 | 347,467,000 |
Depreciation and amortization expense | 25,737,000 | 38,352,000 | 77,546,000 | 112,698,000 |
General and administrative expense | 9,869,000 | 13,214,000 | 36,416,000 | 42,032,000 |
Equipment lease expense | 7,270,000 | 7,244,000 | 22,035,000 | 21,554,000 |
Non-cash employee stock ownership plan compensation charge | 4,697,000 | 9,978,000 | 11,396,000 | 18,375,000 |
Goodwill impairment | 0 | 0 | 0 | 29,316,000 |
Loss on disposal of assets and other | (2,393,000) | (5,779,000) | (8,861,000) | (23,220,000) |
Operating loss | 46,306,000 | 54,318,000 | 112,338,000 | 101,029,000 |
Interest expense | (31,270,000) | (30,340,000) | 95,416,000 | 90,799,000 |
Other income, net | 162,000 | 331,000 | 1,433,000 | (89,000) |
Loss before income taxes | 15,198,000 | 24,309,000 | 18,355,000 | 10,141,000 |
Income tax benefit | (197,000) | 1,260,000 | (200,000) | 1,441,000 |
Net Earnings (Loss) | 15,395,000 | 23,049,000 | 18,555,000 | 8,700,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | 15,395,000 | 23,049,000 | 18,555,000 | 8,700,000 |
Ferrellgas Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 225 | 225 | 5,175 | 3,316 |
Net Earnings (Loss) | $ (225) | $ (225) | $ (5,175) | $ (3,316) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Net loss | $ 6,691 | $ 18,918 | $ 1,748 | $ (3,893) |
Other comprehensive income (loss): | ||||
Change in value of risk management derivatives | (6,496) | 14,681 | 13,904 | 3,561 |
Reclassification of derivative gains and losses to earnings | (1,933) | 6,138 | (2,819) | (22,931) |
Other comprehensive income (loss) | (8,429) | 20,819 | 16,723 | 26,492 |
Comprehensive income | (1,738) | 39,737 | 18,471 | 22,599 |
Less: Comprehensive income attributable to noncontrolling interest | 70 | 444 | 356 | 355 |
Comprehensive income attributable to Ferrellgas Partners, LP | (1,808) | 39,293 | 18,115 | 22,244 |
Ferrellgas, L.P. [Member] | ||||
Net loss | 15,395 | 23,049 | 18,555 | 8,700 |
Other comprehensive income (loss): | ||||
Change in value of risk management derivatives | (6,496) | 14,681 | 13,904 | 3,561 |
Reclassification of derivative gains and losses to earnings | (1,933) | 6,138 | (2,819) | (22,931) |
Other comprehensive income (loss) | (8,429) | 20,819 | 16,723 | 26,492 |
Comprehensive income | $ 6,966 | $ 43,868 | $ 35,278 | $ 35,192 |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Capital (Deficit) - 9 months ended Apr. 30, 2017 - 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, 2016 | 98,002,700 | 989,900 | ||||||||
Partners' capital balance at Jul. 31, 2016 | $ (651,780) | $ (10,468) | $ (647,057) | $ (4,723) | $ (570,754) | $ (65,835) | $ (469,413) | $ (10,560) | $ (454,222) | $ (4,631) |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 14,694 | 0 | 14,546 | 148 | 14,400 | 146 | 14,694 | 0 | 14,546 | 148 |
Partners' Capital Account, Contributions | 1,693 | 0 | 0 | 1,693 | 167,640 | 0 | 165,947 | 1,693 | ||
Distributions | (70,713) | 0 | (69,920) | (793) | (69,221) | (699) | (94,413) | 0 | (93,620) | (793) |
Partners' Capital Account, Treasury Units, Purchased | (15,851) | 0 | (15,851) | 0 | $ (15,851) | $ 0 | ||||
Partners' Capital Account, Units, Treasury Units Purchased | (850,000) | 0 | ||||||||
Net loss | 1,748 | 0 | 1,561 | 187 | $ 1,545 | $ 16 | 18,555 | 0 | 18,368 | 187 |
Other comprehensive income (loss) | 16,723 | 16,554 | 16,554 | 169 | 16,723 | 16,723 | 0 | 0 | ||
Partners' capital balance (in units) at Apr. 30, 2017 | 97,152,700 | 989,900 | ||||||||
Partners' capital balance at Apr. 30, 2017 | $ (703,486) | $ 6,086 | $ (700,167) | $ (3,319) | $ (639,881) | $ (66,372) | $ (346,214) | $ 6,163 | $ (348,981) | $ (3,396) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | $ 1,748,000 | $ (3,893,000) |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 77,546,000 | 112,698,000 |
Non-cash employee stock ownership plan compensation charge | 11,396,000 | 18,375,000 |
Non-cash stock-based compensation charge | 3,298,000 | 6,757,000 |
Goodwill impairment | 0 | 29,316,000 |
Loss on Disposal of Assets and Asset Impairment Charges | 8,861,000 | 23,220,000 |
Change in fair value of contingent consideration | 0 | (100,000) |
Unrealized Gain (Loss) on Derivatives | (3,888,000) | 0 |
Provision for doubtful accounts | 39,000 | 1,974,000 |
Deferred tax expense | 45,000 | (124,000) |
Other | 5,250,000 | 3,721,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (58,923,000) | 3,039,000 |
Inventories | (2,163,000) | 8,771,000 |
Prepaid expenses and other current assets | 12,115,000 | 21,603,000 |
Accounts payable | 18,830,000 | (5,194,000) |
Accrued interest expense | 34,054,000 | 27,758,000 |
Other current liabilities | 5,053,000 | (37,168,000) |
Other assets and liabilities | 5,070,000 | 9,329,000 |
Net cash provided by (used in) operating activities | 118,331,000 | 220,082,000 |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | 3,539,000 | 13,894,000 |
Capital expenditures | (35,412,000) | (108,387,000) |
Proceeds from sale of assets | 4,721,000 | 11,862,000 |
Other | (37,000) | (499,000) |
Net cash used in investing activities | (34,267,000) | (110,918,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (69,920,000) | (153,426,000) |
Proceeds from issuance of long-term debt | 220,354,000 | 159,814,000 |
Contributions from partners | 0 | 32,000 |
Payments on long-term debt | (173,471,000) | (8,739,000) |
Net additions to (reductions in) short-term borrowings | (62,902,000) | (66,248,000) |
Net additions to collateralized short-term borrowings | 27,000,000 | 7,000,000 |
Cash paid for financing costs | (5,633,000) | (640,000) |
Proceeds from (Payments to) Noncontrolling Interests | 900,000 | (2,093,000) |
Payments for Repurchase of Common Stock | (15,851,000) | (46,432,000) |
Proceeds from Stock Options Exercised | 0 | 182,000 |
Net cash provided by (used in) financing activities | (79,523,000) | (110,550,000) |
Net change in cash and cash equivalents | 4,541,000 | (1,386,000) |
Cash and cash equivalents - beginning of period | 4,965,000 | 7,652,000 |
Cash and cash equivalents - end of period | 9,506,000 | 6,266,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (3,317) | (275) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Net cash provided by (used in) operating activities | (3,317) | (275) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 3,317 | 275 |
Net cash provided by (used in) financing activities | 3,317 | 275 |
Net change in cash | 0 | 0 |
Cash - beginning of period | 1,000 | 1,000 |
Cash - end of period | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | 18,555,000 | 8,700,000 |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 77,546,000 | 112,698,000 |
Non-cash employee stock ownership plan compensation charge | 11,396,000 | 18,375,000 |
Non-cash stock-based compensation charge | 3,298,000 | 6,757,000 |
Goodwill impairment | 0 | 29,316,000 |
Loss on Disposal of Assets and Asset Impairment Charges | 8,861,000 | 23,220,000 |
Change in fair value of contingent consideration | 0 | (100,000) |
Unrealized Gain (Loss) on Derivatives | (3,888,000) | 0 |
Provision for doubtful accounts | 39,000 | 1,974,000 |
Deferred tax expense | 45,000 | (124,000) |
Other | 4,147,000 | 3,406,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (58,923,000) | 2,755,000 |
Inventories | (2,163,000) | 8,771,000 |
Prepaid expenses and other current assets | 12,111,000 | 21,623,000 |
Accounts payable | 18,830,000 | (5,194,000) |
Accrued interest expense | 24,428,000 | 23,834,000 |
Other current liabilities | 5,047,000 | (34,845,000) |
Other assets and liabilities | 5,070,000 | 9,328,000 |
Net cash provided by (used in) operating activities | 124,399,000 | 230,494,000 |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | 3,539,000 | (13,894,000) |
Capital expenditures | (35,412,000) | (108,387,000) |
Proceeds from sale of assets | 4,721,000 | 11,862,000 |
Other | (37,000) | (499,000) |
Net cash used in investing activities | (34,267,000) | (110,918,000) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 167,640,000 | 30,000 |
Distributions | (94,413,000) | (210,158,000) |
Proceeds from issuance of long-term debt | 52,354,000 | 159,814,000 |
Contributions from partners | 167,640,000 | 30,000 |
Payments on long-term debt | (173,471,000) | (8,739,000) |
Net additions to (reductions in) short-term borrowings | (62,902,000) | (66,248,000) |
Net additions to collateralized short-term borrowings | 27,000,000 | 7,000,000 |
Cash paid for financing costs | (2,064,000) | (640,000) |
Net cash provided by (used in) financing activities | (85,856,000) | (118,941,000) |
Effect of exchange rate changes on cash | 0 | |
Net change in cash and cash equivalents | 4,276,000 | 635,000 |
Cash and cash equivalents - beginning of period | 4,890,000 | 5,600,000 |
Cash and cash equivalents - end of period | 9,166,000 | 6,235,000 |
Ferrellgas Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (5,175) | (3,316) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Prepaid expenses and other current assets | (1,500) | 0 |
Net cash provided by (used in) operating activities | (3,675) | (3,316) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 3,675 | 3,316 |
Net cash provided by (used in) financing activities | 3,675 | 3,316 |
Net change in cash | 0 | 0 |
Cash - beginning of period | 1,100 | 1,100 |
Cash - end of period | $ 1,100 | $ 1,100 |
Partnership Organization And Fo
Partnership Organization And Formation | 9 Months Ended |
Apr. 30, 2017 | |
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, 2017 , 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 an approximate 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 primary businesses: • Propane operations 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 crude oil logistics, which began with the acquisition in June 2015 of Bridger Logistics, LLC ("Bridger"), and water solutions. Crude oil logistics primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Water solutions generates income primarily through the operation of salt water disposal wells in the Eagle Ford shale region of south Texas. Due to seasonality, the results of operations for the nine months ended April 30, 2017 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2017 . 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. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 2016 . |
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 presentation 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 related assets 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 primary businesses: • Propane operations 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 crude oil logistics, which began with the acquisition in June 2015 of Bridger Logistics, LLC ("Bridger"), and water solutions. Crude oil logistics primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Water solutions generates income primarily through the operation of salt water disposal wells in the Eagle Ford shale region of south Texas. Due to seasonality, the results of operations for the nine months ended April 30, 2017 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2017 . 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. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 2016 . |
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 presentation 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, 2017 | |
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 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, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) 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. 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. Ferrellgas has formed an implementation team, completed training on the new standard, prepared an initial assessment and is continuing to review its contracts with customers. FASB Accounting Standard Update No. 2015-02 and No. 2016-17 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. In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control which amended certain aspects of the additional guidance in ASU 2015-02. We adopted ASU 2015-02 and ASU 2016-17 effective August 1, 2016. The adoption of these standards did not impact our 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. Ferrellgas has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-04 In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminated Step 2 from the goodwill impairment test. Under the new guidance, entities should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Ferrellgas elected to early adopt the provisions of this standard during the quarter ended January 31, 2017. The adoption of this standard did not materially impact our consolidated financial statements. |
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 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, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) 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, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. 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. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, prepared an initial assessment and is continuing to review its contracts with customers. FASB Accounting Standard Update No. 2015-02 and No. 2016-17 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. In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control which amended certain aspects of the additional guidance in ASU 2015-02. We adopted ASU 2015-02 and ASU 2016-17 effective August 1, 2016. The adoption of these standards did not impact our 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. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-04 In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminated Step 2 from the goodwill impairment test. Under the new guidance, entities should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Ferrellgas, L.P. elected to early adopt the provisions of this standard during the quarter ended January 31, 2017. The adoption of this standard did not materially impact our consolidated financial statements. |
Significant Transactions Signif
Significant Transactions Significant Transactions | 9 Months Ended |
Apr. 30, 2017 | |
Business Combination Disclosure [Text Block] | Significant transactions Termination of Bridger agreement with Jamex Marketing, LLC In connection with the closing of our acquisition of Bridger in June 2015, Bridger entered into a ten-year transportation and logistics agreement (the “Jamex TLA”) with Jamex Marketing, LLC ("Jamex") pursuant to which Jamex would be responsible for certain payments to Bridger and also for sourcing crude oil volumes for Bridger’s largest customer at that time. As a result of concerns regarding the collectability of amounts owed to Bridger from Jamex under the Jamex TLA and certain other matters between Bridger and Jamex, on September 1, 2016, Bridger, Jamex, Ferrellgas Partners, L.P. and certain other affiliated parties entered into a group of agreements that terminated the Jamex TLA, facilitated Ferrellgas purchasing certain Ferrellgas common units from Jamex, and established payment terms for certain amounts owed by Jamex to Bridger under the Jamex TLA. Consequently, Ferrellgas does not anticipate any material contribution to revenue or EBITDA from Jamex or Bridger's former largest customer in the future. On September 1, 2016, Bridger and Ferrellgas entered into a Termination, Settlement and Release Agreement (the “Jamex Termination Agreement”) with Jamex, certain of Jamex's affiliates, and James Ballengee (the owner of Jamex) pursuant to which: (1) Jamex agreed to execute and deliver a secured promissory note in favor of Bridger in original principal amount of $49.5 million (the "Jamex Secured Promissory Note") in satisfaction of all obligations owed to Bridger under the Jamex TLA; (2) Mr. Ballengee and Bacchus Capital Trading, LLC, an entity controlled by Mr. Ballengee, executed and delivered a joint guarantee of the Jamex Secured Promissory Note obligations up to a maximum aggregate amount of $20.0 million ; (3) The operating partnership agreed to provide Jamex with a $5.0 million revolving secured working capital facility evidenced by a revolving promissory note (the “Jamex Revolving Promissory Note” and, together with the Jamex Secured Promissory Note, the “Jamex Notes”); (4) The other Jamex entities agreed to execute and deliver a security agreement and a full guarantee of the obligations under the Jamex Notes; (5) Ferrellgas paid approximately $16.9 million to Jamex and in return received 0.9 million of Ferrellgas Partners' common units, which were cancelled upon receipt, and approximately 23 thousand barrels of crude oil; (6) The parties agreed to terminate the Jamex TLA and certain other commercial agreements and arrangements between them, and release any claims between or among them that may exist (other than those arising under the Jamex Termination Agreement or the other agreements entered into in connection with the Jamex Termination Agreement); and (7) Ferrellgas waived the remaining lockup provision applicable to Jamex under the Registration Rights Agreement dated June 24, 2015 to which Jamex is party. The Jamex Secured Promissory Note originally had an annual interest rate of 7% , which decreased to 2.8% as a result of Ferrellgas reducing its quarterly distribution rate to $0.10 , and contemplates quarterly amortizing principal payments, together with payments of accrued interest. The first quarterly interest payment of approximately $0.9 million was received in December 2016 and the first quarterly principal payment of approximately $2.5 million was received in March 2017. The maturity date of the Jamex Secured Promissory Note is December 17, 2021, and Jamex may prepay the Secured Promissory Note in whole or in part at any time. The Jamex Revolving Promissory Note, which provides Jamex with access to working capital liquidity to meet their unrelated and ongoing crude oil marketing and other business needs, has an annual interest rate of 0% (which rate would be increased in case of a default), and contains certain conditions precedent to the operating partnership’s obligation to make any advances thereunder. Each borrowing under the Jamex Revolving Promissory Note must be repaid within 10 days, and the ultimate maturity date of the Jamex Revolving Promissory Note is the earlier of September 1, 2021 and the date on which all obligations under the Jamex Secured Promissory Note are repaid. As of April 30, 2017, there were no outstanding borrowings under the Jamex Secured Promissory Note. The Jamex Secured Promissory Note is guaranteed, pursuant to a Guaranty Agreement, jointly by James Ballengee and Bacchus Capital Trading, LLC, an entity controlled by Mr. Ballengee (up to a maximum aggregate amount of $20.0 million ), and each Note is fully guaranteed, pursuant to respective Guaranty Agreements, by the other Jamex entities. The obligations of Jamex and the other Jamex entities under the Notes are secured, pursuant to a Security Agreement, by a lien on certain of those entities’ assets, actively traded marketable securities and cash, which are held in a controlled account that can be seized by Ferrellgas in the event of default. The sum of the amounts available under the controlled account and the $20.0 million guarantee approximate the $45.0 million note receivable as of April 30, 2017. During the year ended July 31, 2016, approximately 60% of Bridger's gross margin was generated from its largest customer and Jamex, that customer's supplier, under take-or-pay arrangements. Bridger's largest customer during the fiscal year ended July 31, 2016 owned a refinery in Trainer, Pennsylvania. Bridger was party to an agreement with this customer under which it provided logistics services to transport crude oil from the Bakken region in North Dakota to the Trainer refinery. That agreement had a minimum volume commitment and payment obligation from the refinery for logistics services associated with the delivery of 65 MBbls/d. However, if the quantity of crude oil delivered to the refinery dropped below 35 MBbls/d, the minimum volume commitment and payment obligation from the refinery would be suspended and Jamex would become responsible for payments to Bridger under the pay provisions of the Jamex TLA. During February 2016, Jamex ceased sourcing barrels for delivery to the refinery and since that time Bridger had been billing Jamex directly in accordance with the pay provisions of the Jamex TLA. During July 2016, Ferrellgas determined Jamex would not resume sourcing barrels for delivery to the refinery or be likely to continue to make payments under the pay provisions of the Jamex TLA. As a result, Ferrellgas negotiated a settlement with Jamex, and the Jamex TLA was terminated on September 1, 2016. While the agreement with the refinery owner was not terminated as a result of the execution and delivery of the Jamex Termination Agreement, Bridger has been unable to negotiate a revised transportation and logistics agreement with that customer; accordingly it is unlikely that Bridger will continue to make any deliveries under the existing agreement. Consequently, we do not anticipate any material contribution to revenue or gross margin from Jamex or Bridger's former largest customer in the future. |
Ferrellgas, L.P. [Member] | |
Business Combination Disclosure [Text Block] | Significant transactions Termination of Bridger agreement with Jamex Marketing, LLC In connection with the closing of our acquisition of Bridger in June 2015, Bridger entered into a ten-year transportation and logistics agreement (the “Jamex TLA”) with Jamex Marketing, LLC ("Jamex") pursuant to which Jamex would be responsible for certain payments to Bridger and also for sourcing crude oil volumes for Bridger’s largest customer at that time. As a result of concerns regarding the collectability of amounts owed to Bridger from Jamex under the Jamex TLA and certain other matters between Bridger and Jamex, on September 1, 2016, Bridger, Jamex, Ferrellgas Partners and certain other affiliated parties entered into a group of agreements that terminated the Jamex TLA, facilitated Ferrellgas Partners purchasing certain Ferrellgas Partners common units from Jamex, and established payment terms for certain amounts owed by Jamex to Bridger under the Jamex TLA. Consequently, Ferrellgas Partners does not anticipate any material contribution to revenue or EBITDA from Jamex or Bridger's former largest customer in the future. On September 1, 2016, Bridger and Ferrellgas Partners entered into a Termination, Settlement and Release Agreement (the “Jamex Termination Agreement”) with Jamex, certain of Jamex's affiliates, and James Ballengee (the owner of Jamex) pursuant to which: (1) Jamex agreed to execute and deliver a secured promissory note in favor of Bridger in original principal amount of $49.5 million (the "Jamex Secured Promissory Note") in satisfaction of all obligations owed to Bridger under the Jamex TLA; (2) Mr. Ballengee and Bacchus Capital Trading, LLC, an entity controlled by Mr. Ballengee, executed and delivered a joint guarantee of the Jamex Secured Promissory Note obligations up to a maximum aggregate amount of $20.0 million ; (3) The operating partnership agreed to provide Jamex with a $5.0 million revolving secured working capital facility evidenced by a revolving promissory note (the “Jamex Revolving Promissory Note” and, together with the Jamex Secured Promissory Note, the “Jamex Notes”); (4) The other Jamex entities agreed to execute and deliver a security agreement and a full guarantee of the obligations under the Jamex Notes; (5) Ferrellgas Partners paid approximately $16.9 million to Jamex and in return received 0.9 million of Ferrellgas Partners' common units, which were cancelled upon receipt, and approximately 23 thousand barrels of crude oil; (6) The parties agreed to terminate the Jamex TLA and certain other commercial agreements and arrangements between them, and release any claims between or among them that may exist (other than those arising under the Jamex Termination Agreement or the other agreements entered into in connection with the Jamex Termination Agreement); and (7) Ferrellgas Partners waived the remaining lockup provision applicable to Jamex under the Registration Rights Agreement dated June 24, 2015 to which Jamex is party. The Jamex Secured Promissory Note originally had an annual interest rate of 7% , which decreased to 2.8% as a result of Ferrellgas Partners reducing its quarterly distribution rate, and contemplates quarterly amortizing principal payments, together with payments of accrued interest. The first quarterly interest payment of approximately $0.9 million was received in December 2016 and the first quarterly principal payment of approximately $2.5 million was received in March 2017. The maturity date of the Jamex Secured Promissory Note is December 17, 2021, and Jamex may prepay the Secured Promissory Note in whole or in part at any time. The Jamex Revolving Promissory Note, which provides Jamex with access to working capital liquidity to meet their unrelated and ongoing crude oil marketing and other business needs, has an annual interest rate of 0% (which rate would be increased in case of a default), and contains certain conditions precedent to the operating partnership’s obligation to make any advances thereunder. Each borrowing under the Jamex Revolving Promissory Note must be repaid within 10 days, and the ultimate maturity date of the Jamex Revolving Promissory Note is the earlier of September 1, 2021 and the date on which all obligations under the Jamex Secured Promissory Note are repaid. As of April 30, 2017, there were no outstanding borrowings under the Jamex Secured Promissory Note. The Jamex Secured Promissory Note is guaranteed, pursuant to a Guaranty Agreement, jointly by James Ballengee and Bacchus Capital Trading, LLC, an entity controlled by Mr. Ballengee (up to a maximum aggregate amount of $20.0 million ), and each Note is fully guaranteed, pursuant to respective Guaranty Agreements, by the other Jamex entities. The obligations of Jamex and the other Jamex entities under the Notes are secured, pursuant to a Security Agreement, by a lien on certain of those entities’ assets, including actively traded marketable securities and cash, which are held in a controlled account that can be seized by Ferrellgas, L.P. in the event of default. The sum of the amounts available under the controlled account and the $20.0 million guarantee approximate the $45.0 million note receivable as of April 30, 2017. During the year ended July 31, 2016, approximately 60% of Bridger's gross margin was generated from its largest customer and Jamex, that customer's supplier, under take-or-pay arrangements. Bridger's largest customer during the fiscal year ended July 31, 2016 owned a refinery in Trainer, Pennsylvania. Bridger was party to an agreement with this customer under which it provided logistics services to transport crude oil from the Bakken region in North Dakota to the Trainer refinery. That agreement had a minimum volume commitment and payment obligation from the refinery for logistics services associated with the delivery of 65 MBbls/d. However, if the quantity of crude oil delivered to the refinery dropped below 35 MBbls/d, the minimum volume commitment and payment obligation from the refinery would be suspended and Jamex would become responsible for payments to Bridger under the pay provisions of the Jamex TLA. During February 2016, Jamex ceased sourcing barrels for delivery to the refinery and since that time Bridger had been billing Jamex directly in accordance with the pay provisions of the Jamex TLA. During July 2016, Ferrellgas, L.P. determined Jamex would not resume sourcing barrels for delivery to the refinery or be likely to continue to make payments under the pay provisions of the Jamex TLA. As a result, we negotiated a settlement with Jamex, and the Jamex TLA was terminated on September 1, 2016. While the agreement with the refinery owner was not terminated as a result of the execution and delivery of the Jamex Termination Agreement, Bridger has been unable to negotiate a revised transportation and logistics agreement with that customer; accordingly it is unlikely that Bridger will continue to make any deliveries under the existing agreement. Consequently, we do not anticipate any material contribution to revenue or gross margin from Jamex or Bridger's former largest customer in the future. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 9 Months Ended |
Apr. 30, 2017 | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: April 30, 2017 July 31, 2016 Propane gas and related products $ 60,370 $ 59,726 Crude oil 6,112 4,642 Appliances, parts and supplies 26,275 26,226 Inventories $ 92,757 $ 90,594 In addition to inventories on hand, Ferrellgas enters into contracts primarily to buy propane for supply procurement purposes with terms generally up to 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2017 , Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 104.5 million gallons of propane at fixed prices. Other assets, net consist of the following: April 30, 2017 July 31, 2016 Note receivable - Jamex $ 35,000 $ 39,760 Other 44,017 47,463 Other assets, net $ 79,017 $ 87,223 Other current liabilities consist of the following: April 30, 2017 July 31, 2016 Accrued interest $ 50,677 $ 16,623 Customer deposits and advances 20,908 27,391 Price risk management liabilities 2,775 18,401 Other 77,113 66,543 Other current liabilities $ 151,473 $ 128,958 Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Operating expense $ 44,309 $ 42,378 $ 134,090 $ 126,946 Depreciation and amortization expense 957 1,071 2,979 3,268 Equipment lease expense 6,564 6,470 19,882 19,385 $ 51,830 $ 49,919 $ 156,951 $ 149,599 Loss on asset sales and disposal consists of the following: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 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 2,393 4,883 8,861 9,421 Loss on asset sales and disposal $ 2,393 $ 5,779 $ 8,861 $ 23,220 Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2017 2016 Cash paid for: Interest $ 73,276 $ 71,409 Income taxes $ 28 $ 432 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 856 $ 1,239 Change in accruals for property, plant and equipment additions $ (111 ) $ 1,293 |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: April 30, 2017 July 31, 2016 Propane gas and related products $ 60,370 $ 59,726 Crude oil 6,112 4,642 Appliances, parts and supplies 26,275 26,226 Inventories $ 92,757 $ 90,594 In addition to inventories on hand, Ferrellgas, L.P. enters into contracts primarily to buy propane for supply procurement purposes with terms generally up to 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2017 , Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 104.5 million gallons of propane at fixed prices. Other assets, net consist of the following: April 30, 2017 July 31, 2016 Note receivable - Jamex $ 35,000 $ 39,760 Other 44,017 47,463 Other assets, net $ 79,017 $ 87,223 Other current liabilities consist of the following: April 30, 2017 July 31, 2016 Accrued interest $ 39,045 $ 14,617 Customer deposits and advances 20,908 27,391 Price risk management liabilities 2,775 18,401 Other 76,735 66,543 Other current liabilities $ 139,463 $ 126,952 Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Operating expense $ 44,309 $ 42,378 $ 134,090 $ 126,946 Depreciation and amortization expense 957 1,071 2,979 3,268 Equipment lease expense 6,564 6,470 19,882 19,385 $ 51,830 $ 49,919 $ 156,951 $ 149,599 Loss on asset sales and disposal consists of the following: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 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 2,393 4,883 8,861 9,421 Loss on asset sales and disposal $ 2,393 $ 5,779 $ 8,861 $ 23,220 Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2017 2016 Cash paid for: Interest $ 67,314 $ 63,559 Income taxes $ 23 $ 427 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 856 $ 1,239 Change in accruals for property, plant and equipment additions $ (111 ) $ 1,293 |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 9 Months Ended |
Apr. 30, 2017 | |
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, 2017 July 31, 2016 Accounts receivable pledged as collateral $ 143,337 $ 106,464 Accounts receivable 57,277 43,148 Note receivable - Jamex, current portion 10,000 5,000 Other 306 38 Less: Allowance for doubtful accounts (2,391 ) (5,067 ) Accounts and notes receivable, net $ 208,529 $ 149,583 On September 27, 2016, Ferrellgas entered into a fourth amendment to its accounts receivable securitization facility to modify the maximum consolidated leverage ratio covenant. On April 28, 2017, Ferrellgas entered into a fifth amendment to its accounts receivable securitization facility to modify the maximum consolidated leverage ratio covenant and the interest coverage ratio covenant. Consolidated leverage ratio On April 28, 2017, the maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 The consolidated leverage ratio is defined as the ratio of total debt of the operating partnership to trailing four quarters earnings before interest expense, income tax expense, depreciation and amortization expense ("EBITDA") (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas' secured credit facility and accounts receivable securitization facility. Ferrellgas' consolidated leverage ratio was 6.45 x as of April 30, 2017 ; the margin allows for approximately $340.2 million of additional borrowing capacity or approximately $43.9 million less EBITDA. Consolidated interest coverage ratio On April 28, 2017, the minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 The consolidated interest coverage ratio is defined as the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas' secured credit facility and accounts receivable securitization facility. Ferrellgas' consolidated interest coverage ratio was 2.29 x as of April 30, 2017 ; the margin allows for approximately $35.2 million of additional interest expense or approximately $61.5 million less EBITDA. See additional disclosure about Ferrellgas' financial covenants in Note F - Debt. At April 30, 2017 , $143.3 million of trade accounts receivable were pledged as collateral against $91.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2016 , $ 106.5 million of trade accounts receivable were pledged as collateral against $64.0 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, 2017 , Ferrellgas had received cash proceeds of $91.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2016 , Ferrellgas had received cash proceeds of $64.0 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 3.0% and 3.0% as of April 30, 2017 and July 31, 2016 , 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, 2017 July 31, 2016 Accounts receivable pledged as collateral $ 143,337 $ 106,464 Accounts receivable 57,277 43,148 Note receivable - Jamex, current portion 10,000 5,000 Other 306 38 Less: Allowance for doubtful accounts (2,391 ) (5,067 ) Accounts and notes receivable, net $ 208,529 $ 149,583 On September 27, 2016, Ferrellgas, L.P. entered into a fourth amendment to its accounts receivable securitization facility to modify the maximum consolidated leverage ratio covenant. On April 28, 2017, Ferrellgas, L.P. entered into a fifth amendment to its accounts receivable securitization facility to modify the maximum consolidated leverage ratio covenant and the interest coverage ratio covenant. Consolidated leverage ratio On April 28, 2017, the maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 The consolidated leverage ratio is defined as the ratio of total debt of the operating partnership to trailing four quarters earnings before interest expense, income tax expense, depreciation and amortization expense ("EBITDA") (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas, L.P.'s secured credit facility and accounts receivable securitization facility. Ferrellgas, L.P.'s consolidated leverage ratio was 6.45 x as of April 30, 2017 ; the margin allows for approximately $340.2 million of additional borrowing capacity or approximately $43.9 million less EBITDA. Consolidated interest coverage ratio On April 28, 2017, the minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 The consolidated interest coverage ratio is defined as the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas, L.P.'s secured credit facility and accounts receivable securitization facility. Ferrellgas L.P.'s consolidated interest coverage ratio was 2.29 x as of April 30, 2017 ; the margin allows for approximately $35.2 million of additional interest expense or approximately $61.5 million less EBITDA. See additional disclosure about Ferrellgas' financial covenants in Note F - Debt. At April 30, 2017 , $143.3 million of trade accounts receivable were pledged as collateral against $91.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2016 , $106.5 million of trade accounts receivable were pledged as collateral against $64.0 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, 2017 , Ferrellgas, L.P. had received cash proceeds of $91.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2016 , Ferrellgas, L.P. had received cash proceeds of $64.0 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 3.0% and 3.0% as of April 30, 2017 and July 31, 2016 , respectively. |
Debt
Debt | 9 Months Ended |
Apr. 30, 2017 | |
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, 2017 and July 31, 2016 , $38.4 million and $101.3 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Long-term debt Long-term debt consists of the following: April 30, 2017 July 31, 2016 Senior notes Fixed rate, 6.50%, due 2021 $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $3,371 and $4,008 at April 30, 2017 and July 31, 2016, respectively 478,371 479,008 Fixed rate, 8.625%, due 2020, net of unamortized discount of $6,495 and $0 at April 30, 2017 and July 31, 2016, respectively (1) 350,505 182,000 Fair value adjustments related to interest rate swaps 269 5,830 Secured credit facility Variable interest rate, expiring October 2018 (net of $38.4 million and $101.3 million classified as short-term borrowings at April 30, 2017 and July 31, 2016, respectively) 175,211 293,109 Notes payable 11.5% and 11.8% weighted average interest rate at April 30, 2017 and July 31, 2016, respectively, due 2017 to 2022, net of unamortized discount of $1,284 and $1,566 at April 30, 2017 and July 31, 2016, respectively 6,623 8,484 Total debt, excluding unamortized debt issuance costs 2,010,979 1,968,431 Unamortized debt issuance costs (24,183 ) (23,175 ) Less: current portion, included in other current liabilities on the condensed consolidated balance sheets 2,578 3,921 Long-term debt $ 1,984,218 $ 1,941,335 (1) During January 2017 , Ferrellgas Partners issued and sold, in a private placement offering with registration rights, $175.0 million in aggregate principal amount of additional 8.625% unsecured senior notes due 2020 , issued at 96% of par. The unsecured senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. Ferrellgas Partners contributed the net proceeds from the offering of approximately $165.9 million to the operating partnership, which used such amount to repay borrowings under its secured credit facility. As of April 30, 2017 , the scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2017 $ 820 2018 2,519 2019 177,155 2020 358,180 2021 501,030 Thereafter 975,414 Total $ 2,015,118 The indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit Ferrellgas Partners' ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants are the consolidated fixed charge coverage ratio, as defined in the indenture governing the outstanding notes of Ferrellgas Partners, and the consolidated leverage ratio and consolidated interest coverage ratio, as defined in the secured credit facility and the accounts receivable securitization facility. Before a restricted payment (as defined in the secured credit facility and the operating partnership indentures) can be made by the operating partnership, the operating partnership must be in compliance with the covenants under the secured credit facility and accounts receivable securitization facility and in compliance with the covenants under the operating partnerships indentures. If the operating partnership is unable to make restricted payments, Ferrellgas Partners will not have the ability to make semi-annual interest payments on its $357.0 million 8.625% unsecured senior notes due 2020 or distributions to Ferrellgas Partners common unitholders. If Ferrellgas Partners does not make interest payments on its unsecured notes, that would constitute an event of default which would permit the acceleration of the indenture. The accelerated indenture would become immediately due and payable, which would in turn trigger cross acceleration of other debt. If the payment of Ferrellgas' debt is accelerated, Ferrellgas may be unable to borrow sufficient funds to refinance debt in which case unitholders could experience a partial or total loss of their investment. Before a restricted payment (as defined in the Ferrellgas Partners indenture) can be made by Ferrellgas Partners, Ferrellgas Partners must be in compliance with the covenant under the Ferrellgas Partners indenture. If Ferrellgas Partners is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders. A breach of the financial covenants under the secured credit facility and the accounts receivable securitization facility will result in an event of default under those facilities resulting in the operating partnership’s inability to obtain funds under those facilities and give the lenders and receivables purchasers the right to accelerate the operating partnership's obligations under those facilities and to exercise remedies to collect the outstanding amounts under those facilities. On September 27, 2016, Ferrellgas entered into a fifth amendment to its secured credit facility to modify the maximum consolidated leverage ratio covenant. On April 28, 2017, Ferrellgas entered into a sixth amendment to its secured credit facility to modify the maximum consolidated leverage ratio covenant and the consolidated interest coverage ratio covenant. The amendment to our secured credit facility also (1) reduces the amounts available to be borrowed from $700 million to $575 million , (2) increases the pricing of loans when our leverage ratio is greater than or equal to 6.00 x from LIBOR plus 3.50% to LIBOR plus 3.75% and when our leverage ratio is greater than or equal to 7.00 x from LIBOR plus 3.50% to LIBOR plus 4.00% , (3) limits the amount of distributions (other than distributions to Ferrellgas Partners for payments of interest payable on its unsecured notes) that the operating partnership may make to Ferrellgas Partners to $10 million per quarter (Ferrellgas Partners' current distribution rate is $9.8 million per quarter) until the leverage ratio is less than 5.50 x, (4) reduces the amount of investments we can make when our leverage ratio is greater than 5.50 x from $200 million to $50 million , and (5) requires us to reduce our secured credit facility with 50% of the net cash proceeds received from any equity sale. Consolidated leverage ratio On April 28, 2017, the maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 The consolidated leverage ratio is defined as the ratio of total debt of the operating partnership to trailing four quarters EBITDA (both as adjusted for certain, defined items) of the operating partnership, as detailed in Ferrellgas' secured credit facility. Ferrellgas' consolidated leverage ratio was 6.45 x as of April 30, 2017 ; the margin allows for approximately $340.2 million of additional borrowing capacity or approximately $43.9 million less EBITDA. This covenant also restricts Ferrellgas' ability to make quarterly common unit distribution payments as discussed above. Consolidated interest coverage ratio On April 28, 2017, the minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 The consolidated interest coverage ratio is defined as the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas' secured credit facility and accounts receivable securitization facility. Ferrellgas' consolidated interest coverage ratio was 2.29 x at April 30, 2017 ; the margin allows for approximately $35.2 million of additional interest expense or approximately $61.5 million less EBITDA. Consolidated fixed charge coverage ratio The indenture governing the outstanding notes of Ferrellgas Partners includes a consolidated fixed charge coverage ratio test for the incurrence of debt and the making of restricted payments. This covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas Partners be at least 1.75 x before a restricted payment (as defined in the indenture) can be made by Ferrellgas Partners. As of April 30, 2017 , the ratio was 1.77 x; the margin allows for approximately $1.5 million of additional interest expense or approximately $2.7 million less EBITDA. If this ratio were to drop below 1.75 x, this indenture allows Ferrellgas Partners to make restricted payments of up to $50.0 million in total over a 16 quarter period while below this ratio. Ferrellgas continues to execute on a strategy to reduce its debt and interest expense. This strategy may include issuance of equity, amending existing debt agreements, asset sales or a further reduction in Ferrellgas Partners' annual distribution, which was reduced during the quarter ended October 31, 2016 from an annualized rate of $2.05 to $0.40 per common unit. Ferrellgas believes any debt and interest expense reduction strategies would remain in effect until Ferrellgas' consolidated leverage ratio reaches 4.5x or a level Ferrellgas deems appropriate for its business. If Ferrellgas is unsuccessful with its strategy to reduce debt and interest expense, it may be unsuccessful in renegotiating its secured credit facility, which matures in October 2018. If Ferrellgas Partners were to be unsuccessful in renegotiating its secured credit facility and unable to secure alternative liquidity sources, it may not have the liquidity to fund its operations after that maturity date. Failure to renew or replace liquidity available under the secured credit facility could have a material effect on Ferrellgas' operating capacity and cash flows and could further restrict Ferrellgas' ability to incur debt, pay interest on the notes or to make cash distributions to unitholders which could result in an event of default that would permit the acceleration of all of Ferrellgas' indebtedness. The accelerated debt would become immediately due and payable, which would in turn trigger cross-acceleration under other debt. If the payment of Ferrellgas' debt is accelerated, Ferrellgas' assets may be insufficient to repay such debt in full and Ferrellgas may be unable to borrow sufficient funds to refinance debt, in which case the unitholders could experience a partial or total loss of their investment. Secured credit facility As of April 30, 2017 , Ferrellgas had total borrowings outstanding under its secured credit facility of $213.6 million , of which $38.4 million was classified as short-term debt. Ferrellgas had $237.9 million of capacity under the secured credit facility as of April 30, 2017 . As of July 31, 2016 , Ferrellgas had total borrowings outstanding under its secured credit facility of $394.4 million , of which $293.1 million was classified as long-term debt. Ferrellgas had $219.3 million of capacity under the secured credit facility as of July 31, 2016 . However, the consolidated leverage ratio covenant under this facility limited additional borrowings to $8.1 million as of July 31, 2016 . Borrowings outstanding at April 30, 2017 and July 31, 2016 under the secured credit facility had weighted average interest rates of 5.5% and 3.7% , 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 interests 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, 2017 totaled $123.5 million and were used to secure insurance arrangements and, to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2016 totaled $86.3 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. At April 30, 2017 , Ferrellgas had remaining letter of credit capacity of $76.5 million . At July 31, 2016 , Ferrellgas had remaining letter of credit capacity of $113.7 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, 2017 and July 31, 2016 , $38.4 million and $101.3 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Long term debt Long term debt consists of the following: April 30, 2017 July 31, 2016 Senior notes Fixed rate, 6.50%, due 2021 $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $3,371 and $4,008 at April 30, 2017 and July 31, 2016, respectively 478,371 479,008 Fair value adjustments related to interest rate swaps 269 5,830 Secured credit facility Variable interest rate, expiring October 2018 (net of $38.4 million and $101.3 million classified as short-term borrowings at April 30, 2017 and July 31, 2016, respectively) 175,211 293,109 Notes payable 11.5% and 11.8% weighted average interest rate at April 30, 2017 and July 31, 2016, respectively, due 2017 to 2022, net of unamortized discount of $1,284 and $1,566 at April 30, 2017 and July 31, 2016, respectively 6,623 8,484 Total debt, excluding unamortized debt issuance costs 1,660,474 1,786,431 Unamortized debt issuance costs (19,294 ) (21,629 ) Less: current portion, included in other current liabilities on the consolidated balance sheets 2,578 3,921 Long-term debt $ 1,638,602 $ 1,760,881 As of April 30, 2017 , the scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2017 $ 820 2018 2,519 2019 177,155 2020 1,180 2021 501,030 Thereafter 975,414 Total $ 1,658,118 The agreements governing the operating partnership’s indebtedness contain various covenants that limit our ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. Our general partner believes that the most restrictive of these covenants are the consolidated leverage ratio and consolidated interest coverage ratio, as defined in our secured credit facility and our accounts receivable securitization facility. Before a restricted payment (as defined in the secured credit facility and the operating partnership indentures) can be made by the operating partnership, the operating partnership must be in compliance with the covenants under the secured credit facility and accounts receivable securitization facility and in compliance with the covenants under the operating partnerships indentures. If the operating partnership is unable to make restricted payments, Ferrellgas Partners will not have the ability to make semi-annual interest payments on its $357.0 million 8.625% unsecured senior notes due 2020 or distributions to Ferrellgas Partners common unitholders. If Ferrellgas Partners does not make interest payments on its unsecured notes, that would constitute an event of default which would permit the acceleration of the indenture. The accelerated unsecured notes would become immediately due and payable, which would in turn trigger cross acceleration of other debt. If the payment of Ferrellgas, L.P.'s debt is accelerated, Ferrellgas, L.P. may be unable to borrow sufficient funds to refinance debt in which case Ferrellgas Partners' unitholders could experience a partial or total loss of their investment. A breach of the financial covenants under the secured credit facility and the accounts receivable securitization facility will result in an event of default under those facilities resulting in the operating partnership’s inability to obtain funds under those facilities and give the lenders and receivables purchasers the right to accelerate the operating partnership’s obligations under those facilities and to exercise remedies to collect the outstanding amounts under those facilities. On September 27, 2016, Ferrellgas, L.P. entered into a fifth amendment to its secured credit facility to modify the maximum consolidated leverage ratio covenant. On April 28, 2017, Ferrellgas, L.P. entered into sixth amendment to its secured credit facility primarily to modify the maximum consolidated leverage ratio covenant and the consolidated interest coverage ratio covenant. The amendment to our secured credit facility also (1) reduces the amounts available to be borrowed from $700 million to $575 million , (2) increases the pricing of loans when our leverage ratio is greater than or equal to 6.00 x from LIBOR plus 3.50% to LIBOR plus 3.75% and when our leverage ratio is greater than or equal to 7.00 x from LIBOR plus 3.50% to LIBOR plus 4.00% , (3) limits the amount of distributions (other than distributions to Ferrellgas Partners for payments of interest payable on its unsecured notes) that the operating partnership may make to Ferrellgas Partners to $10 million per quarter (Ferrellgas Partners' current distribution rate is $9.8 million per quarter) until the leverage ratio is less than 5.50 x, (4) reduces the amount of investments we can make when our leverage ratio is greater than 5.50 x from $200 million to $50 million , and (5) requires us to reduce our secured credit facility with 50% of the net cash proceeds received from any equity sale. Consolidated leverage ratio On April 28, 2017, the maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 The consolidated leverage ratio is defined as the ratio of total debt of the operating partnership to trailing four quarters EBITDA (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas, L.P.'s secured credit facility. Ferrellgas, L.P.'s consolidated leverage ratio was 6.45 x as of April 30, 2017 ; the margin allows for approximately $340.2 million of additional borrowing capacity or approximately $43.9 million less EBITDA. This covenant also restricts Ferrellgas L.P.'s ability to make payments to Ferrellgas Partners for purposes of funding quarterly common unit distributions as discussed above. Consolidated interest coverage ratio On April 28, 2017, the minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 The consolidated interest coverage ratio is defined as the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas' secured credit facility and accounts receivable securitization facility. Ferrellgas L.P.'s consolidated interest coverage ratio was 2.29 x at April 30, 2017 ; the margin allows for approximately $35.2 million of additional interest expense or approximately $61.5 million less EBITDA. Ferrellgas, L.P. continues to execute on a strategy to reduce its debt and interest expense. This strategy may include issuance of Ferrellgas Partners' equity, amending existing debt agreements, asset sales or a further reduction in the operating partnership's funding of Ferrellgas Partners' annual distribution, which was reduced during the quarter ended October 31, 2016 from an annualized rate of $2.05 to $0.40 per common unit. Ferrellgas, L.P. believes any debt and interest expense reduction strategies would remain in effect until Ferrellgas, L.P.'s consolidated leverage ratio reaches 4.5x or a level Ferrellgas, L.P. deems appropriate for its business. If Ferrellgas, L.P. is unsuccessful with its strategy to reduce debt and interest expense, it may be unsuccessful in renegotiating its secured credit facility, which matures in October 2018. If Ferrellgas, L.P. were to be unsuccessful in renegotiating its secured credit facility and unable to secure alternative liquidity sources, it may not have the liquidity to fund its operations after that maturity date. Failure to renew or replace liquidity available under the secured credit facility could have a material effect on Ferrellgas, L.P.'s operating capacity and cash flows and could further restrict Ferrellgas, L.P.'s ability to incur debt, pay interest on the notes or to make cash distributions to its limited and general partners, which could result in an event of default that would permit the acceleration of all of Ferrellgas, L.P.'s indebtedness. The accelerated debt would become immediately due and payable, which would in turn trigger cross-acceleration under other debt. If the payment of Ferrellgas, L.P.'s debt is accelerated, Ferrellgas, L.P.'s assets may be insufficient to repay such debt in full and Ferrellgas, L.P. may be unable to borrow sufficient funds to refinance debt, in which case the limited and general partners could experience a partial or total loss of their investment. Secured credit facility During January 2017, Ferrellgas, L.P. received cash contributions of $165.9 million and $1.7 million from Ferrellgas Partners and the general partner, respectively, which were used to reduce borrowings under the secured credit facility. As of April 30, 2017 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $213.6 million , of which $38.4 million was classified as short-term debt. Ferrellgas, L.P. had $237.9 million of capacity under the secured credit facility as of April 30, 2017 . As of July 31, 2016 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $394.4 million , of which $293.1 million was classified as long-term debt. Ferrellgas, L.P. had $219.3 million of capacity under our secured credit facility as of July 31, 2016 . However, the consolidated leverage ratio covenant under this facility limited additional borrowings to $8.1 million as of July 31, 2016 . Borrowings outstanding at April 30, 2017 and July 31, 2016 under the secured credit facility had weighted average interest rates of 5.5% and 3.7% , 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 interests 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, 2017 totaled $123.5 million and were used to secure insurance arrangements and, to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2016 totaled $86.3 million and were used to secure insurance arrangements and, to a lesser extent, product purchases. At April 30, 2017 , Ferrellgas, L.P. had remaining letter of credit capacity of $76.5 million . At July 31, 2016 Ferrellgas, L.P. had remaining letter of credit capacity of $113.7 million . |
Partners' Capital
Partners' Capital | 9 Months Ended |
Apr. 30, 2017 | |
Partners' Capital | Partners' deficit As of April 30, 2017 and July 31, 2016 , limited partner units were beneficially owned by the following: April 30, 2017 July 31, 2016 Public common unitholders (1) 69,612,939 70,462,939 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) 4,763,475 4,763,475 (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% 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 23.4% at April 30, 2017 . (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 Interim Chief Executive Officer and President of the general partner; and is 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. Partnership distributions paid Ferrellgas Partners has paid the following distributions: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Public common unitholders $ 6,961 $ 36,113 $ 49,600 $ 109,553 Ferrell Companies 2,253 11,546 16,052 34,638 FCI Trading Corp. 20 100 140 300 Ferrell Propane, Inc. 5 26 36 78 James E. Ferrell 476 2,441 3,393 7,323 General partner 98 507 699 1,534 $ 9,813 $ 50,733 $ 69,920 $ 153,426 On May 24, 2017 , Ferrellgas Partners declared a cash distribution of $0.10 per common unit for the three months ended April 30, 2017 , which is expected to be paid on June 14, 2017 . Included in this cash distribution are the following amounts to be paid to related parties: Ferrell Companies $ 2,253 FCI Trading Corp. 20 Ferrell Propane, Inc. 5 James E. Ferrell 476 General partner 98 See additional discussions about transactions with related parties in Note J – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note I – 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, 2017 and 2016 . 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, 2017 , the general partner made cash contributions of $1.7 million and non-cash contributions of $0.3 million to Ferrellgas to maintain its effective 2% general partner interest. 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. |
Ferrellgas, L.P. [Member] | |
Partners' Capital | Partners’ deficit 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, 2017 2016 2017 2016 Ferrellgas Partners $ 9,813 $ 50,733 $ 93,620 $ 208,035 General partner 100 518 793 2,123 $ 9,913 $ 51,251 $ 94,413 $ 210,158 On May 24, 2017 , Ferrellgas, L.P. declared distributions for the three months ended April 30, 2017 to Ferrellgas Partners and the general partner of $25.2 million and $0.3 million , respectively, which are expected to be paid on June 14, 2017 . See additional discussions about transactions with related parties in Note J – Transactions with related parties. Other partnership contributions During January 2017, Ferrellgas, L.P. received cash contributions of $165.9 million and $1.7 million from Ferrellgas Partners and the general partner, respectively, which were used to reduce borrowings under the secured credit facility. Accumulated other comprehensive income (loss) (“AOCI”) See Note I – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the nine months ended April 30, 2017 and 2016 . 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, 2017 , the general partner made cash contributions of $1.7 million and non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. 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. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2017 | |
Fair Value Measurements | Fair value measurements Derivative financial instruments 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, 2017 and July 31, 2016 : 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, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 677 $ — $ 677 Commodity derivatives $ — $ 10,879 $ — $ 10,879 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (1,279 ) $ — $ (1,279 ) Commodity derivatives $ — $ (2,397 ) $ — $ (2,397 ) July 31, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 5,830 $ — $ 5,830 Commodity derivatives $ — $ 8,241 $ — $ 8,241 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,553 ) $ — $ (3,553 ) Commodity derivatives $ — $ (17,689 ) $ — $ (17,689 ) 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. 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. The estimated fair value of the Jamex note receivable, a financial instrument classified in "Other assets, net" on the consolidated balance sheet, is approximately $40.6 million , or $4.5 million less than its carrying amount as of April 30, 2017. The estimated fair value of the Jamex note receivable was calculated using a discounted cash flow method which relied on significant unobservable inputs. At April 30, 2017 and July 31, 2016 , the estimated fair value of Ferrellgas’ long-term debt instruments was $1,942.0 million and $1,920.1 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 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, 2017 and July 31, 2016 : 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, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 677 $ — $ 677 Commodity derivatives $ — $ 10,879 $ — $ 10,879 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (1,279 ) $ — $ (1,279 ) Commodity derivatives $ — $ (2,397 ) $ — $ (2,397 ) July 31, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 5,830 $ — $ 5,830 Commodity derivatives $ — $ 8,241 $ — $ 8,241 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,553 ) $ — $ (3,553 ) Commodity derivatives $ — $ (17,689 ) $ — $ (17,689 ) 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. 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. The estimated fair value of the Jamex note receivable, a financial instrument classified in "Other assets, net" on the consolidated balance sheet, is approximately $40.6 million , or $4.5 million less than its carrying amount as of April 30, 2017 . The estimated fair value of the Jamex note receivable was calculated using a discounted cash flow method which relied on significant unobservable inputs. At April 30, 2017 and July 31, 2016 , the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,602.8 million and $1,736.2 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, 2017 | |
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, 2017 and 2016, Ferrellgas did no t 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. The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2017 and July 31, 2016 : April 30, 2017 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 $ 6,188 Other current liabilities $ 431 Commodity derivatives-propane Other assets, net 2,226 Other liabilities 403 Interest rate swap agreements Prepaid expenses and other current assets 677 Other current liabilities 781 Interest rate swap agreements Other assets, net — Other liabilities 498 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 758 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,465 Other current liabilities 805 Total $ 11,556 Total $ 3,676 July 31, 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 $ 2,263 Other current liabilities $ 10,184 Commodity derivatives-propane Other assets, net 3,056 Other liabilities 1,597 Interest rate swap agreements Prepaid expenses and other current assets 1,654 Other current liabilities 2,309 Interest rate swap agreements Other assets, net 4,176 Other liabilities 1,244 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,996 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,922 Other current liabilities 1,912 Total $ 14,071 Total $ 21,242 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. Liabilities represent cash margin deposits received by Ferrellgas for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of April 30, 2017 and July 31, 2016 , respectively: April 30, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,415 Other current liabilities $ 3,925 Other assets, net 602 Other liabilities 1,499 $ 2,017 $ 5,424 July 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 8,252 Other current liabilities $ — Other assets, net 1,275 Other liabilities — $ 9,527 $ — The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2017 and 2016 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 Amounts Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2017 2016 2017 2016 Interest rate swap agreements Interest expense $ 323 $ 433 $ (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 Amounts Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Interest rate swap agreements Interest expense $ 1,071 $ 1,477 $ (6,825 ) $ (6,825 ) The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income (loss) for the three and nine months ended April 30, 2017 and 2016 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2017 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 $ (6,642 ) Cost of sales-propane and other gas liquids sales $ 2,411 $ — Interest rate swap agreements 146 Interest expense (478 ) — $ (6,496 ) $ 1,933 $ — 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 nine months ended April 30, 2017 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 $ 12,930 Cost of sales-propane and other gas liquids sales $ (1,112 ) $ — Interest rate swap agreements 974 Interest expense (1,707 ) — $ 13,904 $ (2,819 ) $ — 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 ) $ — The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2017 and 2016 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 1,464 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (393 ) Operating expense 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, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (784 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,123 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 The changes in derivatives included in AOCI for the nine months ended April 30, 2017 and 2016 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2017 2016 Beginning balance $ (9,815 ) $ (38,906 ) Change in value of risk management commodity derivatives 12,930 5,823 Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 1,112 20,729 Change in value of risk management interest rate derivatives 974 (2,262 ) Reclassification of gains and losses on interest rate hedges to interest expense 1,707 2,202 Ending balance $ 6,908 $ (12,414 ) Ferrellgas expects to reclassify net gains related to the risk management commodity derivatives of approximately $5.8 million to earnings during the next 12 months. These net gains are expected to be offset by decreased 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, 2017 , Ferrellgas had no reclassifications to operations 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, 2017 , Ferrellgas had financial derivative contracts covering 2.3 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. As of April 30, 2017 , Ferrellgas had financial derivative contracts covering 36 thousand barrels of diesel and 7 thousand barrels of unleaded gasoline related to fuel hedges in transportation of propane. As of April 30, 2017 , Ferrellgas had financial derivative contracts covering 0.4 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, 2017 , 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 $ 7.8 million. Ferrellgas holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas' debt rating. As of April 30, 2017 , 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, 2017 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, 2017 and 2016 , Ferrellgas, L.P. did no t 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. 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, 2017 and July 31, 2016 : April 30, 2017 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 $ 6,188 Other current liabilities $ 431 Commodity derivatives-propane Other assets, net 2,226 Other liabilities 403 Interest rate swap agreements Prepaid expenses and other current assets 677 Other current liabilities 781 Interest rate swap agreements Other assets, net — Other liabilities 498 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 758 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,465 Other current liabilities 805 Total $ 11,556 Total $ 3,676 July 31, 2016 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 $ 2,263 Other current liabilities $ 10,184 Commodity derivatives Other assets, net 3,056 Other liabilities 1,597 Interest rate swap agreements Prepaid expenses and other current assets 1,654 Other current liabilities 2,309 Interest rate swap agreements Other assets, net 4,176 Other liabilities 1,244 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,996 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,922 Other current liabilities 1,912 Total $ 14,071 Total $ 21,242 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. Liabilities represent cash margin deposits received by Ferrellgas, L.P. for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of April 30, 2017 and July 31, 2016 , respectively: April 30, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,415 Other current liabilities $ 3,925 Other assets, net 602 Other liabilities 1,499 $ 2,017 $ 5,424 July 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 8,252 Other current liabilities $ — Other assets, net 1,275 Other liabilities — $ 9,527 $ — The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and nine months ended April 30, 2017 and 2016 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 Amounts Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2017 2016 2017 2016 Interest rate swap agreements Interest expense $ 323 $ 433 $ (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 Amounts Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Interest rate swap agreements Interest expense $ 1,071 $ 1,477 $ (6,825 ) $ (6,825 ) The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income (loss) for the three and nine months ended April 30, 2017 and 2016 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2017 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 $ (6,642 ) Cost of sales-propane and other gas liquids sales $ 2,411 $ — Interest rate swap agreements 146 Interest expense (478 ) — $ (6,496 ) $ 1,933 $ — 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 nine months ended April 30, 2017 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 $ 12,930 Cost of sales-propane and other gas liquids sales $ (1,112 ) $ — Interest rate swap agreements 974 Interest expense (1,707 ) — $ 13,904 $ (2,819 ) $ — 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 ) $ — The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of operations for the three and nine months ended April 30, 2017 and 2016 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 1,464 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (393 ) Operating expense 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, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (784 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,123 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 The changes in derivatives included in AOCI for the nine months ended April 30, 2017 and 2016 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2017 2016 Beginning balance $ (9,815 ) $ (38,906 ) Change in value of risk management commodity derivatives 12,930 5,823 Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 1,112 20,729 Change in value of risk management interest rate derivatives 974 (2,262 ) Reclassification of gains and losses on interest rate hedges to interest expense 1,707 2,202 Ending balance $ 6,908 $ (12,414 ) Ferrellgas, L.P. expects to reclassify net gains related to the risk management commodity derivatives of approximately $5.8 million to earnings during the next 12 months. These net gains are expected to be offset by decreased 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, 2017 and 2016 , Ferrellgas, L.P. had no reclassifications to operations 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, 2017 , Ferrellgas, L.P. had financial derivative contracts covering 2.3 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. As of April 30, 2017 , Ferrellgas, L.P. had financial derivative contracts covering 36 thousand barrels of diesel and 7 thousand barrels of unleaded gasoline related to fuel hedges in transportation of propane. As of April 30, 2017 , Ferrellgas, L.P. financial derivative contracts covering 0.4 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, 2017 , 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 $ 7.8 million. 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, 2017 , 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, 2017 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, 2017 | |
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 operations as follows: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Operating expense $ 53,747 $ 59,907 $ 170,953 $ 174,943 General and administrative expense $ 6,913 $ 7,957 $ 23,713 $ 22,297 See additional discussions about transactions with the general partner and related parties in Note G – Partners’ deficit. |
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 operations as follows: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Operating expense $ 53,747 $ 59,907 $ 170,953 $ 174,943 General and administrative expense $ 6,913 $ 7,957 $ 23,713 $ 22,297 See additional discussions about transactions with the general partner and related parties in Note G – Partners’ deficit. |
Contingencies And Commitments
Contingencies And Commitments | 9 Months Ended |
Apr. 30, 2017 | |
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 Federal Court for the Western District of Missouri 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. Plaintiffs have agreed to dismiss these claims in exchange for a waiver of costs. Ferrellgas has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas and several current and former officers and directors as defendants. Ferrellgas believes that it has defenses and will vigorously defend these cases. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative action. On October 21, 2016, Julio E. Rios II, an Executive Vice President of the general partner and the President and Chief Executive Officer of Bridger Logistics, LLC, and Jeremy H. Gamboa, also an Executive Vice President of the general partner and the Chief Operating Officer of Bridger Logistics, LLC, both delivered notice of "good reason" for resignation to the general partner pursuant to their employment agreements alleging that the general partner had materially diminished their responsibilities and stating their intention to resign as a result if such purported material diminution was not cured within 30 days. On November 28, 2016, Mr. Rios and Mr. Gamboa each resigned from their positions, purportedly for "good reason" pursuant to their employment agreements. Each has indicated that they intend to make a claim for severance which will be resolved in arbitration. The general partner denies that Mr. Rios and Mr. Gamboa had "good reason" to resign and believes that it has other defenses to their claims for severance. Ferrellgas does not believe a loss is probable or reasonably estimable at this time related to this matter. Ferrellgas and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania. Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“Bridger”). The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger, and that Bridger therefore should be responsible for the amount owed pursuant to the arbitration. Ferrellgas has very little information on the confidential arbitration between JTS and Eddystone but believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damage claims, if ultimately owed to Eddystone, likely would be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. The lawsuit is in its very early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. |
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 $357.0 million , 8.625% senior notes due 2020 . During January 2017, the Partnership, and Finance Corp. as co-issuer, issued $175.0 million in aggregate principal amount of additional 8.625% senior notes at a 4% discount due 2020 . Net proceeds of $165.9 million were contributed to Ferrellgas, L.P. and used to reduce outstanding indebtedness under the Ferrellgas, L.P. secured credit facility. |
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 Federal Court for the Western District of Missouri 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, L.P. 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. Plaintiffs have agreed to dismiss these claims in exchange for a waiver of costs. Ferrellgas, L.P. has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas, L.P. and several current and former officers and directors as defendants. Ferrellgas, L.P. believes that it has defenses and will vigorously defend these cases. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative action. On October 21, 2016, Julio E. Rios II, an Executive Vice President of the general partner and the President and Chief Executive Officer of Bridger Logistics, LLC, and Jeremy H. Gamboa, also an Executive Vice President of the general partner and the Chief Operating Officer of Bridger Logistics, LLC, both delivered notice of "good reason" for resignation to the general partner pursuant to their employment agreements alleging that the general partner had materially diminished their responsibilities and stating their intention to resign as a result if such purported material diminution was not cured within 30 days. On November 28, 2016, Mr. Rios and Mr. Gamboa each resigned from their positions, purportedly for "good reason" pursuant to their employment agreements. Each has indicated that they intend to make a claim for severance which will be resolved in arbitration. The general partner denies that Mr. Rios and Mr. Gamboa had "good reason" to resign and believes that it has other defenses to their claims for severance. Ferrellgas, L.P. does not believe a loss is probable or reasonably estimable at this time related to this matter. Ferrellgas, L.P. and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania. Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“Bridger”). The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas, L.P. transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger, and that Bridger therefore should be responsible for the amounted owed pursuant to the arbitration. Ferrellgas, L.P. has very little information on the confidential arbitration between JTS and Eddystone but believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas, L.P. believes that the amount of such damage claims, if ultimately owed to Eddystone, likely would be material to Ferrellgas, L.P. Ferrellgas, L.P. intends to vigorously defend this claim. The lawsuit is in its very early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. |
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, 2017 | |
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 operations 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 method based on basic and diluted net earnings per common unitholders' interest for the three and nine months ended April 30, 2017 or 2016 . 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, 2017 2016 2017 2016 (in thousands, except per unitholders' interest amounts) Common unitholders’ interest in net earnings (loss) $ 6,470 $ 18,498 $ 1,545 $ (3,941 ) Weighted average common units outstanding - basic 97,152.7 98,002.7 97,255.4 98,911.2 Dilutive securities — 0.5 — — Weighted average common units outstanding - diluted 97,152.7 98,003.2 97,255.4 98,911.2 Basic and diluted net earnings (loss) per common unitholders’ interest $ 0.07 $ 0.19 $ 0.02 $ (0.04 ) |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting | 9 Months Ended |
Apr. 30, 2017 | |
Segment Reporting Disclosure | Segment reporting Ferrellgas has two primary operations: propane operations and related equipment sales and midstream operations. These two operations result in two reportable operating segments: propane operations and related equipment sales and midstream operations. Prior to the three months ended April 30, 2017, the results of the Water solutions business were included in Corporate and other. As a result of a change in the way management is evaluating results and allocating resources, results of the Water solutions business are now included in the Midstream operations segment for all periods presented. Following is a summary of segment information for the three and nine months ended April 30, 2017 and 2016 : Three months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 411,433 $ 126,676 $ — $ 538,109 Direct costs (1) 324,442 127,223 9,654 461,319 Adjusted EBITDA $ 86,991 $ (547 ) $ (9,654 ) $ 76,790 Three months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 404,048 $ 105,424 $ — $ 509,472 Direct costs (1) 307,708 82,094 11,684 401,486 Adjusted EBITDA $ 96,340 $ 23,330 $ (11,684 ) $ 107,986 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,165,394 $ 331,507 $ — $ 1,496,901 Direct costs (1) 931,631 323,714 30,717 1,286,062 Adjusted EBITDA $ 233,763 $ 7,793 $ (30,717 ) $ 210,839 Nine months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,142,429 $ 487,427 $ — $ 1,629,856 Direct costs (1) 888,380 411,973 34,289 1,334,642 Adjusted EBITDA $ 254,049 $ 75,454 $ (34,289 ) $ 295,214 (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 (gain) 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 (loss): Three months ended April 30, Nine months ended April 30, 2017 2016 2017 2016 Net earnings (loss) attributable to Ferrellgas Partners, L.P. $ 6,536 $ 18,685 $ 1,561 $ (3,981 ) Income tax expense (benefit) (192 ) 1,260 (194 ) 1,446 Interest expense 39,860 34,371 112,107 102,889 Depreciation and amortization expense 25,737 38,352 77,546 112,698 EBITDA 71,941 92,668 191,020 213,052 Non-cash employee stock ownership plan compensation charge 4,697 9,978 11,396 18,375 Non-cash stock-based compensation charge — 1,091 3,298 6,757 Asset impairments — — — 29,316 Loss on asset sales and disposal 2,393 5,779 8,861 23,220 Other (income) expense, net (162 ) (331 ) (1,433 ) 89 Change in fair value of contingent consideration — — — (100 ) Severance costs — 469 1,959 1,325 Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (2,234 ) (1,915 ) (4,449 ) 2,993 Acquisition and transition expenses — 14 — 99 Net earnings attributable to noncontrolling interest 155 233 187 88 Adjusted EBITDA $ 76,790 $ 107,986 $ 210,839 $ 295,214 Following are total assets by segment: Assets April 30, 2017 July 31, 2016 Propane operations and related equipment sales $ 1,233,364 $ 1,202,214 Midstream operations 428,812 444,126 Corporate and unallocated 17,093 36,966 Total consolidated assets $ 1,679,269 $ 1,683,306 Following are capital expenditures by segment: Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 8,533 $ 241 $ 1,905 $ 10,679 Growth 21,246 — — 21,246 Total $ 29,779 $ 241 $ 1,905 $ 31,925 Nine months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 12,705 $ 32 $ 991 $ 13,728 Growth 28,461 62,868 — 91,329 Total $ 41,166 $ 62,900 $ 991 $ 105,057 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Disclosure | Segment reporting Ferrellgas, L.P. has two primary operations: propane operations and related equipment sales and midstream operations. These two operations result in two reportable operating segments: propane operations and related equipment sales and midstream operations. Prior to the three months ended April 30, 2017, the results of the Water solutions business were included in Corporate and other. As a result of a change in the way management is evaluating results and allocating resources, results of the Water solutions business are now included in the Midstream operations segment for all periods presented. Following is a summary of segment information for the three and nine months ended April 30, 2017 and 2016 : Three months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 411,433 $ 126,676 $ — $ 538,109 Direct costs (1) 324,442 127,223 9,545 461,210 Adjusted EBITDA $ 86,991 $ (547 ) $ (9,545 ) $ 76,899 Three months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 404,048 $ 105,424 $ — $ 509,472 Direct costs (1) 307,708 82,094 11,584 401,386 Adjusted EBITDA $ 96,340 $ 23,330 $ (11,584 ) $ 108,086 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,165,394 $ 331,507 $ — $ 1,496,901 Direct costs (1) 931,631 323,714 30,607 1,285,952 Adjusted EBITDA $ 233,763 $ 7,793 $ (30,607 ) $ 210,949 Nine months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,142,429 $ 487,427 $ — $ 1,629,856 Direct costs (1) 888,380 411,973 33,791 1,334,144 Adjusted EBITDA $ 254,049 $ 75,454 $ (33,791 ) $ 295,712 (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 (gain) 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 (loss): Three months ended April 30, Nine months ended April 30, 2017 2016 2017 2016 Net earnings (loss) $ 15,395 $ 23,049 $ 18,555 $ 8,700 Income tax expense (benefit) (197 ) 1,260 (200 ) 1,441 Interest expense 31,270 30,340 95,416 90,799 Depreciation and amortization expense 25,737 38,352 77,546 112,698 EBITDA 72,205 93,001 191,317 213,638 Non-cash employee stock ownership plan compensation charge 4,697 9,978 11,396 18,375 Non-cash stock-based compensation charge — 1,091 3,298 6,757 Asset impairments — — — 29,316 Loss on asset sales and disposal 2,393 5,779 8,861 23,220 Other (income) expense, net (162 ) (331 ) (1,433 ) 89 Change in fair value of contingent consideration — — — (100 ) Severance costs — 469 1,959 1,325 Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (2,234 ) (1,915 ) (4,449 ) 2,993 Acquisition and transition expenses — 14 — 99 Adjusted EBITDA $ 76,899 $ 108,086 $ 210,949 $ 295,712 Following are total assets by segment: Assets April 30, 2017 July 31, 2016 Propane operations and related equipment sales $ 1,233,364 $ 1,202,214 Midstream operations 428,812 444,126 Corporate and unallocated 16,739 36,873 Total consolidated assets $ 1,678,915 $ 1,683,213 Following are capital expenditures by segment: Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 8,533 $ 241 $ 1,905 $ 10,679 Growth 21,246 — — 21,246 Total $ 29,779 $ 241 $ 1,905 $ 31,925 Nine months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 12,705 $ 32 $ 991 $ 13,728 Growth 28,461 62,868 — 91,329 Total $ 41,166 $ 62,900 $ 991 $ 105,057 |
Guarantor financial information
Guarantor financial information | 9 Months Ended |
Apr. 30, 2017 | |
Ferrellgas, L.P. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor financial information | Guarantor financial information The $500.0 million aggregate principal amount of 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are fully and unconditionally and jointly 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 condensed consolidated financial statements. FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of April 30, 2017 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 $ 8,943 $ 1 $ 222 $ — $ — $ 9,166 Accounts and notes receivable (18,782 ) — 87,986 139,325 — 208,529 Intercompany receivables 39,603 — — — (39,603 ) — Inventories 72,024 — 20,733 — — 92,757 Prepaid expenses and other current assets 21,689 — 8,858 2 — 30,549 Total current assets 123,477 1 117,799 139,327 (39,603 ) 341,001 Property, plant and equipment, net 546,063 — 197,445 — — 743,508 Goodwill 246,098 — 10,005 — — 256,103 Intangible assets, net 132,547 — 126,739 — — 259,286 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (973 ) — — — 973 — Other assets, net 32,914 — 45,458 645 — 79,017 Total assets $ 1,530,126 $ 1 $ 497,446 $ 139,972 $ (488,630 ) $ 1,678,915 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 40,752 $ — $ 45,894 $ — $ — $ 86,646 Short-term borrowings 38,389 — — — — 38,389 Collateralized note payable — — — 91,000 — 91,000 Intercompany payables — — 39,411 192 (39,603 ) — Other current liabilities 132,900 — 6,203 360 — 139,463 Total current liabilities 212,041 — 91,508 91,552 (39,603 ) 355,498 Long-term debt 1,637,554 — 451,048 — (450,000 ) 1,638,602 Other liabilities 26,745 — 4,059 225 — 31,029 Contingencies and commitments Partners' capital (deficit): Partners' equity (352,377 ) 1 (48,522 ) 47,870 651 (352,377 ) Accumulated other comprehensive income (loss) 6,163 — (647 ) 325 322 6,163 Total partners' capital (deficit) (346,214 ) 1 (49,169 ) 48,195 973 (346,214 ) Total liabilities and partners' capital (deficit) $ 1,530,126 $ 1 $ 497,446 $ 139,972 $ (488,630 ) $ 1,678,915 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 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 $ 4,472 $ 1 $ 417 $ — $ — $ 4,890 Accounts and notes receivable (2,703 ) — 45,822 106,464 — 149,583 Intercompany receivables 34,089 — — — (34,089 ) — Inventories 71,422 — 19,172 — — 90,594 Prepaid expenses and other current assets 27,922 2 12,029 2 — 39,955 Total current assets 135,202 3 77,440 106,466 (34,089 ) 285,022 Property, plant and equipment, net 557,460 — 217,220 — — 774,680 Goodwill 246,098 — 10,005 — — 256,103 Intangible assets, net 141,794 — 138,391 — — 280,185 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries 3,630 — — — (3,630 ) — Other assets, net 37,742 — 49,016 465 — 87,223 Total assets $ 1,571,926 $ 3 $ 492,072 $ 106,931 $ (487,719 ) $ 1,683,213 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 33,781 $ — $ 34,147 $ — $ — $ 67,928 Short-term borrowings 101,291 — — — — 101,291 Collateralized note payable — — — 64,000 — 64,000 Intercompany payables — — 35,491 (1,402 ) (34,089 ) — Other current liabilities 119,048 — 7,754 150 — 126,952 Total current liabilities 254,120 — 77,392 62,748 (34,089 ) 360,171 Long-term debt 1,759,868 — 451,013 — (450,000 ) 1,760,881 Other liabilities 27,351 — 3,998 225 — 31,574 Contingencies and commitments Partners' capital (deficit): Partners' equity (458,853 ) 3 (39,684 ) 43,633 (3,952 ) (458,853 ) Accumulated other comprehensive income (loss) (10,560 ) — (647 ) 325 322 (10,560 ) Total partners' capital (deficit) (469,413 ) 3 (40,331 ) 43,958 (3,630 ) (469,413 ) Total liabilities and partners' capital (deficit) $ 1,571,926 $ 3 $ 492,072 $ 106,931 $ (487,719 ) $ 1,683,213 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2017 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 $ 369,437 $ — $ — $ — $ — $ 369,437 Midstream operations — — 126,676 — — 126,676 Other 17,850 — 24,146 — — 41,996 Total revenues 387,287 — 150,822 — — 538,109 Costs and expenses: Cost of sales - propane and other gas liquids sales 197,487 — — — — 197,487 Cost of sales - midstream operations — — 118,767 — — 118,767 Cost of sales - other 1,992 — 18,818 — — 20,810 Operating expense 96,264 — 8,594 1,315 (1,400 ) 104,773 Depreciation and amortization expense 18,261 — 7,418 58 — 25,737 General and administrative expense 8,930 — 939 — — 9,869 Equipment lease expense 7,108 — 162 — — 7,270 Non-cash employee stock ownership plan compensation charge 4,697 — — — — 4,697 Loss on asset sales and disposal 2,146 — 247 — — 2,393 Operating income (loss) 50,402 — (4,123 ) (1,373 ) 1,400 46,306 Interest expense (19,452 ) — (11,019 ) (799 ) — (31,270 ) Other income (expense), net (157 ) — 319 1,400 (1,400 ) 162 Earnings (loss) before income taxes 30,793 — (14,823 ) (772 ) — 15,198 Income tax (benefit) expense 97 — (294 ) — — (197 ) Equity in earnings (loss) of subsidiary (15,301 ) — — — 15,301 — Net earnings (loss) 15,395 — (14,529 ) (772 ) 15,301 15,395 Other comprehensive loss (8,429 ) — — — — (8,429 ) Comprehensive income (loss) $ 6,966 $ — $ (14,529 ) $ (772 ) $ 15,301 $ 6,966 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (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 asset sales and disposal 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 (loss) 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 OPERATIONS (in thousands) For the nine months ended April 30, 2017 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 $ 1,049,211 $ — $ — $ — $ — $ 1,049,211 Midstream operations — — 331,507 — — 331,507 Other 56,785 — 59,398 — — 116,183 Total revenues 1,105,996 — 390,905 — — 1,496,901 Costs and expenses: Cost of sales - propane and other gas liquids sales 551,728 — — — — 551,728 Cost of sales - midstream operations — — 300,433 — — 300,433 Cost of sales - other 6,993 — 46,220 — — 53,213 Operating expense 297,905 — 28,482 (251 ) (3,201 ) 322,935 Depreciation and amortization expense 54,552 — 22,817 177 — 77,546 General and administrative expense 32,886 5 3,525 — — 36,416 Equipment lease expense 21,585 — 450 — — 22,035 Non-cash employee stock ownership plan compensation charge 11,396 — — — — 11,396 Loss on asset sales and disposal 3,666 — 5,195 — — 8,861 Operating income (loss) 125,285 (5 ) (16,217 ) 74 3,201 112,338 Interest expense (60,893 ) — (32,694 ) (1,826 ) (3 ) (95,416 ) Other income (expense), net 100 — 1,333 3,198 (3,198 ) 1,433 Earnings (loss) before income taxes 64,492 (5 ) (47,578 ) 1,446 — 18,355 Income tax (benefit) expense 171 — (371 ) — — (200 ) Equity in earnings (loss) of subsidiary (45,766 ) — — — 45,766 — Net earnings (loss) 18,555 (5 ) (47,207 ) 1,446 45,766 18,555 Other comprehensive income 16,723 — — — — 16,723 Comprehensive income (loss) $ 35,278 $ (5 ) $ (47,207 ) $ 1,446 $ 45,766 $ 35,278 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (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 Asset impairments — — 29,316 — — 29,316 Loss on asset sales and disposal 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 (loss) 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 CASH FLOWS (in thousands) For the nine months ended April 30, 2017 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 $ 186,530 $ (5 ) $ (73,168 ) $ 38,042 $ (27,000 ) $ 124,399 Cash flows from investing activities: Business acquisitions, net of cash acquired (3,539 ) — — — — (3,539 ) Capital expenditures (35,116 ) — (296 ) — — (35,412 ) Proceeds from sale of assets 4,721 — — — — 4,721 Cash collected for purchase of interest in accounts receivable — — — 803,109 (803,109 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (830,109 ) 830,109 — Net changes in advances with consolidated entities (35,476 ) — — 244 35,232 — Other (37 ) — — — — (37 ) Net cash used in investing activities (69,447 ) — (296 ) (26,756 ) 62,232 (34,267 ) Cash flows from financing activities: Distributions (94,413 ) — — — — (94,413 ) Contributions from Partners 167,640 — — — — 167,640 Proceeds from increase in long-term debt 52,354 — — — — 52,354 Reductions in long-term debt (173,471 ) — — — — (173,471 ) Net reductions in short-term borrowings (62,902 ) — — — — (62,902 ) Net additions to collateralized short-term borrowings — — — 27,000 — 27,000 Net changes in advances with parent — 5 73,269 (38,042 ) (35,232 ) — Cash paid for financing costs (1,820 ) — — (244 ) — (2,064 ) Net cash provided by (used in) financing activities (112,612 ) 5 73,269 (11,286 ) (35,232 ) (85,856 ) Increase (decrease) in cash and cash equivalents 4,471 — (195 ) — — 4,276 Cash and cash equivalents - beginning of period 4,472 1 417 — — 4,890 Cash and cash equivalents - end of period $ 8,943 $ 1 $ 222 $ — $ — $ 9,166 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 period 5,579 1 20 — — 5,600 Cash and cash equivalents - end of period $ 5,742 $ 1 $ 492 $ — $ — $ 6,235 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2017 | |
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. |
Summary Of Significant Accoun23
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Apr. 30, 2017 | |
Significant Accounting Policies [Line Items] | |
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 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, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
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. 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. Ferrellgas has formed an implementation team, completed training on the new standard, prepared an initial assessment and is continuing to review its contracts with customers. FASB Accounting Standard Update No. 2015-02 and No. 2016-17 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. In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control which amended certain aspects of the additional guidance in ASU 2015-02. We adopted ASU 2015-02 and ASU 2016-17 effective August 1, 2016. The adoption of these standards did not impact our 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. Ferrellgas has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-04 In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminated Step 2 from the goodwill impairment test. Under the new guidance, entities should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Ferrellgas elected to early adopt the provisions of this standard during the quarter ended January 31, 2017. The adoption of this standard did not materially impact our consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
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 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, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
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, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. 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. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, prepared an initial assessment and is continuing to review its contracts with customers. FASB Accounting Standard Update No. 2015-02 and No. 2016-17 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. In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control which amended certain aspects of the additional guidance in ASU 2015-02. We adopted ASU 2015-02 and ASU 2016-17 effective August 1, 2016. The adoption of these standards did not impact our 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. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-04 In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , which eliminated Step 2 from the goodwill impairment test. Under the new guidance, entities should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years and applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. Ferrellgas, L.P. elected to early adopt the provisions of this standard during the quarter ended January 31, 2017. The adoption of this standard did not materially impact our consolidated financial statements. |
Supplemental Financial Statem24
Supplemental Financial Statement Information (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Schedule of Inventories | Inventories consist of the following: April 30, 2017 July 31, 2016 Propane gas and related products $ 60,370 $ 59,726 Crude oil 6,112 4,642 Appliances, parts and supplies 26,275 26,226 Inventories $ 92,757 $ 90,594 |
Other Assets Disclosure [Text Block] | Other assets, net consist of the following: April 30, 2017 July 31, 2016 Note receivable - Jamex $ 35,000 $ 39,760 Other 44,017 47,463 Other assets, net $ 79,017 $ 87,223 |
Other Current Liabilities | Other current liabilities consist of the following: April 30, 2017 July 31, 2016 Accrued interest $ 50,677 $ 16,623 Customer deposits and advances 20,908 27,391 Price risk management liabilities 2,775 18,401 Other 77,113 66,543 Other current liabilities $ 151,473 $ 128,958 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Operating expense $ 44,309 $ 42,378 $ 134,090 $ 126,946 Depreciation and amortization expense 957 1,071 2,979 3,268 Equipment lease expense 6,564 6,470 19,882 19,385 $ 51,830 $ 49,919 $ 156,951 $ 149,599 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Loss on asset sales and disposal consists of the following: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 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 2,393 4,883 8,861 9,421 Loss on asset sales and disposal $ 2,393 $ 5,779 $ 8,861 $ 23,220 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2017 2016 Cash paid for: Interest $ 73,276 $ 71,409 Income taxes $ 28 $ 432 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 856 $ 1,239 Change in accruals for property, plant and equipment additions $ (111 ) $ 1,293 |
Ferrellgas, L.P. [Member] | |
Schedule of Inventories | Inventories consist of the following: April 30, 2017 July 31, 2016 Propane gas and related products $ 60,370 $ 59,726 Crude oil 6,112 4,642 Appliances, parts and supplies 26,275 26,226 Inventories $ 92,757 $ 90,594 |
Other Assets Disclosure [Text Block] | Other assets, net consist of the following: April 30, 2017 July 31, 2016 Note receivable - Jamex $ 35,000 $ 39,760 Other 44,017 47,463 Other assets, net $ 79,017 $ 87,223 |
Other Current Liabilities | Other current liabilities consist of the following: April 30, 2017 July 31, 2016 Accrued interest $ 39,045 $ 14,617 Customer deposits and advances 20,908 27,391 Price risk management liabilities 2,775 18,401 Other 76,735 66,543 Other current liabilities $ 139,463 $ 126,952 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Operating expense $ 44,309 $ 42,378 $ 134,090 $ 126,946 Depreciation and amortization expense 957 1,071 2,979 3,268 Equipment lease expense 6,564 6,470 19,882 19,385 $ 51,830 $ 49,919 $ 156,951 $ 149,599 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Loss on asset sales and disposal consists of the following: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 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 2,393 4,883 8,861 9,421 Loss on asset sales and disposal $ 2,393 $ 5,779 $ 8,861 $ 23,220 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2017 2016 Cash paid for: Interest $ 67,314 $ 63,559 Income taxes $ 23 $ 427 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 856 $ 1,239 Change in accruals for property, plant and equipment additions $ (111 ) $ 1,293 |
Accounts And Notes Receivable25
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: April 30, 2017 July 31, 2016 Accounts receivable pledged as collateral $ 143,337 $ 106,464 Accounts receivable 57,277 43,148 Note receivable - Jamex, current portion 10,000 5,000 Other 306 38 Less: Allowance for doubtful accounts (2,391 ) (5,067 ) Accounts and notes receivable, net $ 208,529 $ 149,583 |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: April 30, 2017 July 31, 2016 Accounts receivable pledged as collateral $ 143,337 $ 106,464 Accounts receivable 57,277 43,148 Note receivable - Jamex, current portion 10,000 5,000 Other 306 38 Less: Allowance for doubtful accounts (2,391 ) (5,067 ) Accounts and notes receivable, net $ 208,529 $ 149,583 |
Accounts And Notes Receivable26
Accounts And Notes Receivable, Net And Accounts Receivable Securitization Accounts And Notes Receivable, Net Accounts Receivable Securitization (Maximum Leverage Ratio table) (Tables) | 3 Months Ended |
Apr. 30, 2017 | |
Maximum Leverage Ratio Table | he maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 he maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 |
Ferrellgas, L.P. [Member] | |
Maximum Leverage Ratio Table | e maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 he maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 |
Accounts And Notes Receivable27
Accounts And Notes Receivable, Net And Accounts Receivable Securitization Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Consolidated Interest Coverage Ratio) (Tables) | 3 Months Ended |
Apr. 30, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | he minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 he minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | he minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 he minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 |
Debt Debt (Tables)
Debt Debt (Tables) | 3 Months Ended | 9 Months Ended |
Apr. 30, 2017 | Apr. 30, 2017 | |
Debt Instrument [Line Items] | ||
Schedule of Long-Term Debt | Long-term debt consists of the following: April 30, 2017 July 31, 2016 Senior notes Fixed rate, 6.50%, due 2021 $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $3,371 and $4,008 at April 30, 2017 and July 31, 2016, respectively 478,371 479,008 Fixed rate, 8.625%, due 2020, net of unamortized discount of $6,495 and $0 at April 30, 2017 and July 31, 2016, respectively (1) 350,505 182,000 Fair value adjustments related to interest rate swaps 269 5,830 Secured credit facility Variable interest rate, expiring October 2018 (net of $38.4 million and $101.3 million classified as short-term borrowings at April 30, 2017 and July 31, 2016, respectively) 175,211 293,109 Notes payable 11.5% and 11.8% weighted average interest rate at April 30, 2017 and July 31, 2016, respectively, due 2017 to 2022, net of unamortized discount of $1,284 and $1,566 at April 30, 2017 and July 31, 2016, respectively 6,623 8,484 Total debt, excluding unamortized debt issuance costs 2,010,979 1,968,431 Unamortized debt issuance costs (24,183 ) (23,175 ) Less: current portion, included in other current liabilities on the condensed consolidated balance sheets 2,578 3,921 Long-term debt $ 1,984,218 $ 1,941,335 | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | As of April 30, 2017 , the scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2017 $ 820 2018 2,519 2019 177,155 2020 358,180 2021 501,030 Thereafter 975,414 Total $ 2,015,118 | |
Maximum Leverage Ratio Table | he maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 he maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 | |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Schedule of Long-Term Debt | Long term debt consists of the following: April 30, 2017 July 31, 2016 Senior notes Fixed rate, 6.50%, due 2021 $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $3,371 and $4,008 at April 30, 2017 and July 31, 2016, respectively 478,371 479,008 Fair value adjustments related to interest rate swaps 269 5,830 Secured credit facility Variable interest rate, expiring October 2018 (net of $38.4 million and $101.3 million classified as short-term borrowings at April 30, 2017 and July 31, 2016, respectively) 175,211 293,109 Notes payable 11.5% and 11.8% weighted average interest rate at April 30, 2017 and July 31, 2016, respectively, due 2017 to 2022, net of unamortized discount of $1,284 and $1,566 at April 30, 2017 and July 31, 2016, respectively 6,623 8,484 Total debt, excluding unamortized debt issuance costs 1,660,474 1,786,431 Unamortized debt issuance costs (19,294 ) (21,629 ) Less: current portion, included in other current liabilities on the consolidated balance sheets 2,578 3,921 Long-term debt $ 1,638,602 $ 1,760,881 | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | As of April 30, 2017 , the scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2017 $ 820 2018 2,519 2019 177,155 2020 1,180 2021 501,030 Thereafter 975,414 Total $ 1,658,118 | |
Maximum Leverage Ratio Table | e maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 he maximum consolidated leverage covenant was modified as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 5.95 7.75 July 31, 2017 6.05 7.75 October 31, 2017 5.95 7.75 January 31, 2018 5.95 7.75 April 30, 2018 5.50 7.75 July 31, 2018 & thereafter 5.50 5.50 |
Debt Debt (Consolidated Interes
Debt Debt (Consolidated Interest Coverage Ratio) (Tables) | 3 Months Ended |
Apr. 30, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | he minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 he minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | he minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to fifth amendment) (after fifth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 he minimum consolidated interest coverage ratio was modified as follows: Minimum consolidated interest coverage ratio Minimum consolidated interest coverage ratio Date (prior to sixth amendment) (after sixth amendment) April 30, 2017 2.50 1.75 July 31, 2017 2.50 1.75 October 31, 2017 2.50 1.75 January 31, 2018 2.50 1.75 April 30, 2018 2.50 1.75 July 31, 2018 & thereafter 2.50 2.50 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | As of April 30, 2017 and July 31, 2016 , limited partner units were beneficially owned by the following: April 30, 2017 July 31, 2016 Public common unitholders (1) 69,612,939 70,462,939 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) 4,763,475 4,763,475 |
Cash distributions | Ferrellgas Partners has paid the following distributions: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Public common unitholders $ 6,961 $ 36,113 $ 49,600 $ 109,553 Ferrell Companies 2,253 11,546 16,052 34,638 FCI Trading Corp. 20 100 140 300 Ferrell Propane, Inc. 5 26 36 78 James E. Ferrell 476 2,441 3,393 7,323 General partner 98 507 699 1,534 $ 9,813 $ 50,733 $ 69,920 $ 153,426 |
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, 2017 2016 2017 2016 Ferrellgas Partners $ 9,813 $ 50,733 $ 93,620 $ 208,035 General partner 100 518 793 2,123 $ 9,913 $ 51,251 $ 94,413 $ 210,158 |
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 $ 2,253 FCI Trading Corp. 20 Ferrell Propane, Inc. 5 James E. Ferrell 476 General partner 98 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
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, 2017 and July 31, 2016 : 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, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 677 $ — $ 677 Commodity derivatives $ — $ 10,879 $ — $ 10,879 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (1,279 ) $ — $ (1,279 ) Commodity derivatives $ — $ (2,397 ) $ — $ (2,397 ) July 31, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 5,830 $ — $ 5,830 Commodity derivatives $ — $ 8,241 $ — $ 8,241 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,553 ) $ — $ (3,553 ) Commodity derivatives $ — $ (17,689 ) $ — $ (17,689 ) |
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, 2017 and July 31, 2016 : 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, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 677 $ — $ 677 Commodity derivatives $ — $ 10,879 $ — $ 10,879 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (1,279 ) $ — $ (1,279 ) Commodity derivatives $ — $ (2,397 ) $ — $ (2,397 ) July 31, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 5,830 $ — $ 5,830 Commodity derivatives $ — $ 8,241 $ — $ 8,241 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,553 ) $ — $ (3,553 ) Commodity derivatives $ — $ (17,689 ) $ — $ (17,689 ) |
Derivative Instruments and He32
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
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, 2017 and July 31, 2016 : April 30, 2017 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 $ 6,188 Other current liabilities $ 431 Commodity derivatives-propane Other assets, net 2,226 Other liabilities 403 Interest rate swap agreements Prepaid expenses and other current assets 677 Other current liabilities 781 Interest rate swap agreements Other assets, net — Other liabilities 498 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 758 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,465 Other current liabilities 805 Total $ 11,556 Total $ 3,676 July 31, 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 $ 2,263 Other current liabilities $ 10,184 Commodity derivatives-propane Other assets, net 3,056 Other liabilities 1,597 Interest rate swap agreements Prepaid expenses and other current assets 1,654 Other current liabilities 2,309 Interest rate swap agreements Other assets, net 4,176 Other liabilities 1,244 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,996 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,922 Other current liabilities 1,912 Total $ 14,071 Total $ 21,242 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of April 30, 2017 and July 31, 2016 , respectively: April 30, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,415 Other current liabilities $ 3,925 Other assets, net 602 Other liabilities 1,499 $ 2,017 $ 5,424 July 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 8,252 Other current liabilities $ — Other assets, net 1,275 Other liabilities — $ 9,527 $ — |
Fair Value Hedge Derivative Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2017 and 2016 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 Amounts Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2017 2016 2017 2016 Interest rate swap agreements Interest expense $ 323 $ 433 $ (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 Amounts Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Interest rate swap agreements Interest expense $ 1,071 $ 1,477 $ (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 (loss) for the three and nine months ended April 30, 2017 and 2016 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2017 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 $ (6,642 ) Cost of sales-propane and other gas liquids sales $ 2,411 $ — Interest rate swap agreements 146 Interest expense (478 ) — $ (6,496 ) $ 1,933 $ — 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 nine months ended April 30, 2017 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 $ 12,930 Cost of sales-propane and other gas liquids sales $ (1,112 ) $ — Interest rate swap agreements 974 Interest expense (1,707 ) — $ 13,904 $ (2,819 ) $ — 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 ) $ — |
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2017 and 2016 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 1,464 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (393 ) Operating expense 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, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (784 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,123 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 |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the nine months ended April 30, 2017 and 2016 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2017 2016 Beginning balance $ (9,815 ) $ (38,906 ) Change in value of risk management commodity derivatives 12,930 5,823 Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 1,112 20,729 Change in value of risk management interest rate derivatives 974 (2,262 ) Reclassification of gains and losses on interest rate hedges to interest expense 1,707 2,202 Ending balance $ 6,908 $ (12,414 ) |
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, 2017 and July 31, 2016 : April 30, 2017 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 $ 6,188 Other current liabilities $ 431 Commodity derivatives-propane Other assets, net 2,226 Other liabilities 403 Interest rate swap agreements Prepaid expenses and other current assets 677 Other current liabilities 781 Interest rate swap agreements Other assets, net — Other liabilities 498 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 758 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,465 Other current liabilities 805 Total $ 11,556 Total $ 3,676 July 31, 2016 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 $ 2,263 Other current liabilities $ 10,184 Commodity derivatives Other assets, net 3,056 Other liabilities 1,597 Interest rate swap agreements Prepaid expenses and other current assets 1,654 Other current liabilities 2,309 Interest rate swap agreements Other assets, net 4,176 Other liabilities 1,244 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,996 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,922 Other current liabilities 1,912 Total $ 14,071 Total $ 21,242 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of April 30, 2017 and July 31, 2016 , respectively: April 30, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,415 Other current liabilities $ 3,925 Other assets, net 602 Other liabilities 1,499 $ 2,017 $ 5,424 July 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 8,252 Other current liabilities $ — Other assets, net 1,275 Other liabilities — $ 9,527 $ — |
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 operations for the three and nine months ended April 30, 2017 and 2016 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 Amounts Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2017 2016 2017 2016 Interest rate swap agreements Interest expense $ 323 $ 433 $ (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 Amounts Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Interest rate swap agreements Interest expense $ 1,071 $ 1,477 $ (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 (loss) for the three and nine months ended April 30, 2017 and 2016 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2017 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 $ (6,642 ) Cost of sales-propane and other gas liquids sales $ 2,411 $ — Interest rate swap agreements 146 Interest expense (478 ) — $ (6,496 ) $ 1,933 $ — 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 nine months ended April 30, 2017 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 $ 12,930 Cost of sales-propane and other gas liquids sales $ (1,112 ) $ — Interest rate swap agreements 974 Interest expense (1,707 ) — $ 13,904 $ (2,819 ) $ — 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 ) $ — |
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 operations for the three and nine months ended April 30, 2017 and 2016 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 1,464 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (393 ) Operating expense 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, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (784 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,123 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 |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the nine months ended April 30, 2017 and 2016 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2017 2016 Beginning balance $ (9,815 ) $ (38,906 ) Change in value of risk management commodity derivatives 12,930 5,823 Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 1,112 20,729 Change in value of risk management interest rate derivatives 974 (2,262 ) Reclassification of gains and losses on interest rate hedges to interest expense 1,707 2,202 Ending balance $ 6,908 $ (12,414 ) |
Transactions With Related Par33
Transactions With Related Parties (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
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 operations as follows: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Operating expense $ 53,747 $ 59,907 $ 170,953 $ 174,943 General and administrative expense $ 6,913 $ 7,957 $ 23,713 $ 22,297 |
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 operations as follows: For the three months ended April 30, For the nine months ended April 30, 2017 2016 2017 2016 Operating expense $ 53,747 $ 59,907 $ 170,953 $ 174,943 General and administrative expense $ 6,913 $ 7,957 $ 23,713 $ 22,297 |
Net Earnings (Loss) Per Commo34
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
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, 2017 2016 2017 2016 (in thousands, except per unitholders' interest amounts) Common unitholders’ interest in net earnings (loss) $ 6,470 $ 18,498 $ 1,545 $ (3,941 ) Weighted average common units outstanding - basic 97,152.7 98,002.7 97,255.4 98,911.2 Dilutive securities — 0.5 — — Weighted average common units outstanding - diluted 97,152.7 98,003.2 97,255.4 98,911.2 Basic and diluted net earnings (loss) per common unitholders’ interest $ 0.07 $ 0.19 $ 0.02 $ (0.04 ) |
Segment Reporting Segment Rep35
Segment Reporting Segment Reporting (Tables) | 9 Months Ended |
Apr. 30, 2017 | |
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 (loss): Three months ended April 30, Nine months ended April 30, 2017 2016 2017 2016 Net earnings (loss) attributable to Ferrellgas Partners, L.P. $ 6,536 $ 18,685 $ 1,561 $ (3,981 ) Income tax expense (benefit) (192 ) 1,260 (194 ) 1,446 Interest expense 39,860 34,371 112,107 102,889 Depreciation and amortization expense 25,737 38,352 77,546 112,698 EBITDA 71,941 92,668 191,020 213,052 Non-cash employee stock ownership plan compensation charge 4,697 9,978 11,396 18,375 Non-cash stock-based compensation charge — 1,091 3,298 6,757 Asset impairments — — — 29,316 Loss on asset sales and disposal 2,393 5,779 8,861 23,220 Other (income) expense, net (162 ) (331 ) (1,433 ) 89 Change in fair value of contingent consideration — — — (100 ) Severance costs — 469 1,959 1,325 Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (2,234 ) (1,915 ) (4,449 ) 2,993 Acquisition and transition expenses — 14 — 99 Net earnings attributable to noncontrolling interest 155 233 187 88 Adjusted EBITDA $ 76,790 $ 107,986 $ 210,839 $ 295,214 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets April 30, 2017 July 31, 2016 Propane operations and related equipment sales $ 1,233,364 $ 1,202,214 Midstream operations 428,812 444,126 Corporate and unallocated 17,093 36,966 Total consolidated assets $ 1,679,269 $ 1,683,306 |
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 (loss): Three months ended April 30, Nine months ended April 30, 2017 2016 2017 2016 Net earnings (loss) $ 15,395 $ 23,049 $ 18,555 $ 8,700 Income tax expense (benefit) (197 ) 1,260 (200 ) 1,441 Interest expense 31,270 30,340 95,416 90,799 Depreciation and amortization expense 25,737 38,352 77,546 112,698 EBITDA 72,205 93,001 191,317 213,638 Non-cash employee stock ownership plan compensation charge 4,697 9,978 11,396 18,375 Non-cash stock-based compensation charge — 1,091 3,298 6,757 Asset impairments — — — 29,316 Loss on asset sales and disposal 2,393 5,779 8,861 23,220 Other (income) expense, net (162 ) (331 ) (1,433 ) 89 Change in fair value of contingent consideration — — — (100 ) Severance costs — 469 1,959 1,325 Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (2,234 ) (1,915 ) (4,449 ) 2,993 Acquisition and transition expenses — 14 — 99 Adjusted EBITDA $ 76,899 $ 108,086 $ 210,949 $ 295,712 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets April 30, 2017 July 31, 2016 Propane operations and related equipment sales $ 1,233,364 $ 1,202,214 Midstream operations 428,812 444,126 Corporate and unallocated 16,739 36,873 Total consolidated assets $ 1,678,915 $ 1,683,213 |
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, 2017 and 2016 : Three months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 411,433 $ 126,676 $ — $ 538,109 Direct costs (1) 324,442 127,223 9,654 461,319 Adjusted EBITDA $ 86,991 $ (547 ) $ (9,654 ) $ 76,790 Three months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 404,048 $ 105,424 $ — $ 509,472 Direct costs (1) 307,708 82,094 11,684 401,486 Adjusted EBITDA $ 96,340 $ 23,330 $ (11,684 ) $ 107,986 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,165,394 $ 331,507 $ — $ 1,496,901 Direct costs (1) 931,631 323,714 30,717 1,286,062 Adjusted EBITDA $ 233,763 $ 7,793 $ (30,717 ) $ 210,839 Nine months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,142,429 $ 487,427 $ — $ 1,629,856 Direct costs (1) 888,380 411,973 34,289 1,334,642 Adjusted EBITDA $ 254,049 $ 75,454 $ (34,289 ) $ 295,214 (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 (gain) 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, 2017 and 2016 : Three months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 411,433 $ 126,676 $ — $ 538,109 Direct costs (1) 324,442 127,223 9,545 461,210 Adjusted EBITDA $ 86,991 $ (547 ) $ (9,545 ) $ 76,899 Three months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 404,048 $ 105,424 $ — $ 509,472 Direct costs (1) 307,708 82,094 11,584 401,386 Adjusted EBITDA $ 96,340 $ 23,330 $ (11,584 ) $ 108,086 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,165,394 $ 331,507 $ — $ 1,496,901 Direct costs (1) 931,631 323,714 30,607 1,285,952 Adjusted EBITDA $ 233,763 $ 7,793 $ (30,607 ) $ 210,949 Nine months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,142,429 $ 487,427 $ — $ 1,629,856 Direct costs (1) 888,380 411,973 33,791 1,334,144 Adjusted EBITDA $ 254,049 $ 75,454 $ (33,791 ) $ 295,712 (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 (gain) 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, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 8,533 $ 241 $ 1,905 $ 10,679 Growth 21,246 — — 21,246 Total $ 29,779 $ 241 $ 1,905 $ 31,925 Nine months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 12,705 $ 32 $ 991 $ 13,728 Growth 28,461 62,868 — 91,329 Total $ 41,166 $ 62,900 $ 991 $ 105,057 |
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, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 8,533 $ 241 $ 1,905 $ 10,679 Growth 21,246 — — 21,246 Total $ 29,779 $ 241 $ 1,905 $ 31,925 Nine months ended April 30, 2016 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 12,705 $ 32 $ 991 $ 13,728 Growth 28,461 62,868 — 91,329 Total $ 41,166 $ 62,900 $ 991 $ 105,057 |
Guarantor financial informati36
Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] | 9 Months Ended |
Apr. 30, 2017 | |
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, 2017 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 $ 8,943 $ 1 $ 222 $ — $ — $ 9,166 Accounts and notes receivable (18,782 ) — 87,986 139,325 — 208,529 Intercompany receivables 39,603 — — — (39,603 ) — Inventories 72,024 — 20,733 — — 92,757 Prepaid expenses and other current assets 21,689 — 8,858 2 — 30,549 Total current assets 123,477 1 117,799 139,327 (39,603 ) 341,001 Property, plant and equipment, net 546,063 — 197,445 — — 743,508 Goodwill 246,098 — 10,005 — — 256,103 Intangible assets, net 132,547 — 126,739 — — 259,286 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (973 ) — — — 973 — Other assets, net 32,914 — 45,458 645 — 79,017 Total assets $ 1,530,126 $ 1 $ 497,446 $ 139,972 $ (488,630 ) $ 1,678,915 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 40,752 $ — $ 45,894 $ — $ — $ 86,646 Short-term borrowings 38,389 — — — — 38,389 Collateralized note payable — — — 91,000 — 91,000 Intercompany payables — — 39,411 192 (39,603 ) — Other current liabilities 132,900 — 6,203 360 — 139,463 Total current liabilities 212,041 — 91,508 91,552 (39,603 ) 355,498 Long-term debt 1,637,554 — 451,048 — (450,000 ) 1,638,602 Other liabilities 26,745 — 4,059 225 — 31,029 Contingencies and commitments Partners' capital (deficit): Partners' equity (352,377 ) 1 (48,522 ) 47,870 651 (352,377 ) Accumulated other comprehensive income (loss) 6,163 — (647 ) 325 322 6,163 Total partners' capital (deficit) (346,214 ) 1 (49,169 ) 48,195 973 (346,214 ) Total liabilities and partners' capital (deficit) $ 1,530,126 $ 1 $ 497,446 $ 139,972 $ (488,630 ) $ 1,678,915 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 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 $ 4,472 $ 1 $ 417 $ — $ — $ 4,890 Accounts and notes receivable (2,703 ) — 45,822 106,464 — 149,583 Intercompany receivables 34,089 — — — (34,089 ) — Inventories 71,422 — 19,172 — — 90,594 Prepaid expenses and other current assets 27,922 2 12,029 2 — 39,955 Total current assets 135,202 3 77,440 106,466 (34,089 ) 285,022 Property, plant and equipment, net 557,460 — 217,220 — — 774,680 Goodwill 246,098 — 10,005 — — 256,103 Intangible assets, net 141,794 — 138,391 — — 280,185 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries 3,630 — — — (3,630 ) — Other assets, net 37,742 — 49,016 465 — 87,223 Total assets $ 1,571,926 $ 3 $ 492,072 $ 106,931 $ (487,719 ) $ 1,683,213 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 33,781 $ — $ 34,147 $ — $ — $ 67,928 Short-term borrowings 101,291 — — — — 101,291 Collateralized note payable — — — 64,000 — 64,000 Intercompany payables — — 35,491 (1,402 ) (34,089 ) — Other current liabilities 119,048 — 7,754 150 — 126,952 Total current liabilities 254,120 — 77,392 62,748 (34,089 ) 360,171 Long-term debt 1,759,868 — 451,013 — (450,000 ) 1,760,881 Other liabilities 27,351 — 3,998 225 — 31,574 Contingencies and commitments Partners' capital (deficit): Partners' equity (458,853 ) 3 (39,684 ) 43,633 (3,952 ) (458,853 ) Accumulated other comprehensive income (loss) (10,560 ) — (647 ) 325 322 (10,560 ) Total partners' capital (deficit) (469,413 ) 3 (40,331 ) 43,958 (3,630 ) (469,413 ) Total liabilities and partners' capital (deficit) $ 1,571,926 $ 3 $ 492,072 $ 106,931 $ (487,719 ) $ 1,683,213 |
Condensed Consolidated Statements of Earnings | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2017 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 $ 369,437 $ — $ — $ — $ — $ 369,437 Midstream operations — — 126,676 — — 126,676 Other 17,850 — 24,146 — — 41,996 Total revenues 387,287 — 150,822 — — 538,109 Costs and expenses: Cost of sales - propane and other gas liquids sales 197,487 — — — — 197,487 Cost of sales - midstream operations — — 118,767 — — 118,767 Cost of sales - other 1,992 — 18,818 — — 20,810 Operating expense 96,264 — 8,594 1,315 (1,400 ) 104,773 Depreciation and amortization expense 18,261 — 7,418 58 — 25,737 General and administrative expense 8,930 — 939 — — 9,869 Equipment lease expense 7,108 — 162 — — 7,270 Non-cash employee stock ownership plan compensation charge 4,697 — — — — 4,697 Loss on asset sales and disposal 2,146 — 247 — — 2,393 Operating income (loss) 50,402 — (4,123 ) (1,373 ) 1,400 46,306 Interest expense (19,452 ) — (11,019 ) (799 ) — (31,270 ) Other income (expense), net (157 ) — 319 1,400 (1,400 ) 162 Earnings (loss) before income taxes 30,793 — (14,823 ) (772 ) — 15,198 Income tax (benefit) expense 97 — (294 ) — — (197 ) Equity in earnings (loss) of subsidiary (15,301 ) — — — 15,301 — Net earnings (loss) 15,395 — (14,529 ) (772 ) 15,301 15,395 Other comprehensive loss (8,429 ) — — — — (8,429 ) Comprehensive income (loss) $ 6,966 $ — $ (14,529 ) $ (772 ) $ 15,301 $ 6,966 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (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 asset sales and disposal 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 (loss) 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 OPERATIONS (in thousands) For the nine months ended April 30, 2017 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 $ 1,049,211 $ — $ — $ — $ — $ 1,049,211 Midstream operations — — 331,507 — — 331,507 Other 56,785 — 59,398 — — 116,183 Total revenues 1,105,996 — 390,905 — — 1,496,901 Costs and expenses: Cost of sales - propane and other gas liquids sales 551,728 — — — — 551,728 Cost of sales - midstream operations — — 300,433 — — 300,433 Cost of sales - other 6,993 — 46,220 — — 53,213 Operating expense 297,905 — 28,482 (251 ) (3,201 ) 322,935 Depreciation and amortization expense 54,552 — 22,817 177 — 77,546 General and administrative expense 32,886 5 3,525 — — 36,416 Equipment lease expense 21,585 — 450 — — 22,035 Non-cash employee stock ownership plan compensation charge 11,396 — — — — 11,396 Loss on asset sales and disposal 3,666 — 5,195 — — 8,861 Operating income (loss) 125,285 (5 ) (16,217 ) 74 3,201 112,338 Interest expense (60,893 ) — (32,694 ) (1,826 ) (3 ) (95,416 ) Other income (expense), net 100 — 1,333 3,198 (3,198 ) 1,433 Earnings (loss) before income taxes 64,492 (5 ) (47,578 ) 1,446 — 18,355 Income tax (benefit) expense 171 — (371 ) — — (200 ) Equity in earnings (loss) of subsidiary (45,766 ) — — — 45,766 — Net earnings (loss) 18,555 (5 ) (47,207 ) 1,446 45,766 18,555 Other comprehensive income 16,723 — — — — 16,723 Comprehensive income (loss) $ 35,278 $ (5 ) $ (47,207 ) $ 1,446 $ 45,766 $ 35,278 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (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 Asset impairments — — 29,316 — — 29,316 Loss on asset sales and disposal 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 (loss) 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 |
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, 2017 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 $ 186,530 $ (5 ) $ (73,168 ) $ 38,042 $ (27,000 ) $ 124,399 Cash flows from investing activities: Business acquisitions, net of cash acquired (3,539 ) — — — — (3,539 ) Capital expenditures (35,116 ) — (296 ) — — (35,412 ) Proceeds from sale of assets 4,721 — — — — 4,721 Cash collected for purchase of interest in accounts receivable — — — 803,109 (803,109 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (830,109 ) 830,109 — Net changes in advances with consolidated entities (35,476 ) — — 244 35,232 — Other (37 ) — — — — (37 ) Net cash used in investing activities (69,447 ) — (296 ) (26,756 ) 62,232 (34,267 ) Cash flows from financing activities: Distributions (94,413 ) — — — — (94,413 ) Contributions from Partners 167,640 — — — — 167,640 Proceeds from increase in long-term debt 52,354 — — — — 52,354 Reductions in long-term debt (173,471 ) — — — — (173,471 ) Net reductions in short-term borrowings (62,902 ) — — — — (62,902 ) Net additions to collateralized short-term borrowings — — — 27,000 — 27,000 Net changes in advances with parent — 5 73,269 (38,042 ) (35,232 ) — Cash paid for financing costs (1,820 ) — — (244 ) — (2,064 ) Net cash provided by (used in) financing activities (112,612 ) 5 73,269 (11,286 ) (35,232 ) (85,856 ) Increase (decrease) in cash and cash equivalents 4,471 — (195 ) — — 4,276 Cash and cash equivalents - beginning of period 4,472 1 417 — — 4,890 Cash and cash equivalents - end of period $ 8,943 $ 1 $ 222 $ — $ — $ 9,166 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 period 5,579 1 20 — — 5,600 Cash and cash equivalents - end of period $ 5,742 $ 1 $ 492 $ — $ — $ 6,235 |
Partnership Organization And 37
Partnership Organization And Formation (Details) | 9 Months Ended | |
Apr. 30, 2017employeesubsidiaryshares | Jul. 31, 2016shares | |
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 | |
Corporation formation date | Apr. 19, 1994 | |
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% |
Significant Transactions (Detai
Significant Transactions (Details) shares in Millions | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2017USD ($)MMBbls | Jan. 31, 2017USD ($) | Oct. 31, 2016USD ($)shares | Apr. 30, 2017USD ($)MMBbls | Apr. 30, 2016USD ($) | Jul. 31, 2016USD ($) | |
Payments for Repurchase of Common Stock | $ (15,851,000) | $ (46,432,000) | ||||
Energy Related Inventory, Crude Oil and Natural Gas Liquids | $ 23,000 | |||||
Promissory note description | $ 0.10 | |||||
Proceeds from Interest Received | $ 900,000 | |||||
Proceeds from Collection of Notes Receivable | 2,500,000 | |||||
Notes Receivable, Related Parties, Current | $ 10,000,000 | $ 10,000,000 | $ 5,000,000 | |||
Concentration Risk, Customer | 0.6 | |||||
Long-term Purchase Commitment, Minimum Volume Required | MMBbls | 65 | |||||
Oil and Gas Delivery Commitments and Contracts, Remaining Contractual Volume | MMBbls | 35 | 35 | ||||
Jamex Marketing, LLC [Member] | ||||||
Loans and Leases Receivable, Related Parties, Proceeds | 49,500,000 | |||||
Notes Receivable, Related Parties | $ 45,000,000 | 20,000,000 | $ 45,000,000 | |||
Increase (Decrease) in Notes Receivable, Related Parties, Current | 5,000,000 | |||||
Payments for Repurchase of Common Stock | $ 16,900,000 | |||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 0.9 | |||||
Related Party Transaction, Rate | 2.80% | 7.00% | ||||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 0 | |||||
Loans and Leases Receivable, Related Parties, Description | 10 | |||||
Notes Receivable, Related Parties, Noncurrent | $ 20,000,000 | 20,000,000 | ||||
Ferrellgas, L.P. [Member] | ||||||
Energy Related Inventory, Crude Oil and Natural Gas Liquids | $ 23,000 | |||||
Proceeds from Interest Received | $ 900,000 | |||||
Proceeds from Collection of Notes Receivable | 2,500,000 | |||||
Notes Receivable, Related Parties, Current | $ 10,000,000 | $ 10,000,000 | $ 5,000,000 | |||
Concentration Risk, Customer | 0.6 | |||||
Long-term Purchase Commitment, Minimum Volume Required | MMBbls | 65 | |||||
Oil and Gas Delivery Commitments and Contracts, Remaining Contractual Volume | MMBbls | 35 | 35 | ||||
Ferrellgas, L.P. [Member] | Jamex Marketing, LLC [Member] | ||||||
Loans and Leases Receivable, Related Parties, Proceeds | 49,500,000 | |||||
Notes Receivable, Related Parties | $ 45,000,000 | 20,000,000 | $ 45,000,000 | |||
Increase (Decrease) in Notes Receivable, Related Parties, Current | 5,000,000 | |||||
Payments for Repurchase of Common Stock | $ 16,900,000 | |||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 0.9 | |||||
Related Party Transaction, Rate | 2.80% | 7.00% | ||||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 0 | |||||
Loans and Leases Receivable, Related Parties, Description | 10 | |||||
Notes Receivable, Related Parties, Noncurrent | $ 20,000,000 | $ 20,000,000 |
Supplemental Financial Statem39
Supplemental Financial Statement Information (Narrative) (Details) | 9 Months Ended |
Apr. 30, 2017gal | |
Maximum term of supply procurement contracts | 36 months |
Net procurement of fixed priced propane in gallons | 104,500,000 |
Ferrellgas, L.P. [Member] | |
Maximum term of supply procurement contracts | 36 months |
Net procurement of fixed priced propane in gallons | 104,500,000 |
Supplemental Financial Statem40
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 |
Propane gas and related products | $ 60,370 | $ 59,726 |
Energy Related Inventory, Petroleum | 6,112 | 4,642 |
Appliances, parts and supplies | 26,275 | 26,226 |
Inventories | 92,757 | 90,594 |
Ferrellgas, L.P. [Member] | ||
Propane gas and related products | 60,370 | 59,726 |
Energy Related Inventory, Petroleum | 6,112 | 4,642 |
Appliances, parts and supplies | 26,275 | 26,226 |
Inventories | $ 92,757 | $ 90,594 |
Supplemental Financial Statem41
Supplemental Financial Statement Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 |
Accrued interest | $ 50,677 | $ 16,623 |
Customer deposits and advances | 20,908 | 27,391 |
Price risk management liabilities | 2,775 | 18,401 |
Other | 77,113 | 66,543 |
Other current liabilities | 151,473 | 128,958 |
Ferrellgas, L.P. [Member] | ||
Accrued interest | 39,045 | 14,617 |
Customer deposits and advances | 20,908 | 27,391 |
Price risk management liabilities | 2,775 | 18,401 |
Other | 76,735 | 66,543 |
Other current liabilities | $ 139,463 | $ 126,952 |
Supplemental Financial Statem42
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | $ 51,830 | $ 49,919 | $ 156,951 | $ 149,599 |
Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 51,830 | 49,919 | 156,951 | 149,599 |
Operating Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 44,309 | 42,378 | 134,090 | 126,946 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 44,309 | 42,378 | 134,090 | 126,946 |
Depreciation And Amortization Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 957 | 1,071 | 2,979 | 3,268 |
Depreciation And Amortization Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 957 | 1,071 | 2,979 | 3,268 |
Equipment Lease Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 6,564 | 6,470 | 19,882 | 19,385 |
Equipment Lease Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | $ 6,564 | $ 6,470 | $ 19,882 | $ 19,385 |
Supplemental Financial Statem43
Supplemental Financial Statement Information Supplemental financial statement information (Significant Cash and Non-Cash Activities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Interest Paid | $ 73,276 | $ 71,409 |
Income Taxes Paid | 28 | 432 |
Noncash Investing and Financing Items [Abstract] | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 856 | 1,239 |
Property, Plant and Equipment, Additions | (111) | 1,293 |
Ferrellgas, L.P. [Member] | ||
Interest Paid | 67,314 | 63,559 |
Income Taxes Paid | 23 | 427 |
Noncash Investing and Financing Items [Abstract] | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 856 | 1,239 |
Property, Plant and Equipment, Additions | $ (111) | $ 1,293 |
Supplemental Financial Statem44
Supplemental Financial Statement Information Supplemental Financial Statement Information (Other Assets) (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 |
Accounts Receivable, Related Parties, Noncurrent | $ 35,000 | $ 39,800 |
Other Assets | 44,017 | 47,463 |
Other Assets, Noncurrent | 79,017 | 87,223 |
Ferrellgas, L.P. [Member] | ||
Accounts Receivable, Related Parties, Noncurrent | 35,000 | 39,800 |
Other Assets | 44,017 | 47,463 |
Other Assets, Noncurrent | $ 79,017 | $ 87,223 |
Supplemental Financial Statem45
Supplemental Financial Statement Information Supplemental Financial Statement Information (Loss on Asset Sales and Disposal) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Loss on Disposal of Assets and Asset Impairment Charges | $ 2,393 | $ 5,779 | $ 8,861 | $ 23,220 |
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 0 | 12,112 |
Assets held for disposal [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 896 | 0 | 1,687 |
Assets held in use [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 2,393 | 4,883 | 8,861 | 9,421 |
Ferrellgas, L.P. [Member] | ||||
Loss on Disposal of Assets and Asset Impairment Charges | 2,393 | 5,779 | 8,861 | 23,220 |
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 0 | 12,112 |
Ferrellgas, L.P. [Member] | Assets held for disposal [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 896 | 0 | 1,687 |
Ferrellgas, L.P. [Member] | Assets held in use [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 2,393 | $ 4,883 | $ 8,861 | $ 9,421 |
Accounts And Notes Receivable46
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Apr. 30, 2017 | Jul. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
current leverage ratio | 645.00% | ||
current consolidated interest coverage ratio | 229.00% | 229.00% | |
Debt Instrument, Covenant Compliance | 340.2 | 8.1 | |
Debt Instrument, Covenant Description | 43.9 | ||
Accounts receivable pledged as collateral | $ 143,337,000 | $ 143,337,000 | $ 106,464,000 |
Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
current leverage ratio | 645.00% | ||
current consolidated interest coverage ratio | 229.00% | 229.00% | |
Debt Instrument, Covenant Compliance | 340.2 | 8.1 | |
Debt Instrument, Covenant Description | 43.9 | ||
Accounts receivable pledged as collateral | $ 143,337,000 | $ 143,337,000 | $ 106,464,000 |
Accounts Receivable Securitization [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | 143,300,000 | 143,300,000 | 106,500,000 |
Collateralized notes payable | $ 91,000,000 | 91,000,000 | 64,000,000 |
Proceeds from accounts receivable securitization | 91,000,000 | 64,000,000 | |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 | |
Weighted average interest rate on borrowings under accounts receivable securitization | 3.00% | 3.00% | 3.00% |
Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | $ 143,300,000 | $ 143,300,000 | $ 106,500,000 |
Collateralized notes payable | $ 91,000,000 | 91,000,000 | 64,000,000 |
Proceeds from accounts receivable securitization | 91,000,000 | 64,000,000 | |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 | |
Weighted average interest rate on borrowings under accounts receivable securitization | 3.00% | 3.00% | 3.00% |
Interest Coverage Covenant [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt Instrument, Covenant Compliance | 35.2 | ||
Debt Instrument, Covenant Description | 61.5 | ||
Interest Coverage Covenant [Member] | Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt Instrument, Covenant Compliance | 35.2 | ||
Debt Instrument, Covenant Description | 61.5 |
Accounts And Notes Receivable47
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 |
Accounts receivable pledged as collateral | $ 143,337 | $ 106,464 |
Accounts receivable | 57,277 | 43,148 |
Notes Receivable, Related Parties, Current | 10,000 | 5,000 |
Other | 306 | 38 |
Less: Allowance for doubtful accounts | (2,391) | (5,067) |
Accounts and notes receivable, net | 208,529 | 149,583 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | 143,337 | 106,464 |
Accounts receivable | 57,277 | 43,148 |
Notes Receivable, Related Parties, Current | 10,000 | 5,000 |
Other | 306 | 38 |
Less: Allowance for doubtful accounts | (2,391) | (5,067) |
Accounts and notes receivable, net | $ 208,529 | $ 149,583 |
Accounts And Notes Receivable48
Accounts And Notes Receivable, Net And Accounts Receivable Securitization Accounts And Notes Receivcable, Net And Accounts Receivable Securitization (Maximum Leverage Ratio) (Details) | 3 Months Ended | ||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Oct. 31, 2016 | |
required total leverage ratio | 550.00% | ||||||
Maximum [Member] | |||||||
required total leverage ratio | 550.00% | 775.00% | 775.00% | 775.00% | 775.00% | 775.00% | |
Minimum [Member] | |||||||
required total leverage ratio | 550.00% | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | |
Ferrellgas, L.P. [Member] | |||||||
required total leverage ratio | 550.00% | ||||||
Ferrellgas, L.P. [Member] | Maximum [Member] | |||||||
required total leverage ratio | 550.00% | 775.00% | 775.00% | 775.00% | 775.00% | 775.00% | |
Ferrellgas, L.P. [Member] | Minimum [Member] | |||||||
required total leverage ratio | 550.00% | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% |
Accounts And Notes Receivable49
Accounts And Notes Receivable, Net And Accounts Receivable Securitization Accounts And Notes Receiable, Net And Accounts Receivable Securitization (Consolidated Interest Coverage Ratio) (Details) | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 |
Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
required consolidated interest coverage ratio | 250.00% | 175.00% | 175.00% | 175.00% | 175.00% | 175.00% |
Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
required consolidated interest coverage ratio | 250.00% | 250.00% | 250.00% | 250.00% | 250.00% | 250.00% |
Ferrellgas, L.P. [Member] | Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
required consolidated interest coverage ratio | 250.00% | 175.00% | 175.00% | 175.00% | 175.00% | 175.00% |
Ferrellgas, L.P. [Member] | Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
required consolidated interest coverage ratio | 250.00% | 250.00% | 250.00% | 250.00% | 250.00% | 250.00% |
Debt (Short-Term Borrowings Nar
Debt (Short-Term Borrowings Narrative) (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 |
Short-term borrowings | $ 38,389 | $ 101,291 |
Ferrellgas, L.P. [Member] | ||
Short-term borrowings | $ 38,389 | $ 101,291 |
Debt Debt (Components of Long-T
Debt Debt (Components of Long-Term Debt) (Details) - USD ($) | 3 Months Ended | |
Apr. 30, 2017 | Jul. 31, 2016 | |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt | $ 1,984,218,000 | $ 1,941,335,000 |
Short-term borrowings | 38,389,000 | 101,291,000 |
Long-term Debt | 2,010,979,000 | 1,968,431,000 |
Unamortized Debt Issuance Expense | (24,183,000) | (23,175,000) |
Long-term Debt, Current Maturities | 2,578,000 | 3,921,000 |
Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt | 1,638,602,000 | 1,760,881,000 |
Short-term borrowings | 38,389,000 | 101,291,000 |
Long-term Debt | 1,660,474,000 | 1,786,431,000 |
Unamortized Debt Issuance Expense | (19,294,000) | (21,629,000) |
Long-term Debt, Current Maturities | $ 2,578,000 | 3,921,000 |
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt interest rate | 6.50% | |
Senior Notes | $ 500,000,000 | 500,000,000 |
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt interest rate | 6.50% | |
Senior Notes | $ 500,000,000 | 500,000,000 |
Fixed Rate, 8.625%, Due 2020 [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt interest rate | 8.625% | |
Senior Notes | $ 350,505,000 | 182,000,000 |
Fixed Rate, 8.625%, Due 2020 [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt interest rate | 8.625% | |
Interest Rate Swap [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior Notes | $ 269,000 | 5,830,000 |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior Notes | 269,000 | 5,830,000 |
Secured Credit Facility [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Short-term borrowings | 38,389,000 | 101,291,000 |
Line Of Credit Facility, Amount Outstanding, Noncurrent | 175,211,000 | 293,109,000 |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Short-term borrowings | 38,389,000 | 101,291,000 |
Line Of Credit Facility, Amount Outstanding, Noncurrent | $ 175,211,000 | 293,109,000 |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt interest rate | 6.75% | |
Senior Notes | $ 500,000,000 | 500,000,000 |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt interest rate | 6.75% | |
Senior Notes | $ 500,000,000 | 500,000,000 |
Notes Payable [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Notes Payable | 6,623,000 | 8,484,000 |
Notes Payable [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term Debt | $ 6,623,000 | 8,484,000 |
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt interest rate | 6.75% | |
Senior Notes | $ 478,371,000 | 479,008,000 |
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt interest rate | 6.75% | |
Senior Notes | $ 478,371,000 | $ 479,008,000 |
Fixed Rate, 8.625%, Due 2020 [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt Instrument, Issuance Date | Jan. 24, 2017 | |
Debt issuance principal amount | $ 175,000,000 | |
Debt issued discount, percent of par | 96.00% | |
Proceeds from Debt, Net of Issuance Costs | 165,900,000 | |
Maximum [Member] | Fixed Rate, 8.625%, Due 2020 [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt issuance principal amount | 357,000,000 | |
Maximum [Member] | Fixed Rate, 8.625%, Due 2020 [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt issuance principal amount | $ 357,000,000 |
Debt (Senior Notes Narrative) (
Debt (Senior Notes Narrative) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Interest payments | $ 73,276 | $ 71,409 |
Ferrellgas, L.P. [Member] | ||
Interest payments | $ 67,314 | $ 63,559 |
Debt Debt (Scheduled Annual Pri
Debt Debt (Scheduled Annual Principal Payments On Long-term Debt) (Details) $ in Thousands | Apr. 30, 2017USD ($) |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 820 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,519 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 177,155 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 358,180 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 501,030 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 975,414 |
Long-term Debt, Gross | 2,015,118 |
Ferrellgas, L.P. [Member] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 820 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,519 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 177,155 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,180 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 501,030 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 975,414 |
Long-term Debt, Gross | $ 1,658,118 |
Debt (Secured Credit Facility N
Debt (Secured Credit Facility Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | |
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Covenant Description | 43.9 | |||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.40 | $ 2.05 | ||||||
required total leverage ratio | 550.00% | |||||||
Line of Credit Facility, Covenant Compliance | 10 | |||||||
current leverage ratio | 645.00% | |||||||
Debt Instrument, Covenant Compliance | 340.2 | 8.1 | ||||||
Available borrowing capacity | $ 237.9 | $ 219.3 | ||||||
Letters of credit outstanding | $ 123.5 | $ 86.3 | ||||||
Ferrellgas, L.P. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Covenant Description | 43.9 | |||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.40 | $ 2.05 | ||||||
required total leverage ratio | 550.00% | |||||||
Line of Credit Facility, Covenant Compliance | 10 | |||||||
current leverage ratio | 645.00% | |||||||
Debt Instrument, Covenant Compliance | 340.2 | 8.1 | ||||||
Cash contributions from limited partner | $ 165.9 | |||||||
Available borrowing capacity | 237.9 | $ 219.3 | ||||||
Letters of credit outstanding | 123.5 | 86.3 | ||||||
General Partner [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash contributions from limited partner | 1.7 | |||||||
Secured Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total credit faciltiy borrowings outstanding | 213.6 | 394.4 | ||||||
Other Long-term Debt, Noncurrent | $ 38.4 | $ 293.1 | ||||||
Weighted average interest rate on credit facility borrowings | 5.50% | 3.70% | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 575 | $ 700 | ||||||
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Total credit faciltiy borrowings outstanding | 213.6 | 394.4 | ||||||
Other Long-term Debt, Noncurrent | $ 38.4 | $ 293.1 | ||||||
Weighted average interest rate on credit facility borrowings | 5.50% | 3.70% | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 575 | $ 700 | ||||||
Letter Of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Available borrowing capacity | 76.5 | 113.7 | ||||||
Letter Of Credit [Member] | Ferrellgas, L.P. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Available borrowing capacity | $ 76.5 | $ 113.7 | ||||||
Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
required total leverage ratio | 550.00% | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | ||
Debt Instrument, Interest Rate Terms | 0.035 | |||||||
loan pricing leverage ratio covenant | 600.00% | |||||||
Line of Credit Facility, Covenant Terms | 50 | |||||||
Minimum [Member] | Ferrellgas, L.P. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
required total leverage ratio | 550.00% | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | ||
Debt Instrument, Interest Rate Terms | 0.035 | |||||||
loan pricing leverage ratio covenant | 600.00% | |||||||
Line of Credit Facility, Covenant Terms | 50 | |||||||
Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
required total leverage ratio | 550.00% | 775.00% | 775.00% | 775.00% | 775.00% | 775.00% | ||
Debt Instrument, Interest Rate Terms | 0.04 | |||||||
loan pricing leverage ratio covenant | 700.00% | |||||||
Line of Credit Facility, Covenant Terms | 200 | |||||||
Maximum [Member] | Ferrellgas, L.P. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
required total leverage ratio | 550.00% | 775.00% | 775.00% | 775.00% | 775.00% | 775.00% | ||
Debt Instrument, Interest Rate Terms | 0.04 | |||||||
loan pricing leverage ratio covenant | 700.00% | |||||||
Line of Credit Facility, Covenant Terms | 200 | |||||||
Credit Facility [Domain] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate Terms | 0.035 | |||||||
Credit Facility [Domain] | Minimum [Member] | Ferrellgas, L.P. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate Terms | 0.035 | |||||||
Credit Facility [Domain] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate Terms | 0.0375 | |||||||
Credit Facility [Domain] | Maximum [Member] | Ferrellgas, L.P. [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate Terms | 0.0375 |
Debt Debt (Maximum Leverage Rat
Debt Debt (Maximum Leverage Ratio Schedule) (Details) | 3 Months Ended | ||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Oct. 31, 2016 | |
Debt Instrument [Line Items] | |||||||
required total leverage ratio | 550.00% | ||||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
required total leverage ratio | 550.00% | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | |
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
required total leverage ratio | 550.00% | 775.00% | 775.00% | 775.00% | 775.00% | 775.00% | |
Ferrellgas, L.P. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
required total leverage ratio | 550.00% | ||||||
Ferrellgas, L.P. [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
required total leverage ratio | 550.00% | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | |
Ferrellgas, L.P. [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
required total leverage ratio | 550.00% | 775.00% | 775.00% | 775.00% | 775.00% | 775.00% |
Debt Debt (Scheduled Annual P56
Debt Debt (Scheduled Annual Principal Payments On Long-term Debt - Parenthetical) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2017 | Jul. 31, 2016 | |
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 38,389 | $ 101,291 |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year Range Start | 2,017 | |
Debt Instrument, Unamortized Discount | $ 1,284 | $ 1,566 |
Debt, Weighted Average Interest Rate | 11.50% | 11.80% |
Debt Instrument Maturity Year Range End | 2,022 | |
Secured Credit Facility [Member] | ||
Debt Disclosure [Abstract] | ||
Debt maturity year | 2,018 | |
Debt Instrument [Line Items] | ||
Debt maturity year | 2,018 | |
Short-term borrowings | $ 38,389 | $ 101,291 |
Debt, Weighted Average Interest Rate | 5.50% | 3.70% |
Fixed Rate, 8.625%, Due 2020 [Member] | ||
Debt Disclosure [Abstract] | ||
Debt maturity year | 2,020 | |
Debt Instrument [Line Items] | ||
Debt interest rate | 8.625% | |
Debt maturity year | 2,020 | |
Debt Instrument, Unamortized Discount | $ 6,495 | $ 0 |
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | ||
Debt Disclosure [Abstract] | ||
Debt maturity year | 2,022 | |
Debt Instrument [Line Items] | ||
Debt interest rate | 6.75% | |
Debt maturity year | 2,022 | |
Debt Instrument, Unamortized Premium | $ 3,371 | 4,008 |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||
Debt Disclosure [Abstract] | ||
Debt maturity year | 2,023 | |
Debt Instrument [Line Items] | ||
Debt interest rate | 6.75% | |
Debt maturity year | 2,023 | |
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||
Debt Disclosure [Abstract] | ||
Debt maturity year | 2,021 | |
Debt Instrument [Line Items] | ||
Debt interest rate | 6.50% | |
Debt maturity year | 2,021 | |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 38,389 | 101,291 |
Ferrellgas, L.P. [Member] | Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Maturity Year Range Start | 2,017 | |
Debt Instrument, Unamortized Discount | $ 1,284 | $ 1,566 |
Debt, Weighted Average Interest Rate | 11.50% | 11.80% |
Debt Instrument Maturity Year Range End | 2,022 | |
Ferrellgas, L.P. [Member] | Secured Credit Facility [Member] | ||
Debt Disclosure [Abstract] | ||
Debt maturity year | 2,018 | |
Debt Instrument [Line Items] | ||
Debt maturity year | 2,018 | |
Short-term borrowings | $ 38,389 | $ 101,291 |
Debt, Weighted Average Interest Rate | 5.50% | 3.70% |
Ferrellgas, L.P. [Member] | Fixed Rate, 8.625%, Due 2020 [Member] | ||
Debt Disclosure [Abstract] | ||
Debt maturity year | 2,020 | |
Debt Instrument [Line Items] | ||
Debt interest rate | 8.625% | |
Debt maturity year | 2,020 | |
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | ||
Debt Disclosure [Abstract] | ||
Debt maturity year | 2,022 | |
Debt Instrument [Line Items] | ||
Debt interest rate | 6.75% | |
Debt maturity year | 2,022 | |
Debt Instrument, Unamortized Premium | $ 3,371 | $ 4,008 |
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||
Debt Disclosure [Abstract] | ||
Debt maturity year | 2,023 | |
Debt Instrument [Line Items] | ||
Debt interest rate | 6.75% | |
Debt maturity year | 2,023 | |
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||
Debt Disclosure [Abstract] | ||
Debt maturity year | 2,021 | |
Debt Instrument [Line Items] | ||
Debt interest rate | 6.50% | |
Debt maturity year | 2,021 |
Debt Debt (Fixed Charge Coverag
Debt Debt (Fixed Charge Coverage Ratio) (Details) - $ / shares | Feb. 23, 2017 | Jul. 31, 2018 | Apr. 30, 2017 | Oct. 31, 2016 | Jul. 31, 2016 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.40 | $ 2.05 | |||
Debt Instrument, Covenant Description | 43.9 | ||||
Required fixed charge coverage ratio | 175.00% | ||||
Current fixed charge coverage ratio | 177.00% | ||||
Debt Instrument, Covenant Compliance | 340.2 | 8.1 | |||
Ferrellgas, L.P. [Member] | |||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.40 | $ 2.05 | |||
Debt Instrument, Covenant Description | 43.9 | ||||
Debt Instrument, Covenant Compliance | 340.2 | 8.1 | |||
Subsequent Event [Member] | |||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | ||||
Interest Coverage Covenant [Member] | |||||
Debt Instrument, Covenant Description | 61.5 | ||||
Debt Instrument, Covenant Compliance | 35.2 | ||||
Interest Coverage Covenant [Member] | Ferrellgas, L.P. [Member] | |||||
Debt Instrument, Covenant Description | 61.5 | ||||
Debt Instrument, Covenant Compliance | 35.2 | ||||
Fixed Charge Coverage Covenant [Member] | |||||
Debt Instrument, Covenant Description | 2.7 | ||||
Debt Instrument, Restrictive Covenants | 50 | ||||
Debt Instrument, Covenant Compliance | 1.5 |
Debt Debt (Consolidated Inter58
Debt Debt (Consolidated Interest Coverage Ratio) (Details) | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2017 | Jul. 31, 2016 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | |
Debt Instrument, Covenant Description | 43.9 | ||||||
current consolidated interest coverage ratio | 229.00% | ||||||
Debt Instrument, Covenant Compliance | 340.2 | 8.1 | |||||
Minimum [Member] | |||||||
required consolidated interest coverage ratio | 250.00% | 250.00% | 250.00% | 250.00% | 250.00% | 250.00% | |
Maximum [Member] | |||||||
required consolidated interest coverage ratio | 175.00% | 250.00% | 175.00% | 175.00% | 175.00% | 175.00% | |
Ferrellgas, L.P. [Member] | |||||||
Debt Instrument, Covenant Description | 43.9 | ||||||
current consolidated interest coverage ratio | 229.00% | ||||||
Debt Instrument, Covenant Compliance | 340.2 | 8.1 | |||||
Ferrellgas, L.P. [Member] | Minimum [Member] | |||||||
required consolidated interest coverage ratio | 250.00% | 250.00% | 250.00% | 250.00% | 250.00% | 250.00% | |
Ferrellgas, L.P. [Member] | Maximum [Member] | |||||||
required consolidated interest coverage ratio | 175.00% | 250.00% | 175.00% | 175.00% | 175.00% | 175.00% | |
Interest Coverage Covenant [Member] | |||||||
Debt Instrument, Covenant Description | 61.5 | ||||||
Debt Instrument, Covenant Compliance | 35.2 | ||||||
Interest Coverage Covenant [Member] | Ferrellgas, L.P. [Member] | |||||||
Debt Instrument, Covenant Description | 61.5 | ||||||
Debt Instrument, Covenant Compliance | 35.2 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 17, 2017 | Feb. 23, 2017 | Apr. 30, 2017 | Oct. 31, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Jul. 31, 2016 |
Capital Unit [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 97,152,665 | 98,002,665 | ||||
Cash distributions declared per common unit | $ 0.40 | $ 2.05 | |||||
General partner ownership interest | 1.00% | ||||||
Contributions from partners | $ 0 | $ 32 | |||||
Ferrellgas, L.P. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Cash distributions declared per common unit | $ 0.40 | $ 2.05 | |||||
Cash contributions from limited partner | $ 165,900 | ||||||
General partner ownership interest | 1.00% | ||||||
Contributions from partners | $ 167,640 | 30 | |||||
General Partner [Member] | |||||||
Capital Unit [Line Items] | |||||||
Cash contributions from limited partner | $ 1,700 | ||||||
JEF Capital Management [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 4,758,859 | 4,758,859 | |||||
Ferrell Resources Holdings, Inc. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 4,616 | 4,616 | |||||
FCI Trading Corp. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 195,686 | 195,686 | 195,686 | ||||
General Partner [Member] | |||||||
Capital Unit [Line Items] | |||||||
General partner ownership interest | 2.00% | ||||||
Contributions from partners | $ 1,700 | ||||||
Non-cash contributions | $ 300 | 500 | |||||
General Partner [Member] | Ferrellgas, L.P. [Member] | |||||||
Capital Unit [Line Items] | |||||||
General partner ownership interest | 1.0101% | ||||||
Contributions from partners | $ 1,700 | ||||||
Non-cash contributions | $ 100 | $ 300 | |||||
Ferrell Propane, Inc [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 51,204 | 51,204 | 51,204 | ||||
Ferrell Companies Beneficial Ownership [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited partner ownership interest | 23.40% | ||||||
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, 2017 | ||||||
Cash distributions declared per common unit | $ 0.10 | ||||||
Cash distributions payment date | Jun. 14, 2017 | ||||||
Subsequent Event [Member] | Ferrellgas, L.P. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Cash distribution declaration date | May 24, 2017 | ||||||
Cash distributions payment date | Jun. 14, 2017 | ||||||
Subsequent Event [Member] | FCI Trading Corp. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 20 | ||||||
Subsequent Event [Member] | Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 25,200 | ||||||
Subsequent Event [Member] | General Partner [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 98 | ||||||
Subsequent Event [Member] | General Partner [Member] | Ferrellgas, L.P. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 300 | ||||||
Subsequent Event [Member] | Ferrell Propane, Inc [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 5 | ||||||
Subsequent Event [Member] | Ferrell Companies [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,253 |
Partners' Capital (Distribution
Partners' Capital (Distributions Paid) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 9,813 | $ 50,733 | $ 69,920 | $ 153,426 |
Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 9,913 | 51,251 | 94,413 | 210,158 |
Public Common Unitholders [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 6,961 | 36,113 | 49,600 | 109,553 |
Ferrell Companies [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 2,253 | 11,546 | 16,052 | 34,638 |
FCI Trading Corp. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 20 | 100 | 140 | 300 |
Ferrell Propane, Inc [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 5 | 26 | 36 | 78 |
James E. Ferrell [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 476 | 2,441 | 3,393 | 7,323 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 9,813 | 50,733 | 93,620 | 208,035 |
General Partner [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 98 | 507 | 699 | 1,534 |
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 100 | $ 518 | $ 793 | $ 2,123 |
Partners' Capital (Distributi61
Partners' Capital (Distributions Expected To Be Paid To Related Parties) (Details) - Subsequent Event [Member] $ in Thousands | Feb. 23, 2017USD ($) |
Ferrell Companies [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,253 |
FCI Trading Corp. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 20 |
Ferrell Propane, Inc [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 5 |
James E. Ferrell [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 476 |
General Partner [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 98 |
Partners' Capital (Deficit) Par
Partners' Capital (Deficit) Partners' Capital (Limited Partner Units) (Details) - shares | Apr. 30, 2017 | Jul. 31, 2016 |
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 98,002,665 |
Public Common Unitholders [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 69,612,939 | 70,462,939 |
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 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 2017 | Jul. 31, 2016 | |
Notes Receivable, Fair Value Disclosure | $ 40.6 | |
Increase (Decrease) in Notes Receivables | 4.5 | |
Long-term Debt, Fair Value | 1,942 | $ 1,920.1 |
Ferrellgas, L.P. [Member] | ||
Notes Receivable, Fair Value Disclosure | 40.6 | |
Increase (Decrease) in Notes Receivables | 4.5 | |
Long-term Debt, Fair Value | $ 1,602.8 | $ 1,736.2 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 |
Interest rate swap assets | $ 677 | $ 5,830 |
Propane commodity derivative assets | 10,879 | 8,241 |
Interest rate swap liabilities | (1,279) | (3,553) |
Propane commodity derivative liabilities | (2,397) | (17,689) |
Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 677 | 5,830 |
Propane commodity derivative assets | 10,879 | 8,241 |
Interest rate swap liabilities | (1,279) | (3,553) |
Propane commodity derivative liabilities | (2,397) | (17,689) |
Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swap assets | 0 | 0 |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 0 | 0 |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap assets | 677 | 5,830 |
Propane commodity derivative assets | 10,879 | 8,241 |
Interest rate swap liabilities | (1,279) | (3,553) |
Propane commodity derivative liabilities | (2,397) | (17,689) |
Fair Value, Inputs, Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 677 | 5,830 |
Propane commodity derivative assets | 10,879 | 8,241 |
Interest rate swap liabilities | (1,279) | (3,553) |
Propane commodity derivative liabilities | (2,397) | (17,689) |
Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swap assets | 0 | 0 |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 0 | 0 |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | $ 0 | $ 0 |
Derivative Instruments and He65
Derivative Instruments and Hedging Activities (Narrative) (Details) MMBbls in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017USD ($) | Apr. 30, 2016USD ($) | Apr. 30, 2017USD ($)MMBbls | Apr. 30, 2016USD ($) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Reclassification of net gain to earnings during next 12 months | $ 5,800,000 | |||
Description of Reclassification of Cash Flow Hedge Gain (Loss) | 0 | |||
Number of barrels of propane covered by cash flow hedges | MMBbls | 2,300 | |||
Additional Collateral, Aggregate Fair Value | 0 | $ 0 | ||
Derivative amount of credit risk | 7,800,000 | |||
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 | 0 |
Reclassification of net gain to earnings during next 12 months | $ 5,800,000 | |||
Description of Reclassification of Cash Flow Hedge Gain (Loss) | 0 | |||
Number of barrels of propane covered by cash flow hedges | MMBbls | 2,300 | |||
Additional Collateral, Aggregate Fair Value | 0 | $ 0 | ||
Derivative amount of credit risk | 7,800,000 | |||
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 | 36 | |||
Diesel fuel [Member] | Ferrellgas, L.P. [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 36 | |||
Unleaded gasoline [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 7 | |||
Unleaded gasoline [Member] | Ferrellgas, L.P. [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 7 | |||
Crude Oil [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 400 | |||
Crude Oil [Member] | Ferrellgas, L.P. [Member] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 400 | |||
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 | 0 |
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 | $ 0 |
Derivative Instruments and He66
Derivative Instruments and Hedging Activities (Fair Value of Financial Derivatives Balance Sheet Locations) (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | $ 10,879 | $ 8,241 |
Interest rate swap assets | 677 | 5,830 |
Derivative assets, fair value | 11,556 | 14,071 |
Propane commodity derivative liabilities | 2,397 | 17,689 |
Interest rate swap liabilities | 1,279 | 3,553 |
Derivative liabilities, fair value | 3,676 | 21,242 |
Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 10,879 | 8,241 |
Interest rate swap assets | 677 | 5,830 |
Derivative assets, fair value | 11,556 | 14,071 |
Propane commodity derivative liabilities | 2,397 | 17,689 |
Interest rate swap liabilities | 1,279 | 3,553 |
Derivative liabilities, fair value | 3,676 | 21,242 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 6,188 | 2,263 |
Interest rate swap assets | 677 | 1,654 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 6,188 | 2,263 |
Interest rate swap assets | 677 | 1,654 |
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 | 2,226 | 3,056 |
Interest rate swap assets | 0 | 4,176 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 2,226 | 3,056 |
Interest rate swap assets | 0 | 4,176 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 431 | 10,184 |
Interest rate swap liabilities | 781 | 2,309 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 758 | 3,996 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 431 | 10,184 |
Interest rate swap liabilities | 781 | 2,309 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 758 | 3,996 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 403 | 1,597 |
Interest rate swap liabilities | 498 | 1,244 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 403 | 1,597 |
Interest rate swap liabilities | 498 | 1,244 |
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 | 2,465 | 2,922 |
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 | 2,465 | 2,922 |
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 | 805 | 1,912 |
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 | $ 805 | $ 1,912 |
Derivative Instruments and He67
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Schedule of Derivative Collateral) (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 |
Derivative Asset, Fair Value of Collateral | $ 2,017 | $ 9,527 |
Derivative Liability, Fair Value of Collateral | 5,424 | 0 |
Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 2,017 | 9,527 |
Derivative Liability, Fair Value of Collateral | 5,424 | 0 |
Other assets, net [Member] | ||
Derivative Asset, Fair Value of Collateral | 602 | 1,275 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 602 | 1,275 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Fair Value of Collateral | 1,415 | 8,252 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 1,415 | 8,252 |
Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 3,925 | 0 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | 3,925 | 0 |
Other Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 1,499 | 0 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | $ 1,499 | $ 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, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Derivative, Gain (Loss) on Derivative, Net | $ 323 | $ 433 | $ 1,071 | $ 1,477 |
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 | 323 | 433 | 1,071 | 1,477 |
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, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Amount of gain (loss) recognized in AOCI | $ (6,496) | $ 14,681 | $ 13,904 | $ 3,561 |
Amount of gain (loss) reclassified from AOCI into income | 1,933 | (6,138) | (2,819) | (22,931) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | (6,496) | 14,681 | 13,904 | 3,561 |
Amount of gain (loss) reclassified from AOCI into income | 1,933 | (6,138) | (2,819) | (22,931) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Propane commodity derivatives [Member] | ||||
Amount of gain (loss) recognized in AOCI | (6,642) | 14,998 | 12,930 | 5,823 |
Amount of gain (loss) reclassified from AOCI into income | (1,112) | (20,729) | ||
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | (6,642) | 14,998 | 12,930 | 5,823 |
Amount of gain (loss) reclassified from AOCI into income | (1,112) | (20,729) | ||
Interest Rate Swap [Member] | ||||
Amount of gain (loss) recognized in AOCI | 146 | (317) | 974 | (2,262) |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | 146 | (317) | 974 | (2,262) |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | 2,411 | (5,467) | (1,112) | (20,729) |
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 | 2,411 | (5,467) | (1,112) | (20,729) |
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 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | (478) | (671) | (1,707) | (2,202) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | $ (478) | $ (671) | $ (1,707) | $ (2,202) |
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, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Propane and related equipment sales [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (393) | $ 955 | $ 1,123 | $ (3,779) |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (393) | 955 | 1,123 | (3,779) |
Midstream - Crude Oil Logistics [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1,464 | 487 | (784) | (3,532) |
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 1,464 | $ 487 | $ (784) | $ (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, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | |
Beginning balance | $ 6,086 | $ 6,086 | $ (10,468) | |||
Change in value of risk management derivatives | (6,496) | $ 14,681 | 13,904 | $ 3,561 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (1,933) | 6,138 | 2,819 | 22,931 | ||
Ending balance | 6,086 | 6,086 | ||||
Ferrellgas, L.P. [Member] | ||||||
Beginning balance | 6,163 | 6,163 | (10,560) | |||
Change in value of risk management derivatives | (6,496) | 14,681 | 13,904 | 3,561 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (1,933) | 6,138 | 2,819 | 22,931 | ||
Ending balance | 6,163 | 6,163 | ||||
Propane commodity derivatives [Member] | ||||||
Change in value of risk management derivatives | (6,642) | 14,998 | 12,930 | 5,823 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 1,112 | 20,729 | ||||
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||||
Change in value of risk management derivatives | (6,642) | 14,998 | 12,930 | 5,823 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 1,112 | 20,729 | ||||
Interest Rate Swap [Member] | ||||||
Change in value of risk management derivatives | 146 | (317) | 974 | (2,262) | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 1,707 | 2,202 | ||||
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||||
Change in value of risk management derivatives | 146 | (317) | 974 | (2,262) | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 1,707 | 2,202 | ||||
Derivative [Member] | ||||||
Beginning balance | 6,908 | (12,414) | 6,908 | (12,414) | (9,815) | $ (38,906) |
Ending balance | 6,908 | (12,414) | 6,908 | (12,414) | ||
Derivative [Member] | Ferrellgas, L.P. [Member] | ||||||
Beginning balance | 6,908 | (12,414) | 6,908 | (12,414) | $ (9,815) | $ (38,906) |
Ending balance | $ 6,908 | $ (12,414) | $ 6,908 | $ (12,414) |
Transactions With Related Par72
Transactions With Related Parties (Narrative) (Details) | Apr. 30, 2017employee |
Number of employees | 0 |
Ferrellgas, L.P. [Member] | |
Number of employees | 0 |
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, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Related Party Transaction [Line Items] | ||||
General and administrative expense | $ 9,978 | $ 13,314 | $ 36,526 | $ 42,530 |
Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expense | 9,869 | 13,214 | 36,416 | 42,032 |
Compensation And Benefits [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expense | 53,747 | 59,907 | 170,953 | 174,943 |
General and administrative expense | 6,913 | 7,957 | 23,713 | 22,297 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expense | 53,747 | 59,907 | 170,953 | 174,943 |
General and administrative expense | $ 6,913 | $ 7,957 | $ 23,713 | $ 22,297 |
Contingencies And Commitments (
Contingencies And Commitments (Narrative) (Details) - Fixed Rate, 8.625%, Due 2020 [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2017 | Jul. 31, 2016 | |
Debt issuance principal amount | $ 175,000,000 | $ 175,000,000 | |
Debt issued discount, percent of par | 96.00% | ||
Proceeds from Debt, Net of Issuance Costs | 165,900,000 | ||
Senior Notes [Member] | Ferrellgas Partners Finance Corp. [Member] | |||
Debt issuance principal amount | $ 175,000,000 | $ 175,000,000 | |
Debt interest rate | 8.625% | 8.625% | |
Debt issued discount, percent of par | 4.00% | 4.00% | |
Debt maturity year | 2,020 | ||
Maximum [Member] | |||
Debt issuance principal amount | $ 357,000,000 | $ 357,000,000 | |
Maximum [Member] | Senior Notes [Member] | Ferrellgas Partners Finance Corp. [Member] | |||
Debt issuance principal amount | $ 357,000,000 | $ 357,000,000 |
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, 2017 | Apr. 30, 2016 | |
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, 2017$ / 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, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Common unitholders' interest in net earnings | $ 6,470 | $ 18,498 | $ 1,545 | $ (3,941) |
Weighted average common units outstanding - basic | 97,152,700 | 98,002,700 | 97,255,400 | 98,911,200 |
Dilutive securities | 0 | 500 | 0 | 0 |
Weighted average common units outstanding - diluted | 97,152,700 | 98,003,200 | 97,255,400 | 98,911,200 |
Basic and diluted net earnings per common unitholders' interest | $ 0.07 | $ 0.19 | $ 0.02 | $ (0.04) |
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, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Segment Reporting Information | ||||
Revenues | $ 538,109 | $ 509,472 | $ 1,496,901 | $ 1,629,856 |
Costs and Expenses | 461,319 | 401,486 | 1,286,062 | 1,334,642 |
Adjusted EBITDA | 76,790 | 107,986 | 210,839 | 295,214 |
Propane and related equipment sales [Member] | ||||
Segment Reporting Information | ||||
Revenues | 411,433 | 404,048 | 1,165,394 | 1,142,429 |
Costs and Expenses | 324,442 | 307,708 | 931,631 | 888,380 |
Adjusted EBITDA | 86,991 | 96,340 | 233,763 | 254,049 |
Midstream - Crude Oil Logistics [Member] | ||||
Segment Reporting Information | ||||
Revenues | 126,676 | 105,424 | 331,507 | 487,427 |
Costs and Expenses | 127,223 | 82,094 | 323,714 | 411,973 |
Adjusted EBITDA | (547) | 23,330 | 7,793 | 75,454 |
Corporate and Other [Member] | ||||
Segment Reporting Information | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 9,654 | 11,684 | 30,717 | 34,289 |
Adjusted EBITDA | (9,654) | (11,684) | (30,717) | (34,289) |
Ferrellgas, L.P. [Member] | ||||
Segment Reporting Information | ||||
Revenues | 538,109 | 509,472 | 1,496,901 | 1,629,856 |
Costs and Expenses | 461,210 | 401,386 | 1,285,952 | 1,334,144 |
Adjusted EBITDA | 76,899 | 108,086 | 210,949 | 295,712 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||||
Segment Reporting Information | ||||
Revenues | 411,433 | 404,048 | 1,165,394 | 1,142,429 |
Costs and Expenses | 324,442 | 307,708 | 931,631 | 888,380 |
Adjusted EBITDA | 86,991 | 96,340 | 233,763 | 254,049 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||||
Segment Reporting Information | ||||
Revenues | 126,676 | 105,424 | 331,507 | 487,427 |
Costs and Expenses | 127,223 | 82,094 | 323,714 | 411,973 |
Adjusted EBITDA | (547) | 23,330 | 7,793 | 75,454 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||||
Segment Reporting Information | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 9,545 | 11,584 | 30,607 | 33,791 |
Adjusted EBITDA | $ (9,545) | $ (11,584) | $ (30,607) | $ (33,791) |
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, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 6,536 | $ 18,685 | $ 1,561 | $ (3,981) |
Income tax benefit | (192) | 1,260 | (194) | 1,446 |
Interest Expense | 39,860 | 34,371 | 112,107 | 102,889 |
Depreciation and amortization expense | 25,737 | 38,352 | 77,546 | 112,698 |
EBITDA | 71,941 | 92,668 | 191,020 | 213,052 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 4,697 | 9,978 | 11,396 | 18,375 |
Non-cash stock-based compensation charge | 0 | 1,091 | 3,298 | 6,757 |
Goodwill impairment | 0 | 0 | 0 | 29,316 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 2,393 | 5,779 | 8,861 | 23,220 |
Other Nonoperating Income (Expense) | (162) | (331) | (1,433) | 89 |
Change in fair value of contingent consideration | 0 | 0 | 0 | (100) |
Severance Costs | 0 | 469 | 1,959 | 1,325 |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | (2,234) | (1,915) | (4,449) | 2,993 |
Acquisition Costs, Period Cost | 0 | 14 | 0 | 99 |
Net earnings (loss) | 6,691 | 18,918 | 1,748 | (3,893) |
Adjusted EBITDA | 76,790 | 107,986 | 210,839 | 295,214 |
Midstream - Crude Oil Logistics [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Adjusted EBITDA | (547) | 23,330 | 7,793 | 75,454 |
Noncontrolling Interest [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | 155 | 233 | 187 | 88 |
Ferrellgas, L.P. [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Income (Loss) Attributable to Parent | 15,395 | 23,049 | 18,555 | 8,700 |
Income tax benefit | (197) | 1,260 | (200) | 1,441 |
Interest Expense | 31,270 | 30,340 | 95,416 | 90,799 |
Depreciation and amortization expense | 25,737 | 38,352 | 77,546 | 112,698 |
EBITDA | 72,205 | 93,001 | 191,317 | 213,638 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 4,697 | 9,978 | 11,396 | 18,375 |
Non-cash stock-based compensation charge | 0 | 1,091 | 3,298 | 6,757 |
Goodwill impairment | 0 | 0 | 0 | 29,316 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 2,393 | 5,779 | 8,861 | 23,220 |
Other Nonoperating Income (Expense) | (162) | (331) | (1,433) | 89 |
Change in fair value of contingent consideration | 0 | 0 | 0 | (100) |
Severance Costs | 0 | 469 | 1,959 | 1,325 |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | (2,234) | (1,915) | (4,449) | 2,993 |
Acquisition Costs, Period Cost | 0 | 14 | 0 | 99 |
Net earnings (loss) | 15,395 | 23,049 | 18,555 | 8,700 |
Adjusted EBITDA | 76,899 | 108,086 | 210,949 | 295,712 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Adjusted EBITDA | $ (547) | $ 23,330 | 7,793 | $ 75,454 |
General Partner [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | 16 | |||
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | $ 187 |
Segment Reporting Segment Rep80
Segment Reporting Segment Reporting (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 1,679,269 | $ 1,683,306 |
Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,233,364 | 1,202,214 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 428,812 | 444,126 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 17,093 | 36,966 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,678,915 | 1,683,213 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,233,364 | 1,202,214 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 428,812 | 444,126 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 16,739 | $ 36,873 |
Segment Reporting Segment Rep81
Segment Reporting Segment Reporting (Schedule of Capital Expenditure Information, by Segment) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Segment Reporting Information | ||
Capital Expenditures | $ 31,925 | $ 105,057 |
Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 29,779 | 41,166 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 241 | 62,900 |
Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,905 | 991 |
Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 10,679 | 13,728 |
Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 8,533 | 12,705 |
Maintenance Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 241 | 32 |
Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,905 | 991 |
Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 21,246 | 91,329 |
Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 21,246 | 28,461 |
Growth Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 62,868 |
Growth Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 31,925 | 105,057 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 29,779 | 41,166 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 241 | 62,900 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,905 | 991 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 10,679 | 13,728 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 8,533 | 12,705 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 241 | 32 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,905 | 991 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 21,246 | 91,329 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 21,246 | 28,461 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 62,868 |
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] $ in Millions | 9 Months Ended |
Apr. 30, 2017USD ($) | |
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% |
Debt maturity year | 2,023 |
Guarantor financial informati83
Guarantor financial information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Apr. 30, 2017 | Jul. 31, 2016 | Apr. 30, 2016 | Jul. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 9,506 | $ 4,965 | $ 6,266 | $ 7,652 |
Accounts and notes receivable | 208,529 | 149,583 | ||
Inventories | 92,757 | 90,594 | ||
Prepaid expenses and other current assets | 30,563 | 39,973 | ||
Total current assets | 341,355 | 285,115 | ||
Property, plant and equipment, net | 743,508 | 774,680 | ||
Goodwill | 256,103 | 256,103 | ||
Intangible assets, net | 259,286 | 280,185 | ||
Other assets, net | 79,017 | 87,223 | ||
Total assets | 1,679,269 | 1,683,306 | ||
Current liabilities: | ||||
Accounts payable | 86,646 | 67,928 | ||
Short-term borrowings | 38,389 | 101,291 | ||
Collateralized note payable | 91,000 | 64,000 | ||
Other current liabilities | 151,473 | 128,958 | ||
Total current liabilities | 367,508 | 362,177 | ||
Long-term debt | 1,984,218 | 1,941,335 | ||
Other liabilities | 31,029 | 31,574 | ||
Contingencies and commitments | ||||
Partners' capital | ||||
Partners' equity | (700,167) | (647,057) | ||
Accumulated other comprehensive income (loss) | 6,086 | (10,468) | ||
Total partners' capital | (703,486) | (651,780) | ||
Total liabilities and partners' capital | 1,679,269 | 1,683,306 | ||
Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 9,166 | 4,890 | 6,235 | 5,600 |
Accounts and notes receivable | 208,529 | 149,583 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 92,757 | 90,594 | ||
Prepaid expenses and other current assets | 30,549 | 39,955 | ||
Total current assets | 341,001 | 285,022 | ||
Property, plant and equipment, net | 743,508 | 774,680 | ||
Goodwill | 256,103 | 256,103 | ||
Intangible assets, net | 259,286 | 280,185 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 79,017 | 87,223 | ||
Total assets | 1,678,915 | 1,683,213 | ||
Current liabilities: | ||||
Accounts payable | 86,646 | 67,928 | ||
Short-term borrowings | 38,389 | 101,291 | ||
Collateralized note payable | 91,000 | 64,000 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 139,463 | 126,952 | ||
Total current liabilities | 355,498 | 360,171 | ||
Long-term debt | 1,638,602 | 1,760,881 | ||
Other liabilities | 31,029 | 31,574 | ||
Contingencies and commitments | ||||
Partners' capital | ||||
Partners' equity | (352,377) | (458,853) | ||
Accumulated other comprehensive income (loss) | 6,163 | (10,560) | ||
Total partners' capital | (346,214) | (469,413) | ||
Total liabilities and partners' capital | 1,678,915 | 1,683,213 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 8,943 | 4,472 | 5,742 | 5,579 |
Accounts and notes receivable | (18,782) | (2,703) | ||
Intercompany receivables | 39,603 | 34,089 | ||
Inventories | 72,024 | 71,422 | ||
Prepaid expenses and other current assets | 21,689 | 27,922 | ||
Total current assets | 123,477 | 135,202 | ||
Property, plant and equipment, net | 546,063 | 557,460 | ||
Goodwill | 246,098 | 246,098 | ||
Intangible assets, net | 132,547 | 141,794 | ||
Intercompany receivables | 450,000 | 450,000 | ||
Investments in consolidated subsidiaries | (973) | 3,630 | ||
Other assets, net | 32,914 | 37,742 | ||
Total assets | 1,530,126 | 1,571,926 | ||
Current liabilities: | ||||
Accounts payable | 40,752 | 33,781 | ||
Short-term borrowings | 38,389 | 101,291 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 132,900 | 119,048 | ||
Total current liabilities | 212,041 | 254,120 | ||
Long-term debt | 1,637,554 | 1,759,868 | ||
Other liabilities | 26,745 | 27,351 | ||
Partners' capital | ||||
Partners' equity | (352,377) | (458,853) | ||
Accumulated other comprehensive income (loss) | 6,163 | (10,560) | ||
Total partners' capital | (346,214) | (469,413) | ||
Total liabilities and partners' capital | 1,530,126 | 1,571,926 | ||
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 | 2 | ||
Total current assets | 1 | 3 | ||
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 | ||
Other assets, net | 0 | 0 | ||
Total assets | 1 | 3 | ||
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 | 3 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total partners' capital | 1 | 3 | ||
Total liabilities and partners' capital | 1 | 3 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 222 | 417 | 492 | 20 |
Accounts and notes receivable | 87,986 | 45,822 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 20,733 | 19,172 | ||
Prepaid expenses and other current assets | 8,858 | 12,029 | ||
Total current assets | 117,799 | 77,440 | ||
Property, plant and equipment, net | 197,445 | 217,220 | ||
Goodwill | 10,005 | 10,005 | ||
Intangible assets, net | 126,739 | 138,391 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 45,458 | 49,016 | ||
Total assets | 497,446 | 492,072 | ||
Current liabilities: | ||||
Accounts payable | 45,894 | 34,147 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 39,411 | 35,491 | ||
Other current liabilities | 6,203 | 7,754 | ||
Total current liabilities | 91,508 | 77,392 | ||
Long-term debt | 451,048 | 451,013 | ||
Other liabilities | 4,059 | 3,998 | ||
Partners' capital | ||||
Partners' equity | (48,522) | (39,684) | ||
Accumulated other comprehensive income (loss) | (647) | (647) | ||
Total partners' capital | (49,169) | (40,331) | ||
Total liabilities and partners' capital | 497,446 | 492,072 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and notes receivable | 139,325 | 106,464 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 2 | 2 | ||
Total current assets | 139,327 | 106,466 | ||
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 | ||
Other assets, net | 645 | 465 | ||
Total assets | 139,972 | 106,931 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 91,000 | 64,000 | ||
Intercompany Payables | 192 | (1,402) | ||
Other current liabilities | 360 | 150 | ||
Total current liabilities | 91,552 | 62,748 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 225 | 225 | ||
Partners' capital | ||||
Partners' equity | 47,870 | 43,633 | ||
Accumulated other comprehensive income (loss) | 325 | 325 | ||
Total partners' capital | 48,195 | 43,958 | ||
Total liabilities and partners' capital | 139,972 | 106,931 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts and notes receivable | 0 | 0 | ||
Intercompany receivables | (39,603) | (34,089) | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (39,603) | (34,089) | ||
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 | 973 | (3,630) | ||
Other assets, net | 0 | 0 | ||
Total assets | (488,630) | (487,719) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | (39,603) | (34,089) | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (39,603) | (34,089) | ||
Long-term debt | (450,000) | (450,000) | ||
Other liabilities | 0 | 0 | ||
Partners' capital | ||||
Partners' equity | 651 | (3,952) | ||
Accumulated other comprehensive income (loss) | 322 | 322 | ||
Total partners' capital | 973 | (3,630) | ||
Total liabilities and partners' capital | $ (488,630) | $ (487,719) |
Guarantor financial informati84
Guarantor financial information - Condensed Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Revenues: | ||||
Propane and other gas liquids sales | $ 369,437 | $ 338,929 | $ 1,049,211 | $ 961,086 |
Midstream operations | 126,676 | 105,424 | 331,507 | 487,427 |
Other | 41,996 | 65,119 | 116,183 | 181,343 |
Total revenues | 538,109 | 509,472 | 1,496,901 | 1,629,856 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 197,487 | 152,261 | 551,728 | 448,841 |
Cost of sales - midstream operations | 118,767 | 71,852 | 300,433 | 373,899 |
Cost of product sold - other | 20,810 | 41,203 | 53,213 | 111,425 |
Operating expense | 104,773 | 115,271 | 322,935 | 347,467 |
Depreciation and amortization expense | 25,737 | 38,352 | 77,546 | 112,698 |
General and administrative expense | 9,978 | 13,314 | 36,526 | 42,530 |
Equipment lease expense | 7,270 | 7,244 | 22,035 | 21,554 |
Non-cash employee stock ownership plan compensation charge | 4,697 | 9,978 | 11,396 | 18,375 |
Goodwill impairment | 0 | 0 | 0 | 29,316 |
Loss on disposal of assets | 2,393 | 5,779 | 8,861 | 23,220 |
Operating income (loss) | 46,197 | 54,218 | 112,228 | 100,531 |
Interest expense | (39,860) | (34,371) | 112,107 | 102,889 |
Other income (expense), net | 162 | 331 | 1,433 | (89) |
Earnings (loss) before income taxes | 6,499 | 20,178 | 1,554 | (2,447) |
Income tax expense | (192) | 1,260 | (194) | 1,446 |
Net earnings (loss) | 6,691 | 18,918 | 1,748 | (3,893) |
Other comprehensive income (loss) | (8,429) | 20,819 | 16,723 | 26,492 |
Comprehensive income | (1,738) | 39,737 | 18,471 | 22,599 |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 369,437 | 338,929 | 1,049,211 | 961,086 |
Midstream operations | 126,676 | 105,424 | 331,507 | 487,427 |
Other | 41,996 | 65,119 | 116,183 | 181,343 |
Total revenues | 538,109 | 509,472 | 1,496,901 | 1,629,856 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 197,487 | 152,261 | 551,728 | 448,841 |
Cost of sales - midstream operations | 118,767 | 71,852 | 300,433 | 373,899 |
Cost of product sold - other | 20,810 | 41,203 | 53,213 | 111,425 |
Operating expense | 104,773 | 115,271 | 322,935 | 347,467 |
Depreciation and amortization expense | 25,737 | 38,352 | 77,546 | 112,698 |
General and administrative expense | 9,869 | 13,214 | 36,416 | 42,032 |
Equipment lease expense | 7,270 | 7,244 | 22,035 | 21,554 |
Non-cash employee stock ownership plan compensation charge | 4,697 | 9,978 | 11,396 | 18,375 |
Goodwill impairment | 0 | 0 | 0 | 29,316 |
Loss on disposal of assets | 2,393 | 5,779 | 8,861 | 23,220 |
Operating income (loss) | 46,306 | 54,318 | 112,338 | 101,029 |
Interest expense | (31,270) | (30,340) | 95,416 | 90,799 |
Other income (expense), net | 162 | 331 | 1,433 | (89) |
Earnings (loss) before income taxes | 15,198 | 24,309 | 18,355 | 10,141 |
Income tax expense | (197) | 1,260 | (200) | 1,441 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | 15,395 | 23,049 | 18,555 | 8,700 |
Other comprehensive income (loss) | (8,429) | 20,819 | 16,723 | 26,492 |
Comprehensive income | 6,966 | 43,868 | 35,278 | 35,192 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 369,437 | 338,929 | 1,049,211 | 961,086 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 17,850 | 19,739 | 56,785 | 58,687 |
Total revenues | 387,287 | 358,668 | 1,105,996 | 1,019,773 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 197,487 | 152,261 | 551,728 | 448,841 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 1,992 | 2,009 | 6,993 | 6,804 |
Operating expense | 96,264 | 100,998 | 297,905 | 299,660 |
Depreciation and amortization expense | 18,261 | 18,247 | 54,552 | 55,602 |
General and administrative expense | 8,930 | 11,884 | 32,886 | 37,619 |
Equipment lease expense | 7,108 | 7,127 | 21,585 | 21,170 |
Non-cash employee stock ownership plan compensation charge | 4,697 | 9,978 | 11,396 | 18,375 |
Goodwill impairment | 0 | |||
Loss on disposal of assets | (2,146) | (1,775) | (3,666) | (5,420) |
Operating income (loss) | 50,402 | 54,389 | 125,285 | 126,282 |
Interest expense | (19,452) | (19,316) | (60,893) | (57,467) |
Other income (expense), net | (157) | 331 | 100 | (89) |
Earnings (loss) before income taxes | 30,793 | 35,404 | 64,492 | 68,726 |
Income tax expense | 97 | 395 | 171 | 673 |
Equity in earnings of subsidiary | (15,301) | (11,960) | (45,766) | (59,353) |
Net earnings (loss) | 15,395 | 23,049 | 18,555 | 8,700 |
Other comprehensive income (loss) | (8,429) | 20,819 | 16,723 | 26,492 |
Comprehensive income | 6,966 | 43,868 | 35,278 | 35,192 |
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 | 5 | 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 | (5) | (3) |
Interest expense | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) before income taxes | 0 | 0 | (5) | (3) |
Income tax expense | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | 0 | 0 | (5) | (3) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income | 0 | 0 | (5) | (3) |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 126,676 | 105,424 | 331,507 | 487,427 |
Other | 24,146 | 45,380 | 59,398 | 122,656 |
Total revenues | 150,822 | 150,804 | 390,905 | 610,083 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 118,767 | 71,852 | 300,433 | 373,899 |
Cost of product sold - other | 18,818 | 39,194 | 46,220 | 104,621 |
Operating expense | 8,594 | 13,999 | 28,482 | 46,380 |
Depreciation and amortization expense | 7,418 | 19,918 | 22,817 | 56,909 |
General and administrative expense | 939 | 1,330 | 3,525 | 4,410 |
Equipment lease expense | 162 | 117 | 450 | 384 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Goodwill impairment | 29,316 | |||
Loss on disposal of assets | (247) | (4,004) | (5,195) | (17,800) |
Operating income (loss) | (4,123) | 390 | (16,217) | (23,636) |
Interest expense | (11,019) | (10,499) | (32,694) | (31,819) |
Other income (expense), net | 319 | 0 | 1,333 | 0 |
Earnings (loss) before income taxes | (14,823) | (10,109) | (47,578) | (55,455) |
Income tax expense | (294) | 865 | (371) | 768 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | (14,529) | (10,974) | (47,207) | (56,223) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income | (14,529) | (10,974) | (47,207) | (56,223) |
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 | 1,315 | 1,376 | (251) | 3,981 |
Depreciation and amortization expense | 58 | 187 | 177 | 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) | (1,373) | (1,563) | 74 | (4,168) |
Interest expense | (799) | (536) | (1,826) | (1,669) |
Other income (expense), net | 1,400 | 1,113 | 3,198 | 2,710 |
Earnings (loss) before income taxes | (772) | (986) | 1,446 | (3,127) |
Income tax expense | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | (772) | (986) | 1,446 | (3,127) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income | (772) | (986) | 1,446 | (3,127) |
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 | (1,400) | (1,102) | (3,201) | (2,554) |
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) | 1,400 | 1,102 | 3,201 | 2,554 |
Interest expense | 0 | 11 | (3) | 156 |
Other income (expense), net | (1,400) | (1,113) | (3,198) | (2,710) |
Earnings (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 15,301 | 11,960 | 45,766 | 59,353 |
Net earnings (loss) | 15,301 | 11,960 | 45,766 | 59,353 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income | $ 15,301 | $ 11,960 | $ 45,766 | $ 59,353 |
Guarantor financial informati85
Guarantor financial information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 118,331 | $ 220,082 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 3,539 | 13,894 |
Capital expenditures | (35,412) | (108,387) |
Proceeds from sale of assets | 4,721 | 11,862 |
Net cash used in investing activities | (34,267) | (110,918) |
Cash flows from financing activities: | ||
Distributions | (69,920) | (153,426) |
Proceeds from increase in long-term debt | 220,354 | 159,814 |
Payments on long-term debt | (173,471) | (8,739) |
Net additions to (reductions in) short-term borrowings | (62,902) | (66,248) |
Net additions to collateralized short-term borrowings | 27,000 | 7,000 |
Cash paid for financing costs | (5,633) | (640) |
Net cash provided by (used in) financing activities | (79,523) | (110,550) |
Increase (decrease) in cash and cash equivalents | 4,541 | (1,386) |
Cash and cash equivalents - beginning of period | 4,965 | 7,652 |
Cash and cash equivalents - end of period | 9,506 | 6,266 |
Ferrellgas, L.P. [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 124,399 | 230,494 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 3,539 | (13,894) |
Capital expenditures | (35,412) | (108,387) |
Proceeds from sale of assets | 4,721 | 11,862 |
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 | (37) | (499) |
Net cash used in investing activities | (34,267) | (110,918) |
Cash flows from financing activities: | ||
Distributions | (94,413) | (210,158) |
Capital contribution | 167,640 | 30 |
Proceeds from increase in long-term debt | 52,354 | 159,814 |
Payments on long-term debt | (173,471) | (8,739) |
Net additions to (reductions in) short-term borrowings | (62,902) | (66,248) |
Net reductions to collateralized short-term borrowings | 27,000 | |
Net additions to collateralized short-term borrowings | 27,000 | 7,000 |
Net changes in advances with consolidated entities | 0 | 0 |
Cash paid for financing costs | (2,064) | (640) |
Net cash provided by (used in) financing activities | (85,856) | (118,941) |
Effect of exchange rate changes on cash | 0 | |
Increase (decrease) in cash and cash equivalents | 4,276 | 635 |
Cash and cash equivalents - beginning of period | 4,890 | 5,600 |
Cash and cash equivalents - end of period | 9,166 | 6,235 |
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 | 186,530 | 193,703 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (3,539) | (13,894) |
Capital expenditures | (35,116) | (44,330) |
Proceeds from sale of assets | 4,721 | 11,862 |
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 | (35,476) | (20,740) |
Other | (37) | (499) |
Net cash used in investing activities | (69,447) | (67,601) |
Cash flows from financing activities: | ||
Distributions | (94,413) | (210,158) |
Capital contribution | 167,640 | 30 |
Proceeds from increase in long-term debt | 52,354 | 159,814 |
Payments on long-term debt | (173,471) | (8,739) |
Net additions to (reductions in) short-term borrowings | (62,902) | (66,248) |
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 | (1,820) | (640) |
Net cash provided by (used in) financing activities | (112,612) | (125,941) |
Effect of exchange rate changes on cash | 2 | |
Increase (decrease) in cash and cash equivalents | 4,471 | 163 |
Cash and cash equivalents - beginning of period | 4,472 | 5,579 |
Cash and cash equivalents - end of period | 8,943 | 5,742 |
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 | (5) | (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 | 5 | 3 |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 5 | 3 |
Effect of exchange rate changes on cash | 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 | (73,168) | 57,450 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | (296) | (64,057) |
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 | (296) | (64,057) |
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 | 73,269 | 7,079 |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 73,269 | 7,079 |
Effect of exchange rate changes on cash | 0 | |
Increase (decrease) in cash and cash equivalents | (195) | 472 |
Cash and cash equivalents - beginning of period | 417 | 20 |
Cash and cash equivalents - end of period | 222 | 492 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 38,042 | (13,656) |
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 | 803,109 | 763,604 |
Cash remitted to Ferrellgas, L.P for accounts receivable | (830,109) | (770,604) |
Intercompany loan to affiliate | 244 | 0 |
Other | 0 | 0 |
Net cash used in investing activities | (26,756) | (7,000) |
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 | 27,000 | |
Net additions to collateralized short-term borrowings | 7,000 | |
Net changes in advances with consolidated entities | (38,042) | 13,658 |
Cash paid for financing costs | (244) | 0 |
Net cash provided by (used in) financing activities | (11,286) | 20,658 |
Effect of exchange rate changes on cash | (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 | (27,000) | (7,000) |
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 | (803,109) | (763,604) |
Cash remitted to Ferrellgas, L.P for accounts receivable | 830,109 | 770,604 |
Intercompany loan to affiliate | 35,232 | 20,740 |
Other | 0 | 0 |
Net cash used in investing activities | 62,232 | 27,740 |
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 | (35,232) | (20,740) |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | (35,232) | (20,740) |
Effect of exchange rate changes on cash | 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 |