Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Aug. 31, 2021 | Jan. 29, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jul. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-11331 | ||
Entity Registrant Name | Ferrellgas Partners L P | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 43-1698480 | ||
Entity Address, Address Line One | 7500 College Boulevard | ||
Entity Address, Address Line Two | SuiteĀ 1000 | ||
Entity Address, City or Town | Overland Park | ||
Entity Address, State or Province | KS | ||
Entity Address, Postal Zip Code | 66210 | ||
City Area Code | 913 | ||
Local Phone Number | 661-1500 | ||
Title of 12(b) Security | N/A | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 4,857,605 | ||
Entity Public Float | $ 43,138,320 | ||
Current Fiscal Year End Date | --07-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000922358 | ||
Amendment Flag | false | ||
No Trading Symbol Flag | true | ||
Ferrellgas Partners Finance Corp. [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2021 | ||
Entity File Number | 333-06693-02 | ||
Entity Registrant Name | FERRELLGAS PARTNERS FINANCE CORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 43-1742520 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Current Fiscal Year End Date | --07-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001012493 | ||
Amendment Flag | false | ||
Ferrellgas, L.P. [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2021 | ||
Entity File Number | 000-50182 | ||
Entity Registrant Name | FERRELLGAS L P | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 43-1698481 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Current Fiscal Year End Date | --07-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000922359 | ||
Amendment Flag | false | ||
Ferrellgas Finance Corp. [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2021 | ||
Entity File Number | 000-50183 | ||
Entity Registrant Name | FERRELLGAS FINANCE CORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 14-1866671 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Current Fiscal Year End Date | --07-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000922360 | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 281,952,000 | $ 333,761,000 |
Accounts and notes receivable, net (including $103,703 of accounts receivable pledged as collateral at July 31, 2020) | 131,574,000 | 101,438,000 |
Inventories | 88,379,000 | 72,664,000 |
Prepaid expenses and other current assets | 39,092,000 | 33,098,000 |
Price risk management asset | 78,001,000 | 2,846,000 |
Total current assets | 618,998,000 | 543,807,000 |
Prepaid expenses and other current assets | 39,092,000 | 33,098,000 |
Property, plant and equipment, net | 582,118,000 | 591,042,000 |
Goodwill, net | 246,946,000 | 247,195,000 |
Intangible assets (net of accumulated amortization of $432,032 and $423,290 at July 31, 2021 and July 31, 2020, respectively) | 100,743,000 | 104,049,000 |
Operating lease, right-of-use assets | 87,611,000 | 107,349,000 |
Other assets, net | 93,228,000 | 74,748,000 |
Total assets | 1,729,644,000 | 1,668,190,000 |
Current liabilities: | ||
Accounts payable | 47,913,000 | 33,944,000 |
Current portion of long-term debt | 1,670,000 | 859,095,000 |
Current operating lease liabilities | 25,363,000 | 29,345,000 |
Other current liabilities | 246,000,000 | 167,466,000 |
Total current liabilities | 320,946,000 | 1,089,850,000 |
Long-term debt | 1,444,890,000 | 1,646,396,000 |
Operating lease liabilities | 74,349,000 | 89,022,000 |
Other liabilities | 61,189,000 | 51,190,000 |
Mezzanine equity: | ||
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at July 31, 2021) | 651,349,000 | |
Partners' capital (deficit) | ||
General partner unitholder | (72,178,000) | (71,287,000) |
Accumulated other comprehensive income (loss) | 88,866,000 | (2,303,000) |
Total Ferrellgas Partners, L.P. partners' deficit | (815,113,000) | (1,200,042,000) |
Noncontrolling interest | (7,966,000) | (8,226,000) |
Total partners' capital (deficit) | (823,079,000) | (1,208,268,000) |
Total liabilities, mezzanine and partners' capital (deficit) | 1,729,644,000 | 1,668,190,000 |
Class A Limited Partner Units | ||
Partners' capital (deficit) | ||
Limited partner unitholders | (1,214,813,000) | (1,126,452,000) |
Class B Limited Partner Units | ||
Partners' capital (deficit) | ||
Limited partner unitholders | 383,012,000 | |
Ferrellgas Partners Finance Corp. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,000 | 1,000 |
Prepaid expenses and other current assets | 0 | 1,850 |
Prepaid expenses and other current assets | 0 | 1,850 |
Total assets | 1,000 | 2,850 |
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 | 39,486 | 38,846 |
Accumulated deficit | (39,486) | (36,996) |
Total stockholder's equity | 1,000 | 2,850 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 281,688,000 | 333,755,000 |
Accounts and notes receivable, net (including $103,703 of accounts receivable pledged as collateral at July 31, 2020) | 131,574,000 | 101,438,000 |
Inventories | 88,379,000 | 72,664,000 |
Prepaid expenses and other current assets | 39,073,000 | 33,051,000 |
Price risk management asset | 78,001,000 | 2,846,000 |
Total current assets | 618,715,000 | 543,754,000 |
Prepaid expenses and other current assets | 39,073,000 | 33,051,000 |
Property, plant and equipment, net | 582,118,000 | 591,042,000 |
Goodwill, net | 246,946,000 | 247,195,000 |
Intangible assets (net of accumulated amortization of $432,032 and $423,290 at July 31, 2021 and July 31, 2020, respectively) | 100,743,000 | 104,049,000 |
Operating lease, right-of-use assets | 87,611,000 | 107,349,000 |
Loan receivable - Ferrellgas Partners, L.P. | 17,001,000 | |
Other assets, net | 93,228,000 | 74,748,000 |
Total assets | 1,746,362,000 | 1,668,137,000 |
Current liabilities: | ||
Accounts payable | 47,913,000 | 33,944,000 |
Current portion of long-term debt | 1,670,000 | 502,095,000 |
Current operating lease liabilities | 25,363,000 | 29,345,000 |
Other current liabilities | 245,782,000 | 148,136,000 |
Total current liabilities | 320,728,000 | 713,520,000 |
Long-term debt | 1,444,890,000 | 1,646,396,000 |
Operating lease liabilities | 74,349,000 | 89,022,000 |
Other liabilities | 61,189,000 | 51,190,000 |
Mezzanine equity: | ||
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at July 31, 2021) | 651,349,000 | |
Partners' capital (deficit) | ||
Limited partner unitholders | (887,043,000) | (821,462,000) |
General partner unitholder | (8,886,000) | (8,216,000) |
Accumulated other comprehensive income (loss) | 89,786,000 | (2,313,000) |
Total partners' capital (deficit) | (806,143,000) | (831,991,000) |
Total liabilities, mezzanine and partners' capital (deficit) | 1,746,362,000 | 1,668,137,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,100 | 1,100 |
Prepaid expenses and other current assets | 1,500 | |
Prepaid expenses and other current assets | 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 | 102,628 | 84,187 |
Accumulated deficit | (102,528) | (82,587) |
Total stockholder's equity | $ 1,100 | $ 2,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Restricted cash | $ 11,500 | $ 95,759 |
Accounts receivable pledged as collateral | 103,703 | |
Amortizable intangible assets, accumulated amortization | $ 432,032 | $ 423,290 |
Senior preferred units, units outstanding | 700,000 | |
General partner unitholder, units outstanding | 49,496 | 49,496 |
Class A Limited Partner Units | ||
Limited partner unitholders, units outstanding | 4,857,605 | 4,857,605 |
Class B Limited Partner Units | ||
Limited partner unitholders, units outstanding | 1,300,000 | |
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] | ||
Restricted cash | $ 11,500 | $ 95,759 |
Accounts receivable pledged as collateral | 103,703 | |
Amortizable intangible assets, accumulated amortization | $ 432,032 | $ 423,290 |
Senior preferred units, units outstanding | 700,000 | |
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 Oper
Consolidated Statements Of Operations - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Revenues: | |||
Revenues | $ 1,754,310,000 | $ 1,497,826,000 | $ 1,684,392,000 |
Costs and expenses: | |||
Operating expense - personnel, vehicle, plant and other | 465,816,000 | 493,055,000 | 468,868,000 |
Operating expense - equipment lease expense | 27,062,000 | 33,017,000 | |
Equipment lease expense, PREADOPTION | 33,073,000 | ||
Depreciation and amortization expense | 85,382,000 | 80,481,000 | 78,846,000 |
General and administrative expense | 60,065,000 | 45,752,000 | 59,994,000 |
Non-cash employee stock ownership plan compensation charge | 3,215,000 | 2,871,000 | 5,693,000 |
Loss on asset sales and disposals | 1,831,000 | 7,924,000 | 10,968,000 |
Operating income | 216,275,000 | 148,670,000 | 113,028,000 |
Interest expense | (173,616,000) | (192,962,000) | (177,619,000) |
Loss on extinguishment of debt | (104,834,000) | (37,399,000) | 0 |
Other income (expense), net | 4,246,000 | (460,000) | 369,000 |
Reorganization expense - professional fees | (10,443,000) | ||
Earnings (loss) before income taxes | (68,372,000) | (82,151,000) | (64,222,000) |
Income tax expense (benefit) | 741,000 | 851,000 | 323,000 |
Net earnings (loss) | (69,113,000) | (83,002,000) | (64,545,000) |
Net loss attributable to noncontrolling interest | (702,000) | (503,000) | (298,000) |
Net earnings (loss) | (68,411,000) | (82,499,000) | (64,247,000) |
Distribution to preferred unitholders | 24,024,000 | ||
Less: General partner's interest in net earnings (loss) | (684,000) | (825,000) | (642,000) |
Limited partner unitholders' interest in net earnings (loss) | $ (91,751,000) | $ (81,674,000) | $ (63,605,000) |
Basic and diluted net earnings (loss) per limited partner unit | $ (18.89) | $ (16.81) | $ (13.09) |
Propane [Member] | |||
Revenues: | |||
Revenues | $ 1,668,852,000 | $ 1,415,791,000 | $ 1,608,858,000 |
Costs and expenses: | |||
Cost of sales | 881,936,000 | 673,053,000 | 902,516,000 |
Other Revenues | |||
Revenues: | |||
Revenues | 85,458,000 | 82,035,000 | 75,534,000 |
Costs and expenses: | |||
Cost of sales | 12,728,000 | 13,003,000 | 11,406,000 |
Ferrellgas Partners Finance Corp. [Member] | |||
Costs and expenses: | |||
General and administrative expense | 2,490 | 5,827 | 3,999 |
Net earnings (loss) | (2,490) | (5,827) | (3,999) |
Ferrellgas, L.P. [Member] | |||
Revenues: | |||
Revenues | 1,754,310,000 | 1,497,826,000 | 1,684,392,000 |
Costs and expenses: | |||
Operating expense - personnel, vehicle, plant and other | 465,816,000 | 493,055,000 | 468,868,000 |
Operating expense - equipment lease expense | 27,062,000 | 33,017,000 | |
Equipment lease expense, PREADOPTION | 33,073,000 | ||
Depreciation and amortization expense | 85,382,000 | 80,481,000 | 78,846,000 |
General and administrative expense | 59,676,000 | 45,636,000 | 59,980,000 |
Non-cash employee stock ownership plan compensation charge | 3,215,000 | 2,871,000 | 5,693,000 |
Loss on asset sales and disposals | 1,831,000 | 7,924,000 | 10,968,000 |
Operating income | 216,664,000 | 148,786,000 | 113,042,000 |
Interest expense | (159,845,000) | (159,889,000) | (142,635,000) |
Loss on extinguishment of debt | (107,971,000) | (37,399,000) | |
Other income (expense), net | 6,437,000 | (460,000) | 369,000 |
Earnings (loss) before income taxes | (44,715,000) | (48,962,000) | (29,224,000) |
Income tax expense (benefit) | 727,000 | 802,000 | 293,000 |
Net earnings (loss) | (45,442,000) | (49,764,000) | (29,517,000) |
Ferrellgas, L.P. [Member] | Propane [Member] | |||
Revenues: | |||
Revenues | 1,668,852,000 | 1,415,791,000 | 1,608,858,000 |
Costs and expenses: | |||
Cost of sales | 881,936,000 | 673,053,000 | 902,516,000 |
Ferrellgas, L.P. [Member] | Other Revenues | |||
Revenues: | |||
Revenues | 85,458,000 | 82,035,000 | 75,534,000 |
Costs and expenses: | |||
Cost of sales | 12,728,000 | 13,003,000 | 11,406,000 |
Ferrellgas Finance Corp. [Member] | |||
Costs and expenses: | |||
General and administrative expense | 19,941 | 6,010 | 5,625 |
Net earnings (loss) | $ (19,941) | $ (6,010) | $ (5,625) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Comprehensive income (loss): | |||
Net income (loss) | $ (69,113) | $ (83,002) | $ (64,545) |
Other comprehensive income (loss): | |||
Change in value on risk management derivatives | 136,351 | (22,872) | |
Change in value on risk management derivatives, pre-adoption | (48,184) | ||
Reclassification of (gains) losses on derivatives to earnings, net | (44,252) | 35,315 | |
Reclassification of losses on derivatives to earnings, net, pre-adoption | 12,868 | ||
Pension liability adjustment | (109) | (64) | |
Other comprehensive income (loss) | 92,099 | 12,334 | (35,380) |
Comprehensive loss | 22,986 | (70,668) | (99,925) |
Less: comprehensive income (loss) attributable to noncontrolling interest | 228 | (378) | (656) |
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | 22,758 | (70,290) | (99,269) |
Ferrellgas, L.P. [Member] | |||
Comprehensive income (loss): | |||
Net income (loss) | (45,442) | (49,764) | (29,517) |
Other comprehensive income (loss): | |||
Change in value on risk management derivatives | 136,351 | (22,872) | |
Change in value on risk management derivatives, pre-adoption | (48,184) | ||
Reclassification of (gains) losses on derivatives to earnings, net | (44,252) | 35,315 | |
Reclassification of losses on derivatives to earnings, net, pre-adoption | 12,868 | ||
Pension liability adjustment | (109) | (64) | |
Other comprehensive income (loss) | 92,099 | 12,334 | (35,380) |
Comprehensive loss | $ 46,657 | $ (37,430) | $ (64,897) |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Capital - USD ($) | Ferrellgas, L.P. [Member]Limited Partner UnitholdersCumulative Effect, Period of Adoption, Adjustment [Member] | Ferrellgas, L.P. [Member]Limited Partner Unitholders | Ferrellgas, L.P. [Member]General Partner [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Ferrellgas, L.P. [Member]General Partner [Member] | Ferrellgas, L.P. [Member]Accumulated Other Comprehensive Income (Loss) | Ferrellgas, L.P. [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Ferrellgas, L.P. [Member] | Limited Partner UnitholdersClass A Limited Partner UnitsCumulative Effect, Period of Adoption, Adjustment [Member] | Limited Partner UnitholdersClass A Limited Partner Units | Limited Partner UnitholdersClass B Limited Partner Units | General Partner [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | General Partner [Member] | Accumulated Other Comprehensive Income (Loss) | Parent [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Parent [Member] | Non-Controlling Interest [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Non-Controlling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Total |
Partners' capital balance (in shares) at Jul. 31, 2018 | 4,857,600 | 49,500 | |||||||||||||||||
Partners' capital balance, beginning at Jul. 31, 2018 | $ (693,896,000) | $ (6,915,000) | $ 20,733,000 | $ (680,078,000) | $ (978,503,000) | $ (69,792,000) | $ 20,510,000 | $ (1,027,785,000) | $ (6,692,000) | $ (1,034,477,000) | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||||
Contributions in connection with non-cash ESOP compensation charges | 5,635,000 | 58,000 | 5,693,000 | 5,579,000 | 56,000 | 5,635,000 | 58,000 | 5,693,000 | |||||||||||
Distributions | (40,706,000) | (415,000) | (41,121,000) | (9,716,000) | (98,000) | (9,814,000) | (415,000) | (10,229,000) | |||||||||||
Net income (loss) | (29,219,000) | (298,000) | (29,517,000) | (63,605,000) | (642,000) | (64,247,000) | (298,000) | (64,545,000) | |||||||||||
Other comprehensive income (loss) | (35,380,000) | (35,380,000) | (35,022,000) | (35,022,000) | (358,000) | (35,380,000) | |||||||||||||
Partners' capital balance, ending at Jul. 31, 2019 | $ (1,361,000) | (758,186,000) | $ (14,000) | (7,570,000) | (14,647,000) | $ (1,375,000) | (780,403,000) | $ (1,347,000) | $ (1,046,245,000) | $ (14,000) | $ (70,476,000) | (14,512,000) | $ (1,361,000) | (1,131,233,000) | $ (14,000) | (7,705,000) | $ (1,375,000) | (1,138,938,000) | |
Partners' capital balance (in shares) at Jul. 31, 2019 | 4,857,600 | 49,500 | |||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||||
Contributions in connection with non-cash ESOP compensation charges | 2,842,000 | 29,000 | 2,871,000 | $ 2,814,000 | $ 28,000 | 2,842,000 | 29,000 | 2,871,000 | |||||||||||
Distributions | (15,496,000) | (158,000) | (15,654,000) | 0 | (158,000) | (158,000) | |||||||||||||
Net income (loss) | (49,261,000) | (503,000) | (49,764,000) | (81,674,000) | (825,000) | (82,499,000) | (503,000) | (83,002,000) | |||||||||||
Other comprehensive income (loss) | 12,334,000 | 12,334,000 | 12,209,000 | 12,209,000 | 125,000 | 12,334,000 | |||||||||||||
Partners' capital balance, ending at Jul. 31, 2020 | (821,462,000) | (8,216,000) | (2,313,000) | (831,991,000) | $ (1,126,452,000) | $ (71,287,000) | (2,303,000) | (1,200,042,000) | (8,226,000) | (1,208,268,000) | |||||||||
Partners' capital balance (in shares) at Jul. 31, 2020 | 4,857,600 | 49,500 | |||||||||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||||||||||||
Contributions in connection with non-cash ESOP compensation charges | 3,183,000 | 32,000 | 3,215,000 | $ 3,150,000 | $ 33,000 | 3,183,000 | 32,000 | 3,215,000 | |||||||||||
Issuance of Class B Units, net of offering costs | $ 383,012,000 | 383,012,000 | 0 | 383,012,000 | |||||||||||||||
Issuance of Class B Units (in shares) | 1,300,000 | ||||||||||||||||||
Net earnings allocated to preferred units | (24,024,000) | (24,024,000) | (23,784,000) | (240,000) | (24,024,000) | (24,024,000) | |||||||||||||
Net income (loss) | (44,740,000) | (702,000) | (45,442,000) | (67,727,000) | (684,000) | (68,411,000) | (702,000) | (69,113,000) | |||||||||||
Other comprehensive income (loss) | 92,099,000 | 92,099,000 | 91,169,000 | 91,169,000 | 930,000 | 92,099,000 | |||||||||||||
Partners' capital balance, ending at Jul. 31, 2021 | $ (887,043,000) | $ (8,886,000) | $ 89,786,000 | $ (806,143,000) | $ (1,214,813,000) | $ 383,012,000 | $ (72,178,000) | $ 88,866,000 | $ (815,113,000) | $ (7,966,000) | $ (823,079,000) | ||||||||
Partners' capital balance (in shares) at Jul. 31, 2021 | 4,857,600 | 1,300,000 | 49,500 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) | Ferrellgas Partners Finance Corp. [Member]Common Stock [Member] | Ferrellgas Partners Finance Corp. [Member]Additional Paid-in Capital [Member] | Ferrellgas Partners Finance Corp. [Member]Accumulated deficit [Member] | Ferrellgas Partners Finance Corp. [Member] | Ferrellgas Finance Corp. [Member]Common Stock [Member] | Ferrellgas Finance Corp. [Member]Additional Paid-in Capital [Member] | Ferrellgas Finance Corp. [Member]Accumulated deficit [Member] | Ferrellgas Finance Corp. [Member] | Total |
Stockholders' equity balance (in shares) at Jul. 31, 2018 | 1,000 | 1,000 | |||||||
Stockholders' equity balance at Jul. 31, 2018 | $ 1,000 | $ 29,020 | $ (27,170) | $ 2,850 | $ 1,000 | $ 72,552 | $ (70,952) | $ 2,600 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Capital contribution | 4,007 | 0 | 4,007 | 5,966 | 0 | 5,966 | |||
Net income (loss) | 0 | (3,999) | (3,999) | 0 | (5,625) | (5,625) | $ (64,545,000) | ||
Stockholders' equity balance (in shares) at Jul. 31, 2019 | 1,000 | 1,000 | |||||||
Stockholders' equity balance at Jul. 31, 2019 | $ 1,000 | 33,027 | (31,169) | 2,858 | $ 1,000 | 78,518 | (76,577) | 2,941 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Capital contribution | 5,819 | 0 | 5,819 | 5,669 | 0 | 5,669 | |||
Net income (loss) | 0 | (5,827) | (5,827) | 0 | (6,010) | (6,010) | (83,002,000) | ||
Stockholders' equity balance (in shares) at Jul. 31, 2020 | 1,000 | 1,000 | |||||||
Stockholders' equity balance at Jul. 31, 2020 | $ 1,000 | 38,846 | (36,996) | 2,850 | $ 1,000 | 84,187 | (82,587) | 2,600 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Capital contribution | 640 | 0 | 640 | 18,441 | 0 | 18,441 | |||
Net income (loss) | 0 | (2,490) | (2,490) | 0 | (19,941) | (19,941) | $ (69,113,000) | ||
Stockholders' equity balance (in shares) at Jul. 31, 2021 | 1,000 | 1,000 | |||||||
Stockholders' equity balance at Jul. 31, 2021 | $ 1,000 | $ 39,486 | $ (39,486) | $ 1,000 | $ 1,000 | $ 102,628 | $ (102,528) | $ 1,100 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (69,113,000) | $ (83,002,000) | $ (64,545,000) |
Reconciliation of net loss to net cash provided by operating activities: | |||
Depreciation and amortization expense | 85,382,000 | 80,481,000 | 78,846,000 |
Non-cash employee stock ownership plan compensation charge | 3,215,000 | 2,871,000 | 5,693,000 |
Loss on asset sales and disposals | 1,831,000 | 7,924,000 | 10,968,000 |
Loss on extinguishment of debt | 104,834,000 | 37,399,000 | 0 |
Provision for expected credit losses | 2,323,000 | 18,604,000 | 1,525,000 |
Deferred income tax expense (benefit) | 2,000 | 554,000 | 143,000 |
Other | 8,681,000 | 12,583,000 | 12,696,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Accounts and notes receivable, net of securitization | (32,459,000) | (121,000) | 19,433,000 |
Inventories | (15,715,000) | 7,790,000 | 3,211,000 |
Prepaid expenses and other current assets | (5,995,000) | 7,446,000 | (26,508,000) |
Accounts payable | 13,789,000 | 1,223,000 | (13,338,000) |
Accrued interest expense | 8,355,000 | 33,357,000 | (1,738,000) |
Other current liabilities | 84,014,000 | (3,430,000) | (12,076,000) |
Other assets and liabilities | 17,284,000 | 6,679,000 | 765,000 |
Net cash provided by operating activities | 206,428,000 | 130,358,000 | 15,075,000 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (6,567,000) | (10,195,000) | (13,551,000) |
Capital expenditures | (59,442,000) | (70,455,000) | (108,822,000) |
Proceeds from sale of assets | 5,295,000 | 4,472,000 | 5,699,000 |
Cash payments to construct assets in connection with future lease transactions | (1,715,000) | (37,042,000) | (9,934,000) |
Cash receipts in connection with leased vehicles | 1,476,000 | 41,924,000 | 862,000 |
Other | 0 | 0 | 1,419,000 |
Net cash provided by (used in) investing activities | (60,953,000) | (71,296,000) | (124,327,000) |
Cash flows from financing activities: | |||
Distributions | 0 | 0 | (9,814,000) |
Preferred unit distributions | (8,011,000) | 0 | 0 |
Proceeds from sale of preferred units, net | 651,349,000 | 0 | 0 |
Fees in connection with Class B Unit exchange | (1,988,000) | 0 | 0 |
Proceeds from issuance of long-term debt | 1,475,000,000 | 703,750,000 | 0 |
Payments on long-term debt | (2,120,000) | (1,994,000) | (2,428,000) |
Payment for settlement and early extinguishment of liabilities | (2,175,000,000) | (283,863,000) | 0 |
Net reductions in short-term borrowings | 0 | (43,000,000) | 10,200,000 |
Net reductions in collateralized short-term borrowings | 0 | (62,000,000) | 4,000,000 |
Payment of redemption premium on debt extinguishment | (83,072,000) | (17,516,000) | 0 |
Make-whole payments | (1,964,000) | 0 | 0 |
Cash paid for financing costs | (44,290,000) | (29,458,000) | (548,000) |
Noncontrolling interest activity | 0 | (158,000) | (415,000) |
Cash payments for principal portion of lease liability | (7,188,000) | (2,116,000) | 0 |
Net cash provided by (used in) financing activities | (197,284,000) | 263,645,000 | 995,000 |
Increase (decrease) in cash and cash equivalents | (51,809,000) | 322,707,000 | (108,257,000) |
Cash and cash equivalents - beginning of year | 333,761,000 | 11,054,000 | 119,311,000 |
Cash, cash equivalents and restricted cash - end of year | 281,952,000 | 333,761,000 | 11,054,000 |
Ferrellgas Partners Finance Corp. [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | (2,490) | (5,827) | (3,999) |
Reconciliation of net loss to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | 0 | 0 | 0 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Prepaid expenses and other current assets | 1,850 | 8 | (8) |
Net cash provided by operating activities | (640) | (5,819) | (4,007) |
Cash flows from financing activities: | |||
Capital contribution | 640 | 5,819 | 4,007 |
Net cash provided by (used in) financing activities | 640 | 5,819 | 4,007 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of year | 1,000 | 1,000 | 1,000 |
Cash, cash equivalents and restricted cash - end of year | 1,000 | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | (45,442,000) | (49,764,000) | (29,517,000) |
Reconciliation of net loss to net cash provided by operating activities: | |||
Depreciation and amortization expense | 85,382,000 | 80,481,000 | 78,846,000 |
Non-cash employee stock ownership plan compensation charge | 3,215,000 | 2,871,000 | 5,693,000 |
Loss on asset sales and disposals | 1,831,000 | 7,924,000 | 10,968,000 |
Loss on extinguishment of debt | 107,971,000 | 37,399,000 | |
Provision for expected credit losses | 2,323,000 | 18,604,000 | 1,525,000 |
Deferred income tax expense (benefit) | 2,000 | 554,000 | 143,000 |
Other | 8,680,000 | 11,301,000 | 8,505,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Accounts and notes receivable, net of securitization | (32,459,000) | (121,000) | 19,433,000 |
Inventories | (15,715,000) | 7,790,000 | 3,211,000 |
Prepaid expenses and other current assets | (6,022,000) | 7,375,000 | (26,458,000) |
Accounts payable | 13,789,000 | 1,223,000 | (13,338,000) |
Accrued interest expense | (5,416,000) | 17,961,000 | (1,738,000) |
Other current liabilities | 83,796,000 | (3,430,000) | (12,076,000) |
Other assets and liabilities | 15,093,000 | 5,679,000 | 765,000 |
Net cash provided by operating activities | 217,028,000 | 145,847,000 | 45,962,000 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (6,567,000) | (10,195,000) | (13,551,000) |
Capital expenditures | (59,442,000) | (70,455,000) | (108,822,000) |
Proceeds from sale of assets | 5,295,000 | 4,472,000 | 5,699,000 |
Cash payments to construct assets in connection with future lease transactions | (1,715,000) | (37,042,000) | (9,934,000) |
Cash receipts in connection with leased vehicles | 1,476,000 | 41,924,000 | 862,000 |
Loan to Ferrellgas Partners, L.P. | (14,810,000) | ||
Other | 1,419,000 | ||
Net cash provided by (used in) investing activities | (75,763,000) | (71,296,000) | (124,327,000) |
Cash flows from financing activities: | |||
Distributions | (15,654,000) | (41,121,000) | |
Preferred unit distributions | (8,011,000) | ||
Proceeds from sale of preferred units, net | 651,349,000 | ||
Proceeds from issuance of long-term debt | 1,475,000,000 | 703,750,000 | |
Payments on long-term debt | (2,120,000) | (1,994,000) | (2,428,000) |
Payment for settlement and early extinguishment of liabilities | (2,175,000,000) | (283,863,000) | |
Net reductions in short-term borrowings | (43,000,000) | 10,200,000 | |
Net reductions in collateralized short-term borrowings | (62,000,000) | 4,000,000 | |
Payment of redemption premium on debt extinguishment | (83,072,000) | (17,516,000) | |
Cash paid for financing costs | (44,290,000) | (29,449,000) | (548,000) |
Cash payments for principal portion of lease liability | (7,188,000) | (2,116,000) | |
Net cash provided by (used in) financing activities | (193,332,000) | 248,158,000 | (29,897,000) |
Increase (decrease) in cash and cash equivalents | (52,067,000) | 322,709,000 | (108,262,000) |
Cash and cash equivalents - beginning of year | 333,755,000 | 11,046,000 | 119,308,000 |
Cash, cash equivalents and restricted cash - end of year | 281,688,000 | 333,755,000 | 11,046,000 |
Ferrellgas Finance Corp. [Member] | |||
Cash flows from operating activities: | |||
Net income (loss) | (19,941) | (6,010) | (5,625) |
Reconciliation of net loss to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | 0 | 0 | 0 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Prepaid expenses and other current assets | 1,500 | 341 | (341) |
Net cash provided by operating activities | (18,441) | (5,669) | (5,966) |
Cash flows from financing activities: | |||
Capital contribution | 18,441 | 5,669 | 5,966 |
Net cash provided by (used in) financing activities | 18,441 | 5,669 | 5,966 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of year | 1,100 | 1,100 | 1,100 |
Cash, cash equivalents and restricted cash - end of year | $ 1,100 | $ 1,100 | $ 1,100 |
Partnership Organization And Fo
Partnership Organization And Formation | 12 Months Ended |
Jul. 31, 2021 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Partnership organization and formation Ferrellgas Partners, L.P. (āFerrellgas Partnersā) was formed on April 19, 1994, and is a publicly traded limited partnership. Ferrellgas Partners is a holding entity that conducts no operations and has two direct subsidiaries, Ferrellgas Partners Finance Corp. and Ferrellgas, L.P. (the āoperating partnershipā). 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 any debt securities issued by Ferrellgas Partners. Our activities are primarily conducted through the operating partnership. Ferrellgas Partners and the holders of Preferred Units (as defined below) are the only limited partners of the operating partnership. Ferrellgas Partners and the operating partnership, collectively referred to as āFerrellgas,ā 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. Ferrellgas, Inc. (the āgeneral partnerā), a Delaware corporation and a wholly-owned subsidiary of Ferrell Companies, is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to Ferrellgas Partnersā Class B Units and the operating partnershipās Preferred Units, owns an approximate 1% general partner economic interest in each, and, therefore, an effective 2% general partner economic interest in the operating partnership. Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate Ferrellgas is primarily engaged in the retail distribution of propane and related equipment sales. 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. ā The operating partnership was formed on April 22, 1994, and accounts for substantially all of our consolidated assets, sales and operating earnings, except for interest expense related to the Ferrellgas Partners Notes (as defined below). ā Recent Developments ā Chapter 11 Bankruptcy Cases ā As previously reported, on January 11, 2021, Ferrellgas Partners and Ferrellgas Partners Finance Corp. filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the āBankruptcy Courtā). The chapter 11 cases were jointly administered under the caption and case numbers, In re: Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. On March 5, 2021, the Bankruptcy Court entered an order (the āConfirmation Orderā) confirming the Second Amended Prepackaged Joint Chapter 11 Plan of Reorganization of Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. On March 30, 2021 (the āEffective Dateā), the conditions to effectiveness of the Plan were satisfied and the Confirmation Order was deemed binding upon Ferrellgas Partners, Ferrellgas Partners Finance Corp. and all other parties affected by the Plan. In satisfying the conditions of the Plan, on the Effective Date, certain restructuring transactions by Ferrellgas Partners and certain financing transactions by the operating partnership were completed, as further described under āTransactionsā that follows. Ferrellgas has accounted for the effects of the reorganization and determined that fresh-start accounting does not need to be applied, as a change in control did not occur. Transactions Satisfaction of Ferrellgas Partners Notes; Issuance of Class B Units to Holders of Ferrellgas Partners Notes On the Effective Date, by operation of the Plan, all outstanding indebtedness (including accrued interest) of Ferrellgas Partners and Ferrellgas Partners Finance Corp. under their $357.0 million aggregate principal amount of 8.625% senior unsecured notes due June 2020 (the āFerrellgas Partners Notesā), as described further in Note I āDebt, were discharged and cancelled. Pursuant to the Plan, Ferrellgas Partners issued an aggregate of 1.3 million Class B Units to holders of the Ferrellgas Partners Notes in satisfaction of their claims in respect of the Ferrellgas Partners Notes. See Note K ā Equity for additional discussion. Issuance of Preferred Units of the Operating Partnership On the Effective Date, the operating partnership and the general partner (in its capacity as the general partner of operating partnership) entered into an Investment Agreement (the āInvestment Agreementā) with certain purchasers named therein, pursuant to which, on the Effective Date, the operating partnership issued and sold to such purchasers an aggregate of 700,000 Senior Preferred Units (the āPreferred Unitsā), having an aggregate initial liquidation preference of $700.0 million. The purchase price per Preferred Unit was $1,000 less a 3.0% purchase price discount, for an aggregate purchase price of $679.0 million. The operating partnership received net proceeds from the issuance and sale of the Preferred Units of approximately $651.3 million, after deducting the purchase price discount and certain expenses. The operating partnership used such net proceeds, together with the net proceeds of the issuance and sale of the 2026 Notes and the 2029 Notes (as defined and described below) and cash on hand, (i) to redeem (or satisfy and discharge and subsequently redeem) all of the operating partnershipās previously issued and outstanding senior notes, as described below, and (ii) to repay all outstanding obligations under the operating partnershipās then-existing accounts receivable securitization facility in connection with the termination of that facility, as described below. See Note J ā Preferred units for additional discussion. Issuance of Senior Unsecured Notes of the Operating Partnership On the Effective Date, two wholly-owned subsidiaries of the operating partnership (the āEscrow Issuersā) issued $650.0 million aggregate principal amount of 5.375% senior notes due 2026 (the ā2026 Notesā) and $825.0 million aggregate principal amount of 5.875% senior notes due 2029 (the ā2029 Notesā), in each case, at an offering price equal to 100% of the principal amount thereof. On the Effective Date and immediately after the issuance of the 2026 Notes and the 2029 Notes by the Escrow Issuers, (i) the Escrow Issuers were merged into the operating partnership and Ferrellgas Finance Corp., respectively, and the operating partnership and Ferrellgas Finance Corp. assumed the obligations of the Escrow Issuers as co-issuers of the 2026 Notes and the 2029 Notes, and (ii) the general partner and certain subsidiaries of the operating partnership guaranteed the 2026 Notes and the 2029 Notes. The operating partnership received aggregate net proceeds from the issuance and sale of the 2026 Notes and the 2029 Notes of approximately $1,441.2 million, after deducting the initial purchasersā discount and offering expenses. The operating partnership used such net proceeds, together with the net proceeds of the issuance and sale of the Preferred Units and cash on hand, (i) to redeem (or satisfy and discharge the indentures governing and subsequently redeem) all of the operating partnershipās previously issued and outstanding senior notes, as described below, and (ii) to repay all outstanding obligations under the operating partnershipās then-existing accounts receivable securitization facility in connection with the termination of that facility, as described below. See Note I ā Debt for additional discussion. Redemption of Previously Issued Senior Notes of the Operating Partnership Prior to the Effective Date, the operating partnership delivered notices of redemption of all its previously issued and outstanding 10.00% senior secured notes due 2025 (the ā2025 Notesā), 6.50% senior unsecured notes due 2021 (the ā2021 Notesā), 6.75% senior unsecured notes due 2022 (the ā2022 Notesā) and 6.75% senior unsecured notes due 2023 (the ā2023 Notesā), in the aggregate combined principal amount for all such notes of $2,175.0 million, pursuant the terms of the indentures governing those notes, with a redemption date of March 30, 2021 for the 2025 Notes and April 5, 2021 for the 2021 Notes, the 2022 Notes and the 2023 Notes. On the Effective Date, the operating partnership redeemed all of the issued and outstanding 2025 Notes. Also on the Effective Date, the operating partnership (i) satisfied and discharged the indentures governing the 2021 Notes, the 2022 Notes and the 2023 Notes by irrevocably depositing with the applicable trustees under such indentures funds in an amount sufficient to pay the redemption price for all of such notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the applicable trustees to apply such funds to the redemption of such notes on April 5, 2021. As a result, as of the Effective Date, the indentures governing the 2021 Notes, the 2022 Notes and the 2023 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2021 Notes, 2022 Notes and 2023 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2021 Notes, the 2022 Notes, the 2023 Notes and the 2025 Notes was approximately $2,320.9 million, consisting of principal, redemption premium (in the case of the 2023 Notes and the 2025 Notes) and accrued and unpaid interest to the applicable redemption date. See Note I ā Debt for additional discussion. Credit Agreement On the Effective Date, the operating partnership, the general partner and certain of the operating partnershipās subsidiaries entered into a credit agreement (the āCredit Agreementā), which provides for a four-year 60 days Termination of Accounts Receivable Securitization Facility On the Effective Date, the operating partnership and its receivables subsidiary repaid all of the outstanding obligations and fees under the then-existing accounts receivable securitization facility and terminated that facility. See Note G ā Accounts and notes receivable, net for additional discussion. Amended Partnership Agreements of Ferrellgas Partners and the Operating Partnership On the Effective Date, the general partner executed the Sixth Amended and Restated Agreement of Limited Partnership of Ferrellgas Partners, L.P. (the āAmended Ferrellgas Partners LPAā), which amended and restated in its entirety the Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas Partners, L.P. Among other matters, the Amended Ferrellgas Partners LPA provided for the restructuring of Ferrellgas Partners in accordance with the Plan, including (i) effecting a reverse unit split of Ferrellgas Partnersā then-outstanding common units pursuant to which the holders of the common units received one Also on the Effective Date, the general partner executed (i) the Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P. (the āAmended OpCo LPAā), which amended and restated in its entirety the Fourth Amended and Restated Agreement of Limited Partnership of Ferrellgas L.P., and (ii) a First Amendment to the Amended OpCo LPA (the āOpCo LPA Amendmentā), which sets forth the preferences, rights, privileges and other terms of the Preferred Units. |
Ferrellgas Partners Finance Corp. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Formation Ferrellgas Partners Finance Corp. (the āFinance Corp.ā), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (āFerrellgas Partnersā). Ferrellgas Partners contributed $1,000 to the Finance Corp. on April 8, 1996 in exchange for 1,000 shares of common stock. The Finance Corp. has nominal assets, does not conduct any operations and has no Chapter 11 Bankruptcy Cases As previously reported, on January 11, 2021, Ferrellgas Partners and the Finance Corp. filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the āBankruptcy Courtā). The chapter 11 cases were jointly administered under the caption and case numbers, In re: Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. On March 5, 2021, the Bankruptcy Court entered an order (the āConfirmation Orderā) confirming the Second Amended Prepackaged Joint Chapter 11 Plan of Reorganization of Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. On March 30, 2021 (the āEffective Dateā), the conditions to effectiveness of the Plan were satisfied and the Confirmation Order was deemed binding upon Ferrellgas Partners, the Finance Corp. and all other parties affected by the Plan. In satisfying the conditions of the Plan, on the Effective Date, certain restructuring transactions by Ferrellgas Partners and certain financing transactions by Ferrellgas, L.P. were completed. |
Ferrellgas, L.P. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Partnership organization and formation Ferrellgas, L.P. (the āoperating partnershipā) is a limited partnership that owns and operates propane distribution and related assets. Ferrellgas Partners, L.P. (āFerrellgas Partnersā) is a holding entity that conducts no operations and was formed to acquire and hold a limited partner interest in the operating partnership. Ferrellgas Partners and the holders of the Preferred Units (as defined below) are the only limited partners of the operating partnership. Ferrellgas, Inc. (the āgeneral partnerā), a Delaware corporation and a wholly-owned subsidiary of Ferrell Companies, is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to Ferrellgas Partnersā Class B Units and the operating partnershipās Preferred Units, owns an approximate general partner economic interest in the operating partnership. Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate limited partner interest in the operating partnership. Our general partner performs all management functions for us. The operating partnership and Ferrellgas Partners, collectively referred to as āFerrellgas,ā are both Delaware limited partnerships and are governed by their respective partnership agreements. These agreements contain specific provisions for the allocation of net earnings and loss to each of the partners for purposes of maintaining the partner capital accounts. ā The operating partnership 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 securities issued by the operating partnership. ā The operating partnership is primarily engaged in the retail distribution of propane and related equipment sales. 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. Recent Developments Chapter 11 Bankruptcy Cases As previously reported, on January 11, 2021, Ferrellgas Partners and Ferrellgas Partners Finance Corp. filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware (the āBankruptcy Courtā). The chapter 11 cases were jointly administered under the caption and case numbers, In re: Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. On March 5, 2021, the Bankruptcy Court entered an order (the āConfirmation Orderā) confirming the Second Amended Prepackaged Joint Chapter 11 Plan of Reorganization of Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. On March 30, 2021 (the āEffective Dateā), the conditions to effectiveness of the Plan were satisfied and the Confirmation Order was deemed binding upon Ferrellgas Partners, Ferrellgas Partners Finance Corp. and all other parties affected by the Plan. In satisfying the conditions of the Plan, on the Effective Date, certain restructuring transactions by Ferrellgas Partners and certain financing transactions by the operating partnership were completed, as further described under āTransactionsā that follows. Transactions Satisfaction of Ferrellgas Partners Notes; Issuance of Class B Units to Holders of Ferrellgas Partners Notes On the Effective Date, by operation of the Plan, all outstanding indebtedness (including accrued interest) of Ferrellgas Partners and Ferrellgas Partners Finance Corp. under their $357.0 million aggregate principal amount of 8.625% senior unsecured notes due June 2020 (the āFerrellgas Partners Notesā), as described further in Note I āDebt, were discharged and cancelled. Pursuant to the Plan, Ferrellgas Partners issued an aggregate of 1.3 million of its Class B Units to holders of the Ferrellgas Partners Notes in satisfaction of their claims in respect of the Ferrellgas Partners Notes. Issuance of Preferred Units On the Effective Date, the operating partnership and the general partner (in its capacity as the general partner of operating partnership) entered into an Investment Agreement (the āInvestment Agreementā) with certain purchasers named therein, pursuant to which, on the Effective Date, the operating partnership issued and sold to such purchasers an aggregate of 700,000 Senior Preferred Units (the āPreferred Unitsā), having an aggregate initial liquidation preference of $700.0 million. The purchase price per Preferred Unit was $1,000 less a 3.0% purchase price discount, for an aggregate purchase price of $679.0 million. The operating partnership received net proceeds from the issuance and sale of the Preferred Units of approximately $651.3 million, after deducting the purchase price discount and certain expenses. The operating partnership used such net proceeds, together with the net proceeds of the issuance and sale of the 2026 Notes and the 2029 Notes (as defined and described below) and cash on hand, (i) to redeem (or satisfy and discharge and subsequently redeem) all of the operating partnershipās previously issued and outstanding senior notes, as described below, and (ii) to repay all outstanding obligations under the operating partnershipās then-existing accounts receivable securitization facility in connection with the termination of that facility, as described below. See Note J ā Preferred units for additional discussion. Issuance of Senior Unsecured Notes On the Effective Date, two wholly-owned subsidiaries of the operating partnership (the āEscrow Issuersā) issued $650.0 million aggregate principal amount of 5.375% senior notes due 2026 (the ā2026 Notesā) and $825.0 million aggregate principal amount of 5.875% senior notes due 2029 (the ā2029 Notesā), in each case, at an offering price equal to 100% of the principal amount thereof. On the Effective Date and immediately after the issuance of the 2026 Notes and the 2029 Notes by the Escrow Issuers, (i) the Escrow Issuers were merged into the operating partnership and Ferrellgas Finance Corp., respectively, and the operating partnership and Ferrellgas Finance Corp. assumed the obligations of the Escrow Issuers as co-issuers of the 2026 Notes and the 2029 Notes, and (ii) the general partner and certain subsidiaries of the operating partnership guaranteed the 2026 Notes and the 2029 Notes. The operating partnership received aggregate net proceeds from the issuance and sale of the 2026 Notes and the 2029 Notes of approximately $1,441.2 million, after deducting the initial purchasersā discount and offering expenses. The operating partnership used such net proceeds, together with the net proceeds of the issuance and sale of the Preferred Units and cash on hand, (i) to redeem (or satisfy and discharge the indentures governing and subsequently redeem) all of the operating partnershipās previously issued and outstanding senior notes, as described below, and (ii) to repay all outstanding obligations under the operating partnershipās then-existing accounts receivable securitization facility in connection with the termination of that facility, as described below. See Note I ā Debt for additional discussion. Redemption of Previously Issued Senior Notes Prior to the Effective Date, the operating partnership delivered notices of redemption of all its previously issued and outstanding 10.00% senior secured notes due 2025 (the ā2025 Notesā), 6.50% senior unsecured notes due 2021 (the ā2021 Notesā), 6.75% senior unsecured notes due 2022 (the ā2022 Notesā) and 6.75% senior unsecured notes due 2023 (the ā2023 Notesā), in the aggregate combined principal amount for all such notes of $2,175.0 million, pursuant the terms of the indentures governing those notes, with a redemption date of March 30, 2021 for the 2025 Notes and April 5, 2021 for the 2021 Notes, the 2022 Notes and the 2023 Notes. On the Effective Date, the operating partnership redeemed all of the issued and outstanding 2025 Notes. Also on the Effective Date, the operating partnership (i) satisfied and discharged the indentures governing the 2021 Notes, the 2022 Notes and the 2023 Notes by irrevocably depositing with the applicable trustees under such indentures funds in an amount sufficient to pay the redemption price for all of such notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the applicable trustees to apply such funds to the redemption of such notes on April 5, 2021. As a result, as of the Effective Date, the indentures governing the 2021 Notes, the 2022 Notes and the 2023 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2021 Notes, 2022 Notes and 2023 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2021 Notes, the 2022 Notes, the 2023 Notes and the 2025 Notes was approximately $2,320.9 million, consisting of principal, redemption premium (in the case of the 2023 Notes and the 2025 Notes) and accrued and unpaid interest to the applicable redemption date. See Note I ā Debt for additional discussion. Credit Agreement On the Effective Date, the operating partnership, the general partner and certain of the operating partnershipās subsidiaries entered into a credit agreement (the āCredit Agreementā), which provides for a four-year 60 days Termination of Accounts Receivable Securitization Facility On the Effective Date, the operating partnership and its receivables subsidiary repaid all of the outstanding obligations and fees under the then-existing accounts receivable securitization facility and terminated that facility. See Note G ā Accounts and notes receivable, net for additional discussion. Amended Partnership Agreement On the Effective Date, the general partner executed (i) the Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P. (the āAmended OpCo LPAā), which amended and restated in its entirety the Fourth Amended and Restated Agreement of Limited Partnership of Ferrellgas L.P., and (ii) a First Amendment to the Amended OpCo LPA (the āOpCo LPA Amendmentā), which sets forth the preferences, rights, privileges and other terms of the Preferred Units. |
Ferrellgas Finance Corp. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Formation Ferrellgas Finance Corp. (the āFinance Corp.ā), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the āPartnershipā). The Partnership contributed $1,000 to the Finance Corp. on January 24, 2003 in exchange for 1,000 shares of common stock. The Finance Corp. has nominal assets, does not conduct any operations and has no |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2021 | |
Significant Accounting Policies | |
Summary Of Significant Accounting Policies | B. Summary of significant accounting policies (1) Accounting estimates: (2) Principles of consolidation: Certain prior-year amounts have been reclassified to conform to the current-year presentation. (3) Fair value measurements: The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. ā Level 1: Quoted prices in active markets for identical assets or liabilities. ā Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. ā Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. (4) Accounts receivable (5) Inventories (6) Property, plant and equipment: two 30 (7) Goodwill: January 31, 2021 (8) Intangible assets: two 15 (9) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgasā overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgasā risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgasā risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgasā positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgasā gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgasā risk management activities may include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. Ferrellgas enters into these financial derivative instruments primarily with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. All of Ferrellgasā financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgasā financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated as a hedge of a specific underlying exposure, and that designation as well as the risk management objectives and strategies for undertaking the hedge transaction are documented. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgasā risk relating to adverse fluctuations in propane prices. Ferrellgas formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrumentās change in fair value is recognized in āCost of product sold - propane and other gas liquids salesā in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā, or āOther liabilitiesā on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā, or āOther liabilitiesā on the consolidated balance sheets with changes in fair value reported in āOperating expenseā on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas, L.P. to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas, L.P.ās fixed rate debt, while increases in interest rates subject Ferrellgas, L.P. to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas, L.P. may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as āPrepaid expenses and other current assetsā, āOther assets, netā, Other current liabilitiesā or as āOther liabilitiesā on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in āInterest expenseā on the consolidated statements of operations. Ferrellgas, L.P. may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā or as āOther liabilitiesā with an offsetting entry to āOther comprehensive incomeā at interim periods and are subsequently recognized as interest expense in the consolidated statement of operations when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statements of operations as they occur. (10) Revenue recognition: 30 30 one (11) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within āOperating expense ā personnel, vehicle, plant and otherā in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas owns are classified within āDepreciation and amortization expense.ā Delivery vehicles and distribution technology under operating leases by Ferrellgas are classified within āOperating expense ā equipment lease expense.ā Delivery vehicles and distribution technology under finance leases by Ferrellgas are classified within āDepreciation and amortization expense.ā See Note F ā Supplemental financial statement information ā for the financial statement presentation of shipping and handling expenses. (12) Cost of sales: (13) Operating expense: (14) General and administrative expense: (15) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (āICPsā) The ICPs are not Ferrellgas stock-compensation plans; however, in accordance with Ferrellgasā partnership agreements, all Ferrellgas employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas. As a result, Ferrellgas incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2021, 2020 and 2019, the portion of the total non-cash compensation charge relating to the ICPs was zero. During fiscal 2021 there were no plan-based awards granted under the ICP and all outstanding stock appreciation rights (āSARsā) are currently valued at zero. Ferrell Companies is authorized to issue up to 462,500 SARs that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. (16) Income taxes: Income tax expense consisted of the following: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Current expense ā $ 739 ā $ 297 ā $ 180 Deferred expense ā 2 ā 554 ā 143 Income tax expense ā $ 741 ā $ 851 ā $ 323 ā Deferred taxes consisted of the following: ā ā ā ā ā ā ā ā ā ā July 31, ā 2021 2020 Deferred tax assets (included in Other assets, net) ā $ 5 ā $ 4 Deferred tax liabilities (included in Other liabilities) ā (3) ā (3) Net deferred tax asset ā $ 2 ā $ 1 ā (17) Sales taxes: (18) Net loss per Class A Unitholdersā interest: (19) Loss contingencies: other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred. (20) Class B Units Valuation The Class B Units are recognized at their fair value at issuance. (21) New accounting standards: FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Ferrellgas elected the short-term lease recognition exemption for all leases that qualify, meaning it does not recognize right-of-use assets (āROU assetsā) or lease liabilities for those leases. Ferrellgas also elected the practical expedient to not separate Additionally, Ferrellgas elected the package of three FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017ā12, Financial Instruments - Derivatives and Hedging (Topic 815) |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies | |
Summary Of Significant Accounting Policies | B. Summary of significant accounting policies (1) Accounting estimates: (2) Principles of consolidation: Certain prior-year amounts have been reclassified to conform to the current-year presentation. (3) Fair value measurements: The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. ā Level 1: Quoted prices in active markets for identical assets or liabilities. ā Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. ā Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. (4) Accounts receivable (5) Inventories: (6) Property, plant and equipment: two 30 (7) Goodwill: January 31, 2021 (8) Intangible assets: two 15 ā (9) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas, L.P.ās overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgas, L.P.ās risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas, L.P attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas, L.P.ās risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas, L.P.ās risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas, L.P.ās positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas, L.P.ās gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas, L.P.ās risk management activities may include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. Ferrellgas, L.P. enters into these financial derivative instruments primarily with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. All of Ferrellgas, L.P.ās financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas, L.P. also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas, L.P.ās financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas, L.P. makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated as a hedge of a specific underlying exposure and that designation, as well as the risk management objectives and strategies for undertaking the hedge transaction are documented. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas, L.P.ās risk relating to adverse fluctuations in propane prices. Ferrellgas, L.P. formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrumentās change in fair value is recognized in āCost of product sold - propane and other gas liquids salesā in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā, or āOther liabilitiesā on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā, or āOther liabilitiesā on the consolidated balance sheets with changes in fair value reported in āOperating expenseā on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas, L.P. to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas, L.P.ās fixed rate debt, while increases in interest rates subject Ferrellgas, L.P. to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas, L.P. may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as āPrepaid expenses and other current assetsā, āOther assets, netā, Other current liabilitiesā or as āOther liabilitiesā on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in āInterest expenseā on the consolidated statements of operations. Ferrellgas, L.P. may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā or as āOther liabilitiesā with an offsetting entry to āOther comprehensive incomeā at interim periods and are subsequently recognized as interest expense in the consolidated statement of operations when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statements of operations as they occur. (10) Revenue recognition: 30 30 one (11) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within āOperating expense ā personnel, vehicle, plant and otherā in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas, L.P. owns are classified within āDepreciation and amortization expense.ā Delivery vehicles and distribution technology under operating leases by Ferrellgas, L.P. are classified within āOperating expense ā equipment lease expense.ā Delivery vehicles and distribution technology under finance leases by Ferrellgas, L.P. are classified within āDepreciation and amortization expense.ā See Note F ā Supplemental financial statement information ā for the financial statement presentation of shipping and handling expenses. (12) Cost of sales: (13) Operating expense: (14) General and administrative expense: ā (15) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (āICPsā) The ICPs are not Ferrellgas, L.P. stock-compensation plans; however, in accordance with Ferrellgas, L.P.ās partnership agreements, all Ferrellgas, L.P. employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas, L.P. As a result, Ferrellgas, L.P. incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2021, 2020 and 2019, the portion of the total non-cash compensation charge relating to the ICPs was zero. During fiscal 2021 there were no plan-based awards granted under the ICP and all outstanding stock appreciation rights (āSARsā) are currently valued at zero. Ferrell Companies is authorized to issue up to 462,500 SARs that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. (16) Income taxes: Income tax expense consisted of the following: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Current expense ā $ 725 ā $ 248 ā $ 150 Deferred expense ā 2 ā 554 ā 143 Income tax expense ā $ 727 ā $ 802 ā $ 293 ā Deferred taxes consisted of the following: ā ā ā ā ā ā ā ā ā ā July 31, ā 2021 2020 Deferred tax assets (included in Other assets, net) ā $ 5 ā $ 4 Deferred tax liabilities (included in Other liabilities) ā (3) ā (3) Net deferred tax asset ā $ 2 ā $ 1 ā (17) Sales taxes: (18) Loss contingencies: (19) New accounting standards: FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Ferrellgas elected the short-term lease recognition exemption for all leases that qualify, meaning it does not recognize right-of-use assets (āROU assetsā) or lease liabilities for those leases. Ferrellgas also elected the practical expedient to not separate lease and non-lease components Additionally, Ferrellgas elected the package of three FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016 13, Financial Instruments - Credit Losses (Topic 326) FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017 12, Financial Instruments - Derivatives and Hedging (Topic 815) . |
Leases
Leases | 12 Months Ended |
Jul. 31, 2021 | |
Leases | C. Leases Ferrellgas determines if an arrangement is a lease or contains a lease at inception. Ferrellgas leases certain transportation and computer equipment and real estate, predominantly through operating leases. Ferrellgas has an immaterial amount of leases in which it is the lessor. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the lease commencement date. Ferrellgas determines the lease term by assuming the exercise of renewal options that are reasonably certain. The lease term is used to determine whether a lease is finance or operating and is used to calculate rent expense. Additionally, the depreciable life of leased assets and leasehold improvements is limited by the expected lease term. Operating lease balances are classified as operating lease ROU assets, and current and long-term operating lease liabilities on Ferrellgasā consolidated balance sheet. Ferrellgas classifies finance leases in āOther assets, netā, āOther current liabilitiesā, and āOther liabilitiesā on the consolidated balance sheet. ROU assets represent Ferrellgasā right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of Ferrellgasā leases do not provide an implicit discount rate, Ferrellgas uses its incremental borrowing rate adjusted for the lease term to represent the rate it would have to pay to borrow on a collateralized basis based on the information available at the commencement date in determining the present value of lease payments. Ferrellgasā lease terms may include options to extend or terminate the lease and it will adjust the life of the lease when it is reasonably certain that it will exercise these options. ā Ferrellgas has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Ferrellgas has variable lease components, including lease payments with payment escalation based on the Consumer Price Index, and other variable items, such as common area maintenance and taxes. ā Key assumptions include the discount rate, the impact of purchase options and renewal options on Ferrellgasā lease term, as well as the assessment of residual value guarantees. ā Ferrellgasā transportation equipment leases generally have purchase options. However, in most circumstances Ferrellgas is not certain if it will exercise the purchase option at lease inception. As circumstances dictate, it may instead return the existing equipment to the lessor and sign a new lease. Ferrellgasā transportation equipment leases often contain residual value guarantees, but they are not reflected in Ferrellgasā lease liabilities as its lease rates are such that residual value guarantees are not expected to be owed at the end of its leases. ā Ferrellgasā real estate leases will often have an option to extend the lease, but it is typically not reasonably certain of exercising options to extend. As customer demand changes over time, Ferrellgas typically maintains the ability to move to more advantageous locations, relocate to other leased and owned locations, or discontinue service from particular locations. ā The following table provides the operating and financing ROU assets and lease liabilities as of July 31, 2021 and 2020: ā ā ā ā ā ā ā ā ā ā Leases ā Classification ā ā July 31, 2021 ā ā July 31, 2020 Assets ā ā ā ā ā ā ā ā Operating lease assets ā Operating lease right-of-use assets ā $ 87,611 ā $ 107,349 Financing lease assets ā Other assets, net ā ā 34,858 ā ā 41,426 Total leased assets ā ā ā $ 122,469 ā $ 148,775 ā ā ā ā ā ā ā ā ā Liabilities ā ā ā ā ā ā ā ā Current ā ā ā ā ā ā ā ā Operating ā Current operating lease liabilities ā $ 25,363 ā $ 29,345 Financing ā Other current liabilities ā ā 7,479 ā ā 6,955 Noncurrent ā ā ā ā ā ā ā ā Operating ā Operating lease liabilities ā ā 74,349 ā ā 89,022 Financing ā Other liabilities ā ā 28,029 ā ā 33,473 Total leased liabilities ā ā ā $ 135,220 ā $ 158,795 ā The following table provides the lease expenses for the twelve months ended July 31, 2021 and 2020: ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, Leases expense Classification ā 2021 ā 2020 ā ā ā ā ā ā ā ā ā Operating lease expense ā Operating expense - personnel, vehicle, plant and other ā $ 7,695 ā $ 7,450 ā ā Operating expense - equipment lease expense ā ā 26,127 ā ā 30,994 ā ā Cost of sales - propane and other gas liquids sales ā ā 1,911 ā ā 1,553 ā ā General and administrative expense ā ā 437 ā ā 1,490 Total operating lease expense ā ā ā ā 36,170 ā ā 41,487 ā ā ā ā ā ā ā ā ā Short-term expense ā Operating expense - personnel, vehicle, plant and other ā ā 8,151 ā ā 7,188 ā ā General and administrative expense ā ā 576 ā ā 502 Total short-term expense ā ā ā ā 8,727 ā ā 7,690 ā ā ā ā ā ā ā ā ā Variable lease expense ā Operating expense - personnel, vehicle, plant and other ā ā 2,328 ā ā 2,883 ā ā Operating expense - equipment lease expense ā ā 1,547 ā ā 1,642 Total variable lease expense ā ā ā ā 3,875 ā ā 4,525 ā ā ā ā ā ā ā ā ā Finance lease expense: ā ā ā ā ā ā ā ā Amortization of leased assets ā Depreciation and amortization expense ā ā 8,878 ā ā 2,613 Interest on lease liabilities ā Interest expense ā ā 3,755 ā ā 1,060 Total finance lease expense ā ā ā ā 12,633 ā ā 3,673 ā ā ā ā ā ā ā ā ā Total lease expense (a) ā ā ā $ 61,405 ā $ 57,375 (a) As of July 31, 2021 and 2020 Ferrellgas has also recognized $0.4 million and $0.5 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to the various Midstream dispositions and other significant transactions, and for which Ferrellgas does not anticipate any future economic benefit. Minimum annual payments under existing operating and finance lease liabilities as of July 31, 2021 are as follows: ā ā ā ā ā ā ā ā ā ā ā Maturities of lease liabilities ā ā Operating leases ā ā Finance leases ā ā Total 2022 ā $ 29,181 ā $ 10,376 ā $ 39,557 2023 ā ā 37,049 ā ā 8,252 ā ā 45,301 2024 ā ā 19,953 ā ā 7,608 ā ā 27,561 2025 ā ā 13,839 ā ā 7,621 ā ā 21,460 2026 ā ā 5,314 ā ā 6,767 ā ā 12,081 Thereafter ā ā 16,672 ā ā 4,925 ā ā 21,597 Total lease payments ā $ 122,008 ā $ 45,549 ā $ 167,557 Less: Imputed interest ā ā 22,296 ā ā 10,041 ā ā 32,337 Present value of lease liabilities ā $ 99,712 ā $ 35,508 ā $ 135,220 ā The following table represents the weighted-average remaining lease term and discount rate as of July 31, 2021: ā ā ā ā ā ā ā ā As of July 31, 2021 Lease type ā Weighted-average remaining lease term (years) ā Weighted-average discount rate Operating leases ā 4.8 ā 8.2% Finance leases ā 5.2 ā 8.7% ā Cash flow information is presented below: ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 ā 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: ā ā ā ā ā Operating cash flows $ 34,895 ā $ 41,636 ā ā ā ā ā ā Cash paid for amounts included in the measurement of lease liabilities for financing leases: ā ā ā ā ā Operating cash flows $ 3,396 ā $ 1,060 Financing cash flows $ 7,188 ā $ 2,116 ā Rental expense under these leases totaled $53.8 million for fiscal 2019. |
Ferrellgas, L.P. [Member] | |
Leases | C. Leases Ferrellgas, L.P. determines if an arrangement is a lease or contains a lease at inception. Ferrellgas, L.P. leases certain transportation and computer equipment and real estate, predominantly through operating leases. Ferrellgas, L.P. has an immaterial amount of leases in which it is the lessor. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the lease commencement date. Ferrellgas, L.P. determines the lease term by assuming the exercise of renewal options that are reasonably certain. The lease term is used to determine whether a lease is finance or operating and is used to calculate rent expense. Additionally, the depreciable life of leased assets and leasehold improvements is limited by the expected lease term. Operating lease balances are classified as operating lease ROU assets, and current and long-term operating lease liabilities on Ferrellgas, L.P.ās consolidated balance sheet. Ferrellgas, L.P. classifies finance leases in āOther assets, netā, āOther current liabilitiesā, and āOther liabilitiesā on the consolidated balance sheet. ā ROU assets represent Ferrellgas, L.P.ās right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of Ferrellgas, L.P.ās leases do not provide an implicit discount rate, Ferrellgas, L.P. uses its incremental borrowing rate adjusted for the lease term to represent the rate it would have to pay to borrow on a collateralized basis based on the information available at the commencement date in determining the present value of lease payments. Ferrellgas, L.P.ās lease terms may include options to extend or terminate the lease and it will adjust the life of the lease when it is reasonably certain that it will exercise these options. ā Ferrellgas, L.P. has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Ferrellgas, L.P. has variable lease components, including lease payments with payment escalation based on the Consumer Price Index, and other variable items, such as common area maintenance and taxes. ā Key assumptions include the discount rate, the impact of purchase options and renewal options on Ferrellgas, L.P.ās lease term, as well as the assessment of residual value guarantees. ā Ferrellgas, L.P.ās transportation equipment leases generally have purchase options. However, in most circumstances Ferrellgas, L.P. is not certain if it will exercise the purchase option at lease inception. As circumstances dictate, it may instead return the existing equipment to the lessor and sign a new lease. Ferrellgas, L.P.ās transportation equipment leases often contain residual value guarantees, but they are not reflected in Ferrellgas, L.P.ās lease liabilities as its lease rates are such that residual value guarantees are not expected to be owed at the end of its leases. ā Ferrellgas, L.P.ās real estate leases will often have an option to extend the lease, but it is typically not reasonably certain of exercising options to extend. As customer demand changes over time, Ferrellgas, L.P. typically maintains the ability to move to more advantageous locations, relocate to other leased and owned locations, or discontinue service from particular locations. ā The following table provides the operating and financing ROU assets and lease liabilities as of July 31, 2021 and 2020: ā ā ā ā ā ā ā ā ā ā Leases ā Classification ā ā July 31, 2021 ā ā July 31, 2020 Assets ā ā ā ā ā ā ā ā Operating lease assets ā Operating lease right-of-use assets ā $ 87,611 ā $ 107,349 Financing lease assets ā Other assets, net ā ā 34,858 ā ā 41,426 Total leased assets ā ā ā $ 122,469 ā $ 148,775 ā ā ā ā ā ā ā ā ā Liabilities ā ā ā ā ā ā ā ā Current ā ā ā ā ā ā ā ā Operating ā Current operating lease liabilities ā $ 25,363 ā $ 29,345 Financing ā Other current liabilities ā ā 7,479 ā ā 6,955 Noncurrent ā ā ā ā ā ā ā ā Operating ā Operating lease liabilities ā ā 74,349 ā ā 89,022 Financing ā Other liabilities ā ā 28,029 ā ā 33,473 Total leased liabilities ā ā ā $ 135,220 ā $ 158,795 ā The following table provides the lease expenses for the twelve months ended July 31, 2021 and 2020: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, Leases expense Classification ā 2021 ā 2020 ā ā ā ā ā ā ā ā ā Operating lease expense ā Operating expense - personnel, vehicle, plant and other ā $ 7,695 ā $ 7,450 ā ā Operating expense - equipment lease expense ā ā 26,127 ā ā 30,994 ā ā Cost of sales - propane and other gas liquids sales ā ā 1,911 ā ā 1,553 ā ā General and administrative expense ā ā 437 ā ā 1,490 Total operating lease expense ā ā ā ā 36,170 ā ā 41,487 ā ā ā ā ā ā ā ā ā Short-term expense ā Operating expense - personnel, vehicle, plant and other ā ā 8,151 ā ā 7,188 ā ā General and administrative expense ā ā 576 ā ā 502 Total short-term expense ā ā ā ā 8,727 ā ā 7,690 ā ā ā ā ā ā ā ā ā Variable lease expense ā Operating expense - personnel, vehicle, plant and other ā ā 2,328 ā ā 2,883 ā ā Operating expense - equipment lease expense ā ā 1,547 ā ā 1,642 Total variable lease expense ā ā ā ā 3,875 ā ā 4,525 ā ā ā ā ā ā ā ā ā Finance lease expense: ā ā ā ā ā ā ā ā Amortization of leased assets ā Depreciation and amortization expense ā ā 8,878 ā ā 2,613 Interest on lease liabilities ā Interest expense ā ā 3,755 ā ā 1,060 Total finance lease expense ā ā ā ā 12,633 ā ā 3,673 ā ā ā ā ā ā ā ā ā Total lease expense (a) ā ā ā $ 61,405 ā $ 57,375 ā (a) As of July 31, 2021 and 2020 Ferrellgas, L.P. has also recognized $0.4 million and $0.5 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to the various Midstream dispositions and other significant transactions, and for which Ferrellgas, L.P. does not anticipate any future economic benefit. Minimum annual payments under existing operating and finance lease liabilities as of July 31, 2021 are as follows: ā ā ā ā ā ā ā ā ā ā ā Maturities of lease liabilities ā ā Operating leases ā ā Finance leases ā ā Total 2021 ā $ 29,181 ā $ 10,376 ā $ 39,557 2022 ā ā 37,049 ā ā 8,252 ā ā 45,301 2023 ā ā 19,953 ā ā 7,608 ā ā 27,561 2024 ā ā 13,839 ā ā 7,621 ā ā 21,460 2025 ā ā 5,314 ā ā 6,767 ā ā 12,081 Thereafter ā ā 16,672 ā ā 4,925 ā ā 21,597 Total lease payments ā $ 122,008 ā $ 45,549 ā $ 167,557 Less: Imputed interest ā ā 22,296 ā ā 10,041 ā ā 32,337 Present value of lease liabilities ā $ 99,712 ā $ 35,508 ā $ 135,220 ā The following table represents the weighted-average remaining lease term and discount rate as of July 31, 2021: ā ā ā ā ā ā ā ā As of July 31, 2021 Lease type ā Weighted-average remaining lease term (years) ā Weighted-average discount rate Operating leases ā 4.8 ā 8.2% Finance leases ā 5.2 ā 8.7% ā Cash flow information is presented below: ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā ā 2021 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: ā ā ā ā ā ā Operating cash flows ā $ 34,895 ā $ 41,636 ā ā ā ā ā ā ā Cash paid for amounts included in the measurement of lease liabilities for financing leases: ā ā ā ā ā ā Operating cash flows ā $ 3,396 ā $ 1,060 Financing cash flows ā $ 7,188 ā $ 2,116 ā ā ā Rental expense under these leases totaled $53.8 million for fiscal 2019. ā |
Acquisitions, dispositions and
Acquisitions, dispositions and other significant transactions | 12 Months Ended |
Jul. 31, 2021 | |
Business Acquisition [Line Items] | |
Business Combinations | D. Acquisitions, dispositions and other significant transactions Acquisitions Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of operations from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgasā balance sheets or results of operations. Propane operations and related equipment sales During fiscal 2021, Ferrellgas acquired propane distribution assets, primarily of an independent distributor, with an aggregate value of $7.9 million in the following transaction: ā Proflame, Inc., based in New York, acquired in July 2021; During fiscal 2020, Ferrellgas acquired propane distribution assets, primarily of independent distributors, with an aggregate value of $11.2 million in the following transactions: ā Golden State Propane, Inc., based in California, acquired in August 2019; ā C.F. Van Duzer Gas Services, Inc., based in New York, acquired in October 2019; ā Lee Propane of Pennington Gap, Inc., based in Virginia, acquired in June 2020. ā During fiscal 2019, Ferrellgas acquired propane distribution assets, primarily of independent distributors, with an aggregate value of $15.2 million in the following transactions: ā Salathe Gas Co., based in Louisiana, acquired September 2018; ā North Star Exchange, Inc., based in Indiana, acquired October 2018; ā Wylie LP Gas Inc., based in Texas, acquired October 2018; ā Co-op Butane Inc., based in Louisiana, acquired in December 2018; ā American Propane, based in Oklahoma, acquired January 2019; ā Reliable Propane, Inc., based in Missouri, acquired in February 2019; ā AAA Propane, Inc., based in Colorado, acquired in June 2019. These acquisitions were funded as follows on their dates of acquisition: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Cash payments, net of cash acquired ā $ 6,567 ā $ 10,195 ā $ 13,551 Issuance of liabilities and other costs and considerations ā 1,344 ā 975 ā 1,650 Aggregate fair value of transactions ā $ 7,911 ā $ 11,170 ā $ 15,201 ā The aggregate fair values, for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Working capital ā $ ā ā $ ā ā $ 31 Customer tanks, buildings, land and other ā 2,607 ā 6,598 ā 11,560 Goodwill ā ā ā ā ā ā ā ā 1,410 Customer lists ā 4,973 ā 738 ā 1,272 Non-compete agreements ā 331 ā 3,834 ā 928 Aggregate fair value of net assets acquired ā $ 7,911 ā $ 11,170 ā $ 15,201 ā The estimated fair values and useful lives of assets acquired during fiscal 2021 are based on a preliminary valuation and are subject to final valuation adjustments. Ferrellgas intends to continue its analysis of the net assets of these transactions to determine the final allocation of the total purchase price to the various assets and liabilities acquired. The estimated fair values and useful lives of assets acquired during fiscal 2020 and 2019 are based on internal valuations and included only minor adjustments during the 12-month period after the date of acquisition. Due to the immateriality of these adjustments, Ferrellgas did not retrospectively adjust the consolidated statements of operations for those measurement period adjustments. āLoss on asset sales and disposalsā consists of: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Loss on sale of: ā ā ā Midstream trucking, water disposal & terminal assets ā $ ā ā $ ā ā $ 2,679 Other ā 1,831 ā 7,924 ā 8,289 Loss on asset sales and disposals ā $ 1,831 ā $ 7,924 ā $ 10,968 ā |
Ferrellgas, L.P. [Member] | |
Business Acquisition [Line Items] | |
Business Combinations | D. Acquisitions, dispositions and other significant transactions Acquisitions Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of operations from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgas, L.P.ās balance sheets or results of operations. Propane operations and related equipment sales During fiscal 2021, Ferrellgas acquired propane distribution assets, primarily of an independent distributor, with an aggregate value of $7.9 million in the following transaction: ā Proflame, Inc., based in New York, acquired in July 2021; During fiscal 2020, Ferrellgas acquired propane distribution assets, primarily of independent distributors, with an aggregate value of $11.2 million in the following transactions: ā Golden State Propane, Inc., based in California, acquired in August 2019; ā C.F. Van Duzer Gas Services, Inc., based in New York, acquired in October 2019; ā Lee Propane of Pennington Gap, Inc., based in Virginia, acquired in June 2020. During fiscal 2019, Ferrellgas, L.P. acquired propane distribution assets, primarily of independent distributors, with an aggregate value of $15.2 million in the following transactions: ā Salathe Gas Co., based in Louisiana, acquired September 2018; ā North Star Exchange, Inc., based in Indiana, acquired October 2018; ā Wylie LP Gas Inc., based in Texas, acquired October 2018; ā Co-op Butane Inc., based in Louisiana, acquired in December 2018; ā American Propane, based in Oklahoma, acquired January 2019; ā Reliable Propane, Inc., based in Missouri, acquired in February 2019; ā AAA Propane, Inc., based in Colorado, acquired in June 2019. These acquisitions were funded as follows on their dates of acquisition: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Cash payments, net of cash acquired ā $ 6,567 ā $ 10,195 ā $ 13,551 Issuance of liabilities and other costs and considerations ā 1,344 ā 975 ā 1,650 Aggregate fair value of transactions ā $ 7,911 ā $ 11,170 ā $ 15,201 ā The aggregate fair values, for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Working capital ā $ ā ā $ ā ā $ 31 Customer tanks, buildings, land and other ā 2,607 ā 6,598 ā 11,560 Goodwill ā ā ā ā ā ā ā ā 1,410 Customer lists ā 4,973 ā 738 ā 1,272 Non-compete agreements ā 331 ā 3,834 ā 928 Aggregate fair value of net assets acquired ā $ 7,911 ā $ 11,170 ā $ 15,201 ā The estimated fair values and useful lives of assets acquired during fiscal 2021 are based on a preliminary valuation and are subject to final valuation adjustments. Ferrellgas, L.P. intends to continue its analysis of the net assets of these transactions to determine the final allocation of the total purchase price to the various assets and liabilities acquired. The estimated fair values and useful lives of assets acquired during fiscal 2020 and 2019 are based on internal valuations and included only minor adjustments during the 12-month period after the date of acquisition. Due to the immateriality of these adjustments, Ferrellgas, L.P. did not retrospectively adjust the consolidated statements of operations for those measurement period adjustments. āLoss on asset sales and disposalsā consists of: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Loss on sale of: ā ā ā ā ā ā ā ā ā Midstream trucking, water disposal & terminal assets ā $ ā ā $ ā ā $ 2,679 Other ā 1,831 ā 7,924 ā 8,289 Loss on asset sales and disposals ā $ 1,831 ā $ 7,924 ā $ 10,968 ā |
Quarterly Distributions Of Avai
Quarterly Distributions Of Available Cash | 12 Months Ended |
Jul. 31, 2021 | |
Earnings Distribution Allocation [Line Items] | |
Quarterly Distributions Of Available Cash | E. Quarterly distribution of available cash Ferrellgas Partners is required by its partnership agreement to make quarterly cash distributions of all of its āavailable cash.ā Available cash is defined in its partnership agreement as, generally, the sum of its consolidated cash receipts less consolidated cash disbursements and net changes in reserves established by the general partner for future requirements. Reserves may be established in order to provide for the proper conduct of Ferrellgas Partnersā business, to comply with any contractual obligations and restrictions, and to provide funds for distributions with respect to any one or more of the next four fiscal quarters. To the extent Ferrellgas Partners has available cash for a particular fiscal quarter, distributions of such cash are required to be made within 45 days after the end of such fiscal quarter to holders of record on the applicable record date, subject to the terms and preferences of the Class B Units. To the extent distributions are made in respect of the Class A Units, pro rata distributions are also made to the general partner. See Note K ā Equity for further discussion. |
Ferrellgas, L.P. [Member] | |
Earnings Distribution Allocation [Line Items] | |
Quarterly Distributions Of Available Cash | E. Quarterly distribution of available cash The operating partnership is required by its partnership agreement to make quarterly cash distributions of all of its āavailable cash.ā Available cash is defined in its partnership agreement as, generally, the sum of its consolidated cash receipts less consolidated cash disbursements and net changes in reserves established by the general partner for future requirements. Reserves may be established in order to provide for the proper conduct of the operating partnershipās business, to comply with contractual obligations and restrictions, including the restrictions on distributions in the indentures governing the 2026 Notes and 2029 Notes, the Credit Agreement and the OpCo LPA Amendment, and to provide funds for distributions with respect to any one or more of the next four fiscal quarters. To the extent the operating partnership has available cash for a particular fiscal quarter, distributions of such cash are required to be made within 45 days While any Preferred Units remain outstanding, after giving effect to required payments and distributions in respect of the Preferred Units, distributions by the operating partnership of its available cash will be made solely to Ferrellgas Partners. If and when there are no longer any Preferred Units outstanding, distributions by the operating partnership of its available cash will be made approximately 99% to Ferrellgas Partners and approximately 1% to the general partner. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 12 Months Ended |
Jul. 31, 2021 | |
Supplemental Financial Statement Information [Line Items] | |
Supplemental Financial Statement Information | F. Supplemental financial statement information Inventories consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Propane gas and related products ā $ 75,848 ā $ 58,733 Appliances, parts and supplies, and other ā 12,531 ā 13,931 Inventories ā $ 88,379 ā $ 72,664 ā In addition to inventories on hand, Ferrellgas enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 Property, plant and equipment, net consist of the following: ā ā ā ā ā ā ā ā ā ā ā Estimated useful lives July 31, 2021 July 31, 2020 Land Indefinite ā $ 40,346 ā $ 39,585 Land improvements 2-20 ā 15,128 ā 14,998 Buildings and improvements 20 ā 88,620 ā 88,349 Vehicles, including transport trailers 8-20 ā 110,517 ā 105,184 Bulk equipment and district facilities 5-30 ā 110,983 ā 111,019 Tanks, cylinders and customer equipment 2-30 ā 786,912 ā 784,466 Computer and office equipment 2-5 ā 107,272 ā 112,582 Construction in progress n/a ā 8,478 ā 6,889 ā ā ā ā 1,268,256 ā 1,263,072 Less: accumulated depreciation ā ā ā 686,138 ā 672,030 Property, plant and equipment, net ā ā ā $ 582,118 ā $ 591,042 ā Depreciation expense totaled $64.1 million, $64.5 million and $60.7 million for fiscal 2021, 2020 and 2019, respectively. Prepaid expenses and other current assets consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Broker margin deposit assets ā $ 21,068 ā $ 14,398 Other ā 18,024 ā 18,700 Prepaid expenses and other current assets ā $ 39,092 ā $ 33,098 ā Other assets, net consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Notes receivable, less current portion and allowance ā $ 19,765 ā $ 5,330 Finance lease right-of-use assets ā 34,858 ā 41,426 Other ā 38,605 ā 27,992 Other assets, net ā $ 93,228 ā $ 74,748 ā Other current liabilities consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accrued interest ā $ 29,095 ā $ 53,841 Customer deposits and advances ā 35,734 ā 32,257 Accrued payroll ā 28,143 ā 18,375 Accrued insurance ā 11,104 ā 14,796 Broker margin deposit liability ā ā 79,178 ā ā 510 Accrued senior preferred units distributions ā ā 16,013 ā ā ā Other ā 46,733 ā 47,687 Other current liabilities ā $ 246,000 ā $ 167,466 ā Shipping and handling expenses are classified in the following consolidated statements of operations line items: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Operating expense - personnel, vehicle, plant and other ā $ 217,292 ā $ 219,598 ā $ 215,780 Depreciation and amortization expense ā 13,691 ā 9,857 ā 6,375 Operating expense - equipment lease expense ā 22,609 ā 32,518 ā 30,759 ā ā $ 253,592 ā $ 261,973 ā $ 252,914 ā Cash and cash equivalents consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Cash and cash equivalents ā $ 270,452 ā $ 238,002 Restricted cash (1) ā 11,500 ā 95,759 Cash, cash equivalents and restricted cash ā $ 281,952 ā $ 333,761 ā (1) As of July 31, 2021, restricted cash includes an $11.5 million cash deposit made with the administrative agent under the operating partnershipās senior secured credit facility that was terminated in April 2020, which may be used by the administrative agent to pay contingent obligations arising under the financing agreement that governed the terminated senior secured credit facility. As of July 31, 2020, the $95.8 million of restricted cash includes $78.2 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated senior secured credit facility and $6.1 million of additional pledged collateral. For additional discussion see Note I ā Debt. For purposes of the consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Ferrellgas maintains its cash and cash equivalents in various bank accounts that, at times, may exceed federally insured limits. Ferrellgasā cash and cash equivalent accounts have been placed with high credit quality financial institutions. Certain cash flow and significant non-cash activities are presented below: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Cash paid for: ā ā ā Interest ā $ 205,505 ā $ 147,402 ā $ 166,897 Income taxes ā $ 706 ā $ 289 ā $ 141 Non-cash investing and financing activities: ā ā ā ā Liability incurred in connection with Financing Agreement amendment ā $ ā ā $ 8,863 ā $ ā Liabilities incurred in connection with acquisitions ā $ 1,344 ā $ 975 ā $ 1,650 Change in accruals for property, plant and equipment additions ā $ (386) ā $ 216 ā $ 1,132 Lease liabilities arising from operating right-of-use assets ā $ 8,374 ā $ 14,938 ā $ ā Lease liabilities arising from finance right-of-use assets ā $ 2,310 ā $ 45,455 ā $ ā Accrued senior preferred units distributions ā $ 16,013 ā $ ā ā $ ā ā |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information [Line Items] | |
Supplemental Financial Statement Information | F. Supplemental financial statement information Inventories consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Propane gas and related products ā $ 75,848 ā $ 58,733 Appliances, parts and supplies, and other ā 12,531 ā 13,931 Inventories ā $ 88,379 ā $ 72,664 ā In addition to inventories on hand, Ferrellgas, L.P. enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 Property, plant and equipment, net consist of the following: ā ā ā ā ā ā ā ā ā ā ā ā Estimated useful lives July 31, 2021 July 31, 2020 Land Indefinite ā $ 40,346 ā $ 39,585 Land improvements 2-20 ā 15,128 ā 14,998 Buildings and improvements 20 ā 88,620 ā 88,349 Vehicles, including transport trailers 8-20 ā 110,517 ā 105,184 Bulk equipment and district facilities 5-30 ā 110,983 ā 111,019 Tanks, cylinders and customer equipment 2-30 ā 786,912 ā 784,466 Computer and office equipment 2-5 ā 107,272 ā 112,582 Construction in progress n/a ā 8,478 ā 6,889 ā ā 1,268,256 ā 1,263,072 Less: accumulated depreciation ā 686,138 ā 672,030 Property, plant and equipment, net ā $ 582,118 ā $ 591,042 ā Depreciation expense totaled $64.1 million, $64.5 million and $60.7 million for fiscal 2021, 2020 and 2019, respectively. ā Prepaid expenses and other current assets consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Broker margin deposit assets ā $ 21,068 ā $ 14,398 Other ā 18,005 ā ā 18,653 Prepaid expenses and other current assets ā $ 39,073 ā $ 33,051 ā Other assets, net consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Notes receivable, less current portion and allowance ā $ 19,765 ā $ 5,330 Finance lease right-of-use assets ā ā 34,858 ā ā 41,426 Other ā 38,605 ā 27,992 Other assets, net ā $ 93,228 ā $ 74,748 ā Other current liabilities consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accrued interest ā $ 29,095 ā $ 34,511 Customer deposits and advances ā 35,734 ā 32,257 Accrued payroll ā 11,104 ā 18,375 Accrued insurance ā 28,143 ā 14,796 Broker margin deposit liability ā ā 79,178 ā ā 510 Accrued senior preferred units distributions ā ā 16,013 ā ā ā Other ā 46,515 ā 47,687 Other current liabilities ā $ 245,782 ā $ 148,136 ā Shipping and handling expenses are classified in the following consolidated statements of operations line items: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā ā 2021 2020 2019 Operating expense - personnel, vehicle, plant and other ā $ 217,292 ā $ 219,598 ā $ 215,780 Depreciation and amortization expense ā 13,691 ā 9,857 ā 6,375 Operating expense - equipment lease expense ā 22,609 ā 32,518 ā 30,759 ā ā $ 253,592 ā $ 261,973 ā $ 252,914 ā Cash and cash equivalents consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Cash and cash equivalents ā $ 270,188 ā $ 237,996 Restricted cash (1) ā 11,500 ā 95,759 Cash, cash equivalents and restricted cash ā $ 281,688 ā $ 333,755 ā (1) As of July 31, 2021, restricted cash includes an $11.5 million cash deposit made with the administrative agent under the operating partnershipās senior secured credit facility that was terminated in April 2020, which may be used by the administrative agent to pay contingent obligations arising under the financing agreement that governed the terminated senior secured credit facility. As of July 31, 2020, the $95.8 million of restricted cash includes $78.2 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated senior secured credit facility and $6.1 million of additional pledged collateral. For additional discussion see Note I ā Debt. For purposes of the consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Ferrellgas maintains its cash and cash equivalents in various bank accounts that, at times, may exceed federally insured limits. Ferrellgasā cash and cash equivalent accounts have been placed with high credit quality financial institutions. Certain cash flow and significant non-cash activities are presented below: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Cash paid for: ā ā ā ā ā ā ā ā ā Interest ā $ 156,449 ā $ 132,006 ā $ 136,106 Income taxes ā $ 693 ā $ 241 ā $ 111 Non-cash investing and financing activities: ā ā ā Liability incurred in connection with Financing Agreement amendment ā $ ā ā $ 8,863 ā $ ā Liabilities incurred in connection with acquisitions ā $ 1,344 ā $ 975 ā $ 1,650 Change in accruals for property, plant and equipment additions ā $ (386) ā $ 216 ā $ 1,132 Lease liabilities arising from operating right-of-use assets ā $ 8,374 ā $ 14,938 ā $ ā Lease liabilities arising from finance right-of-use assets ā $ 2,310 ā $ 45,455 ā $ ā Accrued senior preferred units distributions ā $ 16,013 ā $ ā ā $ ā ā |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net | 12 Months Ended |
Jul. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts and notes receivable, net | G. Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accounts receivable (a) ā $ 135,182 ā $ 102,914 Note receivable ā 13,648 ā 12,648 Less: Allowance for expected credit losses ā (17,256) ā (14,124) Accounts and notes receivable, net ā $ 131,574 ā $ 101,438 (a) At July 31, 2020, $103.7 million was pledged as collateral under the terminated accounts receivable securitization facility, discussed below. ā On March 30, 2021, Ferrellgas terminated the agreement governing the accounts receivable securitization facility, initially dated as of January 19, 2012 and as subsequently amended from time to time (the āAccounts Receivables Facilityā). In connection with the termination of the Accounts Receivables Facility, Ferrellgas repaid all of the outstanding obligations and fees thereunder. |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts and notes receivable, net | G. Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accounts receivable (a) ā $ 135,182 ā $ 102,914 Note receivable ā 13,648 ā 12,648 Less: Allowance for expected credit losses ā (17,256) ā (14,124) Accounts and notes receivable, net ā $ 131,574 ā $ 101,438 (a) At July 31, 2020, $103.7 million was pledged as collateral under the terminated accounts receivable securitization facility, discussed below ā On March 30, 2021, Ferrellgas terminated the agreement governing the accounts receivable securitization facility, initially dated as of January 19, 2012 and as subsequently amended from time to time (the āAccounts Receivables Facilityā). In connection with the termination of the Accounts Receivables Facility, Ferrellgas repaid all of the outstanding obligations and fees thereunder. |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Jul. 31, 2021 | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Goodwill And Intangible Assets, Net | H. Goodwill and intangible assets, net Goodwill and intangible assets, net consist of the following: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2021 ā July 31, 2020 ā Gross Carrying Accumulated ā ā Gross Carrying Accumulated ā ā ā ā Amount ā Amortization ā Net ā Amount ā Amortization ā Net Goodwill, net ā $ 246,946 ā $ ā ā $ 246,946 ā $ 247,195 ā $ ā ā $ 247,195 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Intangible assets, net ā ā ā ā ā ā Amortized intangible assets ā ā ā ā ā ā Customer related ā $ 451,922 ā $ (405,490) ā $ 46,432 ā $ 446,486 ā $ (397,843) ā $ 48,643 Non-compete agreements ā 26,319 ā (23,029) ā 3,290 ā 26,319 ā (21,934) ā 4,385 Other ā 3,513 ā (3,513) ā ā ā 3,513 ā (3,513) ā ā ā ā 481,754 ā (432,032) ā 49,722 ā 476,318 ā (423,290) ā 53,028 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unamortized intangible assets ā ā ā ā ā ā Trade names & trademarks ā 51,021 ā ā ā 51,021 ā 51,021 ā ā ā 51,021 Total intangible assets, net ā $ 532,775 ā $ (432,032) ā $ 100,743 ā $ 527,339 ā $ (423,290) ā $ 104,049 ā Changes in the carrying amount of goodwill are as follows: ā ā ā ā ā ā Propane operations and ā ā related equipment sales Balance July 31, 2019 ā $ 247,195 Acquisitions ā ā Other ā ā ā Balance July 31, 2020 ā 247,195 Acquisitions ā ā Other ā ā (249) Balance July 31, 2021 ā $ 246,946 ā Customer related intangible assets have estimated lives of 15 five 10 15 nine Aggregate amortization expense related to intangible assets, net: ā ā ā ā ā For the year ended July 31, ā ā 2021 ā $ 8,742 2020 ā 9,079 2019 ā 14,581 ā Estimated amortization expense: ā ā ā ā ā For the year ended July 31, ā ā 2022 ā $ 7,687 2023 ā 7,360 2024 ā 7,084 2025 ā 5,083 2026 ā 4,523 ā |
Ferrellgas, L.P. [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Goodwill And Intangible Assets, Net | H. Goodwill and intangible assets, net Goodwill and intangible assets, net consist of the following: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2021 ā July 31, 2020 ā ā Gross ā ā ā ā ā ā ā Gross ā ā ā ā ā ā ā ā Carrying ā Accumulated ā ā ā ā Carrying ā Accumulated ā ā ā ā Amount Amortization Net Amount Amortization Net Goodwill, net ā $ 246,946 ā $ ā ā $ 246,946 ā $ 247,195 ā $ ā ā $ 247,195 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Intangible assets, net ā ā ā ā ā ā Amortized intangible assets ā ā ā ā ā ā Customer related ā $ 451,922 ā $ (405,490) ā $ 46,432 ā $ 446,486 ā $ (397,843) ā $ 48,643 Non-compete agreements ā 26,319 ā (23,029) ā 3,290 ā 26,319 ā (21,934) ā 4,385 Other ā 3,513 ā (3,513) ā ā ā 3,513 ā (3,513) ā ā ā ā 481,754 ā (432,032) ā 49,722 ā 476,318 ā (423,290) ā 53,028 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unamortized intangible assets ā ā ā ā ā ā Trade names & trademarks ā 51,021 ā ā ā 51,021 ā 51,021 ā ā ā 51,021 Total intangible assets, net ā $ 532,775 ā $ (432,032) ā $ 100,743 ā $ 527,339 ā $ (423,290) ā $ 104,049 ā Changes in the carrying amount of goodwill are as follows: ā ā ā ā ā ā Propane operations and ā ā related equipment sales Balance July 31, 2019 ā $ 247,195 Acquisitions ā ā ā Other ā ā Balance July 31, 2020 ā 247,195 Acquisitions ā ā Other ā ā (249) Balance July 31, 2021 ā $ 246,946 ā Customer related intangible assets have estimated lives of 15 five 10 15 nine ā Aggregate amortization expense related to intangible assets, net: ā ā ā ā ā For the year ended July 31, ā ā 2021 ā $ 8,742 2020 ā 9,079 2019 ā 14,581 ā Estimated amortization expense: ā ā ā ā ā For the year ended July 31, ā ā 2022 ā $ 7,687 2023 ā 7,360 2024 ā 7,084 2025 ā 5,083 2026 ā 4,523 ā |
Debt
Debt | 12 Months Ended |
Jul. 31, 2021 | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | I. Debt Long-term debt Long-term debt consists of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Unsecured senior notes ā ā Fixed rate, 6.50%, due 2021 (1) ā $ ā ā $ 500,000 Fixed rate, 6.75%, due 2023 (2) ā ā ā 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $937 at July 31, 2020 (3) ā ā ā 475,937 Fixed rate, 8.625%, due 2020 (4) ā ā ā 357,000 Fixed rate, 5.375%, due 2026 (5) ā ā 650,000 ā ā ā Fixed rate, 5.875%, due 2029 (5) ā ā 825,000 ā ā ā ā ā ā ā ā ā ā Secured senior notes ā ā Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,573 at July 31, 2020 (6) ā ā ā ā ā 703,573 ā ā ā ā ā ā ā Notes payable ā ā 8.8% and 9.4% weighted average interest rate at July 31, 2021 and July 31, 2020, respectively, due 2021 to 2029, net of unamortized discount of $573 and $537 at July 31, 2021 and July 31, 2020, respectively ā 3,882 ā 4,564 Total debt, excluding unamortized debt issuance and other costs ā 1,478,882 ā 2,541,074 Unamortized debt issuance and other costs ā (32,322) ā (35,583) Less: current portion of long-term debt ā 1,670 ā 859,095 Long-term debt ā $ 1,444,890 ā $ 1,646,396 (1) During November 2010, the operating partnership issued $500.0 million aggregate principal amount of 6.50% senior notes due 2021 (referred to herein as the 2021 Notes). The outstanding principal amount of the 2021 Notes was due on May 1, 2021. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2021 Notes pursuant the terms of the indenture governing the 2021 Notes, with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2021 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2021 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2021 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2021 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2021 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2021 Notes was $513.9 million, consisting of principal and accrued and unpaid interest to the redemption date. (2) During June 2015, the operating partnership issued $500.0 million aggregate principal amount of 6.75% senior notes due 2023 (referred to herein as the 2023 Notes). The outstanding principal amount of the 2023 Notes was due June 15, 2023. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2023 Notes pursuant the terms of the indenture governing the 2023 Notes, with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2023 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2023 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2023 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2023 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2023 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2023 Notes was $518.8 million, consisting of principal, redemption premium and accrued and unpaid interest to the redemption date. (3) During fiscal 2014, the operating partnership issued $475.0 million aggregate principal amount of 6.75% senior notes due 2022 (referred to herein as the 2022 Notes), $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. The outstanding principal amount of the 2022 Notes was due January 15, 2022. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2022 Notes pursuant the terms of the indenture governing the 2022 Notes with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2022 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2022 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2022 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2022 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2022 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2022 Notes was $482.0 million, consisting of principal and accrued and unpaid interest to the redemption date. (4) During April 2010, Ferrellgas Partners issued $280.0 million aggregate principal amount of 8.625% unsecured senior notes due 2020 (referred to herein as the Ferrellgas Partners Notes). During March 2011, Ferrellgas Partners redeemed $98.0 million of the Ferrellgas Partners Notes. During January 2017, Ferrellgas Partners issued $175.0 million aggregate principal amount of additional Ferrellgas Partners Notes at 96% of par. The outstanding principal amount of the Ferrellgas Partners Notes was due on June 15, 2020, but had not been repaid and was classified as current on the consolidated balance sheet as of July 31, 2020. On the Effective Date, by operation of the Plan, all outstanding indebtedness under the Ferrellgas Partners Notes was discharged and cancelled. Pursuant to the Plan, Ferrellgas Partners issued an aggregate of 1.3 million Class B Units to holders of the Ferrellgas Partners Notes in satisfaction of their claims in respect of the Ferrellgas Partners Notes. (5) On the Effective Date, two wholly-owned subsidiaries of the operating partnership (referred to herein as the Escrow Issuers) issued $650.0 million aggregate principal amount of 5.375% senior notes due 2026 (referred to herein as the 2026 Notes) and $825.0 million aggregate principal amount of 5.875% senior notes due 2029 (referred to herein as the 2029 Notes). On the Effective Date and immediately after the issuance of the 2026 Notes and 2029 Notes by the Escrow Issuers, (i) the Escrow Issuers were merged into the operating partnership and Ferrellgas Finance Corp., respectively, and the operating partnership and Ferrellgas Finance Corp. assumed the obligations of the Escrow Issuers as co-issuers of the 2026 Notes and the 2029 Notes, and (ii) the general partner and certain subsidiaries of the operating partnership guaranteed the 2026 Notes and the 2029 Notes. The 2026 Notes and 2029 Notes bear interest from the date of issuance, payable semi-annually in arrears on October 1 and April 1 of each year. The 2026 Notes will mature on April 1, 2026, and the 2029 Notes will mature on April 1, 2029. See āāSenior unsecured notesā below for additional discussion. (6) During April 2020, the operating partnership issued $700.0 million aggregate principal amount of 10.00% senior secured first lien notes due 2025 (referred to herein as the 2025 Notes), $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. The outstanding principal amount of the 2025 Notes was due on April 15, 2025. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2025 Notes pursuant the terms of the indenture governing the 2025 Notes, with a redemption date of March 30, 2021, and all of the issued and outstanding 2025 Notes were redeemed on the Effective Date. The aggregate redemption price for the 2025 Notes was $806.2 million, consisting of principal, redemption premium and accrued and unpaid interest to the redemption date. Senior secured revolving credit facility On the Effective Date, the operating partnership, the general partner and certain of the operating partnershipās subsidiaries entered into the Credit Agreement, which provides for the four-year 60 days All borrowings under the Credit Facility are guaranteed by the general partner and the direct and indirect subsidiaries of the operating partnership (other than Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC) and a limited-recourse guaranty from Ferrellgas Partners (limited to its equity interests in the operating partnership). Additionally, all borrowings are secured, on a first priority basis, by substantially all of the assets of the operating partnership and its subsidiaries and all of the equity interests in the operating partnership held by the general partner and Ferrellgas Partners. Availability under the Credit Facility is, at any time, an amount equal to (a) the lesser of the revolving commitment (initially $350.0 million) and the Borrowing Base (as defined below) minus (b) the sum of the aggregate outstanding amount of borrowings under Credit Facility plus the undrawn amount of outstanding letters of credit under the Credit Facility plus unreimbursed drawings in respect of letters of credit (unless otherwise converted into revolving loans). The "Borrowing Base" equals the sum of: (a) $200.0 million, plus (b) 80% of the eligible accounts receivable of the operating partnership and its subsidiaries, plus (c) 70% of the eligible propane inventory of the operating partnership and its subsidiaries, valued at weighted average cost, less (d) certain reserves, as determined and subject to certain modifications by the administrative agent in its permitted discretion. Amounts borrowed under the Credit Facility bear interest, at the operating partnership's option, at either (a) for base rate loans, (i) a base rate determined by reference to the highest of (A) the rate of interest last quoted by The Wall Street Journal The Credit Agreement contains customary representations, warranties, covenants and events of default. The financial covenants in the Credit Agreement require the operating partnership to maintain: (1) a minimum interest coverage ratio (defined generally as the ratio of adjusted EBITDA to cash interest expense) of 2.50 to 1.00, (2) a maximum secured leverage ratio (defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA) of 2.50 to 1.00, and (3) a maximum total net leverage ratio (defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA) of 5.50 to 1.00 initially. The maximum total net leverage ratio adjusts to 5.25 to 1.00 starting with the quarter ending April 30, 2022, 5.00 to 1.00 starting with the quarter ending October 31, 2022, and 4.75 to 1.00 starting with the quarter ending April 30, 2023. In addition to the financial covenants, the Credit Agreement includes covenants that may (or if not met will) restrict the ability of the operating partnership to, among other things: incur indebtedness or liens; effect certain fundamental changes, including mergers, consolidations, liquidations, dissolutions and changes in line of business; make certain restricted payments, including distributions to holders of Preferred Units, Ferrellgas Partners and the general partner and redemptions of Preferred Units; make investments, loans or advances; dispose of assets; effect sale and leaseback transactions; enter into swap agreements; make optional payments and modifications of subordinated and other debt instruments; enter into transactions with affiliates; agree to negative pledge clauses and burdensome agreements; and effect amendments to organizational documents. In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, Ferrellgas Partners and the general partner, redemptions of Preferred Units and other restricted payments (i) only in limited amounts specified in the Credit Agreement and (ii) only if availability under the Credit Facility exceeds the greater of $50.0 million and 15% of the Borrowing Base and the operating partnershipās total net leverage ratio is not greater than 5.0 to 1.0 (or 4.75 to 1.0 starting on April 30, 2023). On June 11, 2021, the operating partnership, the general partner and certain of the operating partnershipās subsidiaries entered into a First Amendment to the Credit Agreement (the āCredit Agreement Amendmentā), with an effective date of April 30, 2021. Among other matters, the Credit Agreement Amendment amended the minimum-interest-coverage-ratio covenant described above by (i) waiving compliance with the covenant for the trailing four fiscal quarters ended April 30, 2021 and (ii) annualizing the cash interest expense component of the covenant for (a) the fiscal quarter ended on July 31, 2021, (b) the two fiscal quarters ending October 31, 2021, and (c) the three fiscal quarters ending January 31, 2022. Senior unsecured notes As discussed above, on the Effective Date, (i) the Escrow Issuers issued $650.0 million aggregate principal amount of 2026 Notes and $825.0 million aggregate principal amount of 2029 Notes, and (ii) the operating partnership and Ferrellgas Finance Corp. assumed the obligations of the Escrow Issuers as co-issuers of the 2026 Notes and the 2029 Notes upon the merger of the Escrow Issuers into the operating partnership and Ferrellgas Finance Corp., respectively. The operating partnership received aggregate net proceeds from the issuance and sale of the 2026 Notes and the 2029 Notes of approximately $1,441.2 million, after deducting the initial purchasersā discount and estimated offering expenses. The operating partnership used such net proceeds, together with the net proceeds of the issuance and sale of the Preferred Units, as discussed in Note J ā Preferred units, and cash on hand, (i) to redeem (or satisfy and discharge the indentures governing and subsequently redeem) all of the issued and outstanding 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes, as described above, and (ii) to repay all outstanding obligations under the Accounts Receivable Facility in connection with the termination of that facility, as described in Note G ā Accounts and notes receivable, net. The 2026 Notes and 2029 Notes are the senior unsecured obligations of the operating partnership and Ferrellgas Finance Corp. and are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the general partner and all domestic subsidiaries of the operating partnership other than Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC. The 2026 Notes may be redeemed prior to April 1, 2023 and the 2029 Notes may be redeemed prior to April 1, 2024 at the issuerās option, in whole or in part, at a redemption price of par plus the applicable make-whole premium and accrued and unpaid interest. On and after April 1, 2023 and April 1, 2024, the 2026 Notes and the 2029 Notes, respectively, may be redeemed at the issuerās option, in whole or in part, at the redemption prices set forth in the respective indenture governing such notes, plus accrued and unpaid interest. Beginning on April 1, 2025 and April 1, 2026, the 2026 Notes and 2029 Notes, respectively, may be redeemed at par plus accrued and unpaid interest. The indentures governing the 2026 Notes and 2029 Notes contain customary affirmative and negative covenants restricting, among other things, the ability of the operating partnership and its restricted subsidiaries to: incur additional indebtedness and guarantee indebtedness; pay dividends or make other distributions (including distributions to holders of Preferred Units, Ferrellgas Partners and the general partner) or repurchase or redeem their equity interests (including redemptions of Preferred Units); repurchase or redeem certain debt; make certain other restricted payments or investments; sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting the operating partnershipās subsidiariesā ability to pay dividends; and consolidate, merge or sell all or substantially of their assets. The indentures also restrict the ability of the general partner to engage in certain activities. In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, Ferrellgas Partners and the general partner, redemptions of Preferred Units and other restricted payments (i) only in limited amounts specified in the indentures and (ii) only if the operating partnershipās net leverage ratio (defined generally to mean the ratio of consolidated total net debt to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is not greater than 5.0 to 1.0, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. Further, if the operating partnershipās consolidated fixed charge coverage ratio (defined generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated fixed charges, both as adjusted for certain, specified items) is equal to or less than 1.75 to 1.00 (on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events), the amount of distributions and other restricted payments the operating partnership is permitted to make under the indentures is further limited. Loss on extinguishment of debt As discussed in Note A ā Partnership organization and formation under āāRecent DevelopmentsāTransactionsā, proceeds from the issuance of the Preferred Units, the 2026 Notes and the 2029 Notes were used to redeem (or satisfy and discharge and subsequently redeem) all of the operating partnershipās previously issued and outstanding notes, and the Class B Units were issued to holders of the Ferrellgas Partners Notes in satisfaction of their claims in respect of the Ferrellgas Partners Notes The effects of these transactions resulted in a $104.8 million loss on extinguishment of debt. A table detailing the components of the loss on extinguishment of debt is presented below: ā ā ā ā ā ā For the year ended ā ā July 31, 2021 Payment of redemption premium on debt extinguishment ā $ 83,072 Fair value of Class B units in excess of carrying value ā (5,101) Make-whole payments ā ā 1,964 Unamortized deferred financing costs ā ā 24,899 Total loss on extinguishment of debt ā $ 104,834 ā ā ā ā ā The scheduled annual principal payments on long-term debt are as follows: ā ā ā ā ā ā ā Scheduled Payment due by fiscal year principal payments 2022 ā $ 1,670 2023 ā 1,234 2024 ā 664 2025 ā 534 2026 ā 650,335 Thereafter ā 825,019 Total ā $ 1,479,456 ā Letters of credit outstanding at July 31, 2021 and 2020 totaled $107.7 million and $126.0 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At July 31, 2021, Ferrellgas had available borrowing capacity under its Credit Facility of $219.9 million. At July 31, 2020, Ferrellgas did not have in place a credit facility providing for the issuance of letters of credit and had $78.2 million of restricted cash pledged as cash collateral for letters of credit outstanding. Additionally, at July 31, 2020, Ferrellgas also issued letters of credit of $50.0 million by utilizing liquidity available on the terminated Accounts Receivable Facility. Ferrellgas incurred commitment fees of $0.1 million, $0.5 million and $1.0 million in fiscal 2021, 2020 and 2019, respectively. |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | I. Debt Long-term debt Long-term debt consists of the following: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Unsecured senior notes ā ā Fixed rate, 6.50%, due 2021 (1) ā $ ā ā $ 500,000 Fixed rate, 6.75%, due 2023 (2) ā ā ā 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $937 at July 31, 2020 (3) ā ā ā 475,937 Fixed rate, 5.375%, due 2026 (4) ā ā 650,000 ā ā ā Fixed rate, 5.875%, due 2029 (4) ā ā 825,000 ā ā ā ā ā ā ā ā ā ā Secured senior notes ā ā Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,573 at July 31, 2020 (5) ā ā ā 703,573 ā ā ā ā ā ā ā Notes payable ā ā 8.8% and 9.4% weighted average interest rate at July 31, 2021 and July 31, 2020, respectively, due 2021 to 2029, net of unamortized discount of $573 and $537 at July 31, 2021 and July 31, 2020, respectively ā 3,882 ā 4,564 Total debt, excluding unamortized debt issuance and other costs ā 1,478,882 ā 2,184,074 Unamortized debt issuance and other costs ā (32,322) ā (35,583) Less: current portion of long-term debt ā 1,670 ā 502,095 Long-term debt ā $ 1,444,890 ā $ 1,646,396 (1) During November 2010, the operating partnership issued $500.0 million aggregate principal amount of 6.50% senior notes due 2021 (referred to herein as the 2021 Notes). The outstanding principal amount of the 2021 Notes was due on May 1, 2021. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2021 Notes pursuant the terms of the indenture governing the 2021 Notes, with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2021 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2021 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2021 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2021 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2021 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2021 Notes was $513.9 million, consisting of principal and accrued and unpaid interest to the redemption date. (2) During June 2015, the operating partnership issued $500.0 million aggregate principal amount of 6.75% senior notes due 2023 (referred to herein as the 2023 Notes). The outstanding principal amount of the 2023 Notes was due June 15, 2023. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2023 Notes pursuant the terms of the indenture governing the 2023 Notes, with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2023 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2023 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2023 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2023 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2023 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2023 Notes was $518.8 million, consisting of principal, redemption premium and accrued and unpaid interest to the redemption date. (3) During fiscal 2014, the operating partnership issued $475.0 million aggregate principal amount of 6.75% senior notes due 2022 (referred to herein as the 2022 Notes), $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. The outstanding principal amount of the 2022 Notes was due January 15, 2022. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2022 Notes pursuant the terms of the indenture governing the 2022 Notes, with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2022 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2022 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2022 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2022 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2022 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2022 Notes was $482.0 million, consisting of principal and accrued and unpaid interest to the redemption date. (4) On the Effective Date, two wholly-owned subsidiaries of the operating partnership (referred to herein as the Escrow Issuers) issued $650.0 million aggregate principal amount of 5.375% senior notes due 2026 (referred to herein as the 2026 Notes) and $825.0 million aggregate principal amount of 5.875% senior notes due 2029 (referred to herein as the 2029 Notes). On the Effective Date and immediately after the issuance of the 2026 Notes and 2029 Notes by the Escrow Issuers, (i) the Escrow Issuers were merged into the operating partnership and Ferrellgas Finance Corp., respectively, and the operating partnership and Ferrellgas Finance Corp. assumed the obligations of the Escrow Issuers as co-issuers of the 2026 Notes and the 2029 Notes, and (ii) the general partner and certain subsidiaries of the operating partnership guaranteed the 2026 Notes and the 2029 Notes. The 2026 Notes and 2029 Notes bear interest from the date of issuance, payable semi-annually in arrears on October 1 and April 1 of each year. The 2026 Notes will mature on April 1, 2026, and the 2029 Notes will mature on April 1, 2029. See āāSenior unsecured notesā below for additional discussion. (5) During April 2020, the operating partnership issued $700.0 million aggregate principal amount of 10.00% senior secured first lien notes due 2025 (referred to herein as the 2025 Notes), $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. The outstanding principal amount of the 2025 Notes was due on April 15, 2025. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2025 Notes pursuant the terms of the indenture governing the 2025 Notes, with a redemption date of March 30, 2021, and all of the issued and outstanding 2025 Notes were redeemed on the Effective Date. The aggregate redemption price for the 2025 Notes was $806.2 million, consisting of principal, redemption premium and accrued and unpaid interest to the redemption date. Senior secured revolving credit facility On the Effective Date, the operating partnership, the general partner and certain of the operating partnershipās subsidiaries entered into the Credit Agreement, which provides for the four-year 60 days All borrowings under the Credit Facility are guaranteed by the general partner and the direct and indirect subsidiaries of the operating partnership (other than Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC) and a limited-recourse guaranty from Ferrellgas Partners (limited to its equity interests in the operating partnership). Additionally, all borrowings are secured, on a first priority basis, by substantially all of the assets of the operating partnership and its subsidiaries and all of the equity interests in the operating partnership held by the general partner and Ferrellgas Partners. Availability under the Credit Facility is, at any time, an amount equal to (a) the lesser of the revolving commitment (initially $350.0 million) and the Borrowing Base (as defined below) minus (b) the sum of the aggregate outstanding amount of borrowings under Credit Facility plus the undrawn amount of outstanding letters of credit under the Credit Facility plus unreimbursed drawings in respect of letters of credit (unless otherwise converted into revolving loans). The "Borrowing Base" equals the sum of: (a) $200.0 million, plus (b) 80% of the eligible accounts receivable of the operating partnership and its subsidiaries, plus (c) 70% of the eligible propane inventory of the operating partnership and its subsidiaries, valued at weighted average cost, less (d) certain reserves, as determined and subject to certain modifications by the administrative agent in its permitted discretion. Amounts borrowed under the Credit Facility bear interest, at the operating partnership's option, at either (a) for base rate loans, (i) a base rate determined by reference to the highest of (A) the rate of interest last quoted by The Wall Street Journal The Credit Agreement contains customary representations, warranties, covenants and events of default. The financial covenants in the Credit Agreement require the operating partnership to maintain: (1) a minimum interest coverage ratio (defined generally as the ratio of adjusted EBITDA to cash interest expense) of 2.50 to 1.00, (2) a maximum secured leverage ratio (defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA) of 2.50 to 1.00, and (3) a maximum total net leverage ratio (defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA) of 5.50 to 1.00 initially. The maximum total net leverage ratio adjusts to 5.25 to 1.00 starting with the quarter ending April 30, 2022, 5.00 to 1.00 starting with the quarter ending October 31, 2022, and 4.75 to 1.00 starting with the quarter ending April 30, 2023. In addition to the financial covenants, the Credit Agreement includes covenants that may (or if not met will) restrict the ability of the operating partnership to, among other things: incur indebtedness or liens; effect certain fundamental changes, including mergers, consolidations, liquidations, dissolutions and changes in line of business; make certain restricted payments, including distributions to holders of Preferred Units, Ferrellgas Partners and the general partner and redemptions of Preferred Units; make investments, loans or advances; dispose of assets; effect sale and leaseback transactions; enter into swap agreements; make optional payments and modifications of subordinated and other debt instruments; enter into transactions with affiliates; agree to negative pledge clauses and burdensome agreements; and effect amendments to organizational documents. In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, Ferrellgas Partners and the general partner, redemptions of Preferred Units and other restricted payments (i) only in limited amounts specified in the Credit Agreement and (ii) only if availability under the Credit Facility exceeds the greater of $50.0 million and 15% of the Borrowing Base and the operating partnershipās total net leverage ratio is not greater than 5.0 to 1.0 (or 4.75 to 1.0 starting on April 30, 2023). On June 11, 2021, the operating partnership, the general partner and certain of the operating partnershipās subsidiaries entered into a First Amendment to the Credit Agreement (the āCredit Agreement Amendmentā), with an effective date of April 30, 2021. Among other matters, the Credit Agreement Amendment amended the minimum-interest-coverage-ratio covenant described above by (i) waiving compliance with the covenant for the trailing four fiscal quarters ended April 30, 2021 and (ii) annualizing the cash interest expense component of the covenant for (a) the fiscal quarter ended on July 31, 2021, (b) the two fiscal quarters ending October 31, 2021, and (c) the three fiscal quarters ending January 31, 2022. Senior unsecured notes As discussed above, on the Effective Date, (i) the Escrow Issuers issued $650.0 million aggregate principal amount of 2026 Notes and $825.0 million aggregate principal amount of 2029 Notes, and (ii) the operating partnership and Ferrellgas Finance Corp. assumed the obligations of the Escrow Issuers as co-issuers of the 2026 Notes and the 2029 Notes upon the merger of the Escrow Issuers into the operating partnership and Ferrellgas Finance Corp., respectively. The operating partnership received aggregate net proceeds from the issuance and sale of the 2026 Notes and the 2029 Notes of approximately $1,441.2 million, after deducting the initial purchasersā discount and estimated offering expenses. The operating partnership used such net proceeds, together with the net proceeds of the issuance and sale of the Preferred Units, as discussed in Note J ā Preferred units, and cash on hand, (i) to redeem (or satisfy and discharge the indentures governing and subsequently redeem) all of the issued and outstanding 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes, as described above, and (ii) to repay all outstanding obligations under the Accounts Receivable Facility in connection with the termination of that facility, as described in Note G ā Accounts and notes receivable, net. The 2026 Notes and 2029 Notes are the senior unsecured obligations of the operating partnership and Ferrellgas Finance Corp. and are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the general partner and all domestic subsidiaries of the operating partnership other than Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC. The 2026 Notes may be redeemed prior to April 1, 2023 and the 2029 Notes may be redeemed prior to April 1, 2024 at the issuerās option, in whole or in part, at a redemption price of par plus the applicable make-whole premium and accrued and unpaid interest. On and after April 1, 2023 and April 1, 2024, the 2026 Notes and the 2029 Notes, respectively, may be redeemed at the issuerās option, in whole or in part, at the redemption prices set forth in the respective indenture governing such notes, plus accrued and unpaid interest. Beginning on April 1, 2025 and April 1, 2026, the 2026 Notes and 2029 Notes, respectively, may be redeemed at par plus accrued and unpaid interest. The indentures governing the 2026 Notes and 2029 Notes contain customary affirmative and negative covenants restricting, among other things, the ability of the operating partnership and its restricted subsidiaries to: incur additional indebtedness and guarantee indebtedness; pay dividends or make other distributions (including distributions to holders of Preferred Units, Ferrellgas Partners and the general partner) or repurchase or redeem their equity interests (including redemptions of Preferred Units); repurchase or redeem certain debt; make certain other restricted payments or investments; sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting the operating partnershipās subsidiariesā ability to pay dividends; and consolidate, merge or sell all or substantially of their assets. The indentures also restrict the ability of the general partner to engage in certain activities. In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, Ferrellgas Partners and the general partner, redemptions of Preferred Units and other restricted payments (i) only in limited amounts specified in the indentures and (ii) only if the operating partnershipās net leverage ratio (defined generally to mean the ratio of consolidated total net debt to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is not greater than 5.0 to 1.0, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. Further, if the operating partnershipās consolidated fixed charge coverage ratio (defined generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated fixed charges, both as adjusted for certain, specified items) is equal to or less than 1.75 to 1.00 (on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events), the amount of distributions and other restricted payments the operating partnership is permitted to make under the indentures is further limited. Loss on extinguishment of debt As discussed in Note A ā Partnership organization and formation under āāRecent DevelopmentsāTransactionsā, proceeds from the issuance of the Preferred Units, the 2026 Notes and the 2029 Notes were used to redeem (or satisfy and discharge and subsequently redeem) all of the operating partnershipās previously issued and outstanding notes. The effects of these transactions resulted in an approximate $108.0 million loss on extinguishment of debt. A table detailing the components of the loss on extinguishment of debt is presented below: ā ā ā ā ā ā For the year ended ā ā July 31, 2021 Payment of redemption premium on debt extinguishment ā $ 83,072 Unamortized deferred financing costs ā ā 24,899 Total loss on extinguishment of debt ā $ 107,971 ā The scheduled annual principal payments on long-term debt are as follows: ā ā ā ā ā Payment due by fiscal year Scheduled 2022 ā $ 1,670 2023 ā 1,234 2024 ā 664 2025 ā 534 2026 ā 650,335 Thereafter ā 825,019 Total ā $ 1,479,456 ā Letters of credit outstanding at July 31, 2021 and 2020 totaled $107.7 million and $126.0 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. As of July 31, 2021, Ferrellgas, L.P. had available borrowing capacity under its Credit Facility of $219.9 million. As of July 31, 2020, Ferrellgas, L.P. did not have in place a credit facility providing for the issuance of letters of credit and had $78.2 million of restricted cash pledged as cash collateral for letters of credit outstanding. Additionally, at July 31, 2020, Ferrellgas, L.P. also issued letters of credit of $50.0 million by utilizing liquidity available on the terminated Accounts Receivable Facility. |
Preferred Units
Preferred Units | 12 Months Ended |
Jul. 31, 2021 | |
Temporary Equity [Line Items] | |
Preferred units | J. Preferred units On the Effective Date, pursuant to the Investment Agreement, the operating partnership issued an aggregate of 700,000 Preferred Units, having an aggregate initial liquidation preference of $700.0 million. The purchase price per Preferred Unit was $1,000 less a 3.0% purchase price discount, for an aggregate purchase price of $679.0 million. The operating partnership received net proceeds from the issuance and sale of the Preferred Units of approximately $651.3 million, after deduction of the purchase price discount and certain expenses. The operating partnership used such net proceeds, together with the net proceeds of the issuance and sale of the 2026 Notes and the 2029 Notes and cash on hand, (i) to redeem (or satisfy and discharge the indentures governing and subsequently redeem) all of the issued and outstanding 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes, as described in Note I - Debt, and (ii) to repay all outstanding obligations under the Accounts Receivable Facility in connection with the termination of that facility, as described in Note G ā Accounts and notes receivable, net. Redemption of the Preferred Units in the near term is not probable because of the high redemption price in the first three to five years. As described in greater detail under āIssuer Redemption Rightā below, the Redemption Price for the Preferred Units is based upon the greater of the amount that would result in a 1.47x 1.47x ā MOIC The issuance of the Preferred Units is shown in the table below: ā ā ā ā ā ā ā ā Preferred Units Balance at July 31, 2020 ā Preferred units issued 700,000 Balance at July 31, 2021 700,000 ā ā ā ā The preferences, rights, privileges and other terms of the Preferred Units are set forth in the OpCo LPA Amendment entered into by the general partner on the Effective Date (along with the Amended OpCo LPA) and are described below. Issuer Redemption Right The operating partnership has the right to redeem all or a portion of the Preferred Units for cash, pro rata and at any time and from time to time, including in connection with a Change of Control (as defined in the OpCo LPA Amendment), at an amount per Preferred Unit (the āRedemption Priceā) equal to, without duplication, the sum of (a) the greater of (i) the amount necessary to result in a MOIC (as defined below) of 1.47x Investor Redemption Right In the event that (i) any Class B Units are outstanding, or (ii) (x) no Class B Units are outstanding and (y) no more than 233,300 Preferred Units are outstanding, at any time on and after the tenth anniversary of the Effective Date the Required Holders may elect, by delivery of written notice, to have the operating partnership fully redeem each remaining outstanding Preferred Unit for an amount in cash equal to the Redemption Price. āRequired Holdersā refers to both (i) holders owning at least 33.3% of the total Preferred Units outstanding at any time and (ii) certain initial affiliated purchasers, for so long as such initial affiliated purchasers collectively own at least 25% of the Preferred Units outstanding at such time. In the event that (i) no Class B Units are outstanding and (ii) more than 233,300 Preferred Units are outstanding, the Required Holders will have the right to trigger a sale of the operating partnership after the tenth anniversary of the Effective Date. If the operating partnership fails to consummate a sale that would pay the Redemption Price in full within 180 days Change of Control Upon a Change of Control (as defined in the OpCo LPA Amendment), the Required Holders will have the option to require the redemption of all or a portion of the Preferred Units in cash in an amount equal to the Redemption Price; provided, that such Redemption Price shall not be payable unless the operating partnership shall have first made any required change of control offer pursuant to the indentures governing the 2026 Notes and the 2029 Notes and purchased all such 2026 Notes and 2029 Notes tendered pursuant to such offer (unless otherwise waived by such noteholders); provided, further that the Redemption Price shall be paid immediately following the purchase of such tendered Notes (if any). Fair Value of Embedded Derivatives Fe rrellgas identified the investor redemption right and the change in control option as embedded derivatives that require bifurcation as they are has concluded that the fair values at issuance and at July 31, 2021, are immaterial to the financial statements. Distributions Pursuant to the OpCo LPA Amendment, the operating partnership is required to pay to the holders of each Preferred Unit a cumulative, quarterly distribution (the "Quarterly Distribution") at the Distribution Rate (as defined below) on the Purchase Price. "Distribution Rate" means, for the first five years after March 30, 2021, a rate per annum equal to 8.956% , with certain increases in the Distribution Rate on each of the 5 th , 6 th and 7 th anniversaries of March 30, 2021, subject to a maximum rate of 11.125% and certain other adjustments and exceptions. The Quarterly Distribution may be paid in cash or, at the election of the operating partnership, "in kind" through the issuance of additional Preferred Units ("PIK Units") at the quarterly Distribution Rate plus an applicable premium that escalates each year from 75 bps to 300 bps so long as the Preferred Units remain outstanding. In the event the operating partnership fails to make any Quarterly Distribution in cash, such Quarterly Distribution will automatically be paid in PIK Units. The Distribution Rate on the Preferred Units will increase upon violation of certain protective provisions for the benefit of Preferred Unit holders notwithstanding the cap mentioned above. As of April 30, 2021, the Quarterly Distribution accrued was $8.0 million, reflecting a prorated distribution amount for the period from the Effective Date to April 30, and the Quarterly Distribution in that amount was paid in cash to holders of Preferred Units on May 17, 2021. As of July 31, 2021, the aggregate Quarterly Distribution and Additional Amounts (as defined below) accrued was $16.0 million, and that amount was paid in cash to holders of Preferred Units on August 16, 2021. Tax Distributions For any quarter in which the operating partnership makes a Quarterly Distribution in PIK Units in lieu of cash, it will be required to make a subsequent cash tax distribution for such quarter in an amount equal to the (i) the lesser of (x) 25% and (y) the highest combined federal, state and local tax rate applicable for corporations organized in New York, multiplied by (ii) the excess (if any) of (A) one-fourth ( 1/4th Additional Amounts for Certain Purchasers The operating partnership is required to pay certain additional amounts of cash (the āAdditional Amountsā) as necessary to certain holders of Preferred Units that hold their interests through a āblocker,ā which is a U.S. entity that is owned and organized by certain original purchasers of Preferred Units who are non-U.S. persons or tax exempt for U.S. tax purposes and is treated as a corporation for U.S. tax purposes. Only certain original purchasers of Preferred Units who hold their Preferred Units through such blockers are, and none of their transferees is, entitled to Additional Amounts. Additional Amounts are capped at the lesser of: (a) the product of 20% multiplied by taxable income allocated to a āblockerā (as defined) divided by 0.8, and (b) the actual taxes payable by the āblockerā as a result of holding Senior Preferred Units. Board Rights For so long as at least 140,000 Preferred Units remain outstanding, holders of the Preferred Units have the right to designate one director to the Board of the general partner, subject to approval by the general partner. Protective Provisions The OpCo LPA Amendment and the Amended Ferrellgas Partners LPA include, among other things, certain covenants for the benefit of holders of Preferred Units applicable to the operating partnership and, in certain instances, Ferrellgas Partners, for so long as at least $35,000,000 of Preferred Units and PIK Units remain outstanding. These covenants include, among other things, limitations on (i) effecting a Change of Control, (ii) amending organizational documents, (iii) issuing certain equity securities, (iv) issuing Preferred Units, (v) filing for bankruptcy, (vi) non-ordinary course investments, and (vii) incurring certain levels of indebtedness. Ranking and Liquidation Preference The Preferred Units rank senior to any other class or series of equity interests of the operating partnership (including the partnership interests held by Ferrellgas Partners and the general partner). Upon a liquidation, dissolution or winding up of the operating partnership, each holder of Preferred Units will be entitled to receive, prior and in preference to any distribution of any assets of the operating partnership to the holders of any other class or series of equity interests in the operating partnership (including Ferrellgas Partners and the general partner), an amount per Preferred Unit equal to the Redemption Price. Restrictions on Cash Distributions to Ferrellgas Partners and the General Partner The operating partnership is permitted to make distributions of Available Cash (as defined in the Amended OpCo LPA) to Ferrellgas Partners only if (i) the operating partnership has made all required Quarterly Distributions (in cash or PIK Units), Tax Distributions and payments of Additional Amounts, (ii) the operating partnership has redeemed all PIK Units issued, (iii) the operating partnershipās consolidated net leverage (defined generally to mean the ratio of the operating partnershipās consolidated total net debt (including the total redemption price of all outstanding Preferred Units and PIK Units but excluding certain letters of credit and capital lease obligations) as of each Quarterly Distribution Date to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is below 7.25x 7.00x |
Ferrellgas, L.P. [Member] | |
Temporary Equity [Line Items] | |
Preferred units | J. Preferred units On the Effective Date, pursuant to the Investment Agreement, the operating partnership issued an aggregate of 700,000 Preferred Units, having an aggregate initial liquidation preference of $700.0 million. The purchase price per Preferred Unit was $1,000 less a 3.0% purchase price discount, for an aggregate purchase price of $679.0 million. The operating partnership received net proceeds from the issuance and sale of the Preferred Units of approximately $651.3 million, after deduction of the purchase price discount and certain expenses. The operating partnership used such net proceeds, together with the net proceeds of the issuance and sale of the 2026 Notes and the 2029 Notes and cash on hand, (i) to redeem (or satisfy and discharge the indentures governing and subsequently redeem) all of the issued and outstanding 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes, as described in Note I - Debt, and (ii) to repay all outstanding obligations under the Accounts Receivable Facility in connection with the termination of that facility, as described in Note G ā Accounts and notes receivable, net. Redemption of the Preferred Units in the near term is not probable because of the high redemption price in the first three to five years. As described in greater detail under āIssuer Redemption Rightā below, the Redemption Price for the Preferred Units is based upon the greater of the amount that would result in a 1.47x 1.47x ā MOIC The issuance of the Preferred Units is shown in the table below: ā ā ā ā ā ā ā ā Preferred Units Balance at July 31, 2020 ā Preferred units issued 700,000 Balance at July 31, 2021 700,000 ā ā ā ā The preferences, rights, privileges and other terms of the Preferred Units are set forth in the OpCo LPA Amendment entered into by the general partner on the Effective Date (along with the Amended OpCo LPA) and are described below. Issuer Redemption Right The operating partnership has the right to redeem all or a portion of the Preferred Units for cash, pro rata and at any time and from time to time, including in connection with a Change of Control (as defined in the OpCo LPA Amendment), at an amount per Preferred Unit (the āRedemption Priceā) equal to, without duplication, the sum of (a) the greater of (i) the amount necessary to result in a MOIC (as defined below) of 1.47x Investor Redemption Right In the event that (i) any Class B Units are outstanding, or (ii) (x) no Class B Units are outstanding and (y) no more than 233,300 Preferred Units are outstanding, at any time on and after the tenth anniversary of the Effective Date the Required Holders may elect, by delivery of written notice, to have the operating partnership fully redeem each remaining outstanding Preferred Unit for an amount in cash equal to the Redemption Price. āRequired Holdersā refers to both (i) holders owning at least 33.3% of the total Preferred Units outstanding at any time and (ii) certain initial affiliated purchasers, for so long as such initial affiliated purchasers collectively own at least 25% of the Preferred Units outstanding at such time. In the event that (i) no Class B Units are outstanding and (ii) more than 233,300 Preferred Units are outstanding, the Required Holders will have the right to trigger a sale of the operating partnership after the tenth anniversary of the Effective Date. If the operating partnership fails to consummate a sale that would pay the Redemption Price in full within 180 days Change of Control Upon a Change of Control (as defined in the OpCo LPA Amendment), the Required Holders will have the option to require the redemption of all or a portion of the Preferred Units in cash in an amount equal to the Redemption Price; provided, that such Redemption Price shall not be payable unless the operating partnership shall have first made any required change of control offer pursuant to the indentures governing the 2026 Notes and the 2029 Notes and purchased all such 2026 Notes and 2029 Notes tendered pursuant to such offer (unless otherwise waived by such noteholders); provided, further that the Redemption Price shall be paid immediately following the purchase of such tendered Notes (if any). Fair Value of Embedded Derivatives Fe rrellgas identified the investor redemption right and the change in control option as embedded derivatives that require bifurcation as they are has concluded that the fair values at issuance and at July 31, 2021, are immaterial to the financial statements. Distributions Pursuant to the OpCo LPA Amendment, the operating partnership is required to pay to the holders of each Preferred Unit a cumulative, quarterly distribution (the "Quarterly Distribution") at the Distribution Rate (as defined below) on the Purchase Price. "Distribution Rate" means, for the first five years after March 30, 2021, a rate per annum equal to 8.956% , with certain increases in the Distribution Rate on each of the 5 th , 6 th and 7 th anniversaries of March 30, 2021, subject to a maximum rate of 11.125% and certain other adjustments and exceptions. The Quarterly Distribution may be paid in cash or, at the election of the operating partnership, "in kind" through the issuance of additional Preferred Units ("PIK Units") at the quarterly Distribution Rate plus an applicable premium that escalates each year from 75 bps to 300 bps so long as the Preferred Units remain outstanding. In the event the operating partnership fails to make any Quarterly Distribution in cash, such Quarterly Distribution will automatically be paid in PIK Units. The Distribution Rate on the Preferred Units will increase upon violation of certain protective provisions for the benefit of Preferred Unit holders notwithstanding the cap mentioned above. As of April 30, 2021, the Quarterly Distribution accrued was $8.0 million, reflecting a prorated distribution amount for the period from the Effective Date to April 30, and the Quarterly Distribution in that amount was paid in cash to holders of Preferred Units on May 17, 2021. As of July 31, 2021, the aggregate Quarterly Distribution and Additional Amounts (as defined below) accrued was $16.0 million, and that amount was paid in cash to holders of Preferred Units on August 16, 2021. Tax Distributions For any quarter in which the operating partnership makes a Quarterly Distribution in PIK Units in lieu of cash, it will be required to make a subsequent cash tax distribution for such quarter in an amount equal to the (i) the lesser of (x) 25% and (y) the highest combined federal, state and local tax rate applicable for corporations organized in New York, multiplied by (ii) the excess (if any) of (A) one-fourth ( 1/4th ā Additional Amounts for Certain Purchasers The operating partnership is required to pay certain additional amounts of cash (the āAdditional Amountsā) as necessary to certain holders of Preferred Units that hold their interests through a āblocker,ā which is a U.S. entity that is owned and organized by certain original purchasers of Preferred Units who are non-U.S. persons or tax exempt for U.S. tax purposes and is treated as a corporation for U.S. tax purposes. Only certain original purchasers of Preferred Units who hold their Preferred Units through such blockers are, and none of their transferees is, entitled to Additional Amounts. Additional Amounts are capped at the lesser of: (a) the product of 20% multiplied by taxable income allocated to a āblockerā (as defined) divided by 0.8, and (b) the actual taxes payable by the āblockerā as a result of holding Senior Preferred Units. Board Rights For so long as at least 140,000 Preferred Units remain outstanding, holders of the Preferred Units have the right to designate one director to the Board of the general partner, subject to approval by the general partner. Protective Provisions The OpCo LPA Amendment and the Amended Ferrellgas Partners LPA include, among other things, certain covenants for the benefit of holders of Preferred Units applicable to the operating partnership and, in certain instances, Ferrellgas Partners, for so long as at least $35,000,000 of Preferred Units and PIK Units remain outstanding. These covenants include, among other things, limitations on (i) effecting a Change of Control, (ii) amending organizational documents, (iii) issuing certain equity securities, (iv) issuing Preferred Units, (v) filing for bankruptcy, (vi) non-ordinary course investments, and (vii) incurring certain levels of indebtedness. Ranking and Liquidation Preference The Preferred Units rank senior to any other class or series of equity interests of the operating partnership (including the partnership interests held by Ferrellgas Partners and the general partner). Upon a liquidation, dissolution or winding up of the operating partnership, each holder of Preferred Units will be entitled to receive, prior and in preference to any distribution of any assets of the operating partnership to the holders of any other class or series of equity interests in the operating partnership (including Ferrellgas Partners and the general partner), an amount per Preferred Unit equal to the Redemption Price. Restrictions on Cash Distributions to Ferrellgas Partners and the General Partner The operating partnership is permitted to make distributions of Available Cash (as defined in the Amended OpCo LPA) to Ferrellgas Partners only if (i) the operating partnership has made all required Quarterly Distributions (in cash or PIK Units), Tax Distributions and payments of Additional Amounts, (ii) the operating partnership has redeemed all PIK Units issued, (iii) the operating partnershipās consolidated net leverage (defined generally to mean the ratio of the operating partnershipās consolidated total net debt (including the total redemption price of all outstanding Preferred Units and PIK Units but excluding certain letters of credit and capital lease obligations) as of each Quarterly Distribution Date to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is below 7.25x 7.00x |
Equity
Equity | 12 Months Ended |
Jul. 31, 2021 | |
Limited Partners' Capital Account [Line Items] | |
Equity | K. Equity Reverse Unit Split As described in the Note A ā Partnership organization and formation under āāRecent DevelopmentsāTransactionsā Amended Partnership Agreements of Ferrellgas Partners and the Operating Partnership,ā on the Effective Date, Ferrellgas Partners effected a 1 twenty Class B Units As discussed in the Note A ā Partnership organization and formation under āāRecent DevelopmentsāTransactionsā Satisfaction of Ferrellgas Partners Notes; Issuance of Class B Units to Holders of Ferrellgas Partners Notesā, on the Effective Date, Ferrellgas Partners issued 1.3 million Class B Units to the holders of the Ferrellgas Partners Notes in exchange for such holdersā contribution of the Ferrellgas Partners Notes to Ferrellgas Partners as a capital contribution and in satisfaction of such holdersā claims in respect of the Ferrellgas Partners Notes. The terms of the Class B Units are set forth in the Amended Ferrellgas Partners LPA entered into by the general partner on the Effective Date. Ferrellgas Partners may, subject to certain conditions, issue additional Class A Units to such parties as determined at the discretion of Ferrellgas Partners, upon consent by the holders of the requisite percentage of Class B Units as specified in the Amended Ferrellgas Partners LPA (the āRequisite Class B Unitsā), which refers to: (i) if the initial majority holder of Class B Units holds at least 50% of Class B Units, holders of at least 50% of the outstanding Class B Units, or (ii) if the initial majority holder of Class B Units holds less than 50% of Class B Units, holders of at least one Pursuant to the Amended Ferrellgas Partners LPA, while any Class B Units remain outstanding, any distributions by Ferrellgas Partners to its partners must be made such that the ratio of (i) the amount of distributions made to holders of Class B Units to (ii) the amount of distributions made to holders of Class A Units and the general partner is not less than 6:1. Once holders of Class B Units receive distributions in the aggregate amount of $357.0 million (which was the outstanding principal amount of the Ferrellgas Partners Notes), the Class B Units will be (i) convertible into Class A Units at the option of Ferrellgas Partners, if that distribution threshold is reached prior to the fifth anniversary of the Effective Date, or (ii) converted automatically into Class A Units, if the distribution threshold is reached on or after the fifth anniversary of the Effective Date, in each case at the applicable conversion rate set forth in the following table: ā ā ā Year Post-Emergence Conversion Factor Year 1 1.75x Year 2 2.00x Year 3 3.50x Year 4 4.00x Year 5 5.00x Year 6 6.00x Year 7 7.00x Year 8 10.00x Year 9 12.00x Year 10 25.00x ā In the first five years During the first five years six months Ferrellgas Partners will only be able to redeem the Class B Units to the extent it receives sufficient distributions from the operating partnership, and the operating partnership is limited in its ability to make distributions by the indentures that govern the 2026 Notes and the 2029 Notes, the Credit Agreement and the OpCo LPA Amendment governing the Preferred Units. The holders of Class B Units will have the right to acquire the general partner interests in Ferrellgas Partners and the operating partnership, without the approval of the general partner, Ferrellgas Partners, the holders of the Class A Units or the operating partnership, if the Class B Units are still outstanding and have not been converted to Class A Units by the earlier of (i) a material breach of the covenants in favor of the Class B Units under the Amended Ferrellgas Partners LPA or the Amended OpCo LPA that is not cured within the time period specified therein and (ii) the 10th anniversary of the Effective Date. Board Rights The holders of Class B Units will be permitted to designate one independent director to the Board of the general partner in accordance with a voting agreement among the general partner, Ferrell Companies, Inc. ("FCI"), the sole stockholder of the general partner, and the holders of the Class B Units and the general partner's bylaws. Fair Value The fair value of Class B Units approximates the carrying value of the principal and interest of the Ferrellgas Partners Notes of $385.0 million as of March 31, 2021. During the year ended July 31, 2021, a $5.1 million gain on extinguishment was recognized in connection with the difference between the book value and fair value of the Class B Units as of July 31, 2021. Class A Units As of July 31, 2021 and 2020, Class A Units were beneficially owned by the following: ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Public Class A Unitholders (1) 3,480,621 3,480,621 Ferrell Companies (2) 1,126,468 1,126,468 FCI Trading Corp. (3) 9,784 9,784 Ferrell Propane, Inc. (4) 2,560 2,560 James E. Ferrell (5) 238,172 238,172 (1) These Class A Units are traded on the OTC Pink Market under the symbol āFGPRā. (2) Ferrell Companies is the owner of the general partner and an approximate 23% direct owner of Ferrellgas Partnersā Class A Units and thus a related party. Ferrell Companies also beneficially owns 9,784 and 2,560 Class A Units of Ferrellgas Partners held by FCI Trading Corp. (āFCI Tradingā) and Ferrell Propane, Inc. (āFerrell Propaneā), respectively, bringing Ferrell Companiesā total beneficial ownership of Class A Units to 23.4% . (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 Chief Executive Officer and President of our general partner; and is the Chairman of the Board of Directors of our general partner and a related party. JEF Capital Management owns 237,942 of these Class A Units and is owned by the James E. Ferrell Revocable Trust Two and other family trusts, all of which James E. Ferrell and/or his family members are the trustees and beneficiaries. James E. Ferrell holds all voting common stock of JEF Capital Management. The remaining 230 Class A Units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. Together these Class A Units represent (i) a 99% limited partner economic interest in Ferrellgas Partners, excluding the economic interest attributable to the Class B Units, and (ii) an effective 98% economic interest in the operating partnership, excluding the economic interests attributable to the Class B Units and the Preferred Units. In liquidation, allocations and distributions will be made in accordance with each Class A Unitholderās positive capital account. The Class A Units of Ferrellgas Partners represent limited partner interests in Ferrellgas Partners, which give the holders thereof the right to participate in distributions made by Ferrellgas Partners, subject to the rights of holders of Class B Units, and to exercise the other rights or privileges available to such holders under the Amended Ferrellgas Partners LPA. Under the terms of the Amended Ferrellgas Partners LPA, holders of Class A Units have limited voting rights on matters affecting the business of Ferrellgas Partners. Generally, persons or groups owning 20% or more of Ferrellgas Partnersā outstanding Class A Units cannot vote any of their Class A Units in excess of the 20% threshold. However, this limitation does not apply under certain circumstances and does not apply to Class A Units owned by Ferrell Companies, our general partner and its affiliates, and this limitation expires on the later of (a) five years after the Effective Date and (b) the conversion of the Class B Units to Class A Units. The Amended Ferrellgas Partners LPA allows the general partner to issue an unlimited number of additional general and limited partner interests of Ferrellgas Partners for such consideration and on such terms and conditions as shall be established by the general partner without the approval of any Class A Unitholders. Partnership distributions Ferrellgas Partners did not declare or pay a cash distribution during the years ended July 31, 2021 and 2020. Accumulated other comprehensive income (loss)(āAOCIā) See Note N ā Derivative instruments and hedging activities ā for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the years ended July 31, 2021 and 2020. General partnerās commitment to maintain its capital account Ferrellgasā partnership agreements allow the general partner to have an option to maintain its effective 2% general partner interest (excluding the interest attributable to the Class B Units and the Preferred Units) concurrent with the issuance of other additional equity. During fiscal 2021, the general partner made non-cash contributions of $65.0 thousand to Ferrellgas to maintain its effective 2% general partner interest. During fiscal 2020, the general partner made non-cash contributions of $57.0 thousand to Ferrellgas to maintain its effective 2% general partner interest. |
Ferrellgas, L.P. [Member] | |
Limited Partners' Capital Account [Line Items] | |
Equity | K. Equity Partnership distributions: Ferrellgas, L.P. has recognized the following distributions: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā ā 2021 2020 2019 Ferrellgas Partners ā $ ā ā $ 15,496 ā $ 40,706 General partner ā ā ā ā ā 158 ā ā 415 ā See additional discussions about transactions with related parties in Note O ā Transactions with related parties. Accumulated other comprehensive income (loss)(āAOCIā) See Note N ā Derivative instruments and hedging activities ā for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the years ended July 31, 2021 and 2020. General partnerās commitment to maintain its capital account Ferrellgas, L.P.ās partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest (excluding the interest attributable to the Preferred Units) concurrent with the issuance of other additional equity. During fiscal 2021, the general partner made non-cash contributions of $32.0 thousand to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During fiscal 2020, the general partner made non-cash contributions of $29.0 thousand to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Jul. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer [Text Block] | L. Revenue from contracts with customers Ferrellgas earns revenue from contracts with customers primarily through the distribution of propane, as well as through the sale of propane related equipment and supplies. Revenues from propane and other gas liquids sales are comprised of revenue earned from the delivery of propane to tanks on customersā premises, from the delivery of propane filled cylinders to customers, or from the sale of portable propane tanks to nationwide and local retailers and end use customers. Other revenues primarily include sales of appliances and other materials as well as other fees charged to customers. Contracts with customers Ferrellgasā contracts with customers are principally for the bulk delivery of propane to tanks, delivery of propane filled cylinders or the delivery of portable propane tanks to retailers. Ferrellgas sells propane to a wide variety of customers, including residential, industrial/commercial, portable tank exchange, agricultural, wholesale and others. Ferrellgasā performance obligations in these contracts are generally limited to the delivery of propane, and therefore revenues from these contracts are earned at the time product is delivered or, in the case of some of Ferrellgasā portable tank exchange retailers who have consignment agreements, at the time the tanks are sold to the end use customer. Payment is generally due within 30 Typically, Ferrellgas bills customers upon delivery and payment is generally due within 30 twelve Ferrellgas charges other amounts to customers associated with the delivery of propane including hazardous materials fees and fuel surcharge fees. In some regions, Ferrellgas also sells appliances and related parts and fittings as well as other retail propane related services. Ferrellgas charges on an annual basis tank and equipment rental charges for customers that are using our equipment to store propane. Other revenues associated with deliveries of propane are earned at the time product is delivered. Revenues associated with sales of appliances and other materials or services are earned at the time of delivery or installation. Revenues associated with tank and equipment rentals are generally recognized on a straight-line basis over one Accounting estimates related to recognition of revenue require that Ferrellgas make estimates and assumptions about various factors including credits issued for completed sales, future returns and total consideration payable in instances where we have customer incentives payable to the customer. Disaggregation of revenue Ferrellgas disaggregates revenues based upon the type of customer and on the type of revenue. The following table presents retail propane revenues, wholesale propane revenues and other revenues. Retail revenues result from sales to end use customers, wholesale revenues result from sales to or through resellers and all other revenues include sales of appliances and other materials, other fees charged to customers and equipment rental charges. ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā ā 2021 2020 2019 Retail - Sales to End Users ā ā $ 1,123,956 ā $ 964,087 ā $ 1,128,991 Wholesale - Sales to Resellers ā ā 516,599 ā 430,435 ā 419,349 Other Gas Sales ā ā 28,297 ā 21,269 ā 60,518 Other ā ā 85,458 ā 82,035 ā 75,534 Propane and related equipment revenues ā ā $ 1,754,310 ā $ 1,497,826 ā $ 1,684,392 ā Contract assets and liabilities Ferrellgasā performance obligations are generally limited to the delivery of propane for our retail and wholesale contracts. Ferrellgasā performance obligations with respect to sales of appliances and other materials and other revenues are limited to the delivery of the agreed upon good or service. Ferrellgas does not have material performance obligations that are delivered over time, thus all of our revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas offers āeven payā billing programs that can create customer deposits or advances, depending on whether Ferrellgas has delivered more propane than the customer has paid for or whether the customer has paid for more propane than what has been delivered. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. The advance or deposit is considered to be a contract asset or liability. Additionally, from time to time, we have customers that pay in advance for goods or services, and such amounts result in contract liabilities. Ferrellgas incurs incremental commissions directly related to the acquisition or renewal of customer contracts. The commissions are calculated and paid based upon the number of gallons sold to the acquired or renewed customer. The total amount of commissions that we incur is not material, and the commissions are expensed commensurate with the deliveries to which they relate; therefore, Ferrellgas does not capitalize these costs. The following table presents the opening and closing balances of our receivables, contract assets, and contract liabilities: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accounts receivable ā $ 138,757 ā $ 108,483 Contract assets ā $ 10,074 ā $ 7,079 Contract liabilities ā ā ā Deferred revenue (1) ā $ 49,354 ā $ 42,911 ā (1) Of the beginning balance of deferred revenue, $42.9 million was recognized as revenue during the year ended July 31, 2021. Remaining performance obligations Ferrellgasā remaining performance obligations are generally limited to situations where its customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in Ferrellgasā even pay billing programs and Ferrellgas expects that these balances will be recognized within a year |
Ferrellgas, L.P. [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer [Text Block] | L. Revenue from contracts with customers Ferrellgas, L.P. earns revenue from contracts with customers primarily through the distribution of propane, as well as through the sale of propane related equipment and supplies. Revenues from propane and other gas liquids sales are comprised of revenue earned from the delivery of propane to tanks on customersā premises, from the delivery of propane filled cylinders to customers, or from the sale of portable propane tanks to nationwide and local retailers and end use customers. Other revenues primarily include sales of appliances and other materials as well as other fees charged to customers. Contracts with customers Ferrellgas, L.P.ās contracts with customers are principally for the bulk delivery of propane to tanks, delivery of propane filled cylinders or the delivery of portable propane tanks to retailers. Ferrellgas, L.P. sells propane to a wide variety of customers, including residential, industrial/commercial, portable tank exchange, agricultural, wholesale and others. Ferrellgas, L.P.ās performance obligations in these contracts are generally limited to the delivery of propane, and therefore revenues from these contracts are earned at the time product is delivered or, in the case of some of Ferrellgas, L.P.ās portable tank exchange retailers who have consignment agreements, at the time the tanks are sold to the end use customer. Payment is generally due within 30 Typically, Ferrellgas, L.P. bills customers upon delivery and payment is generally due within 30 twelve Ferrellgas, L.P. charges other amounts to customers associated with the delivery of propane including hazardous materials fees and fuel surcharge fees. In some regions, Ferrellgas, L.P. also sells appliances and related parts and fittings as well as other retail propane related services. Ferrellgas, L.P. charges on an annual basis tank and equipment rental charges for customers that are using our equipment to store propane. Other revenues associated with deliveries of propane are earned at the time product is delivered. Revenues associated with sales of appliances and other materials or services are earned at the time of delivery or installation. Revenues associated with tank and equipment rentals are generally recognized on a straight-line basis over one Accounting estimates related to recognition of revenue require that Ferrellgas, L.P. make estimates and assumptions about various factors including credits issued for completed sales, future returns and total consideration payable in instances where we have customer incentives payable to the customer. Disaggregation of revenue Ferrellgas, L.P. disaggregates revenues based upon the type of customer and on the type of revenue. The following table presents retail propane revenues, wholesale propane revenues and other revenues. Retail revenues result from sales to end use customers, wholesale revenues result from sales to or through resellers and all other revenues include sales of appliances and other materials, other fees charged to customers and equipment rental charges. ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā ā 2021 2020 2019 Retail - Sales to End Users ā ā $ 1,123,956 ā $ 964,087 ā $ 1,128,991 Wholesale - Sales to Resellers ā ā 516,599 ā 430,435 ā 419,349 Other Gas Sales ā ā 28,297 ā 21,269 ā 60,518 Other ā ā 85,458 ā 82,035 ā 75,534 Propane and related equipment revenues ā ā $ 1,754,310 ā $ 1,497,826 ā $ 1,684,392 ā Contract assets and liabilities Ferrellgas, L.P.ās performance obligations are generally limited to the delivery of propane for our retail and wholesale contracts. Ferrellgas, L.P.ās performance obligations with respect to sales of appliances and other materials and other revenues are limited to the delivery of the agreed upon good or service. Ferrellgas, L.P. does not have material performance obligations that are delivered over time, thus all of our revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas, L.P. offers āeven payā billing programs that can create customer deposits or advances, depending on whether Ferrellgas, L.P. has delivered more propane than the customer has paid for or whether the customer has paid for more propane than what has been delivered. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. The advance or deposit is considered to be a contract asset or liability. Additionally, from time to time, we have customers that pay in advance for goods or services, and such amounts result in contract liabilities. Ferrellgas, L.P. incurs incremental commissions directly related to the acquisition or renewal of customer contracts. The commissions are calculated and paid based upon the number of gallons sold to the acquired or renewed customer. The total amount of commissions that we incur is not material, and the commissions are expensed commensurate with the deliveries to which they relate; therefore, Ferrellgas, L.P. does not capitalize these costs. The following table presents the opening and closing balances of our receivables, contract assets, and contract liabilities: ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accounts receivable ā $ 138,757 ā $ 108,483 Contract assets ā $ 10,074 ā $ 7,079 Contract liabilities ā ā ā Deferred revenue (1) ā $ 49,354 ā $ 42,911 ā (1) Of the beginning balance of deferred revenue, $42.9 million was recognized as revenue during the year ended July 31, 2021. Remaining performance obligations Ferrellgas, L.P.ās remaining performance obligations are generally limited to situations where its customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in Ferrellgas, L.P.ās even pay billing programs and Ferrellgas expects that these balances will be recognized within a year |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | M. Fair value measurements Derivative financial instruments The following table presents Ferrellgasā 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 July 31, 2021 and 2020 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Asset (Liability) ā ā Quoted Prices in Active ā ā ā ā ā ā ā ā Markets for Identical ā Significant Other ā ā ā ā ā ā ā ā Assets and Liabilities ā Observable Inputs ā Unobservable Inputs ā ā ā ā (Level 1) (Level 2) (Level 3) Total July 31, 2021: ā ā ā ā Assets: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ 94,244 ā $ ā ā $ 94,244 Liabilities: ā ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ (4,458) ā $ ā ā $ (4,458) ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2020: ā ā ā ā Assets: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ 3,112 ā $ ā ā $ 3,112 Liabilities: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ (5,425) ā $ ā ā $ (5,425) ā Methodology The fair values of Ferrellgasā 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. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At July 31, 2021 and July 31, 2020, the estimated fair value of Ferrellgasā long-term debt instruments was $1,466.4 million and $2,177.1 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of Ferrellgasā 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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | M. Fair value measurements Derivative financial instruments The following table presents Ferrellgas, L.P.ās 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 July 31, 2021 and 2020: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Asset (Liability) ā ā Quoted Prices in Active ā ā ā ā ā ā ā ā ā ā ā Markets for Identical ā Significant Other ā ā ā ā ā ā ā ā Assets and Liabilities ā Observable Inputs ā Unobservable Inputs ā ā ā ā (Level 1) (Level 2) (Level 3) Total July 31, 2021: ā ā ā ā ā ā ā ā ā ā ā ā Assets: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ 94,244 ā $ ā ā $ 94,244 Liabilities: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ (4,458) ā $ ā ā $ (4,458) ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2020: ā ā ā ā Assets: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ 3,112 ā $ ā ā $ 3,112 Liabilities: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ (5,425) ā $ ā ā $ (5,425) ā Methodology The fair values of Ferrellgas, L.P.ās 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. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At July 31, 2021 and July 31, 2020, the estimated fair value of Ferrellgas, L.P.ās long-term debt instruments was $1,466.4 million and $2,054.4 million, respectively. Ferrellgas, L.P. 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 | 12 Months Ended |
Jul. 31, 2021 | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | N. 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. Derivative instruments and hedging activity During the year ended July 31, 2021 and 2020, Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives within Ferrellgasā consolidated balance sheets as of July 31, 2021 and 2020: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Final July 31, 2021 ā ā Maturity Asset Derivatives ā Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments ā December 2023 ā ā Commodity derivatives-propane ā Price risk management asset ā $ 78,001 ā Other current liabilities ā $ 3,429 Commodity derivatives-propane ā Other assets, net ā 16,243 Other liabilities ā 1,029 ā ā Total ā $ 94,244 Total ā $ 4,458 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Final July 31, 2020 ā ā Maturity Asset Derivatives ā Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 ā ā Commodity derivatives-propane ā Price risk management asset ā $ 2,846 Other current liabilities ā $ 5,029 Commodity derivatives-propane ā Other assets, net ā 266 Other liabilities ā 396 ā ā Total ā $ 3,112 Total ā $ 5,425 ā Ferrellgasā 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 July 31, 2021 and July 31, 2020, respectively: ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2021 ā ā Assets ā Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets ā $ 21,068 Other current liabilities ā $ 79,178 ā Other assets, net ā 3,036 Other liabilities ā 15,489 ā ā ā ā $ 24,104 ā $ 94,667 ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2020 ā ā Assets ā Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets ā $ 14,398 Other current liabilities ā $ 510 ā Other assets, net ā 1,433 Other liabilities ā ā ā ā ā ā $ 15,831 ā $ 510 ā The following tables provide a summary of the effect on Ferrellgasā consolidated statements of comprehensive income (loss) for the years ended July 31, 2021, 2020 and 2019 due to derivatives designated as cash flow hedging instruments: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2021 ā ā ā ā Amount of Gain (Loss) ā ā Amount of Gain ā Location of Gain (Loss) ā Reclassified from ā ā (Loss) Recognized in ā Reclassified from ā AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ 136,351 Cost of product sold- propane and other gas liquids sales ā $ 44,252 ā $ ā ā ā $ 136,351 ā ā ā $ 44,252 ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2020 ā ā ā ā ā ā Amount of Gain (Loss) ā ā Amount of Gain (Loss) ā Location of Gain (Loss) ā Reclassified from ā ā Recognized in ā Reclassified from ā AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ (22,872) Cost of product sold- propane and other gas liquids sales ā $ (35,315) ā $ ā ā ā $ (22,872) ā ā ā $ (35,315) ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2019 ā ā ā ā ā ā Amount of Gain (Loss) ā ā Amount of Gain (Loss) ā Location of Gain (Loss) ā Reclassified from ā ā Recognized in ā Reclassified from ā AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ (48,184) Cost of sales-propane and other gas liquids sales ā $ (12,868) ā $ ā ā ā $ (48,184) ā ā ā $ (12,868) ā $ ā ā The changes in derivatives included in AOCI for the years ended July 31, 2021, 2020 and 2019 were as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, Gains and losses on derivatives included in AOCI 2021 2020 2019 Beginning balance ā $ (2,313) ā $ (14,756) ā $ 20,560 Change in value of risk management commodity derivatives ā 136,351 ā (22,872) ā (48,184) Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net ā (45,172) ā 35,315 ā 12,868 Ending balance ā $ 88,866 ā $ (2,313) ā $ (14,756) ā Ferrellgas expects to reclassify net earnings of approximately $74.6 million to earnings during the next 12 months. These net earnings are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sale exception. During the years ended July 31, 2021, 2020 and 2019, 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 July 31, 2021, Ferrellgas had financial derivative contracts covering 7.1 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgasā 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 counterpartiesā 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, parent 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 July 31, 2021, the maximum amount of loss due to credit risk that Ferrellgas would incur based upon the gross fair values of the derivative financial instruments is zero. From time to time Ferrellgas enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgasā debt rating. There were no |
Ferrellgas, L.P. [Member] | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | N. 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. Derivative instruments and hedging activity During the year ended July 31, 2021 and 2020, Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives within Ferrellgas, L.P.ās consolidated balance sheets as of July 31, 2021 and 2020: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Final July 31, 2021 ā ā Maturity Asset Derivatives ā Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments ā December 2023 ā ā ā ā ā ā ā ā ā Commodity derivatives-propane ā Price risk management asset ā $ 78,001 Other current liabilities ā $ 3,429 Commodity derivatives-propane ā Other assets, net ā 16,243 Other liabilities ā ā 1,029 ā ā Total ā $ 94,244 Total ā $ 4,458 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Final July 31, 2020 ā ā Maturity Asset Derivatives ā Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments ā December 2021 ā ā ā ā ā ā ā ā ā Commodity derivatives-propane ā Price risk management asset ā $ 2,846 Other current liabilities ā $ 5,029 Commodity derivatives-propane ā Other assets, net ā 266 Other liabilities ā 396 ā ā Total ā $ 3,112 Total ā $ 5,425 ā Ferrellgas, L.P.ās 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 July 31, 2021 and July 31, 2020, respectively: ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2021 ā ā Assets ā Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets ā $ 21,068 Other current liabilities ā $ 79,178 ā Other assets, net ā 3,036 Other liabilities ā 15,489 ā ā ā ā $ 24,104 ā $ 94,667 ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2020 ā ā Assets ā Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets ā $ 14,398 ā Other current liabilities ā $ 510 ā Other assets, net ā 1,433 ā Other liabilities ā ā ā ā ā ā $ 15,831 ā ā $ 510 ā The following tables provide a summary of the effect on Ferrellgas, L.P.ās consolidated statements of comprehensive income for the years ended July 31, 2021, 2020 and 2019 due to derivatives designated as cash flow hedging instruments: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2021 ā ā ā ā ā ā ā Amount of Gain (Loss) ā ā ā ā ā Location of Gain (Loss) ā Reclassified from ā ā Amount of Gain (Loss) ā Reclassified from AOCI ā AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ 136,351 Cost of product sold- propane and other gas liquids sales ā $ 44,252 ā $ ā ā ā $ 136,351 ā $ 44,252 ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2020 ā ā ā ā ā ā ā Amount of Gain (Loss) ā ā ā ā ā Location of Gain (Loss) ā Reclassified from ā ā Amount of Gain (Loss) ā Reclassified from AOCI ā AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ (22,872) Cost of product sold- propane and other gas liquids sales ā $ (35,315) ā $ ā ā ā $ (22,872) ā ā ā $ (35,315) ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2019 ā ā ā ā ā ā ā Amount of Gain (Loss) ā ā ā ā ā Location of Gain (Loss) ā Reclassified from ā ā Amount of Gain (Loss) ā Reclassified from AOCI ā AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ (48,184) Cost of sales-propane and other gas liquids sales ā $ (12,868) ā $ ā ā ā $ (48,184) ā ā ā $ (12,868) ā $ ā ā The changes in derivatives included in AOCI for the years ended July 31, 2021, 2020 and 2019 were as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, Gains and losses on derivatives included in AOCI 2021 2020 2019 Beginning balance ā $ (2,313) ā $ (14,756) ā $ 20,560 Change in value of risk management commodity derivatives ā 136,351 ā (22,872) ā (48,184) Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net ā (44,252) ā 35,315 ā 12,868 Ending balance ā $ 89,786 ā $ (2,313) ā $ (14,756) ā Ferrellgas, L.P. expects to reclassify net earnings of approximately $74.6 million to earnings during the next 12 months. These net earnings are expected to be offset by increased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sale exception. During the years ended July 31, 2021, 2020 and 2019, 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 July 31, 2021, Ferrellgas, L.P. had financial derivative contracts covering 7.1 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. 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.ās 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 reduce its overall credit risk. These policies include evaluating and monitoring its counterpartiesā 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, parent 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 July 31, 2021, the maximum amount of loss due to credit risk that Ferrellgas, L.P. would incur based upon the gross fair values of the derivative financial instruments is zero. From time to time Ferrellgas, L.P. enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.ās debt rating. There were no |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Jul. 31, 2021 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | O. Transactions with related parties Ferrellgas has no ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Operating expense ā $ 260,831 ā $ 260,427 ā $ 256,190 ā ā ā ā ā ā ā ā ā ā General and administrative expense ā $ 34,899 ā $ 29,859 ā $ 25,368 ā See additional discussions about transactions with the general partner and related parties in Note K ā Equity. Term loan credit agreement with Ferrellgas Partners, L.P. On January 8, 2021, Ferrellgas Partners, L.P. entered into a term loan credit agreement with Ferrellgas, L.P., pursuant to which Ferrellgas, L.P. extended to Ferrellgas Partners, L.P. an unsecured, non-amortizing term loan in the aggregate principal amount of $19.9 million. The term loan bears interest at a rate of 20% per annum, and all interest on the term loan will be added to the outstanding principal amount of the term loan. The term loan will mature on July 1, 2022. During July 2021, Ferrellgas Partners made an optional prepayment of $9.0 million principal amount of the term loan, and the outstanding principal and accrued interest at July 31, 2021 was $13.1 million. |
Ferrellgas, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | O. Transactions with related parties Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.ās 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.ās business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.ās behalf and are reported in the consolidated statements of operations as follows: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 ā 2020 ā 2019 Operating expense ā $ 260,831 $ 260,427 $ 256,190 ā ā ā ā ā ā ā ā ā ā General and administrative expense ā $ 34,899 ā $ 29,859 ā $ 25,368 ā See additional discussions about transactions with the general partner and related parties in Note K ā Equity. Term loan credit agreement with Ferrellgas Partners, L.P. On January 8, 2021, Ferrellgas, L.P. entered into a term loan credit agreement, pursuant to which Ferrellgas, L.P. extended to Ferrellgas Partners, L.P. an unsecured, non-amortizing term loan in the aggregate principal amount of $19.9 million. The term loan bears interest at a rate of 20% per annum, and all interest on the term loan will be added to the outstanding principal amount of the term loan. The term loan will mature on July 1, 2022. During July 2021, Ferrellgas Partners made an optional prepayment of $9.0 million principal amount of the term loan, and the outstanding principal and accrued interest at July 31, 2021 was $13.1 million. |
Contingencies And Commitments
Contingencies And Commitments | 12 Months Ended |
Jul. 31, 2021 | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | P. Contingencies and commitments Litigation Ferrellgasā 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, prior to the sales of midstream operations in fiscal 2018, 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, which were consolidated in the Western District of Missouri on October 16, 2014, 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, attorneysā fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been coordinated for pretrial purposes by the multidistrict litigation panel. The Federal Court for the Western District of Missouri initially 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 filed an appeal, which resulted in a reversal of the district courtās dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court of appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. Thereafter, in August 2019, Ferrellgas reached a settlement with the direct customers, pursuant to which it agreed to pay a total of $6.25 million to resolve all claims asserted by the putative direct purchaser class. With respect to the indirect customers, the district court exercised supplemental jurisdiction over the remaining state law claims, but then granted in part Ferrellgasā pleadings-based motion and dismissed 11 of the 24 remaining state law claims. As a result, there were 13 remaining state law claims brought by a putative class of indirect customers. See Note T ā Subsequent events for additional discussion. Ferrellgas believes it has strong defenses and intends to vigorously defend itself against remaining claims. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas and Bridger Logistics, LLC (āBridgerā), have been named, along with two former officers (āRios and Gamboaā), in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed in or settled an arbitration against Jamex Transfer Services (āJTSā), previously named Bridger Transfer Services, a former subsidiary of 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 as a result of the arbitration. Eddystone also alleges that JTS was an āalter egoā of Bridger and Ferrellgas and that Bridger and Ferrellgas breached both an implicit contract as well as fiduciary duties allegedly owed to Eddystone as a creditor of JTS. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystoneās primary claim against JTS for breach of contract. If Eddystone ultimately prevails, however, Ferrellgas believes that the amount of damages awarded could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. ā On August 24, 2017, Ferrellgas filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, Ferrellgas entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. ā Virtually all discovery has been completed and the lawsuit is proceeding toward the summary judgment stage. As such, management does not currently believe a loss is probable or reasonably estimable at this time. However, we may enter into settlement discussions at any time. ā Long-term debt-related commitments Ferrellgas has long and short-term payment obligations under agreements such as the indentures governing its senior notes. See Note I ā Debt ā for a description of these debt obligations and a schedule of future maturities. ā |
Ferrellgas Partners Finance Corp. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | B. Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of Ferrellgas Partners. At July 31, 2020, the Finance Corp. was liable as co-issuer and co-obligor for the $357.0 million aggregate principal amount of Ferrellgas Partnersā unsecured senior notes due June 15, 2020, which Ferrellgas Partners failed to repay, and which obligation was only reported on Ferrellgas Partnersā consolidated balance sheet. On the Effective Date, by operation of the Plan, all outstanding indebtedness under the Ferrellgas Partners Notes was discharged and cancelled. As of July 31, 2021, Ferrellgas Partners had no debt securities outstanding, and the Finance Corp. therefore was not liable as co-issuer for any such debt securities. |
Ferrellgas, L.P. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | P. Contingencies and commitments Litigation Ferrellgas, L.P.ās 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, prior to the sales of midstream operations in fiscal 2018, 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, which were consolidated in the Western District of Missouri on October 16, 2014, 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, attorneysā fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been coordinated for pretrial purposes by the multidistrict litigation panel. The Federal Court for the Western District of Missouri initially 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 filed an appeal, which resulted in a reversal of the district courtās dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court of appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. Thereafter, in August 2019, Ferrellgas, L.P. reached a settlement with the direct customers, pursuant to which it agreed to pay a total of $6.25 million to resolve all claims asserted by the putative direct purchaser class. With respect to the indirect customers, the district court exercised supplemental jurisdiction over the remaining state law claims, but then granted in part Ferrellgasā pleadings-based motion and dismissed 11 of the 24 remaining state law claims. As a result, there were 13 remaining state law claims brought by a putative class of indirect customers. See Note S ā Subsequent events for additional discussion. Ferrellgas, L.P. believes it has strong defenses and intends to vigorously defend itself against remaining claims. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. ā Ferrellgas, L.P. and Bridger Logistics, LLC (āBridgerā), have been named, along with two former officers (āRios and Gamboaā), in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed in or settled an arbitration against Jamex Transfer Services (āJTSā), previously named Bridger Transfer Services, a former subsidiary of 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 as a result of the arbitration. Eddystone also alleges that JTS was an āalter egoā of Bridger and Ferrellgas and that Bridger and Ferrellgas breached both an implicit contract as well as fiduciary duties allegedly owed to Eddystone as a creditor of JTS. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystoneās primary claim against JTS for breach of contract. If Eddystone ultimately prevails, however, Ferrellgas believes that the amount of damages awarded could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. On August 24, 2017, Ferrellgas filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, Ferrellgas entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. Virtually all discovery has been completed and the lawsuit is proceeding toward the summary judgment stage. As such, management does not currently believe a loss is probable or reasonably estimable at this time. However, we may enter into settlement discussions at any time. Long-term debt-related commitments Ferrellgas, L.P. has long and short-term payment obligations under agreements such as the indentures governing its senior notes. See Note I ā Debt ā for a description of these debt obligations and a schedule of future maturities. ā |
Ferrellgas Finance Corp. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | B. Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the operating partnership. At July 31, 2020, the Finance Corp. was liable as co-issuer and co-obligor for the operating partnershipās (i) $500 million aggregate principal amount of unsecured senior notes due 2021, (ii) $475 million aggregate principal amount of unsecured senior notes due 2022, (iii) $500 million aggregate principal amount of unsecured senior notes due 2023, and (iv) $700 million aggregate principal amount of senior secured notes due 2025, which obligations were only reported on the operating partnershipās consolidated balance sheet. The senior notes due 2021, senior notes due 2022, and senior notes due 2023 were redeemed on April 5, 2021, and the senior secured notes due 2025 were redeemed on March 30, 2021. As of July 31, 2021, the Finance Corp. was liable as co-issuer and co-obligor for the operating partnershipās (i) $650 million aggregate principal amount of unsecured senior notes due 2026 and (ii) $825 million aggregate principal amount of unsecured senior notes due 2029, each of which were issued on March 30, 2021 and which obligations are only reported on the operating partnershipās consolidated balance sheet. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Jul. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Benefits | Q. Employee benefits Ferrellgas has no Ferrell Companies makes contributions to the employee stock ownership trust (the āTrustā), which causes a portion of the shares of Ferrell Companies owned by the Trust to be allocated to employeesā accounts over time. The allocation of Ferrell Companiesā shares to employee accounts causes a non-cash compensation charge to be incurred by Ferrellgas, equivalent to the fair value of such shares allocated. This non-cash compensation charge is reported separately in Ferrellgasā consolidated statements of operations and thus is excluded from operating and general and administrative expenses. The non-cash compensation charges were $3.2 million, $2.9 million and $5.7 million during fiscal 2021, 2020 and 2019, respectively. Ferrellgas is not obligated to fund or make contributions to the Trust. The general partner and its parent, Ferrell Companies, have a defined contribution 401(k) investment plan which covers substantially all employees. The plan, which qualifies under section 401(k) of the Internal Revenue Code, also provides for matching contributions under a cash or deferred arrangement based upon participant salaries and employee contributions to the plan. Matching contributions for fiscal 2021, 2020 and 2019 were $4.0 million, $4.8 million and $4.6 million, respectively. The general partner terminated its defined benefit plan on December 15, 2018 and distributed account balances to participants in the form of lump sum payments or annuity contracts in September, 2019. The defined benefit plan trust account was closed and all remaining funds were rolled into the Ferrell Companies, Inc. Employee Stock Ownership Trust as a plan contribution in December 2019. Prior to termination, this plan provided participants who were covered under a previously terminated plan with a guaranteed retirement benefit at least equal to the benefit they would have received under the prior terminated plan. Until July 31, 1999, benefits under the terminated plan were determined by years of credited service and salary levels. As of July 31, 1999, years of credited service and salary levels were frozen. The general partnerās prior funding policy for this plan was to contribute amounts deductible for Federal income tax purposes and invest the plan assets primarily in corporate stocks and bonds, U.S. Treasury bonds and short-term cash investments. During fiscal 2021, 2020 and 2019, other comprehensive income and other liabilities were adjusted by zero, ($0.1) million and ($0.1) million, respectively. |
Ferrellgas, L.P. [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Benefits | Q. Employee benefits Ferrellgas, L.P. has no Ferrell Companies makes contributions to the employee stock ownership trust (the āTrustā), which causes a portion of the shares of Ferrell Companies owned by the Trust to be allocated to employeesā accounts over time. The allocation of Ferrell Companiesā shares to employee accounts causes a non-cash compensation charge to be incurred by Ferrellgas, L.P., equivalent to the fair value of such shares allocated. This non-cash compensation charge is reported separately in Ferrellgas, L.P.ās consolidated statements of operations and thus is excluded from operating and general and administrative expenses. The non-cash compensation charges were $3.2 million, $2.9 million and $5.7 million during fiscal 2021, 2020 and 2019, respectively. Ferrellgas, L.P. is not obligated to fund or make contributions to the Trust. The general partner and its parent, Ferrell Companies, have a defined contribution 401(k) investment plan which covers substantially all employees. The plan, which qualifies under section 401(k) of the Internal Revenue Code, also provides for matching contributions under a cash or deferred arrangement based upon participant salaries and employee contributions to the plan. Matching contributions for fiscal 2021, 2020 and 2019 were $4.0 million, $4.8 million and $4.6 million, respectively. The general partner terminated its defined benefit plan on December 15, 2018 and distributed account balances to participants in the form of lump sum payments or annuity contracts in September, 2019. The defined benefit plan trust account was closed and all remaining funds were rolled into the Ferrell Companies, Inc. Employee Stock Ownership Trust as a plan contribution in December 2019. Prior to termination, this plan provided participants who were covered under a previously terminated plan with a guaranteed retirement benefit at least equal to the benefit they would have received under the prior terminated plan. Until July 31, 1999, benefits under the terminated plan were determined by years of credited service and salary levels. As of July 31, 1999, years of credited service and salary levels were frozen. The general partnerās prior funding policy for this plan was to contribute amounts deductible for Federal income tax purposes and invest the plan assets primarily in corporate stocks and bonds, U.S. Treasury bonds and short-term cash investments. During fiscal 2021, 2020 and 2019, other comprehensive income and other liabilities were adjusted by zero, ($0.1) million and ($0.1) million, respectively. |
Net Earnings (Loss) Per Unithol
Net Earnings (Loss) Per Unitholders' Interest | 12 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Unitholders' Interest | R. Net loss per Unitholdersā interest Below is a calculation of the basic and diluted net loss per Class A Unitholdersā interest in the consolidated statements of operations for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net loss per Class A Unitholdersā 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. Due to the seasonality of Ferrellgasā business, the dilutive effect of the two-class method typically impacts only the three months ended January 31. There was not a dilutive effect resulting from this guidance on basic and diluted net earnings per Class A Unitholdersā interest for fiscal 2021, 2020 and 2019. 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 Partnersā partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, in periods with net losses, there are no dilutive securities. ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 ā ā ā ā ā ā ā ā ā ā Class A Unitholdersā interest in net loss ā $ (91,751) ā $ (81,674) ā $ (63,605) Weighted average Class A Units outstanding (in thousands) ā 4,857.6 ā 4,857.6 ā 4,857.6 Basic and diluted net loss per Class A Unit ā $ (18.89) ā $ (16.81) ā $ (13.09) ā ā ā ā Class B Units considerations ā The Class B Units meet the definition of a participating security and the two-class method is required. For any periods in which earnings are recognized, the earnings will be allocated between the Class B Units and the Class A Units on a six-to-one basis. For any periods in which losses are recognized, no effect is given to the Class B Units as they do not contractually participate in the losses of Ferrellgas. ā In addition, Ferrellgas has the option to redeem all, but not less than all, of the Class B Units outstanding at any time on or prior to the fifth anniversary of the Effective Date for cash. This call option does not impact the dilutive effect of net loss per Class A Unit due to the cash-only redemption provision, which is assumed, and therefore there would be no dilutive effect. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2021 | |
Ferrellgas Partners Finance Corp. [Member] | |
Income Tax Disclosure [Line Items] | |
Income Taxes | Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $8,032 associated with the net operating loss carryforward of $38,248 generated during and prior to fiscal 2021, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is |
Ferrellgas Finance Corp. [Member] | |
Income Tax Disclosure [Line Items] | |
Income Taxes | Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $21,541 associated with the net operating loss carryforward of $102,578 generated during and prior to fiscal 2021, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2021, 2020 or 2019, and there is no net deferred tax asset as of July 31, 2021 and 2020. The net operating loss carryforwards generated after July 31, 2018 are carried forward indefinitely, but are limited to 80% of the taxable income in any one period. The CARES Act temporarily suspends this 80% taxable income limitation, allowing a net operating loss carryforward to fully offset taxable income in tax years beginning before January 1, 2021. The net operating losses generated as of or prior to July 31, 2018 are still subject to prior tax law and will expire at various dates through July 31, 2038. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Jul. 31, 2021 | |
Interim Period, Costs Not Allocable [Line Items] | |
Quarterly Data | S. Quarterly data (unaudited) The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas considers necessary for a fair presentation. Due to the seasonality of the propane distribution business, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales, Net earnings (loss) attributable to Ferrellgas Partners and Class A Unitholdersā interest in net earnings (loss) are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. The sum of basic and diluted net earnings (loss) per Class A Unit by quarter may not equal the basic and diluted net earnings (loss) per Class A Unit for the year due to variations in the weighted average units outstanding used in computing such amounts. ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2021 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 300,894 ā $ 553,560 ā $ 564,730 ā $ 335,126 Gross margin from propane and other gas liquids sales (a) ā 143,422 ā 257,657 ā 243,650 ā 142,187 Net earnings (loss) (b) ā (46,453) ā 63,991 ā (67,435) ā (19,216) Net earnings (loss) attributable to Ferrellgas Partners, L.P. ā (46,062) ā 63,267 ā (66,794) ā (18,822) Class A Unitholdersā interest in net earnings (loss) ā (45,601) ā 62,634 ā (74,057) ā (34,727) ā ā ā ā ā ā ā ā ā ā ā ā ā Basic and diluted net earnings (loss) per Class A Unit ā $ (9.39) ā $ 12.89 ā $ (15.25) ā $ (7.15) ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2020 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 293,214 ā $ 510,833 ā $ 412,130 ā $ 281,649 Gross margin from propane and other gas liquids sales (a) ā 139,357 ā 247,404 ā 215,480 ā 140,497 Net earnings (loss) (c) ā (45,717) ā 48,791 ā (15,471) ā (70,605) Net earnings (loss) attributable to Ferrellgas Partners, L.P. ā (45,344) ā 48,207 ā (15,393) ā (69,969) Class A Unitholdersā interest in net earnings (loss) ā (44,891) ā 47,725 ā (15,239) ā (69,269) ā ā ā ā ā ā ā ā ā ā ā ā ā Basic and diluted net earnings (loss) per Class A Unit ā $ (9.24) ā $ 9.82 ā $ (3.14) ā $ (14.26) ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2019 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 352,309 ā $ 573,377 ā $ 479,625 ā $ 279,081 Gross margin from propane and other gas liquids sales (a) ā 130,830 ā 238,581 ā 209,167 ā 127,764 Net earnings (loss) ā (57,508) ā 43,875 ā 20,760 ā (71,672) Net earnings (loss) attributable to Ferrellgas Partners, L.P. ā (57,015) ā 43,344 ā 20,461 ā (71,037) Class A Unitholdersā interest in net earnings (loss) ā (56,445) ā 42,911 ā 20,256 ā (70,327) ā ā ā ā ā ā ā ā ā ā ā ā ā Basic and diluted net earnings (loss) per Class A Unit ā $ (11.62) ā $ 8.83 ā $ 4.17 ā $ (14.48) (a) Gross margin from āPropane and other gas liquids salesā represents āRevenues - propane and other gas liquids salesā less āCost of sales ā propane and other gas liquids sales.ā (b) Includes loss on extinguishment of debt of $109.9 million in the third quarter of fiscal 2021, and gain on extinguishment of debt of $5.1 million in the fourth quarter of fiscal 2021, respectively. (c) Includes loss on extinguishment of debt of $37.4 million in the third quarter of fiscal 2020. |
Ferrellgas, L.P. [Member] | |
Interim Period, Costs Not Allocable [Line Items] | |
Quarterly Data | R. Quarterly data (unaudited) The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas, L.P. considers necessary for a fair presentation. Due to the seasonality of the propane distribution business, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales and Net earnings are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2021 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 300,894 ā $ 553,560 ā $ 564,730 ā $ 335,126 Gross margin from propane and other gas liquids sales (a) ā 143,422 ā 257,657 ā 243,650 ā 142,187 Net earnings (loss) (b) ā $ (38,751) ā $ 71,750 ā $ (55,473) ā $ (22,968) ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2020 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 293,214 ā $ 510,833 ā $ 412,130 ā $ 281,649 Gross margin from propane and other gas liquids sales (a) ā 139,357 ā 247,404 ā 215,480 ā 140,497 Net earnings (loss) (c) ā $ (36,898) ā $ 57,756 ā $ (7,720) ā $ (62,902) ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2019 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 352,309 ā $ 573,377 ā $ 479,625 ā $ 279,081 Gross margin from propane and other gas liquids sales (a) ā 130,830 ā 238,581 ā 209,167 ā 127,764 Net earnings (loss) ā $ (48,814) ā $ 52,617 ā $ 29,554 ā $ (62,874) (a) Gross margin from āPropane and other gas liquids salesā represents āRevenues - propane and other gas liquids salesā less āCost of sales ā propane and other gas liquids sales.ā (b) Includes loss on extinguishment of debt of $108.0 million in the third quarter of fiscal 2021. (c) Includes loss on extinguishment of debt of $37.4 million in the third quarter of fiscal 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2021 | |
Subsequent Event [Line Items] | |
Subsequent Events | T. Subsequent events Ferrellgas has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgasā consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements except that (i) on September 14, 2021, the operating partnership paid a cash distribution to Ferrellgas Partners in the amount of approximately $49.9 million, and (ii) on October 8, 2021, Ferrellgas Partners paid a cash distribution to holders of the Class B Units in the amount $38.46 per Class B Unit or approximately $49.9 million in the aggregate. Additionally, regarding the putative class action lawsuit discussed in Note P ā Contingencies and commitments, on September 23, 2021 the court held an oral argument on the indirect purchaser plaintiffsā motion for class certification. Thereafter, the court denied the indirect purchaser plaintiffsā motion for class certification, and a final order on the motion is being prepared. At this point the only remaining claims are the 13 named plaintiffsā individual state claims, which has the effect of substantially reducing the Ferrellgas potential liability. ā |
Ferrellgas Partners Finance Corp. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.ās consolidated financial statements were issued, and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Ferrellgas, L.P. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | S. Subsequent events Ferrellgas, L.P. has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas, L.P.ās consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements, except that, on September 14, 2021, Ferrellgas, L.P. paid a cash distribution to Ferrellgas Partners in the amount of approximately $49.9 million. Additionally, regarding the putative class action lawsuit discussed in Note P ā Contingencies and commitments, on September 23, 2021 the court held an oral argument on the indirect purchaser plaintiffsā motion for class certification. Thereafter, the court denied the indirect purchaser plaintiffsā motion for class certification, and a final order on the motion is being prepared. At this point the only remaining claims are the 13 named plaintiffsā individual state claims, which has the effect of substantially reducing the Ferrellgas, L.P. potential liability. ā |
Ferrellgas Finance Corp. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.ās consolidated financial statements were issued, and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Schedule I Parent Only Balance
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows | 12 Months Ended |
Jul. 31, 2021 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Parent only financial information | Schedule 1 FERRELLGAS PARTNERS, L.P. ā ā ā ā ā ā ā ā ā ā July 31, ā July 31, ā 2021 2020 ASSETS ā ā ā ā ā ā ā ā ā Cash and cash equivalents ā $ 264 ā $ 6 Prepaid expenses and other current assets ā 19 ā 22 Total assets ā $ 283 ā $ 28 ā ā ā ā ā ā ā LIABILITIES AND PARTNERSā DEFICIT ā ā ā ā ā ā ā ā ā Current portion of long-term debt ā $ ā ā $ 357,000 Other current liabilities ā ā 17,219 ā ā 19,305 Investment in Ferrellgas, L.P. ā 798,177 ā 823,765 ā ā ā ā ā ā ā Partnersā deficit ā ā Class A (4,857,605 units outstanding at 2021 and 2020) ā (1,214,813) ā (1,126,452) Class B (1,300,000 units outstanding at 2021) ā ā 383,012 ā ā ā General partner unitholder (49,496 units outstanding at 2021 and 2020) ā (72,178) ā (71,287) Accumulated other comprehensive income (loss) ā 88,866 ā (2,303) Total Ferrellgas Partners, L.P. partners' deficit ā (815,113) ā (1,200,042) Total liabilities and partnersā deficit ā $ 283 ā $ 28 ā ā FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF OPERATIONS (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2021 2019 Equity in loss of Ferrellgas, L.P. ā $ (44,740) ā $ (49,261) ā $ (29,219) Operating, general and administrative expense ā 389 ā 116 ā 14 ā ā ā ā ā ā ā ā ā ā Operating loss ā (45,129) ā (49,377) ā (29,233) ā ā ā ā ā ā ā ā ā ā Interest expense ā (13,771) ā (33,073) ā ā (34,984) Gain on extinguishment of debt ā ā 3,137 ā ā ā ā ā ā Other income (expense), net ā ā (2,191) ā ā ā ā ā ā Reorganization expense - professional fees ā ā (10,443) ā ā ā ā ā ā Income tax expense ā ā 14 ā ā 49 ā ā 30 ā ā ā ā ā ā ā ā ā ā Net loss ā ā ($ 68,411) ā ā ($ 82,499) ā ā ($ 64,247) ā ā ā ā ā ā ā ā ā ā ā ā FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF CASH FLOWS (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 ā ā ā ā ā ā ā ā ā ā Cash flows from operating activities: ā ā ā ā ā ā ā ā ā Net loss attributable to Ferrellgas Partners, L.P. ā $ (68,411) ā $ (82,499) ā $ (64,247) Reconciliation of net loss to net cash used in operating activities: ā ā ā ā ā ā ā ā ā Other ā 16,208 ā 17,749 ā 4,141 Gain on extinguishment of debt ā ā (3,137) ā ā ā ā ā ā Equity in loss of Ferrellgas, L.P. ā 44,740 ā 49,261 ā 29,219 Net cash used in operating activities ā ā (10,600) ā (15,489) ā (30,887) ā ā ā ā ā ā ā ā ā ā Cash flows from investing activities: ā ā ā ā ā ā ā ā ā Distributions received from Ferrellgas, L.P. ā ā ā 15,496 ā 40,706 Loan from Ferrellgas, L.P. ā 14,810 ā ā ā ā Net cash provided by investing activities ā 14,810 ā 15,496 ā 40,706 ā ā ā ā ā ā ā ā ā ā Cash flows from financing activities: ā ā ā ā ā ā ā ā ā Distributions paid to Class A and general partner unitholders ā ā ā ā ā (9,814) Cash paid for financing costs ā ā ā (9) ā ā Fees in connection with Class B unit exchange ā (1,988) ā ā ā ā Make-whole payments ā (1,964) ā ā ā ā Net cash provided by financing activities ā (3,952) ā (9) ā (9,814) ā ā ā ā ā ā ā ā ā ā Net increase in cash and cash equivalents ā 258 ā (2) ā 5 Cash and cash equivalents - beginning of year ā 6 ā 8 ā 3 Cash and cash equivalents - end of year ā $ 264 ā $ 6 ā $ 8 ā |
Schedule II Valuation And Quali
Schedule II Valuation And Qualifying Accounts | 12 Months Ended |
Jul. 31, 2021 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule II Valuation And Qualifying Accounts | FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Balance at Charged to ā ā Balance ā ā beginning ā cost and ā ā ā ā ā at end Description of period expenses Other of period Year ended July 31, 2021 ā ā ā ā Allowance for doubtful accounts ā $ 14,124 ā $ 2,323 ā $ 809 (1) ā $ 17,256 Year ended July 31, 2020 ā ā ā ā Allowance for doubtful accounts ā $ 2,463 ā $ 2,279 ā $ 9,382 (1) ā $ 14,124 Year ended July 31, 2019 ā ā ā ā Allowance for doubtful accounts ā $ 2,455 ā $ 1,525 ā $ (1,517) (1) ā $ 2,463 (1) Uncollectible accounts written off, net of recoveries. As discussed previously, on June 25, 2018, Ferrellgas and Mr. Ballengee entered into an Omnibus Agreement (the āOmnibus Agreementā) that, among other things, included an executed unsecured promissory note in favor of the operating partnership with an original principal amount of $18.3 million (the āRevised Jamex Promissory Noteā). On July 1, 2020, Mr. Ballengee defaulted on the Revised Jamex Promissory Note by failing to make the first payment in the amount of $2.5 million. As a result, as of July 31, 2020, Ferrellgas recorded a bad debt reserve against $17.3 million of the Revised Jamex Promissory Note and is pursuing collections from Mr. Ballengee. As of July 31, 2020, $12.5 million was classified as current notes receivable, all of which is reserved. On January 27, 2021 we reached an agreement with Mr. Ballengee pursuant to which he would execute an additional promissory note for $2.5 million secured by his assets, separate from the Revised Jamex Promissory Note, and pay $1.5 million in cash to us. The $1.5 million cash payment was received on February 1, 2021. In light of these developments, we released $0.5 million of reserve in our second fiscal quarter. We deemed it appropriate to keep the $2.5 million additional promissory note fully reserved. |
Ferrellgas, L.P. [Member] | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule II Valuation And Qualifying Accounts | FERRELLGAS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Balance at Charged to ā ā Balance ā ā beginning ā cost and ā ā ā ā ā at end Description of period expenses Other of period Year ended July 31, 2021 ā ā ā ā Allowance for doubtful accounts ā $ 14,124 ā $ 2,323 ā $ 809 (1) ā $ 17,256 Year ended July 31, 2020 ā ā ā ā Allowance for doubtful accounts ā $ 2,463 ā $ 2,279 ā $ 9,382 (1) ā $ 14,124 Year ended July 31, 2019 ā ā ā ā Allowance for doubtful accounts ā $ 2,455 ā $ 1,525 ā $ (1,517) (1) ā $ 2,463 (1) Uncollectible accounts written off, net of recoveries. As discussed previously, on June 25, 2018, Ferrellgas and Mr. Ballengee entered into an Omnibus Agreement (the āOmnibus Agreementā) that, among other things, included an executed unsecured promissory note in favor of the operating partnership with an original principal amount of $18.3 million (the āRevised Jamex Promissory Noteā). On July 1, 2020, Mr. Ballengee defaulted on the Revised Jamex Promissory Note by failing to make the first payment in the amount of $2.5 million. As a result, as of July 31, 2020, Ferrellgas recorded a bad debt reserve against $17.3 million of the Revised Jamex Promissory Note and is pursuing collections from Mr. Ballengee. As of July 31, 2020, $12.5 million was classified as current notes receivable, all of which is reserved. On January 27, 2021 we reached an agreement with Mr. Ballengee pursuant to which he would execute an additional promissory note for $2.5 million secured by his assets, separate from the Revised Jamex Promissory Note, and pay $1.5 million in cash to us. The $1.5 million cash payment was received on February 1, 2021. In light of these developments, we released $0.5 million of reserve in our second fiscal quarter. We deemed it appropriate to keep the $2.5 million additional promissory note fully reserved. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jul. 31, 2021 | |
Significant Accounting Policies | |
Accounting estimates | (1) Accounting estimates: |
Principles of consolidation | (2) Principles of consolidation: Certain prior-year amounts have been reclassified to conform to the current-year presentation. |
Fair value measurements | (3) Fair value measurements: The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. ā Level 1: Quoted prices in active markets for identical assets or liabilities. ā Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. ā Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Accounts receivable | (4) Accounts receivable |
Inventories | (5) Inventories |
Property, plant and equipment | (6) Property, plant and equipment: two 30 |
Goodwill | (7) Goodwill: January 31, 2021 |
Intangible assets | (8) Intangible assets: two 15 |
Derivative instruments and hedging activities | (9) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgasā overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgasā risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgasā risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgasā positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgasā gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgasā risk management activities may include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. Ferrellgas enters into these financial derivative instruments primarily with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. All of Ferrellgasā financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgasā financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated as a hedge of a specific underlying exposure, and that designation as well as the risk management objectives and strategies for undertaking the hedge transaction are documented. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgasā risk relating to adverse fluctuations in propane prices. Ferrellgas formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrumentās change in fair value is recognized in āCost of product sold - propane and other gas liquids salesā in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā, or āOther liabilitiesā on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā, or āOther liabilitiesā on the consolidated balance sheets with changes in fair value reported in āOperating expenseā on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas, L.P. to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas, L.P.ās fixed rate debt, while increases in interest rates subject Ferrellgas, L.P. to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas, L.P. may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as āPrepaid expenses and other current assetsā, āOther assets, netā, Other current liabilitiesā or as āOther liabilitiesā on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in āInterest expenseā on the consolidated statements of operations. Ferrellgas, L.P. may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā or as āOther liabilitiesā with an offsetting entry to āOther comprehensive incomeā at interim periods and are subsequently recognized as interest expense in the consolidated statement of operations when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statements of operations as they occur. |
Revenue recognition | (10) Revenue recognition: 30 30 one |
Shipping and handling expenses and cost of sales | (11) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within āOperating expense ā personnel, vehicle, plant and otherā in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas owns are classified within āDepreciation and amortization expense.ā Delivery vehicles and distribution technology under operating leases by Ferrellgas are classified within āOperating expense ā equipment lease expense.ā Delivery vehicles and distribution technology under finance leases by Ferrellgas are classified within āDepreciation and amortization expense.ā See Note F ā Supplemental financial statement information ā for the financial statement presentation of shipping and handling expenses. (12) Cost of sales: |
Operating expenses | (13) Operating expense: |
General and administrative expenses | (14) General and administrative expense: |
Stock-based plans | (15) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (āICPsā) The ICPs are not Ferrellgas stock-compensation plans; however, in accordance with Ferrellgasā partnership agreements, all Ferrellgas employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas. As a result, Ferrellgas incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2021, 2020 and 2019, the portion of the total non-cash compensation charge relating to the ICPs was zero. During fiscal 2021 there were no plan-based awards granted under the ICP and all outstanding stock appreciation rights (āSARsā) are currently valued at zero. Ferrell Companies is authorized to issue up to 462,500 SARs that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. |
Income taxes | (16) Income taxes: Income tax expense consisted of the following: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Current expense ā $ 739 ā $ 297 ā $ 180 Deferred expense ā 2 ā 554 ā 143 Income tax expense ā $ 741 ā $ 851 ā $ 323 ā Deferred taxes consisted of the following: ā ā ā ā ā ā ā ā ā ā July 31, ā 2021 2020 Deferred tax assets (included in Other assets, net) ā $ 5 ā $ 4 Deferred tax liabilities (included in Other liabilities) ā (3) ā (3) Net deferred tax asset ā $ 2 ā $ 1 |
Sales taxes | (17) Sales taxes: |
Net earnings (loss) per limited partner unitholders' interest | (18) Net loss per Class A Unitholdersā interest: |
Loss contingencies | (19) Loss contingencies: other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred. |
Class B Units Valuation | (20) Class B Units Valuation The Class B Units are recognized at their fair value at issuance. |
New accounting standards | (21) New accounting standards: FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Ferrellgas elected the short-term lease recognition exemption for all leases that qualify, meaning it does not recognize right-of-use assets (āROU assetsā) or lease liabilities for those leases. Ferrellgas also elected the practical expedient to not separate Additionally, Ferrellgas elected the package of three FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017ā12, Financial Instruments - Derivatives and Hedging (Topic 815) |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies | |
Accounting estimates | (1) Accounting estimates: |
Principles of consolidation | (2) Principles of consolidation: Certain prior-year amounts have been reclassified to conform to the current-year presentation. |
Fair value measurements | (3) Fair value measurements: The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. ā Level 1: Quoted prices in active markets for identical assets or liabilities. ā Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. ā Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Accounts receivable | (4) Accounts receivable |
Inventories | (5) Inventories: |
Property, plant and equipment | (6) Property, plant and equipment: two 30 |
Goodwill | (7) Goodwill: January 31, 2021 |
Intangible assets | (8) Intangible assets: two 15 |
Derivative instruments and hedging activities | (9) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas, L.P.ās overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgas, L.P.ās risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas, L.P attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas, L.P.ās risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas, L.P.ās risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas, L.P.ās positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas, L.P.ās gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas, L.P.ās risk management activities may include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. Ferrellgas, L.P. enters into these financial derivative instruments primarily with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. All of Ferrellgas, L.P.ās financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas, L.P. also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas, L.P.ās financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas, L.P. makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated as a hedge of a specific underlying exposure and that designation, as well as the risk management objectives and strategies for undertaking the hedge transaction are documented. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas, L.P.ās risk relating to adverse fluctuations in propane prices. Ferrellgas, L.P. formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrumentās change in fair value is recognized in āCost of product sold - propane and other gas liquids salesā in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā, or āOther liabilitiesā on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā, or āOther liabilitiesā on the consolidated balance sheets with changes in fair value reported in āOperating expenseā on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas, L.P. to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas, L.P.ās fixed rate debt, while increases in interest rates subject Ferrellgas, L.P. to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas, L.P. may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as āPrepaid expenses and other current assetsā, āOther assets, netā, Other current liabilitiesā or as āOther liabilitiesā on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in āInterest expenseā on the consolidated statements of operations. Ferrellgas, L.P. may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in āPrepaid expenses and other current assetsā, āOther assets, netā, āOther current liabilitiesā or as āOther liabilitiesā with an offsetting entry to āOther comprehensive incomeā at interim periods and are subsequently recognized as interest expense in the consolidated statement of operations when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statements of operations as they occur. |
Revenue recognition | (10) Revenue recognition: 30 30 one |
Shipping and handling expenses and cost of sales | (11) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within āOperating expense ā personnel, vehicle, plant and otherā in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas, L.P. owns are classified within āDepreciation and amortization expense.ā Delivery vehicles and distribution technology under operating leases by Ferrellgas, L.P. are classified within āOperating expense ā equipment lease expense.ā Delivery vehicles and distribution technology under finance leases by Ferrellgas, L.P. are classified within āDepreciation and amortization expense.ā See Note F ā Supplemental financial statement information ā for the financial statement presentation of shipping and handling expenses. (12) Cost of sales: |
Operating expenses | (13) Operating expense: |
General and administrative expenses | (14) General and administrative expense: ā |
Stock-based plans | (15) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (āICPsā) The ICPs are not Ferrellgas, L.P. stock-compensation plans; however, in accordance with Ferrellgas, L.P.ās partnership agreements, all Ferrellgas, L.P. employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas, L.P. As a result, Ferrellgas, L.P. incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2021, 2020 and 2019, the portion of the total non-cash compensation charge relating to the ICPs was zero. During fiscal 2021 there were no plan-based awards granted under the ICP and all outstanding stock appreciation rights (āSARsā) are currently valued at zero. Ferrell Companies is authorized to issue up to 462,500 SARs that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. |
Income taxes | (16) Income taxes: Income tax expense consisted of the following: ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Current expense ā $ 725 ā $ 248 ā $ 150 Deferred expense ā 2 ā 554 ā 143 Income tax expense ā $ 727 ā $ 802 ā $ 293 ā Deferred taxes consisted of the following: ā ā ā ā ā ā ā ā ā ā July 31, ā 2021 2020 Deferred tax assets (included in Other assets, net) ā $ 5 ā $ 4 Deferred tax liabilities (included in Other liabilities) ā (3) ā (3) Net deferred tax asset ā $ 2 ā $ 1 |
Sales taxes | (17) Sales taxes: |
Loss contingencies | (18) Loss contingencies: |
New accounting standards | (19) New accounting standards: FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Ferrellgas elected the short-term lease recognition exemption for all leases that qualify, meaning it does not recognize right-of-use assets (āROU assetsā) or lease liabilities for those leases. Ferrellgas also elected the practical expedient to not separate lease and non-lease components Additionally, Ferrellgas elected the package of three FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016 13, Financial Instruments - Credit Losses (Topic 326) FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017 12, Financial Instruments - Derivatives and Hedging (Topic 815) |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Significant Accounting Policies [Line Items] | |
Summary Of Income Tax Expense | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Current expense ā $ 739 ā $ 297 ā $ 180 Deferred expense ā 2 ā 554 ā 143 Income tax expense ā $ 741 ā $ 851 ā $ 323 |
Deferred Tax Assets And Liabilities | ā ā ā ā ā ā ā ā ā ā July 31, ā 2021 2020 Deferred tax assets (included in Other assets, net) ā $ 5 ā $ 4 Deferred tax liabilities (included in Other liabilities) ā (3) ā (3) Net deferred tax asset ā $ 2 ā $ 1 |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Summary Of Income Tax Expense | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Current expense ā $ 725 ā $ 248 ā $ 150 Deferred expense ā 2 ā 554 ā 143 Income tax expense ā $ 727 ā $ 802 ā $ 293 |
Deferred Tax Assets And Liabilities | ā ā ā ā ā ā ā ā ā ā July 31, ā 2021 2020 Deferred tax assets (included in Other assets, net) ā $ 5 ā $ 4 Deferred tax liabilities (included in Other liabilities) ā (3) ā (3) Net deferred tax asset ā $ 2 ā $ 1 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Schedule of Lease Assets and Liabilities | ā ā ā ā ā ā ā ā ā ā Leases ā Classification ā ā July 31, 2021 ā ā July 31, 2020 Assets ā ā ā ā ā ā ā ā Operating lease assets ā Operating lease right-of-use assets ā $ 87,611 ā $ 107,349 Financing lease assets ā Other assets, net ā ā 34,858 ā ā 41,426 Total leased assets ā ā ā $ 122,469 ā $ 148,775 ā ā ā ā ā ā ā ā ā Liabilities ā ā ā ā ā ā ā ā Current ā ā ā ā ā ā ā ā Operating ā Current operating lease liabilities ā $ 25,363 ā $ 29,345 Financing ā Other current liabilities ā ā 7,479 ā ā 6,955 Noncurrent ā ā ā ā ā ā ā ā Operating ā Operating lease liabilities ā ā 74,349 ā ā 89,022 Financing ā Other liabilities ā ā 28,029 ā ā 33,473 Total leased liabilities ā ā ā $ 135,220 ā $ 158,795 |
Schedule of Lease Costs | ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, Leases expense Classification ā 2021 ā 2020 ā ā ā ā ā ā ā ā ā Operating lease expense ā Operating expense - personnel, vehicle, plant and other ā $ 7,695 ā $ 7,450 ā ā Operating expense - equipment lease expense ā ā 26,127 ā ā 30,994 ā ā Cost of sales - propane and other gas liquids sales ā ā 1,911 ā ā 1,553 ā ā General and administrative expense ā ā 437 ā ā 1,490 Total operating lease expense ā ā ā ā 36,170 ā ā 41,487 ā ā ā ā ā ā ā ā ā Short-term expense ā Operating expense - personnel, vehicle, plant and other ā ā 8,151 ā ā 7,188 ā ā General and administrative expense ā ā 576 ā ā 502 Total short-term expense ā ā ā ā 8,727 ā ā 7,690 ā ā ā ā ā ā ā ā ā Variable lease expense ā Operating expense - personnel, vehicle, plant and other ā ā 2,328 ā ā 2,883 ā ā Operating expense - equipment lease expense ā ā 1,547 ā ā 1,642 Total variable lease expense ā ā ā ā 3,875 ā ā 4,525 ā ā ā ā ā ā ā ā ā Finance lease expense: ā ā ā ā ā ā ā ā Amortization of leased assets ā Depreciation and amortization expense ā ā 8,878 ā ā 2,613 Interest on lease liabilities ā Interest expense ā ā 3,755 ā ā 1,060 Total finance lease expense ā ā ā ā 12,633 ā ā 3,673 ā ā ā ā ā ā ā ā ā Total lease expense (a) ā ā ā $ 61,405 ā $ 57,375 (a) As of July 31, 2021 and 2020 Ferrellgas has also recognized $0.4 million and $0.5 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to the various Midstream dispositions and other significant transactions, and for which Ferrellgas does not anticipate any future economic benefit. |
Schedule of Minimum Annual Payments Under Existing Operating Leases | ā ā ā ā ā ā ā ā ā ā ā Maturities of lease liabilities ā ā Operating leases ā ā Finance leases ā ā Total 2022 ā $ 29,181 ā $ 10,376 ā $ 39,557 2023 ā ā 37,049 ā ā 8,252 ā ā 45,301 2024 ā ā 19,953 ā ā 7,608 ā ā 27,561 2025 ā ā 13,839 ā ā 7,621 ā ā 21,460 2026 ā ā 5,314 ā ā 6,767 ā ā 12,081 Thereafter ā ā 16,672 ā ā 4,925 ā ā 21,597 Total lease payments ā $ 122,008 ā $ 45,549 ā $ 167,557 Less: Imputed interest ā ā 22,296 ā ā 10,041 ā ā 32,337 Present value of lease liabilities ā $ 99,712 ā $ 35,508 ā $ 135,220 |
Schedule of Minimum Annual Payments Under Existing Finance Leases | ā ā ā ā ā ā ā ā ā ā ā Maturities of lease liabilities ā ā Operating leases ā ā Finance leases ā ā Total 2022 ā $ 29,181 ā $ 10,376 ā $ 39,557 2023 ā ā 37,049 ā ā 8,252 ā ā 45,301 2024 ā ā 19,953 ā ā 7,608 ā ā 27,561 2025 ā ā 13,839 ā ā 7,621 ā ā 21,460 2026 ā ā 5,314 ā ā 6,767 ā ā 12,081 Thereafter ā ā 16,672 ā ā 4,925 ā ā 21,597 Total lease payments ā $ 122,008 ā $ 45,549 ā $ 167,557 Less: Imputed interest ā ā 22,296 ā ā 10,041 ā ā 32,337 Present value of lease liabilities ā $ 99,712 ā $ 35,508 ā $ 135,220 |
Schedule of Operating and Finance Lease Assumptions | ā ā ā ā ā ā ā ā As of July 31, 2021 Lease type ā Weighted-average remaining lease term (years) ā Weighted-average discount rate Operating leases ā 4.8 ā 8.2% Finance leases ā 5.2 ā 8.7% |
Schedule of Cash Flow Information | ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 ā 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: ā ā ā ā ā Operating cash flows $ 34,895 ā $ 41,636 ā ā ā ā ā ā Cash paid for amounts included in the measurement of lease liabilities for financing leases: ā ā ā ā ā Operating cash flows $ 3,396 ā $ 1,060 Financing cash flows $ 7,188 ā $ 2,116 |
Ferrellgas, L.P. [Member] | |
Schedule of Lease Assets and Liabilities | ā ā ā ā ā ā ā ā ā ā Leases ā Classification ā ā July 31, 2021 ā ā July 31, 2020 Assets ā ā ā ā ā ā ā ā Operating lease assets ā Operating lease right-of-use assets ā $ 87,611 ā $ 107,349 Financing lease assets ā Other assets, net ā ā 34,858 ā ā 41,426 Total leased assets ā ā ā $ 122,469 ā $ 148,775 ā ā ā ā ā ā ā ā ā Liabilities ā ā ā ā ā ā ā ā Current ā ā ā ā ā ā ā ā Operating ā Current operating lease liabilities ā $ 25,363 ā $ 29,345 Financing ā Other current liabilities ā ā 7,479 ā ā 6,955 Noncurrent ā ā ā ā ā ā ā ā Operating ā Operating lease liabilities ā ā 74,349 ā ā 89,022 Financing ā Other liabilities ā ā 28,029 ā ā 33,473 Total leased liabilities ā ā ā $ 135,220 ā $ 158,795 |
Schedule of Lease Costs | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, Leases expense Classification ā 2021 ā 2020 ā ā ā ā ā ā ā ā ā Operating lease expense ā Operating expense - personnel, vehicle, plant and other ā $ 7,695 ā $ 7,450 ā ā Operating expense - equipment lease expense ā ā 26,127 ā ā 30,994 ā ā Cost of sales - propane and other gas liquids sales ā ā 1,911 ā ā 1,553 ā ā General and administrative expense ā ā 437 ā ā 1,490 Total operating lease expense ā ā ā ā 36,170 ā ā 41,487 ā ā ā ā ā ā ā ā ā Short-term expense ā Operating expense - personnel, vehicle, plant and other ā ā 8,151 ā ā 7,188 ā ā General and administrative expense ā ā 576 ā ā 502 Total short-term expense ā ā ā ā 8,727 ā ā 7,690 ā ā ā ā ā ā ā ā ā Variable lease expense ā Operating expense - personnel, vehicle, plant and other ā ā 2,328 ā ā 2,883 ā ā Operating expense - equipment lease expense ā ā 1,547 ā ā 1,642 Total variable lease expense ā ā ā ā 3,875 ā ā 4,525 ā ā ā ā ā ā ā ā ā Finance lease expense: ā ā ā ā ā ā ā ā Amortization of leased assets ā Depreciation and amortization expense ā ā 8,878 ā ā 2,613 Interest on lease liabilities ā Interest expense ā ā 3,755 ā ā 1,060 Total finance lease expense ā ā ā ā 12,633 ā ā 3,673 ā ā ā ā ā ā ā ā ā Total lease expense (a) ā ā ā $ 61,405 ā $ 57,375 ā (a) As of July 31, 2021 and 2020 Ferrellgas, L.P. has also recognized $0.4 million and $0.5 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to the various Midstream dispositions and other significant transactions, and for which Ferrellgas, L.P. does not anticipate any future economic benefit. |
Schedule of Minimum Annual Payments Under Existing Operating Leases | ā ā ā ā ā ā ā ā ā ā ā Maturities of lease liabilities ā ā Operating leases ā ā Finance leases ā ā Total 2021 ā $ 29,181 ā $ 10,376 ā $ 39,557 2022 ā ā 37,049 ā ā 8,252 ā ā 45,301 2023 ā ā 19,953 ā ā 7,608 ā ā 27,561 2024 ā ā 13,839 ā ā 7,621 ā ā 21,460 2025 ā ā 5,314 ā ā 6,767 ā ā 12,081 Thereafter ā ā 16,672 ā ā 4,925 ā ā 21,597 Total lease payments ā $ 122,008 ā $ 45,549 ā $ 167,557 Less: Imputed interest ā ā 22,296 ā ā 10,041 ā ā 32,337 Present value of lease liabilities ā $ 99,712 ā $ 35,508 ā $ 135,220 |
Schedule of Minimum Annual Payments Under Existing Finance Leases | ā ā ā ā ā ā ā ā ā ā ā Maturities of lease liabilities ā ā Operating leases ā ā Finance leases ā ā Total 2021 ā $ 29,181 ā $ 10,376 ā $ 39,557 2022 ā ā 37,049 ā ā 8,252 ā ā 45,301 2023 ā ā 19,953 ā ā 7,608 ā ā 27,561 2024 ā ā 13,839 ā ā 7,621 ā ā 21,460 2025 ā ā 5,314 ā ā 6,767 ā ā 12,081 Thereafter ā ā 16,672 ā ā 4,925 ā ā 21,597 Total lease payments ā $ 122,008 ā $ 45,549 ā $ 167,557 Less: Imputed interest ā ā 22,296 ā ā 10,041 ā ā 32,337 Present value of lease liabilities ā $ 99,712 ā $ 35,508 ā $ 135,220 ā |
Schedule of Operating and Finance Lease Assumptions | ā ā ā ā ā ā ā ā As of July 31, 2021 Lease type ā Weighted-average remaining lease term (years) ā Weighted-average discount rate Operating leases ā 4.8 ā 8.2% Finance leases ā 5.2 ā 8.7% |
Schedule of Cash Flow Information | ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā ā 2021 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: ā ā ā ā ā ā Operating cash flows ā $ 34,895 ā $ 41,636 ā ā ā ā ā ā ā Cash paid for amounts included in the measurement of lease liabilities for financing leases: ā ā ā ā ā ā Operating cash flows ā $ 3,396 ā $ 1,060 Financing cash flows ā $ 7,188 ā $ 2,116 |
Acquisitions, dispositions an_2
Acquisitions, dispositions and other significant transactions (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Business Acquisition [Line Items] | |
Schedule Of Funding Of Acquisitions | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Cash payments, net of cash acquired ā $ 6,567 ā $ 10,195 ā $ 13,551 Issuance of liabilities and other costs and considerations ā 1,344 ā 975 ā 1,650 Aggregate fair value of transactions ā $ 7,911 ā $ 11,170 ā $ 15,201 |
Aggregate Fair Value Of Transaction | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Working capital ā $ ā ā $ ā ā $ 31 Customer tanks, buildings, land and other ā 2,607 ā 6,598 ā 11,560 Goodwill ā ā ā ā ā ā ā ā 1,410 Customer lists ā 4,973 ā 738 ā 1,272 Non-compete agreements ā 331 ā 3,834 ā 928 Aggregate fair value of net assets acquired ā $ 7,911 ā $ 11,170 ā $ 15,201 |
Schedule of Loss on Assets Sales and Disposals | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Loss on sale of: ā ā ā Midstream trucking, water disposal & terminal assets ā $ ā ā $ ā ā $ 2,679 Other ā 1,831 ā 7,924 ā 8,289 Loss on asset sales and disposals ā $ 1,831 ā $ 7,924 ā $ 10,968 |
Ferrellgas, L.P. [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Funding Of Acquisitions | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Cash payments, net of cash acquired ā $ 6,567 ā $ 10,195 ā $ 13,551 Issuance of liabilities and other costs and considerations ā 1,344 ā 975 ā 1,650 Aggregate fair value of transactions ā $ 7,911 ā $ 11,170 ā $ 15,201 |
Schedule of Loss on Assets Sales and Disposals | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Loss on sale of: ā ā ā ā ā ā ā ā ā Midstream trucking, water disposal & terminal assets ā $ ā ā $ ā ā $ 2,679 Other ā 1,831 ā 7,924 ā 8,289 Loss on asset sales and disposals ā $ 1,831 ā $ 7,924 ā $ 10,968 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Supplemental Financial Statement Information [Line Items] | |
Schedule Of Inventories | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Propane gas and related products ā $ 75,848 ā $ 58,733 Appliances, parts and supplies, and other ā 12,531 ā 13,931 Inventories ā $ 88,379 ā $ 72,664 |
Property, Plant And Equipment | ā ā ā ā ā ā ā ā ā ā ā Estimated useful lives July 31, 2021 July 31, 2020 Land Indefinite ā $ 40,346 ā $ 39,585 Land improvements 2-20 ā 15,128 ā 14,998 Buildings and improvements 20 ā 88,620 ā 88,349 Vehicles, including transport trailers 8-20 ā 110,517 ā 105,184 Bulk equipment and district facilities 5-30 ā 110,983 ā 111,019 Tanks, cylinders and customer equipment 2-30 ā 786,912 ā 784,466 Computer and office equipment 2-5 ā 107,272 ā 112,582 Construction in progress n/a ā 8,478 ā 6,889 ā ā ā ā 1,268,256 ā 1,263,072 Less: accumulated depreciation ā ā ā 686,138 ā 672,030 Property, plant and equipment, net ā ā ā $ 582,118 ā $ 591,042 |
Prepaid Expenses and Other Current Assets | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Broker margin deposit assets ā $ 21,068 ā $ 14,398 Other ā 18,024 ā 18,700 Prepaid expenses and other current assets ā $ 39,092 ā $ 33,098 |
Other Assets | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Notes receivable, less current portion and allowance ā $ 19,765 ā $ 5,330 Finance lease right-of-use assets ā 34,858 ā 41,426 Other ā 38,605 ā 27,992 Other assets, net ā $ 93,228 ā $ 74,748 |
Other Current Liabilities | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accrued interest ā $ 29,095 ā $ 53,841 Customer deposits and advances ā 35,734 ā 32,257 Accrued payroll ā 28,143 ā 18,375 Accrued insurance ā 11,104 ā 14,796 Broker margin deposit liability ā ā 79,178 ā ā 510 Accrued senior preferred units distributions ā ā 16,013 ā ā ā Other ā 46,733 ā 47,687 Other current liabilities ā $ 246,000 ā $ 167,466 |
Shipping And Handling Expenses | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Operating expense - personnel, vehicle, plant and other ā $ 217,292 ā $ 219,598 ā $ 215,780 Depreciation and amortization expense ā 13,691 ā 9,857 ā 6,375 Operating expense - equipment lease expense ā 22,609 ā 32,518 ā 30,759 ā ā $ 253,592 ā $ 261,973 ā $ 252,914 |
Cash and Cash Equivalents | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Cash and cash equivalents ā $ 270,452 ā $ 238,002 Restricted cash (1) ā 11,500 ā 95,759 Cash, cash equivalents and restricted cash ā $ 281,952 ā $ 333,761 ā (1) As of July 31, 2021, restricted cash includes an $11.5 million cash deposit made with the administrative agent under the operating partnershipās senior secured credit facility that was terminated in April 2020, which may be used by the administrative agent to pay contingent obligations arising under the financing agreement that governed the terminated senior secured credit facility. As of July 31, 2020, the $95.8 million of restricted cash includes $78.2 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated senior secured credit facility and $6.1 million of additional pledged collateral. For additional discussion see Note I ā Debt. |
Cash Flow Supplemental Disclosures | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Cash paid for: ā ā ā Interest ā $ 205,505 ā $ 147,402 ā $ 166,897 Income taxes ā $ 706 ā $ 289 ā $ 141 Non-cash investing and financing activities: ā ā ā ā Liability incurred in connection with Financing Agreement amendment ā $ ā ā $ 8,863 ā $ ā Liabilities incurred in connection with acquisitions ā $ 1,344 ā $ 975 ā $ 1,650 Change in accruals for property, plant and equipment additions ā $ (386) ā $ 216 ā $ 1,132 Lease liabilities arising from operating right-of-use assets ā $ 8,374 ā $ 14,938 ā $ ā Lease liabilities arising from finance right-of-use assets ā $ 2,310 ā $ 45,455 ā $ ā Accrued senior preferred units distributions ā $ 16,013 ā $ ā ā $ ā |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information [Line Items] | |
Schedule Of Inventories | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Propane gas and related products ā $ 75,848 ā $ 58,733 Appliances, parts and supplies, and other ā 12,531 ā 13,931 Inventories ā $ 88,379 ā $ 72,664 |
Property, Plant And Equipment | ā ā ā ā ā ā ā ā ā ā ā ā Estimated useful lives July 31, 2021 July 31, 2020 Land Indefinite ā $ 40,346 ā $ 39,585 Land improvements 2-20 ā 15,128 ā 14,998 Buildings and improvements 20 ā 88,620 ā 88,349 Vehicles, including transport trailers 8-20 ā 110,517 ā 105,184 Bulk equipment and district facilities 5-30 ā 110,983 ā 111,019 Tanks, cylinders and customer equipment 2-30 ā 786,912 ā 784,466 Computer and office equipment 2-5 ā 107,272 ā 112,582 Construction in progress n/a ā 8,478 ā 6,889 ā ā 1,268,256 ā 1,263,072 Less: accumulated depreciation ā 686,138 ā 672,030 Property, plant and equipment, net ā $ 582,118 ā $ 591,042 |
Prepaid Expenses and Other Current Assets | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Broker margin deposit assets ā $ 21,068 ā $ 14,398 Other ā 18,005 ā ā 18,653 Prepaid expenses and other current assets ā $ 39,073 ā $ 33,051 |
Other Assets | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Notes receivable, less current portion and allowance ā $ 19,765 ā $ 5,330 Finance lease right-of-use assets ā ā 34,858 ā ā 41,426 Other ā 38,605 ā 27,992 Other assets, net ā $ 93,228 ā $ 74,748 |
Other Current Liabilities | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accrued interest ā $ 29,095 ā $ 34,511 Customer deposits and advances ā 35,734 ā 32,257 Accrued payroll ā 11,104 ā 18,375 Accrued insurance ā 28,143 ā 14,796 Broker margin deposit liability ā ā 79,178 ā ā 510 Accrued senior preferred units distributions ā ā 16,013 ā ā ā Other ā 46,515 ā 47,687 Other current liabilities ā $ 245,782 ā $ 148,136 |
Shipping And Handling Expenses | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā ā 2021 2020 2019 Operating expense - personnel, vehicle, plant and other ā $ 217,292 ā $ 219,598 ā $ 215,780 Depreciation and amortization expense ā 13,691 ā 9,857 ā 6,375 Operating expense - equipment lease expense ā 22,609 ā 32,518 ā 30,759 ā ā $ 253,592 ā $ 261,973 ā $ 252,914 |
Cash and Cash Equivalents | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Cash and cash equivalents ā $ 270,188 ā $ 237,996 Restricted cash (1) ā 11,500 ā 95,759 Cash, cash equivalents and restricted cash ā $ 281,688 ā $ 333,755 ā (1) As of July 31, 2021, restricted cash includes an $11.5 million cash deposit made with the administrative agent under the operating partnershipās senior secured credit facility that was terminated in April 2020, which may be used by the administrative agent to pay contingent obligations arising under the financing agreement that governed the terminated senior secured credit facility. As of July 31, 2020, the $95.8 million of restricted cash includes $78.2 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated senior secured credit facility and $6.1 million of additional pledged collateral. For additional discussion see Note I ā Debt. |
Cash Flow Supplemental Disclosures | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Cash paid for: ā ā ā ā ā ā ā ā ā Interest ā $ 156,449 ā $ 132,006 ā $ 136,106 Income taxes ā $ 693 ā $ 241 ā $ 111 Non-cash investing and financing activities: ā ā ā Liability incurred in connection with Financing Agreement amendment ā $ ā ā $ 8,863 ā $ ā Liabilities incurred in connection with acquisitions ā $ 1,344 ā $ 975 ā $ 1,650 Change in accruals for property, plant and equipment additions ā $ (386) ā $ 216 ā $ 1,132 Lease liabilities arising from operating right-of-use assets ā $ 8,374 ā $ 14,938 ā $ ā Lease liabilities arising from finance right-of-use assets ā $ 2,310 ā $ 45,455 ā $ ā Accrued senior preferred units distributions ā $ 16,013 ā $ ā ā $ ā |
Accounts And Notes Receivable_2
Accounts And Notes Receivable, Net (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts And Notes Receivable | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accounts receivable (a) ā $ 135,182 ā $ 102,914 Note receivable ā 13,648 ā 12,648 Less: Allowance for expected credit losses ā (17,256) ā (14,124) Accounts and notes receivable, net ā $ 131,574 ā $ 101,438 (a) At July 31, 2020, $103.7 million was pledged as collateral under the terminated accounts receivable securitization facility, discussed below. |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts And Notes Receivable | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accounts receivable (a) ā $ 135,182 ā $ 102,914 Note receivable ā 13,648 ā 12,648 Less: Allowance for expected credit losses ā (17,256) ā (14,124) Accounts and notes receivable, net ā $ 131,574 ā $ 101,438 (a) At July 31, 2020, $103.7 million was pledged as collateral under the terminated accounts receivable securitization facility, discussed below |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Goodwill And Intangible Assets, Net | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2021 ā July 31, 2020 ā Gross Carrying Accumulated ā ā Gross Carrying Accumulated ā ā ā ā Amount ā Amortization ā Net ā Amount ā Amortization ā Net Goodwill, net ā $ 246,946 ā $ ā ā $ 246,946 ā $ 247,195 ā $ ā ā $ 247,195 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Intangible assets, net ā ā ā ā ā ā Amortized intangible assets ā ā ā ā ā ā Customer related ā $ 451,922 ā $ (405,490) ā $ 46,432 ā $ 446,486 ā $ (397,843) ā $ 48,643 Non-compete agreements ā 26,319 ā (23,029) ā 3,290 ā 26,319 ā (21,934) ā 4,385 Other ā 3,513 ā (3,513) ā ā ā 3,513 ā (3,513) ā ā ā ā 481,754 ā (432,032) ā 49,722 ā 476,318 ā (423,290) ā 53,028 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unamortized intangible assets ā ā ā ā ā ā Trade names & trademarks ā 51,021 ā ā ā 51,021 ā 51,021 ā ā ā 51,021 Total intangible assets, net ā $ 532,775 ā $ (432,032) ā $ 100,743 ā $ 527,339 ā $ (423,290) ā $ 104,049 |
Schedule of Goodwill Rollforward | ā ā ā ā ā ā Propane operations and ā ā related equipment sales Balance July 31, 2019 ā $ 247,195 Acquisitions ā ā Other ā ā ā Balance July 31, 2020 ā 247,195 Acquisitions ā ā Other ā ā (249) Balance July 31, 2021 ā $ 246,946 |
Schedule Of Aggregate Amortization Expense | ā ā ā ā ā For the year ended July 31, ā ā 2021 ā $ 8,742 2020 ā 9,079 2019 ā 14,581 |
Schedule Of Estimated Amortization Expense | ā ā ā ā ā For the year ended July 31, ā ā 2022 ā $ 7,687 2023 ā 7,360 2024 ā 7,084 2025 ā 5,083 2026 ā 4,523 |
Ferrellgas, L.P. [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Goodwill And Intangible Assets, Net | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2021 ā July 31, 2020 ā ā Gross ā ā ā ā ā ā ā Gross ā ā ā ā ā ā ā ā Carrying ā Accumulated ā ā ā ā Carrying ā Accumulated ā ā ā ā Amount Amortization Net Amount Amortization Net Goodwill, net ā $ 246,946 ā $ ā ā $ 246,946 ā $ 247,195 ā $ ā ā $ 247,195 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Intangible assets, net ā ā ā ā ā ā Amortized intangible assets ā ā ā ā ā ā Customer related ā $ 451,922 ā $ (405,490) ā $ 46,432 ā $ 446,486 ā $ (397,843) ā $ 48,643 Non-compete agreements ā 26,319 ā (23,029) ā 3,290 ā 26,319 ā (21,934) ā 4,385 Other ā 3,513 ā (3,513) ā ā ā 3,513 ā (3,513) ā ā ā ā 481,754 ā (432,032) ā 49,722 ā 476,318 ā (423,290) ā 53,028 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unamortized intangible assets ā ā ā ā ā ā Trade names & trademarks ā 51,021 ā ā ā 51,021 ā 51,021 ā ā ā 51,021 Total intangible assets, net ā $ 532,775 ā $ (432,032) ā $ 100,743 ā $ 527,339 ā $ (423,290) ā $ 104,049 |
Schedule of Goodwill Rollforward | ā ā ā ā ā ā Propane operations and ā ā related equipment sales Balance July 31, 2019 ā $ 247,195 Acquisitions ā ā ā Other ā ā Balance July 31, 2020 ā 247,195 Acquisitions ā ā Other ā ā (249) Balance July 31, 2021 ā $ 246,946 |
Schedule Of Aggregate Amortization Expense | ā ā ā ā ā For the year ended July 31, ā ā 2021 ā $ 8,742 2020 ā 9,079 2019 ā 14,581 |
Schedule Of Estimated Amortization Expense | ā ā ā ā ā For the year ended July 31, ā ā 2022 ā $ 7,687 2023 ā 7,360 2024 ā 7,084 2025 ā 5,083 2026 ā 4,523 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Debt Instrument [Line Items] | |
Schedule of Debt Components | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Unsecured senior notes ā ā Fixed rate, 6.50%, due 2021 (1) ā $ ā ā $ 500,000 Fixed rate, 6.75%, due 2023 (2) ā ā ā 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $937 at July 31, 2020 (3) ā ā ā 475,937 Fixed rate, 8.625%, due 2020 (4) ā ā ā 357,000 Fixed rate, 5.375%, due 2026 (5) ā ā 650,000 ā ā ā Fixed rate, 5.875%, due 2029 (5) ā ā 825,000 ā ā ā ā ā ā ā ā ā ā Secured senior notes ā ā Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,573 at July 31, 2020 (6) ā ā ā ā ā 703,573 ā ā ā ā ā ā ā Notes payable ā ā 8.8% and 9.4% weighted average interest rate at July 31, 2021 and July 31, 2020, respectively, due 2021 to 2029, net of unamortized discount of $573 and $537 at July 31, 2021 and July 31, 2020, respectively ā 3,882 ā 4,564 Total debt, excluding unamortized debt issuance and other costs ā 1,478,882 ā 2,541,074 Unamortized debt issuance and other costs ā (32,322) ā (35,583) Less: current portion of long-term debt ā 1,670 ā 859,095 Long-term debt ā $ 1,444,890 ā $ 1,646,396 (1) During November 2010, the operating partnership issued $500.0 million aggregate principal amount of 6.50% senior notes due 2021 (referred to herein as the 2021 Notes). The outstanding principal amount of the 2021 Notes was due on May 1, 2021. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2021 Notes pursuant the terms of the indenture governing the 2021 Notes, with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2021 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2021 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2021 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2021 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2021 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2021 Notes was $513.9 million, consisting of principal and accrued and unpaid interest to the redemption date. (2) During June 2015, the operating partnership issued $500.0 million aggregate principal amount of 6.75% senior notes due 2023 (referred to herein as the 2023 Notes). The outstanding principal amount of the 2023 Notes was due June 15, 2023. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2023 Notes pursuant the terms of the indenture governing the 2023 Notes, with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2023 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2023 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2023 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2023 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2023 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2023 Notes was $518.8 million, consisting of principal, redemption premium and accrued and unpaid interest to the redemption date. (3) During fiscal 2014, the operating partnership issued $475.0 million aggregate principal amount of 6.75% senior notes due 2022 (referred to herein as the 2022 Notes), $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. The outstanding principal amount of the 2022 Notes was due January 15, 2022. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2022 Notes pursuant the terms of the indenture governing the 2022 Notes with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2022 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2022 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2022 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2022 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2022 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2022 Notes was $482.0 million, consisting of principal and accrued and unpaid interest to the redemption date. (4) During April 2010, Ferrellgas Partners issued $280.0 million aggregate principal amount of 8.625% unsecured senior notes due 2020 (referred to herein as the Ferrellgas Partners Notes). During March 2011, Ferrellgas Partners redeemed $98.0 million of the Ferrellgas Partners Notes. During January 2017, Ferrellgas Partners issued $175.0 million aggregate principal amount of additional Ferrellgas Partners Notes at 96% of par. The outstanding principal amount of the Ferrellgas Partners Notes was due on June 15, 2020, but had not been repaid and was classified as current on the consolidated balance sheet as of July 31, 2020. On the Effective Date, by operation of the Plan, all outstanding indebtedness under the Ferrellgas Partners Notes was discharged and cancelled. Pursuant to the Plan, Ferrellgas Partners issued an aggregate of 1.3 million Class B Units to holders of the Ferrellgas Partners Notes in satisfaction of their claims in respect of the Ferrellgas Partners Notes. (5) On the Effective Date, two wholly-owned subsidiaries of the operating partnership (referred to herein as the Escrow Issuers) issued $650.0 million aggregate principal amount of 5.375% senior notes due 2026 (referred to herein as the 2026 Notes) and $825.0 million aggregate principal amount of 5.875% senior notes due 2029 (referred to herein as the 2029 Notes). On the Effective Date and immediately after the issuance of the 2026 Notes and 2029 Notes by the Escrow Issuers, (i) the Escrow Issuers were merged into the operating partnership and Ferrellgas Finance Corp., respectively, and the operating partnership and Ferrellgas Finance Corp. assumed the obligations of the Escrow Issuers as co-issuers of the 2026 Notes and the 2029 Notes, and (ii) the general partner and certain subsidiaries of the operating partnership guaranteed the 2026 Notes and the 2029 Notes. The 2026 Notes and 2029 Notes bear interest from the date of issuance, payable semi-annually in arrears on October 1 and April 1 of each year. The 2026 Notes will mature on April 1, 2026, and the 2029 Notes will mature on April 1, 2029. See āāSenior unsecured notesā below for additional discussion. (6) During April 2020, the operating partnership issued $700.0 million aggregate principal amount of 10.00% senior secured first lien notes due 2025 (referred to herein as the 2025 Notes), $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. The outstanding principal amount of the 2025 Notes was due on April 15, 2025. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2025 Notes pursuant the terms of the indenture governing the 2025 Notes, with a redemption date of March 30, 2021, and all of the issued and outstanding 2025 Notes were redeemed on the Effective Date. The aggregate redemption price for the 2025 Notes was $806.2 million, consisting of principal, redemption premium and accrued and unpaid interest to the redemption date. |
Schedule of components of loss on extinguishment of debt | ā ā ā ā ā ā For the year ended ā ā July 31, 2021 Payment of redemption premium on debt extinguishment ā $ 83,072 Fair value of Class B units in excess of carrying value ā (5,101) Make-whole payments ā ā 1,964 Unamortized deferred financing costs ā ā 24,899 Total loss on extinguishment of debt ā $ 104,834 ā ā ā ā |
Scheduled Annual Principal Payments On Long-term Debt | ā ā ā ā ā ā ā Scheduled Payment due by fiscal year principal payments 2022 ā $ 1,670 2023 ā 1,234 2024 ā 664 2025 ā 534 2026 ā 650,335 Thereafter ā 825,019 Total ā $ 1,479,456 ā |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt Components | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Unsecured senior notes ā ā Fixed rate, 6.50%, due 2021 (1) ā $ ā ā $ 500,000 Fixed rate, 6.75%, due 2023 (2) ā ā ā 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $937 at July 31, 2020 (3) ā ā ā 475,937 Fixed rate, 5.375%, due 2026 (4) ā ā 650,000 ā ā ā Fixed rate, 5.875%, due 2029 (4) ā ā 825,000 ā ā ā ā ā ā ā ā ā ā Secured senior notes ā ā Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,573 at July 31, 2020 (5) ā ā ā 703,573 ā ā ā ā ā ā ā Notes payable ā ā 8.8% and 9.4% weighted average interest rate at July 31, 2021 and July 31, 2020, respectively, due 2021 to 2029, net of unamortized discount of $573 and $537 at July 31, 2021 and July 31, 2020, respectively ā 3,882 ā 4,564 Total debt, excluding unamortized debt issuance and other costs ā 1,478,882 ā 2,184,074 Unamortized debt issuance and other costs ā (32,322) ā (35,583) Less: current portion of long-term debt ā 1,670 ā 502,095 Long-term debt ā $ 1,444,890 ā $ 1,646,396 (1) During November 2010, the operating partnership issued $500.0 million aggregate principal amount of 6.50% senior notes due 2021 (referred to herein as the 2021 Notes). The outstanding principal amount of the 2021 Notes was due on May 1, 2021. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2021 Notes pursuant the terms of the indenture governing the 2021 Notes, with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2021 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2021 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2021 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2021 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2021 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2021 Notes was $513.9 million, consisting of principal and accrued and unpaid interest to the redemption date. (2) During June 2015, the operating partnership issued $500.0 million aggregate principal amount of 6.75% senior notes due 2023 (referred to herein as the 2023 Notes). The outstanding principal amount of the 2023 Notes was due June 15, 2023. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2023 Notes pursuant the terms of the indenture governing the 2023 Notes, with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2023 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2023 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2023 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2023 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2023 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2023 Notes was $518.8 million, consisting of principal, redemption premium and accrued and unpaid interest to the redemption date. (3) During fiscal 2014, the operating partnership issued $475.0 million aggregate principal amount of 6.75% senior notes due 2022 (referred to herein as the 2022 Notes), $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. The outstanding principal amount of the 2022 Notes was due January 15, 2022. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2022 Notes pursuant the terms of the indenture governing the 2022 Notes, with a redemption date of April 5, 2021. On the Effective Date, the operating partnership (i) satisfied and discharged the indenture governing the 2022 Notes by irrevocably depositing with the trustee under such indenture funds in an amount sufficient to pay the redemption price for all of the 2022 Notes on April 5, 2021 and (ii) delivered irrevocable instructions directing the trustee to apply such funds to the redemption of the 2022 Notes on April 5, 2021. As a result, as of the Effective Date, the indenture governing the 2022 Notes ceased to be of further effect (except as to certain expressly surviving rights), and all of the issued and outstanding 2022 Notes were redeemed on April 5, 2021. The aggregate redemption price for the 2022 Notes was $482.0 million, consisting of principal and accrued and unpaid interest to the redemption date. (4) On the Effective Date, two wholly-owned subsidiaries of the operating partnership (referred to herein as the Escrow Issuers) issued $650.0 million aggregate principal amount of 5.375% senior notes due 2026 (referred to herein as the 2026 Notes) and $825.0 million aggregate principal amount of 5.875% senior notes due 2029 (referred to herein as the 2029 Notes). On the Effective Date and immediately after the issuance of the 2026 Notes and 2029 Notes by the Escrow Issuers, (i) the Escrow Issuers were merged into the operating partnership and Ferrellgas Finance Corp., respectively, and the operating partnership and Ferrellgas Finance Corp. assumed the obligations of the Escrow Issuers as co-issuers of the 2026 Notes and the 2029 Notes, and (ii) the general partner and certain subsidiaries of the operating partnership guaranteed the 2026 Notes and the 2029 Notes. The 2026 Notes and 2029 Notes bear interest from the date of issuance, payable semi-annually in arrears on October 1 and April 1 of each year. The 2026 Notes will mature on April 1, 2026, and the 2029 Notes will mature on April 1, 2029. See āāSenior unsecured notesā below for additional discussion. (5) During April 2020, the operating partnership issued $700.0 million aggregate principal amount of 10.00% senior secured first lien notes due 2025 (referred to herein as the 2025 Notes), $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. The outstanding principal amount of the 2025 Notes was due on April 15, 2025. Prior to the Effective Date, the operating partnership delivered a notice of redemption of all of the issued and outstanding 2025 Notes pursuant the terms of the indenture governing the 2025 Notes, with a redemption date of March 30, 2021, and all of the issued and outstanding 2025 Notes were redeemed on the Effective Date. The aggregate redemption price for the 2025 Notes was $806.2 million, consisting of principal, redemption premium and accrued and unpaid interest to the redemption date. |
Schedule of components of loss on extinguishment of debt | ā ā ā ā ā ā For the year ended ā ā July 31, 2021 Payment of redemption premium on debt extinguishment ā $ 83,072 Unamortized deferred financing costs ā ā 24,899 Total loss on extinguishment of debt ā $ 107,971 |
Scheduled Annual Principal Payments On Long-term Debt | ā ā ā ā ā Payment due by fiscal year Scheduled 2022 ā $ 1,670 2023 ā 1,234 2024 ā 664 2025 ā 534 2026 ā 650,335 Thereafter ā 825,019 Total ā $ 1,479,456 |
Preferred Units (Tables)
Preferred Units (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Temporary Equity [Line Items] | |
Summary of changes in preferred units | ā ā ā ā ā ā ā ā Preferred Units Balance at July 31, 2020 ā Preferred units issued 700,000 Balance at July 31, 2021 700,000 ā ā ā |
Ferrellgas, L.P. [Member] | |
Temporary Equity [Line Items] | |
Summary of changes in preferred units | ā ā ā ā ā ā ā ā Preferred Units Balance at July 31, 2020 ā Preferred units issued 700,000 Balance at July 31, 2021 700,000 ā ā ā |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Limited Partners' Capital Account [Line Items] | |
Schedule of units conversion | ā ā ā Year Post-Emergence Conversion Factor Year 1 1.75x Year 2 2.00x Year 3 3.50x Year 4 4.00x Year 5 5.00x Year 6 6.00x Year 7 7.00x Year 8 10.00x Year 9 12.00x Year 10 25.00x |
Limited Partner Units | ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Public Class A Unitholders (1) 3,480,621 3,480,621 Ferrell Companies (2) 1,126,468 1,126,468 FCI Trading Corp. (3) 9,784 9,784 Ferrell Propane, Inc. (4) 2,560 2,560 James E. Ferrell (5) 238,172 238,172 (1) These Class A Units are traded on the OTC Pink Market under the symbol āFGPRā. (2) Ferrell Companies is the owner of the general partner and an approximate 23% direct owner of Ferrellgas Partnersā Class A Units and thus a related party. Ferrell Companies also beneficially owns 9,784 and 2,560 Class A Units of Ferrellgas Partners held by FCI Trading Corp. (āFCI Tradingā) and Ferrell Propane, Inc. (āFerrell Propaneā), respectively, bringing Ferrell Companiesā total beneficial ownership of Class A Units to 23.4% . (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 Chief Executive Officer and President of our general partner; and is the Chairman of the Board of Directors of our general partner and a related party. JEF Capital Management owns 237,942 of these Class A Units and is owned by the James E. Ferrell Revocable Trust Two and other family trusts, all of which James E. Ferrell and/or his family members are the trustees and beneficiaries. James E. Ferrell holds all voting common stock of JEF Capital Management. The remaining 230 Class A Units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. |
Ferrellgas, L.P. [Member] | |
Limited Partners' Capital Account [Line Items] | |
Ferrellgas Recognized Cash Distributions | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā ā 2021 2020 2019 Ferrellgas Partners ā $ ā ā $ 15,496 ā $ 40,706 General partner ā ā ā ā ā 158 ā ā 415 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā ā 2021 2020 2019 Retail - Sales to End Users ā ā $ 1,123,956 ā $ 964,087 ā $ 1,128,991 Wholesale - Sales to Resellers ā ā 516,599 ā 430,435 ā 419,349 Other Gas Sales ā ā 28,297 ā 21,269 ā 60,518 Other ā ā 85,458 ā 82,035 ā 75,534 Propane and related equipment revenues ā ā $ 1,754,310 ā $ 1,497,826 ā $ 1,684,392 |
Contract with Customer, Asset and Liability [Table Text Block] | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accounts receivable ā $ 138,757 ā $ 108,483 Contract assets ā $ 10,074 ā $ 7,079 Contract liabilities ā ā ā Deferred revenue (1) ā $ 49,354 ā $ 42,911 ā (1) Of the beginning balance of deferred revenue, $42.9 million was recognized as revenue during the year ended July 31, 2021. |
Ferrellgas, L.P. [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā ā 2021 2020 2019 Retail - Sales to End Users ā ā $ 1,123,956 ā $ 964,087 ā $ 1,128,991 Wholesale - Sales to Resellers ā ā 516,599 ā 430,435 ā 419,349 Other Gas Sales ā ā 28,297 ā 21,269 ā 60,518 Other ā ā 85,458 ā 82,035 ā 75,534 Propane and related equipment revenues ā ā $ 1,754,310 ā $ 1,497,826 ā $ 1,684,392 |
Contract with Customer, Asset and Liability [Table Text Block] | ā ā ā ā ā ā ā ā ā July 31, 2021 July 31, 2020 Accounts receivable ā $ 138,757 ā $ 108,483 Contract assets ā $ 10,074 ā $ 7,079 Contract liabilities ā ā ā Deferred revenue (1) ā $ 49,354 ā $ 42,911 ā (1) Of the beginning balance of deferred revenue, $42.9 million was recognized as revenue during the year ended July 31, 2021. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and Liabilities Fair Value Hierarchy | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Asset (Liability) ā ā Quoted Prices in Active ā ā ā ā ā ā ā ā Markets for Identical ā Significant Other ā ā ā ā ā ā ā ā Assets and Liabilities ā Observable Inputs ā Unobservable Inputs ā ā ā ā (Level 1) (Level 2) (Level 3) Total July 31, 2021: ā ā ā ā Assets: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ 94,244 ā $ ā ā $ 94,244 Liabilities: ā ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ (4,458) ā $ ā ā $ (4,458) ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2020: ā ā ā ā Assets: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ 3,112 ā $ ā ā $ 3,112 Liabilities: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ (5,425) ā $ ā ā $ (5,425) |
Ferrellgas, L.P. [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and Liabilities Fair Value Hierarchy | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Asset (Liability) ā ā Quoted Prices in Active ā ā ā ā ā ā ā ā ā ā ā Markets for Identical ā Significant Other ā ā ā ā ā ā ā ā Assets and Liabilities ā Observable Inputs ā Unobservable Inputs ā ā ā ā (Level 1) (Level 2) (Level 3) Total July 31, 2021: ā ā ā ā ā ā ā ā ā ā ā ā Assets: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ 94,244 ā $ ā ā $ 94,244 Liabilities: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ (4,458) ā $ ā ā $ (4,458) ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2020: ā ā ā ā Assets: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ 3,112 ā $ ā ā $ 3,112 Liabilities: ā ā ā ā Derivative financial instruments: ā ā ā ā Commodity derivatives ā $ ā ā $ (5,425) ā $ ā ā $ (5,425) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Fair Value of Financial Derivatives Balance Sheet Locations | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Final July 31, 2021 ā ā Maturity Asset Derivatives ā Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments ā December 2023 ā ā Commodity derivatives-propane ā Price risk management asset ā $ 78,001 ā Other current liabilities ā $ 3,429 Commodity derivatives-propane ā Other assets, net ā 16,243 Other liabilities ā 1,029 ā ā Total ā $ 94,244 Total ā $ 4,458 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Final July 31, 2020 ā ā Maturity Asset Derivatives ā Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 ā ā Commodity derivatives-propane ā Price risk management asset ā $ 2,846 Other current liabilities ā $ 5,029 Commodity derivatives-propane ā Other assets, net ā 266 Other liabilities ā 396 ā ā Total ā $ 3,112 Total ā $ 5,425 |
Offsetting Assets And Liabilities [Table Text Block] | ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2021 ā ā Assets ā Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets ā $ 21,068 Other current liabilities ā $ 79,178 ā Other assets, net ā 3,036 Other liabilities ā 15,489 ā ā ā ā $ 24,104 ā $ 94,667 ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2020 ā ā Assets ā Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets ā $ 14,398 Other current liabilities ā $ 510 ā Other assets, net ā 1,433 Other liabilities ā ā ā ā ā ā $ 15,831 ā $ 510 |
Cash Flow Hedge Derivative Effect on Comprehensive Income | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2021 ā ā ā ā Amount of Gain (Loss) ā ā Amount of Gain ā Location of Gain (Loss) ā Reclassified from ā ā (Loss) Recognized in ā Reclassified from ā AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ 136,351 Cost of product sold- propane and other gas liquids sales ā $ 44,252 ā $ ā ā ā $ 136,351 ā ā ā $ 44,252 ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2020 ā ā ā ā ā ā Amount of Gain (Loss) ā ā Amount of Gain (Loss) ā Location of Gain (Loss) ā Reclassified from ā ā Recognized in ā Reclassified from ā AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ (22,872) Cost of product sold- propane and other gas liquids sales ā $ (35,315) ā $ ā ā ā $ (22,872) ā ā ā $ (35,315) ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2019 ā ā ā ā ā ā Amount of Gain (Loss) ā ā Amount of Gain (Loss) ā Location of Gain (Loss) ā Reclassified from ā ā Recognized in ā Reclassified from ā AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ (48,184) Cost of sales-propane and other gas liquids sales ā $ (12,868) ā $ ā ā ā $ (48,184) ā ā ā $ (12,868) ā $ ā |
Changes in Derivatives Included in Accumulated Other Comprehensive Income | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, Gains and losses on derivatives included in AOCI 2021 2020 2019 Beginning balance ā $ (2,313) ā $ (14,756) ā $ 20,560 Change in value of risk management commodity derivatives ā 136,351 ā (22,872) ā (48,184) Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net ā (45,172) ā 35,315 ā 12,868 Ending balance ā $ 88,866 ā $ (2,313) ā $ (14,756) |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Final July 31, 2021 ā ā Maturity Asset Derivatives ā Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments ā December 2023 ā ā ā ā ā ā ā ā ā Commodity derivatives-propane ā Price risk management asset ā $ 78,001 Other current liabilities ā $ 3,429 Commodity derivatives-propane ā Other assets, net ā 16,243 Other liabilities ā ā 1,029 ā ā Total ā $ 94,244 Total ā $ 4,458 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Final July 31, 2020 ā ā Maturity Asset Derivatives ā Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments ā December 2021 ā ā ā ā ā ā ā ā ā Commodity derivatives-propane ā Price risk management asset ā $ 2,846 Other current liabilities ā $ 5,029 Commodity derivatives-propane ā Other assets, net ā 266 Other liabilities ā 396 ā ā Total ā $ 3,112 Total ā $ 5,425 |
Offsetting Assets And Liabilities [Table Text Block] | ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2021 ā ā Assets ā Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets ā $ 21,068 Other current liabilities ā $ 79,178 ā Other assets, net ā 3,036 Other liabilities ā 15,489 ā ā ā ā $ 24,104 ā $ 94,667 ā ā ā ā ā ā ā ā ā ā ā ā ā ā July 31, 2020 ā ā Assets ā Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets ā $ 14,398 ā Other current liabilities ā $ 510 ā Other assets, net ā 1,433 ā Other liabilities ā ā ā ā ā ā $ 15,831 ā ā $ 510 |
Cash Flow Hedge Derivative Effect on Comprehensive Income | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2021 ā ā ā ā ā ā ā Amount of Gain (Loss) ā ā ā ā ā Location of Gain (Loss) ā Reclassified from ā ā Amount of Gain (Loss) ā Reclassified from AOCI ā AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ 136,351 Cost of product sold- propane and other gas liquids sales ā $ 44,252 ā $ ā ā ā $ 136,351 ā $ 44,252 ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2020 ā ā ā ā ā ā ā Amount of Gain (Loss) ā ā ā ā ā Location of Gain (Loss) ā Reclassified from ā ā Amount of Gain (Loss) ā Reclassified from AOCI ā AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ (22,872) Cost of product sold- propane and other gas liquids sales ā $ (35,315) ā $ ā ā ā $ (22,872) ā ā ā $ (35,315) ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2019 ā ā ā ā ā ā ā Amount of Gain (Loss) ā ā ā ā ā Location of Gain (Loss) ā Reclassified from ā ā Amount of Gain (Loss) ā Reclassified from AOCI ā AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives ā $ (48,184) Cost of sales-propane and other gas liquids sales ā $ (12,868) ā $ ā ā ā $ (48,184) ā ā ā $ (12,868) ā $ ā |
Changes in Derivatives Included in Accumulated Other Comprehensive Income | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, Gains and losses on derivatives included in AOCI 2021 2020 2019 Beginning balance ā $ (2,313) ā $ (14,756) ā $ 20,560 Change in value of risk management commodity derivatives ā 136,351 ā (22,872) ā (48,184) Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net ā (44,252) ā 35,315 ā 12,868 Ending balance ā $ 89,786 ā $ (2,313) ā $ (14,756) |
Transactions With Related Par_2
Transactions With Related Parties (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Related Party Transaction [Line Items] | |
Allocation Of Transactions With Related Parties | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 Operating expense ā $ 260,831 ā $ 260,427 ā $ 256,190 ā ā ā ā ā ā ā ā ā ā General and administrative expense ā $ 34,899 ā $ 29,859 ā $ 25,368 |
Ferrellgas, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Allocation Of Transactions With Related Parties | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 ā 2020 ā 2019 Operating expense ā $ 260,831 $ 260,427 $ 256,190 ā ā ā ā ā ā ā ā ā ā General and administrative expense ā $ 34,899 ā $ 29,859 ā $ 25,368 |
Net Earnings (Loss) Per Unith_2
Net Earnings (Loss) Per Unitholders' Interest (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Net Earnings Per Unitholders' Interest | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, ā 2021 2020 2019 ā ā ā ā ā ā ā ā ā ā Class A Unitholdersā interest in net loss ā $ (91,751) ā $ (81,674) ā $ (63,605) Weighted average Class A Units outstanding (in thousands) ā 4,857.6 ā 4,857.6 ā 4,857.6 Basic and diluted net loss per Class A Unit ā $ (18.89) ā $ (16.81) ā $ (13.09) |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Jul. 31, 2021 | |
Interim Period, Costs Not Allocable [Line Items] | |
Summarized Unaudited Quarterly Data | ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2021 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 300,894 ā $ 553,560 ā $ 564,730 ā $ 335,126 Gross margin from propane and other gas liquids sales (a) ā 143,422 ā 257,657 ā 243,650 ā 142,187 Net earnings (loss) (b) ā (46,453) ā 63,991 ā (67,435) ā (19,216) Net earnings (loss) attributable to Ferrellgas Partners, L.P. ā (46,062) ā 63,267 ā (66,794) ā (18,822) Class A Unitholdersā interest in net earnings (loss) ā (45,601) ā 62,634 ā (74,057) ā (34,727) ā ā ā ā ā ā ā ā ā ā ā ā ā Basic and diluted net earnings (loss) per Class A Unit ā $ (9.39) ā $ 12.89 ā $ (15.25) ā $ (7.15) ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2020 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 293,214 ā $ 510,833 ā $ 412,130 ā $ 281,649 Gross margin from propane and other gas liquids sales (a) ā 139,357 ā 247,404 ā 215,480 ā 140,497 Net earnings (loss) (c) ā (45,717) ā 48,791 ā (15,471) ā (70,605) Net earnings (loss) attributable to Ferrellgas Partners, L.P. ā (45,344) ā 48,207 ā (15,393) ā (69,969) Class A Unitholdersā interest in net earnings (loss) ā (44,891) ā 47,725 ā (15,239) ā (69,269) ā ā ā ā ā ā ā ā ā ā ā ā ā Basic and diluted net earnings (loss) per Class A Unit ā $ (9.24) ā $ 9.82 ā $ (3.14) ā $ (14.26) ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2019 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 352,309 ā $ 573,377 ā $ 479,625 ā $ 279,081 Gross margin from propane and other gas liquids sales (a) ā 130,830 ā 238,581 ā 209,167 ā 127,764 Net earnings (loss) ā (57,508) ā 43,875 ā 20,760 ā (71,672) Net earnings (loss) attributable to Ferrellgas Partners, L.P. ā (57,015) ā 43,344 ā 20,461 ā (71,037) Class A Unitholdersā interest in net earnings (loss) ā (56,445) ā 42,911 ā 20,256 ā (70,327) ā ā ā ā ā ā ā ā ā ā ā ā ā Basic and diluted net earnings (loss) per Class A Unit ā $ (11.62) ā $ 8.83 ā $ 4.17 ā $ (14.48) (a) Gross margin from āPropane and other gas liquids salesā represents āRevenues - propane and other gas liquids salesā less āCost of sales ā propane and other gas liquids sales.ā (b) Includes loss on extinguishment of debt of $109.9 million in the third quarter of fiscal 2021, and gain on extinguishment of debt of $5.1 million in the fourth quarter of fiscal 2021, respectively. (c) Includes loss on extinguishment of debt of $37.4 million in the third quarter of fiscal 2020. |
Ferrellgas, L.P. [Member] | |
Interim Period, Costs Not Allocable [Line Items] | |
Summarized Unaudited Quarterly Data | ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2021 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 300,894 ā $ 553,560 ā $ 564,730 ā $ 335,126 Gross margin from propane and other gas liquids sales (a) ā 143,422 ā 257,657 ā 243,650 ā 142,187 Net earnings (loss) (b) ā $ (38,751) ā $ 71,750 ā $ (55,473) ā $ (22,968) ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2020 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 293,214 ā $ 510,833 ā $ 412,130 ā $ 281,649 Gross margin from propane and other gas liquids sales (a) ā 139,357 ā 247,404 ā 215,480 ā 140,497 Net earnings (loss) (c) ā $ (36,898) ā $ 57,756 ā $ (7,720) ā $ (62,902) ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the year ended July 31, 2019 First quarter Second quarter Third quarter Fourth quarter Revenues ā $ 352,309 ā $ 573,377 ā $ 479,625 ā $ 279,081 Gross margin from propane and other gas liquids sales (a) ā 130,830 ā 238,581 ā 209,167 ā 127,764 Net earnings (loss) ā $ (48,814) ā $ 52,617 ā $ 29,554 ā $ (62,874) (a) Gross margin from āPropane and other gas liquids salesā represents āRevenues - propane and other gas liquids salesā less āCost of sales ā propane and other gas liquids sales.ā (b) Includes loss on extinguishment of debt of $108.0 million in the third quarter of fiscal 2021. (c) Includes loss on extinguishment of debt of $37.4 million in the third quarter of fiscal 2020. |
Partnership Organization And _2
Partnership Organization And Formation (Details) | Apr. 05, 2021USD ($) | Mar. 30, 2021USD ($)$ / sharessubsidiaryshares | Jan. 31, 2017USD ($) | Jul. 31, 2021USD ($)employeestatesubsidiaryshares | Jul. 31, 2020USD ($)shares | Jul. 31, 2019USD ($) | Apr. 30, 2020USD ($) | Jun. 30, 2015USD ($) | Jul. 31, 2014USD ($) | Nov. 30, 2010USD ($) | Apr. 30, 2010USD ($) |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Number of subsidiaries | subsidiary | 2 | ||||||||||
Number of states in which entity operates | state | 50 | ||||||||||
Issuance of Class B Units (in shares) | shares | 1,300,000 | ||||||||||
Senior preferred units, units outstanding | shares | 700,000 | 700,000 | |||||||||
Preferred Units aggregate initial liquidation preference | $ 700,000,000 | ||||||||||
Preferred units, price per share | $ / shares | $ 1,000 | ||||||||||
Preferred units, purchase price discount (as a percent) | 3.00% | ||||||||||
Aggregate face value, after price discount | $ 679,000,000 | ||||||||||
Senior preferred units, carrying amount | $ 651,300,000 | $ 651,349,000 | |||||||||
Proceeds from issuance of long-term debt | $ 1,475,000,000 | $ 703,750,000 | $ 0 | ||||||||
Number of employees | employee | 0 | ||||||||||
Class A Limited Partner Units | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Conversion ratio | 0.05 | ||||||||||
Class B Limited Partner Units | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Issuance of Class B Units (in shares) | shares | 1,300,000 | ||||||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 357,000,000 | $ 175,000,000 | $ 280,000,000 | ||||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | ||||||||
Issuance price as percent of par | 96.00% | ||||||||||
Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Number of subsidiaries | subsidiary | 2 | ||||||||||
Issuance price as percent of par | 100.00% | ||||||||||
Proceeds from issuance of long-term debt | $ 1,441,200,000 | ||||||||||
Senior Notes 5.375 Percent Due 2026 [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 650,000,000 | ||||||||||
Interest rate, as a percent | 5.375% | 5.375% | |||||||||
Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 825,000,000 | ||||||||||
Interest rate, as a percent | 5.875% | 5.875% | |||||||||
Senior Notes Due 2025, Due 2021, Due 2022 And Due 2023 [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Number of subsidiaries | subsidiary | 2 | ||||||||||
Aggregate principal amount | $ 2,175,000,000 | ||||||||||
Aggregate redemption price | $ 2,320,900,000 | ||||||||||
Fixed rate 10.00% Due 2025 | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 700,000,000 | ||||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | ||||||||
Aggregate redemption price | $ 806,200,000 | ||||||||||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | ||||||||
Aggregate redemption price | $ 513,900,000 | ||||||||||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 475,000,000 | ||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||||
Aggregate redemption price | $ 482,000,000 | ||||||||||
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||||
Aggregate redemption price | $ 518,800,000 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Debt Instrument, Term | 4 years | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000,000 | ||||||||||
Sublimit, initial period | $ 225,000,000 | ||||||||||
Duration of initial period for sublimit | 60 days | ||||||||||
Sublimit, after initial period | $ 200,000,000 | ||||||||||
Ferrellgas Partners LP [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
General partner ownership interest | 2.00% | 2.00% | |||||||||
Ferrellgas Partners LP [Member] | Ferrellgas, L.P. [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Limited partner interest | 99.00% | ||||||||||
Ferrellgas Partners LP [Member] | Ferrellgas Partners Finance Corp. [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Ownership percentage | 100.00% | ||||||||||
Ferrell Companies [Member] | Ferrellgas Partners LP [Member] | Class A Limited Partner Units | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Ownership percentage | 23.40% | ||||||||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
General partner ownership interest | 2.00% | ||||||||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
General partner ownership interest | 1.00% | ||||||||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
General partner ownership interest | 1.0101% | 1.0101% | |||||||||
Ferrellgas, L.P. [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Number of states in which entity operates | state | 50 | ||||||||||
Senior preferred units, units outstanding | shares | 700,000 | 700,000 | |||||||||
Preferred Units aggregate initial liquidation preference | $ 700,000,000 | ||||||||||
Preferred units, price per share | $ / shares | $ 1,000 | ||||||||||
Preferred units, purchase price discount (as a percent) | 3.00% | ||||||||||
Aggregate face value, after price discount | $ 679,000,000 | ||||||||||
Senior preferred units, carrying amount | $ 651,300,000 | $ 651,349,000 | |||||||||
Proceeds from issuance of long-term debt | $ 1,475,000,000 | $ 703,750,000 | |||||||||
Number of employees | employee | 0 | ||||||||||
Ferrellgas, L.P. [Member] | Class B Limited Partner Units | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Issuance of Class B Units (in shares) | shares | 1,300,000 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 357,000,000 | ||||||||||
Interest rate, as a percent | 8.625% | ||||||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Number of subsidiaries | subsidiary | 2 | ||||||||||
Issuance price as percent of par | 100.00% | ||||||||||
Proceeds from issuance of long-term debt | $ 1,441,200,000 | ||||||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.375 Percent Due 2026 [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 650,000,000 | ||||||||||
Interest rate, as a percent | 5.375% | 5.375% | |||||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 825,000,000 | ||||||||||
Interest rate, as a percent | 5.875% | 5.875% | |||||||||
Ferrellgas, L.P. [Member] | Senior Notes Due 2025, Due 2021, Due 2022 And Due 2023 [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 2,175,000,000 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 700,000,000 | ||||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | ||||||||
Aggregate redemption price | $ 806,200,000 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | ||||||||
Aggregate redemption price | $ 513,900,000 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 475,000,000 | ||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||||
Aggregate redemption price | $ 482,000,000 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||||
Aggregate redemption price | $ 518,800,000 | ||||||||||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Debt Instrument, Term | 4 years | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000,000 | $ 350,000,000 | |||||||||
Sublimit, initial period | $ 225,000,000 | ||||||||||
Duration of initial period for sublimit | 60 days | ||||||||||
Sublimit, after initial period | $ 200,000,000 | ||||||||||
Ferrellgas, L.P. [Member] | Ferrellgas Finance Corp. [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Ownership percentage | 100.00% | ||||||||||
Ferrellgas Partners Finance Corp. [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Common stock shares outstanding | shares | 1,000 | 1,000 | |||||||||
Corporation formation proceeds from partnership | $ 1,000 | ||||||||||
Corporation formation shares granted to partnership | shares | 1,000 | ||||||||||
Number of employees | employee | 0 | ||||||||||
Ferrellgas Finance Corp. [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Common stock shares outstanding | shares | 1,000 | 1,000 | |||||||||
Corporation formation proceeds from partnership | $ 1,000 | ||||||||||
Corporation formation shares granted to partnership | shares | 1,000 | ||||||||||
Number of employees | employee | 0 | ||||||||||
Ferrellgas Employee Stock Ownership Trust [Member] | Ferrell Companies [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Ownership percentage | 100.00% |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Jul. 31, 2021USD ($)itemsubsidiaryshares | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of reporting units | item | 2 | ||
Number of reporting units subject to assessment | item | 1 | ||
Goodwill impairment recognized | $ 0 | ||
Accounts receivable collection period | 30 days | ||
Revenue recognized over a straight-line basis, term | 1 year | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Number of taxable subsidiaries | subsidiary | 1 | ||
Ferrellgas Partners LP [Member] | |||
Significant Accounting Policies [Line Items] | |||
General partner ownership interest | 2.00% | 2.00% | |
Ferrellgas Partners LP [Member] | Non-Controlling Interest [Member] | |||
Significant Accounting Policies [Line Items] | |||
General partner ownership interest | 1.00% | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment useful life | 2 years | ||
Intangible asset useful life | 2 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment useful life | 30 years | ||
Intangible asset useful life | 15 years | ||
Ferrell Companies, Inc. Incentive Compensation Plan [Member] | |||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Non-cash stock and unit-based compensation charge | $ 0 | $ 0 | $ 0 |
Awards granted during the period | shares | 0 | ||
Awards outstanding, fair value | $ 0 | ||
Number of shares authorized to be issued | shares | 462,500 | ||
Stock options, percent to vest upon event | 100.00% | ||
Retirement age | 65 | ||
Award expiration period | 10 years | ||
Ferrell Companies, Inc. Incentive Compensation Plan [Member] | Minimum [Member] | |||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Award vesting period | 0 years | ||
Ferrell Companies, Inc. Incentive Compensation Plan [Member] | Maximum [Member] | |||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Award vesting period | 10 years | ||
Ferrellgas, L.P. [Member] | |||
Significant Accounting Policies [Line Items] | |||
Number of reporting units | item | 2 | ||
Number of reporting units subject to assessment | item | 1 | ||
Ferrellgas, L.P. [Member] | |||
Significant Accounting Policies [Line Items] | |||
Goodwill impairment recognized | $ 0 | ||
Accounts receivable collection period | 30 days | ||
Revenue recognized over a straight-line basis, term | 1 year | ||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Number of taxable subsidiaries | subsidiary | 3 | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment useful life | 2 years | ||
Intangible asset useful life | 2 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, plant and equipment useful life | 30 years | ||
Intangible asset useful life | 15 years | ||
Ferrellgas, L.P. [Member] | Ferrell Companies, Inc. Incentive Compensation Plan [Member] | |||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Non-cash stock and unit-based compensation charge | $ 0 | $ 0 | $ 0 |
Awards granted during the period | shares | 0 | ||
Awards outstanding, fair value | $ 0 | ||
Number of shares authorized to be issued | shares | 462,500 | ||
Stock options, percent to vest upon event | 100.00% | ||
Retirement age | 65 | ||
Award expiration period | 10 years | ||
Ferrellgas, L.P. [Member] | Ferrell Companies, Inc. Incentive Compensation Plan [Member] | Minimum [Member] | |||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Award vesting period | 0 years | ||
Ferrellgas, L.P. [Member] | Ferrell Companies, Inc. Incentive Compensation Plan [Member] | Maximum [Member] | |||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||
Award vesting period | 10 years |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Summary Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Significant Accounting Policies [Line Items] | |||
Current expense | $ 739 | $ 297 | $ 180 |
Deferred expense | 2 | 554 | 143 |
Income tax expense | 741 | 851 | 323 |
Ferrellgas, L.P. [Member] | |||
Significant Accounting Policies [Line Items] | |||
Current expense | 725 | 248 | 150 |
Deferred expense | 2 | 554 | 143 |
Income tax expense | $ 727 | $ 802 | $ 293 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Deferred Taxes Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Significant Accounting Policies [Line Items] | ||
Deferred tax assets | $ 5 | $ 4 |
Deferred tax liabilities | (3) | (3) |
Net deferred tax liability | 2 | 1 |
Ferrellgas, L.P. [Member] | ||
Significant Accounting Policies [Line Items] | ||
Deferred tax assets | 5 | 4 |
Deferred tax liabilities | (3) | (3) |
Net deferred tax liability | $ 2 | $ 1 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (New Accounting Standards) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Significant Accounting Policies [Line Items] | |||
Operating Lease, Liability | $ 99,712 | ||
Operating Lease, Right-of-Use Asset | $ 87,611 | $ 107,349 | |
Lease, Practical Expedient, Lessor Single Lease Component [true false] | true | ||
Lease, Practical Expedients, Package [true false] | true | ||
Lease, Practical Expedient, Use of Hindsight [true false] | false | ||
Ferrellgas Partners LP [Member] | |||
Significant Accounting Policies [Line Items] | |||
General partner ownership interest | 2.00% | 2.00% | |
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | |||
Significant Accounting Policies [Line Items] | |||
General partner ownership interest | 1.00% | ||
Ferrellgas, L.P. [Member] | |||
Significant Accounting Policies [Line Items] | |||
Operating Lease, Liability | $ 99,712 | ||
Operating Lease, Right-of-Use Asset | $ 87,611 | $ 107,349 | |
Lease, Practical Expedient, Lessor Single Lease Component [true false] | true | ||
Lease, Practical Expedients, Package [true false] | true | ||
Lease, Practical Expedient, Use of Hindsight [true false] | false |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 87,611 | $ 107,349 |
Finance Lease, Right-of-Use Asset | $ 34,858 | $ 41,426 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Total leased assets | $ 122,469 | $ 148,775 |
Operating Lease, Liability, Current | 25,363 | 29,345 |
Finance Lease, Liability, Current | $ 7,479 | $ 6,955 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | Other Liabilities, Current |
Operating Lease, Liability, Noncurrent | $ 74,349 | $ 89,022 |
Finance Lease, Liability, Noncurrent | $ 28,029 | $ 33,473 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Total leased liabilities | $ 135,220 | $ 158,795 |
Ferrellgas, L.P. [Member] | ||
Assets and Liabilities, Lessee [Abstract] | ||
Operating Lease, Right-of-Use Asset | 87,611 | 107,349 |
Finance Lease, Right-of-Use Asset | $ 34,858 | $ 41,426 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Total leased assets | $ 122,469 | $ 148,775 |
Operating Lease, Liability, Current | 25,363 | 29,345 |
Finance Lease, Liability, Current | $ 7,479 | $ 6,955 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | Other Liabilities, Current |
Operating Lease, Liability, Noncurrent | $ 74,349 | $ 89,022 |
Finance Lease, Liability, Noncurrent | $ 28,029 | $ 33,473 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Total leased liabilities | $ 135,220 | $ 158,795 |
Leases - Lease Expenses (Detail
Leases - Lease Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Lease, Cost [Abstract] | ||
Operating lease expense | $ 36,170 | $ 41,487 |
Short-term expense | 8,727 | 7,690 |
Variable lease expense | 3,875 | 4,525 |
Total finance lease expense | 12,633 | 3,673 |
Total lease expense | 61,405 | 57,375 |
Midstream Operations [Member] | ||
Lease, Cost [Abstract] | ||
Total lease expense | 400 | 500 |
Operating expenses - personnel, vehicle, plant and other | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 7,695 | 7,450 |
Short-term expense | 8,151 | 7,188 |
Variable lease expense | 2,328 | 2,883 |
Operating expense - equipment lease expense | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 26,127 | 30,994 |
Variable lease expense | 1,547 | 1,642 |
Cost of Sales [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 1,911 | 1,553 |
General and Administrative Expense [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 437 | 1,490 |
Short-term expense | 576 | 502 |
Depreciation And Amortization Expense [Member] | ||
Lease, Cost [Abstract] | ||
Amortization of leased assets | 8,878 | 2,613 |
Interest Expense [Member] | ||
Lease, Cost [Abstract] | ||
Interest on lease liabilities | 3,755 | 1,060 |
Ferrellgas, L.P. [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 36,170 | 41,487 |
Short-term expense | 8,727 | 7,690 |
Variable lease expense | 3,875 | 4,525 |
Total finance lease expense | 12,633 | 3,673 |
Total lease expense | 61,405 | 57,375 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||
Lease, Cost [Abstract] | ||
Total lease expense | 400 | 500 |
Ferrellgas, L.P. [Member] | Operating expenses - personnel, vehicle, plant and other | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 7,695 | 7,450 |
Short-term expense | 8,151 | 7,188 |
Variable lease expense | 2,328 | 2,883 |
Ferrellgas, L.P. [Member] | Operating expense - equipment lease expense | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 26,127 | 30,994 |
Variable lease expense | 1,547 | 1,642 |
Ferrellgas, L.P. [Member] | Cost of Sales [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 1,911 | 1,553 |
Ferrellgas, L.P. [Member] | General and Administrative Expense [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 437 | 1,490 |
Short-term expense | 576 | 502 |
Ferrellgas, L.P. [Member] | Depreciation And Amortization Expense [Member] | ||
Lease, Cost [Abstract] | ||
Amortization of leased assets | 8,878 | 2,613 |
Ferrellgas, L.P. [Member] | Interest Expense [Member] | ||
Lease, Cost [Abstract] | ||
Interest on lease liabilities | $ 3,755 | $ 1,060 |
Leases - Maturity (Details)
Leases - Maturity (Details) $ in Thousands | Jul. 31, 2021USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | $ 29,181 |
2023 | 37,049 |
2024 | 19,953 |
2025 | 13,839 |
2026 | 5,314 |
Thereafter | 16,672 |
Total lease payments, Operating Leases | 122,008 |
Less: Imputed interest | 22,296 |
Present value of lease liabilities, Operating Leases | 99,712 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2022 | 10,376 |
2023 | 8,252 |
2024 | 7,608 |
2025 | 7,621 |
2026 | 6,767 |
Thereafter | 4,925 |
Total lease payments, Finance Leases | 45,549 |
Less: Imputed interest | 10,041 |
Present value of lease liabilities, Finance Leases | 35,508 |
Operating And Finance Lease Liabilities Payments Due [Abstract] | |
2022 | 39,557 |
2023 | 45,301 |
2024 | 27,561 |
2025 | 21,460 |
2026 | 12,081 |
Thereafter | 21,597 |
Total lease payments | 167,557 |
Less: Imputed interest | 32,337 |
Present value of lease liabilities | 135,220 |
Ferrellgas, L.P. [Member] | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2022 | 29,181 |
2023 | 37,049 |
2024 | 19,953 |
2025 | 13,839 |
2026 | 5,314 |
Thereafter | 16,672 |
Total lease payments, Operating Leases | 122,008 |
Less: Imputed interest | 22,296 |
Present value of lease liabilities, Operating Leases | 99,712 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2022 | 10,376 |
2023 | 8,252 |
2024 | 7,608 |
2025 | 7,621 |
2026 | 6,767 |
Thereafter | 4,925 |
Total lease payments, Finance Leases | 45,549 |
Less: Imputed interest | 10,041 |
Present value of lease liabilities, Finance Leases | 35,508 |
Operating And Finance Lease Liabilities Payments Due [Abstract] | |
2022 | 39,557 |
2023 | 45,301 |
2024 | 27,561 |
2025 | 21,460 |
2026 | 12,081 |
Thereafter | 21,597 |
Total lease payments | 167,557 |
Less: Imputed interest | 32,337 |
Present value of lease liabilities | $ 135,220 |
Leases - Assumptions (Details)
Leases - Assumptions (Details) | Jul. 31, 2021 |
Lessee Disclosure [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 2 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 8.20% |
Finance Lease, Weighted Average Discount Rate, Percent | 8.70% |
Ferrellgas, L.P. [Member] | |
Lessee Disclosure [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 2 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 8.20% |
Finance Lease, Weighted Average Discount Rate, Percent | 8.70% |
Leases - Cash Flow (Details)
Leases - Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Operating cash flows, operating leases | $ 34,895 | $ 41,636 | |
Operating cash flows, financing leases | 3,396 | 1,060 | |
Financing cash flows, financing leases | 7,188 | 2,116 | $ 0 |
Ferrellgas, L.P. [Member] | |||
Operating cash flows, operating leases | 34,895 | 41,636 | |
Operating cash flows, financing leases | 3,396 | 1,060 | |
Financing cash flows, financing leases | $ 7,188 | $ 2,116 |
Leases - Comparative Informatio
Leases - Comparative Information - Contractual Operating Lease Commitments And Buyout Maturities (Details) $ in Millions | 12 Months Ended |
Jul. 31, 2019USD ($) | |
Operating Leased Assets [Line Items] | |
Rental expense | $ 53.8 |
Ferrellgas, L.P. [Member] | |
Operating Leased Assets [Line Items] | |
Rental expense | $ 53.8 |
Acquisitions, dispositions an_3
Acquisitions, dispositions and other significant transactions - Acquisitions Funding (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Business Acquisition [Line Items] | |||
Cash payments, net of cash acquired | $ 6,567 | $ 10,195 | $ 13,551 |
Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Cash payments, net of cash acquired | 6,567 | 10,195 | 13,551 |
Issuance of liabilities and other costs and considerations | 1,344 | 975 | 1,650 |
Aggregate fair value of transactions | 7,911 | 11,170 | 15,201 |
Propane and related equipment sales [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Aggregate fair value of transactions | 7,900 | 11,200 | 15,200 |
Ferrellgas, L.P. [Member] | |||
Business Acquisition [Line Items] | |||
Cash payments, net of cash acquired | 6,567 | 10,195 | 13,551 |
Ferrellgas, L.P. [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Cash payments, net of cash acquired | 6,567 | 10,195 | 13,551 |
Issuance of liabilities and other costs and considerations | 1,344 | 975 | 1,650 |
Aggregate fair value of transactions | 7,911 | 11,170 | 15,201 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | Series of Individually Immaterial Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Aggregate fair value of transactions | $ 7,900 | $ 11,200 | $ 15,200 |
Acquisitions, dispositions an_4
Acquisitions, dispositions and other significant transactions - Fair Value Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Goodwill, Name of Segment [Extensible List] | Propane and related equipment sales [Member] | ||
Goodwill | $ 246,946 | $ 247,195 | $ 247,195 |
Series of Individually Immaterial Business Acquisitions [Member] | Propane and related equipment sales [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | 31 | ||
Customer tanks, buildings, land, salt water disposal wells, and other | 2,607 | 6,598 | 11,560 |
Goodwill | 1,410 | ||
Aggregate fair value of transactions | 7,911 | 11,170 | 15,201 |
Series of Individually Immaterial Business Acquisitions [Member] | Propane and related equipment sales [Member] | Customer Lists [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Finite-lived Intangible Assets Acquired | 4,973 | 738 | 1,272 |
Series of Individually Immaterial Business Acquisitions [Member] | Propane and related equipment sales [Member] | Non-Compete Agreements [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Finite-lived Intangible Assets Acquired | 331 | 3,834 | 928 |
Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Goodwill | $ 246,946 | $ 247,195 | $ 247,195 |
Acquisitions, dispositions an_5
Acquisitions, dispositions and other significant transactions - Dispositions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on asset sales and disposals | $ 1,831 | $ 7,924 | $ 10,968 |
Proceeds from sale of assets | 5,295 | 4,472 | 5,699 |
Promissory note | 19,765 | 5,330 | |
Trucking, Water Disposal And Terminal Assets [Member] | Midstream Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on asset sales and disposals | 0 | 0 | 2,679 |
Property And Equipment [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on asset sales and disposals | 1,831 | 7,924 | 8,289 |
Ferrellgas, L.P. [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on asset sales and disposals | 1,831 | 7,924 | 10,968 |
Proceeds from sale of assets | 5,295 | 4,472 | 5,699 |
Promissory note | 19,765 | 5,330 | |
Notes Receivable, Related Parties, Noncurrent | 17,001 | ||
Ferrellgas, L.P. [Member] | Trucking, Water Disposal And Terminal Assets [Member] | Midstream Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on asset sales and disposals | 0 | 0 | 2,679 |
Ferrellgas, L.P. [Member] | Property And Equipment [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on asset sales and disposals | $ 1,831 | $ 7,924 | $ 8,289 |
Quarterly Distributions Of Av_2
Quarterly Distributions Of Available Cash (Details) | 12 Months Ended |
Jul. 31, 2021item | |
Earnings Distribution Allocation [Line Items] | |
Cash reserve for distributions, number of quarters provided | 4 |
Maximum days after end of quarter to make distributions | 45 days |
Ferrellgas, L.P. [Member] | |
Earnings Distribution Allocation [Line Items] | |
Cash reserve for distributions, number of quarters provided | 4 |
Maximum days after end of quarter to make distributions | 45 days |
Cash distributions to Ferrellgas Partners | 99.00% |
Cash distributions to general partner | 1.00% |
Supplemental Information - Inve
Supplemental Information - Inventories (Details) $ in Thousands, gal in Millions | 12 Months Ended | |
Jul. 31, 2021USD ($)gal | Jul. 31, 2020USD ($) | |
Supplemental Financial Statement Information [Line Items] | ||
Propane gas and related products | $ 75,848 | $ 58,733 |
Appliances, parts and supplies | 12,531 | 13,931 |
Inventories | $ 88,379 | 72,664 |
Supply procurement contract duration | 36 months | |
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 6.3 | |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Propane gas and related products | $ 75,848 | 58,733 |
Appliances, parts and supplies | 12,531 | 13,931 |
Inventories | $ 88,379 | $ 72,664 |
Supply procurement contract duration | 36 months | |
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 6.3 |
Supplemental Information - Prop
Supplemental Information - Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,268,256 | $ 1,263,072 | |
Less: accumulated depreciation | 686,138 | 672,030 | |
Property, plant and equipment, net | 582,118 | 591,042 | |
Depreciation | 64,100 | 64,500 | $ 60,700 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 40,346 | 39,585 | |
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 15,128 | 14,998 | |
Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Property, plant and equipment, gross | $ 88,620 | 88,349 | |
Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 110,517 | 105,184 | |
Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 110,983 | 111,019 | |
Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 786,912 | 784,466 | |
Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 107,272 | 112,582 | |
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 8,478 | 6,889 | |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Minimum [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Minimum [Member] | Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 8 years | ||
Minimum [Member] | Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Minimum [Member] | Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Minimum [Member] | Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Maximum [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Maximum [Member] | Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Maximum [Member] | Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Maximum [Member] | Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Maximum [Member] | Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Ferrellgas, L.P. [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,268,256 | 1,263,072 | |
Less: accumulated depreciation | 686,138 | 672,030 | |
Property, plant and equipment, net | 582,118 | 591,042 | |
Depreciation | 64,100 | 64,500 | $ 60,700 |
Ferrellgas, L.P. [Member] | Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 40,346 | 39,585 | |
Ferrellgas, L.P. [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 15,128 | 14,998 | |
Ferrellgas, L.P. [Member] | Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Property, plant and equipment, gross | $ 88,620 | 88,349 | |
Ferrellgas, L.P. [Member] | Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 110,517 | 105,184 | |
Ferrellgas, L.P. [Member] | Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 110,983 | 111,019 | |
Ferrellgas, L.P. [Member] | Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 786,912 | 784,466 | |
Ferrellgas, L.P. [Member] | Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 107,272 | 112,582 | |
Ferrellgas, L.P. [Member] | Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 8,478 | $ 6,889 | |
Ferrellgas, L.P. [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 8 years | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years |
Supplemental Information - Prep
Supplemental Information - Prepaids and Other Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Supplemental Financial Statement Information [Line Items] | ||
Broker margin deposit assets | $ 21,068 | $ 14,398 |
Other assets, net | 18,024 | 18,700 |
Prepaid expenses and other current assets | 39,092 | 33,098 |
Notes receivable, less current portion and allowance | 19,765 | 5,330 |
Other | 38,605 | 27,992 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Broker margin deposit assets | 21,068 | 14,398 |
Other assets, net | 18,005 | 18,653 |
Prepaid expenses and other current assets | 39,073 | 33,051 |
Notes receivable, less current portion and allowance | 19,765 | 5,330 |
Other | $ 38,605 | $ 27,992 |
Supplemental Information - Othe
Supplemental Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Supplemental Financial Statement Information [Line Items] | ||
Accrued interest | $ 29,095 | $ 53,841 |
Customer deposits and advances | 35,734 | 32,257 |
Accrued payroll | 28,143 | 18,375 |
Accrued insurance | 11,104 | 14,796 |
Broker margin deposit liability | 79,178 | 510 |
Accrued senior preferred units distributions | 16,013 | |
Other | 46,733 | 47,687 |
Other current liabilities | 246,000 | 167,466 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Accrued interest | 29,095 | 34,511 |
Customer deposits and advances | 35,734 | 32,257 |
Accrued payroll | 11,104 | 18,375 |
Accrued insurance | 28,143 | 14,796 |
Broker margin deposit liability | 79,178 | 510 |
Accrued senior preferred units distributions | 16,013 | |
Other | 46,515 | 47,687 |
Other current liabilities | $ 245,782 | $ 148,136 |
Supplemental Information - Ship
Supplemental Information - Shipping and Handling (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Supplemental Financial Statement Information [Line Items] | |||
Operating expense - personnel, vehicle, plant and other | $ 465,816 | $ 493,055 | $ 468,868 |
Depreciation and amortization expense | 85,382 | 80,481 | 78,846 |
Operating expense - equipment lease expense | 27,062 | 33,017 | |
Equipment lease expense, PREADOPTION | 33,073 | ||
Shipping and Handling [Member] | |||
Supplemental Financial Statement Information [Line Items] | |||
Operating expense - personnel, vehicle, plant and other | 217,292 | 219,598 | 215,780 |
Depreciation and amortization expense | 13,691 | 9,857 | 6,375 |
Operating expense - equipment lease expense | 22,609 | 32,518 | |
Equipment lease expense, PREADOPTION | 30,759 | ||
Costs and Expenses, Total | 253,592 | 261,973 | 252,914 |
Ferrellgas, L.P. [Member] | |||
Supplemental Financial Statement Information [Line Items] | |||
Operating expense - personnel, vehicle, plant and other | 465,816 | 493,055 | 468,868 |
Depreciation and amortization expense | 85,382 | 80,481 | 78,846 |
Operating expense - equipment lease expense | 27,062 | 33,017 | |
Equipment lease expense, PREADOPTION | 33,073 | ||
Ferrellgas, L.P. [Member] | Shipping and Handling [Member] | |||
Supplemental Financial Statement Information [Line Items] | |||
Operating expense - personnel, vehicle, plant and other | 217,292 | 219,598 | 215,780 |
Depreciation and amortization expense | 13,691 | 9,857 | 6,375 |
Operating expense - equipment lease expense | 22,609 | 32,518 | |
Equipment lease expense, PREADOPTION | 30,759 | ||
Costs and Expenses, Total | $ 253,592 | $ 261,973 | $ 252,914 |
Supplemental Information - Cash
Supplemental Information - Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Supplemental Financial Statement Information [Line Items] | ||||
Cash and cash equivalents | $ 270,452 | $ 238,002 | ||
Restricted cash | 11,500 | 95,759 | ||
Cash pledged as collateral for letters of credit | 78,200 | |||
Cash deposit against contingencies | 11,500 | 11,500 | ||
Additional pledged collateral | 6,100 | |||
Cash and cash equivalents and restricted cash | 281,952 | 333,761 | $ 11,054 | $ 119,311 |
Cash paid for interest | 205,505 | 147,402 | 166,897 | |
Income taxes | 706 | 289 | 141 | |
Noncash Investing and Financing Items [Abstract] | ||||
Liability incurred in connection with Financing Agreement amendment | 8,863 | |||
Liabilities incurred in connection with acquisitions | 1,344 | 975 | 1,650 | |
Change in accruals for property, plant and equipment additions | (386) | 216 | 1,132 | |
Lease liabilities arising from operating right-of-use assets | 8,374 | 14,938 | ||
Lease liabilities arising from finance right-of-use assets | 2,310 | 45,455 | ||
Accrued senior preferred units distribution | 16,013 | |||
Ferrellgas, L.P. [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Cash and cash equivalents | 270,188 | 237,996 | ||
Restricted cash | 11,500 | 95,759 | ||
Cash pledged as collateral for letters of credit | 78,200 | |||
Cash deposit against contingencies | 11,500 | 11,500 | ||
Additional pledged collateral | 6,100 | |||
Cash and cash equivalents and restricted cash | 281,688 | 333,755 | 11,046 | $ 119,308 |
Cash paid for interest | 156,449 | 132,006 | 136,106 | |
Income taxes | 693 | 241 | 111 | |
Noncash Investing and Financing Items [Abstract] | ||||
Liability incurred in connection with Financing Agreement amendment | 8,863 | |||
Liabilities incurred in connection with acquisitions | 1,344 | 975 | 1,650 | |
Change in accruals for property, plant and equipment additions | (386) | 216 | $ 1,132 | |
Lease liabilities arising from operating right-of-use assets | 8,374 | 14,938 | ||
Lease liabilities arising from finance right-of-use assets | 2,310 | $ 45,455 | ||
Accrued senior preferred units distribution | $ 16,013 |
Accounts And Notes Receivable_3
Accounts And Notes Receivable, Net (Details) - USD ($) | Jul. 31, 2021 | Jul. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 135,182,000 | $ 102,914,000 |
Notes receivable, current portion | 13,648,000 | 12,648,000 |
Less: Allowance for expected credit losses | (17,256,000) | (14,124,000) |
Accounts and notes receivable, net | 131,574,000 | 101,438,000 |
Accounts receivable pledged as collateral | 103,703,000 | |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 135,182,000 | 102,914,000 |
Notes receivable, current portion | 13,648,000 | 12,648,000 |
Less: Allowance for expected credit losses | (17,256,000) | (14,124,000) |
Accounts and notes receivable, net | $ 131,574,000 | 101,438,000 |
Accounts receivable pledged as collateral | $ 103,703,000 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets, Net - Components (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Goodwill, gross carrying amount | $ 246,946 | $ 247,195 | |
Goodwill, net | 246,946 | 247,195 | $ 247,195 |
Amortizable intangible assets, gross carrying amount | 481,754 | 476,318 | |
Amortizable intangible assets, accumulated amortization | (432,032) | (423,290) | |
Amortizable intangible assets, net | 49,722 | 53,028 | |
Intangible assets gross excluding goodwill | 532,775 | 527,339 | |
Intangible assets amortization and impairment net excluding goodwill | (432,032) | (423,290) | |
Intangible assets net excluding goodwill | 100,743 | 104,049 | |
Trade Names And Trademarks [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Indefinite-lived intangible assets (excluding goodwill) | 51,021 | 51,021 | |
Customer Lists [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Amortizable intangible assets, gross carrying amount | 451,922 | 446,486 | |
Amortizable intangible assets, accumulated amortization | (405,490) | (397,843) | |
Amortizable intangible assets, net | 46,432 | 48,643 | |
Non-Compete Agreements [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Amortizable intangible assets, gross carrying amount | 26,319 | 26,319 | |
Amortizable intangible assets, accumulated amortization | (23,029) | (21,934) | |
Amortizable intangible assets, net | 3,290 | 4,385 | |
Other Intangible Assets [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Amortizable intangible assets, gross carrying amount | 3,513 | 3,513 | |
Amortizable intangible assets, accumulated amortization | (3,513) | (3,513) | |
Amortizable intangible assets, net | 0 | 0 | |
Ferrellgas, L.P. [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Goodwill, gross carrying amount | 246,946 | 247,195 | |
Goodwill, net | 246,946 | 247,195 | $ 247,195 |
Amortizable intangible assets, gross carrying amount | 481,754 | 476,318 | |
Amortizable intangible assets, accumulated amortization | (432,032) | (423,290) | |
Amortizable intangible assets, net | 49,722 | 53,028 | |
Intangible assets gross excluding goodwill | 532,775 | 527,339 | |
Intangible assets amortization and impairment net excluding goodwill | (432,032) | (423,290) | |
Intangible assets net excluding goodwill | 100,743 | 104,049 | |
Ferrellgas, L.P. [Member] | Trade Names And Trademarks [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Indefinite-lived intangible assets (excluding goodwill) | 51,021 | 51,021 | |
Ferrellgas, L.P. [Member] | Customer Lists [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Amortizable intangible assets, gross carrying amount | 451,922 | 446,486 | |
Amortizable intangible assets, accumulated amortization | (405,490) | (397,843) | |
Amortizable intangible assets, net | 46,432 | 48,643 | |
Ferrellgas, L.P. [Member] | Non-Compete Agreements [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Amortizable intangible assets, gross carrying amount | 26,319 | 26,319 | |
Amortizable intangible assets, accumulated amortization | (23,029) | (21,934) | |
Amortizable intangible assets, net | 3,290 | 4,385 | |
Ferrellgas, L.P. [Member] | Other Intangible Assets [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Amortizable intangible assets, gross carrying amount | 3,513 | 3,513 | |
Amortizable intangible assets, accumulated amortization | (3,513) | (3,513) | |
Amortizable intangible assets, net | $ 0 | $ 0 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets, Net - Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 247,195 | $ 247,195 | |
Goodwill acquisitions | 0 | ||
Impairment | 0 | ||
Other | (249) | ||
Goodwill, ending balance | 246,946 | 247,195 | |
Goodwill, Name of Segment [Extensible List] | Propane and related equipment sales [Member] | ||
Ferrellgas, L.P. [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 247,195 | 247,195 | |
Goodwill acquisitions | 0 | ||
Impairment | 0 | ||
Other | (249) | ||
Goodwill, ending balance | $ 246,946 | $ 247,195 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets, Net - Lives (Details) | 12 Months Ended |
Jul. 31, 2021 | |
Minimum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 2 years |
Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 15 years |
Customer Lists [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset, weighted average useful life | 15 years |
Customer Lists [Member] | Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 15 years |
Non Compete Agreements And Other Intangible Assets [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset, weighted average useful life | 9 years |
Non Compete Agreements And Other Intangible Assets [Member] | Minimum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 5 years |
Non Compete Agreements And Other Intangible Assets [Member] | Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 10 years |
Ferrellgas, L.P. [Member] | Minimum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 2 years |
Ferrellgas, L.P. [Member] | Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 15 years |
Ferrellgas, L.P. [Member] | Customer Lists [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 15 years |
Intangible asset, weighted average useful life | 15 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset, weighted average useful life | 9 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | Minimum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 5 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 10 years |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets, Net - Aggregate Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Aggregate amortization expense | $ 8,742 | $ 9,079 | $ 14,581 |
Ferrellgas, L.P. [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Aggregate amortization expense | $ 8,742 | $ 9,079 | $ 14,581 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets, Net - Estimated Amortization Expense (Details) $ in Thousands | Jul. 31, 2021USD ($) |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
2022 | $ 7,687 |
2023 | 7,360 |
2024 | 7,084 |
2025 | 5,083 |
2026 | 4,523 |
Ferrellgas, L.P. [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
2022 | 7,687 |
2023 | 7,360 |
2024 | 7,084 |
2025 | 5,083 |
2026 | $ 4,523 |
Debt - Components Of Long-Term
Debt - Components Of Long-Term Debt (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Apr. 05, 2021 | Mar. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | Jun. 30, 2015 | Jul. 31, 2014 | Nov. 30, 2010 | Apr. 30, 2010 |
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Total long-term debt | $ 1,478,882 | $ 2,541,074 | |||||||
Unamortized debt issuance and other costs | (32,322) | (35,583) | |||||||
Less: current portion of long-term debt | 1,670 | 859,095 | |||||||
Long-term debt | 1,444,890 | 1,646,396 | |||||||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 500,000 | ||||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | ||||||
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 500,000 | ||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 475,937 | ||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||
Unamortized premium | $ 937 | ||||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 357,000 | ||||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | ||||||
Senior Notes 5.375 Percent Due 2026 [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 650,000 | ||||||||
Interest rate, as a percent | 5.375% | 5.375% | |||||||
Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 825,000 | ||||||||
Interest rate, as a percent | 5.875% | 5.875% | |||||||
Fixed rate 10.00% Due 2025 | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Senior secured debt | $ 703,573 | ||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | ||||||
Unamortized premium | $ 3,573 | ||||||||
Notes payable Due 2021 to 2029 | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Notes payable | $ 3,882 | 4,564 | |||||||
Unamortized discount | $ 573 | $ 537 | |||||||
Debt, Weighted Average Interest Rate | 8.80% | 9.40% | |||||||
Ferrellgas, L.P. [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Total long-term debt | $ 1,478,882 | $ 2,184,074 | |||||||
Unamortized debt issuance and other costs | (32,322) | (35,583) | |||||||
Less: current portion of long-term debt | 1,670 | 502,095 | |||||||
Long-term debt | 1,444,890 | 1,646,396 | |||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 500,000 | ||||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | ||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 500,000 | ||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 475,937 | ||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||
Unamortized premium | $ 937 | ||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Interest rate, as a percent | 8.625% | ||||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.375 Percent Due 2026 [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 650,000 | ||||||||
Interest rate, as a percent | 5.375% | 5.375% | |||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 825,000 | ||||||||
Interest rate, as a percent | 5.875% | 5.875% | |||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Senior secured debt | $ 703,573 | ||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | ||||||
Unamortized premium | $ 3,573 | ||||||||
Ferrellgas, L.P. [Member] | Notes payable Due 2021 to 2029 | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Notes payable | $ 3,882 | 4,564 | |||||||
Unamortized discount | $ 573 | $ 537 | |||||||
Debt, Weighted Average Interest Rate | 8.80% | 9.40% |
Debt - Long-Term Debt Activity
Debt - Long-Term Debt Activity (Details) $ in Thousands, shares in Millions | Apr. 05, 2021USD ($) | Mar. 30, 2021USD ($)subsidiaryshares | Apr. 30, 2020USD ($) | Jan. 31, 2017USD ($) | Jul. 31, 2021USD ($)subsidiary | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2011USD ($) | Nov. 30, 2010USD ($) | Apr. 30, 2010USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Proceeds from issuance of long-term debt | $ 1,475,000 | $ 703,750 | $ 0 | |||||||||
Issuance of Class B Units (in shares) | shares | 1.3 | |||||||||||
Number Of Entity Subsidiaries | subsidiary | 2 | |||||||||||
Prepayment premium paid | $ 83,072 | $ 17,516 | $ 0 | |||||||||
Non-cash write-offs of unamortized debt discount and related capitalized debt costs | $ 24,899 | |||||||||||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 500,000 | |||||||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | |||||||||
Aggregate redemption price | $ 513,900 | |||||||||||
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 500,000 | |||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | |||||||||
Aggregate redemption price | $ 518,800 | |||||||||||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 475,000 | |||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | |||||||||
Aggregate redemption price | $ 482,000 | |||||||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 357,000 | $ 175,000 | $ 280,000 | |||||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | |||||||||
Issuance price as percent of par | 96.00% | |||||||||||
Amount redeemed | $ 98,000 | |||||||||||
Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from issuance of long-term debt | $ 1,441,200 | |||||||||||
Issuance price as percent of par | 100.00% | |||||||||||
Number Of Entity Subsidiaries | subsidiary | 2 | |||||||||||
Senior Notes 5.375 Percent Due 2026 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 650,000 | |||||||||||
Interest rate, as a percent | 5.375% | 5.375% | ||||||||||
Senior Notes 5.875 Percent Due 2029 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 825,000 | |||||||||||
Interest rate, as a percent | 5.875% | 5.875% | ||||||||||
Fixed rate 10.00% Due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 700,000 | |||||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | |||||||||
Aggregate redemption price | $ 806,200 | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Term | 4 years | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | |||||||||||
Sublimit, after initial period | $ 200,000 | |||||||||||
Duration of initial period for sublimit | 60 days | |||||||||||
Sublimit, initial period | $ 225,000 | |||||||||||
Borrowing base, fixed portion | $ 200,000 | |||||||||||
Additional capacity, percentage applied to accounts receivable | 80.00% | |||||||||||
Additional capacity, percentage applied to inventory | 70.00% | |||||||||||
Undrawn funds fee (as a percent) | 0.375% | |||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 0.50% | |||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 1.00% | |||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Undrawn funds fee (as a percent) | 0.50% | |||||||||||
Eurodollar Loans [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin added to variable rate (as a percent) | 3.00% | |||||||||||
Eurodollar Loans [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin added to variable rate (as a percent) | 2.50% | |||||||||||
Non-Eurodollar Loans [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin added to variable rate (as a percent) | 2.00% | |||||||||||
Non-Eurodollar Loans [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin added to variable rate (as a percent) | 1.50% | |||||||||||
Debt Instrument Issued At Par [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 325,000 | |||||||||||
Debt Instrument Issued At Par [Member] | Fixed rate 10.00% Due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 575,000 | |||||||||||
Debt Instrument Issued At Other Than Par [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 150,000 | |||||||||||
Issuance price as percent of par | 104.00% | |||||||||||
Debt Instrument Issued At Other Than Par [Member] | Fixed rate 10.00% Due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 125,000 | |||||||||||
Issuance price as percent of par | 103.00% | |||||||||||
Ferrellgas, L.P. [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from issuance of long-term debt | $ 1,475,000 | $ 703,750 | ||||||||||
Prepayment premium paid | 83,072 | $ 17,516 | ||||||||||
Non-cash write-offs of unamortized debt discount and related capitalized debt costs | $ 24,899 | |||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 500,000 | |||||||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | |||||||||
Aggregate redemption price | $ 513,900 | |||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 500,000 | |||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | |||||||||
Aggregate redemption price | $ 518,800 | |||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 475,000 | |||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | |||||||||
Aggregate redemption price | $ 482,000 | |||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 357,000 | |||||||||||
Interest rate, as a percent | 8.625% | |||||||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proceeds from issuance of long-term debt | $ 1,441,200 | |||||||||||
Issuance price as percent of par | 100.00% | |||||||||||
Number Of Entity Subsidiaries | subsidiary | 2 | |||||||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.375 Percent Due 2026 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 650,000 | |||||||||||
Interest rate, as a percent | 5.375% | 5.375% | ||||||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.875 Percent Due 2029 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 825,000 | |||||||||||
Interest rate, as a percent | 5.875% | 5.875% | ||||||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 700,000 | |||||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | |||||||||
Aggregate redemption price | $ 806,200 | |||||||||||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Term | 4 years | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | $ 350,000 | ||||||||||
Sublimit, after initial period | $ 200,000 | |||||||||||
Duration of initial period for sublimit | 60 days | |||||||||||
Sublimit, initial period | $ 225,000 | |||||||||||
Borrowing base, fixed portion | $ 200,000 | |||||||||||
Additional capacity, percentage applied to accounts receivable | 80.00% | |||||||||||
Additional capacity, percentage applied to inventory | 70.00% | |||||||||||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 0.50% | |||||||||||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 1.00% | |||||||||||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Undrawn funds fee (as a percent) | 0.50% | |||||||||||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Undrawn funds fee (as a percent) | 0.375% | |||||||||||
Ferrellgas, L.P. [Member] | Eurodollar Loans [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin added to variable rate (as a percent) | 3.00% | |||||||||||
Ferrellgas, L.P. [Member] | Eurodollar Loans [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin added to variable rate (as a percent) | 2.50% | |||||||||||
Ferrellgas, L.P. [Member] | Non-Eurodollar Loans [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin added to variable rate (as a percent) | 2.00% | |||||||||||
Ferrellgas, L.P. [Member] | Non-Eurodollar Loans [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Margin added to variable rate (as a percent) | 1.50% | |||||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Par [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 325,000 | |||||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Par [Member] | Fixed rate 10.00% Due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 575,000 | |||||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Other Than Par [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 150,000 | |||||||||||
Issuance price as percent of par | 104.00% | |||||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Other Than Par [Member] | Fixed rate 10.00% Due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal amount | $ 125,000 | |||||||||||
Issuance price as percent of par | 103.00% |
Debt - Covenants and Loss on Ex
Debt - Covenants and Loss on Extinguishment (Details) $ in Thousands | Apr. 05, 2021USD ($) | Mar. 30, 2021USD ($)item | Jul. 31, 2021USD ($) | Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | Jul. 31, 2021USD ($)item | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jan. 31, 2017USD ($) | Nov. 30, 2010USD ($) | Apr. 30, 2010USD ($) |
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of long-term debt | $ 1,475,000 | $ 703,750 | $ 0 | ||||||||
Total loss on extinguishment of debt | $ (5,100) | $ 109,900 | $ 37,400 | 104,834 | 37,399 | $ 0 | |||||
Payment of redemption premium on debt extinguishment | 83,072 | ||||||||||
Fair value of Class B Units in excess of carrying value | (5,101) | ||||||||||
Make-whole payments | 1,964 | ||||||||||
Unamortized deferred financing costs | 24,899 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available capacity necessary for cash distributions | $ 50,000 | ||||||||||
Available capacity as percentage of Borrowing Base, necessary for cash distributions | 15.00% | ||||||||||
Debt Instrument, Term | 4 years | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | ||||||||||
Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of quarters for required fixed charge coverage ratio | item | 4 | ||||||||||
Number of quarters for restricted payments | item | 4 | ||||||||||
Proceeds from issuance of long-term debt | $ 1,441,200 | ||||||||||
Senior Notes 5.375 Percent Due 2026 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | 650,000 | ||||||||||
Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | 825,000 | ||||||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | 357,000 | $ 175,000 | $ 280,000 | ||||||||
Fixed rate 10.00% Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | 700,000 | ||||||||||
Outstanding borrowing repaid | $ 806,200 | ||||||||||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 500,000 | ||||||||||
Outstanding borrowing repaid | $ 513,900 | ||||||||||
Debt Covenant, Third Specified Period [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 5 | ||||||||||
Debt Covenant, Fourth Specified Period [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 4.75 | ||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Secured leverage ratio | 2.50 | ||||||||||
Maximum [Member] | Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 5 | ||||||||||
Required fixed charge coverage ratio | 1.75% | ||||||||||
Maximum [Member] | Debt Covenant, First Specified Period [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 5.50 | ||||||||||
Maximum [Member] | Debt Covenant, Second Specified Period [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 5.25 | ||||||||||
Maximum [Member] | Debt Covenant, Third Specified Period [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 5 | ||||||||||
Maximum [Member] | Debt Covenant, Fourth Specified Period [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 4.75 | ||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest coverage ratio | 2.50 | ||||||||||
Ferrellgas, L.P. [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds from issuance of long-term debt | 1,475,000 | 703,750 | |||||||||
Total loss on extinguishment of debt | $ 108,000 | 37,400 | 107,971 | $ 37,399 | |||||||
Payment of redemption premium on debt extinguishment | 83,072 | ||||||||||
Unamortized deferred financing costs | 24,899 | ||||||||||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Available capacity necessary for cash distributions | $ 50,000 | ||||||||||
Available capacity as percentage of Borrowing Base, necessary for cash distributions | 15.00% | ||||||||||
Debt Instrument, Term | 4 years | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | $ 350,000 | $ 350,000 | ||||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of quarters for required fixed charge coverage ratio | item | 4 | ||||||||||
Number of quarters for restricted payments | item | 4 | ||||||||||
Proceeds from issuance of long-term debt | 1,441,200 | ||||||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.375 Percent Due 2026 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | 650,000 | ||||||||||
Ferrellgas, L.P. [Member] | Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | 825,000 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | 357,000 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 700,000 | ||||||||||
Outstanding borrowing repaid | $ 806,200 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 500,000 | ||||||||||
Outstanding borrowing repaid | $ 513,900 | ||||||||||
Ferrellgas, L.P. [Member] | Maximum [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Secured leverage ratio | 2.50 | ||||||||||
Ferrellgas, L.P. [Member] | Maximum [Member] | Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 5 | ||||||||||
Required fixed charge coverage ratio | 1.75% | ||||||||||
Ferrellgas, L.P. [Member] | Maximum [Member] | Debt Covenant, First Specified Period [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 5.50 | ||||||||||
Ferrellgas, L.P. [Member] | Maximum [Member] | Debt Covenant, Second Specified Period [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 5.25 | ||||||||||
Ferrellgas, L.P. [Member] | Maximum [Member] | Debt Covenant, Third Specified Period [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 5 | ||||||||||
Ferrellgas, L.P. [Member] | Maximum [Member] | Debt Covenant, Fourth Specified Period [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total net leverage ratio | 4.75 | ||||||||||
Ferrellgas, L.P. [Member] | Minimum [Member] | Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest coverage ratio | 2.50 |
Debt Maturities (Details)
Debt Maturities (Details) $ in Thousands | Jul. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 1,670 |
2023 | 1,234 |
2024 | 664 |
2025 | 534 |
2026 | 650,335 |
Thereafter | 825,019 |
Total long-term debt | 1,479,456 |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
2022 | 1,670 |
2023 | 1,234 |
2024 | 664 |
2025 | 534 |
2026 | 650,335 |
Thereafter | 825,019 |
Total long-term debt | $ 1,479,456 |
Debt - Security (Details)
Debt - Security (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Debt Instrument [Line Items] | |||
Letters of credit outstanding | $ 107.7 | $ 126 | |
Cash pledged as collateral for letters of credit | 78.2 | ||
Commitment fees | 0.1 | 0.5 | $ 1 |
Accounts Receivable Securitization Facility [Member] | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding | 50 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Available borrowing capacity | 219.9 | ||
Ferrellgas, L.P. [Member] | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding | 107.7 | 126 | |
Cash pledged as collateral for letters of credit | 78.2 | ||
Ferrellgas, L.P. [Member] | Accounts Receivable Securitization Facility [Member] | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding | $ 50 | ||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Available borrowing capacity | $ 219.9 |
Preferred Units - Issuance (Det
Preferred Units - Issuance (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 30, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 |
Temporary Equity [Line Items] | ||||
Preferred units issued (in shares) | 700,000 | 700,000 | ||
Preferred Units aggregate initial liquidation preference | $ 700,000 | |||
Purchase price per Preferred Units | $ 1,000 | $ 1,000 | ||
Purchase price discount | 3.00% | |||
Aggregate purchase price | $ 679,000 | |||
Net proceeds from the issuance and sale of the Preferred Units | $ 651,300 | $ 651,349 | $ 0 | $ 0 |
Senior preferred units, units outstanding | 700,000 | 700,000 | ||
Ferrellgas, L.P. [Member] | ||||
Temporary Equity [Line Items] | ||||
Preferred units issued (in shares) | 700,000 | 700,000 | ||
Preferred Units aggregate initial liquidation preference | $ 700,000 | |||
Purchase price per Preferred Units | $ 1,000 | $ 1,000 | ||
Purchase price discount | 3.00% | |||
Aggregate purchase price | $ 679,000 | |||
Net proceeds from the issuance and sale of the Preferred Units | $ 651,300 | $ 651,349 | ||
Senior preferred units, units outstanding | 700,000 | 700,000 |
Preferred Units - Issuer Redemp
Preferred Units - Issuer Redemption Right (Details) $ / shares in Units, $ in Millions | Jul. 31, 2021USD ($)item$ / shares | Mar. 30, 2021$ / shares |
Temporary Equity [Line Items] | ||
Redemption right price percentage MOIC | 1.47 | |
Purchase price per Preferred Units | $ / shares | $ 1,000 | $ 1,000 |
Redemption right price percentage of IRR | 12.25% | |
Basis point added | 150 | |
Number of quarterly distributions to change redemption price calculation | item | 4 | |
Partial redemption minimum amount | $ | $ 25 | |
Ferrellgas, L.P. [Member] | ||
Temporary Equity [Line Items] | ||
Redemption right price percentage MOIC | 1.47 | |
Purchase price per Preferred Units | $ / shares | $ 1,000 | $ 1,000 |
Redemption right price percentage of IRR | 12.25% | |
Basis point added | 1.50 | |
Number of quarterly distributions to change redemption price calculation | item | 4 | |
Partial redemption minimum amount | $ | $ 25 |
Preferred Units - Investor Rede
Preferred Units - Investor Redemption Right (Details) | Jul. 31, 2021Dshares |
Temporary Equity [Line Items] | |
Threshold units outstanding for right to fully redeem outstanding units in cash | 233,300 |
Percentage of preferred units held | 33.30% |
Percentage of preferred units held by initial affiliated purchasers | 25.00% |
Threshold units outstanding for right to trigger sale | 233,300 |
Days for consummation of sale and payment of redemption price in full | D | 180 |
Ferrellgas, L.P. [Member] | |
Temporary Equity [Line Items] | |
Threshold units outstanding for right to fully redeem outstanding units in cash | 233,300 |
Percentage of preferred units held | 33.30% |
Percentage of preferred units held by initial affiliated purchasers | 25.00% |
Threshold units outstanding for right to trigger sale | 233,300 |
Days for consummation of sale and payment of redemption price in full | D | 180 |
Preferred Units - Distributions
Preferred Units - Distributions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jul. 31, 2021 | Apr. 30, 2021 | |
Temporary Equity [Line Items] | ||
Quarterly Distribution accrued | $ 16 | $ 8 |
Cash tax distribution rate | 25.00% | |
Tax rate multiplied by estimated taxable income percentage | 25.00% | |
Additional distribution, percentage of taxable income | 20.00% | |
Additional distribution, divisor | 0.8 | |
Minimum [Member] | ||
Temporary Equity [Line Items] | ||
Applicable premium distribution rate | 0.75 | |
Maximum [Member] | ||
Temporary Equity [Line Items] | ||
Preferred units distribution rate | 11.125% | |
Applicable premium distribution rate | 3 | |
First Five Years After March 30, 2021 [Member] | ||
Temporary Equity [Line Items] | ||
Preferred units distribution rate | 8.956% | |
Ferrellgas, L.P. [Member] | ||
Temporary Equity [Line Items] | ||
Quarterly Distribution accrued | $ 16 | $ 8 |
Cash tax distribution rate | 25.00% | |
Tax rate multiplied by estimated taxable income percentage | 25.00% | |
Additional distribution, percentage of taxable income | 20.00% | |
Additional distribution, divisor | 0.8 | |
Ferrellgas, L.P. [Member] | Minimum [Member] | ||
Temporary Equity [Line Items] | ||
Applicable premium distribution rate | 0.75 | |
Ferrellgas, L.P. [Member] | Maximum [Member] | ||
Temporary Equity [Line Items] | ||
Preferred units distribution rate | 11.125% | |
Applicable premium distribution rate | 3 | |
Ferrellgas, L.P. [Member] | First Five Years After March 30, 2021 [Member] | ||
Temporary Equity [Line Items] | ||
Preferred units distribution rate | 8.956% |
Preferred Units - Board Rights,
Preferred Units - Board Rights, Protective Provisions (Details) shares in Thousands, $ in Millions | Jul. 31, 2021USD ($)directorshares |
Temporary Equity [Line Items] | |
Minimum preferred units outstanding to designate director to board by unit holders | shares | 140 |
Number of director to the Board permitted to designate by unit holders | director | 1 |
Minimum value outstanding for director appointment | $ | $ 35 |
Ferrellgas, L.P. [Member] | |
Temporary Equity [Line Items] | |
Minimum preferred units outstanding to designate director to board by unit holders | shares | 140 |
Number of director to the Board permitted to designate by unit holders | director | 1 |
Minimum value outstanding for director appointment | $ | $ 35 |
Preferred Units - Restrictions
Preferred Units - Restrictions on Cash Distributions (Details) $ in Millions | Jul. 31, 2021USD ($) |
Temporary Equity [Line Items] | |
Minimum liquidity | $ 100 |
Period Through May 15, 2022 [Member] | |
Temporary Equity [Line Items] | |
Consolidated net leverage ratio | 7.25 |
Period Thereafter [Member] | |
Temporary Equity [Line Items] | |
Consolidated net leverage ratio | 7 |
Ferrellgas, L.P. [Member] | |
Temporary Equity [Line Items] | |
Minimum liquidity | $ 100 |
Ferrellgas, L.P. [Member] | Period Through May 15, 2022 [Member] | |
Temporary Equity [Line Items] | |
Consolidated net leverage ratio | 7.25 |
Ferrellgas, L.P. [Member] | Period Thereafter [Member] | |
Temporary Equity [Line Items] | |
Consolidated net leverage ratio | 7 |
Equity - Reverse Unit Split (De
Equity - Reverse Unit Split (Details) | Mar. 30, 2021shares | Jul. 31, 2021shares | Jul. 31, 2020shares |
Limited Partners' Capital Account [Line Items] | |||
Limited partner unitholders, units outstanding | 97,152,665 | ||
Class A Limited Partner Units | |||
Limited Partners' Capital Account [Line Items] | |||
Conversion ratio | 0.05 | ||
Limited partner unitholders, units outstanding | 4,857,605 | 4,857,605 | 4,857,605 |
Equity - Units Issued and Redem
Equity - Units Issued and Redemption (Details) $ / shares in Units, $ in Thousands, shares in Millions | Mar. 30, 2021USD ($)director$ / sharesshares | Jul. 31, 2021USD ($) | Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | Jul. 31, 2021USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) |
Limited Partners' Capital Account [Line Items] | |||||||
Distribution ratio | 6 | ||||||
Aggregate distributions before conversion | $ 357,000 | ||||||
Total internal rate of return for redemption | 15.85% | ||||||
Notes fair value | $ 385,000 | $ 385,000 | |||||
Gain (loss) on extinguishment of debt | $ 5,100 | $ (109,900) | $ (37,400) | (104,834) | $ (37,399) | $ 0 | |
Fair value of Class B Units in excess of carrying value | $ (5,101) | ||||||
Class B Limited Partner Units | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Units issued | shares | 1.3 | ||||||
Distribution amount | $ 356,000 | ||||||
Units redemption option (in years) | 5 years | ||||||
Basis points of internal rate of return for price determination of units redemption | 3 | ||||||
Minimum redemption price per unit | $ / shares | $ 302.08 | ||||||
Option to hold cash period | 6 months | ||||||
Number of independent director to the Board permitted to designate by unit holders | director | 1 | ||||||
Initial Majority Holder of Class B Units Holds At Least 50% of Class B Units [Member] | Class B Limited Partner Units | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Additional units issued percentage of requisite units held | 50.00% | ||||||
Initial Majority Holder of Class B Units Holds Less Than 50% of Class B Units [Member] | Class B Limited Partner Units | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Additional units issued percentage of requisite units held | 33.00% |
Equity - Conversion Factor (Det
Equity - Conversion Factor (Details) | Mar. 30, 2021 |
Post Emergence Year One [Member] | |
Limited Partners' Capital Account [Line Items] | |
Conversion factor | 1.75 |
Post Emergence Year Two [Member] | |
Limited Partners' Capital Account [Line Items] | |
Conversion factor | 2 |
Post Emergence Year Three [Member] | |
Limited Partners' Capital Account [Line Items] | |
Conversion factor | 3.5 |
Post Emergence Year Four [Member] | |
Limited Partners' Capital Account [Line Items] | |
Conversion factor | 4 |
Post Emergence Year Five [Member] | |
Limited Partners' Capital Account [Line Items] | |
Conversion factor | 5 |
Post Emergence Year Six [Member] | |
Limited Partners' Capital Account [Line Items] | |
Conversion factor | 6 |
Post Emergence Year Seven [Member] | |
Limited Partners' Capital Account [Line Items] | |
Conversion factor | 7 |
Post Emergence Year Eight [Member] | |
Limited Partners' Capital Account [Line Items] | |
Conversion factor | 10 |
Post Emergence Year Nine [Member] | |
Limited Partners' Capital Account [Line Items] | |
Conversion factor | 12 |
Post Emergence Year Ten [Member] | |
Limited Partners' Capital Account [Line Items] | |
Conversion factor | 25 |
Equity - Limited Partner Units
Equity - Limited Partner Units (Details) - shares | Jul. 31, 2021 | Mar. 30, 2021 | Jul. 31, 2020 |
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 97,152,665 | ||
Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 1,126,468 | 1,126,468 | |
FCI Trading Corp. [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 9,784 | 9,784 | |
Ferrell Propane, Inc. [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 2,560 | 2,560 | |
James E. Ferrell [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 238,172 | 238,172 | |
Public Common Unitholders [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 3,480,621 | 3,480,621 |
Equity - Ownership (Details)
Equity - Ownership (Details) - shares | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Mar. 30, 2021 | |
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 97,152,665 | ||
Minimum percentage ownership of outstanding common units resulting in non voting of owners | 20.00% | ||
Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 1,126,468 | 1,126,468 | |
James E. Ferrell [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 238,172 | 238,172 | |
Ferrellgas Partners LP [Member] | |||
Capital Unit [Line Items] | |||
General partner ownership interest | 2.00% | 2.00% | |
Ferrellgas Partners LP [Member] | Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Limited partner ownership interest | 23.40% | ||
Ferrellgas, L.P. [Member] | |||
Capital Unit [Line Items] | |||
Limited partner ownership interest | 98.00% | ||
Ferrell Companies [Member] | Ferrellgas Partners LP [Member] | |||
Capital Unit [Line Items] | |||
Limited partner ownership interest | 23.00% | ||
FCI Trading Corp. [Member] | Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 9,784 | ||
Ferrell Propane, Inc. [Member] | Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 2,560 | ||
JEF Capital Management [Member] | James E. Ferrell [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 237,942 | ||
Ferrell Resources Holdings, Inc. [Member] | Ferrellgas Partners LP [Member] | James E. Ferrell [Member] | |||
Capital Unit [Line Items] | |||
Limited partner unitholders, units outstanding | 230 | ||
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | |||
Capital Unit [Line Items] | |||
General partner ownership interest | 1.00% | ||
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | |||
Capital Unit [Line Items] | |||
General partner ownership interest | 1.0101% | 1.0101% | |
Ferrellgas Partners LP [Member] | Ferrellgas, L.P. [Member] | |||
Capital Unit [Line Items] | |||
Limited partner ownership interest | 99.00% |
Equity - Paid Distributions (De
Equity - Paid Distributions (Details) - USD ($) $ in Thousands | Sep. 14, 2021 | Jul. 31, 2020 | Jul. 31, 2019 |
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | $ 158 | $ 10,229 | |
Subsequent Event [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | $ 49,900 | ||
Parent [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 0 | 9,814 | |
General Partner [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 98 | ||
Ferrellgas, L.P. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 15,654 | 41,121 | |
Ferrellgas, L.P. [Member] | Ferrellgas Inc., General Partner [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 158 | 415 | |
Ferrellgas, L.P. [Member] | Ferrellgas Partners LP [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 15,496 | 40,706 | |
Ferrellgas, L.P. [Member] | Subsequent Event [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | $ 49,900 | ||
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 15,496 | 40,706 | |
Ferrellgas, L.P. [Member] | General Partner [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | $ 158 | $ 415 |
Equity - Contributions and AOCI
Equity - Contributions and AOCI (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP compensation charges | $ 3,215,000 | $ 2,871,000 | $ 5,693,000 |
Ferrellgas Partners LP [Member] | |||
Capital Unit [Line Items] | |||
General partner ownership interest | 2.00% | 2.00% | |
General Partner [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP compensation charges | $ 33,000 | $ 28,000 | 56,000 |
Ferrellgas, L.P. [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP compensation charges | 3,215,000 | 2,871,000 | 5,693,000 |
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP compensation charges | 3,183,000 | 2,842,000 | 5,635,000 |
Ferrellgas, L.P. [Member] | General Partner [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP compensation charges | 32,000 | 29,000 | $ 58,000 |
Ferrellgas Inc., General Partner [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP compensation charges | $ 65,000 | $ 57,000 | |
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | |||
Capital Unit [Line Items] | |||
General partner ownership interest | 1.0101% | 1.0101% | |
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | |||
Capital Unit [Line Items] | |||
General partner ownership interest | 1.00% |
Revenue from contracts with c_3
Revenue from contracts with customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||||||
Accounts receivable collection period | 30 days | ||||||||||||||
Residential customer, annual cost spread period | 12 months | ||||||||||||||
Rental income recognition period | 1 year | ||||||||||||||
Revenues | $ 335,126 | $ 564,730 | $ 553,560 | $ 300,894 | $ 281,649 | $ 412,130 | $ 510,833 | $ 293,214 | $ 279,081 | $ 479,625 | $ 573,377 | $ 352,309 | $ 1,754,310 | $ 1,497,826 | $ 1,684,392 |
Contract assets and liabilities | |||||||||||||||
Accounts receivable | 138,757 | 108,483 | 138,757 | 108,483 | |||||||||||
Contract assets | 10,074 | 7,079 | 10,074 | 7,079 | |||||||||||
Contract liabilities | |||||||||||||||
Deferred revenue | $ 49,354 | 42,911 | 49,354 | 42,911 | |||||||||||
Deferred revenue recognized | $ 42,900 | ||||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01 | |||||||||||||||
Contract liabilities | |||||||||||||||
Remaining performance obligation recognition period | 1 year | 1 year | |||||||||||||
Propane And Related Equipment [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | $ 1,754,310 | 1,497,826 | 1,684,392 | ||||||||||||
Retail Sales To End Users [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 1,123,956 | 964,087 | 1,128,991 | ||||||||||||
Wholesale Sales To Resellers [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 516,599 | 430,435 | 419,349 | ||||||||||||
Other Gas Sales [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 28,297 | 21,269 | 60,518 | ||||||||||||
Other Revenues | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | $ 85,458 | 82,035 | 75,534 | ||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Accounts receivable collection period | 30 days | ||||||||||||||
Residential customer, annual cost spread period | 12 months | ||||||||||||||
Rental income recognition period | 1 year | ||||||||||||||
Revenues | $ 335,126 | $ 564,730 | $ 553,560 | $ 300,894 | 281,649 | $ 412,130 | $ 510,833 | $ 293,214 | $ 279,081 | $ 479,625 | $ 573,377 | $ 352,309 | $ 1,754,310 | 1,497,826 | 1,684,392 |
Contract assets and liabilities | |||||||||||||||
Accounts receivable | 138,757 | 108,483 | 138,757 | 108,483 | |||||||||||
Contract assets | 10,074 | 7,079 | 10,074 | 7,079 | |||||||||||
Contract liabilities | |||||||||||||||
Deferred revenue | $ 49,354 | $ 42,911 | 49,354 | 42,911 | |||||||||||
Deferred revenue recognized | $ 42,900 | ||||||||||||||
Ferrellgas, L.P. [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-01 | |||||||||||||||
Contract liabilities | |||||||||||||||
Remaining performance obligation recognition period | 1 year | 1 year | |||||||||||||
Ferrellgas, L.P. [Member] | Propane And Related Equipment [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | $ 1,754,310 | 1,497,826 | 1,684,392 | ||||||||||||
Ferrellgas, L.P. [Member] | Retail Sales To End Users [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 1,123,956 | 964,087 | 1,128,991 | ||||||||||||
Ferrellgas, L.P. [Member] | Wholesale Sales To Resellers [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 516,599 | 430,435 | 419,349 | ||||||||||||
Ferrellgas, L.P. [Member] | Other Gas Sales [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 28,297 | 21,269 | 60,518 | ||||||||||||
Ferrellgas, L.P. [Member] | Other Revenues | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | $ 85,458 | $ 82,035 | $ 75,534 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | $ 94,244 | $ 3,112 |
Commodity derivatives propane swap liabilities | (4,458) | (5,425) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 0 | 0 |
Commodity derivatives propane swap liabilities | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 94,244 | 3,112 |
Commodity derivatives propane swap liabilities | (4,458) | (5,425) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 0 | 0 |
Commodity derivatives propane swap liabilities | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 94,244 | 3,112 |
Commodity derivatives propane swap liabilities | (4,458) | (5,425) |
Ferrellgas, L.P. [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 0 | 0 |
Commodity derivatives propane swap liabilities | 0 | 0 |
Ferrellgas, L.P. [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 94,244 | 3,112 |
Commodity derivatives propane swap liabilities | (4,458) | (5,425) |
Ferrellgas, L.P. [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 0 | 0 |
Commodity derivatives propane swap liabilities | $ 0 | $ 0 |
Fair Value Measurements - Other
Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jul. 31, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term debt, fair value | $ 1,466,400 | $ 1,466,400 | $ 2,177,100 | |||
Gain (loss) on extinguishment of debt | 5,100 | $ (109,900) | $ (37,400) | (104,834) | (37,399) | $ 0 |
Ferrellgas, L.P. [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-term debt, fair value | $ 1,466,400 | 1,466,400 | 2,054,400 | |||
Gain (loss) on extinguishment of debt | $ (108,000) | $ (37,400) | $ (107,971) | $ (37,399) |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Derivatives, Fair Value [Line Items] | ||
Gain (loss) recognized due to ineffectiveness | $ 0 | $ 0 |
Commodity derivatives propane swap assets | 94,244,000 | 3,112,000 |
Derivative Asset, Fair Value, Gross Asset | 94,244,000 | 3,112,000 |
Commodity derivatives propane swap liabilities | 4,458,000 | 5,425,000 |
Derivative Liability, Fair Value, Gross Liability | 4,458,000 | 5,425,000 |
Price risk management asset | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap assets | 78,001,000 | 2,846,000 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap liabilities | 3,429,000 | 5,029,000 |
Other Assets, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap assets | 16,243,000 | 266,000 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap liabilities | 1,029,000 | 396,000 |
Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gain (loss) recognized due to ineffectiveness | 0 | 0 |
Commodity derivatives propane swap assets | 94,244,000 | 3,112,000 |
Derivative Asset, Fair Value, Gross Asset | 94,244,000 | 3,112,000 |
Commodity derivatives propane swap liabilities | 4,458,000 | 5,425,000 |
Derivative Liability, Fair Value, Gross Liability | 4,458,000 | 5,425,000 |
Ferrellgas, L.P. [Member] | Price risk management asset | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap assets | 78,001,000 | 2,846,000 |
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap liabilities | 3,429,000 | 5,029,000 |
Ferrellgas, L.P. [Member] | Other Assets, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap assets | 16,243,000 | 266,000 |
Ferrellgas, L.P. [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap liabilities | $ 1,029,000 | $ 396,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Margin Balances (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Jul. 31, 2020 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | $ 24,104 | $ 15,831 |
Derivative Liability, Fair Value of Collateral | 94,667 | 510 |
Hedging Assets Current [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 21,068 | 14,398 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 79,178 | 510 |
Other Assets, Net [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 3,036 | 1,433 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 15,489 | |
Ferrellgas, L.P. [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 24,104 | 15,831 |
Derivative Liability, Fair Value of Collateral | 94,667 | 510 |
Ferrellgas, L.P. [Member] | Hedging Assets Current [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 21,068 | 14,398 |
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 79,178 | 510 |
Ferrellgas, L.P. [Member] | Other Assets, Net [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 3,036 | $ 1,433 |
Ferrellgas, L.P. [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | $ 15,489 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect on Comprehensive Income and Change in FV (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Derivative [Line Items] | |||
Amount of gain (loss) recognized in AOCI on derivative | $ 136,351 | $ (22,872) | |
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | $ (48,184) | ||
Amount of gain (loss) reclassified from AOCI into income | 44,252 | (35,315) | |
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (12,868) | ||
Amount of gain (loss) reclassified, ineffective portion | 0 | 0 | 0 |
Commodity Derivatives Propane [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in AOCI on derivative | 136,351 | (22,872) | |
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | (48,184) | ||
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from AOCI into income | 44,252 | (35,315) | |
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (12,868) | ||
Amount of gain (loss) reclassified, ineffective portion | 0 | 0 | 0 |
Ferrellgas, L.P. [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in AOCI on derivative | 136,351 | (22,872) | |
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | (48,184) | ||
Amount of gain (loss) reclassified from AOCI into income | 44,252 | (35,315) | |
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (12,868) | ||
Amount of gain (loss) reclassified, ineffective portion | 0 | 0 | 0 |
Ferrellgas, L.P. [Member] | Commodity Derivatives Propane [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in AOCI on derivative | 136,351 | (22,872) | |
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | (48,184) | ||
Ferrellgas, L.P. [Member] | Cost of Sales [Member] | Commodity Derivatives Propane [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from AOCI into income | 44,252 | (35,315) | |
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (12,868) | ||
Amount of gain (loss) reclassified, ineffective portion | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - AOCI Rollforward (Details) | 12 Months Ended | ||
Jul. 31, 2021USD ($)MMBbls | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | |
Derivative [Line Items] | |||
Partners' capital balance, beginning | $ (1,208,268,000) | $ (1,138,938,000) | $ (1,034,477,000) |
Change in value of derivative | 136,351,000 | (22,872,000) | |
Change in value of derivative, pre-adoption | (48,184,000) | ||
Reclassification of (gains) losses on derivatives to earnings, net | (44,252,000) | 35,315,000 | |
Reclassification of losses on derivatives to earnings, net, pre-adoption | 12,868,000 | ||
Partners' capital balance, ending | (823,079,000) | (1,208,268,000) | (1,138,938,000) |
Reclassification of net gain to earnings during next 12 months | 74,600,000 | ||
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | $ 0 | 0 | 0 |
Number of barrels of propane covered by cash flow hedges | MMBbls | 7.1 | ||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||
Derivative [Line Items] | |||
Partners' capital balance, beginning | $ (2,313,000) | (14,756,000) | |
Partners' capital balance, ending | 88,866,000 | (2,313,000) | (14,756,000) |
Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | |||
Derivative [Line Items] | |||
Partners' capital balance, beginning | (14,756,000) | 20,560,000 | |
Partners' capital balance, ending | (14,756,000) | ||
Commodity Derivatives Propane [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||
Derivative [Line Items] | |||
Change in value of derivative | 136,351,000 | (22,872,000) | |
Reclassification of (gains) losses on derivatives to earnings, net | (45,172,000) | 35,315,000 | |
Commodity Derivatives Propane [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | |||
Derivative [Line Items] | |||
Change in value of derivative, pre-adoption | (48,184,000) | ||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 12,868,000 | ||
Ferrellgas, L.P. [Member] | |||
Derivative [Line Items] | |||
Partners' capital balance, beginning | (831,991,000) | (780,403,000) | (680,078,000) |
Change in value of derivative | 136,351,000 | (22,872,000) | |
Change in value of derivative, pre-adoption | (48,184,000) | ||
Reclassification of (gains) losses on derivatives to earnings, net | (44,252,000) | 35,315,000 | |
Reclassification of losses on derivatives to earnings, net, pre-adoption | 12,868,000 | ||
Partners' capital balance, ending | (806,143,000) | (831,991,000) | (780,403,000) |
Reclassification of net gain to earnings during next 12 months | 74,600,000 | ||
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | $ 0 | 0 | 0 |
Number of barrels of propane covered by cash flow hedges | MMBbls | 7.1 | ||
Ferrellgas, L.P. [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||
Derivative [Line Items] | |||
Partners' capital balance, beginning | $ (2,313,000) | (14,756,000) | |
Partners' capital balance, ending | 89,786,000 | (2,313,000) | (14,756,000) |
Ferrellgas, L.P. [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | |||
Derivative [Line Items] | |||
Partners' capital balance, beginning | (14,756,000) | 20,560,000 | |
Partners' capital balance, ending | (14,756,000) | ||
Ferrellgas, L.P. [Member] | Commodity Derivatives Propane [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||
Derivative [Line Items] | |||
Change in value of derivative | 136,351,000 | (22,872,000) | |
Reclassification of (gains) losses on derivatives to earnings, net | $ (44,252,000) | $ 35,315,000 | |
Ferrellgas, L.P. [Member] | Commodity Derivatives Propane [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | |||
Derivative [Line Items] | |||
Change in value of derivative, pre-adoption | (48,184,000) | ||
Reclassification of losses on derivatives to earnings, net, pre-adoption | $ 12,868,000 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Credit Risk (Details) $ in Millions | Jul. 31, 2021USD ($) |
Derivative [Line Items] | |
Maximum loss due to credit risk | $ 0 |
Open derivative contracts with credit risk features | 0 |
Ferrellgas, L.P. [Member] | |
Derivative [Line Items] | |
Maximum loss due to credit risk | 0 |
Open derivative contracts with credit risk features | $ 0 |
Transactions With Related Par_3
Transactions With Related Parties (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2021USD ($)employee | Jul. 31, 2021USD ($)employee | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | |
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Operating Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | $ 260,831 | $ 260,427 | $ 256,190 | |
General and Administrative Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | 34,899 | 29,859 | 25,368 | |
Ferrellgas, L.P. [Member] | Related Party Term Loan Credit Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Aggregate principal amount | $ 19,900 | $ 19,900 | ||
Interest rate, as a percent | 20.00% | 20.00% | ||
Note payable | $ 13,100 | $ 13,100 | ||
Prepayment | $ 9,000 | |||
Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Ferrellgas, L.P. [Member] | Operating Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | $ 260,831 | 260,427 | 256,190 | |
Ferrellgas, L.P. [Member] | General and Administrative Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | 34,899 | $ 29,859 | $ 25,368 | |
Ferrellgas, L.P. [Member] | Ferrellgas Partners LP [Member] | Related Party Term Loan Credit Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Aggregate principal amount | $ 19,900 | $ 19,900 | ||
Interest rate, as a percent | 20.00% | 20.00% | ||
Note payable | $ 13,100 | $ 13,100 | ||
Prepayment | $ 9,000 | |||
Ferrellgas Finance Corp. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Ferrellgas Partners Finance Corp. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 |
Contingencies And Commitments (
Contingencies And Commitments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2019USD ($)item | Jul. 31, 2021USD ($)item | Jul. 31, 2020USD ($) | |
Class Action Related To Cylinder Fill Level [Member] | |||
Loss Contingencies [Line Items] | |||
Settlement paid | $ 6,250 | ||
Number of claims dismissed | item | 11 | ||
Number of cases | item | 24 | 13 | |
Lawsuit Related To Sale Of Jamex Transfer Services [Member] | |||
Loss Contingencies [Line Items] | |||
Number of former officers | item | 2 | ||
Ferrellgas Partners Finance Corp. [Member] | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | $ 357,000 | ||
Ferrellgas Finance Corp. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | 500,000 | ||
Ferrellgas Finance Corp. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | 500,000 | ||
Ferrellgas Finance Corp. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | 475,000 | ||
Ferrellgas Finance Corp. [Member] | Fixed rate 10.00% Due 2025 | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | $ 700,000 | ||
Ferrellgas Finance Corp. [Member] | Senior Notes 5.375 Percent Due 2026 [Member] | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | $ 650,000 | ||
Ferrellgas Finance Corp. [Member] | Senior Notes 5.875 Percent Due 2029 [Member] | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | $ 825,000 | ||
Ferrellgas, L.P. [Member] | Class Action Related To Cylinder Fill Level [Member] | |||
Loss Contingencies [Line Items] | |||
Settlement paid | $ 6,250 | ||
Number of claims dismissed | item | 11 | ||
Number of cases | item | 24 | 13 | |
Ferrellgas, L.P. [Member] | Lawsuit Related To Sale Of Jamex Transfer Services [Member] | |||
Loss Contingencies [Line Items] | |||
Number of former officers | item | 2 |
Employee Benefits (Details)
Employee Benefits (Details) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2021USD ($)employee | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of employees | employee | 0 | ||
Non-cash employee stock ownership plan compensation charge | $ 3,215 | $ 2,871 | $ 5,693 |
Contributions to defined contribution plan | 4,000 | 4,800 | 4,600 |
Defined benefit plan adjustments to other comprehensive income and other liabilities | $ 0 | 100 | 100 |
Ferrellgas, L.P. [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of employees | employee | 0 | ||
Non-cash employee stock ownership plan compensation charge | $ 3,215 | 2,871 | 5,693 |
Contributions to defined contribution plan | 4,000 | 4,800 | 4,600 |
Defined benefit plan adjustments to other comprehensive income and other liabilities | $ 0 | $ 100 | $ 100 |
Net Earnings (Loss) Per Unith_3
Net Earnings (Loss) Per Unitholders' Interest (Details) | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2021USD ($)$ / shares | Apr. 30, 2021USD ($)$ / shares | Jan. 31, 2021USD ($)$ / shares | Oct. 31, 2020USD ($)$ / shares | Jul. 31, 2020USD ($)$ / shares | Apr. 30, 2020USD ($)$ / shares | Jan. 31, 2020USD ($)$ / shares | Oct. 31, 2019USD ($)$ / shares | Jul. 31, 2019USD ($)$ / shares | Apr. 30, 2019USD ($)$ / shares | Jan. 31, 2019USD ($)$ / shares | Oct. 31, 2018USD ($)$ / shares | Jul. 31, 2021USD ($)$ / sharesshares | Jul. 31, 2020USD ($)$ / sharesshares | Jul. 31, 2019USD ($)$ / sharesshares | |
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Value of dilutive securities | $ 0 | $ 0 | $ 0 | ||||||||||||
Limited partner unitholders' interest in net earnings (loss) | $ (34,727,000) | $ (74,057,000) | $ 62,634,000 | $ (45,601,000) | $ (69,269,000) | $ (15,239,000) | $ 47,725,000 | $ (44,891,000) | $ (70,327,000) | $ 20,256,000 | $ 42,911,000 | $ (56,445,000) | $ (91,751,000) | $ (81,674,000) | $ (63,605,000) |
Basic and diluted net earnings (loss) per limited partner unit | $ / shares | $ (7.15) | $ (15.25) | $ 12.89 | $ (9.39) | $ (14.26) | $ (3.14) | $ 9.82 | $ (9.24) | $ (14.48) | $ 4.17 | $ 8.83 | $ (11.62) | $ (18.89) | $ (16.81) | $ (13.09) |
Allocation of earnings to Class B units relative to allocation to Class A units | 6 | ||||||||||||||
Class A Limited Partner Units | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Limited partner unitholders' interest in net earnings (loss) | $ (91,751,000) | $ (81,674,000) | $ (63,605,000) | ||||||||||||
Weighted average common units outstanding, basic and diluted | shares | 4,857,600 | 4,857,600 | 4,857,600 | ||||||||||||
Basic and diluted net earnings (loss) per limited partner unit | $ / shares | $ (18.89) | $ (16.81) | $ (13.09) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Deferred income tax expense (benefit) | $ 2,000 | $ 554,000 | $ 143,000 |
Deferred tax assets | 5,000 | 4,000 | |
Ferrellgas Partners Finance Corp. [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, operating loss carryforwards | 8,032,000 | ||
Net operating loss carryforward | 38,248,000 | ||
Valuation allowance provided for deferred tax asset | 8,032,000 | ||
Deferred income tax expense (benefit) | 0 | 0 | 0 |
Deferred tax assets | 0 | 0 | |
Ferrellgas Finance Corp. [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, operating loss carryforwards | 21,541,000 | ||
Net operating loss carryforward | 102,578,000 | ||
Valuation allowance provided for deferred tax asset | 21,541,000 | ||
Deferred income tax expense (benefit) | 0 | 0 | $ 0 |
Deferred tax assets | $ 0 | $ 0 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Goodwill, Impairment Loss | $ 0 | ||||||||||||||
Revenues | $ 335,126 | $ 564,730 | $ 553,560 | $ 300,894 | $ 281,649 | $ 412,130 | $ 510,833 | $ 293,214 | $ 279,081 | $ 479,625 | $ 573,377 | $ 352,309 | 1,754,310 | $ 1,497,826 | $ 1,684,392 |
Net income (loss) | (19,216) | (67,435) | 63,991 | (46,453) | (71,672) | 20,760 | 43,875 | (57,508) | (69,113) | (83,002) | (64,545) | ||||
Net earnings (loss) | (18,822) | (66,794) | 63,267 | (46,062) | (69,969) | (15,393) | 48,207 | (45,344) | (71,037) | 20,461 | 43,344 | (57,015) | (68,411) | (82,499) | (64,247) |
Limited partner unitholders' interest in net earnings (loss) | $ (34,727) | $ (74,057) | $ 62,634 | $ (45,601) | $ (69,269) | $ (15,239) | $ 47,725 | $ (44,891) | $ (70,327) | $ 20,256 | $ 42,911 | $ (56,445) | $ (91,751) | $ (81,674) | $ (63,605) |
Basic and diluted net earnings (loss) per limited partner unit | $ (7.15) | $ (15.25) | $ 12.89 | $ (9.39) | $ (14.26) | $ (3.14) | $ 9.82 | $ (9.24) | $ (14.48) | $ 4.17 | $ 8.83 | $ (11.62) | $ (18.89) | $ (16.81) | $ (13.09) |
Loss on extinguishment of debt | $ (5,100) | $ 109,900 | $ 37,400 | $ 104,834 | $ 37,399 | $ 0 | |||||||||
Propane and related equipment sales [Member] | |||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Gross margin from propane and other gas liquids sales (a) | 142,187 | 243,650 | $ 257,657 | $ 143,422 | $ 140,497 | 215,480 | $ 247,404 | $ 139,357 | $ 127,764 | $ 209,167 | $ 238,581 | $ 130,830 | |||
Consolidated Midstream Operations [Member] | |||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Net income (loss) | (70,605) | (15,471) | 48,791 | (45,717) | |||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Goodwill, Impairment Loss | 0 | ||||||||||||||
Revenues | 335,126 | 564,730 | 553,560 | 300,894 | 281,649 | 412,130 | 510,833 | 293,214 | 279,081 | 479,625 | 573,377 | 352,309 | 1,754,310 | 1,497,826 | 1,684,392 |
Net income (loss) | (22,968) | (55,473) | 71,750 | (38,751) | (62,902) | (7,720) | 57,756 | (36,898) | (62,874) | 29,554 | 52,617 | (48,814) | (45,442) | (49,764) | $ (29,517) |
Loss on extinguishment of debt | 108,000 | 37,400 | $ 107,971 | $ 37,399 | |||||||||||
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | |||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Gross margin from propane and other gas liquids sales (a) | $ 142,187 | $ 243,650 | $ 257,657 | $ 143,422 | $ 140,497 | $ 215,480 | $ 247,404 | $ 139,357 | $ 127,764 | $ 209,167 | $ 238,581 | $ 130,830 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | Oct. 08, 2021USD ($)$ / shares | Sep. 14, 2021USD ($) | Mar. 30, 2021USD ($) | Jul. 31, 2021USD ($)item | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Sep. 23, 2021item | Aug. 31, 2019item |
Subsequent Event [Line Items] | ||||||||
Distributions paid | $ 158 | $ 10,229 | ||||||
Class Action Related To Cylinder Fill Level [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of cases | item | 13 | 24 | ||||||
Revolving Credit Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Term | 4 years | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | |||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest coverage ratio | 2.50 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Distributions paid | $ 49,900 | |||||||
Subsequent Event [Member] | Class Action Related To Cylinder Fill Level [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of cases | item | 13 | |||||||
Ferrellgas, L.P. [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Distributions paid | $ 15,654 | $ 41,121 | ||||||
Ferrellgas, L.P. [Member] | Class Action Related To Cylinder Fill Level [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of cases | item | 13 | 24 | ||||||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Term | 4 years | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | $ 350,000 | ||||||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | Minimum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest coverage ratio | 2.50 | |||||||
Ferrellgas, L.P. [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Distributions paid | $ 49,900 | |||||||
Ferrellgas, L.P. [Member] | Subsequent Event [Member] | Class Action Related To Cylinder Fill Level [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of cases | item | 13 | |||||||
Ferrellgas Partners LP [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Distributions paid | $ 49,900 | |||||||
Distribution per unit | $ / shares | $ 38.46 |
Schedule I Parent Only Statemen
Schedule I Parent Only Statements -Balance Sheets (Details) - USD ($) $ in Thousands | Jul. 31, 2021 | Mar. 30, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 |
Assets [Abstract] | |||||
Cash and cash equivalents | $ 281,952 | $ 333,761 | $ 11,054 | $ 119,311 | |
Prepaid expenses and other current assets | 39,092 | 33,098 | |||
Total assets | 1,729,644 | 1,668,190 | |||
Liabilities and Equity [Abstract] | |||||
Current portion of long-term debt | 1,670 | 859,095 | |||
Other current liabilities | 246,000 | 167,466 | |||
Accrued interest | 29,095 | 53,841 | |||
Long-term debt | 1,444,890 | 1,646,396 | |||
Partners' capital (deficit) | |||||
General partner unitholder | (72,178) | (71,287) | |||
Accumulated other comprehensive income (loss) | 88,866 | (2,303) | |||
Total Ferrellgas Partners, L.P. partners' deficit | (815,113) | (1,200,042) | |||
Total liabilities, mezzanine and partners' capital (deficit) | $ 1,729,644 | $ 1,668,190 | |||
Limited partner unitholders, units outstanding | 97,152,665 | ||||
General partner unitholder, units outstanding | 49,496 | 49,496 | |||
Class A Limited Partner Units | |||||
Partners' capital (deficit) | |||||
Limited partner unitholders | $ (1,214,813) | $ (1,126,452) | |||
Limited partner unitholders, units outstanding | 4,857,605 | 4,857,605 | 4,857,605 | ||
Class B Limited Partner Units | |||||
Partners' capital (deficit) | |||||
Limited partner unitholders | $ 383,012 | ||||
Limited partner unitholders, units outstanding | 1,300,000 | ||||
Parent Company [Member] | |||||
Assets [Abstract] | |||||
Cash and cash equivalents | $ 264 | $ 6 | $ 8 | $ 3 | |
Prepaid expenses and other current assets | 19 | 22 | |||
Total assets | 283 | 28 | |||
Liabilities and Equity [Abstract] | |||||
Current portion of long-term debt | 357,000 | ||||
Other current liabilities | 17,219 | 19,305 | |||
Investment in Ferrellgas, L.P. | 798,177 | 823,765 | |||
Partners' capital (deficit) | |||||
General partner unitholder | (72,178) | (71,287) | |||
Accumulated other comprehensive income (loss) | 88,866 | (2,303) | |||
Total Ferrellgas Partners, L.P. partners' deficit | (815,113) | (1,200,042) | |||
Total liabilities, mezzanine and partners' capital (deficit) | $ 283 | $ 28 | |||
General partner unitholder, units outstanding | 49,496 | 49,496 | |||
Parent Company [Member] | Class A Limited Partner Units | |||||
Partners' capital (deficit) | |||||
Limited partner unitholders | $ (1,214,813) | $ (1,126,452) | |||
Limited partner unitholders, units outstanding | 4,857,605 | 4,857,605 | |||
Parent Company [Member] | Class B Limited Partner Units | |||||
Partners' capital (deficit) | |||||
Limited partner unitholders | $ 383,012 | ||||
Limited partner unitholders, units outstanding | 1,300,000 |
Schedule I Parent Only Statem_2
Schedule I Parent Only Statements - Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | ||||||||||||
General and administrative expense | $ 60,065 | $ 45,752 | $ 59,994 | |||||||||
Operating income | 216,275 | 148,670 | 113,028 | |||||||||
Interest expense | (173,616) | (192,962) | (177,619) | |||||||||
Loss on extinguishment of debt | $ 5,100 | $ (109,900) | $ (37,400) | (104,834) | (37,399) | 0 | ||||||
Other income (expense), net | 4,246 | (460) | 369 | |||||||||
Reorganization expense - professional fees | (10,443) | |||||||||||
Income tax expense (benefit) | 741 | 851 | 323 | |||||||||
Net earnings (loss) | $ (19,216) | $ (67,435) | $ 63,991 | $ (46,453) | $ (71,672) | $ 20,760 | $ 43,875 | $ (57,508) | (69,113) | (83,002) | (64,545) | |
Parent Company [Member] | ||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | (44,740) | (49,261) | (29,219) | |||||||||
General and administrative expense | 389 | 116 | 14 | |||||||||
Operating income | (45,129) | (49,377) | (29,233) | |||||||||
Interest expense | (13,771) | (33,073) | (34,984) | |||||||||
Loss on extinguishment of debt | 3,137 | |||||||||||
Other income (expense), net | (2,191) | |||||||||||
Reorganization expense - professional fees | (10,443) | |||||||||||
Income tax expense (benefit) | 14 | 49 | 30 | |||||||||
Net earnings (loss) | $ (68,411) | $ (82,499) | $ (64,247) |
Schedule I Parent Only Statem_3
Schedule I Parent Only Statements -Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | |
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ (19,216) | $ (67,435) | $ 63,991 | $ (46,453) | $ (71,672) | $ 20,760 | $ 43,875 | $ (57,508) | $ (69,113) | $ (83,002) | $ (64,545) | |
Reconciliation of net earnings to net cash used in operating activities: | ||||||||||||
Other | 8,681 | 12,583 | 12,696 | |||||||||
Loss on extinguishment of debt | (5,100) | $ 109,900 | $ 37,400 | 104,834 | 37,399 | 0 | ||||||
Net cash provided by (used in) operating activities | 206,428 | 130,358 | 15,075 | |||||||||
Cash flows from investing activities: | ||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (6,567) | (10,195) | (13,551) | |||||||||
Net cash used in investing activities | (60,953) | (71,296) | (124,327) | |||||||||
Cash flows from financing activities: | ||||||||||||
Distributions | 0 | 0 | (9,814) | |||||||||
Cash paid for financing costs | (44,290) | (29,458) | (548) | |||||||||
Fees in connection with Class B Unit exchange | (1,988) | 0 | 0 | |||||||||
Make-whole payments | (1,964) | 0 | 0 | |||||||||
Proceeds from issuance of long-term debt | 1,475,000 | 703,750 | 0 | |||||||||
Payments on long-term debt | (2,120) | (1,994) | (2,428) | |||||||||
Net cash provided by (used in) financing activities | (197,284) | 263,645 | 995 | |||||||||
Increase (decrease) in cash and cash equivalents | (51,809) | 322,707 | (108,257) | |||||||||
Cash and cash equivalents - beginning of year | 333,761 | 119,311 | 333,761 | 11,054 | 119,311 | |||||||
Cash, cash equivalents and restricted cash - end of year | 281,952 | 11,054 | 281,952 | 333,761 | 11,054 | |||||||
Parent Company [Member] | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | (68,411) | (82,499) | (64,247) | |||||||||
Reconciliation of net earnings to net cash used in operating activities: | ||||||||||||
Other | 16,208 | 17,749 | 4,141 | |||||||||
Loss on extinguishment of debt | (3,137) | |||||||||||
Equity in (earnings) loss of Ferrellgas, L.P. | 44,740 | 49,261 | 29,219 | |||||||||
Net cash provided by (used in) operating activities | (10,600) | (15,489) | (30,887) | |||||||||
Cash flows from investing activities: | ||||||||||||
Distributions received from Ferrellgas, L.P. | 15,496 | 40,706 | ||||||||||
Loan from Ferrellgas L.P. | 14,810 | |||||||||||
Net cash used in investing activities | 14,810 | 15,496 | 40,706 | |||||||||
Cash flows from financing activities: | ||||||||||||
Distributions | (9,814) | |||||||||||
Cash paid for financing costs | (9) | |||||||||||
Fees in connection with Class B Unit exchange | (1,988) | |||||||||||
Make-whole payments | (1,964) | |||||||||||
Net cash provided by (used in) financing activities | (3,952) | (9) | (9,814) | |||||||||
Increase (decrease) in cash and cash equivalents | 258 | (2) | 5 | |||||||||
Cash and cash equivalents - beginning of year | $ 6 | $ 3 | 6 | 8 | 3 | |||||||
Cash, cash equivalents and restricted cash - end of year | $ 264 | $ 8 | $ 264 | $ 6 | $ 8 |
Schedule II Valuation And Qua_2
Schedule II Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | Feb. 01, 2021 | Jan. 27, 2021 | Jan. 31, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2019 |
Jamex Marketing LLC [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Note receivable, original principal amount | $ 2,500 | $ 18,300 | ||||
Notes receivable, payment due | $ 1,500 | 1,500 | 2,500 | |||
Notes receivable, amount reserved | $ 2,500 | 17,300 | ||||
Notes receivable, current | 12,500 | |||||
Allowance For Doubtful Accounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at beginning of period | 14,124 | 2,463 | $ 2,455 | |||
Charged to cost / expenses | 2,323 | 2,279 | 1,525 | |||
Other | 809 | 9,382 | (1,517) | |||
Balance at end of period | 17,256 | 14,124 | 2,463 | |||
Allowance For Doubtful Accounts [Member] | Jamex Marketing LLC [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Other | $ (500) | |||||
Ferrellgas, L.P. [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Note receivable, original principal amount | 14,810 | |||||
Ferrellgas, L.P. [Member] | Jamex Marketing LLC [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Note receivable, original principal amount | 2,500 | 18,300 | ||||
Notes receivable, payment due | $ 1,500 | $ 1,500 | 2,500 | |||
Notes receivable, amount reserved | 2,500 | 17,300 | ||||
Notes receivable, current | 12,500 | |||||
Ferrellgas, L.P. [Member] | Allowance For Doubtful Accounts [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Balance at beginning of period | 14,124 | 2,463 | 2,455 | |||
Charged to cost / expenses | 2,323 | 2,279 | 1,525 | |||
Other | 809 | 9,382 | (1,517) | |||
Balance at end of period | $ 17,256 | $ 14,124 | $ 2,463 | |||
Ferrellgas, L.P. [Member] | Allowance For Doubtful Accounts [Member] | Jamex Marketing LLC [Member] | ||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||
Other | $ (500) |