Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Apr. 30, 2014 | 31-May-14 | |
Entity Registrant Name | 'FERRELLGAS PARTNERS L P | ' |
Entity Central Index Key | '0000922358 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Apr-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 81,228,237 |
Trading Symbol | 'fgp | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Ferrellgas Partners Finance Corp. [Member] | ' | ' |
Entity Registrant Name | 'FERRELLGAS PARTNERS FINANCE CORP | ' |
Entity Central Index Key | '0001012493 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Apr-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Ferrellgas, L.P. [Member] | ' | ' |
Entity Registrant Name | 'FERRELLGAS L P | ' |
Entity Central Index Key | '0000922359 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Apr-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Ferrellgas Finance Corp. [Member] | ' | ' |
Entity Registrant Name | 'FERRELLGAS FINANCE CORP | ' |
Entity Central Index Key | '0000922360 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Apr-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $134,397,000 | $6,464,000 |
Accounts and notes receivable, net | 247,576,000 | 131,791,000 |
Inventories | 110,721,000 | 117,116,000 |
Prepaid expenses and other current assets | 37,496,000 | 25,608,000 |
Total current assets | 530,190,000 | 280,979,000 |
Property, plant and equipment, net | 584,991,000 | 589,727,000 |
Goodwill | 253,331,000 | 253,362,000 |
Intangible assets, net | 177,817,000 | 189,516,000 |
Other assets, net | 43,540,000 | 42,444,000 |
Total assets | 1,589,869,000 | 1,356,028,000 |
Current liabilities: | ' | ' |
Accounts payable | 79,105,000 | 49,128,000 |
Short-term borrowings | 77,956,000 | 50,054,000 |
Collateralized note payable | 155,000,000 | 82,000,000 |
Other current liabilities | 129,124,000 | 121,102,000 |
Total current liabilities | 441,185,000 | 302,284,000 |
Long-term debt | 1,205,370,000 | 1,106,940,000 |
Other liabilities | 32,238,000 | 33,431,000 |
Contingencies and commitments | ' | ' |
Partners' capital (deficit) | ' | ' |
Common unitholders | -39,292,000 | -28,931,000 |
General partner unitholder | -60,467,000 | -60,362,000 |
Accumulated other comprehensive income | 9,848,000 | 1,697,000 |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | -89,911,000 | -87,596,000 |
Noncontrolling interest | 987,000 | 969,000 |
Total partners' capital (deficit) | -88,924,000 | -86,627,000 |
Total liabilities and partners' capital (deficit) | 1,589,869,000 | 1,356,028,000 |
Ferrellgas Partners Finance Corp. [Member] | ' | ' |
Current assets: | ' | ' |
Cash | 969 | 969 |
Total assets | 969 | 969 |
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 | 13,132 | 12,957 |
Accumulated deficit | -13,163 | -12,988 |
Total stockholder's equity | 969 | 969 |
Ferrellgas, L.P. [Member] | ' | ' |
Current assets: | ' | ' |
Cash and cash equivalents | 134,279,000 | 6,307,000 |
Accounts and notes receivable, net | 247,576,000 | 131,791,000 |
Inventories | 110,721,000 | 117,116,000 |
Prepaid expenses and other current assets | 37,456,000 | 25,582,000 |
Total current assets | 530,032,000 | 280,796,000 |
Property, plant and equipment, net | 584,991,000 | 589,727,000 |
Goodwill | 253,331,000 | 253,362,000 |
Intangible assets, net | 177,817,000 | 189,516,000 |
Other assets, net | 40,985,000 | 39,531,000 |
Total assets | 1,587,156,000 | 1,352,932,000 |
Current liabilities: | ' | ' |
Accounts payable | 79,105,000 | 49,128,000 |
Short-term borrowings | 77,956,000 | 50,054,000 |
Collateralized note payable | 155,000,000 | 82,000,000 |
Other current liabilities | 123,053,000 | 118,903,000 |
Total current liabilities | 435,114,000 | 300,085,000 |
Long-term debt | 1,023,370,000 | 924,940,000 |
Other liabilities | 32,238,000 | 33,431,000 |
Contingencies and commitments | ' | ' |
Partners' capital (deficit) | ' | ' |
Common unitholders | 85,599,000 | 91,810,000 |
General partner unitholder | 873,000 | 938,000 |
Accumulated other comprehensive income | 9,962,000 | 1,728,000 |
Total partners' capital (deficit) | 96,434,000 | 94,476,000 |
Total liabilities and partners' capital (deficit) | 1,587,156,000 | 1,352,932,000 |
Ferrellgas Finance Corp. [Member] | ' | ' |
Current assets: | ' | ' |
Cash | 1,100 | 1,100 |
Total assets | 1,100 | 1,100 |
Current liabilities: | ' | ' |
Contingencies and commitments | ' | ' |
STOCKHOLDER'S EQUITY | ' | ' |
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 48,835 | 43,870 |
Accumulated deficit | -48,735 | -43,770 |
Total stockholder's equity | $1,100 | $1,100 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable pledged as collateral | $230,798 | $130,025 |
Property, plant and equipment accumulated depreciation | 624,266 | 617,541 |
Intangible assets accumulated amortization | 363,193 | 346,618 |
Common unitholders, units outstanding | 79,187,419 | 79,072,819 |
General partner unitholder, units outstanding | 799,873 | 798,715 |
Ferrellgas Partners Finance Corp. [Member] | ' | ' |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ' | ' |
Accounts receivable pledged as collateral | 230,798 | 130,025 |
Property, plant and equipment accumulated depreciation | 624,266 | 617,541 |
Intangible assets accumulated amortization | $363,193 | $346,618 |
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_Ear
Consolidated Statements Of Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Propane and other gas liquids sales | $625,117,000 | $508,408,000 | $1,796,786,000 | $1,426,763,000 |
Other | 97,000,000 | 94,612,000 | 210,044,000 | 198,031,000 |
Total revenues | 722,117,000 | 603,020,000 | 2,006,830,000 | 1,624,794,000 |
Costs and expenses: | ' | ' | ' | ' |
Cost of product sold - propane and other gas liquids sales | 422,256,000 | 313,207,000 | 1,232,516,000 | 903,100,000 |
Cost of product sold - other | 69,388,000 | 66,714,000 | 131,443,000 | 123,348,000 |
Operating expense | 115,089,000 | 107,610,000 | 337,135,000 | 310,947,000 |
Depreciation and amortization expense | 20,913,000 | 20,896,000 | 61,771,000 | 62,522,000 |
General and administrative expense | 16,860,000 | 15,232,000 | 47,749,000 | 39,104,000 |
Equipment lease expense | 4,638,000 | 4,098,000 | 12,978,000 | 11,848,000 |
Non-cash employee stock ownership plan compensation charge | 3,710,000 | 2,824,000 | 10,389,000 | 12,673,000 |
Loss on disposal of assets | 1,732,000 | 3,337,000 | 3,426,000 | 5,728,000 |
Operating income | 67,531,000 | 69,102,000 | 169,423,000 | 155,524,000 |
Interest expense | -20,189,000 | -22,084,000 | -64,372,000 | -67,138,000 |
Loss on extinguishment of debt | ' | 0 | -21,202,000 | 0 |
Other income, net | 225,000 | 185,000 | 498,000 | 517,000 |
Earnings before income taxes | 47,567,000 | 47,203,000 | 84,347,000 | 88,903,000 |
Income tax expense | 1,677,000 | 2,023,000 | 2,391,000 | 2,676,000 |
Net earnings (loss) | 45,890,000 | 45,180,000 | 81,956,000 | 86,227,000 |
Net earnings attributable to noncontrolling interest | 505,000 | 499,000 | 950,000 | 997,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | 45,385,000 | 44,681,000 | 81,006,000 | 85,230,000 |
Less: General partner's interest in net earnings | 454,000 | 447,000 | 810,000 | 852,000 |
Common unitholders' interest in net earnings | 44,931,000 | 44,234,000 | 80,196,000 | 84,378,000 |
Basic and diluted net earnings per common unitholders' interest | $0.57 | $0.56 | $1.01 | $1.07 |
Cash distributions declared per common unit | $0.50 | $0.50 | $1.50 | $1.50 |
Ferrellgas Partners Finance Corp. [Member] | ' | ' | ' | ' |
Costs and expenses: | ' | ' | ' | ' |
General and administrative expense | 125 | 0 | 175 | 215 |
Net earnings (loss) | -125 | 0 | -175 | -215 |
Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Propane and other gas liquids sales | 625,117,000 | 508,408,000 | 1,796,786,000 | 1,426,763,000 |
Other | 97,000,000 | 94,612,000 | 210,044,000 | 198,031,000 |
Total revenues | 722,117,000 | 603,020,000 | 2,006,830,000 | 1,624,794,000 |
Costs and expenses: | ' | ' | ' | ' |
Cost of product sold - propane and other gas liquids sales | 422,256,000 | 313,207,000 | 1,232,516,000 | 903,100,000 |
Cost of product sold - other | 69,388,000 | 66,714,000 | 131,443,000 | 123,348,000 |
Operating expense | 115,014,000 | 107,453,000 | 337,180,000 | 310,660,000 |
Depreciation and amortization expense | 20,913,000 | 20,896,000 | 61,771,000 | 62,522,000 |
General and administrative expense | 16,860,000 | 15,232,000 | 47,749,000 | 39,104,000 |
Equipment lease expense | 4,638,000 | 4,098,000 | 12,978,000 | 11,848,000 |
Non-cash employee stock ownership plan compensation charge | 3,710,000 | 2,824,000 | 10,389,000 | 12,673,000 |
Loss on disposal of assets | 1,732,000 | 3,337,000 | 3,426,000 | 5,728,000 |
Operating income | 67,606,000 | 69,259,000 | 169,378,000 | 155,811,000 |
Interest expense | -16,146,000 | -18,040,000 | -52,242,000 | -55,010,000 |
Loss on extinguishment of debt | 0 | 0 | -21,202,000 | 0 |
Other income, net | 225,000 | 185,000 | 498,000 | 517,000 |
Earnings before income taxes | 51,685,000 | 51,404,000 | 96,432,000 | 101,318,000 |
Income tax expense | 1,632,000 | 2,008,000 | 2,346,000 | 2,661,000 |
Net earnings (loss) | 50,053,000 | 49,396,000 | 94,086,000 | 98,657,000 |
Ferrellgas Finance Corp. [Member] | ' | ' | ' | ' |
Costs and expenses: | ' | ' | ' | ' |
General and administrative expense | 125 | 0 | 4,965 | 4,675 |
Net earnings (loss) | ($125) | $0 | ($4,965) | ($4,675) |
Consolidated_Statements_Of_Ear1
Consolidated Statements Of Earnings (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Operating Expense [Member] | ' | ' | ' | ' |
Non-cash stock and unit-based compensation | $1.20 | $0.40 | $3.50 | $1.70 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Non-cash stock and unit-based compensation | 1.2 | 0.4 | 3.5 | 1.7 |
General And Administrative Expense [Member] | ' | ' | ' | ' |
Non-cash stock and unit-based compensation | 4.7 | 1.8 | 12.7 | 6.7 |
General And Administrative Expense [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Non-cash stock and unit-based compensation | $4.70 | $1.80 | $12.70 | $6.70 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | |
Net earnings | $45,890,000 | $45,180,000 | $81,956,000 | $86,227,000 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Change in value of risk management derivatives | 660,000 | 1,032,000 | 17,047,000 | 1,103,000 |
Reclassification of derivative gains and losses to earnings | -3,885,000 | 1,723,000 | -8,640,000 | 10,348,000 |
Foreign currency translation adjustment | -38,000 | -20,000 | -173,000 | -17,000 |
Other comprehensive income (loss) | -3,263,000 | 2,735,000 | 8,234,000 | 11,434,000 |
Comprehensive income | 42,627,000 | 47,915,000 | 90,190,000 | 97,661,000 |
Less: Comprehensive income attributable to noncontrolling interest | 472,000 | 528,000 | 1,033,000 | 1,113,000 |
Comprehensive income attributable to Ferrellgas Partners, LP | 42,155,000 | 47,387,000 | 89,157,000 | 96,548,000 |
Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Net earnings | 50,053,000 | 49,396,000 | 94,086,000 | 98,657,000 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Change in value of risk management derivatives | 660,000 | 1,032,000 | 17,047,000 | 1,103,000 |
Reclassification of derivative gains and losses to earnings | -3,885,000 | 1,723,000 | -8,640,000 | 10,348,000 |
Foreign currency translation adjustment | -38,000 | -20,000 | -173,000 | -17,000 |
Other comprehensive income (loss) | -3,263,000 | 2,735,000 | 8,234,000 | 11,434,000 |
Comprehensive income | $46,790,000 | $52,131,000 | $102,320,000 | $110,091,000 |
Consolidated_Statements_Of_Par
Consolidated Statements Of Partners' Capital (Deficit) (USD $) | Total | Accumulated Other Comprehensive Income (Loss) | Total Ferrellgas Partners, L.P. Partners' Capital (Deficit) [Member] | Non-Controlling Interest [Member] | Common Unitholders [Member] | General Partner Unitholder [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] |
Accumulated Other Comprehensive Income (Loss) | Common Unitholders [Member] | General Partner Unitholder [Member] | ||||||||
Partners' capital balance at Jul. 31, 2013 | ($86,627,000) | $1,697,000 | ($87,596,000) | $969,000 | ($28,931,000) | ($60,362,000) | $94,476,000 | $1,728,000 | $91,810,000 | $938,000 |
Partners' capital balance (in units) at Jul. 31, 2013 | ' | ' | ' | ' | 79,072,800 | 798,700 | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 26,571,000 | ' | 26,303,000 | 268,000 | 26,040,000 | 263,000 | 26,571,000 | ' | 26,303,000 | 268,000 |
Distributions | -121,205,000 | ' | -119,901,000 | -1,304,000 | -118,702,000 | -1,199,000 | -129,054,000 | ' | -127,750,000 | -1,304,000 |
Issuance of common units in connection with acquisitions - units | ' | ' | ' | ' | 62,600 | 700 | ' | ' | ' | ' |
Issuance of common units in connection with acquisitions - value | 1,530,000 | ' | 1,515,000 | 15,000 | 1,500,000 | 15,000 | 1,515,000 | ' | 1,500,000 | 15,000 |
Contributions from partners | ' | ' | ' | ' | ' | ' | 606,000 | ' | 600,000 | 6,000 |
Exercise of common unit options -units | ' | ' | ' | ' | 52,000 | 500 | ' | ' | ' | ' |
Exercise of common unit options - value | 617,000 | ' | 611,000 | 6,000 | 605,000 | 6,000 | ' | ' | ' | ' |
Net earnings | 81,956,000 | ' | 81,006,000 | 950,000 | 80,196,000 | 810,000 | 94,086,000 | ' | 93,136,000 | 950,000 |
Other comprehensive income | 8,234,000 | 8,151,000 | 8,151,000 | 83,000 | ' | ' | 8,234,000 | 8,234,000 | ' | ' |
Partners' capital balance at Apr. 30, 2014 | -88,924,000 | 9,848,000 | -89,911,000 | 987,000 | -39,292,000 | -60,467,000 | 96,434,000 | 9,962,000 | 85,599,000 | 873,000 |
Partners' capital balance (in units) at Apr. 30, 2014 | ' | ' | ' | ' | 79,187,400 | 799,900 | ' | ' | ' | ' |
Partners' capital balance at Jan. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | 45,890,000 | ' | ' | ' | ' | ' | 50,053,000 | ' | ' | ' |
Other comprehensive income | -3,263,000 | ' | ' | ' | ' | ' | -3,263,000 | ' | ' | ' |
Partners' capital balance at Apr. 30, 2014 | ($88,924,000) | ' | ' | ' | ' | ' | $96,434,000 | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Cash flows provided by (used in) operating activities: | ' | ' |
Net earnings (loss) | $81,956,000 | $86,227,000 |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization expense | 61,771,000 | 62,522,000 |
Non-cash employee stock ownership plan compensation charge | 10,389,000 | 12,673,000 |
Non-cash stock and unit-based compensation charge | 16,182,000 | 8,434,000 |
Loss on disposal of assets | 3,426,000 | 5,728,000 |
Non-cash loss on extinguishment of debt | 6,526,000 | 0 |
Provision for doubtful accounts | 3,797,000 | 2,373,000 |
Deferred tax expense | 197,000 | 1,303,000 |
Other | 4,368,000 | 3,170,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ' | ' |
Accounts and notes receivable, net of securitization | -120,224,000 | -68,007,000 |
Inventories | 6,425,000 | 25,915,000 |
Prepaid expenses and other current assets | -6,028,000 | 8,052,000 |
Accounts payable | 29,193,000 | 22,245,000 |
Accrued interest expense | 13,760,000 | 5,083,000 |
Other current liabilities | -5,141,000 | -2,852,000 |
Other liabilities | -2,718,000 | 379,000 |
Net cash provided by (used in) operating activities | 103,879,000 | 173,245,000 |
Cash flows provided by (used in) investing activities: | ' | ' |
Business acquisitions, net of cash acquired | -7,077,000 | -37,186,000 |
Capital expenditures | -41,222,000 | -33,263,000 |
Proceeds from sale of assets | 3,267,000 | 8,013,000 |
Other | -24,000 | 0 |
Net cash used in investing activities | -45,056,000 | -62,436,000 |
Cash flows provided by (used in) financing activities: | ' | ' |
Distributions | -119,901,000 | -119,748,000 |
Proceeds from issuance of long-term debt | 459,952,000 | 48,163,000 |
Payments on long-term debt | -363,058,000 | -2,641,000 |
Net additions to (reductions in) short-term borrowings | 27,902,000 | -74,280,000 |
Net additions to collateralized short-term borrowings | 73,000,000 | 42,000,000 |
Cash paid for financing costs | -7,925,000 | 0 |
Noncontrolling interest activity | -1,298,000 | -1,297,000 |
Proceeds from exercise of common unit options | 605,000 | 833,000 |
Contributions from partners | 6,000 | 9,000 |
Net cash provided by (used in) financing activities | 69,283,000 | -106,961,000 |
Effect of exchange rate changes on cash | -173,000 | -17,000 |
Net change in cash and cash equivalents | 127,933,000 | 3,831,000 |
Cash and cash equivalents - beginning of period | 6,464,000 | 8,429,000 |
Cash and cash equivalents - end of period | 134,397,000 | 12,260,000 |
Ferrellgas Partners Finance Corp. [Member] | ' | ' |
Cash flows provided by (used in) operating activities: | ' | ' |
Net earnings (loss) | -175 | -215 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ' | ' |
Net cash provided by (used in) operating activities | -175 | -215 |
Cash flows provided by (used in) financing activities: | ' | ' |
Capital contribution | 175 | 215 |
Net cash provided by (used in) financing activities | 175 | 215 |
Net change in cash | 0 | 0 |
Cash - beginning of period | 969 | 969 |
Cash - end of period | 969 | 969 |
Ferrellgas, L.P. [Member] | ' | ' |
Cash flows provided by (used in) operating activities: | ' | ' |
Net earnings (loss) | 94,086,000 | 98,657,000 |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization expense | 61,771,000 | 62,522,000 |
Non-cash employee stock ownership plan compensation charge | 10,389,000 | 12,673,000 |
Non-cash stock and unit-based compensation charge | 16,182,000 | 8,434,000 |
Loss on disposal of assets | 3,426,000 | 5,728,000 |
Non-cash loss on extinguishment of debt | 6,526,000 | 0 |
Provision for doubtful accounts | 3,797,000 | 2,373,000 |
Deferred tax expense | 197,000 | 1,303,000 |
Other | 4,010,000 | 2,840,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ' | ' |
Accounts and notes receivable, net of securitization | -120,224,000 | -68,007,000 |
Inventories | 6,425,000 | 25,915,000 |
Prepaid expenses and other current assets | -6,014,000 | 8,035,000 |
Accounts payable | 29,193,000 | 22,245,000 |
Accrued interest expense | 9,838,000 | 1,159,000 |
Other current liabilities | -5,091,000 | -3,039,000 |
Other liabilities | -2,718,000 | 379,000 |
Net cash provided by (used in) operating activities | 111,793,000 | 181,217,000 |
Cash flows provided by (used in) investing activities: | ' | ' |
Business acquisitions, net of cash acquired | -7,092,000 | -37,186,000 |
Capital expenditures | -41,222,000 | -33,263,000 |
Proceeds from sale of assets | 3,267,000 | 8,013,000 |
Other | -24,000 | 0 |
Net cash used in investing activities | -45,071,000 | -62,436,000 |
Cash flows provided by (used in) financing activities: | ' | ' |
Distributions | -129,054,000 | -128,899,000 |
Proceeds from issuance of long-term debt | 459,952,000 | 48,163,000 |
Payments on long-term debt | -363,058,000 | -2,641,000 |
Net additions to (reductions in) short-term borrowings | 27,902,000 | -74,280,000 |
Net additions to collateralized short-term borrowings | 73,000,000 | 42,000,000 |
Cash paid for financing costs | -7,925,000 | 0 |
Contributions from partners | 606,000 | 455,000 |
Net cash provided by (used in) financing activities | 61,423,000 | -115,202,000 |
Effect of exchange rate changes on cash | -173,000 | -17,000 |
Net change in cash and cash equivalents | 127,972,000 | 3,562,000 |
Cash and cash equivalents - beginning of period | 6,307,000 | 8,218,000 |
Cash and cash equivalents - end of period | 134,279,000 | 11,780,000 |
Ferrellgas Finance Corp. [Member] | ' | ' |
Cash flows provided by (used in) operating activities: | ' | ' |
Net earnings (loss) | -4,965 | -4,675 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ' | ' |
Net cash provided by (used in) operating activities | -4,965 | -4,675 |
Cash flows provided by (used in) financing activities: | ' | ' |
Capital contribution | 4,965 | 4,675 |
Net cash provided by (used in) financing activities | 4,965 | 4,675 |
Net change in cash | 0 | 0 |
Cash - beginning of period | 1,100 | 1,100 |
Cash - end of period | $1,100 | $1,100 |
Partnership_Organization_And_F
Partnership Organization And Formation | 9 Months Ended |
Apr. 30, 2014 | |
Partnership Organization And Formation | ' |
Partnership organization and formation | |
Ferrellgas Partners, L.P. (“Ferrellgas Partners”) is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of April 30, 2014, Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 21.7 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner") has retained a 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. The general partner performs all management functions required by Ferrellgas. | |
Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas has a single reportable operating segment. | |
The operating partnership is engaged primarily in the distribution of propane and related equipment and supplies in the United States. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Therefore, the results of operations for the nine months ended April 30, 2014 and 2013 are not necessarily indicative of the results to be expected for a full fiscal year. The operating partnership serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. | |
The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas' Annual Report on Form 10-K for fiscal 2013. | |
Ferrellgas Partners Finance Corp. [Member] | ' |
Partnership Organization And Formation | ' |
Formation | |
Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”). | |
The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. | |
The Finance Corp. has nominal assets, does not conduct any operations and has no employees. | |
Ferrellgas, L.P. [Member] | ' |
Partnership Organization And Formation | ' |
Partnership organization and formation | |
Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P. | |
Ferrellgas, L.P. owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas, L.P. | |
Ferrellgas, L.P. is engaged primarily in the distribution of propane and related equipment and supplies in the United States. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Therefore, the results of operations for the nine months ended April 30, 2014 and 2013 are not necessarily indicative of the results to be expected for a full fiscal year. Ferrellgas, L.P. serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. | |
The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10-K for fiscal 2013. | |
Ferrellgas Finance Corp. [Member] | ' |
Partnership Organization And Formation | ' |
Formation | |
Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). | |
The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. | |
The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Significant Accounting Policies [Line Items] | ' | |||||||
Summary Of Significant Accounting Policies | ' | |||||||
Summary of significant accounting policies | ||||||||
(1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, valuation methods used to value intangibles and goodwill in business combinations, allowance for doubtful accounts, fair value of reporting units, fair values of derivative contracts, and stock and unit-based compensation calculations. | ||||||||
(2) Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the nine months ended April 30, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 48,888 | $ | 58,262 | ||||
Income taxes | $ | 403 | $ | 88 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Issuance of common units in connection with acquisitions | $ | 1,500 | $ | — | ||||
Liabilities incurred in connection with acquisitions | $ | 887 | $ | 8,047 | ||||
Change in accruals for property, plant and equipment additions | $ | 1,318 | $ | 449 | ||||
Ferrellgas, L.P. [Member] | ' | |||||||
Significant Accounting Policies [Line Items] | ' | |||||||
Summary Of Significant Accounting Policies | ' | |||||||
Summary of significant accounting policies | ||||||||
(1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, valuation methods used to value intangibles and goodwill in business combinations, allowance for doubtful accounts, fair value of reporting units, fair value of derivative contracts, and stock and unit-based compensation calculations. | ||||||||
(2) Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the nine months ended April 30, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 40,394 | $ | 50,413 | ||||
Income taxes | $ | 358 | $ | 73 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Assets contributed from Ferrellgas Partners in connection with acquisitions | $ | 1,500 | $ | — | ||||
Liabilities incurred in connection with acquisitions | $ | 887 | $ | 8,047 | ||||
Change in accruals for property, plant and equipment additions | $ | 1,318 | $ | 449 | ||||
Supplemental_Financial_Stateme
Supplemental Financial Statement Information | 9 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Supplemental Financial Statement Information | ' | ||||||||||||||||
Supplemental financial statement information | |||||||||||||||||
Inventories consist of the following: | |||||||||||||||||
April 30, 2014 | July 31, 2013 | ||||||||||||||||
Propane gas and related products | $ | 84,921 | $ | 94,946 | |||||||||||||
Appliances, parts and supplies | 25,800 | 22,170 | |||||||||||||||
Inventories | $ | 110,721 | $ | 117,116 | |||||||||||||
In addition to inventories on hand, Ferrellgas enters into contracts primarily to buy propane for supply procurement purposes with terms up to 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2014, Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 21.2 million gallons of propane at fixed prices. | |||||||||||||||||
Other current liabilities consist of the following: | |||||||||||||||||
April 30, 2014 | July 31, 2013 | ||||||||||||||||
Accrued interest | $ | 33,555 | $ | 19,795 | |||||||||||||
Accrued payroll | 30,411 | 30,295 | |||||||||||||||
Customer deposits and advances | 15,521 | 20,420 | |||||||||||||||
Other | 49,637 | 50,592 | |||||||||||||||
Other current liabilities | $ | 129,124 | $ | 121,102 | |||||||||||||
Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating expense | $ | 47,967 | $ | 49,633 | $ | 148,700 | $ | 141,794 | |||||||||
Depreciation and amortization expense | 1,492 | 1,371 | 4,347 | 4,298 | |||||||||||||
Equipment lease expense | 4,149 | 3,555 | 11,543 | 10,435 | |||||||||||||
$ | 53,608 | $ | 54,559 | $ | 164,590 | $ | 156,527 | ||||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||
Supplemental Financial Statement Information | ' | ||||||||||||||||
Supplemental financial statement information | |||||||||||||||||
Inventories consist of the following: | |||||||||||||||||
April 30, 2014 | July 31, 2013 | ||||||||||||||||
Propane gas and related products | $ | 84,921 | $ | 94,946 | |||||||||||||
Appliances, parts and supplies | 25,800 | 22,170 | |||||||||||||||
Inventories | $ | 110,721 | $ | 117,116 | |||||||||||||
In addition to inventories on hand, Ferrellgas, L.P. enters into contracts primarily to buy propane for supply procurement purposes with terms up to 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2014, Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 21.2 million gallons of propane at fixed prices. | |||||||||||||||||
Other current liabilities consist of the following: | |||||||||||||||||
April 30, 2014 | July 31, 2013 | ||||||||||||||||
Accrued interest | $ | 27,625 | $ | 17,787 | |||||||||||||
Accrued payroll | 30,411 | 30,295 | |||||||||||||||
Customer deposits and advances | 15,521 | 20,420 | |||||||||||||||
Other | 49,496 | 50,401 | |||||||||||||||
Other current liabilities | $ | 123,053 | $ | 118,903 | |||||||||||||
Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating expense | $ | 47,967 | $ | 49,633 | $ | 148,700 | $ | 141,794 | |||||||||
Depreciation and amortization expense | 1,492 | 1,371 | 4,347 | 4,298 | |||||||||||||
Equipment lease expense | 4,149 | 3,555 | 11,543 | 10,435 | |||||||||||||
$ | 53,608 | $ | 54,559 | $ | 164,590 | $ | 156,527 | ||||||||||
Accounts_And_Notes_Receivable_
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 9 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | ' | |||||||
Accounts and notes receivable, net and accounts receivable securitization | ||||||||
Accounts and notes receivable, net consist of the following: | ||||||||
April 30, 2014 | July 31, 2013 | |||||||
Accounts receivable pledged as collateral | $ | 230,798 | $ | 130,025 | ||||
Accounts receivable | 22,385 | 4,867 | ||||||
Other | 196 | 506 | ||||||
Less: Allowance for doubtful accounts | (5,803 | ) | (3,607 | ) | ||||
Accounts and notes receivable, net | $ | 247,576 | $ | 131,791 | ||||
At April 30, 2014, $230.8 million of trade accounts receivable were pledged as collateral against $155.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2013, $130.0 million of trade accounts receivable were pledged as collateral against $82.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from the operating partnership. The operating partnership does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. | ||||||||
As of April 30, 2014, the operating partnership had received cash proceeds of $155.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2013, the operating partnership had received cash proceeds of $82.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 1.8% and 2.4% as of April 30, 2014 and July 31, 2013, respectively. | ||||||||
Ferrellgas, L.P. [Member] | ' | |||||||
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | ' | |||||||
Accounts and notes receivable, net and accounts receivable securitization | ||||||||
Accounts and notes receivable, net consist of the following: | ||||||||
April 30, 2014 | July 31, 2013 | |||||||
Accounts receivable pledged as collateral | $ | 230,798 | $ | 130,025 | ||||
Accounts receivable | 22,385 | 4,867 | ||||||
Other | 196 | 506 | ||||||
Less: Allowance for doubtful accounts | (5,803 | ) | (3,607 | ) | ||||
Accounts and notes receivable, net | $ | 247,576 | $ | 131,791 | ||||
At April 30, 2014, $230.8 million of trade accounts receivable were pledged as collateral against $155.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2013, $130.0 million of trade accounts receivable were pledged as collateral against $82.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. | ||||||||
As of April 30, 2014, Ferrellgas, L.P. had received cash proceeds of $155.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2013, Ferrellgas, L.P. had received cash proceeds of $82.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 1.8% and 2.4% as of April 30, 2014 and July 31, 2013, respectively. |
Debt
Debt | 9 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Debt | ' | ||||||||
Debt | |||||||||
Short-term borrowings | |||||||||
Ferrellgas classified a portion of its secured credit facility borrowings as short-term because it was used to fund working capital needs and the subsequent acquisition of Sable Environmental, LLC and Sable SWD 2, LLC on May 1, 2014. Management classified these amounts as current due to their intent to pay these amounts down within the 12 month period following each balance sheet date. As of April 30, 2014 and July 31, 2013, $78.0 million and $50.1 million, respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. | |||||||||
Long-term debt | |||||||||
Long-term debt consists of the following: | |||||||||
April 30, 2014 | July 31, 2013 | ||||||||
Senior notes | |||||||||
Fixed rate, 6.50%, due 2021 | $ | 500,000 | $ | 500,000 | |||||
Fixed rate, 6.75%, due 2022 | 325,000 | — | |||||||
Fixed rate, 9.125%, due 2017, net of unamortized discount of $2,556 at July 31, 2013 | — | 297,444 | |||||||
Fixed rate, 8.625%, due 2020 | 182,000 | 182,000 | |||||||
Fair value adjustments related to interest rate swaps | (4,062 | ) | (1,657 | ) | |||||
Secured credit facility | |||||||||
Variable interest rate, expiring October 2018 (net of $78.0 million and $50.1 million classified as short-term borrowings at April 30, 2014 and July 31, 2013, respectively) | 195,644 | 121,346 | |||||||
Notes payable | |||||||||
8.9% and 9.1% weighted average interest rate at April 30, 2014 and July 31, 2013, respectively, due 2014 to 2022, net of unamortized discount of $2,017 and $2,392 at April 30, 2014 and July 31, 2013, respectively | 10,021 | 10,898 | |||||||
1,208,603 | 1,110,031 | ||||||||
Less: current portion, included in other current liabilities on the condensed consolidated balance sheets | 3,233 | 3,091 | |||||||
Long-term debt | $ | 1,205,370 | $ | 1,106,940 | |||||
Senior notes | |||||||||
During November 2013, Ferrellgas issued $325.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to par. Ferrellgas received $319.3 million of net proceeds after deducting underwriters' fees. Ferrellgas used the net proceeds to redeem all of its $300.0 million 9.125% fixed rate senior notes due October 1, 2017. Ferrellgas used the remaining proceeds to pay the related $14.7 million make whole and consent payments, $3.3 million in interest payments and to reduce outstanding indebtedness under the secured credit facility. This redemption also resulted in $6.0 million of non-cash write-offs of unamortized debt discount and related capitalized debt costs. The make whole and consent payments and the non-cash write-offs of unamortized debt discount and related capitalized debt costs are classified as loss on extinguishment of debt. | |||||||||
As a result of the above transactions, the scheduled annual principal payments on long-term debt have been updated as follows: | |||||||||
For the fiscal year ending July 31, | Scheduled annual principal payments | ||||||||
2014 | $ | 520 | |||||||
2015 | 3,103 | ||||||||
2016 | 3,043 | ||||||||
2017 | 2,706 | ||||||||
2018 | 1,124 | ||||||||
Thereafter | 1,204,186 | ||||||||
Total | $ | 1,214,682 | |||||||
Secured credit facility | |||||||||
During October 2013, Ferrellgas executed an amendment to its secured credit facility. This amendment extended the maturity date to October 2018 and increased the size of the facility from $400.0 million to $500.0 million with no change to the size of the letter of credit sublimit which remains at $200.0 million. Ferrellgas incurred a loss on extinguishment of debt of $0.3 million related to the writeoff of capitalized financing costs. Borrowings on the amended secured credit facility bear interest, at our option, at a rate equal to either: | |||||||||
• | for Base Rate Loans or Swing Line Loans, the Base Rate, which is defined as the higher of i) the federal funds rate plus 0.50%, ii) Bank of America’s prime rate; or iii) the Eurodollar Rate plus 1.00%; plus a margin varying from 0.75% to 1.75%; or | ||||||||
• | for Eurodollar Rate Loans, the Eurodollar Rate, which is defined as the LIBOR Rate plus a margin varying from 1.75% to 2.75%. | ||||||||
As of April 30, 2014, Ferrellgas had total borrowings outstanding under its secured credit facility of $273.6 million, of which $195.6 million was classified as long-term debt. As of July 31, 2013, Ferrellgas had total borrowings outstanding under its secured credit facility of $171.4 million, of which $121.3 million was classified as long-term debt. Additionally, Ferrellgas had $166.1 million and $205.4 million of available borrowing capacity under our secured credit facility as of April 30, 2014 and April 30, 2013, respectively. | |||||||||
Borrowings outstanding at April 30, 2014 and July 31, 2013 under the secured credit facilities had weighted average interest rates of 3.3% and 3.7%, respectively. | |||||||||
The obligations under the credit facility are secured by substantially all assets of the operating partnership, the general partner and certain subsidiaries of the operating partnership but specifically excluding (a) assets that are subject to the operating partnership’s accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interest in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of the operating partnership. | |||||||||
Letters of credit outstanding at April 30, 2014 totaled $60.3 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2013 totaled $53.9 million and were used primarily to secure insurance arrangements and, to a lesser extent, commodity hedges and product purchases. At April 30, 2014, Ferrellgas had remaining letter of credit capacity of $139.7 million. At July 31, 2013, Ferrellgas had remaining letter of credit capacity of $146.1 million. | |||||||||
Interest rate swaps | |||||||||
During May 2012, the operating partnership entered into a $140.0 million interest rate swap agreement to hedge against changes in the fair value of a portion of its $300.0 million 9.125% fixed rate senior notes due 2017. The operating partnership received 9.125% and paid one-month LIBOR plus 7.96% on the $140.0 million swapped. The operating partnership accounted for this agreement as a fair value hedge. In October 2013, this interest rate swap was terminated. As a result, the operating partnership discontinued hedge accounting treatment for this agreement at a cost of $0.2 million, which was classified as loss on extinguishment of debt when the related senior notes were redeemed as discussed above. | |||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
Short-term borrowings | |||||||||
Ferrellgas, L.P. classified a portion of its secured credit facility borrowings as short-term because it was used to fund working capital needs and the subsequent acquisition of Sable Environmental, LLC and Sable SWD 2, LLC on May 1, 2014. Management classified these amounts as current due to their intent to pay these amounts down within the 12 month period following each balance sheet date. As of April 30, 2014 and July 31, 2013, $78.0 million and $50.1 million, respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. | |||||||||
Long-term debt | |||||||||
Long-term debt consists of the following: | |||||||||
April 30, 2014 | July 31, 2013 | ||||||||
Senior notes | |||||||||
Fixed rate, 6.50%, due 2021 | $ | 500,000 | $ | 500,000 | |||||
Fixed rate, 6.75%, due 2022 | 325,000 | — | |||||||
Fixed rate, 9.125%, due 2017, net of unamortized discount of $2,556 at July 31, 2013 | — | 297,444 | |||||||
Fair value adjustments related to interest rate swaps | (4,062 | ) | (1,657 | ) | |||||
Secured credit facility | |||||||||
Variable interest rate, expiring October 2018 (net of $78.0 million and $50.1 million classified as short-term borrowings at April 30, 2014 and July 31, 2013, respectively) | 195,644 | 121,346 | |||||||
Notes payable | |||||||||
8.9% and 9.1% weighted average interest rate at April 30, 2014 and July 31, 2013, respectively, due 2014 to 2022, net of unamortized discount of $2,017 and $2,392 at April 30, 2014 and July 31, 2013, respectively | 10,021 | 10,898 | |||||||
1,026,603 | 928,031 | ||||||||
Less: current portion, included in other current liabilities on the condensed consolidated balance sheets | 3,233 | 3,091 | |||||||
Long-term debt | $ | 1,023,370 | $ | 924,940 | |||||
Senior Notes | |||||||||
During November 2013, Ferrellgas, L.P. issued $325.0 million in aggregate principal amount of 6.75% senior notes due 2022 at an offering price equal to par. Ferrellgas, L.P. received $319.3 million of net proceeds after deducting underwriters' fees. Ferrellgas, L.P. used the net proceeds to redeem all of its $300.0 million 9.125% fixed rate senior notes due October 1, 2017. Ferrellgas, L.P. used the remaining proceeds to pay the related $14.7 million make whole and consent payments, $3.3 million in interest payments and to reduce outstanding indebtedness under the secured credit facility. This redemption also resulted in $6.0 million of non-cash write-offs of unamortized debt discount and related capitalized debt costs. The make whole and consent payments and the non-cash write-offs of unamortized debt discount and related capitalized debt costs are classified as loss on extinguishment of debt. | |||||||||
As a result of the above transactions, the scheduled annual principal payments on long-term debt have been updated as follows: | |||||||||
For the fiscal year ending July 31, | Scheduled annual principal payments | ||||||||
2014 | $ | 520 | |||||||
2015 | 3,103 | ||||||||
2016 | 3,043 | ||||||||
2017 | 2,706 | ||||||||
2018 | 1,124 | ||||||||
Thereafter | 1,022,186 | ||||||||
Total | $ | 1,032,682 | |||||||
Secured credit facility | |||||||||
During October 2013, Ferrellgas, L.P. executed an amendment to its secured credit facility. This amendment extended the maturity date to October 2018 and increased the size of the facility from $400.0 million to $500.0 million with no change to the size of the letter of credit sublimit which remains at $200.0 million. Ferrellgas, L.P. incurred a loss on extinguishment of debt of $0.3 million related to the writeoff of capitalized financing costs. Borrowings on the amended secured credit facility bear interest, at our option, at a rate equal to either: | |||||||||
• | for Base Rate Loans or Swing Line Loans, the Base Rate, which is defined as the higher of i) the federal funds rate plus 0.50%, ii) Bank of America’s prime rate; or iii) the Eurodollar Rate plus 1.00%; plus a margin varying from 0.75% to 1.75%; or | ||||||||
• | for Eurodollar Rate Loans, the Eurodollar Rate, which is defined as the LIBOR Rate plus a margin varying from 1.75% to 2.75%. | ||||||||
As of April 30, 2014, Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $273.6 million, of which $196.3 million was classified as long-term debt. As of July 31, 2013, Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $171.4 million, of which $121.3 million was classified as long-term debt. Additionally, Ferrellgas had $166.1 million and $205.4 million of available borrowing capacity under our secured credit facility as of April 30, 2014 and April 30, 2013, respectively. | |||||||||
Borrowings outstanding at April 30, 2014 and July 31, 2013 under the secured credit facilities had weighted average interest rates of 3.3% and 3.7%, respectively. | |||||||||
The obligations under this credit facility are secured by substantially all assets of Ferrellgas, L.P., the general partner and certain subsidiaries of Ferrellgas, L.P. but specifically excluding (a) assets that are subject to Ferrellgas, L.P.’s accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interest in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of Ferrellgas, L.P. | |||||||||
Letters of credit outstanding at April 30, 2014 totaled $60.3 million and were used primarily to secure insurance arrangements and to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2013 totaled $53.9 million and were used primarily to secure insurance arrangements and to a lesser extent, commodity hedges and product purchases. At April 30, 2014, Ferrellgas, L.P. had remaining letter of credit capacity of $139.7 million. At July 31, 2013 Ferrellgas, L.P. had remaining letter of credit capacity of $146.1 million. | |||||||||
Interest rate swaps | |||||||||
During May 2012, Ferrellgas, L.P. entered into a $140.0 million interest rate swap agreement to hedge against changes in the fair value of a portion of its $300.0 million 9.125% fixed rate senior notes due 2017. Ferrellgas, L.P. received 9.125% and paid one-month LIBOR plus 7.96% on the $140.0 million swapped. Ferrellgas, L.P. accounted for this agreement as a fair value hedge. In October 2013, this interest rate swap was terminated. As a result, Ferrellgas, L.P. discontinued hedge accounting treatment for this agreement at a cost of $0.2 million, which was classified as loss on extinguishment of debt when the related senior notes were redeemed as discussed above. |
Partners_Capital
Partners' Capital | 9 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Partners' Capital | ' | ||||||||||||||||
Partners' deficit | |||||||||||||||||
Partnership distributions paid | |||||||||||||||||
Ferrellgas Partners has paid the following distributions: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Public common unitholders | $ | 26,556 | $ | 26,497 | $ | 79,588 | $ | 79,437 | |||||||||
Ferrell Companies (1) | 10,735 | 10,735 | 32,205 | 32,205 | |||||||||||||
FCI Trading Corp. (2) | 98 | 98 | 294 | 294 | |||||||||||||
Ferrell Propane, Inc. (3) | 26 | 26 | 78 | 78 | |||||||||||||
James E. Ferrell (4) | 2,179 | 2,179 | 6,537 | 6,537 | |||||||||||||
General partner | 400 | 399 | 1,199 | 1,197 | |||||||||||||
$ | 39,994 | $ | 39,934 | $ | 119,901 | $ | 119,748 | ||||||||||
(1) Ferrell Companies is the owner of the general partner and an approximately 27% direct owner of Ferrellgas Partners' common units and thus a related party. | |||||||||||||||||
(2) FCI Trading Corp. is an affiliate of the general partner and thus a related party. | |||||||||||||||||
(3) Ferrell Propane, Inc. is controlled by the general partner and thus a related party. | |||||||||||||||||
(4) James E. Ferrell is the Chairman of the Board of Directors of the general partner and a related party. | |||||||||||||||||
On May 22, 2014, Ferrellgas Partners declared a cash distribution of $0.50 per common unit for the three months ended April 30, 2014, which is expected to be paid on June 13, 2014. Included in this cash distribution are the following amounts to be paid to related parties: | |||||||||||||||||
Ferrell Companies | $ | 10,735 | |||||||||||||||
FCI Trading Corp. | 98 | ||||||||||||||||
Ferrell Propane, Inc. | 26 | ||||||||||||||||
James E. Ferrell | 2,179 | ||||||||||||||||
General partner | 410 | ||||||||||||||||
See additional discussions about transactions with related parties in Note I – Transactions with related parties. | |||||||||||||||||
Accumulated other comprehensive income (loss) (“AOCI”) | |||||||||||||||||
See Note H – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the nine months ended April 30, 2014 and 2013. | |||||||||||||||||
General partner’s commitment to maintain its capital account | |||||||||||||||||
Ferrellgas’ partnership agreements allow the general partner to have an option to maintain its effective 2% general partner interest concurrent with the issuance of other additional equity. | |||||||||||||||||
During the nine months ended April 30, 2014, the general partner made non-cash contributions of $0.5 million to Ferrellgas to maintain its effective 2% general partner interest. | |||||||||||||||||
During the nine months ended April 30, 2013, the general partner made non-cash contributions of $0.4 million to Ferrellgas to maintain its effective 2% general partner interest. | |||||||||||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||
Partners' Capital | ' | ||||||||||||||||
Partners’ capital | |||||||||||||||||
Partnership distributions paid | |||||||||||||||||
Ferrellgas, L.P. has paid the following distributions: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Ferrellgas Partners | $ | 39,994 | $ | 39,934 | $ | 127,750 | $ | 127,597 | |||||||||
General partner | 408 | 408 | 1,304 | 1,302 | |||||||||||||
$ | 40,402 | $ | 40,342 | $ | 129,054 | $ | 128,899 | ||||||||||
On May 22, 2014, Ferrellgas, L.P. declared distributions for the three months ended April 30, 2014 to Ferrellgas Partners and the general partner of $48.9 million and $0.5 million, respectively, which are expected to be paid on June 13, 2014. | |||||||||||||||||
See additional discussions about transactions with related parties in Note I – Transactions with related parties. | |||||||||||||||||
Accumulated other comprehensive income (loss) (“AOCI”) | |||||||||||||||||
See Note H – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the nine months ended April 30, 2014 and 2013. | |||||||||||||||||
General partner’s commitment to maintain its capital account | |||||||||||||||||
Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest concurrent with the issuance of other additional equity. | |||||||||||||||||
During the nine months ended April 30, 2014, the general partner made non-cash contributions of $0.3 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. | |||||||||||||||||
During the nine months ended April 30, 2013, the general partner made non-cash contributions of $0.2 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair value measurements | |||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2014 and July 31, 2013: | |||||||||||||||||
Asset (Liability) | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||||
April 30, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,382 | $ | — | $ | 2,382 | |||||||||
Propane commodity derivatives | $ | — | $ | 10,283 | $ | — | $ | 10,283 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (6,254 | ) | $ | — | $ | (6,254 | ) | |||||||
July 31, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 3,783 | $ | — | $ | 3,783 | |||||||||
Propane commodity derivatives | $ | — | $ | 2,532 | $ | — | $ | 2,532 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (4,998 | ) | $ | — | $ | (4,998 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (907 | ) | $ | — | $ | (907 | ) | |||||||
The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. | |||||||||||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair value measurements | |||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||
The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2014 and July 31, 2013: | |||||||||||||||||
Asset (Liability) | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs | Unobservable Inputs (Level 3) | Total | ||||||||||||||
(Level 2) | |||||||||||||||||
April 30, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,382 | $ | — | $ | 2,382 | |||||||||
Propane commodity derivatives | $ | — | $ | 10,283 | $ | — | $ | 10,283 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (6,254 | ) | $ | — | $ | (6,254 | ) | |||||||
July 31, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 3,783 | $ | — | $ | 3,783 | |||||||||
Propane commodity derivatives | $ | — | $ | 2,532 | $ | — | $ | 2,532 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (4,998 | ) | $ | — | $ | (4,998 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (907 | ) | $ | — | $ | (907 | ) | |||||||
The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||
Derivative instruments and hedging activities | |||||||||||||||||||
Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. | |||||||||||||||||||
Derivative instruments and hedging activities | |||||||||||||||||||
During the nine months ended April 30, 2014 and 2013, 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 fair value derivatives that were designated as hedging instruments in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2014 and July 31, 2013: | |||||||||||||||||||
April 30, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 8,420 | Other current liabilities | $ | — | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,863 | Other liabilities | — | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,192 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | 190 | Other liabilities | 6,254 | |||||||||||||||
Total | $ | 12,665 | Total | $ | 6,254 | ||||||||||||||
July 31, 2013 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 1,400 | Other current liabilities | $ | 569 | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,132 | Other liabilities | 338 | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 3,341 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | 442 | Other liabilities | 4,998 | |||||||||||||||
Total | $ | 6,315 | Total | $ | 5,905 | ||||||||||||||
The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three and nine months ended April 30, 2014 and 2013 due to derivatives designated as fair value hedging instruments: | |||||||||||||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the three months ended April 30, | For the three months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 627 | $ | 805 | $ | (2,275 | ) | $ | (5,469 | ) | ||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the nine months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 1,948 | $ | 2,412 | $ | (9,915 | ) | $ | (16,406 | ) | ||||||||
The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income for the three and nine months ended April 30, 2014 and 2013 due to the effective portion of derivatives designated as cash flow hedging instruments: | |||||||||||||||||||
For the three months ended April 30, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | (165 | ) | Cost of product sold- propane and other gas liquids sales | $ | (3,885 | ) | ||||||||||||
Interest rate swap agreements | 825 | Interest expense | — | ||||||||||||||||
$ | 660 | $ | (3,885 | ) | |||||||||||||||
For the three months ended April 30, 2013 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 1,130 | Cost of product sold- propane and other gas liquids sales | $ | (1,723 | ) | |||||||||||||
Interest rate swap agreements | (98 | ) | Interest expense | — | |||||||||||||||
$ | 1,032 | $ | (1,723 | ) | |||||||||||||||
For the nine months ended April 30, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 17,298 | Cost of product sold- propane and other gas liquids sales | $ | (8,640 | ) | |||||||||||||
Interest rate swap agreements | (251 | ) | Interest expense | — | |||||||||||||||
$ | 17,047 | $ | (8,640 | ) | |||||||||||||||
For the nine months ended April 30, 2013 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 2,044 | Cost of product sold- propane and other gas liquids sales | $ | (10,348 | ) | |||||||||||||
Interest rate swap agreements | (941 | ) | Interest expense | — | |||||||||||||||
$ | 1,103 | $ | (10,348 | ) | |||||||||||||||
The changes in derivatives included in AOCI for the nine months ended April 30, 2014 and 2013 were as follows: | |||||||||||||||||||
For the nine months ended April 30, | |||||||||||||||||||
Gains and losses on derivatives included in AOCI | 2014 | 2013 | |||||||||||||||||
Beginning balance | $ | 2,066 | $ | (12,799 | ) | ||||||||||||||
Change in value of risk management commodity derivatives | 17,298 | 2,044 | |||||||||||||||||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (8,640 | ) | 10,348 | ||||||||||||||||
Change in value of risk management interest rate derivatives | (251 | ) | (941 | ) | |||||||||||||||
Ending balance | $ | 10,473 | $ | (1,348 | ) | ||||||||||||||
Ferrellgas expects to reclassify net gains of approximately $8.2 million to earnings during the next 12 months. These net gains are expected to be offset by reduced margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sales exception. | |||||||||||||||||||
During the nine months ended April 30, 2014 and 2013, Ferrellgas had no reclassifications to earnings resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. | |||||||||||||||||||
As of April 30, 2014, Ferrellgas had financial derivative contracts covering 1.3 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. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parental guarantees or cash. Although Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties, the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas would incur if these counterparties that make up the concentration failed to perform according to the terms of their contracts was $10.3 million at April 30, 2014. | |||||||||||||||||||
Ferrellgas holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon the operating partnership’s debt rating. At April 30, 2014, a downgrade in the operating partnership’s debt rating would not trigger any further reduction in credit limit. There were no derivatives with credit-risk-related contingent features in a liability position on April 30, 2014 and Ferrellgas had no collateral posted in the normal course of business related to such derivatives. | |||||||||||||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||
Derivative instruments and hedging activities | |||||||||||||||||||
Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. | |||||||||||||||||||
Derivative instruments and hedging activities | |||||||||||||||||||
During the nine months ended April 30, 2014 and 2013, 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 derivatives that were designated as hedging instruments in Ferrellgas, L.P.’s condensed consolidated balance sheets as of April 30, 2014 and July 31, 2013: | |||||||||||||||||||
April 30, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 8,420 | Other current liabilities | $ | — | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,863 | Other liabilities | — | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,192 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | 190 | Other liabilities | 6,254 | |||||||||||||||
Total | $ | 12,665 | Total | $ | 6,254 | ||||||||||||||
July 31, 2013 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 1,400 | Other current liabilities | $ | 569 | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,132 | Other liabilities | 338 | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 3,341 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | 442 | Other liabilities | 4,998 | |||||||||||||||
Total | $ | 6,315 | Total | $ | 5,905 | ||||||||||||||
The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of earnings for the nine months ended April 30, 2014 and 2013 due to derivatives designated as fair value hedging instruments: | |||||||||||||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the three months ended April 30, | For the three months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 627 | $ | 805 | $ | (2,275 | ) | $ | (5,469 | ) | ||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the nine months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 1,948 | $ | 2,412 | $ | (9,915 | ) | $ | (16,406 | ) | ||||||||
The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income for the three and nine months ended April 30, 2014 and 2013 due to the effective portion of derivatives designated as cash flow hedging instruments: | |||||||||||||||||||
For the three months ended April 30, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | (165 | ) | Cost of product sold- propane and other gas liquids sales | $ | (3,885 | ) | ||||||||||||
Interest rate swap agreements | 825 | Interest expense | — | ||||||||||||||||
$ | 660 | $ | (3,885 | ) | |||||||||||||||
For the three months ended April 30, 2013 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 1,130 | Cost of product sold- propane and other gas liquids sales | $ | (1,723 | ) | |||||||||||||
Interest rate swap agreements | (98 | ) | Interest expense | — | |||||||||||||||
$ | 1,032 | $ | (1,723 | ) | |||||||||||||||
For the nine months ended April 30, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 17,298 | Cost of product sold- propane and other gas liquids sales | $ | (8,640 | ) | |||||||||||||
Interest rate swap agreements | (251 | ) | Interest expense | — | |||||||||||||||
$ | 17,047 | $ | (8,640 | ) | |||||||||||||||
For the nine months ended April 30, 2013 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 2,044 | Cost of product sold- propane and other gas liquids sales | $ | (10,348 | ) | |||||||||||||
Interest rate swap agreements | (941 | ) | Interest expense | — | |||||||||||||||
$ | 1,103 | $ | (10,348 | ) | |||||||||||||||
The changes in derivatives included in AOCI for the nine months ended April 30, 2014 and 2013 were as follows: | |||||||||||||||||||
For the nine months ended April 30, | |||||||||||||||||||
Gains and losses on derivatives included in AOCI | 2014 | 2013 | |||||||||||||||||
Beginning balance | $ | 2,066 | $ | (12,799 | ) | ||||||||||||||
Change in value of risk management commodity derivatives | 17,298 | 2,044 | |||||||||||||||||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (8,640 | ) | 10,348 | ||||||||||||||||
Change in value of risk management interest rate derivatives | (251 | ) | (941 | ) | |||||||||||||||
Ending balance | $ | 10,473 | $ | (1,348 | ) | ||||||||||||||
Ferrellgas, L.P. expects to reclassify net gains of approximately $8.2 million to earnings during the next 12 months. These net gains are expected to be offset by reduced margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sales exception. | |||||||||||||||||||
During the nine months ended April 30, 2014 and 2013, Ferrellgas, L.P. had no reclassifications to earnings resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. | |||||||||||||||||||
As of April 30, 2014, Ferrellgas, L.P. had financial derivative contracts covering 1.3 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.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parental guarantees or cash. Although Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties, the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas, L.P. would incur if these counterparties that make up the concentration failed to perform according to the terms of their contracts was $10.3 million at April 30, 2014. | |||||||||||||||||||
Ferrellgas, L.P. holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon the Ferrellgas, L.P.’s debt rating. At April 30, 2014, a downgrade in the Ferrellgas, L.P.’s debt rating would not trigger any further reduction in credit limit. There were no derivatives with credit-risk-related contingent features in a liability position on April 30, 2014 and Ferrellgas, L.P. had no posted collateral in the normal course of business related to such derivatives. |
Transactions_With_Related_Part
Transactions With Related Parties | 9 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Transactions With Related Parties | ' | ||||||||||||||||
Transactions with related parties | |||||||||||||||||
Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of earnings as follows: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating expense | $ | 55,458 | $ | 55,374 | $ | 165,028 | $ | 156,752 | |||||||||
General and administrative expense | $ | 9,233 | $ | 10,252 | $ | 24,334 | $ | 23,708 | |||||||||
See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit. | |||||||||||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||
Transactions With Related Parties | ' | ||||||||||||||||
Transactions with related parties | |||||||||||||||||
Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.’s partnership agreement, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas, L.P. and all other necessary or appropriate expenses allocable to Ferrellgas, L.P. or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas, L.P.’s business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of earnings as follows: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating expense | $ | 55,458 | $ | 55,374 | $ | 165,028 | $ | 156,752 | |||||||||
General and administrative expense | $ | 9,233 | $ | 10,252 | $ | 24,334 | $ | 23,708 | |||||||||
See additional discussions about transactions with the general partner and related parties in Note F – Partners’ capital. |
Contingencies_And_Commitments
Contingencies And Commitments | 9 Months Ended | |
Apr. 30, 2014 | ||
Contingencies And Commitments | ' | |
Contingencies and commitments | ||
Litigation | ||
Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane. 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. | ||
During the first quarter of fiscal 2014 Ferrellgas reached a settlement with the Offices of the District Attorneys of several counties in California relating to an investigation of labeling and filling practices relating to the amount of propane contained in barbecue cylinders. Ferrellgas already paid and reflected in the condensed consolidated financial statements the settlement reached. | ||
The Federal Trade Commission (“FTC”) initiated an investigation into certain practices related to the filling of portable propane cylinders. On March 27, 2014, the FTC filed an administrative complaint alleging that Ferrellgas and one of its competitors colluded in 2008 to persuade a customer to accept the cylinder fill reduction from 17 pounds to 15 pounds. The complaint does not seek monetary remedies. Ferrellgas has filed an answer to the complaint and believes that the FTC’s claims are without merit and will vigorously defend the claims. Ferrellgas does not believe loss is probable or reasonably estimable at this time. | ||
Ferrellgas has also been named as a defendant in a putative class action lawsuit filed in the United States District Court in Kansas. The complaint was the subject of a motion to dismiss which was granted, in part, in August 2011. The surviving claims allege breach of contract and breach of the implied duty of good faith and fair dealing, both of which allegedly arise from the existence of an oral contract for continuous propane service. Ferrellgas believes the claims are without merit and intends to defend them vigorously. The case has not been certified for class treatment. Ferrellgas recently prevailed on an appeal before the Tenth Circuit Court of Appeals and the appellate court ordered the trial court to determine whether the case must be arbitrated. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to this putative class action lawsuit. | ||
Ferrellgas Partners Finance Corp. [Member] | ' | |
Contingencies And Commitments | ' | |
Contingencies and commitments | ||
The Finance Corp. serves as co-issuer and co-obligor for the Partnership's $182.0 million, 8.625% senior notes due 2020. | ||
Ferrellgas, L.P. [Member] | ' | |
Contingencies And Commitments | ' | |
Contingencies and commitments | ||
Litigation | ||
Ferrellgas, L.P.’s operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane. 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. | ||
During the first quarter of fiscal 2014 Ferrellgas, L.P. reached a settlement with the Offices of the District Attorneys of several counties in California relating to an investigation of labeling and filling practices relating to the amount of propane contained in barbecue cylinders. Ferrellgas, L.P. already paid and reflected in the condensed consolidated financial statements the settlement reached. | ||
The Federal Trade Commission (“FTC”) initiated an investigation into certain practices related to the filling of portable propane cylinders. On March 27, 2014, the FTC filed an administrative complaint alleging that Ferrellgas, L.P. and one of its competitors colluded in 2008 to persuade a customer to accept the cylinder fill reduction from 17 pounds to 15 pounds. The complaint does not seek monetary remedies. Ferrellgas, L.P. filed an answer to the complaint and believes that the FTC’s claims are without merit and will vigorously defend the claims. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time. | ||
Ferrellgas, L.P. has also been named as a defendant in a putative class action lawsuit filed in the United States District Court in Kansas. The complaint was the subject of a motion to dismiss which was granted, in part, in August 2011. The surviving claims allege breach of contract and breach of the implied duty of good faith and fair dealing, both of which allegedly arise from the existence of an oral contract for continuous propane service. Ferrellgas, L.P. believes the claims are without merit and intends to defend them vigorously. The case has not been certified for class treatment. Ferrellgas, L.P. recently prevailed on an appeal before the Tenth Circuit Court of Appeals and the appellate court ordered the trial court to determine whether the case must be arbitrated. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to this putative class action lawsuit. | ||
Ferrellgas Finance Corp. [Member] | ' | |
Contingencies And Commitments | ' | |
Contingencies and commitments | ||
During November 2013, the Partnership issued $325.0 million in aggregate principal amount of 6.75% senior notes due 2022 with the proceeds used to fund the redemption of $300.0 million of 9.125% fixed rate senior notes due October 1, 2017. | ||
The Finance Corp. serves as co-issuer and co-obligor for the following debt securities of the Partnership: | ||
• | $500.0 million, 6.50% senior notes due 2021; and | |
• | $325.0 million, 6.75% senior notes due 2022. |
Net_Earnings_Loss_Per_Common_U
Net Earnings (Loss) Per Common Unitholders' Interest | 9 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Earning Per Common Unitholders' Interest | ' | ||||||||||||||||
Net earnings per common unitholders’ interest | |||||||||||||||||
Below is a calculation of the basic and diluted net earnings per common unitholders’ interest in the consolidated statements of earnings for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net earnings (loss) per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: | |||||||||||||||||
Ratio of total distributions payable to: | |||||||||||||||||
Quarterly distribution per common unit | Common unitholder | General partner | |||||||||||||||
$0.56 to $0.63 | 86.9 | % | 13.1 | % | |||||||||||||
$0.64 to $0.82 | 76.8 | % | 23.2 | % | |||||||||||||
$0.83 and above | 51.5 | % | 48.5 | % | |||||||||||||
There was neither a dilutive effect resulting from this guidance on basic and diluted net earnings per common unitholders' interest for the three months ended April 30, 2014 and 2013, nor for the nine months ended April 30, 2014 or 2013. | |||||||||||||||||
In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, there are no dilutive securities in periods with net losses. | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per unitholders' interest amounts) | |||||||||||||||||
Common unitholders’ interest in net earnings | $ | 44,931 | $ | 44,234 | $ | 80,196 | $ | 84,378 | |||||||||
Weighted average common units outstanding - basic | 79,177.80 | 79,054.40 | 79,127.10 | 79,027.50 | |||||||||||||
Dilutive securities | 9.4 | 31.7 | 24.5 | 38 | |||||||||||||
Weighted average common units outstanding - diluted | 79,187.20 | 79,086.10 | 79,151.60 | 79,065.50 | |||||||||||||
Basic and diluted net earnings per common unitholders’ interest | $ | 0.57 | $ | 0.56 | $ | 1.01 | $ | 1.07 | |||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2014 | |
Subsequent Events | ' |
Subsequent events | |
Ferrellgas evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas' condensed consolidated financial statements were issued and concluded that, other than the events discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. | |
On May 1, 2014, Ferrellgas entered into a membership interest purchase agreement to acquire all of the issued and outstanding membership interests in each of Sable Environmental, LLC and Sable SWD 2, LLC (collectively, "Sable"), a fluid logistics provider in the Eagle Ford shale region of south Texas for consideration of $124.7 million, subject to certain purchase price adjustments. Consideration was paid in cash upon closing and a two year earn-out agreement was entered into entitling the sellers to additional cash consideration if the acquired business exceeds certain earnings targets. The acquisition was funded through the secured credit facility. | |
On May 1, 2014, subsequent to the Sable acquisition discussed above, the previous Sable ownership group purchased 2.0 million new common units of Ferrellgas Partners in a registered direct offering, which units are subject to certain transfer restrictions, for an aggregate purchase price of $50.0 million. Ferrellgas used these proceeds to pay down a portion of borrowing under the secured credit facility that had been made to fund the Sable acquisition. | |
On June 6, 2014, Ferrellgas executed a third amendment to its secured credit facility to better facilitate its strategic focus on further business diversification. Immediately following the amendment, Ferrellgas increased the size of this facility from $500.0 million to $600.0 million providing increased liquidity for future acquisitions. There was no change to the size of the letter of credit sublimit which remains at $200.0 million. This amendment did not change the interest rate or the maturity date of the secured credit facility which remains at October 2018. Borrowings under this amended facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness. | |
The amended secured credit facility contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments. | |
Ferrellgas, L.P. [Member] | ' |
Subsequent Events | ' |
Subsequent events | |
Ferrellgas, L.P. evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas, L.P.’s condensed consolidated financial statements were issued and concluded that, other than the events discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. | |
On May 1, 2014, Ferrellgas, L.P. entered into a membership interest purchase agreement to acquire all of the issued and outstanding membership interests in each of Sable Environmental, LLC and Sable SWD 2, LLC (collectively, "Sable"), a fluid logistics provider in the Eagle Ford shale region of south Texas for consideration of $124.7 million, subject to certain purchase price adjustments. Consideration was paid in cash upon closing and a two year earn-out agreement was entered into entitling the sellers to additional cash consideration if the acquired business exceeds certain earnings targets. The acquisition was funded through the secured credit facility. | |
On May 1, 2014, subsequent to the Sable acquisition discussed above, the previous Sable ownership group purchased 2.0 million new common units of Ferrellgas Partners in a registered direct offering, which units are subject to certain transfer restrictions, for an aggregate purchase price of $50.0 million. Ferrellgas used these proceeds to pay down a portion of borrowing under the secured credit facility that had been made to fund the Sable acquisition. | |
On June 6, 2014, Ferrellgas, L.P. executed a third amendment to its secured credit facility to better facilitate its strategic focus on further business diversification. Immediately following the amendment, Ferrellgas, L.P. increased the size of this facility from $500.0 million to $600.0 million providing increased liquidity for future acquisitions. There was no change to the size of the letter of credit sublimit which remains at $200.0 million. This amendment did not change the interest rate or maturity date of the secured credit facility which remains at October 2018. Borrowings under this amended facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness. | |
The amended secured credit facility contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Significant Accounting Policies [Line Items] | ' | |||||||
Accounting estimates | ' | |||||||
Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, valuation methods used to value intangibles and goodwill in business combinations, allowance for doubtful accounts, fair value of reporting units, fair values of derivative contracts, and stock and unit-based compensation calculations. | ||||||||
Cash equivalents | ' | |||||||
Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the nine months ended April 30, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 48,888 | $ | 58,262 | ||||
Income taxes | $ | 403 | $ | 88 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Issuance of common units in connection with acquisitions | $ | 1,500 | $ | — | ||||
Liabilities incurred in connection with acquisitions | $ | 887 | $ | 8,047 | ||||
Change in accruals for property, plant and equipment additions | $ | 1,318 | $ | 449 | ||||
Ferrellgas, L.P. [Member] | ' | |||||||
Significant Accounting Policies [Line Items] | ' | |||||||
Accounting estimates | ' | |||||||
Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, valuation methods used to value intangibles and goodwill in business combinations, allowance for doubtful accounts, fair value of reporting units, fair value of derivative contracts, and stock and unit-based compensation calculations. | ||||||||
Cash equivalents | ' | |||||||
Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the nine months ended April 30, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 40,394 | $ | 50,413 | ||||
Income taxes | $ | 358 | $ | 73 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Assets contributed from Ferrellgas Partners in connection with acquisitions | $ | 1,500 | $ | — | ||||
Liabilities incurred in connection with acquisitions | $ | 887 | $ | 8,047 | ||||
Change in accruals for property, plant and equipment additions | $ | 1,318 | $ | 449 | ||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Certain cash flow and significant non-cash activities | ' | |||||||
Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the nine months ended April 30, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 48,888 | $ | 58,262 | ||||
Income taxes | $ | 403 | $ | 88 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Issuance of common units in connection with acquisitions | $ | 1,500 | $ | — | ||||
Liabilities incurred in connection with acquisitions | $ | 887 | $ | 8,047 | ||||
Change in accruals for property, plant and equipment additions | $ | 1,318 | $ | 449 | ||||
Ferrellgas, L.P. [Member] | ' | |||||||
Certain cash flow and significant non-cash activities | ' | |||||||
Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the nine months ended April 30, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 40,394 | $ | 50,413 | ||||
Income taxes | $ | 358 | $ | 73 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Assets contributed from Ferrellgas Partners in connection with acquisitions | $ | 1,500 | $ | — | ||||
Liabilities incurred in connection with acquisitions | $ | 887 | $ | 8,047 | ||||
Change in accruals for property, plant and equipment additions | $ | 1,318 | $ | 449 | ||||
Supplemental_Financial_Stateme1
Supplemental Financial Statement Information (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Schedule of Inventories | ' | ||||||||||||||||
Inventories consist of the following: | |||||||||||||||||
April 30, 2014 | July 31, 2013 | ||||||||||||||||
Propane gas and related products | $ | 84,921 | $ | 94,946 | |||||||||||||
Appliances, parts and supplies | 25,800 | 22,170 | |||||||||||||||
Inventories | $ | 110,721 | $ | 117,116 | |||||||||||||
Other Current Liabilities | ' | ||||||||||||||||
Other current liabilities consist of the following: | |||||||||||||||||
April 30, 2014 | July 31, 2013 | ||||||||||||||||
Accrued interest | $ | 33,555 | $ | 19,795 | |||||||||||||
Accrued payroll | 30,411 | 30,295 | |||||||||||||||
Customer deposits and advances | 15,521 | 20,420 | |||||||||||||||
Other | 49,637 | 50,592 | |||||||||||||||
Other current liabilities | $ | 129,124 | $ | 121,102 | |||||||||||||
Shipping And Handling Expenses | ' | ||||||||||||||||
Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating expense | $ | 47,967 | $ | 49,633 | $ | 148,700 | $ | 141,794 | |||||||||
Depreciation and amortization expense | 1,492 | 1,371 | 4,347 | 4,298 | |||||||||||||
Equipment lease expense | 4,149 | 3,555 | 11,543 | 10,435 | |||||||||||||
$ | 53,608 | $ | 54,559 | $ | 164,590 | $ | 156,527 | ||||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||
Schedule of Inventories | ' | ||||||||||||||||
Inventories consist of the following: | |||||||||||||||||
April 30, 2014 | July 31, 2013 | ||||||||||||||||
Propane gas and related products | $ | 84,921 | $ | 94,946 | |||||||||||||
Appliances, parts and supplies | 25,800 | 22,170 | |||||||||||||||
Inventories | $ | 110,721 | $ | 117,116 | |||||||||||||
Other Current Liabilities | ' | ||||||||||||||||
Other current liabilities consist of the following: | |||||||||||||||||
April 30, 2014 | July 31, 2013 | ||||||||||||||||
Accrued interest | $ | 27,625 | $ | 17,787 | |||||||||||||
Accrued payroll | 30,411 | 30,295 | |||||||||||||||
Customer deposits and advances | 15,521 | 20,420 | |||||||||||||||
Other | 49,496 | 50,401 | |||||||||||||||
Other current liabilities | $ | 123,053 | $ | 118,903 | |||||||||||||
Shipping And Handling Expenses | ' | ||||||||||||||||
Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating expense | $ | 47,967 | $ | 49,633 | $ | 148,700 | $ | 141,794 | |||||||||
Depreciation and amortization expense | 1,492 | 1,371 | 4,347 | 4,298 | |||||||||||||
Equipment lease expense | 4,149 | 3,555 | 11,543 | 10,435 | |||||||||||||
$ | 53,608 | $ | 54,559 | $ | 164,590 | $ | 156,527 | ||||||||||
Accounts_And_Notes_Receivable_1
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 9 Months Ended | |||||||
Apr. 30, 2014 | ||||||||
Accounts And Notes Receivable, Net | ' | |||||||
Accounts and notes receivable, net consist of the following: | ||||||||
April 30, 2014 | July 31, 2013 | |||||||
Accounts receivable pledged as collateral | $ | 230,798 | $ | 130,025 | ||||
Accounts receivable | 22,385 | 4,867 | ||||||
Other | 196 | 506 | ||||||
Less: Allowance for doubtful accounts | (5,803 | ) | (3,607 | ) | ||||
Accounts and notes receivable, net | $ | 247,576 | $ | 131,791 | ||||
Ferrellgas, L.P. [Member] | ' | |||||||
Accounts And Notes Receivable, Net | ' | |||||||
Accounts and notes receivable, net consist of the following: | ||||||||
April 30, 2014 | July 31, 2013 | |||||||
Accounts receivable pledged as collateral | $ | 230,798 | $ | 130,025 | ||||
Accounts receivable | 22,385 | 4,867 | ||||||
Other | 196 | 506 | ||||||
Less: Allowance for doubtful accounts | (5,803 | ) | (3,607 | ) | ||||
Accounts and notes receivable, net | $ | 247,576 | $ | 131,791 | ||||
Debt_Debt_Tables
Debt Debt (Tables) | 9 Months Ended | ||||||||
Apr. 30, 2014 | |||||||||
Debt Instrument [Line Items] | ' | ||||||||
Components of Long-term Debt | ' | ||||||||
Long-term debt consists of the following: | |||||||||
April 30, 2014 | July 31, 2013 | ||||||||
Senior notes | |||||||||
Fixed rate, 6.50%, due 2021 | $ | 500,000 | $ | 500,000 | |||||
Fixed rate, 6.75%, due 2022 | 325,000 | — | |||||||
Fixed rate, 9.125%, due 2017, net of unamortized discount of $2,556 at July 31, 2013 | — | 297,444 | |||||||
Fixed rate, 8.625%, due 2020 | 182,000 | 182,000 | |||||||
Fair value adjustments related to interest rate swaps | (4,062 | ) | (1,657 | ) | |||||
Secured credit facility | |||||||||
Variable interest rate, expiring October 2018 (net of $78.0 million and $50.1 million classified as short-term borrowings at April 30, 2014 and July 31, 2013, respectively) | 195,644 | 121,346 | |||||||
Notes payable | |||||||||
8.9% and 9.1% weighted average interest rate at April 30, 2014 and July 31, 2013, respectively, due 2014 to 2022, net of unamortized discount of $2,017 and $2,392 at April 30, 2014 and July 31, 2013, respectively | 10,021 | 10,898 | |||||||
1,208,603 | 1,110,031 | ||||||||
Less: current portion, included in other current liabilities on the condensed consolidated balance sheets | 3,233 | 3,091 | |||||||
Long-term debt | $ | 1,205,370 | $ | 1,106,940 | |||||
Scheduled Annual Principal Payments On Long-term Debt | ' | ||||||||
As a result of the above transactions, the scheduled annual principal payments on long-term debt have been updated as follows: | |||||||||
For the fiscal year ending July 31, | Scheduled annual principal payments | ||||||||
2014 | $ | 520 | |||||||
2015 | 3,103 | ||||||||
2016 | 3,043 | ||||||||
2017 | 2,706 | ||||||||
2018 | 1,124 | ||||||||
Thereafter | 1,204,186 | ||||||||
Total | $ | 1,214,682 | |||||||
Ferrellgas, L.P. [Member] | ' | ||||||||
Debt Instrument [Line Items] | ' | ||||||||
Components of Long-term Debt | ' | ||||||||
Long-term debt consists of the following: | |||||||||
April 30, 2014 | July 31, 2013 | ||||||||
Senior notes | |||||||||
Fixed rate, 6.50%, due 2021 | $ | 500,000 | $ | 500,000 | |||||
Fixed rate, 6.75%, due 2022 | 325,000 | — | |||||||
Fixed rate, 9.125%, due 2017, net of unamortized discount of $2,556 at July 31, 2013 | — | 297,444 | |||||||
Fair value adjustments related to interest rate swaps | (4,062 | ) | (1,657 | ) | |||||
Secured credit facility | |||||||||
Variable interest rate, expiring October 2018 (net of $78.0 million and $50.1 million classified as short-term borrowings at April 30, 2014 and July 31, 2013, respectively) | 195,644 | 121,346 | |||||||
Notes payable | |||||||||
8.9% and 9.1% weighted average interest rate at April 30, 2014 and July 31, 2013, respectively, due 2014 to 2022, net of unamortized discount of $2,017 and $2,392 at April 30, 2014 and July 31, 2013, respectively | 10,021 | 10,898 | |||||||
1,026,603 | 928,031 | ||||||||
Less: current portion, included in other current liabilities on the condensed consolidated balance sheets | 3,233 | 3,091 | |||||||
Long-term debt | $ | 1,023,370 | $ | 924,940 | |||||
Scheduled Annual Principal Payments On Long-term Debt | ' | ||||||||
As a result of the above transactions, the scheduled annual principal payments on long-term debt have been updated as follows: | |||||||||
For the fiscal year ending July 31, | Scheduled annual principal payments | ||||||||
2014 | $ | 520 | |||||||
2015 | 3,103 | ||||||||
2016 | 3,043 | ||||||||
2017 | 2,706 | ||||||||
2018 | 1,124 | ||||||||
Thereafter | 1,022,186 | ||||||||
Total | $ | 1,032,682 | |||||||
Partners_Capital_Tables
Partners' Capital (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Cash distributions | ' | ||||||||||||||||
Ferrellgas Partners has paid the following distributions: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Public common unitholders | $ | 26,556 | $ | 26,497 | $ | 79,588 | $ | 79,437 | |||||||||
Ferrell Companies (1) | 10,735 | 10,735 | 32,205 | 32,205 | |||||||||||||
FCI Trading Corp. (2) | 98 | 98 | 294 | 294 | |||||||||||||
Ferrell Propane, Inc. (3) | 26 | 26 | 78 | 78 | |||||||||||||
James E. Ferrell (4) | 2,179 | 2,179 | 6,537 | 6,537 | |||||||||||||
General partner | 400 | 399 | 1,199 | 1,197 | |||||||||||||
$ | 39,994 | $ | 39,934 | $ | 119,901 | $ | 119,748 | ||||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||
Cash distributions | ' | ||||||||||||||||
Ferrellgas, L.P. has paid the following distributions: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Ferrellgas Partners | $ | 39,994 | $ | 39,934 | $ | 127,750 | $ | 127,597 | |||||||||
General partner | 408 | 408 | 1,304 | 1,302 | |||||||||||||
$ | 40,402 | $ | 40,342 | $ | 129,054 | $ | 128,899 | ||||||||||
Subsequent Event [Member] | ' | ||||||||||||||||
Dividends expected to be paid to related parties | ' | ||||||||||||||||
Included in this cash distribution are the following amounts to be paid to related parties: | |||||||||||||||||
Ferrell Companies | $ | 10,735 | |||||||||||||||
FCI Trading Corp. | 98 | ||||||||||||||||
Ferrell Propane, Inc. | 26 | ||||||||||||||||
James E. Ferrell | 2,179 | ||||||||||||||||
General partner | 410 | ||||||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Schedule of fair value assets and liabilities | ' | ||||||||||||||||
The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2014 and July 31, 2013: | |||||||||||||||||
Asset (Liability) | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||||
April 30, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,382 | $ | — | $ | 2,382 | |||||||||
Propane commodity derivatives | $ | — | $ | 10,283 | $ | — | $ | 10,283 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (6,254 | ) | $ | — | $ | (6,254 | ) | |||||||
July 31, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 3,783 | $ | — | $ | 3,783 | |||||||||
Propane commodity derivatives | $ | — | $ | 2,532 | $ | — | $ | 2,532 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (4,998 | ) | $ | — | $ | (4,998 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (907 | ) | $ | — | $ | (907 | ) | |||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||
Schedule of fair value assets and liabilities | ' | ||||||||||||||||
The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2014 and July 31, 2013: | |||||||||||||||||
Asset (Liability) | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs | Unobservable Inputs (Level 3) | Total | ||||||||||||||
(Level 2) | |||||||||||||||||
April 30, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,382 | $ | — | $ | 2,382 | |||||||||
Propane commodity derivatives | $ | — | $ | 10,283 | $ | — | $ | 10,283 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (6,254 | ) | $ | — | $ | (6,254 | ) | |||||||
July 31, 2013: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 3,783 | $ | — | $ | 3,783 | |||||||||
Propane commodity derivatives | $ | — | $ | 2,532 | $ | — | $ | 2,532 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (4,998 | ) | $ | — | $ | (4,998 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (907 | ) | $ | — | $ | (907 | ) | |||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||||
Fair Value of Financial Derivatives Balance Sheet Locations | ' | ||||||||||||||||||
The following tables provide a summary of fair value derivatives that were designated as hedging instruments in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2014 and July 31, 2013: | |||||||||||||||||||
April 30, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 8,420 | Other current liabilities | $ | — | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,863 | Other liabilities | — | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,192 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | 190 | Other liabilities | 6,254 | |||||||||||||||
Total | $ | 12,665 | Total | $ | 6,254 | ||||||||||||||
July 31, 2013 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 1,400 | Other current liabilities | $ | 569 | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,132 | Other liabilities | 338 | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 3,341 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | 442 | Other liabilities | 4,998 | |||||||||||||||
Total | $ | 6,315 | Total | $ | 5,905 | ||||||||||||||
Fair Value Hedge Derivative Effect on Earnings | ' | ||||||||||||||||||
The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three and nine months ended April 30, 2014 and 2013 due to derivatives designated as fair value hedging instruments: | |||||||||||||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the three months ended April 30, | For the three months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 627 | $ | 805 | $ | (2,275 | ) | $ | (5,469 | ) | ||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the nine months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 1,948 | $ | 2,412 | $ | (9,915 | ) | $ | (16,406 | ) | ||||||||
Cash Flow Hedge Derivative Effect on Comprehensive Income | ' | ||||||||||||||||||
The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income for the three and nine months ended April 30, 2014 and 2013 due to the effective portion of derivatives designated as cash flow hedging instruments: | |||||||||||||||||||
For the three months ended April 30, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | (165 | ) | Cost of product sold- propane and other gas liquids sales | $ | (3,885 | ) | ||||||||||||
Interest rate swap agreements | 825 | Interest expense | — | ||||||||||||||||
$ | 660 | $ | (3,885 | ) | |||||||||||||||
For the three months ended April 30, 2013 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 1,130 | Cost of product sold- propane and other gas liquids sales | $ | (1,723 | ) | |||||||||||||
Interest rate swap agreements | (98 | ) | Interest expense | — | |||||||||||||||
$ | 1,032 | $ | (1,723 | ) | |||||||||||||||
For the nine months ended April 30, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 17,298 | Cost of product sold- propane and other gas liquids sales | $ | (8,640 | ) | |||||||||||||
Interest rate swap agreements | (251 | ) | Interest expense | — | |||||||||||||||
$ | 17,047 | $ | (8,640 | ) | |||||||||||||||
For the nine months ended April 30, 2013 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 2,044 | Cost of product sold- propane and other gas liquids sales | $ | (10,348 | ) | |||||||||||||
Interest rate swap agreements | (941 | ) | Interest expense | — | |||||||||||||||
$ | 1,103 | $ | (10,348 | ) | |||||||||||||||
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The changes in derivatives included in AOCI for the nine months ended April 30, 2014 and 2013 were as follows: | |||||||||||||||||||
For the nine months ended April 30, | |||||||||||||||||||
Gains and losses on derivatives included in AOCI | 2014 | 2013 | |||||||||||||||||
Beginning balance | $ | 2,066 | $ | (12,799 | ) | ||||||||||||||
Change in value of risk management commodity derivatives | 17,298 | 2,044 | |||||||||||||||||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (8,640 | ) | 10,348 | ||||||||||||||||
Change in value of risk management interest rate derivatives | (251 | ) | (941 | ) | |||||||||||||||
Ending balance | $ | 10,473 | $ | (1,348 | ) | ||||||||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||||
Fair Value of Financial Derivatives Balance Sheet Locations | ' | ||||||||||||||||||
The following tables provide a summary of the fair value derivatives that were designated as hedging instruments in Ferrellgas, L.P.’s condensed consolidated balance sheets as of April 30, 2014 and July 31, 2013: | |||||||||||||||||||
April 30, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 8,420 | Other current liabilities | $ | — | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,863 | Other liabilities | — | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,192 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | 190 | Other liabilities | 6,254 | |||||||||||||||
Total | $ | 12,665 | Total | $ | 6,254 | ||||||||||||||
July 31, 2013 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 1,400 | Other current liabilities | $ | 569 | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,132 | Other liabilities | 338 | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 3,341 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | 442 | Other liabilities | 4,998 | |||||||||||||||
Total | $ | 6,315 | Total | $ | 5,905 | ||||||||||||||
Fair Value Hedge Derivative Effect on Earnings | ' | ||||||||||||||||||
The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of earnings for the nine months ended April 30, 2014 and 2013 due to derivatives designated as fair value hedging instruments: | |||||||||||||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the three months ended April 30, | For the three months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 627 | $ | 805 | $ | (2,275 | ) | $ | (5,469 | ) | ||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the nine months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 1,948 | $ | 2,412 | $ | (9,915 | ) | $ | (16,406 | ) | ||||||||
Cash Flow Hedge Derivative Effect on Comprehensive Income | ' | ||||||||||||||||||
The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income for the three and nine months ended April 30, 2014 and 2013 due to the effective portion of derivatives designated as cash flow hedging instruments: | |||||||||||||||||||
For the three months ended April 30, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | (165 | ) | Cost of product sold- propane and other gas liquids sales | $ | (3,885 | ) | ||||||||||||
Interest rate swap agreements | 825 | Interest expense | — | ||||||||||||||||
$ | 660 | $ | (3,885 | ) | |||||||||||||||
For the three months ended April 30, 2013 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 1,130 | Cost of product sold- propane and other gas liquids sales | $ | (1,723 | ) | |||||||||||||
Interest rate swap agreements | (98 | ) | Interest expense | — | |||||||||||||||
$ | 1,032 | $ | (1,723 | ) | |||||||||||||||
For the nine months ended April 30, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 17,298 | Cost of product sold- propane and other gas liquids sales | $ | (8,640 | ) | |||||||||||||
Interest rate swap agreements | (251 | ) | Interest expense | — | |||||||||||||||
$ | 17,047 | $ | (8,640 | ) | |||||||||||||||
For the nine months ended April 30, 2013 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | 2,044 | Cost of product sold- propane and other gas liquids sales | $ | (10,348 | ) | |||||||||||||
Interest rate swap agreements | (941 | ) | Interest expense | — | |||||||||||||||
$ | 1,103 | $ | (10,348 | ) | |||||||||||||||
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The changes in derivatives included in AOCI for the nine months ended April 30, 2014 and 2013 were as follows: | |||||||||||||||||||
For the nine months ended April 30, | |||||||||||||||||||
Gains and losses on derivatives included in AOCI | 2014 | 2013 | |||||||||||||||||
Beginning balance | $ | 2,066 | $ | (12,799 | ) | ||||||||||||||
Change in value of risk management commodity derivatives | 17,298 | 2,044 | |||||||||||||||||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (8,640 | ) | 10,348 | ||||||||||||||||
Change in value of risk management interest rate derivatives | (251 | ) | (941 | ) | |||||||||||||||
Ending balance | $ | 10,473 | $ | (1,348 | ) | ||||||||||||||
Transactions_With_Related_Part1
Transactions With Related Parties (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Schedule of Transactions With Related Parties | ' | ||||||||||||||||
These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of earnings as follows: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating expense | $ | 55,458 | $ | 55,374 | $ | 165,028 | $ | 156,752 | |||||||||
General and administrative expense | $ | 9,233 | $ | 10,252 | $ | 24,334 | $ | 23,708 | |||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||
Schedule of Transactions With Related Parties | ' | ||||||||||||||||
These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of earnings as follows: | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Operating expense | $ | 55,458 | $ | 55,374 | $ | 165,028 | $ | 156,752 | |||||||||
General and administrative expense | $ | 9,233 | $ | 10,252 | $ | 24,334 | $ | 23,708 | |||||||||
Net_Earnings_Loss_Per_Common_U1
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 9 Months Ended | ||||||||||||||||
Apr. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Distribution Allocation | ' | ||||||||||||||||
In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: | |||||||||||||||||
Ratio of total distributions payable to: | |||||||||||||||||
Quarterly distribution per common unit | Common unitholder | General partner | |||||||||||||||
$0.56 to $0.63 | 86.9 | % | 13.1 | % | |||||||||||||
$0.64 to $0.82 | 76.8 | % | 23.2 | % | |||||||||||||
$0.83 and above | 51.5 | % | 48.5 | % | |||||||||||||
Schedule of Earnings Per Share | ' | ||||||||||||||||
Additionally, there are no dilutive securities in periods with net losses. | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in thousands, except per unitholders' interest amounts) | |||||||||||||||||
Common unitholders’ interest in net earnings | $ | 44,931 | $ | 44,234 | $ | 80,196 | $ | 84,378 | |||||||||
Weighted average common units outstanding - basic | 79,177.80 | 79,054.40 | 79,127.10 | 79,027.50 | |||||||||||||
Dilutive securities | 9.4 | 31.7 | 24.5 | 38 | |||||||||||||
Weighted average common units outstanding - diluted | 79,187.20 | 79,086.10 | 79,151.60 | 79,065.50 | |||||||||||||
Basic and diluted net earnings per common unitholders’ interest | $ | 0.57 | $ | 0.56 | $ | 1.01 | $ | 1.07 | |||||||||
Partnership_Organization_And_F1
Partnership Organization And Formation (Details) | 9 Months Ended | |
Apr. 30, 2014 | Jul. 31, 2013 | |
employee | ||
Limited partner interest | 99.00% | ' |
General partner ownership interest | 1.00% | ' |
Number of entity subsidiaries | 2 | ' |
Equity interest in subsidiary | 100.00% | ' |
Number of states in which entity operates | 50 | ' |
Number of employees | 0 | ' |
Ferrellgas Partners Finance Corp. [Member] | ' | ' |
Common stock shares outstanding | 1,000 | 1,000 |
Corporation formation date | 28-Mar-96 | ' |
Number of employees | 0 | ' |
Ferrellgas, L.P. [Member] | ' | ' |
Limited partner interest | 99.00% | ' |
General partner ownership interest | 1.00% | ' |
Equity interest in subsidiary | 100.00% | ' |
Number of states in which entity operates | 50 | ' |
Number of employees | 0 | ' |
Ferrellgas Finance Corp. [Member] | ' | ' |
Common stock shares outstanding | 1,000 | 1,000 |
Corporation formation date | 16-Jan-03 | ' |
Number of employees | 0 | ' |
Ferrell Companies [Member] | ' | ' |
Common stock shares outstanding | 21,700,000 | ' |
Operating Partnership [Member] | ' | ' |
General partner ownership interest | 1.00% | ' |
Ferrellgas [Member] | ' | ' |
General partner ownership interest | 2.00% | ' |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Significant Cash And Non-Cash Activities) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 |
Cash Paid For [Abstract] | ' | ' |
Interest | $48,888 | $58,262 |
Income taxes | 403 | 88 |
Non-Cash Investing Activities [Abstract] | ' | ' |
Issuance of common units in connection with acquisitions | 1,530 | ' |
Liabilities incurred in connection with acquisitions | 887 | 8,047 |
Change in accruals for property, plant and equipment additions | 1,318 | 449 |
Ferrellgas, L.P. [Member] | ' | ' |
Cash Paid For [Abstract] | ' | ' |
Interest | 40,394 | 50,413 |
Income taxes | 358 | 73 |
Non-Cash Investing Activities [Abstract] | ' | ' |
Issuance of common units in connection with acquisitions | 1,515 | ' |
Liabilities incurred in connection with acquisitions | 887 | 8,047 |
Change in accruals for property, plant and equipment additions | 1,318 | 449 |
Common Unitholders [Member] | ' | ' |
Non-Cash Investing Activities [Abstract] | ' | ' |
Issuance of common units in connection with acquisitions | 1,500 | 0 |
Common Unitholders [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Non-Cash Investing Activities [Abstract] | ' | ' |
Issuance of common units in connection with acquisitions | $1,500 | $0 |
Supplemental_Financial_Stateme2
Supplemental Financial Statement Information (Narrative) (Details) | 9 Months Ended |
Apr. 30, 2014 | |
gal | |
Maximum term of supply procurement contracts | '36 months |
Net procurement of fixed priced propane in gallons | 21,200,000 |
Ferrellgas, L.P. [Member] | ' |
Maximum term of supply procurement contracts | '36 months |
Net procurement of fixed priced propane in gallons | 21,200,000 |
Supplemental_Financial_Stateme3
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Propane gas and related products | $84,921 | $94,946 |
Appliances, parts and supplies | 25,800 | 22,170 |
Inventories | 110,721 | 117,116 |
Ferrellgas, L.P. [Member] | ' | ' |
Propane gas and related products | 84,921 | 94,946 |
Appliances, parts and supplies | 25,800 | 22,170 |
Inventories | $110,721 | $117,116 |
Supplemental_Financial_Stateme4
Supplemental Financial Statement Information (Other Current Liabilities) (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued interest | $33,555 | $19,795 |
Accrued payroll | 30,411 | 30,295 |
Customer deposits and advances | 15,521 | 20,420 |
Other | 49,637 | 50,592 |
Other current liabilities | 129,124 | 121,102 |
Ferrellgas, L.P. [Member] | ' | ' |
Accrued interest | 27,625 | 17,787 |
Accrued payroll | 30,411 | 30,295 |
Customer deposits and advances | 15,521 | 20,420 |
Other | 49,496 | 50,401 |
Other current liabilities | $123,053 | $118,903 |
Supplemental_Financial_Stateme5
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Shipping and handling expenses | $53,608 | $54,559 | $164,590 | $156,527 |
Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Shipping and handling expenses | 53,608 | 54,559 | 164,590 | 156,527 |
Operating Expense [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Shipping and handling expenses | 47,967 | 49,633 | 148,700 | 141,794 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Shipping and handling expenses | 47,967 | 49,633 | 148,700 | 141,794 |
Depreciation And Amortization Expense [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Shipping and handling expenses | 1,492 | 1,371 | 4,347 | 4,298 |
Depreciation And Amortization Expense [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Shipping and handling expenses | 1,492 | 1,371 | 4,347 | 4,298 |
Equipment Lease Expense [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Shipping and handling expenses | 4,149 | 3,555 | 11,543 | 10,435 |
Equipment Lease Expense [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Shipping and handling expenses | $4,149 | $3,555 | $11,543 | $10,435 |
Accounts_And_Notes_Receivable_2
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2014 | Jul. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable pledged as collateral | $230,798,000 | $130,025,000 |
Ferrellgas, L.P. [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable pledged as collateral | 230,798,000 | 130,025,000 |
Accounts Receivable Securitization [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable pledged as collateral | 230,800,000 | 130,000,000 |
Collateralized notes payable | 155,000,000 | 82,000,000 |
Proceeds from accounts receivable securitization | 155,000,000 | 82,000,000 |
Available proceeds from additional trade accounts receivable | 0 | 0 |
Weighted average interest rate on borrowings under accounts receivable securitization | 1.80% | 2.40% |
Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable pledged as collateral | 230,800,000 | 130,000,000 |
Collateralized notes payable | 155,000,000 | 82,000,000 |
Proceeds from accounts receivable securitization | 155,000,000 | 82,000,000 |
Available proceeds from additional trade accounts receivable | $0 | $0 |
Weighted average interest rate on borrowings under accounts receivable securitization | 1.80% | 2.40% |
Accounts_And_Notes_Receivable_3
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounts receivable pledged as collateral | $230,798 | $130,025 |
Accounts receivable | 22,385 | 4,867 |
Other | 196 | 506 |
Less: Allowance for doubtful accounts | -5,803 | -3,607 |
Accounts and notes receivable, net | 247,576 | 131,791 |
Ferrellgas, L.P. [Member] | ' | ' |
Accounts receivable pledged as collateral | 230,798 | 130,025 |
Accounts receivable | 22,385 | 4,867 |
Other | 196 | 506 |
Less: Allowance for doubtful accounts | -5,803 | -3,607 |
Accounts and notes receivable, net | $247,576 | $131,791 |
Debt_ShortTerm_Borrowings_Narr
Debt (Short-Term Borrowings Narrative) (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-term borrowings | $77,956 | $50,054 |
Ferrellgas, L.P. [Member] | ' | ' |
Short-term borrowings | $77,956 | $50,054 |
Debt_Debt_Components_of_LongTe
Debt Debt (Components of Long-Term Debt) (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Notes payable | $10,021 | $10,898 |
Total long-term debt | 1,208,603 | 1,110,031 |
Less: current portion | 3,233 | 3,091 |
Long-term debt | 1,205,370 | 1,106,940 |
Short-term borrowings | 77,956 | 50,054 |
Ferrellgas, L.P. [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Notes payable | 10,021 | 10,898 |
Total long-term debt | 1,026,603 | 928,031 |
Less: current portion | 3,233 | 3,091 |
Long-term debt | 1,023,370 | 924,940 |
Short-term borrowings | 77,956 | 50,054 |
Fixed Rate, 6.50%, Due 2021 [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Senior notes | 500,000 | 500,000 |
Debt interest rate | 6.50% | ' |
Debt maturity year | '2021 | ' |
Fixed Rate, 6.50%, Due 2021 [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Senior notes | 500,000 | 500,000 |
Debt interest rate | 6.50% | ' |
Debt maturity year | '2021 | ' |
Fixed Rate, 6.75%, Due 2022 [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Senior notes | 325,000 | ' |
Debt interest rate | 6.75% | ' |
Debt maturity year | '2022 | ' |
Fixed Rate, 6.75%, Due 2022 [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Senior notes | 325,000 | ' |
Debt interest rate | 6.75% | ' |
Debt maturity year | '2022 | ' |
Fixed Rate, 9.125%, Due 2017 [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Senior notes | ' | 297,444 |
Debt interest rate | 9.13% | ' |
Debt maturity year | '2017 | ' |
Debt instrument unamortized discount | ' | 2,556 |
Fixed Rate, 9.125%, Due 2017 [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Senior notes | ' | 297,444 |
Debt interest rate | 9.13% | ' |
Debt maturity year | '2017 | ' |
Debt instrument unamortized discount | ' | 2,556 |
Fixed Rate, 8.625%, Due 2020 [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Senior notes | 182,000 | 182,000 |
Debt interest rate | 8.63% | ' |
Debt maturity year | '2020 | ' |
Interest Rate Swap [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Senior notes | -4,062 | -1,657 |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Senior notes | -4,062 | -1,657 |
Secured Credit Facility [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Line of credit facility | 195,644 | 121,346 |
Debt maturity year | '2018 | ' |
Short-term borrowings | 77,956 | 50,054 |
Debt weighted average interest rate | 3.30% | 3.70% |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Line of credit facility | 195,644 | 121,346 |
Debt maturity year | '2018 | ' |
Short-term borrowings | 77,956 | 50,054 |
Debt weighted average interest rate | 3.30% | 3.70% |
Notes Payable [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Debt instrument maturity year range start | '2014 | ' |
Debt instrument maturity year range end | '2022 | ' |
Debt instrument unamortized discount | 2,017 | 2,392 |
Debt weighted average interest rate | 8.90% | 9.10% |
Notes Payable [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Debt instrument maturity year range start | '2014 | ' |
Debt instrument maturity year range end | '2022 | ' |
Debt instrument unamortized discount | $2,017 | $2,392 |
Debt weighted average interest rate | 8.90% | 9.10% |
Debt_Senior_Notes_Narrative_De
Debt (Senior Notes Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Nov. 04, 2013 | Apr. 30, 2014 | Nov. 04, 2013 | Apr. 30, 2014 | Dec. 04, 2013 | Apr. 30, 2014 | Dec. 04, 2013 | |
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | |||
Fixed Rate, 6.75%, Due 2022 [Member] | Fixed Rate, 6.75%, Due 2022 [Member] | Fixed Rate, 6.75%, Due 2022 [Member] | Fixed Rate, 6.75%, Due 2022 [Member] | Fixed Rate, 9.125%, Due 2017 [Member] | Fixed Rate, 9.125%, Due 2017 [Member] | Fixed Rate, 9.125%, Due 2017 [Member] | Fixed Rate, 9.125%, Due 2017 [Member] | |||||
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | |||||||||
Debt issuance principal amount | ' | ' | ' | ' | ' | $325,000,000 | ' | $325,000,000 | ' | ' | ' | ' |
Debt interest rate | ' | ' | ' | ' | ' | 6.75% | ' | 6.75% | ' | 9.13% | ' | 9.13% |
Debt maturity year | ' | ' | ' | ' | ' | '2022 | ' | '2022 | ' | ' | ' | ' |
Net proceeds from issuance of senior notes | ' | ' | ' | ' | 319,300,000 | ' | 319,300,000 | ' | ' | ' | ' | ' |
Debt redemption principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | 300,000,000 |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-17 | ' | 1-Oct-17 | ' |
Make whole and consent payments | ' | ' | ' | ' | ' | ' | ' | ' | 14,700,000 | ' | 14,700,000 | ' |
Interest payments | 48,888,000 | 58,262,000 | 40,394,000 | 50,413,000 | ' | ' | ' | ' | 3,300,000 | ' | 3,300,000 | ' |
Write off of capitalized financing costs | ' | ' | ' | ' | ' | ' | ' | ' | $6,000,000 | ' | $6,000,000 | ' |
Debt_Debt_Scheduled_Annual_Pri
Debt Debt (Scheduled Annual Principal Payments On Long-term Debt) (Details) (USD $) | Apr. 30, 2014 |
In Thousands, unless otherwise specified | |
2014 | $520 |
2015 | 3,103 |
2016 | 3,043 |
2017 | 2,706 |
2018 | 1,124 |
Thereafter | 1,204,186 |
Total | 1,214,682 |
Ferrellgas, L.P. [Member] | ' |
2014 | 520 |
2015 | 3,103 |
2016 | 3,043 |
2017 | 2,706 |
2018 | 1,124 |
Thereafter | 1,022,186 |
Total | $1,032,682 |
Debt_Secured_Credit_Facility_N
Debt (Secured Credit Facility Narrative) (Details) (USD $) | 9 Months Ended | ||
Apr. 30, 2014 | Jul. 31, 2013 | Apr. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' |
Letters of credit outstanding | $60,300,000 | $53,900,000 | ' |
Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Letters of credit outstanding | 60,300,000 | 53,900,000 | ' |
Secured Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maturity date | 20-Oct-18 | ' | ' |
Secured credit facility maximum borrowing capacity | 500,000,000 | 400,000,000 | ' |
Write off of capitalized financing costs | 300,000 | ' | ' |
Total credit faciltiy borrowings outstanding | 273,600,000 | 171,400,000 | ' |
Amount of credit facility borrowings classified as long-term debt | 195,600,000 | 121,300,000 | ' |
Weighted average interest rate on credit facility borrowings | 3.30% | 3.70% | ' |
Available borrowing capacity | 166,100,000 | ' | 205,400,000 |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Maturity date | 20-Oct-18 | ' | ' |
Secured credit facility maximum borrowing capacity | 500,000,000 | 400,000,000 | ' |
Write off of capitalized financing costs | 300,000 | ' | ' |
Total credit faciltiy borrowings outstanding | 273,600,000 | 171,400,000 | ' |
Amount of credit facility borrowings classified as long-term debt | 196,300,000 | 121,300,000 | ' |
Weighted average interest rate on credit facility borrowings | 3.30% | 3.70% | ' |
Available borrowing capacity | 166,100,000 | ' | 205,400,000 |
Letter Of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Secured credit facility maximum borrowing capacity | 200,000,000 | ' | ' |
Available borrowing capacity | 139,700,000 | 146,100,000 | ' |
Letter Of Credit [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Secured credit facility maximum borrowing capacity | 200,000,000 | ' | ' |
Available borrowing capacity | $139,700,000 | $146,100,000 | ' |
Federal Funds Rate [Member] | Secured Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 0.50% | ' | ' |
Federal Funds Rate [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 0.50% | ' | ' |
Eurodollar Rate Loan [Member] | Secured Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 1.00% | ' | ' |
Eurodollar Rate Loan [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 1.00% | ' | ' |
Minimum [Member] | Base Rate [Member] | Secured Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 0.75% | ' | ' |
Minimum [Member] | Base Rate [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 0.75% | ' | ' |
Minimum [Member] | LIBOR [Member] | Secured Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 1.75% | ' | ' |
Minimum [Member] | LIBOR [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 1.75% | ' | ' |
Maximum [Member] | Base Rate [Member] | Secured Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 1.75% | ' | ' |
Maximum [Member] | Base Rate [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 1.75% | ' | ' |
Maximum [Member] | LIBOR [Member] | Secured Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 2.75% | ' | ' |
Maximum [Member] | LIBOR [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Credit facility interest rate basis spread rate | 2.75% | ' | ' |
Debt_Interest_Rate_Swaps_Narra
Debt (Interest Rate Swaps Narrative) (Details) (Fixed Rate, 9.125%, Due 2017 [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Apr. 30, 2014 |
Swap inception date | 7-May-12 |
Swap notional amount | $140 |
Description of hedged item | '$300.0 million 9.125% fixed rate senior notes due 2017 |
Swap fixed interest rate | 9.13% |
Swap variable rate basis | 'one-month LIBOR |
Basis spread on swap variable rate | 7.96% |
Swap settlement cost | 0.2 |
Ferrellgas, L.P. [Member] | ' |
Swap inception date | 7-May-12 |
Swap notional amount | 140 |
Description of hedged item | '$300.0 million 9.125% fixed rate senior notes due 2017 |
Swap fixed interest rate | 9.13% |
Swap variable rate basis | 'one-month LIBOR |
Basis spread on swap variable rate | 7.96% |
Swap settlement cost | $0.20 |
Partners_Capital_Narrative_Det
Partners' Capital (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | ||||||||||||
Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Jun. 13, 2014 | 22-May-14 | 22-May-14 | Jun. 13, 2014 | 22-May-14 | Jun. 13, 2014 | Jun. 13, 2014 | Jun. 13, 2014 | |
Ferrellgas, L.P. [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas Partners [Member] | General Partner [Member] | General Partner [Member] | ||||||||
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | |||||||||||||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partner ownership interest | 27.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution declaration date | ' | ' | ' | ' | ' | ' | ' | ' | 22-May-14 | ' | 22-May-14 | ' | ' | ' |
Cash distributions declared per common unit | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' |
Cash distributions payment date | ' | ' | ' | ' | ' | ' | 13-Jun-14 | ' | ' | 13-Jun-14 | ' | ' | ' | ' |
Cash distributions to related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48,900,000 | $410,000 | $500,000 |
Non-cash contributions | ' | ' | $500,000 | $400,000 | $300,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
General partner ownership interest | 1.00% | 1.00% | 2.00% | ' | 1.01% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners_Capital_Distributions
Partners' Capital (Distributions Paid) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' |
Distributions | $39,994 | $39,934 | $119,901 | $119,748 |
Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' |
Distributions | 40,402 | 40,342 | 129,054 | 128,899 |
Public Common Unitholders [Member] | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' |
Distributions | 26,556 | 26,497 | 79,588 | 79,437 |
Ferrell Companies [Member] | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' |
Distributions | 10,735 | 10,735 | 32,205 | 32,205 |
FCI Trading Corp. [Member] | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' |
Distributions | 98 | 98 | 294 | 294 |
Ferrell Propane, Inc. [Member] | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' |
Distributions | 26 | 26 | 78 | 78 |
James E. Ferrell [Member] | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' |
Distributions | 2,179 | 2,179 | 6,537 | 6,537 |
General Partner [Member] | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' |
Distributions | 400 | 399 | 1,199 | 1,197 |
General Partner [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' |
Distributions | 408 | 408 | 1,304 | 1,302 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' | ' | ' |
Distributions | $39,994 | $39,934 | $127,750 | $127,597 |
Partners_Capital_Distributions1
Partners' Capital (Distributions Expected To Be Paid To Related Parties) (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jun. 13, 2014 |
Ferrell Companies [Member] | ' |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | ' |
Cash distributions to related parties | $10,735 |
FCI Trading Corp. [Member] | ' |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | ' |
Cash distributions to related parties | 98 |
Ferrell Propane, Inc. [Member] | ' |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | ' |
Cash distributions to related parties | 26 |
James E. Ferrell [Member] | ' |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | ' |
Cash distributions to related parties | 2,179 |
General Partner [Member] | ' |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | ' |
Cash distributions to related parties | $410 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest rate swap assets | $2,382 | $3,783 |
Propane commodity derivative assets | 10,283 | 2,532 |
Interest rate swap liabilities | -6,254 | -4,998 |
Propane commodity derivative liabilities | ' | -907 |
Ferrellgas, L.P. [Member] | ' | ' |
Interest rate swap assets | 2,382 | 3,783 |
Propane commodity derivative assets | 10,283 | 2,532 |
Interest rate swap liabilities | -6,254 | -4,998 |
Propane commodity derivative liabilities | ' | -907 |
Level 1 [Member] | ' | ' |
Interest rate swap assets | ' | ' |
Propane commodity derivative assets | ' | ' |
Interest rate swap liabilities | ' | ' |
Propane commodity derivative liabilities | ' | ' |
Level 1 [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Interest rate swap assets | ' | ' |
Propane commodity derivative assets | ' | ' |
Interest rate swap liabilities | ' | ' |
Propane commodity derivative liabilities | ' | ' |
Level 2 [Member] | ' | ' |
Interest rate swap assets | 2,382 | 3,783 |
Propane commodity derivative assets | 10,283 | 2,532 |
Interest rate swap liabilities | -6,254 | -4,998 |
Propane commodity derivative liabilities | ' | -907 |
Level 2 [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Interest rate swap assets | 2,382 | 3,783 |
Propane commodity derivative assets | 10,283 | 2,532 |
Interest rate swap liabilities | -6,254 | -4,998 |
Propane commodity derivative liabilities | ' | -907 |
Level 3 [Member] | ' | ' |
Interest rate swap assets | ' | ' |
Propane commodity derivative assets | ' | ' |
Interest rate swap liabilities | ' | ' |
Propane commodity derivative liabilities | ' | ' |
Level 3 [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Interest rate swap assets | ' | ' |
Propane commodity derivative assets | ' | ' |
Interest rate swap liabilities | ' | ' |
Propane commodity derivative liabilities | ' | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 9 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
MMBbls | ||
Derivative [Line Items] | ' | ' |
Reclassification of net gain to earnings during next 12 months | $8,200,000 | ' |
Number of barrels of propane covered by cash flow hedges | 1,300,000 | ' |
Derivative amount of credit risk | 10,300,000 | ' |
Derivative net liability position aggregate fair value | 0 | ' |
Collateral already posted | 0 | ' |
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 |
Components of financial derivative contract gains or losses excluded from the assessment of hedge effectiveness | 0 | 0 |
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | 0 | 0 |
Ferrellgas, L.P. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Reclassification of net gain to earnings during next 12 months | 8,200,000 | ' |
Number of barrels of propane covered by cash flow hedges | 1,300,000 | ' |
Derivative amount of credit risk | 10,300,000 | ' |
Derivative net liability position aggregate fair value | 0 | ' |
Collateral already posted | 0 | ' |
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 |
Components of financial derivative contract gains or losses excluded from the assessment of hedge effectiveness | 0 | 0 |
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | $0 | $0 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Fair Value of Financial Derivatives Balance Sheet Locations) (Details) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | $10,283 | $2,532 |
Interest rate swap assets | 2,382 | 3,783 |
Derivative assets, fair value | 12,665 | 6,315 |
Propane commodity derivative liabilities | ' | 907 |
Interest rate swap liabilities | 6,254 | 4,998 |
Derivative liabilities, fair value | 6,254 | 5,905 |
Ferrellgas, L.P. [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | 10,283 | 2,532 |
Interest rate swap assets | 2,382 | 3,783 |
Derivative assets, fair value | 12,665 | 6,315 |
Propane commodity derivative liabilities | ' | 907 |
Interest rate swap liabilities | 6,254 | 4,998 |
Derivative liabilities, fair value | 6,254 | 5,905 |
Prepaid Expenses And Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | 8,420 | 1,400 |
Interest rate swap assets | 2,192 | 3,341 |
Prepaid Expenses And Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | 8,420 | 1,400 |
Interest rate swap assets | 2,192 | 3,341 |
Other Assets, Net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | 1,863 | 1,132 |
Interest rate swap assets | 190 | 442 |
Other Assets, Net [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | 1,863 | 1,132 |
Interest rate swap assets | 190 | 442 |
Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative liabilities | 0 | 569 |
Interest rate swap liabilities | 0 | 0 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative liabilities | 0 | 569 |
Interest rate swap liabilities | 0 | 0 |
Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative liabilities | 0 | 338 |
Interest rate swap liabilities | 6,254 | 4,998 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative liabilities | 0 | 338 |
Interest rate swap liabilities | $6,254 | $4,998 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Fair Value Hedge Derivative Effect on Earnings) (Details) (Interest Rate Swap [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Gain (loss) recognized on derivative | $627 | $805 | $1,948 | $2,412 |
Interest expense recognized on fixed-rate debt | -2,275 | -5,469 | -9,915 | -16,406 |
Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Gain (loss) recognized on derivative | 627 | 805 | 1,948 | 2,412 |
Interest expense recognized on fixed-rate debt | ($2,275) | ($5,469) | ($9,915) | ($16,406) |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Cash Flow Hedge Derivative Effect on Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Amount of gain (loss) recognized in AOCI | $660 | $1,032 | $17,047 | $1,103 |
Amount of gain (loss) reclassified from AOCI into income | -3,885 | -1,723 | -8,640 | -10,348 |
Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Amount of gain (loss) recognized in AOCI | 660 | 1,032 | 17,047 | 1,103 |
Amount of gain (loss) reclassified from AOCI into income | -3,885 | -1,723 | -8,640 | -10,348 |
Propane commodity derivatives [Member] | ' | ' | ' | ' |
Amount of gain (loss) recognized in AOCI | -165 | 1,130 | 17,298 | 2,044 |
Amount of gain (loss) reclassified from AOCI into income | ' | ' | 8,640 | -10,348 |
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Amount of gain (loss) recognized in AOCI | -165 | 1,130 | 17,298 | 2,044 |
Amount of gain (loss) reclassified from AOCI into income | ' | ' | 8,640 | -10,348 |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Amount of gain (loss) recognized in AOCI | 825 | -98 | -251 | -941 |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Amount of gain (loss) recognized in AOCI | 825 | -98 | -251 | -941 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | ' | ' | ' | ' |
Amount of gain (loss) reclassified from AOCI into income | -3,885 | -1,723 | -8,640 | -10,348 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Amount of gain (loss) reclassified from AOCI into income | -3,885 | -1,723 | -8,640 | -10,348 |
Interest Expense [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' |
Amount of gain (loss) reclassified from AOCI into income | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Amount of gain (loss) reclassified from AOCI into income | $0 | $0 | $0 | $0 |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities (Changes in Derivative Value Effect on Other Comprehensive Income Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
In Thousands, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Jul. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Jul. 31, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Jul. 31, 2013 | Apr. 30, 2013 | Jul. 31, 2012 | Apr. 30, 2014 | Jul. 31, 2013 | Apr. 30, 2013 | Jul. 31, 2012 |
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Propane commodity derivatives [Member] | Propane commodity derivatives [Member] | Propane commodity derivatives [Member] | Propane commodity derivatives [Member] | Propane commodity derivatives [Member] | Propane commodity derivatives [Member] | Propane commodity derivatives [Member] | Propane commodity derivatives [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | ||||||
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | |||||||||||||||||||||||
Beginning balance | $9,848 | ' | $9,848 | ' | $1,697 | $9,962 | ' | $9,962 | ' | $1,728 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,473 | $2,066 | ($1,348) | ($12,799) | $10,473 | $2,066 | ($1,348) | ($12,799) |
Change in value of risk management derivatives | 660 | 1,032 | 17,047 | 1,103 | ' | 660 | 1,032 | 17,047 | 1,103 | ' | -165 | 1,130 | 17,298 | 2,044 | -165 | 1,130 | 17,298 | 2,044 | 825 | -98 | -251 | -941 | 825 | -98 | -251 | -941 | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 3,885 | 1,723 | 8,640 | 10,348 | ' | 3,885 | 1,723 | 8,640 | 10,348 | ' | ' | ' | -8,640 | 10,348 | ' | ' | -8,640 | 10,348 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | $9,848 | ' | $9,848 | ' | $1,697 | $9,962 | ' | $9,962 | ' | $1,728 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,473 | $2,066 | ($1,348) | ($12,799) | $10,473 | $2,066 | ($1,348) | ($12,799) |
Transactions_With_Related_Part2
Transactions With Related Parties (Narrative) (Details) | Apr. 30, 2014 |
employee | |
Number of employees | 0 |
Ferrellgas, L.P. [Member] | ' |
Number of employees | 0 |
Transactions_With_Related_Part3
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
General and administrative expense | $16,860,000 | $15,232,000 | $47,749,000 | $39,104,000 |
Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
General and administrative expense | 16,860,000 | 15,232,000 | 47,749,000 | 39,104,000 |
Compensation And Benefits [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Operating expense | 55,458,000 | 55,374,000 | 165,028,000 | 156,752,000 |
General and administrative expense | 9,233,000 | 10,252,000 | 24,334,000 | 23,708,000 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Operating expense | 55,458,000 | 55,374,000 | 165,028,000 | 156,752,000 |
General and administrative expense | $9,233,000 | $10,252,000 | $24,334,000 | $23,708,000 |
Contingencies_And_Commitments_
Contingencies And Commitments (Narrative) (Details) (Senior Notes [Member], USD $) | Apr. 30, 2014 | Apr. 30, 2014 | Nov. 04, 2013 | Apr. 30, 2014 | Nov. 04, 2013 | Apr. 30, 2014 | Dec. 04, 2013 | Apr. 30, 2014 | Dec. 04, 2013 |
Fixed Rate, 8.625%, Due 2020 [Member] | Fixed Rate, 6.50%, Due 2021 [Member] | Fixed Rate, 6.75%, Due 2022 [Member] | Fixed Rate, 6.75%, Due 2022 [Member] | Fixed Rate, 6.75%, Due 2022 [Member] | Fixed Rate, 9.125%, Due 2017 [Member] | Fixed Rate, 9.125%, Due 2017 [Member] | Fixed Rate, 9.125%, Due 2017 [Member] | Fixed Rate, 9.125%, Due 2017 [Member] | |
Ferrellgas Partners Finance Corp. [Member] | Ferrellgas Finance Corp. [Member] | Ferrellgas Finance Corp. [Member] | Ferrellgas Finance Corp. [Member] | Ferrellgas Finance Corp. [Member] | Ferrellgas Finance Corp. [Member] | ||||
Debt principal amount | $182,000,000 | $500,000,000 | $325,000,000 | $325,000,000 | $325,000,000 | ' | ' | ' | ' |
Debt interest rate | 8.63% | 6.50% | 6.75% | 6.75% | 6.75% | ' | 9.13% | ' | 9.13% |
Debt maturity year | '2020 | '2021 | '2022 | '2022 | '2022 | ' | ' | ' | ' |
Debt redemption principal amount | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | $300,000,000 |
Maturity date | ' | ' | ' | ' | ' | 1-Oct-17 | ' | 1-Oct-17 | ' |
Net_Earnings_Per_Common_Unitho
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details) (USD $) | 9 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Dilutive effect on earnings per share | $0 | $0 |
Net_Earnings_Loss_Per_Common_U2
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 30, 2014 | Apr. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2013 |
Common unitholders' interest in net earnings | $44,931 | $44,234 | $80,196 | $84,378 |
Weighted average common units outstanding - basic | 79,177,800 | 79,054,400 | 79,127,100 | 79,027,500 |
Dilutive securities | 9,400 | 31,700 | 24,500 | 38,000 |
Weighted average common units outstanding - diluted | 79,187,200 | 79,086,100 | 79,151,600 | 79,065,500 |
Basic and diluted net earnings per common unitholders' interest | $0.57 | $0.56 | $1.01 | $1.07 |
Net_Earnings_Per_Common_Unitho1
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Earnings Distribution Allocation) (Details) | Apr. 30, 2014 |
Common Stock [Member] | Lower Range [Member] | ' |
Allocated Distribution | 86.90% |
Common Stock [Member] | Middle Range [Member] | ' |
Allocated Distribution | 76.80% |
Common Stock [Member] | Upper Range [Member] | ' |
Allocated Distribution | 51.50% |
General Partner [Member] | Lower Range [Member] | ' |
Allocated Distribution | 13.10% |
General Partner [Member] | Middle Range [Member] | ' |
Allocated Distribution | 23.20% |
General Partner [Member] | Upper Range [Member] | ' |
Allocated Distribution | 48.50% |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (USD $) | 0 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||
Jun. 09, 2014 | 3-May-14 | 1-May-14 | Jun. 09, 2014 | 3-May-14 | 1-May-14 | Apr. 30, 2014 | Jul. 31, 2013 | Jun. 09, 2014 | Apr. 30, 2014 | Jul. 31, 2013 | Jun. 09, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Secured Credit Facility [Member] | Secured Credit Facility [Member] | Secured Credit Facility [Member] | Secured Credit Facility [Member] | Secured Credit Facility [Member] | Secured Credit Facility [Member] | Letter Of Credit [Member] | Letter Of Credit [Member] | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | |||||||
Subsequent Event [Member] | ||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Effective Date of Acquisition | ' | 1-May-14 | ' | ' | 1-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | $124,700,000 | ' | ' | $124,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration duration | ' | '2 years | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | 2,000,000 | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Consideration Received on Transaction | ' | 50,000,000 | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent Event, Date | 6-Jun-14 | ' | ' | 6-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | $500,000,000 | $400,000,000 | $600,000,000 | $500,000,000 | $400,000,000 | $600,000,000 | $200,000,000 | $200,000,000 |
Maturity date | ' | ' | ' | ' | ' | ' | 20-Oct-18 | ' | ' | 20-Oct-18 | ' | ' | ' | ' |