Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Oct. 31, 2015 | Dec. 01, 2015 | |
Entity Registrant Name | FERRELLGAS PARTNERS L P | |
Entity Central Index Key | 922,358 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 97,991,065 | |
Trading Symbol | fgp | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Ferrellgas Partners Finance Corp. [Member] | ||
Entity Registrant Name | FERRELLGAS PARTNERS FINANCE CORP | |
Entity Central Index Key | 1,012,493 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Ferrellgas, L.P. [Member] | ||
Entity Registrant Name | FERRELLGAS L P | |
Entity Central Index Key | 922,359 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Ferrellgas Finance Corp. [Member] | ||
Entity Registrant Name | FERRELLGAS FINANCE CORP | |
Entity Central Index Key | 922,360 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 ($) | Oct. 31, 2015 | Jul. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 8,892,000 | $ 7,652,000 |
Accounts and notes receivable, net | 178,678,000 | 196,918,000 |
Inventories | 96,079,000 | 96,754,000 |
Prepaid expenses and other current assets | 57,556,000 | 64,285,000 |
Total current assets | 341,205,000 | 365,609,000 |
Property, plant and equipment, net | 941,283,000 | 965,217,000 |
Goodwill, net | 459,615,000 | 478,747,000 |
Intangible assets, net | 562,326,000 | 580,043,000 |
Assets held for sale | 8,840,000 | 0 |
Other assets, net | 72,917,000 | 74,440,000 |
Total assets | 2,386,186,000 | 2,464,056,000 |
Current liabilities: | ||
Accounts payable | 63,553,000 | 83,974,000 |
Short-term borrowings | 95,391,000 | 75,319,000 |
Collateralized note payable | 68,000,000 | 70,000,000 |
Other current liabilities | 200,964,000 | 180,687,000 |
Total current liabilities | 427,908,000 | 409,980,000 |
Long-term debt | 1,823,182,000 | 1,804,392,000 |
Other liabilities | $ 38,458,000 | $ 41,975,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | $ 182,403,000 | $ 299,730,000 |
General partner | (58,228,000) | (57,042,000) |
Accumulated other comprehensive income | (30,411,000) | (38,934,000) |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | 93,764,000 | 203,754,000 |
Noncontrolling interest | 2,874,000 | 3,955,000 |
Total partners' capital (deficit) | 96,638,000 | 207,709,000 |
Total liabilities and partners' capital (deficit) | 2,386,186,000 | 2,464,056,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,000 | 1,000 |
Total assets | $ 1,000 | $ 1,000 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | $ 1,000 | $ 1,000 |
Additional paid in capital | 17,535 | 17,485 |
Accumulated deficit | (17,535) | (17,485) |
Total stockholder's equity | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 8,608,000 | 5,600,000 |
Accounts and notes receivable, net | 178,678,000 | 196,918,000 |
Inventories | 96,079,000 | 96,754,000 |
Prepaid expenses and other current assets | 57,931,000 | 64,211,000 |
Total current assets | 341,296,000 | 363,483,000 |
Property, plant and equipment, net | 941,283,000 | 965,217,000 |
Goodwill, net | 459,615,000 | 478,747,000 |
Intangible assets, net | 562,326,000 | 580,043,000 |
Assets held for sale | 8,840,000 | 0 |
Other assets, net | 71,054,000 | 72,472,000 |
Total assets | 2,384,414,000 | 2,459,962,000 |
Current liabilities: | ||
Accounts payable | 63,553,000 | 83,974,000 |
Short-term borrowings | 95,391,000 | 75,319,000 |
Collateralized note payable | 68,000,000 | 70,000,000 |
Other current liabilities | 195,029,000 | 176,176,000 |
Total current liabilities | 421,973,000 | 405,469,000 |
Long-term debt | 1,641,182,000 | 1,622,392,000 |
Other liabilities | $ 38,458,000 | $ 41,975,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | $ 310,338,000 | $ 425,105,000 |
General partner | 3,171,000 | 4,339,000 |
Accumulated other comprehensive income | (30,708,000) | (39,318,000) |
Total partners' capital (deficit) | 282,801,000 | 390,126,000 |
Total liabilities and partners' capital (deficit) | 2,384,414,000 | 2,459,962,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,100 | 1,100 |
Total assets | $ 1,100 | $ 1,100 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | $ 1,000 | $ 1,000 |
Additional paid in capital | 56,317 | 53,267 |
Accumulated deficit | (56,217) | (53,167) |
Total stockholder's equity | $ 1,100 | $ 1,100 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Accounts receivable pledged as collateral | $ 113,792 | $ 123,791 |
Intangible assets accumulated amortization | $ 386,828 | $ 375,119 |
Common unitholders, units outstanding | 100,376,789 | 100,376,789 |
General partner unitholder, units outstanding | 1,013,907 | 1,013,907 |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | $ 113,792 | $ 123,791 |
Intangible assets accumulated amortization | $ 386,828 | $ 375,119 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Revenues: | ||
Propane and other gas liquids sales | $ 245,301,000 | $ 394,361,000 |
Midstream operations | 193,670,000 | 7,916,000 |
Other | 32,175,000 | 41,078,000 |
Total revenues | 471,146,000 | 443,355,000 |
Costs and expenses: | ||
Cost of sales - propane and other gas liquids sales | 121,751,000 | 264,814,000 |
Cost of sales - midstream operations | 153,604,000 | 1,968,000 |
Cost of sales - other | 14,448,000 | 21,892,000 |
Operating expense | 116,199,000 | 106,428,000 |
Depreciation and amortization expense | 36,979,000 | 23,309,000 |
General and administrative expense | 19,144,000 | 23,395,000 |
Equipment lease expense | 7,032,000 | 5,532,000 |
Non-cash employee stock ownership plan compensation charge | 5,256,000 | 4,374,000 |
Goodwill impairment | 29,316,000 | 0 |
Loss on disposal of assets and other | 14,917,000 | 961,000 |
Operating loss | (47,500,000) | (9,318,000) |
Interest expense | (33,788,000) | (23,912,000) |
Other income, net | (122,000) | (449,000) |
Loss before income taxes | (81,410,000) | (33,679,000) |
Income tax benefit | (844,000) | (510,000) |
Net Earnings (Loss) | (80,566,000) | (33,169,000) |
Net earnings attributable to noncontrolling interest | (773,000) | (294,000) |
Net earnings attributable to Ferrellgas Partners, L.P. | (79,793,000) | (32,875,000) |
Less: General partner's interest in net earnings | (798,000) | (329,000) |
Common unitholders' interest in net earnings | $ (78,995,000) | $ (32,546,000) |
Basic and diluted net earnings per common unitholders' interest | $ (0.79) | $ (0.40) |
Cash distributions declared per common unit | $ 0.5125 | $ 0.50 |
Ferrellgas Partners Finance Corp. [Member] | ||
Costs and expenses: | ||
General and administrative expense | $ 50 | $ 150 |
Net Earnings (Loss) | (50) | (150) |
Ferrellgas, L.P. [Member] | ||
Revenues: | ||
Propane and other gas liquids sales | 245,301,000 | 394,361,000 |
Midstream operations | 193,670,000 | 7,916,000 |
Other | 32,175,000 | 41,078,000 |
Total revenues | 471,146,000 | 443,355,000 |
Costs and expenses: | ||
Cost of sales - propane and other gas liquids sales | 121,751,000 | 264,814,000 |
Cost of sales - midstream operations | 153,604,000 | 1,968,000 |
Cost of sales - other | 14,448,000 | 21,892,000 |
Operating expense | 116,199,000 | 106,431,000 |
Depreciation and amortization expense | 36,979,000 | 23,309,000 |
General and administrative expense | 19,144,000 | 23,395,000 |
Equipment lease expense | 7,032,000 | 5,532,000 |
Non-cash employee stock ownership plan compensation charge | 5,256,000 | 4,374,000 |
Goodwill impairment | 29,316,000 | 0 |
Loss on disposal of assets and other | 14,917,000 | 961,000 |
Operating loss | (47,500,000) | (9,321,000) |
Interest expense | (29,758,000) | (19,878,000) |
Other income, net | (122,000) | (449,000) |
Loss before income taxes | (77,380,000) | (29,648,000) |
Income tax benefit | (844,000) | (511,000) |
Net Earnings (Loss) | (76,536,000) | (29,137,000) |
Net earnings attributable to Ferrellgas Partners, L.P. | (76,536,000) | (29,137,000) |
Ferrellgas Finance Corp. [Member] | ||
Costs and expenses: | ||
General and administrative expense | 3,050 | 160 |
Net Earnings (Loss) | $ (3,050) | $ (160) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Net loss | $ (80,566) | $ (33,169) |
Other comprehensive income (loss): | ||
Change in value of risk management derivatives | 384 | (13,897) |
Reclassification of derivative gains and losses to earnings | 8,226 | (1,128) |
Foreign currency translation adjustment | 0 | (2) |
Other comprehensive income (loss) | 8,610 | (15,027) |
Comprehensive income | (71,956) | (48,196) |
Less: Comprehensive income attributable to noncontrolling interest | (686) | (448) |
Comprehensive income attributable to Ferrellgas Partners, LP | (71,270) | (47,748) |
Ferrellgas, L.P. [Member] | ||
Net loss | (76,536) | (29,137) |
Other comprehensive income (loss): | ||
Change in value of risk management derivatives | 384 | (13,897) |
Reclassification of derivative gains and losses to earnings | 8,226 | (1,128) |
Foreign currency translation adjustment | 0 | (2) |
Other comprehensive income (loss) | 8,610 | (15,027) |
Comprehensive income | $ (67,926) | $ (44,164) |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Capital (Deficit) - 3 months ended Oct. 31, 2015 - USD ($) $ in Thousands | Total | Accumulated Other Comprehensive Income (Loss) | Total Ferrellgas Partners, L.P. Partners' Capital (Deficit) [Member] | Noncontrolling Interest [Member] | Common Unitholders [Member] | General Partner Unitholder [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member]Accumulated Other Comprehensive Income (Loss) | Ferrellgas, L.P. [Member]Common Unitholders [Member] | Ferrellgas, L.P. [Member]General Partner Unitholder [Member] |
Partners' capital balance (in units) at Jul. 31, 2015 | 100,376,800 | 1,014,000 | ||||||||
Partners' capital balance at Jul. 31, 2015 | $ 207,709 | $ (38,934) | $ 203,754 | $ 3,955 | $ 299,730 | $ (57,042) | $ 390,126 | $ (39,318) | $ 425,105 | $ 4,339 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 13,378 | 13,243 | 135 | 13,111 | 132 | 13,378 | 13,243 | 135 | ||
Partners' Capital Account, Acquisitions | (284) | 0 | (284) | 0 | ||||||
Distributions | (52,493) | (51,963) | (530) | (51,443) | (520) | (52,493) | (51,963) | (530) | ||
Net loss | (80,566) | (79,793) | (773) | $ (78,995) | $ (798) | (76,536) | $ (75,763) | (773) | ||
Other comprehensive income (loss) | 8,610 | 8,523 | 8,523 | 87 | 8,610 | 8,610 | ||||
Partners' capital balance (in units) at Oct. 31, 2015 | 100,376,800 | 1,014,000 | ||||||||
Partners' capital balance at Oct. 31, 2015 | $ 96,638 | $ (30,411) | $ 93,764 | $ 2,874 | $ 182,403 | $ (58,228) | $ 282,801 | $ (30,708) | $ 310,338 | $ 3,171 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | $ (80,566,000) | $ (33,169,000) |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 36,979,000 | 23,309,000 |
Non-cash employee stock ownership plan compensation charge | 5,256,000 | 4,374,000 |
Non-cash stock-based compensation charge | 8,122,000 | 16,112,000 |
Goodwill impairment | 29,316,000 | 0 |
Loss on Disposal of Assets and Asset Impairment Charges | 14,917,000 | 961,000 |
Change in fair value of contingent consideration | (100,000) | (1,800,000) |
Provision for doubtful accounts | 952,000 | 967,000 |
Deferred tax expense | 280,000 | 216,000 |
Other | 1,409,000 | 864,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | 9,484,000 | (2,873,000) |
Inventories | 675,000 | (31,589,000) |
Prepaid expenses and other current assets | 5,997,000 | (17,142,000) |
Accounts payable | (20,139,000) | 5,141,000 |
Accrued interest expense | 28,600,000 | 20,070,000 |
Other current liabilities | (3,468,000) | (2,068,000) |
Other assets and liabilities | 3,134,000 | (2,779,000) |
Net cash provided by (used in) operating activities | 40,848,000 | (19,406,000) |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | 0 | (68,655,000) |
Capital expenditures | (25,607,000) | (17,562,000) |
Proceeds from sale of assets | 3,575,000 | 1,417,000 |
Other | (14,000) | 0 |
Net cash used in investing activities | (22,046,000) | (84,800,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (51,963,000) | (41,774,000) |
Proceeds from issuance of long-term debt | 21,321,000 | 83,044,000 |
Payments on long-term debt | (4,380,000) | (44,388,000) |
Net additions to (reductions in) short-term borrowings | 20,072,000 | 52,711,000 |
Net additions to collateralized short-term borrowings | 14,000,000 | |
Repayments of Other Long-term Debt | (2,000,000) | |
Cash paid for financing costs | (142,000) | (182,000) |
Proceeds from (Payments to) Noncontrolling Interests | (500,000) | 5,000 |
Proceeds from Issuance of Common Limited Partners Units | 0 | 41,948,000 |
Contributions from partners | 30,000 | 424,000 |
Net cash provided by (used in) financing activities | (17,562,000) | 105,788,000 |
Effect of exchange rate changes on cash | 0 | (2,000) |
Net change in cash and cash equivalents | 1,240,000 | 1,580,000 |
Cash and cash equivalents - beginning of period | 7,652,000 | 8,289,000 |
Cash and cash equivalents - end of period | 8,892,000 | 9,869,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (50) | (150) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Net cash provided by (used in) operating activities | (50) | (150) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 50 | 90 |
Net cash provided by (used in) financing activities | 50 | 90 |
Net change in cash | 0 | (60) |
Cash - beginning of period | 1,000 | 969 |
Cash - end of period | 1,000 | 909 |
Ferrellgas, L.P. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (76,536,000) | (29,137,000) |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 36,979,000 | 23,309,000 |
Non-cash employee stock ownership plan compensation charge | 5,256,000 | 4,374,000 |
Non-cash stock-based compensation charge | 8,122,000 | 16,112,000 |
Goodwill impairment | 29,316,000 | 0 |
Loss on Disposal of Assets and Asset Impairment Charges | 14,917,000 | 961,000 |
Change in fair value of contingent consideration | (100,000) | (1,800,000) |
Provision for doubtful accounts | 952,000 | 967,000 |
Deferred tax expense | 280,000 | 216,000 |
Other | 1,304,000 | 754,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | 9,200,000 | (2,873,000) |
Inventories | 675,000 | (31,589,000) |
Prepaid expenses and other current assets | 6,114,000 | (17,090,000) |
Accounts payable | (20,139,000) | 5,141,000 |
Accrued interest expense | 24,676,000 | 16,146,000 |
Other current liabilities | (1,504,000) | (2,069,000) |
Other assets and liabilities | 3,134,000 | (2,778,000) |
Net cash provided by (used in) operating activities | 42,646,000 | (19,356,000) |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | 0 | (68,655,000) |
Capital expenditures | (25,607,000) | (17,562,000) |
Proceeds from sale of assets | 3,575,000 | 1,417,000 |
Other | (14,000) | 0 |
Net cash used in investing activities | (22,046,000) | (84,800,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (52,493,000) | (42,200,000) |
Proceeds from issuance of long-term debt | 21,321,000 | 83,044,000 |
Payments on long-term debt | (4,380,000) | (44,388,000) |
Net additions to (reductions in) short-term borrowings | 20,072,000 | 52,711,000 |
Net additions to collateralized short-term borrowings | 14,000,000 | |
Repayments of Other Short-term Debt | (2,000,000) | |
Cash paid for financing costs | (142,000) | (182,000) |
Contributions from partners | 30,000 | 42,655,000 |
Net cash provided by (used in) financing activities | (17,592,000) | 105,640,000 |
Effect of exchange rate changes on cash | 0 | (2,000) |
Net change in cash and cash equivalents | 3,008,000 | 1,482,000 |
Cash and cash equivalents - beginning of period | 5,600,000 | 8,283,000 |
Cash and cash equivalents - end of period | 8,608,000 | 9,765,000 |
Ferrellgas Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (3,050) | (160) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Net cash provided by (used in) operating activities | (3,050) | (160) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 3,050 | 50 |
Net cash provided by (used in) financing activities | 3,050 | 50 |
Net change in cash | 0 | (110) |
Cash - beginning of period | 1,100 | 1,100 |
Cash - end of period | $ 1,100 | $ 990 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Cash Flows Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Payments of Stock Issuance Costs | $ 0 | $ 52 |
Partnership Organization And Fo
Partnership Organization And Formation | 3 Months Ended |
Oct. 31, 2015 | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed April 19, 1994, and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of October 31, 2015 , Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner"), a wholly-owned subsidiary of Ferrell Companies, has retained a 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is engaged in the following reportable business segment activities: • Propane and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of two reportable operating segments: crude oil logistics and water solutions. The crude oil logistics segment ("Bridger") generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Bridger's services include transportation through its operation of a fleet of trucks and tank trailers and railcars primarily servicing Texas, Lousiana, North Dakota, Pennsylvania, Colorado and Wyoming; pipeline services in North Dakota, Montana, Wyoming, New Mexico, Mississippi, Oklahoma and Texas; and crude oil purchase and sale in connection with pipeline management services. The salt water disposal wells within the water solutions segment are located in the Eagle Ford shale region of south Texas and are a critical component of the oil and natural gas well drilling industry. Oil and natural gas wells generate significant volumes of salt water. In the oil and gas fields Ferrellgas services, these volumes of water are transported by truck away from the fields to salt water disposal wells where a combination of gravity and chemicals are used to separate crude oil from the salt water through a process that results in the collection of "skimming oil". This skimming oil is then captured and sold before the salt water is injected into underground geologic formations using high-pressure pumps. Due to seasonality, the results of operations for the three months ended October 31, 2015 are not necessarily indicative of the results to be expected for a full fiscal year ending July 31, 2016. The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas' Annual Report on Form 10-K for fiscal 2015 . |
Ferrellgas Partners Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Ferrellgas, L.P. [Member] | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets as well as salt water disposal wells in south Texas. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P. Ferrellgas, L.P. owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas, L.P. Ferrellgas, L.P. is engaged in the following reportable business segment activities: • Propane and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas, L.P. serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of two reportable operating segments: crude oil logistics and water solutions. The crude oil logistics segment ("Bridger") generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Bridger's services include transportation through its operation of a fleet of trucks and tank trailers and railcars primarily servicing Texas, Lousiana, North Dakota, Pennsylvania, Colorado and Wyoming; pipeline services in North Dakota, Montana, Wyoming, New Mexico, Mississippi, Oklahoma and Texas; and crude oil purchase and sale in connection with pipeline management services. The salt water disposal wells within the water solutions segment are located in the Eagle Ford shale region of south Texas and are a critical component of the oil and natural gas well drilling industry. Oil and natural gas wells generate significant volumes of salt water. In the oil and gas fields Ferrellgas, L.P. services, these volumes of water are transported by truck away from the fields to salt water disposal wells where a combination of gravity and chemicals are used to separate crude oil from the salt water through a process that results in the collection of "skimming oil". This skimming oil is then captured and sold before the salt water is injected into underground geologic formations using high-pressure pumps. Due to seasonality, the results of operations for the three months ended October 31, 2015 are not necessarily indicative of the results to be expected for a full fiscal year ending July 31, 2016. The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10-K for fiscal 2015 . |
Ferrellgas Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Oct. 31, 2015 | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, assumptions used to value business combinations, fair values of derivative contracts and stock based compensation calculations. (2) Goodwill: Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas has determined that it has five reporting units for goodwill impairment testing purposes. Four of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. During the three months ended October 31, 2015, Ferrellgas determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. See Note F – Goodwill and intangible assets, net – for further discussion of Ferrellgas' goodwill impairment assessment. (3) Assets held for sale: Assets held for sale represent tractor trucks that have met the criteria of “held for sale” accounting. During the first quarter of fiscal 2016, Ferrellgas committed to a plan to sell certain trucks held by the Midstream operations - crude oil logistics segment. These assets were reclassified from "Vehicles, including transport trailers" to Assets held for sale in the accompanying balance sheet as of October 31, 2015. Ferrellgas ceased depreciation on these assets during October 2015. (4) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2014-08 In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , to change the criteria for determining which disposals can be presented as discontinued operations and enhanced the related disclosure requirements. ASU 2014-08 is effective for us on a prospective basis in Ferrellgas' first quarter of fiscal 2016 with early adoption permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The adoption of ASU 2014-08 in Ferrellgas' first quarter of fiscal 2016 did not have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-03 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-06 In September 2015, the FASB issued ASU 2015-06, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments, which requires all entities to record the effects on earnings, if any, of changes in provisional amounts for items in a business combination in the same period in which the adjustment amounts are determined. The requirement to retrospectively account for the adjustments is eliminated by this amendment. ASU 2015-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-06 on the consolidated financial statements. (5) Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the three months ended October 31, 2015 2014 CASH PAID FOR: Interest $ 3,780 $ 2,978 Income taxes $ — $ 260 NON-CASH INVESTING AND FINANCING ACTIVITIES: Change in accruals for property, plant and equipment additions $ 1,727 $ 1,857 |
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 based compensation calculations. (2) Goodwill: Ferrellgas, L.P. records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas, L.P. has determined that it has five reporting units for goodwill impairment testing purposes. Four of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. During the three months ended October 31, 2015, Ferrellgas, L.P. determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. See Note F – Goodwill and intangible assets, net – for further discussion of Ferrellgas, L.P.'s Goodwill impairment assessment. (3) Assets held for sale: Assets held for sale represent tractor trucks that have met the criteria of “held for sale” accounting. During the first quarter of fiscal 2016, Ferrellgas, L.P. committed to a plan to sell certain trucks held by the Midstream operations - crude oil logistics segment. These assets were reclassified from "Vehicles, including transport trailers" to assets held for sale in the accompanying balance sheet as of October 31, 2015. Ferrellgas, L.P. ceased depreciation on these assets during October 2015. (4) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2014-08 In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , to change the criteria for determining which disposals can be presented as discontinued operations and enhanced the related disclosure requirements. ASU 2014-08 is effective for us on a prospective basis in Ferrellgas' first quarter of fiscal 2016 with early adoption permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The adoption of ASU 2014-08 in Ferrellgas, L.P.'s first quarter of fiscal 2016 did not have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-03 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-06 In September 2015, the FASB issued ASU 2015-06, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments, which requires all entities to record the effects on earnings, if any, of changes in provisional amounts for items in a business combination in the same period in which the adjustment amounts are determined. The requirement to retrospectively account for the adjustments is eliminated by this amendment. ASU 2015-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2015-06 on the consolidated financial statements. (5) Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the three months ended October 31, 2015 2014 CASH PAID FOR: Interest $ 3,779 $ 2,978 Income taxes $ — $ 260 NON-CASH INVESTING AND FINANCING ACTIVITIES: Change in accruals for property, plant and equipment additions $ 1,727 $ 1,857 Contributions in connection with acquisitions $ (284 ) |
Business combinations Business
Business combinations Business combinations | 3 Months Ended |
Oct. 31, 2015 | |
Business Combination Disclosure [Text Block] | Business combinations Ferrellgas records the assets acquired and liabilities assumed in a business combination at their acquisition date fair values. An entity is allowed a reasonable period of time (not to exceed one year) to obtain the information necessary to identify and measure the fair values of the assets acquired and liabilities assumed in a business combination. The Bridger acquisition, which occurred during the year ended July 31, 2015, is still within this measurement period, and as a result, the acquisition date fair values Ferrellgas recorded for the assets acquired and liabilities assumed are subject to change. Also Ferrellgas made certain adjustments during the three months ended October 31, 2015 to its estimates of the acquisition date fair values of the Bridger assets acquired and liabilities assumed. On June 24, 2015, Ferrellgas acquired Bridger and formed a new midstream operations - crude oil logistics segment based near Dallas, Texas. Ferrellgas paid $560.0 million of cash, net of cash acquired and issued $260.0 million of Ferrellgas Partners common units to the seller, along with $2.5 million of other seller costs and consideration for an aggregate value of $822.5 million . The purchase agreement for the Bridger acquisition contemplates post-closing payments for certain working capital items. Ferrellgas is in the process of identifying and determining the fair values of the assets acquired and liabilities assumed in this business combination, and as a result, the estimates of fair value at October 31, 2015 remain subject to change to reflect new information obtained about facts and circumstances that existed as of the acquisition date. Ferrellgas is currently determining the appropriate value of working capital acquired with the former owners of Bridger. Ferrellgas has preliminarily estimated the fair values of the assets acquired and liabilities assumed as follows: Estimated At October 31, 2015 (as adjusted) July 31, 2015 (as initially reported) Measuring period adjustments Working capital $ (5,890 ) $ 1,783 $ (7,673 ) Transportation equipment 293,491 293,491 — Injection stations and pipelines 41,632 41,632 — Goodwill 203,495 193,311 10,184 Customer relationships 259,300 261,811 (2,511 ) Non-compete agreements 14,800 14,800 — Trade names & trademarks 5,800 5,800 — Office equipment 7,449 7,449 — Other 2,375 2,375 — Aggregate fair value of net assets acquired $ 822,452 $ 822,452 $ — Pro forma results of operations (unaudited) : The following summarized unaudited pro forma consolidated statement of earnings information assumes that the acquisition of Bridger during fiscal 2015 occurred as of August 1, 2014. These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2014 or the results that would be attained in the future. For the three months ended October 31, 2014 Revenue $ 528,611 Net loss (36,519 ) Net loss per common unitholders' interest $ (0.42 ) The unaudited pro forma consolidated data presented above has also been prepared as if the following transactions had been completed on August 1, 2014: • the issuance of senior secured notes in June 2015; • the sale of common units in June 2015 in a public offering; and • the issuance of common units to the seller in June 2015. |
Ferrellgas, L.P. [Member] | |
Business Combination Disclosure [Text Block] | Business combinations Ferrellgas, L.P. records the assets acquired and liabilities assumed in a business combination at their acquisition date fair values. An entity is allowed a reasonable period of time (not to exceed one year) to obtain the information necessary to identify and measure the fair values of the assets acquired and liabilities assumed in a business combination. The Bridger acquisition, which occurred during the year ended July 31, 2015, is still within this measurement period, and as a result, the acquisition date fair values Ferrellgas, L.P. recorded for the assets acquired and liabilities assumed are subject to change. Also Ferrellgas, L.P. made certain adjustments during the three months ended October 31, 2015 to its estimates of the acquisition date fair values of the Bridger assets acquired and liabilities assumed. On June 24, 2015, Ferrellgas Partners acquired Bridger and formed a new midstream operations - crude oil logistics segment based near Dallas, Texas. Ferrellgas paid $560.0 million of cash, net of cash acquired and issued $260.0 million of Ferrellgas Partners common units to the seller, along with $2.5 million of other seller costs and consideration for an aggregate value of $822.5 million . Ferrellgas Partners then contributed the Bridger assets and liabilities to Ferrellgas, L.P. The purchase agreement for the Bridger acquisition contemplates post-closing payments for certain working capital items. Ferrellgas, L.P. is in the process of identifying and determining the fair values of the assets acquired and liabilities assumed in this business combination, and as a result, the estimates of fair value at October 31, 2015 are subject to change. Ferrellgas, L.P. is currently determining the appropriate value of working capital acquired with the former owners of Bridger. Ferrellgas, L.P. has preliminarily estimated the fair values of the assets acquired and liabilities assumed as follows: Estimated At October 31, 2015 (as adjusted) July 31, 2015 (as initially reported) Measuring period adjustments Working capital $ (5,890 ) $ 1,783 $ (7,673 ) Transportation equipment 293,491 293,491 — Injection stations and pipelines 41,632 41,632 — Goodwill 203,495 193,311 10,184 Customer relationships 259,300 261,811 (2,511 ) Non-compete agreements 14,800 14,800 — Trade names & trademarks 5,800 5,800 — Office equipment 7,449 7,449 — Other 2,375 2,375 — Aggregate fair value of net assets acquired $ 822,452 $ 822,452 $ — Pro forma results of operations (unaudited) : The following summarized unaudited pro forma consolidated statement of earnings information assumes that the acquisition of Bridger during fiscal 2015 occurred as of August 1, 2014. These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2014 or the results that would be attained in the future. For the three months ended October 31, 2014 Revenue $ 528,611 Net loss (32,487 ) The unaudited pro forma consolidated data presented above has also been prepared as if the following transaction had been completed on August 1, 2014: • the issuance of senior secured notes in June 2015. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 3 Months Ended |
Oct. 31, 2015 | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: October 31, 2015 July 31, 2015 Propane gas and related products $ 68,420 $ 68,731 Appliances, parts and supplies 27,659 28,023 Inventories $ 96,079 $ 96,754 In addition to inventories on hand, Ferrellgas enters into contracts primarily to buy propane for supply procurement purposes with terms up to 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of October 31, 2015 , Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 99.7 million gallons of propane at fixed prices. Property, plant and equipment, net consist of the following: October 31, July 31, Estimated Useful Lives 2015 2015 Land Indefinite $ 34,359 $ 34,389 Land improvements 2-20 13,329 13,249 Building and improvements 20 71,748 71,923 Vehicles, including transport trailers 8-20 202,139 228,646 Bulk equipment and district facilities 5-30 110,833 111,657 Tanks, cylinders and customer equipment 2-30 771,569 772,904 Salt water disposal wells and related equipment 2-23 44,969 38,460 Rail cars 30 150,392 150,235 Injection stations 20 38,562 37,619 Pipeline 15 4,074 4,074 Computer and office equipment 2-5 120,896 123,386 Construction in progress n/a 21,665 16,841 1,584,535 1,603,383 Less: accumulated depreciation 643,252 638,166 Property, plant and equipment, net $ 941,283 $ 965,217 Other current liabilities consist of the following: October 31, 2015 July 31, 2015 Accrued interest $ 45,881 $ 17,281 Accrued payroll 17,643 17,485 Customer deposits and advances 38,602 28,792 Price risk management liabilities 27,639 31,450 Other 71,199 85,679 Other current liabilities $ 200,964 $ 180,687 Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: For the three months ended October 31, 2015 2014 Operating expense $ 40,535 $ 45,790 Depreciation and amortization expense 1,115 1,449 Equipment lease expense 6,429 4,866 $ 48,079 $ 52,105 During the three month period ended October 31, 2015, Ferrellgas committed to a plan to dispose of certain assets in its Midstream operations - crude oil logistics segment. As of October 31, 2015, this plan resulted in 69 tractor trucks sold and 136 tractor trucks reclassified from "Vehicles, including transport trailers" to Assets held for sale. For the three months ended October 31, 2015, Loss on disposal of assets and other includes a loss of $1.3 million related to the sale of these trucks and $12.1 million related to the write-down of these trucks classified as Assets held for sale. Loss on disposal of assets and other consists of: For the three months ended October 31, 2015 2014 Loss on assets held for sale $ 12,112 $ — Loss on sale of assets held for sale 1,259 — Loss on sale of assets 1,546 961 Loss on disposal of assets and other $ 14,917 $ 961 |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: October 31, 2015 July 31, 2015 Propane gas and related products $ 68,420 $ 68,731 Appliances, parts and supplies 27,659 28,023 Inventories $ 96,079 $ 96,754 In addition to inventories on hand, Ferrellgas, L.P. enters into contracts primarily to buy propane for supply procurement purposes with terms up to 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of October 31, 2015 , Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 51.0 million gallons of propane at fixed prices. Property, plant and equipment, net consist of the following: October 31, July 31, Estimated useful lives 2015 2015 Land Indefinite $ 34,359 $ 34,389 Land improvements 2-20 13,329 13,249 Building and improvements 20 71,748 71,923 Vehicles, including transport trailers 8-20 202,139 228,646 Bulk equipment and district facilities 5-30 110,833 111,657 Tanks, cylinders and customer equipment 2-30 771,569 772,904 Salt water disposal wells and related equipment 2-23 44,969 38,460 Rail cars 30 150,392 150,235 Injection stations 20 38,562 37,619 Pipeline 15 4,074 4,074 Computer and office equipment 2-5 120,896 123,386 Construction in progress n/a 21,665 16,841 1,584,535 1,603,383 Less: accumulated depreciation 643,252 638,166 Property, plant and equipment, net $ 941,283 $ 965,217 Other current liabilities consist of the following: October 31, 2015 July 31, 2015 Accrued interest $ 39,951 $ 15,275 Accrued payroll 17,643 17,485 Customer deposits and advances 38,602 28,792 Price risk management liabilities 27,639 31,450 Other 71,194 83,174 Other current liabilities $ 195,029 $ 176,176 Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: For the three months ended October 31, 2015 2014 Operating expense $ 40,535 $ 45,790 Depreciation and amortization expense 1,115 1,449 Equipment lease expense 6,429 4,866 $ 48,079 $ 52,105 During the three month period ended October 31, 2015, Ferrellgas, L.P. committed to a plan to dispose of certain assets in its Midstream operations - crude oil logistics segment. As of October 31, 2015, this plan resulted in 69 tractor trucks sold and 136 tractor trucks reclassified from "Vehicles, including transport trailers" to Assets held for sale. For the three months ended October 31, 2015, Loss on disposal of assets and other includes a loss of $1.3 million related to the sale of these trucks and $12.1 million related to the write-down of these trucks classified as Assets held for sale. Loss on disposal of assets and other consists of: For the three months ended October 31, 2015 2014 Loss on assets held for sale $ 12,112 $ — Loss on sale of assets held for sale 1,259 — Loss on sale of assets 1,546 961 Loss on disposal of assets and other $ 14,917 $ 961 |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 3 Months Ended |
Oct. 31, 2015 | |
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: October 31, 2015 July 31, 2015 Accounts receivable pledged as collateral $ 113,792 $ 123,791 Accounts receivable 70,893 77,636 Other 509 307 Less: Allowance for doubtful accounts (6,516 ) (4,816 ) Accounts and notes receivable, net $ 178,678 $ 196,918 At October 31, 2015 , $113.8 million of trade accounts receivable were pledged as collateral against $68.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2015 , $ 123.8 million of trade accounts receivable were pledged as collateral against $70.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from the operating partnership. The operating partnership does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of October 31, 2015 , the operating partnership had received cash proceeds of $68.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2015 , the operating partnership had received cash proceeds of $70.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 2.7% and 2.3% as of October 31, 2015 and July 31, 2015 , respectively. |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: October 31, 2015 July 31, 2015 Accounts receivable pledged as collateral $ 113,792 $ 123,791 Accounts receivable 70,893 77,636 Other 509 307 Less: Allowance for doubtful accounts (6,516 ) (4,816 ) Accounts and notes receivable, net $ 178,678 $ 196,918 At October 31, 2015 , $113.8 million of trade accounts receivable were pledged as collateral against $68.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2015 , $123.8 million of trade accounts receivable were pledged as collateral against $70.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of October 31, 2015 , Ferrellgas, L.P. had received cash proceeds of $68.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2015 , Ferrellgas, L.P. had received cash proceeds of $70.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 2.7% and 2.3% as of October 31, 2015 and July 31, 2015 , respectively. |
Goodwill and intangibles Goodwi
Goodwill and intangibles Goodwill and intangibles | 3 Months Ended |
Oct. 31, 2015 | |
Goodwill [Line Items] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and intangible assets, net Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas tests goodwill for impairment annually during the second quarter or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. During the three months ended October 31, 2015, Ferrellgas determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. The first step of this test primarily consists of a discounted future cash flow model to predict fair value. The result of this first step is based on the following critical assumptions: (1) the NYMEX West Texas Intermediate (“WTI”) crude oil curve was used to estimate future oil prices; (2) the oil skimming rate was expected to increase or decrease consistent with the projected increases/decreases in the NYMEX WTI crude oil curve consistent with past history; and (3) certain organic growth projects were projected to increase the salt water volumes processed as new drilling activity increases associated with the projected NYMEX WTI crude oil curve. As noted in our discussion of this reporting unit in Ferrellgas' Annual Report on Form 10-K for the year ended July 31, 2015, Ferrellgas believes that the results of this business are closely tied to the price of WTI crude oil. The daily average closing price for WTI crude oil for the three months ended July 31, 2015 of $56.63 decreased 20.7% to $44.90 during the three months ended October 31, 2015. Additionally, the projected NYMEX WTI crude oil curve decreased approximately 6.5% from August 31, 2015 to October 31, 2015. These events have led to an overall decline in drilling activity and volumes in the Eagle Ford shale region of Texas. These market changes, in addition to previous declines noted during fiscal year 2015, negatively affected Ferrellgas' current period results and future projections sufficiently to indicate that the fair value of the reporting unit likely no longer exceeded its carrying value. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. As of October 31, 2015, Ferrellgas performed the first step of the goodwill impairment test for the Midstream operations - water solutions reporting unit and determined that the carrying value of the reporting unit exceeded the fair value. Ferrellgas then completed the second step of the goodwill impairment analysis comparing the implied fair value of the reporting unit to the carrying amount of goodwill and determined that goodwill was completely impaired and has written off the entire $29.3 million of goodwill related to this reporting unit. Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance at July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 Acquisitions — — — — Revisions to acquisition accounting — — 10,184 10,184 Impairment — (29,316 ) — (29,316 ) Balance at October 31, 2015 $ 256,120 $ — $ 203,495 $ 459,615 |
Ferrellgas, L.P. [Member] | |
Goodwill [Line Items] | |
Goodwill and Intangible Assets Disclosure [Text Block] | Goodwill and intangible assets, net Ferrellgas, L.P. records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas, L.P. tests goodwill for impairment annually during the second quarter or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. During the three months ended October 31, 2015, Ferrellgas, L.P. determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. The first step of this test primarily consists of a discounted future cash flow model to predict fair value. The result of this first step is based on the following critical assumptions: (1) the NYMEX West Texas Intermediate (“WTI”) crude oil curve was used to estimate future oil prices; (2) the oil skimming rate was expected to increase or decrease consistent with the projected increases/decreases in the NYMEX WTI crude oil curve consistent with past history; and (3) certain organic growth projects were projected to increase the salt water volumes processed as new drilling activity increases associated with the projected NYMEX WTI crude oil curve. As noted in our discussion of this reporting unit in Ferrellgas, L.P.'s Annual Report on Form 10-K for the year ended July 31, 2015, Ferrellgas, L.P. believes that the results of this business are closely tied to the price of WTI crude oil. The daily average closing price for WTI crude oil for the three months ended July 31, 2015 of $56.63 decreased 20.7% to $44.90 during the three months ended October 31, 2015. Additionally, the projected NYMEX WTI crude oil curve decreased approximately 6.5% from August 31, 2015 to October 31, 2015. These events have led to an overall decline in drilling activity and volumes in the Eagle Ford shale region of Texas. These market changes negatively affected Ferrellgas, L.P.'s current period results and future projections sufficiently to indicate that the fair value of the reporting unit likely no longer exceeded its carrying value. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. As of October 31, 2015, Ferrellgas, L.P. performed the first step of the goodwill impairment test for the Midstream operations - water solutions reporting unit and determined that the carrying value of the reporting unit exceeded the fair value. Ferrellgas, L.P. then completed the second step of the goodwill impairment analysis comparing the implied fair value of the reporting unit to the carrying amount of goodwill and determined that goodwill was completely impaired and has written off the entire $29.3 million of goodwill related to this reporting unit. Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance at July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 Acquisitions — — — — Revisions to acquisition accounting — — 10,184 10,184 Impairment — (29,316 ) — (29,316 ) Balance at October 31, 2015 $ 256,120 $ — $ 203,495 $ 459,615 |
Debt
Debt | 3 Months Ended |
Oct. 31, 2015 | |
Debt | Debt Short-term borrowings Ferrellgas classified a portion of its secured credit facility borrowings as short-term because it was used to fund working capital needs that management had intended to pay down within the 12 month period following each balance sheet date. As of October 31, 2015 and July 31, 2015 , $95.4 million and $75.3 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Secured credit facility As of October 31, 2015 , Ferrellgas had total borrowings outstanding under its secured credit facility of $250.2 million , of which $154.8 million was classified as long-term debt. As of July 31, 2015 , Ferrellgas had total borrowings outstanding under its secured credit facility of $211.4 million , of which $136.1 million was classified as long-term debt. Borrowings outstanding at October 31, 2015 and July 31, 2015 under the secured credit facility had weighted average interest rates of 3.3% and 3.5% , respectively. The obligations under this credit facility are secured by substantially all assets of Ferrellgas, the general partner and certain subsidiaries of Ferrellgas but specifically excluding (a) assets that are subject to Ferrellgas’ accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interest in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of Ferrellgas. Letters of credit outstanding at October 31, 2015 totaled $71.5 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2015 totaled $61.2 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. At October 31, 2015 , Ferrellgas had remaining letter of credit capacity of $128.5 million . At July 31, 2015 , Ferrellgas had remaining letter of credit capacity of $138.8 million . |
Ferrellgas, L.P. [Member] | |
Debt | Debt Short-term borrowings Ferrellgas, L.P. classified a portion of its secured credit facility borrowings as short-term because it was used to fund working capital needs that management had intended to pay down within the 12 month period following each balance sheet date. As of October 31, 2015 and July 31, 2015 , $95.4 million and $75.3 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Secured credit facility As of October 31, 2015 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $250.2 million , of which $154.8 million was classified as long-term debt. As of July 31, 2015 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $211.4 million , of which $136.1 million was classified as long-term debt. Borrowings outstanding at October 31, 2015 and July 31, 2015 under the secured credit facility had weighted average interest rates of 3.3% and 3.5% , respectively. The obligations under this credit facility are secured by substantially all assets of Ferrellgas, L.P., the general partner and certain subsidiaries of Ferrellgas, L.P. but specifically excluding (a) assets that are subject to Ferrellgas, L.P.’s accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interest in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of Ferrellgas, L.P. Letters of credit outstanding at October 31, 2015 totaled $71.5 million and were used primarily to secure insurance arrangements and to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2015 totaled $61.2 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. At October 31, 2015 , Ferrellgas, L.P. had remaining letter of credit capacity of $128.5 million . At July 31, 2015 Ferrellgas, L.P. had remaining letter of credit capacity of $138.8 million . |
Partners' Capital
Partners' Capital | 3 Months Ended |
Oct. 31, 2015 | |
Partners' Capital | Partners' capital Partnership distributions paid Ferrellgas Partners has paid the following distributions: For the three months ended October 31, 2015 2014 Public common unitholders $ 32,439 $ 27,788 Ferrell Companies (1) 11,546 11,265 FCI Trading Corp. (2) 100 98 Ferrell Propane, Inc. (3) 26 26 James E. Ferrell (4) 2,441 2,179 James H. Ballengee (5) 4,891 — General partner 520 418 $ 51,963 $ 41,774 (1) Ferrell Companies is the owner of the general partner and is an approximate 22.4% direct owner of Ferrellgas Partners' common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies' beneficial ownership to 22.7% at October 31, 2015. (2) FCI Trading is an affiliate of the general partner and thus a related party. (3) Ferrell Propane 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 thus a related party. JEF Capital Management owns 4,758,859 of these common units and is wholly-owned by the James E. Ferrell Revocable Trust Two for which James E. Ferrell is the trustee and sole beneficiary. The remaining 4,616 common units are held by Ferrell Resources Holding, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. (5) Jamex Marketing, LLC, is the unitholder of record of these common units. Jamex, LLC is the majority member of Jamex Marketing, LLC. Ballengee Interests, LLC is the majority member of Jamex, LLC. James H. Ballengee is the manager of each of Jamex, LLC, Jamex Marketing, LLC and Ballengee Interests, LLC. James Marketing, LLC and Bridger regularly conduct business in their normal operations, and is a related party. On November 24, 2015 , Ferrellgas Partners declared a cash distribution of $0.5125 per common unit for the three months ended October 31, 2015 , which is expected to be paid on December 15, 2015 . Included in this cash distribution are the following amounts to be paid to related parties: Ferrell Companies $ 11,546 FCI Trading Corp. 100 Ferrell Propane, Inc. 26 James E. Ferrell 2,441 James H. Ballengee 3,668 General Partner 507 See additional discussions about transactions with related parties in Note K – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note J – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three months ended October 31, 2015 and 2014 . 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 three months ended October 31, 2015 , the general partner made non-cash contributions of $0.3 million to Ferrellgas to maintain its effective 2% general partner interest. During the three months ended October 31, 2014 , the general partner made cash contributions of $0.9 million and 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 October 31, 2015 2014 Ferrellgas Partners $ 51,963 $ 41,774 General partner 530 426 $ 52,493 $ 42,200 On November 24, 2015 , Ferrellgas, L.P. declared distributions for the three months ended October 31, 2015 to Ferrellgas Partners and the general partner of $58.6 million and $0.6 million , respectively, which are expected to be paid on December 15, 2015 . See additional discussions about transactions with related parties in Note K – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note J – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three months ended October 31, 2015 and 2014 . 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 three months ended October 31, 2015 , the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During the three months ended October 31, 2014 , the general partner made cash contributions of $0.4 million and 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 | 3 Months Ended |
Oct. 31, 2015 | |
Fair Value Measurements | Fair value measurements Derivative financial instruments, assets held for sale, goodwill impairment and contingent consideration The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of October 31, 2015 and July 31, 2015 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total October 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 2,427 $ — $ 2,427 Commodity derivatives $ — $ 3,577 $ — $ 3,577 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,220 ) $ — $ (4,220 ) Commodity derivatives $ — $ (33,301 ) $ — $ (33,301 ) July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) Ferrellgas also measures the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Non-financial assets such as property, equipment, land, goodwill and intangible assets are also subject to non-recurring fair value measurements if they are deemed to be impaired. The impairment models used for non-financial assets depend on the type of asset. When the carrying amount of these assets no longer exceeds the fair value, an assessment of the fair value of the reporting unit's assets is prepared to determine the fair value of goodwill and indefinite lived intangible assets. As discussed in Note D - Supplemental financial statement information, during the three month period ended October 31, 2015, Ferrellgas committed to a plan to dispose of certain assets in its Midstream operations - crude oil logistics segment. Ferrellgas measures long-lived assets held for sale at the lower of carrying amount or estimated fair value. Ferrellgas recorded a loss on disposal of assets and other of $12.1 million during the three months ended October 31, 2015 to reduce the carrying amount of the property to its estimated fair value less estimated costs to sell. During the three months ended October 31, 2015, Ferrellgas determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. See Note F – Goodwill and intangible assets, net – for further discussion of Ferrellgas' goodwill impairment assessment. Upon completing the second step of an impairment test as of October 31, 2015 for the Midstream operations - water solutions reporting unit, Ferrellgas determined that goodwill was impaired and has written off the entire $29.3 million of goodwill related to this reporting unit. The following table presents fair value measurements of certain assets on a non-recurring basis as of October 31, 2015: Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Total gains (losses) Assets held for sale $ — $ — $ 8,840 $ 8,840 $ (12,112 ) Goodwill impairment for Midstream operations - water solutions segment $ (29,316 ) The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended October 31, 2015 : Contingent consideration liability Balance at July 31, 2015 $ 100 Increase in fair value related to accretion — Change in fair value included in earnings (100 ) Balance at October 31, 2015 $ — Methodology The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair value of the trucks classified as assets held for sale represents Ferrellgas' estimate of expected sales price less costs to sell. The fair value measurements used to determine this value of the assets held for sale were based on a market approach utilizing prices from prior transactions and third party pricing information. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At October 31, 2015 and July 31, 2015 , the estimated fair value of Ferrellgas’ long-term debt instruments was $1,805.7 million and $1,889.8 million , respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Ferrellgas, L.P. [Member] | |
Fair Value Measurements | Fair value measurements Derivative financial instruments, assets held for sale, goodwill impairment and contingent consideration The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of October 31, 2015 and July 31, 2015 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total October 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 2,427 $ — $ 2,427 Commodity derivatives $ — $ 3,577 $ — $ 3,577 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,220 ) $ — $ (4,220 ) Commodity derivatives $ — $ (33,301 ) $ — $ (33,301 ) July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) Ferrellgas, L.P. also measures the fair value of certain assets on a non-recurring basis when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Non-financial assets such as property, equipment, land, goodwill and intangible assets are also subject to non-recurring fair value measurements if they are deemed to be impaired. The impairment models used for non-financial assets depend on the type of asset. When the carrying amount of these assets no longer exceeds the fair value, an assessment of the fair value of the reporting unit's assets is prepared to determine the fair value of goodwill and indefinite lived intangible assets. As discussed in Note D - Supplemental financial statement information, during the three month period ended October 31, 2015, Ferrellgas, L.P. committed to a plan to dispose of certain assets in its Midstream operations - crude oil logistics segment. Ferrellgas, L.P. measures long-lived assets held for sale at the lower of carrying amount or estimated fair value. Ferrellgas, L.P. recorded a loss on disposal of assets and other of $12.1 million during the three months ended October 31, 2015 to reduce the carrying amount of the property to its estimated fair value less estimated costs to sell. During the three months ended October 31, 2015, Ferrellgas, L.P. determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. See Note F – Goodwill and intangible assets, net – for further discussion of Ferrellgas' goodwill impairment assessment. Upon completing the second step of an impairment test as of October 31, 2015 for the Midstream operations - water solutions reporting unit, Ferrellgas, L.P. determined that goodwill was impaired and has written off the entire $29.3 million of goodwill related to this reporting unit. The following table presents fair value measurements of certain assets on a non-recurring basis as of October 31, 2015: Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Total gains (losses) Assets held for sale $ — $ — $ 8,840 $ 8,840 $ (12,112 ) Goodwill impairment for Midstream operations - water solutions segment $ (29,316 ) The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended October 31, 2015 : Contingent consideration liability Balance at July 31, 2015 $ 100 Increase in fair value related to accretion — Change in fair value included in earnings (100 ) Balance at October 31, 2015 $ — Methodology The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair value of the trucks classified as assets held for sale represents Ferrellgas, L.P's estimate of expected sales price less costs to sell. The fair value measurements used to determine this value of the assets held for sale were based on a market approach utilizing prices from prior transactions and third party pricing information. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At October 31, 2015 and July 31, 2015 , the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,623.7 million and $1,700.5 million , respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas, L.P. has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Oct. 31, 2015 | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. All other commodity derivative instruments do not qualify or are not designated as cash flow hedges, therefore, the change in their fair value are recorded currently in earnings. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the three months ended October 31, 2015 and 2014, Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component. The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of October 31, 2015 and July 31, 2015 : October 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 3,155 Other current liabilities $ 23,000 Commodity derivatives-propane Other assets, net 422 Other liabilities 6,851 Interest rate swap agreements Prepaid expenses and other current assets 1,836 Other current liabilities 2,470 Interest rate swap agreements Other assets, net 591 Other liabilities 1,750 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 2,169 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 1,281 Total $ 6,004 Total $ 37,521 July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives-propane Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 Ferrellgas' exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. The following tables provide a summary of cash margin deposit balances as of October 31, 2015 and July 31, 2015 , respectively: October 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 15,601 Other current liabilities $ 10 Other assets, net 8,896 Other liabilities — $ 24,497 $ 10 July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three months ended October 31, 2015 and 2014 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 October 31, For the three months ended October 31, 2015 2014 2015 2014 Interest rate swap agreements Interest expense $ 537 $ 457 $ (2,275 ) $ (2,275 ) The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income for the three months ended October 31, 2015 and 2014 due to derivatives designated as cash flow hedging instruments: For the three months ended October 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,585 Cost of sales-propane and other gas liquids sales $ (7,449 ) $ — Interest rate swap agreements (1,201 ) Interest expense (777 ) — $ 384 $ (8,226 ) $ — For the three months ended October 31, 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 Effective portion Ineffective portion Commodity derivatives $ (12,758 ) Cost of sales-propane and other gas liquids sales $ 1,128 $ — Interest rate swap agreements (1,139 ) Interest expense — — $ (13,897 ) $ 1,128 $ — The following table provides a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three months ended October 31, 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended October 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives $ (1,038 ) Operating expense Ferrellgas did not hold derivatives not designated as hedging instruments for the three months ended October 31, 2014. The changes in derivatives included in AOCI for the three months ended October 31, 2015 and 2014 were as follows: For the three months ended October 31, Gains and losses on derivatives included in AOCI 2015 2014 Beginning balance $ (38,906 ) $ 6,483 Change in value of risk management commodity derivatives 1,585 (12,758 ) Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 7,449 (1,128 ) Change in value of risk management interest rate derivatives (1,201 ) (1,139 ) Reclassification of gains and losses on interest rate hedges to interest expense $ 777 $ — Ending balance $ (30,296 ) $ (8,542 ) Ferrellgas expects to reclassify net losses of approximately $19.8 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sales exception. During the three months ended October 31, 2015 and 2014 , 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 October 31, 2015 , Ferrellgas had financial derivative contracts covering 2.8 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. As of October 31, 2015 , Ferrellgas had financial derivative contracts covering 0.3 million barrels of diesel and 48 thousand barrels of unleaded gasoline related to fuel hedges in transportation 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. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at October 31, 2015 , the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas would incur is zero . Ferrellgas holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon the Partnership’s debt rating. As of October 31, 2015 , a downgrade in the Partnership's debt rating could trigger a reduction in credit limit and would result in an additional collateral requirement of $0.2 million . There were $0.2 million of derivatives with credit-risk-related contingent features in a liability position on October 31, 2015 and Ferrellgas had posted no collateral in the normal course of business related to such derivatives. |
Ferrellgas, L.P. [Member] | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. All other commodity derivative instruments do not qualify or are not designated as cash flow hedges, therefore, the change in their fair value are recorded currently in earnings. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activities During the three months ended October 31, 2015 and 2014 Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness. The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of October 31, 2015 and July 31, 2015 : October 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 3,155 Other current liabilities $ 23,000 Commodity derivatives-propane Other assets, net 422 Other liabilities 6,851 Interest rate swap agreements Prepaid expenses and other current assets 1,836 Other current liabilities 2,470 Interest rate swap agreements Other assets, net 591 Other liabilities 1,750 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 2,169 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 1,281 Total $ 6,004 Total $ 37,521 July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives - vehicle fuel Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives - vehicle fuel Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 Ferrellgas, L.P.'s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. The following tables provide a summary of cash margin deposit balances as of October 31, 2015 and July 31, 2015 , respectively: October 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 15,601 Other current liabilities $ 10 Other assets, net 8,896 Other liabilities — $ 24,497 $ 10 July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of earnings for the three months ended October 31, 2015 and 2014 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 October 31, For the three months ended October 31, 2015 2014 2015 2014 Interest rate swap agreements Interest expense $ 537 $ 457 $ (2,275 ) $ (2,275 ) The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income for the three months ended October 31, 2015 and 2014 due to derivatives designated as cash flow hedging instruments: For the three months ended October 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCL Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 1,585 Cost of sales-propane and other gas liquids sales $ (7,449 ) $ — Interest rate swap agreements (1,201 ) Interest expense (777 ) — $ 384 $ (8,226 ) $ — For the three months ended October 31, 2014 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ (12,758 ) Cost of sales-propane and other gas liquids sales $ 1,128 $ — Interest rate swap agreements (1,139 ) Interest expense — — $ (13,897 ) $ 1,128 $ — The following table provides a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of earnings for the three months ended October 31, 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended October 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives $ (1,038 ) Operating expense Ferrellgas, L.P. did not hold derivatives not designated as hedging instruments for the three months ended October 31, 2014. The changes in derivatives included in AOCI for the three months ended October 31, 2015 and 2014 were as follows: For the three months ended October 31, Gains and losses on derivatives included in AOCI 2015 2014 Beginning balance $ (38,906 ) $ 6,483 Change in value of risk management commodity derivatives 1,585 (12,758 ) Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 7,449 (1,128 ) Change in value of risk management interest rate derivatives (1,201 ) (1,139 ) Reclassification of gains and losses on interest rate hedges to interest expense $ 777 $ — Ending balance $ (30,296 ) $ (8,542 ) Ferrellgas, L.P. expects to reclassify net losses of approximately $19.8 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sales exception. During the three months ended October 31, 2015 and 2014 , 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 October 31, 2015 , Ferrellgas, L.P. had financial derivative contracts covering 2.8 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. As of October 31, 2015 , Ferrellgas had financial derivative contracts covering 0.3 million barrels of diesel and 48 thousand barrels of unleaded gasoline related to fuel hedges in transportation 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. Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at October 31, 2015 , the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas, L.P. would incur is zero . Ferrellgas, L.P. holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.’s debt rating. As of October 31, 2015 , a downgrade in Ferrellgas, L.P.'s debt rating could trigger a reduction in credit limit and would result in an additional collateral requirement of $0.2 million . There were $0.2 million of derivatives with credit-risk-related contingent features in a liability position on October 31, 2015 and Ferrellgas, L.P. had posted no collateral in the normal course of business related to such derivatives. |
Transactions With Related Parti
Transactions With Related Parties | 3 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 2014 Operating expense $ 56,010 $ 51,120 General and administrative expense $ 7,093 $ 6,597 In connection with the closing of the Bridger Logistics acquisition, Ferrellgas issued common units to Bridger Marketing, LLC (now known as Jamex Marketing, LLC) and entered into a ten-year transportation and logistics agreement (the "TLA") with Jamex Marketing, LLC. As a result of that issuance, Jamex Marketing, LLC owned 9.5% of Ferrellgas Partners' limited partners' interest at October 31, 2015. Jamex Marketing, LLC, in connection with the TLA, enters into transactions with the operating partnership and its subsidiaries. Bridger provides crude oil logistics services for Jamex Marketing, LLC, including the transportation and storage of crude oil by truck, terminal and pipeline. During the three months ended October 31, 2015, Ferrellgas' total revenues and cost of sales from these transactions were $4.4 million and $0.6 million , respectively. There was no activity for the three months ended October 31, 2014. The amounts due from and due to Jamex Marketing, LLC at October 31, 2015, were $1.6 million and $0.3 million , respectively. The amounts due from and due to Jamex Marketing, LLC at July 31, 2015, were $4.8 million and $4.2 million , respectively. See additional discussions about transactions with the general partner and related parties in Note H – Partners’ capital and Note O - Subsequent events. |
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 October 31, 2015 2014 Operating expense $ 56,010 $ 51,120 General and administrative expense $ 7,093 $ 6,597 In connection with the closing of the Bridger Logistics acquisition, Ferrellgas issued common units to Bridger Marketing, LLC (now known as Jamex Marketing, LLC) and entered into a ten-year transportation and logistics agreement (the "TLA") with Jamex Marketing, LLC. As a result of that issuance, Jamex Marketing, LLC owned 9.5% of Ferrellgas Partners' limited partners' interest at October 31, 2015. Jamex Marketing, LLC, in connection with the TLA, enters into transactions with the operating partnership and its subsidiaries. Bridger provides crude oil logistics services for Jamex Marketing, LLC, including the transportation and storage of crude oil by truck, terminal and pipeline. During the three months ended October 31, 2015, Ferrellgas' total revenues and cost of sales from these transactions were $4.4 million and $0.6 million , respectively. There was no activity for the three months ended October 31, 2014. The amounts due from and due to Jamex Marketing, LLC at October 31, 2015, were $1.6 million and $0.3 million , respectively. The amounts due from and due to Jamex Marketing, LLC at July 31, 2015, were $4.8 million and $4.2 million , respectively. See additional discussions about transactions with the general partner and related parties in Note F – Partners’ capital and Note N - Subsequent events. |
Contingencies And Commitments
Contingencies And Commitments | 3 Months Ended |
Oct. 31, 2015 | |
Contingencies And Commitments | Contingencies and commitments Litigation Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas. Ferrellgas has also been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The complaints, filed on behalf of direct and indirect customers of Ferrellgas' tank exchange business, reference the FTC complaint mentioned above. The lawsuits allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to retailers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. In addition, putative class action cases have been filed in California relating to residual propane remaining in the tank after use. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. |
Ferrellgas Partners Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for the Partnership's $182.0 million , 8.625% senior notes due 2020 . |
Ferrellgas, L.P. [Member] | |
Contingencies And Commitments | Contingencies and commitments Litigation Ferrellgas, L.P.’s operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas, L.P. can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas, L.P. is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas, L.P.. Ferrellgas, L.P. has also been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The complaints, filed on behalf of direct and indirect customers of Ferrellgas, L.P.'s tank exchange business, reference the FTC complaint mentioned above. The lawsuits allege that Ferrellgas, L.P. and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to retailers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. In addition, putative class action cases have been filed in California relating to residual propane remaining in the tank after use. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. |
Ferrellgas Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 3 Months Ended |
Oct. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Earning Per Common Unitholders' Interest | Net loss per common unitholders’ interest Below is a calculation of the basic and diluted net loss per common unitholders’ interest in the condensed consolidated statements of earnings for the periods indicated. Ferrellgas calculates net earnings (loss) per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed according to the incentive distribution rights in our Partnership Agreement. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % There was no dilutive effect resulting from this guidance based on basic and diluted net earnings per common unitholders' interest for the three months ended October 31, 2015 or 2014 . 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 October 31, 2015 2014 (in thousands, except per unitholders' interest amounts) Common unitholders’ interest in net loss $ (78,995 ) $ (32,546 ) Weighted average common units outstanding - basic 100,376.8 82,179.7 Dilutive securities — — Weighted average common units outstanding - diluted 100,376.8 82,179.7 Basic and diluted net loss per common unitholders’ interest $ (0.79 ) $ (0.40 ) |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting | 3 Months Ended |
Oct. 31, 2015 | |
Segment Reporting Disclosure | Segment reporting Ferrellgas has two primary operations: propane and related equipment sales and midstream operations. These two operations result in three reportable operating segments: propane and related equipment sales, midstream operations - water solutions and midstream operations - crude oil logistics. The chief operating decision maker evaluates the operating segments using an Adjusted EBITDA performance measure which is based on earnings before income tax benefit, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, goodwill impairment, loss on disposal of assets and other, other expense (income), net, change in fair value of contingent consideration, severance costs, litigation accrual and related legal fees associated with a class action lawsuit, unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments, acquisition and transition expenses and net loss attributable to non-controlling interest. This performance measure is not a GAAP measure, however, the components are computed using amounts that are determined in accordance with GAAP. A reconciliation of this performance measure to net earnings, which is its nearest comparable GAAP measure, is included in the tables below. In management's evaluation of performance, costs such as compensation for certain administrative staff and executive management, are not allocated by segment and, accordingly, the following reportable segment results do not include such unallocated costs. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies in Note B. Assets reported within a segment are those assets that can be identified to a segment and primarily consist of trade receivables, property, plant and equipment, inventories, identifiable intangible assets and goodwill. Cash, certain prepaid assets and other assets are not allocated to segments. Although Ferrellgas can and does identify long-lived assets such as property, plant and equipment and identifiable intangible assets to reportable segments, Ferrellgas does not allocate the related depreciation and amortization to the segment as management evaluates segment performance exclusive of these non-cash charges. The propane and related equipment sales segment primarily includes the distribution and sale of propane and related equipment and supplies with concentrations in the Midwest, Southeast, Southwest and Northwest regions of the United States. Sales from propane distribution are generated principally from transporting propane purchased from third parties to propane distribution locations and then to tanks on customers’ premises or to portable propane tanks delivered to nationwide and local retailers. Sales from portable tank exchanges, nationally branded under the name Blue Rhino, are generated through a network of independent and partnership-owned distribution outlets. The midstream operations - crude oil logistics segment primarily includes a domestic crude oil transportation and logistics provider with an integrated portfolio of midstream assets. These assets connect crude oil production in prolific unconventional resource plays to downstream markets. Bridger's truck, pipeline terminal, pipeline, rail and maritime assets form a comprehensive, fee-for-service business model, and substantially all of its cash flow is expected to be generated from fee-based commercial agreements. Bridger's fee-based business model generates income by providing crude oil transportation and logistics services on behalf of producers and end users of crude oil. The midstream operations - water solutions segment primarily includes salt water disposal wells that are a critical component of the oil and natural gas well drilling industry. Oil and gas wells generate significant volumes of salt water known as “flowback” and “production” water. Flowback is a water based solution that flows back to the surface during and after the completion of the hydraulic fracturing (“fracking”) process whereby large volumes of water, sand and chemicals are injected under high pressures into rock formations to stimulate production. Production water is salt water from underground formations that are brought to the surface during the normal course of oil or gas production. In the oil and gas fields Ferrellgas services, these volumes of water are transported by truck away from the fields to salt water disposal wells where it is injected into underground geologic formations using high-pressure pumps. Revenue is derived from fees charged to customers to dispose of salt water at the disposal facilities and crude oil sales from the skimming oil process. Following is a summary of segment information for the three months ended October 31, 2015 and 2014 . Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 277,476 $ 189,373 $ 4,297 $ — $ 471,146 Direct costs (1) 241,877 164,570 4,776 11,024 422,247 Adjusted EBITDA $ 35,599 $ 24,803 $ (479 ) $ (11,024 ) $ 48,899 Three months ended October 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 435,439 $ — $ 7,916 $ — $ 443,355 Direct costs (1) 393,805 — 4,733 10,456 408,994 Adjusted EBITDA $ 41,634 $ — $ 3,183 $ (10,456 ) $ 34,361 (1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net loss: Three months ended October 31, 2015 2014 Net loss attributable to Ferrellgas Partners, L.P. $ (79,793 ) $ (32,875 ) Income tax benefit (844 ) (510 ) Interest expense 33,788 23,912 Depreciation and amortization expense 36,979 23,309 EBITDA (9,870 ) 13,836 Non-cash employee stock ownership plan compensation charge 5,256 4,374 Non-cash stock-based compensation charge 8,122 16,112 Goodwill impairment 29,316 — Loss on disposal of assets and other 14,917 961 Other expense, net 122 449 Change in fair value of contingent consideration (100 ) (1,800 ) Severance costs 856 — Litigation accrual and related legal fees associated with a class action lawsuit — 723 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments 1,038 — Acquisition and transition expenses 15 — Net loss attributable to noncontrolling interest (773 ) (294 ) Adjusted EBITDA $ 48,899 $ 34,361 Following are total assets by segment: Assets October 31, 2015 July 31, 2015 Propane and related equipment sales $ 1,287,582 $ 1,295,831 Midstream operations - crude oil logistics 879,286 917,325 Midstream operations - water logistics 178,236 205,358 Corporate and unallocated 41,082 45,542 Total consolidated assets $ 2,386,186 $ 2,464,056 Following are capital expenditures by segment: Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 5,898 $ — $ 139 $ 145 $ 6,182 Growth 8,615 3,303 6,401 — 18,319 Total $ 14,513 $ 3,303 $ 6,540 $ 145 $ 24,501 Three months ended October 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 4,576 $ — $ 176 $ 304 $ 5,056 Growth 11,069 — 857 — 11,926 Total $ 15,645 $ — $ 1,033 $ 304 $ 16,982 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Disclosure | Segment reporting Ferrellgas, L.P. has two primary operations: propane and related equipment sales and midstream operations. These two operations result in three reportable operating segments: propane and related equipment sales, midstream operations - water solutions and midstream operations - crude oil logistics. The chief operating decision maker evaluates the operating segments using an Adjusted EBITDA performance measure which is based on earnings before income tax benefit, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, goodwill impairment, loss on disposal of assets and other, other expense (income), net, change in fair value of contingent consideration, severance costs, litigation accrual and related legal fees associated with a class action lawsuit, unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments and acquisition and transition expenses. This performance measure is not a GAAP measure, however, the components are computed using amounts that are determined in accordance with GAAP. A reconciliation of this performance measure to net earnings, which is its nearest comparable GAAP measure, is included in the tables below. In management's evaluation of performance, costs such as compensation for certain administrative staff and executive management, are not allocated by segment and, accordingly, the following reportable segment results do not include such unallocated costs. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies in Note B. Assets reported within a segment are those assets that can be identified to a segment and primarily consist of trade receivables, property, plant and equipment, inventories, identifiable intangible assets and goodwill. Cash, certain prepaid assets and other assets are not allocated to segments. Although Ferrellgas, L.P. can and does identify long-lived assets such as property, plant and equipment and identifiable intangible assets to reportable segments, Ferrellgas, L.P. does not allocate the related depreciation and amortization to the segment as management evaluates segment performance exclusive of these non-cash charges. The propane and related equipment sales segment primarily includes the distribution and sale of propane and related equipment and supplies with concentrations in the Midwest, Southeast, Southwest and Northwest regions of the United States. Sales from propane distribution are generated principally from transporting propane purchased from third parties to propane distribution locations and then to tanks on customers’ premises or to portable propane tanks delivered to nationwide and local retailers. Sales from portable tank exchanges, nationally branded under the name Blue Rhino, are generated through a network of independent and partnership-owned distribution outlets. The midstream operations - crude oil logistics segment primarily includes a domestic crude oil transportation and logistics provider with an integrated portfolio of midstream assets. These assets connect crude oil production in prolific unconventional resource plays to downstream markets. Bridger's truck, pipeline terminal, pipeline, rail and maritime assets form a comprehensive, fee-for-service business model, and substantially all of its cash flow is expected to be generated from fee-based commercial agreements. Bridger's fee-based business model generates income by providing crude oil transportation and logistics services on behalf of producers and end users of crude oil. The midstream operations - water solutions segment primarily includes salt water disposal wells that are a critical component of the oil and natural gas well drilling industry. Oil and gas wells generate significant volumes of salt water known as “flowback” and “production” water. Flowback is a water based solution that flows back to the surface during and after the completion of the hydraulic fracturing (“fracking”) process whereby large volumes of water, sand and chemicals are injected under high pressures into rock formations to stimulate production. Production water is salt water from underground formations that are brought to the surface during the normal course of oil or gas production. In the oil and gas fields Ferrellgas, L.P. services, these volumes of water are transported by truck away from the fields to salt water disposal wells where it is injected into underground geologic formations using high-pressure pumps. Revenue is derived from fees charged to customers to dispose of salt water at the disposal facilities and crude oil sales from the skimming oil process. Following is a summary of segment information for the three months ended October 31, 2015 and 2014 . Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 277,476 $ 189,373 $ 4,297 $ — $ 471,146 Direct costs (1) 241,877 164,570 4,776 11,024 422,247 Adjusted EBITDA $ 35,599 $ 24,803 $ (479 ) $ (11,024 ) $ 48,899 Three months ended October 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 435,439 $ — $ 7,916 $ — $ 443,355 Direct costs (1) 393,808 — 4,733 10,456 408,997 Adjusted EBITDA $ 41,631 $ — $ 3,183 $ (10,456 ) $ 34,358 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net loss: Three months ended October 31, 2015 2014 Net loss $ (76,536 ) $ (29,137 ) Income tax benefit (844 ) (511 ) Interest expense 29,758 19,878 Depreciation and amortization expense 36,979 23,309 EBITDA (10,643 ) 13,539 Non-cash employee stock ownership plan compensation charge 5,256 4,374 Non-cash stock-based compensation charge 8,122 16,112 Goodwill impairment 29,316 — Loss on disposal of assets and other 14,917 961 Other expense, net 122 449 Change in fair value of contingent consideration (100 ) (1,800 ) Severance costs 856 — Litigation accrual and related legal fees associated with a class action lawsuit — 723 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments 1,038 — Acquisition and transition expenses 15 — Adjusted EBITDA $ 48,899 $ 34,358 Following are total assets by segment: Assets October 31, 2015 July 31, 2015 Propane and related equipment sales $ 1,287,582 $ 1,291,737 Midstream operations - crude oil logistics 879,286 917,325 Midstream operations - water logistics 178,236 205,358 Corporate and unallocated 39,310 45,542 Total consolidated assets $ 2,384,414 $ 2,459,962 Following are capital expenditures by segment: Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 5,898 $ — $ 139 $ 145 $ 6,182 Growth 8,615 3,303 6,401 — 18,319 Total $ 14,513 $ 3,303 $ 6,540 $ 145 $ 24,501 Three months ended October 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 4,576 $ — $ 176 $ 304 $ 5,056 Growth 11,069 — 857 — 11,926 Total $ 15,645 $ — $ 1,033 $ 304 $ 16,982 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Oct. 31, 2015 | |
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 as discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. On November 13, 2015 Ferrellgas Partners, L.P repurchased approximately 2.4 million common units from Jamex Marketing, LLC, funded by approximately $45.9 million in proceeds from the secured credit facility. |
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 as discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. On November 13, 2015 Ferrellgas, L.P distributed $46.8 million and $0.4 million to Ferrellgas Partners and the general partner, respectively, using proceeds from the secured credit facility. Ferrellgas Partners utilized these funds primarily to repurchase approximately 2.4 million common units from Jamex Marketing, LLC. |
Summary Of Significant Accoun24
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Oct. 31, 2015 | |
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 assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, assumptions used to value business combinations, fair values of derivative contracts and stock based compensation calculations. |
Goodwill | Goodwill: Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas has determined that it has five reporting units for goodwill impairment testing purposes. Four of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. During the three months ended October 31, 2015, Ferrellgas determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. See Note F – Goodwill and intangible assets, net – for further discussion of Ferrellgas' goodwill impairment assessment. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Assets held for sale: Assets held for sale represent tractor trucks that have met the criteria of “held for sale” accounting. During the first quarter of fiscal 2016, Ferrellgas committed to a plan to sell certain trucks held by the Midstream operations - crude oil logistics segment. These assets were reclassified from "Vehicles, including transport trailers" to Assets held for sale in the accompanying balance sheet as of October 31, 2015. Ferrellgas ceased depreciation on these assets during October 2015. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2014-08 In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , to change the criteria for determining which disposals can be presented as discontinued operations and enhanced the related disclosure requirements. ASU 2014-08 is effective for us on a prospective basis in Ferrellgas' first quarter of fiscal 2016 with early adoption permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The adoption of ASU 2014-08 in Ferrellgas' first quarter of fiscal 2016 did not have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-03 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-06 In September 2015, the FASB issued ASU 2015-06, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments, which requires all entities to record the effects on earnings, if any, of changes in provisional amounts for items in a business combination in the same period in which the adjustment amounts are determined. The requirement to retrospectively account for the adjustments is eliminated by this amendment. ASU 2015-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-06 on the consolidated financial statements. |
Cash equivalents | Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the three months ended October 31, 2015 2014 CASH PAID FOR: Interest $ 3,780 $ 2,978 Income taxes $ — $ 260 NON-CASH INVESTING AND FINANCING ACTIVITIES: Change in accruals for property, plant and equipment additions $ 1,727 $ 1,857 |
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 based compensation calculations. |
Goodwill | Goodwill: Ferrellgas, L.P. records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas, L.P. has determined that it has five reporting units for goodwill impairment testing purposes. Four of these reporting units contain goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, an indication exists that the reporting unit’s goodwill may be impaired and the second step of the impairment test must be performed. In the second step, the implied fair value of goodwill is determined by assigning the fair value of a reporting unit to all the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. If the carrying amount of reporting unit goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized for that excess. During the three months ended October 31, 2015, Ferrellgas, L.P. determined that the continued and prolonged decline in the price of crude oil constituted a triggering event for its Midstream operations - water solutions business that required an update to the goodwill impairment assessment as of October 31, 2015. See Note F – Goodwill and intangible assets, net – for further discussion of Ferrellgas, L.P.'s Goodwill impairment assessment. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Assets held for sale: Assets held for sale represent tractor trucks that have met the criteria of “held for sale” accounting. During the first quarter of fiscal 2016, Ferrellgas, L.P. committed to a plan to sell certain trucks held by the Midstream operations - crude oil logistics segment. These assets were reclassified from "Vehicles, including transport trailers" to assets held for sale in the accompanying balance sheet as of October 31, 2015. Ferrellgas, L.P. ceased depreciation on these assets during October 2015. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2014-08 In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , to change the criteria for determining which disposals can be presented as discontinued operations and enhanced the related disclosure requirements. ASU 2014-08 is effective for us on a prospective basis in Ferrellgas' first quarter of fiscal 2016 with early adoption permitted for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued. The adoption of ASU 2014-08 in Ferrellgas, L.P.'s first quarter of fiscal 2016 did not have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis , which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-02 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-03 In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying value of the debt liability. ASU 2015-03 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted, and retrospective application required. Ferrellgas is currently evaluating the impact of our pending adoption of ASU 2015-03 on the consolidated financial statements . FASB Accounting Standard Update No. 2015-06 In September 2015, the FASB issued ASU 2015-06, Business Combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments, which requires all entities to record the effects on earnings, if any, of changes in provisional amounts for items in a business combination in the same period in which the adjustment amounts are determined. The requirement to retrospectively account for the adjustments is eliminated by this amendment. ASU 2015-06 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015, with early adoption permitted. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2015-06 on the consolidated financial statements. |
Cash equivalents | Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the three months ended October 31, 2015 2014 CASH PAID FOR: Interest $ 3,779 $ 2,978 Income taxes $ — $ 260 NON-CASH INVESTING AND FINANCING ACTIVITIES: Change in accruals for property, plant and equipment additions $ 1,727 $ 1,857 Contributions in connection with acquisitions $ (284 ) |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Certain cash flow and significant non-cash activities | Certain cash flow and significant non-cash activities are presented below: For the three months ended October 31, 2015 2014 CASH PAID FOR: Interest $ 3,780 $ 2,978 Income taxes $ — $ 260 NON-CASH INVESTING AND FINANCING ACTIVITIES: Change in accruals for property, plant and equipment additions $ 1,727 $ 1,857 |
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 three months ended October 31, 2015 2014 CASH PAID FOR: Interest $ 3,779 $ 2,978 Income taxes $ — $ 260 NON-CASH INVESTING AND FINANCING ACTIVITIES: Change in accruals for property, plant and equipment additions $ 1,727 $ 1,857 Contributions in connection with acquisitions $ (284 ) |
Business combinations Busines26
Business combinations Business combinations (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Business Acquisition, Pro Forma Information [Table Text Block] | These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2014 or the results that would be attained in the future. For the three months ended October 31, 2014 Revenue $ 528,611 Net loss (36,519 ) Net loss per common unitholders' interest $ (0.42 ) |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Ferrellgas has preliminarily estimated the fair values of the assets acquired and liabilities assumed as follows: Estimated At October 31, 2015 (as adjusted) July 31, 2015 (as initially reported) Measuring period adjustments Working capital $ (5,890 ) $ 1,783 $ (7,673 ) Transportation equipment 293,491 293,491 — Injection stations and pipelines 41,632 41,632 — Goodwill 203,495 193,311 10,184 Customer relationships 259,300 261,811 (2,511 ) Non-compete agreements 14,800 14,800 — Trade names & trademarks 5,800 5,800 — Office equipment 7,449 7,449 — Other 2,375 2,375 — Aggregate fair value of net assets acquired $ 822,452 $ 822,452 $ — |
Ferrellgas, L.P. [Member] | |
Business Acquisition, Pro Forma Information [Table Text Block] | These unaudited pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred had this acquisition been completed on August 1, 2014 or the results that would be attained in the future. For the three months ended October 31, 2014 Revenue $ 528,611 Net loss (32,487 ) |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Ferrellgas, L.P. has preliminarily estimated the fair values of the assets acquired and liabilities assumed as follows: Estimated At October 31, 2015 (as adjusted) July 31, 2015 (as initially reported) Measuring period adjustments Working capital $ (5,890 ) $ 1,783 $ (7,673 ) Transportation equipment 293,491 293,491 — Injection stations and pipelines 41,632 41,632 — Goodwill 203,495 193,311 10,184 Customer relationships 259,300 261,811 (2,511 ) Non-compete agreements 14,800 14,800 — Trade names & trademarks 5,800 5,800 — Office equipment 7,449 7,449 — Other 2,375 2,375 — Aggregate fair value of net assets acquired $ 822,452 $ 822,452 $ — |
Supplemental Financial Statem27
Supplemental Financial Statement Information (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consist of the following: October 31, July 31, Estimated Useful Lives 2015 2015 Land Indefinite $ 34,359 $ 34,389 Land improvements 2-20 13,329 13,249 Building and improvements 20 71,748 71,923 Vehicles, including transport trailers 8-20 202,139 228,646 Bulk equipment and district facilities 5-30 110,833 111,657 Tanks, cylinders and customer equipment 2-30 771,569 772,904 Salt water disposal wells and related equipment 2-23 44,969 38,460 Rail cars 30 150,392 150,235 Injection stations 20 38,562 37,619 Pipeline 15 4,074 4,074 Computer and office equipment 2-5 120,896 123,386 Construction in progress n/a 21,665 16,841 1,584,535 1,603,383 Less: accumulated depreciation 643,252 638,166 Property, plant and equipment, net $ 941,283 $ 965,217 |
Schedule of Inventories | Inventories consist of the following: October 31, 2015 July 31, 2015 Propane gas and related products $ 68,420 $ 68,731 Appliances, parts and supplies 27,659 28,023 Inventories $ 96,079 $ 96,754 |
Other Current Liabilities | Other current liabilities consist of the following: October 31, 2015 July 31, 2015 Accrued interest $ 45,881 $ 17,281 Accrued payroll 17,643 17,485 Customer deposits and advances 38,602 28,792 Price risk management liabilities 27,639 31,450 Other 71,199 85,679 Other current liabilities $ 200,964 $ 180,687 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: For the three months ended October 31, 2015 2014 Operating expense $ 40,535 $ 45,790 Depreciation and amortization expense 1,115 1,449 Equipment lease expense 6,429 4,866 $ 48,079 $ 52,105 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Loss on disposal of assets and other consists of: For the three months ended October 31, 2015 2014 Loss on assets held for sale $ 12,112 $ — Loss on sale of assets held for sale 1,259 — Loss on sale of assets 1,546 961 Loss on disposal of assets and other $ 14,917 $ 961 |
Ferrellgas, L.P. [Member] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consist of the following: October 31, July 31, Estimated useful lives 2015 2015 Land Indefinite $ 34,359 $ 34,389 Land improvements 2-20 13,329 13,249 Building and improvements 20 71,748 71,923 Vehicles, including transport trailers 8-20 202,139 228,646 Bulk equipment and district facilities 5-30 110,833 111,657 Tanks, cylinders and customer equipment 2-30 771,569 772,904 Salt water disposal wells and related equipment 2-23 44,969 38,460 Rail cars 30 150,392 150,235 Injection stations 20 38,562 37,619 Pipeline 15 4,074 4,074 Computer and office equipment 2-5 120,896 123,386 Construction in progress n/a 21,665 16,841 1,584,535 1,603,383 Less: accumulated depreciation 643,252 638,166 Property, plant and equipment, net $ 941,283 $ 965,217 |
Schedule of Inventories | Inventories consist of the following: October 31, 2015 July 31, 2015 Propane gas and related products $ 68,420 $ 68,731 Appliances, parts and supplies 27,659 28,023 Inventories $ 96,079 $ 96,754 |
Other Current Liabilities | Other current liabilities consist of the following: October 31, 2015 July 31, 2015 Accrued interest $ 39,951 $ 15,275 Accrued payroll 17,643 17,485 Customer deposits and advances 38,602 28,792 Price risk management liabilities 27,639 31,450 Other 71,194 83,174 Other current liabilities $ 195,029 $ 176,176 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: For the three months ended October 31, 2015 2014 Operating expense $ 40,535 $ 45,790 Depreciation and amortization expense 1,115 1,449 Equipment lease expense 6,429 4,866 $ 48,079 $ 52,105 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Loss on disposal of assets and other consists of: For the three months ended October 31, 2015 2014 Loss on assets held for sale $ 12,112 $ — Loss on sale of assets held for sale 1,259 — Loss on sale of assets 1,546 961 Loss on disposal of assets and other $ 14,917 $ 961 |
Accounts And Notes Receivable28
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: October 31, 2015 July 31, 2015 Accounts receivable pledged as collateral $ 113,792 $ 123,791 Accounts receivable 70,893 77,636 Other 509 307 Less: Allowance for doubtful accounts (6,516 ) (4,816 ) Accounts and notes receivable, net $ 178,678 $ 196,918 |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: October 31, 2015 July 31, 2015 Accounts receivable pledged as collateral $ 113,792 $ 123,791 Accounts receivable 70,893 77,636 Other 509 307 Less: Allowance for doubtful accounts (6,516 ) (4,816 ) Accounts and notes receivable, net $ 178,678 $ 196,918 |
Goodwill and intangibles Good29
Goodwill and intangibles Goodwill and intangibles (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance at July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 Acquisitions — — — — Revisions to acquisition accounting — — 10,184 10,184 Impairment — (29,316 ) — (29,316 ) Balance at October 31, 2015 $ 256,120 $ — $ 203,495 $ 459,615 |
Ferrellgas, L.P. [Member] | |
Schedule of Goodwill [Table Text Block] | Changes in the carrying amount of goodwill, by reportable segment, are as follows: Propane and related equipment sales Midstream operations - water solutions Midstream operations - crude oil logistics Total Balance at July 31, 2015 $ 256,120 $ 29,316 $ 193,311 $ 478,747 Acquisitions — — — — Revisions to acquisition accounting — — 10,184 10,184 Impairment — (29,316 ) — (29,316 ) Balance at October 31, 2015 $ 256,120 $ — $ 203,495 $ 459,615 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Cash distributions | Ferrellgas Partners has paid the following distributions: For the three months ended October 31, 2015 2014 Public common unitholders $ 32,439 $ 27,788 Ferrell Companies (1) 11,546 11,265 FCI Trading Corp. (2) 100 98 Ferrell Propane, Inc. (3) 26 26 James E. Ferrell (4) 2,441 2,179 James H. Ballengee (5) 4,891 — General partner 520 418 $ 51,963 $ 41,774 |
Ferrellgas, L.P. [Member] | |
Cash distributions | Ferrellgas, L.P. has paid the following distributions: For the three months ended October 31, 2015 2014 Ferrellgas Partners $ 51,963 $ 41,774 General partner 530 426 $ 52,493 $ 42,200 |
Subsequent Event [Member] | |
Dividends expected to be paid to related parties | Included in this cash distribution are the following amounts to be paid to related parties: Ferrell Companies $ 11,546 FCI Trading Corp. 100 Ferrell Propane, Inc. 26 James E. Ferrell 2,441 James H. Ballengee 3,668 General Partner 507 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | The following table presents fair value measurements of certain assets on a non-recurring basis as of October 31, 2015: Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Total gains (losses) Assets held for sale $ — $ — $ 8,840 $ 8,840 $ (12,112 ) Goodwill impairment for Midstream operations - water solutions segment $ (29,316 ) |
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 October 31, 2015 and July 31, 2015 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total October 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 2,427 $ — $ 2,427 Commodity derivatives $ — $ 3,577 $ — $ 3,577 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,220 ) $ — $ (4,220 ) Commodity derivatives $ — $ (33,301 ) $ — $ (33,301 ) July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) |
Level 3 fair value rollforward | The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended October 31, 2015 : Contingent consideration liability Balance at July 31, 2015 $ 100 Increase in fair value related to accretion — Change in fair value included in earnings (100 ) Balance at October 31, 2015 $ — |
Ferrellgas, L.P. [Member] | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | The following table presents fair value measurements of certain assets on a non-recurring basis as of October 31, 2015: Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total Total gains (losses) Assets held for sale $ — $ — $ 8,840 $ 8,840 $ (12,112 ) Goodwill impairment for Midstream operations - water solutions segment $ (29,316 ) |
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 October 31, 2015 and July 31, 2015 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total October 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 2,427 $ — $ 2,427 Commodity derivatives $ — $ 3,577 $ — $ 3,577 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,220 ) $ — $ (4,220 ) Commodity derivatives $ — $ (33,301 ) $ — $ (33,301 ) July 31, 2015: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 1,828 $ — $ 1,828 Commodity derivatives $ — $ 4,655 $ — $ 4,655 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (4,748 ) $ — $ (4,748 ) Commodity derivatives $ — $ (42,375 ) $ — $ (42,375 ) Contingent consideration $ — $ — $ (100 ) $ (100 ) |
Level 3 fair value rollforward | The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended October 31, 2015 : Contingent consideration liability Balance at July 31, 2015 $ 100 Increase in fair value related to accretion — Change in fair value included in earnings (100 ) Balance at October 31, 2015 $ — |
Derivative Instruments and He32
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of October 31, 2015 and July 31, 2015 : October 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 3,155 Other current liabilities $ 23,000 Commodity derivatives-propane Other assets, net 422 Other liabilities 6,851 Interest rate swap agreements Prepaid expenses and other current assets 1,836 Other current liabilities 2,470 Interest rate swap agreements Other assets, net 591 Other liabilities 1,750 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 2,169 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 1,281 Total $ 6,004 Total $ 37,521 July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives-propane Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin deposit balances as of October 31, 2015 and July 31, 2015 , respectively: October 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 15,601 Other current liabilities $ 10 Other assets, net 8,896 Other liabilities — $ 24,497 $ 10 July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 |
Fair Value Hedge Derivative Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three months ended October 31, 2015 and 2014 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 October 31, For the three months ended October 31, 2015 2014 2015 2014 Interest rate swap agreements Interest expense $ 537 $ 457 $ (2,275 ) $ (2,275 ) |
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 months ended October 31, 2015 and 2014 due to derivatives designated as cash flow hedging instruments: For the three months ended October 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,585 Cost of sales-propane and other gas liquids sales $ (7,449 ) $ — Interest rate swap agreements (1,201 ) Interest expense (777 ) — $ 384 $ (8,226 ) $ — For the three months ended October 31, 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 Effective portion Ineffective portion Commodity derivatives $ (12,758 ) Cost of sales-propane and other gas liquids sales $ 1,128 $ — Interest rate swap agreements (1,139 ) Interest expense — — $ (13,897 ) $ 1,128 $ — |
Derivatives not Designated as Hedging, Effect on Earnings | The following table provides a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three months ended October 31, 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended October 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives $ (1,038 ) Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the three months ended October 31, 2015 and 2014 were as follows: For the three months ended October 31, Gains and losses on derivatives included in AOCI 2015 2014 Beginning balance $ (38,906 ) $ 6,483 Change in value of risk management commodity derivatives 1,585 (12,758 ) Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 7,449 (1,128 ) Change in value of risk management interest rate derivatives (1,201 ) (1,139 ) Reclassification of gains and losses on interest rate hedges to interest expense $ 777 $ — Ending balance $ (30,296 ) $ (8,542 ) |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of October 31, 2015 and July 31, 2015 : October 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 3,155 Other current liabilities $ 23,000 Commodity derivatives-propane Other assets, net 422 Other liabilities 6,851 Interest rate swap agreements Prepaid expenses and other current assets 1,836 Other current liabilities 2,470 Interest rate swap agreements Other assets, net 591 Other liabilities 1,750 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 2,169 Commodity derivatives-vehicle fuel Other assets, net — Other liabilities 1,281 Total $ 6,004 Total $ 37,521 July 31, 2015 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 3,614 Other current liabilities $ 27,929 Commodity derivatives Other assets, net 1,041 Other liabilities 12,034 Interest rate swap agreements Prepaid expenses and other current assets 1,828 Other current liabilities 2,241 Interest rate swap agreements Other assets, net — Other liabilities 2,507 Derivatives not designated as hedging instruments Commodity derivatives - vehicle fuel Prepaid expenses and other current assets — Other current liabilities 1,280 Commodity derivatives - vehicle fuel Other assets, net — Other liabilities 1,132 Total $ 6,483 Total $ 47,123 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin deposit balances as of October 31, 2015 and July 31, 2015 , respectively: October 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 15,601 Other current liabilities $ 10 Other assets, net 8,896 Other liabilities — $ 24,497 $ 10 July 31, 2015 Assets Liabilities Description Location Amount Location Amount Margin Deposits Prepaid expenses and other current assets $ 18,009 Other current liabilities $ 15 Other assets, net 11,786 Other liabilities — $ 29,795 $ 15 |
Fair Value Hedge Derivative Effect on Earnings | The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of earnings for the three months ended October 31, 2015 and 2014 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 October 31, For the three months ended October 31, 2015 2014 2015 2014 Interest rate swap agreements Interest expense $ 537 $ 457 $ (2,275 ) $ (2,275 ) |
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 months ended October 31, 2015 and 2014 due to derivatives designated as cash flow hedging instruments: For the three months ended October 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCL Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 1,585 Cost of sales-propane and other gas liquids sales $ (7,449 ) $ — Interest rate swap agreements (1,201 ) Interest expense (777 ) — $ 384 $ (8,226 ) $ — For the three months ended October 31, 2014 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ (12,758 ) Cost of sales-propane and other gas liquids sales $ 1,128 $ — Interest rate swap agreements (1,139 ) Interest expense — — $ (13,897 ) $ 1,128 $ — |
Derivatives not Designated as Hedging, Effect on Earnings | The following table provides a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of earnings for the three months ended October 31, 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended October 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives $ (1,038 ) Operating expense Ferrellgas, L.P. did not hold derivatives not designated as hedging instruments for the three months ended October 31, 2014. |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the three months ended October 31, 2015 and 2014 were as follows: For the three months ended October 31, Gains and losses on derivatives included in AOCI 2015 2014 Beginning balance $ (38,906 ) $ 6,483 Change in value of risk management commodity derivatives 1,585 (12,758 ) Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 7,449 (1,128 ) Change in value of risk management interest rate derivatives (1,201 ) (1,139 ) Reclassification of gains and losses on interest rate hedges to interest expense $ 777 $ — Ending balance $ (30,296 ) $ (8,542 ) |
Transactions With Related Par33
Transactions With Related Parties (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 2014 Operating expense $ 56,010 $ 51,120 General and administrative expense $ 7,093 $ 6,597 |
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 October 31, 2015 2014 Operating expense $ 56,010 $ 51,120 General and administrative expense $ 7,093 $ 6,597 |
Net Earnings (Loss) Per Commo34
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
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 October 31, 2015 2014 (in thousands, except per unitholders' interest amounts) Common unitholders’ interest in net loss $ (78,995 ) $ (32,546 ) Weighted average common units outstanding - basic 100,376.8 82,179.7 Dilutive securities — — Weighted average common units outstanding - diluted 100,376.8 82,179.7 Basic and diluted net loss per common unitholders’ interest $ (0.79 ) $ (0.40 ) |
Segment Reporting Segment Rep35
Segment Reporting Segment Reporting (Tables) | 3 Months Ended |
Oct. 31, 2015 | |
Segment Reporting Information | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net loss: Three months ended October 31, 2015 2014 Net loss attributable to Ferrellgas Partners, L.P. $ (79,793 ) $ (32,875 ) Income tax benefit (844 ) (510 ) Interest expense 33,788 23,912 Depreciation and amortization expense 36,979 23,309 EBITDA (9,870 ) 13,836 Non-cash employee stock ownership plan compensation charge 5,256 4,374 Non-cash stock-based compensation charge 8,122 16,112 Goodwill impairment 29,316 — Loss on disposal of assets and other 14,917 961 Other expense, net 122 449 Change in fair value of contingent consideration (100 ) (1,800 ) Severance costs 856 — Litigation accrual and related legal fees associated with a class action lawsuit — 723 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments 1,038 — Acquisition and transition expenses 15 — Net loss attributable to noncontrolling interest (773 ) (294 ) Adjusted EBITDA $ 48,899 $ 34,361 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets October 31, 2015 July 31, 2015 Propane and related equipment sales $ 1,287,582 $ 1,295,831 Midstream operations - crude oil logistics 879,286 917,325 Midstream operations - water logistics 178,236 205,358 Corporate and unallocated 41,082 45,542 Total consolidated assets $ 2,386,186 $ 2,464,056 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net loss: Three months ended October 31, 2015 2014 Net loss $ (76,536 ) $ (29,137 ) Income tax benefit (844 ) (511 ) Interest expense 29,758 19,878 Depreciation and amortization expense 36,979 23,309 EBITDA (10,643 ) 13,539 Non-cash employee stock ownership plan compensation charge 5,256 4,374 Non-cash stock-based compensation charge 8,122 16,112 Goodwill impairment 29,316 — Loss on disposal of assets and other 14,917 961 Other expense, net 122 449 Change in fair value of contingent consideration (100 ) (1,800 ) Severance costs 856 — Litigation accrual and related legal fees associated with a class action lawsuit — 723 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments 1,038 — Acquisition and transition expenses 15 — Adjusted EBITDA $ 48,899 $ 34,358 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets October 31, 2015 July 31, 2015 Propane and related equipment sales $ 1,287,582 $ 1,291,737 Midstream operations - crude oil logistics 879,286 917,325 Midstream operations - water logistics 178,236 205,358 Corporate and unallocated 39,310 45,542 Total consolidated assets $ 2,384,414 $ 2,459,962 |
Profit Measure [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three months ended October 31, 2015 and 2014 . Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 277,476 $ 189,373 $ 4,297 $ — $ 471,146 Direct costs (1) 241,877 164,570 4,776 11,024 422,247 Adjusted EBITDA $ 35,599 $ 24,803 $ (479 ) $ (11,024 ) $ 48,899 Three months ended October 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 435,439 $ — $ 7,916 $ — $ 443,355 Direct costs (1) 393,805 — 4,733 10,456 408,994 Adjusted EBITDA $ 41,634 $ — $ 3,183 $ (10,456 ) $ 34,361 (1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". |
Profit Measure [Member] | Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three months ended October 31, 2015 and 2014 . Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 277,476 $ 189,373 $ 4,297 $ — $ 471,146 Direct costs (1) 241,877 164,570 4,776 11,024 422,247 Adjusted EBITDA $ 35,599 $ 24,803 $ (479 ) $ (11,024 ) $ 48,899 Three months ended October 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Segment revenues $ 435,439 $ — $ 7,916 $ — $ 443,355 Direct costs (1) 393,808 — 4,733 10,456 408,997 Adjusted EBITDA $ 41,631 $ — $ 3,183 $ (10,456 ) $ 34,358 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". |
Capital Expenditures [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment: Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 5,898 $ — $ 139 $ 145 $ 6,182 Growth 8,615 3,303 6,401 — 18,319 Total $ 14,513 $ 3,303 $ 6,540 $ 145 $ 24,501 Three months ended October 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 4,576 $ — $ 176 $ 304 $ 5,056 Growth 11,069 — 857 — 11,926 Total $ 15,645 $ — $ 1,033 $ 304 $ 16,982 |
Capital Expenditures [Member] | Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment: Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 5,898 $ — $ 139 $ 145 $ 6,182 Growth 8,615 3,303 6,401 — 18,319 Total $ 14,513 $ 3,303 $ 6,540 $ 145 $ 24,501 Three months ended October 31, 2014 Propane and related equipment sales Midstream operations - Crude oil logistics Midstream operations - Water Solutions Corporate and other Total Capital expenditures: Maintenance $ 4,576 $ — $ 176 $ 304 $ 5,056 Growth 11,069 — 857 — 11,926 Total $ 15,645 $ — $ 1,033 $ 304 $ 16,982 |
Partnership Organization And 36
Partnership Organization And Formation (Details) | 3 Months Ended | |
Oct. 31, 2015employeesubsidiaryshares | Jul. 31, 2015shares | |
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Number of entity subsidiaries | subsidiary | 2 | |
Equity interest in subsidiary | 100.00% | |
Number of states in which entity operates | 50 | |
Number of employees | 0 | |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock shares outstanding | shares | 1,000 | 1,000 |
Corporation formation date | Mar. 28, 1996 | |
Number of employees | 0 | |
Ferrellgas, L.P. [Member] | ||
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Equity interest in subsidiary | 100.00% | |
Number of states in which entity operates | 50 | |
Number of employees | 0 | |
Ferrellgas Finance Corp. [Member] | ||
Common stock shares outstanding | shares | 1,000 | 1,000 |
Corporation formation date | Jan. 16, 2003 | |
Number of employees | 0 | |
Ferrell Companies [Member] | ||
Common stock shares outstanding | shares | 22,800,000 | |
Operating Partnership [Member] | ||
General partner ownership interest | 1.00% | |
Ferrellgas [Member] | ||
General partner ownership interest | 2.00% |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Significant Cash And Non-Cash Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Cash Paid For [Abstract] | ||
Interest | $ 3,780 | $ 2,978 |
Income taxes | 0 | 260 |
Non-Cash Investing Activities [Abstract] | ||
Change in accruals for property, plant and equipment additions | 1,727 | 1,857 |
Ferrellgas, L.P. [Member] | ||
Cash Paid For [Abstract] | ||
Interest | 3,779 | 2,978 |
Income taxes | 0 | 260 |
Non-Cash Investing Activities [Abstract] | ||
Partners' Capital Account, Acquisitions | (284) | |
Change in accruals for property, plant and equipment additions | 1,727 | $ 1,857 |
Common Unitholders [Member] | Ferrellgas, L.P. [Member] | ||
Non-Cash Investing Activities [Abstract] | ||
Partners' Capital Account, Acquisitions | $ (284) |
Business combinations Busines38
Business combinations Business combinations (Narrative) (Details) - Midstream - Crude Oil Logistics [Member] $ in Millions | 3 Months Ended |
Oct. 31, 2015USD ($) | |
Payments to Acquire Businesses, Gross | $ 560 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 260 |
Business Acquisition Cost Of Acquired Entity Issuance Of Liabilities And Other Costs | 2.5 |
Business Combination, Consideration Transferred | 822.5 |
Ferrellgas, L.P. [Member] | |
Payments to Acquire Businesses, Gross | 560 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 260 |
Business Acquisition Cost Of Acquired Entity Issuance Of Liabilities And Other Costs | 2.5 |
Business Combination, Consideration Transferred | $ 822.5 |
Business combinations Busines39
Business combinations Business combinations (Aggregate Fair Value) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Oct. 31, 2015 | Jul. 31, 2015 | |
Goodwill, Acquired During Period | $ 0 | |
Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (5,890) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | $ 1,783 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | (7,673) | |
Postconfirmation, Goodwill | 203,495 | |
Goodwill, Acquired During Period | 0 | 193,311 |
Goodwill, Purchase Accounting Adjustments | 10,184 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,375 | 2,375 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 822,452 | 822,452 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 0 | |
Transportation Equipment [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 293,491 | 293,491 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Injection Stations and Pipelines [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 41,632 | 41,632 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Office Equipment [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,449 | 7,449 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Customer Lists [Member] | Midstream - Crude Oil Logistics [Member] | ||
Finite-lived Intangible Assets Acquired | 259,300 | 261,811 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,511) | |
Noncompete Agreements [Member] | Midstream - Crude Oil Logistics [Member] | ||
Finite-lived Intangible Assets Acquired | 14,800 | 14,800 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 0 | |
Trademarks and Trade Names [Member] | Midstream - Crude Oil Logistics [Member] | ||
Indefinite-lived Intangible Assets Acquired | 5,800 | 5,800 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 0 | |
Other Noncurrent Assets [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 0 | |
Ferrellgas, L.P. [Member] | ||
Goodwill, Acquired During Period | 0 | |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities | (5,890) | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,783 | |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | (7,673) | |
Postconfirmation, Goodwill | 203,495 | |
Goodwill, Acquired During Period | 0 | 193,311 |
Goodwill, Purchase Accounting Adjustments | 10,184 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 2,375 | 2,375 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | 822,452 | 822,452 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 0 | |
Ferrellgas, L.P. [Member] | Transportation Equipment [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 293,491 | 293,491 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Ferrellgas, L.P. [Member] | Injection Stations and Pipelines [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 41,632 | 41,632 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Ferrellgas, L.P. [Member] | Office Equipment [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,449 | 7,449 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment | 0 | |
Ferrellgas, L.P. [Member] | Customer Lists [Member] | Midstream - Crude Oil Logistics [Member] | ||
Finite-lived Intangible Assets Acquired | 259,300 | 261,811 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | (2,511) | |
Ferrellgas, L.P. [Member] | Noncompete Agreements [Member] | Midstream - Crude Oil Logistics [Member] | ||
Finite-lived Intangible Assets Acquired | 14,800 | 14,800 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 0 | |
Ferrellgas, L.P. [Member] | Trademarks and Trade Names [Member] | Midstream - Crude Oil Logistics [Member] | ||
Indefinite-lived Intangible Assets Acquired | 5,800 | $ 5,800 |
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangibles | 0 | |
Ferrellgas, L.P. [Member] | Other Noncurrent Assets [Member] | Midstream - Crude Oil Logistics [Member] | ||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | $ 0 |
Business combinations Busines40
Business combinations Business combinations (Pro Forma Information) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Oct. 31, 2014USD ($)$ / shares | |
Business Acquisition, Pro Forma Revenue | $ 528,611 |
Business Acquisition, Pro Forma Net Income (Loss) | $ (36,519) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ (0.42) |
Ferrellgas, L.P. [Member] | |
Business Acquisition, Pro Forma Revenue | $ 528,611 |
Business Acquisition, Pro Forma Net Income (Loss) | $ (32,487) |
Supplemental Financial Statem41
Supplemental Financial Statement Information (Narrative) (Details) $ in Thousands, gal in Millions | 3 Months Ended | |
Oct. 31, 2015USD ($)gal | Oct. 31, 2014USD ($) | |
Maximum term of supply procurement contracts | 36 months | |
Net procurement of fixed priced propane in gallons | gal | 99.7 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ (12,112) | |
Impairment of Long-Lived Assets to be Disposed of | $ 12,112 | $ 0 |
Ferrellgas, L.P. [Member] | ||
Maximum term of supply procurement contracts | 36 months | |
Net procurement of fixed priced propane in gallons | gal | 51 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ (12,112) | |
Impairment of Long-Lived Assets to be Disposed of | $ 12,112 | 0 |
Vehicles [Member] | Midstream - Crude Oil Logistics [Member] | ||
Assets sold | 69 | |
Long Lived Assets Held-for-sale, Description | 136 | |
Vehicles [Member] | Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | ||
Assets sold | 69 | |
Long Lived Assets Held-for-sale, Description | 136 | |
Assets held for disposal [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,259 | 0 |
Assets held for disposal [Member] | Ferrellgas, L.P. [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,259 | $ 0 |
Supplemental Financial Statem42
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Propane gas and related products | $ 68,420 | $ 68,731 |
Appliances, parts and supplies | 27,659 | 28,023 |
Inventories | 96,079 | 96,754 |
Ferrellgas, L.P. [Member] | ||
Propane gas and related products | 68,420 | 68,731 |
Appliances, parts and supplies | 27,659 | 28,023 |
Inventories | $ 96,079 | $ 96,754 |
Supplemental Financial Statem43
Supplemental Financial Statement Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Accrued interest | $ 45,881 | $ 17,281 |
Accrued payroll | 17,643 | 17,485 |
Customer deposits and advances | 38,602 | 28,792 |
Price risk management liabilities | 27,639 | 31,450 |
Other | 71,199 | 85,679 |
Other current liabilities | 200,964 | 180,687 |
Ferrellgas, L.P. [Member] | ||
Accrued interest | 39,951 | 15,275 |
Accrued payroll | 17,643 | 17,485 |
Customer deposits and advances | 38,602 | 28,792 |
Price risk management liabilities | 27,639 | 31,450 |
Other | 71,194 | 83,174 |
Other current liabilities | $ 195,029 | $ 176,176 |
Supplemental Financial Statem44
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | $ 48,079 | $ 52,105 |
Ferrellgas, L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 48,079 | 52,105 |
Operating Expense [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 40,535 | 45,790 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 40,535 | 45,790 |
Depreciation And Amortization Expense [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 1,115 | 1,449 |
Depreciation And Amortization Expense [Member] | Ferrellgas, L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 1,115 | 1,449 |
Equipment Lease Expense [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 6,429 | 4,866 |
Equipment Lease Expense [Member] | Ferrellgas, L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | $ 6,429 | $ 4,866 |
Supplemental Financial Statem45
Supplemental Financial Statement Information Supplemental financial statement information (Property, Plant, and Equipment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Jul. 31, 2015 | |
Property, Plant and Equipment, Gross | $ 1,584,535 | $ 1,603,383 |
Property, plant and equipment accumulated depreciation | 643,252 | 638,166 |
Property, plant and equipment, net | $ 941,283 | 965,217 |
Land [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives | Indefinite | |
Property, Plant and Equipment, Gross | $ 34,359 | 34,389 |
Land Improvements [Member] | ||
Property, Plant and Equipment, Gross | 13,329 | 13,249 |
Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 71,748 | 71,923 |
Property, Plant and Equipment, Useful Life | 20 years | |
Vehicles [Member] | ||
Property, Plant and Equipment, Gross | $ 202,139 | 228,646 |
Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Gross | 110,833 | 111,657 |
Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Gross | 771,569 | 772,904 |
Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Gross | 44,969 | 38,460 |
Rail cars [Member] | ||
Property, Plant and Equipment, Gross | $ 150,392 | 150,235 |
Property, Plant and Equipment, Useful Life | 30 years | |
Office Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 120,896 | 123,386 |
Injection stations [Member] | ||
Property, Plant and Equipment, Gross | $ 38,562 | 37,619 |
Property, Plant and Equipment, Useful Life | 20 years | |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 21,665 | 16,841 |
Pipelines [Member] | ||
Property, Plant and Equipment, Gross | $ 4,074 | 4,074 |
Property, Plant and Equipment, Useful Life | 15 years | |
Minimum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum [Member] | Vehicles [Member] | ||
Property, Plant and Equipment, Useful Life | 8 years | |
Minimum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum [Member] | Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Minimum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Maximum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Maximum [Member] | Vehicles [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Maximum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Maximum [Member] | Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Maximum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Useful Life | 23 years | |
Maximum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment, Gross | $ 1,584,535 | 1,603,383 |
Property, plant and equipment accumulated depreciation | 638,166 | |
Property, plant and equipment, net | $ 941,283 | 965,217 |
Ferrellgas, L.P. [Member] | Land [Member] | ||
Property, Plant and Equipment, Estimated Useful Lives | Indefinite | |
Property, Plant and Equipment, Gross | $ 34,359 | 34,389 |
Ferrellgas, L.P. [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment, Gross | 13,329 | 13,249 |
Ferrellgas, L.P. [Member] | Building Improvements [Member] | ||
Property, Plant and Equipment, Gross | $ 71,748 | 71,923 |
Property, Plant and Equipment, Useful Life | 20 years | |
Ferrellgas, L.P. [Member] | Vehicles [Member] | ||
Property, Plant and Equipment, Gross | 228,646 | |
Ferrellgas, L.P. [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Gross | $ 110,833 | 111,657 |
Ferrellgas, L.P. [Member] | Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Gross | 771,569 | 772,904 |
Ferrellgas, L.P. [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Gross | 44,969 | 38,460 |
Ferrellgas, L.P. [Member] | Rail cars [Member] | ||
Property, Plant and Equipment, Gross | $ 150,392 | 150,235 |
Property, Plant and Equipment, Useful Life | 30 years | |
Ferrellgas, L.P. [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment, Gross | $ 120,896 | 123,386 |
Ferrellgas, L.P. [Member] | Injection stations [Member] | ||
Property, Plant and Equipment, Gross | $ 38,562 | 37,619 |
Property, Plant and Equipment, Useful Life | 20 years | |
Ferrellgas, L.P. [Member] | Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross | $ 21,665 | 16,841 |
Ferrellgas, L.P. [Member] | Pipelines [Member] | ||
Property, Plant and Equipment, Gross | $ 4,074 | $ 4,074 |
Property, Plant and Equipment, Useful Life | 15 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Vehicles [Member] | ||
Property, Plant and Equipment, Useful Life | 8 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Ferrellgas, L.P. [Member] | Minimum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Vehicles [Member] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Tanks Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment, Useful Life | 23 years | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Office Equipment [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years |
Supplemental Financial Statem46
Supplemental Financial Statement Information Supplemental financial statement information (Assets Held for Sale) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Impairment of Long-Lived Assets to be Disposed of | $ 12,112 | $ 0 |
Gain (Loss) on Disposition of Property Plant Equipment | (12,112) | |
Loss on Disposal of Assets and Asset Impairment Charges | 14,917 | 961 |
Assets held for disposal [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment | 1,259 | 0 |
Assets held in use [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment | 1,546 | 961 |
Ferrellgas, L.P. [Member] | ||
Impairment of Long-Lived Assets to be Disposed of | 12,112 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment | (12,112) | |
Loss on Disposal of Assets and Asset Impairment Charges | 14,917 | 961 |
Ferrellgas, L.P. [Member] | Assets held for disposal [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment | 1,259 | 0 |
Ferrellgas, L.P. [Member] | Assets held in use [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,546 | $ 961 |
Accounts And Notes Receivable47
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2015 | Jul. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 113,792,000 | $ 123,791,000 |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 113,792,000 | 123,791,000 |
Accounts Receivable Securitization [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 113,800,000 | 123,800,000 |
Collateralized notes payable | 68,000,000 | 70,000,000 |
Proceeds from accounts receivable securitization | 68,000,000 | 70,000,000 |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 |
Weighted average interest rate on borrowings under accounts receivable securitization | 2.70% | 2.30% |
Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 113,800,000 | $ 123,800,000 |
Collateralized notes payable | 68,000,000 | 70,000,000 |
Proceeds from accounts receivable securitization | 68,000,000 | 70,000,000 |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 |
Weighted average interest rate on borrowings under accounts receivable securitization | 2.70% | 2.30% |
Accounts And Notes Receivable48
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Accounts receivable pledged as collateral | $ 113,792 | $ 123,791 |
Accounts receivable | 70,893 | 77,636 |
Other | 509 | 307 |
Less: Allowance for doubtful accounts | (6,516) | (4,816) |
Accounts and notes receivable, net | 178,678 | 196,918 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | 113,792 | 123,791 |
Accounts receivable | 70,893 | 77,636 |
Other | 509 | 307 |
Less: Allowance for doubtful accounts | (6,516) | (4,816) |
Accounts and notes receivable, net | $ 178,678 | $ 196,918 |
Goodwill and intangibles Good49
Goodwill and intangibles Goodwill and intangibles (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Oct. 31, 2015 | Jul. 31, 2015 | Oct. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 29,316,000 | $ 0 | |
WTI average closing price | $ 44.90 | $ 56.63 | |
WTI quarterly price decrease | 20.70% | ||
WTi crude curve decrease | 6.50% | ||
Ferrellgas, L.P. [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ 29,316,000 | $ 0 | |
WTI average closing price | $ 44.90 | $ 56.63 | |
WTI quarterly price decrease | 20.70% | ||
WTi crude curve decrease | 6.50% |
Goodwill and intangibles Good50
Goodwill and intangibles Goodwill and Intangibles (Goodwill rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2015 | |
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | $ (29,316) | $ 0 | |
Goodwill, Other Changes | 10,184 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, net | 459,615 | $ 478,747 | |
Midstream Operations - Water Solutions [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | (29,316) | ||
Goodwill, Other Changes | 0 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, net | 0 | 29,316 | |
Propane and related equipment sales [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 0 | ||
Goodwill, Other Changes | 0 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, net | 256,120 | 256,120 | |
Midstream - Crude Oil Logistics [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 0 | ||
Goodwill, Other Changes | 10,184 | ||
Goodwill, Acquired During Period | 0 | 193,311 | |
Goodwill, net | 203,495 | 193,311 | |
Ferrellgas, L.P. [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | (29,316) | $ 0 | |
Goodwill, Other Changes | 10,184 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, net | 459,615 | 478,747 | |
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | (29,316) | ||
Goodwill, Other Changes | 0 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, net | 0 | 29,316 | |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 0 | ||
Goodwill, Other Changes | 0 | ||
Goodwill, Acquired During Period | 0 | ||
Goodwill, net | 256,120 | 256,120 | |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | |||
Goodwill [Line Items] | |||
Goodwill, Impairment Loss | 0 | ||
Goodwill, Other Changes | 10,184 | ||
Goodwill, Acquired During Period | 0 | 193,311 | |
Goodwill, net | $ 203,495 | $ 193,311 |
Debt (Short-Term Borrowings Nar
Debt (Short-Term Borrowings Narrative) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Short-term borrowings | $ 95,391 | $ 75,319 |
Ferrellgas, L.P. [Member] | ||
Short-term borrowings | $ 95,391 | $ 75,319 |
Debt Debt (Components of Long-T
Debt Debt (Components of Long-Term Debt) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt | $ 1,823,182 | $ 1,804,392 |
Short-term borrowings | 95,391 | 75,319 |
Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt | 1,641,182 | 1,622,392 |
Short-term borrowings | $ 95,391 | $ 75,319 |
Secured Credit Facility [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt weighted average interest rate | 3.30% | 3.50% |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt weighted average interest rate | 3.30% | 3.50% |
Debt (Senior Notes Narrative) (
Debt (Senior Notes Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Interest payments | $ 3,780 | $ 2,978 |
Ferrellgas, L.P. [Member] | ||
Interest payments | $ 3,779 | $ 2,978 |
Debt (Secured Credit Facility N
Debt (Secured Credit Facility Narrative) (Details) - USD ($) $ in Millions | Oct. 31, 2015 | Jul. 31, 2015 |
Debt Instrument [Line Items] | ||
Letters of credit outstanding | $ 71.5 | $ 61.2 |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | 71.5 | 61.2 |
Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total credit faciltiy borrowings outstanding | 250.2 | 211.4 |
Other Long-term Debt, Noncurrent | $ 154.8 | $ 136.1 |
Weighted average interest rate on credit facility borrowings | 3.30% | 3.50% |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Total credit faciltiy borrowings outstanding | $ 250.2 | $ 211.4 |
Other Long-term Debt, Noncurrent | $ 154.8 | $ 136.1 |
Weighted average interest rate on credit facility borrowings | 3.30% | 3.50% |
Letter Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | $ 128.5 | $ 138.8 |
Letter Of Credit [Member] | Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | $ 128.5 | $ 138.8 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2015 | Nov. 24, 2015 | Oct. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2015 |
Capital Unit [Line Items] | |||||
Limited partner ownership interest | 22.40% | ||||
Limited Partners' Capital Account, Units Outstanding | 100,376,789 | 100,376,789 | |||
General partner ownership interest | 1.00% | ||||
Contributions from partners | $ 30 | $ 424 | |||
Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
General partner ownership interest | 1.00% | ||||
Contributions from partners | $ 30 | 42,655 | |||
JEF Capital Management [Member] | |||||
Capital Unit [Line Items] | |||||
Limited Partners' Capital Account, Units Outstanding | 4,758,859 | ||||
Ferrell Resources Holdings, Inc. [Member] | |||||
Capital Unit [Line Items] | |||||
Limited Partners' Capital Account, Units Outstanding | 4,616 | ||||
FCI Trading Corp. [Member] | |||||
Capital Unit [Line Items] | |||||
Limited Partners' Capital Account, Units Outstanding | 195,686 | ||||
General Partner [Member] | |||||
Capital Unit [Line Items] | |||||
General partner ownership interest | 2.00% | ||||
Contributions from partners | 900 | ||||
Non-cash contributions | $ 300 | 400 | |||
General Partner [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
General partner ownership interest | 1.0101% | ||||
Contributions from partners | 400 | ||||
Non-cash contributions | $ 100 | $ 200 | |||
Ferrell Propane, Inc. [Member] | |||||
Capital Unit [Line Items] | |||||
Limited Partners' Capital Account, Units Outstanding | 51,204 | ||||
Ferrell Companies Beneficial Ownership [Member] | |||||
Capital Unit [Line Items] | |||||
Limited partner ownership interest | 22.70% | ||||
Subsequent Event [Member] | |||||
Capital Unit [Line Items] | |||||
Cash distribution declaration date | Nov. 24, 2015 | ||||
Cash distributions declared per common unit | $ 0.5125 | ||||
Cash distributions payment date | Dec. 15, 2015 | ||||
Subsequent Event [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Cash distribution declaration date | Nov. 24, 2015 | ||||
Cash distributions payment date | Dec. 15, 2015 | ||||
Subsequent Event [Member] | FCI Trading Corp. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 100 | ||||
Subsequent Event [Member] | Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | 58,600 | ||||
Subsequent Event [Member] | General Partner [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | 507 | ||||
Subsequent Event [Member] | General Partner [Member] | Ferrellgas, L.P. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | 600 | ||||
Subsequent Event [Member] | Ferrell Propane, Inc. [Member] | |||||
Capital Unit [Line Items] | |||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 26 |
Partners' Capital (Distribution
Partners' Capital (Distributions Paid) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 51,963 | $ 41,774 |
Ferrellgas, L.P. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 52,493 | 42,200 |
James H. Ballengee [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 4,891 | 0 |
Public Common Unitholders [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 32,439 | 27,788 |
Ferrell Companies [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 11,546 | 11,265 |
FCI Trading Corp. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 100 | 98 |
Ferrell Propane, Inc. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 26 | 26 |
James E. Ferrell [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 2,441 | 2,179 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 51,963 | 41,774 |
General Partner [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 520 | 418 |
General Partner [Member] | Ferrellgas, L.P. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 530 | $ 426 |
Partners' Capital (Distributi57
Partners' Capital (Distributions Expected To Be Paid To Related Parties) (Details) - Subsequent Event [Member] $ in Thousands | Nov. 24, 2015USD ($) |
Ferrell Companies [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 11,546 |
FCI Trading Corp. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 100 |
Ferrell Propane, Inc. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 26 |
James E. Ferrell [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 2,441 |
James H. Ballengee [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 3,668 |
General Partner [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 507 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2015 | |
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ (14,917) | $ (961) | |
Goodwill impairment | 29,316 | 0 | |
Long-term Debt, Fair Value | 1,805,700 | $ 1,889,800 | |
Ferrellgas, L.P. [Member] | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | (14,917) | (961) | |
Goodwill impairment | 29,316 | $ 0 | |
Long-term Debt, Fair Value | 1,623,700 | $ 1,700,500 | |
Midstream - Crude Oil Logistics [Member] | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 12,100 | ||
Goodwill impairment | 0 | ||
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 12,100 | ||
Goodwill impairment | $ 0 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Interest rate swap assets | $ 2,427 | $ 1,828 |
Propane commodity derivative assets | 3,577 | 4,655 |
Interest rate swap liabilities | (4,220) | (4,748) |
Propane commodity derivative liabilities | (33,301) | (42,375) |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | (100) |
Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 2,427 | 1,828 |
Propane commodity derivative assets | 3,577 | 4,655 |
Interest rate swap liabilities | (4,220) | (4,748) |
Propane commodity derivative liabilities | (33,301) | (42,375) |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | (100) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap assets | 2,427 | 1,828 |
Propane commodity derivative assets | 3,577 | 4,655 |
Interest rate swap liabilities | (4,220) | (4,748) |
Propane commodity derivative liabilities | (33,301) | (42,375) |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 2,427 | 1,828 |
Propane commodity derivative assets | 3,577 | 4,655 |
Interest rate swap liabilities | (4,220) | (4,748) |
Propane commodity derivative liabilities | $ (33,301) | (42,375) |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | (100) | |
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ (100) |
Fair Value Measurements Fair 60
Fair Value Measurements Fair Value Measurements (Fair Value, Assets Measured on Recurring and Nonrecurring basis) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2015 | |
Assets held for sale | $ 8,840 | $ 0 | |
Gain (Loss) on Disposition of Property Plant Equipment | (12,112) | ||
Goodwill, Impairment Loss | 29,316 | $ 0 | |
Fair Value, Inputs, Level 1 [Member] | |||
Assets held for sale | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Assets held for sale | 0 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Assets held for sale | 8,840 | ||
Ferrellgas, L.P. [Member] | |||
Assets held for sale | 8,840 | $ 0 | |
Gain (Loss) on Disposition of Property Plant Equipment | (12,112) | ||
Goodwill, Impairment Loss | 29,316 | $ 0 | |
Ferrellgas, L.P. [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Assets held for sale | 0 | ||
Ferrellgas, L.P. [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Assets held for sale | 0 | ||
Ferrellgas, L.P. [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Assets held for sale | $ 8,840 |
Fair Value Measurements Fair 61
Fair Value Measurements Fair Value Measurements (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Jul. 31, 2015 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 0 | $ 100 |
Accretion [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |
Fair Value Change due to Unobservable Inputs [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | (100) | |
Ferrellgas, L.P. [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 100 |
Ferrellgas, L.P. [Member] | Accretion [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 0 | |
Ferrellgas, L.P. [Member] | Fair Value Change due to Unobservable Inputs [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | $ (100) | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 1 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 100 | |
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 100 |
Fair Value Measurements Fair 62
Fair Value Measurements Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 0 | $ 100 |
Ferrellgas, L.P. [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $ 0 | $ 100 |
Derivative Instruments and He63
Derivative Instruments and Hedging Activities (Narrative) (Details) MMBbls in Thousands | 3 Months Ended | |
Oct. 31, 2015USD ($)MMBbls | Oct. 31, 2014USD ($) | |
Reclassification of net gain to earnings during next 12 months | $ 19,800,000 | |
Number of barrels of propane covered by cash flow hedges | MMBbls | 2,800 | |
Additional Collateral, Aggregate Fair Value | $ 200,000 | |
Derivative amount of credit risk | 0 | |
Derivative net liability position aggregate fair value | 200,000 | |
Collateral already posted | 0 | |
Gain or loss in earnings related to hedge ineffectiveness | 0 | $ 0 |
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Reclassification of net gain to earnings during next 12 months | $ 19,800,000 | |
Number of barrels of propane covered by cash flow hedges | MMBbls | 2,800 | |
Additional Collateral, Aggregate Fair Value | $ 200,000 | |
Derivative amount of credit risk | 0 | |
Derivative net liability position aggregate fair value | 200,000 | |
Collateral already posted | 0 | |
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 |
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | $ 0 | $ 0 |
Diesel fuel [Member] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 300 | |
Diesel fuel [Member] | Ferrellgas, L.P. [Member] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 300 | |
Unleaded gasoline [Member] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 48 |
Derivative Instruments and He64
Derivative Instruments and Hedging Activities (Fair Value of Financial Derivatives Balance Sheet Locations) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | $ 3,577 | $ 4,655 |
Interest rate swap assets | 2,427 | 1,828 |
Derivative assets, fair value | 6,004 | 6,483 |
Propane commodity derivative liabilities | 33,301 | 42,375 |
Interest rate swap liabilities | 4,220 | 4,748 |
Derivative liabilities, fair value | 37,521 | 47,123 |
Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 3,577 | 4,655 |
Interest rate swap assets | 2,427 | 1,828 |
Derivative assets, fair value | 6,004 | 6,483 |
Propane commodity derivative liabilities | 33,301 | 42,375 |
Interest rate swap liabilities | 4,220 | 4,748 |
Derivative liabilities, fair value | 37,521 | 47,123 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 3,155 | 3,614 |
Interest rate swap assets | 1,836 | 1,828 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 3,155 | 3,614 |
Interest rate swap assets | 1,836 | 1,828 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Other assets, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 422 | 1,041 |
Interest rate swap assets | 591 | 0 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 422 | 1,041 |
Interest rate swap assets | 591 | 0 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 23,000 | 27,929 |
Interest rate swap liabilities | 2,470 | 2,241 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 2,169 | 1,280 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 23,000 | 27,929 |
Interest rate swap liabilities | 2,470 | 2,241 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 2,169 | 1,280 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 6,851 | 12,034 |
Interest rate swap liabilities | 1,750 | 2,507 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 1,281 | 1,132 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 6,851 | 12,034 |
Interest rate swap liabilities | 1,750 | 2,507 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 1,281 | $ 1,132 |
Derivative Instruments and He65
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Schedule of Derivative Collateral) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Derivative Asset, Fair Value of Collateral | $ 24,497 | $ 29,795 |
Derivative Liability, Fair Value of Collateral | 10 | 15 |
Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 24,497 | 29,795 |
Derivative Liability, Fair Value of Collateral | 10 | 15 |
Other assets, net [Member] | ||
Derivative Asset, Fair Value of Collateral | 8,896 | 11,786 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 8,896 | 11,786 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Fair Value of Collateral | 15,601 | 18,009 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 15,601 | 18,009 |
Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 10 | 15 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | 10 | 15 |
Other Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | $ 0 | $ 0 |
Derivative Instruments and He66
Derivative Instruments and Hedging Activities (Fair Value Hedge Derivative Effect on Earnings) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Gain (loss) recognized on derivative | $ 537 | $ 457 |
Interest expense recognized on fixed-rate debt | (2,275) | (2,275) |
Ferrellgas, L.P. [Member] | ||
Gain (loss) recognized on derivative | 537 | 457 |
Interest expense recognized on fixed-rate debt | $ (2,275) | $ (2,275) |
Derivative Instruments and He67
Derivative Instruments and Hedging Activities (Cash Flow Hedge Derivative Effect on Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Amount of gain (loss) recognized in AOCI | $ 384 | $ (13,897) |
Amount of gain (loss) reclassified from AOCI into income | (8,226) | 1,128 |
Amount of gain (loss) reclassified from AOCI into income, ineffective portion | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) recognized in AOCI | 384 | (13,897) |
Amount of gain (loss) reclassified from AOCI into income | (8,226) | 1,128 |
Amount of gain (loss) reclassified from AOCI into income, ineffective portion | 0 | 0 |
Propane commodity derivatives [Member] | ||
Amount of gain (loss) recognized in AOCI | 1,585 | (12,758) |
Amount of gain (loss) reclassified from AOCI into income | (7,449) | 1,128 |
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) recognized in AOCI | 1,585 | (12,758) |
Amount of gain (loss) reclassified from AOCI into income | (7,449) | 1,128 |
Interest Rate Swap [Member] | ||
Amount of gain (loss) recognized in AOCI | (1,201) | (1,139) |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) recognized in AOCI | (1,201) | (1,139) |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | ||
Amount of gain (loss) reclassified from AOCI into income | (7,449) | 1,128 |
Amount of gain (loss) reclassified from AOCI into income, ineffective portion | 0 | 0 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) reclassified from AOCI into income | (7,449) | 1,128 |
Amount of gain (loss) reclassified from AOCI into income, ineffective portion | 0 | 0 |
Interest Expense [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) reclassified from AOCI into income, ineffective portion | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||
Amount of gain (loss) reclassified from AOCI into income | (777) | 0 |
Amount of gain (loss) reclassified from AOCI into income, ineffective portion | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) reclassified from AOCI into income | $ (777) | $ 0 |
Derivative Instruments and He68
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Derivatives Not Designated as Hedging Effect on Earnings) (Details) $ in Thousands | 3 Months Ended |
Oct. 31, 2015USD ($) | |
Operating Expense [Member] | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1,038) |
Ferrellgas, L.P. [Member] | |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1,038) |
Derivative Instruments and He69
Derivative Instruments and Hedging Activities (Changes in Derivative Value Effect on Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Oct. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2015 | Jul. 31, 2014 | |
Beginning balance | $ (30,411) | $ (38,934) | ||
Change in value of risk management derivatives | 384 | $ (13,897) | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 8,226 | (1,128) | ||
Ending balance | (30,411) | |||
Ferrellgas, L.P. [Member] | ||||
Beginning balance | (30,708) | (39,318) | ||
Change in value of risk management derivatives | 384 | (13,897) | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 8,226 | (1,128) | ||
Ending balance | (30,708) | |||
Propane commodity derivatives [Member] | ||||
Change in value of risk management derivatives | 1,585 | (12,758) | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 7,449 | (1,128) | ||
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Change in value of risk management derivatives | 1,585 | (12,758) | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 7,449 | (1,128) | ||
Interest Rate Swap [Member] | ||||
Change in value of risk management derivatives | (1,201) | (1,139) | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 777 | 0 | ||
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Change in value of risk management derivatives | (1,201) | (1,139) | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 777 | 0 | ||
Derivative [Member] | ||||
Beginning balance | (30,296) | (8,542) | (38,906) | $ 6,483 |
Ending balance | (30,296) | (8,542) | ||
Derivative [Member] | Ferrellgas, L.P. [Member] | ||||
Beginning balance | (30,296) | (8,542) | $ (38,906) | $ 6,483 |
Ending balance | $ (30,296) | $ (8,542) |
Transactions With Related Par70
Transactions With Related Parties (Narrative) (Details) $ in Millions | 3 Months Ended | |
Oct. 31, 2015USD ($)employee | Jul. 31, 2015USD ($) | |
Limited partner ownership interest | 22.40% | |
Number of employees | employee | 0 | |
Ferrellgas, L.P. [Member] | ||
Number of employees | employee | 0 | |
James H. Ballengee [Member] | ||
Limited partner ownership interest | 9.50% | |
James H. Ballengee [Member] | Ferrellgas, L.P. [Member] | ||
Limited partner ownership interest | 9.50% | |
Jamex Marketing, LLC [Member] | ||
Revenue from Related Parties | $ 4.4 | |
Related Party Costs | 0.6 | |
Accounts Receivable, Related Parties | 1.6 | $ 4.8 |
Accounts Payable, Related Parties | 0.3 | 4.2 |
Jamex Marketing, LLC [Member] | Ferrellgas, L.P. [Member] | ||
Revenue from Related Parties | 4.4 | |
Related Party Costs | 0.6 | |
Accounts Receivable, Related Parties | 1.6 | 4.8 |
Accounts Payable, Related Parties | $ 0.3 | $ 4.2 |
Transactions With Related Par71
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Related Party Transaction [Line Items] | ||
General and administrative expense | $ 19,144 | $ 23,395 |
Ferrellgas, L.P. [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expense | 19,144 | 23,395 |
Compensation And Benefits [Member] | ||
Related Party Transaction [Line Items] | ||
Operating expense | 56,010 | 51,120 |
General and administrative expense | 7,093 | 6,597 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | ||
Related Party Transaction [Line Items] | ||
Operating expense | 56,010 | 51,120 |
General and administrative expense | $ 7,093 | $ 6,597 |
Contingencies And Commitments (
Contingencies And Commitments (Narrative) (Details) - Senior Notes [Member] - Fixed Rate, 8.625%, Due 2020 [Member] - Ferrellgas Partners Finance Corp. [Member] $ in Millions | 3 Months Ended |
Oct. 31, 2015USD ($) | |
Debt principal amount | $ 182 |
Debt interest rate | 8.625% |
Debt maturity year | 2,020 |
Net Earnings Per Common Unithol
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Dilutive effect on earnings per share | $ 0 | $ 0 |
Net Earnings Per Common Unith74
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Earnings Distribution Allocation) (Details) | 3 Months Ended |
Oct. 31, 2015$ / shares | |
Upper Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.83 |
Upper Range [Member] | Common Stock [Member] | |
Allocated Distribution | 51.50% |
Upper Range [Member] | General Partner [Member] | |
Allocated Distribution | 48.50% |
Middle Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.64 |
Middle Range [Member] | Maximum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.82 |
Middle Range [Member] | Common Stock [Member] | |
Allocated Distribution | 76.80% |
Middle Range [Member] | General Partner [Member] | |
Allocated Distribution | 23.20% |
Lower Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.56 |
Lower Range [Member] | Maximum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.63 |
Lower Range [Member] | Common Stock [Member] | |
Allocated Distribution | 86.90% |
Lower Range [Member] | General Partner [Member] | |
Allocated Distribution | 13.10% |
Net Earnings (Loss) Per Commo75
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Common unitholders' interest in net earnings | $ (78,995) | $ (32,546) |
Weighted average common units outstanding - basic | 100,376,800 | 82,179,700 |
Dilutive securities | 0 | 0 |
Weighted average common units outstanding - diluted | 100,376,800 | 82,179,700 |
Basic and diluted net earnings per common unitholders' interest | $ (0.79) | $ (0.40) |
Segment Reporting Segment Rep76
Segment Reporting Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting Information | ||
Revenues | $ 471,146 | $ 443,355 |
Costs and Expenses | 422,247 | 408,994 |
Adjusted EBITDA | 48,899 | 34,361 |
Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Revenues | 277,476 | 435,439 |
Costs and Expenses | 241,877 | 393,805 |
Adjusted EBITDA | 35,599 | 41,634 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Revenues | 189,373 | 0 |
Costs and Expenses | 164,570 | 0 |
Adjusted EBITDA | 24,803 | 0 |
Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Revenues | 4,297 | 7,916 |
Costs and Expenses | 4,776 | 4,733 |
Adjusted EBITDA | (479) | 3,183 |
Corporate and Other [Member] | ||
Segment Reporting Information | ||
Revenues | 0 | 0 |
Costs and Expenses | 11,024 | 10,456 |
Adjusted EBITDA | (11,024) | (10,456) |
Ferrellgas, L.P. [Member] | ||
Segment Reporting Information | ||
Revenues | 471,146 | 443,355 |
Costs and Expenses | 422,247 | 408,997 |
Adjusted EBITDA | 48,899 | 34,358 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Revenues | 277,476 | 435,439 |
Costs and Expenses | 241,877 | 393,808 |
Adjusted EBITDA | 35,599 | 41,631 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Revenues | 189,373 | 0 |
Costs and Expenses | 164,570 | 0 |
Adjusted EBITDA | 24,803 | 0 |
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Revenues | 4,297 | 7,916 |
Costs and Expenses | 4,776 | 4,733 |
Adjusted EBITDA | (479) | 3,183 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Revenues | 0 | 0 |
Costs and Expenses | 11,024 | 10,456 |
Adjusted EBITDA | $ (11,024) | $ (10,456) |
Segment Reporting Segment Rep77
Segment Reporting Segment Reporting (Reconciliation of Consolidated EBITDA to Consolidated Net Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net Income (Loss) Attributable to Parent | $ (79,793) | $ (32,875) |
Income tax benefit | (844) | (510) |
Interest Expense | 33,788 | 23,912 |
Depreciation and amortization expense | 36,979 | 23,309 |
EBITDA | (9,870) | 13,836 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 5,256 | 4,374 |
Non-cash stock-based compensation charge | 8,122 | 16,112 |
Goodwill, Impairment Loss | 29,316 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 14,917 | 961 |
Other Nonoperating Income (Expense) | 122 | 449 |
Change in fair value of contingent consideration | (100) | (1,800) |
Severance Costs | 856 | 0 |
Legal Fees | 0 | 723 |
Acquisition Costs, Period Cost | 15 | 0 |
Net earnings (loss) | (80,566) | (33,169) |
Adjusted EBITDA | 48,899 | 34,361 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Goodwill, Impairment Loss | 0 | |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 1,038 | 0 |
Adjusted EBITDA | 24,803 | 0 |
Noncontrolling Interest [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net earnings (loss) | (773) | (294) |
Ferrellgas, L.P. [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net Income (Loss) Attributable to Parent | (76,536) | (29,137) |
Income tax benefit | (844) | (511) |
Interest Expense | 29,758 | 19,878 |
Depreciation and amortization expense | 36,979 | 23,309 |
EBITDA | (10,643) | 13,539 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 5,256 | 4,374 |
Non-cash stock-based compensation charge | 8,122 | 16,112 |
Goodwill, Impairment Loss | 29,316 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 14,917 | 961 |
Other Nonoperating Income (Expense) | 122 | 449 |
Change in fair value of contingent consideration | (100) | (1,800) |
Severance Costs | 856 | 0 |
Legal Fees | 0 | 723 |
Acquisition Costs, Period Cost | 15 | 0 |
Net earnings (loss) | (76,536) | (29,137) |
Adjusted EBITDA | 48,899 | 34,358 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Goodwill, Impairment Loss | 0 | |
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 1,038 | 0 |
Adjusted EBITDA | 24,803 | $ 0 |
General Partner [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net earnings (loss) | (798) | |
General Partner [Member] | Ferrellgas, L.P. [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net earnings (loss) | $ (773) |
Segment Reporting Segment Rep78
Segment Reporting Segment Reporting (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Oct. 31, 2015 | Jul. 31, 2015 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 2,386,186 | $ 2,464,056 |
Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,287,582 | 1,295,831 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 879,286 | 917,325 |
Midstream Operations - Water Solutions [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 178,236 | 205,358 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 41,082 | 45,542 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 2,384,414 | 2,459,962 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,287,582 | 1,291,737 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 879,286 | 917,325 |
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 178,236 | 205,358 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 39,310 | $ 45,542 |
Segment Reporting Segment Rep79
Segment Reporting Segment Reporting (Schedule of Capital Expenditure Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2015 | Oct. 31, 2014 | |
Segment Reporting Information | ||
Capital Expenditures | $ 24,501 | $ 16,982 |
Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 14,513 | 15,645 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 3,303 | 0 |
Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 6,540 | 1,033 |
Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 145 | 304 |
Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 6,182 | 5,056 |
Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 5,898 | 4,576 |
Maintenance Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 0 |
Maintenance Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 139 | 176 |
Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 145 | 304 |
Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 18,319 | 11,926 |
Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 8,615 | 11,069 |
Growth Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 3,303 | 0 |
Growth Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 6,401 | 857 |
Growth Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 24,501 | 16,982 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 14,513 | 15,645 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 3,303 | 0 |
Ferrellgas, L.P. [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 6,540 | 1,033 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 145 | 304 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 6,182 | 5,056 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 5,898 | 4,576 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 0 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 139 | 176 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 145 | 304 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 18,319 | 11,926 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 8,615 | 11,069 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 3,303 | 0 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream Operations - Water Solutions [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 6,401 | 857 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | $ 0 | $ 0 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Narrative) (Details) - Subsequent Event [Member] shares in Millions, $ in Millions | 3 Months Ended |
Jan. 31, 2016USD ($)shares | |
Partners' Capital Account, Units, Treasury Units Purchased | shares | 2.4 |
Ferrellgas, L.P. [Member] | |
Partners' Capital Account, Units, Treasury Units Purchased | shares | 2.4 |
Credit Facility [Domain] | |
Payments for Repurchase of Common Stock | $ 45.9 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | |
Payments for Repurchase of Common Stock | 46.8 |
General Partner [Member] | Ferrellgas, L.P. [Member] | |
Payments for Repurchase of Common Stock | $ 0.4 |