Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Aug. 31, 2018 | Jan. 31, 2018 | |
Entity Registrant Name | FERRELLGAS PARTNERS L P | ||
Entity Central Index Key | 922,358 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 97,152,665 | ||
Trading Symbol | fgp | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 304,943,297 | ||
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-K | ||
Document Period End Date | Jul. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
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-K | ||
Document Period End Date | Jul. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
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-K | ||
Document Period End Date | Jul. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
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 ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 119,311,000 | $ 5,760,000 |
Accounts and notes receivable, net | 126,054,000 | 165,084,000 |
Inventories | 83,694,000 | 92,552,000 |
Prepaid expenses and other current assets | 34,862,000 | 33,388,000 |
Total current assets | 363,921,000 | 296,784,000 |
Property, plant and equipment, net | 557,723,000 | 731,923,000 |
Goodwill | 246,098,000 | 256,103,000 |
Intangible assets, net | 120,951,000 | 251,102,000 |
Other assets, net | 74,588,000 | 74,057,000 |
Total assets | 1,363,281,000 | 1,609,969,000 |
Current liabilities: | ||
Accounts payable | 46,820,000 | 85,561,000 |
Short-term borrowings | 32,800,000 | 59,781,000 |
Collateralized note payable | 58,000,000 | 69,000,000 |
Other current liabilities | 142,025,000 | 126,224,000 |
Total current liabilities | 279,645,000 | 340,566,000 |
Long-term debt | 2,078,637,000 | 1,995,795,000 |
Other liabilities | 39,476,000 | 31,118,000 |
Contingencies and commitments | 0 | 0 |
Partners' capital (deficit) | ||
Common unitholders | (978,503,000) | (701,188,000) |
General partner unitholder | (69,792,000) | (66,991,000) |
Accumulated other comprehensive income (loss) | 20,510,000 | 14,601,000 |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (1,027,785,000) | (753,578,000) |
Noncontrolling interest | (6,692,000) | (3,932,000) |
Total partners' capital (deficit) | (1,034,477,000) | (757,510,000) |
Total liabilities and partners' capital (deficit) | 1,363,281,000 | 1,609,969,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Current assets: | ||
Prepaid expenses and other current assets | 1,850 | 0 |
Cash | 1,000 | 1,000 |
Total assets | 2,850 | 1,000 |
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 | 29,020 | 25,055 |
Accumulated deficit | (27,170) | (25,055) |
Total stockholder's equity | 2,850 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 119,308,000 | 5,701,000 |
Accounts and notes receivable, net | 126,054,000 | 165,084,000 |
Inventories | 83,694,000 | 92,552,000 |
Prepaid expenses and other current assets | 34,830,000 | 33,426,000 |
Total current assets | 363,886,000 | 296,763,000 |
Property, plant and equipment, net | 557,723,000 | 731,923,000 |
Goodwill | 246,098,000 | 256,103,000 |
Intangible assets, net | 120,951,000 | 251,102,000 |
Other assets, net | 74,588,000 | 74,057,000 |
Total assets | 1,363,246,000 | 1,609,948,000 |
Investment in Ferrellgas, L.P. | 0 | 0 |
Current liabilities: | ||
Accounts payable | 46,820,000 | 85,561,000 |
Short-term borrowings | 32,800,000 | 59,781,000 |
Collateralized note payable | 58,000,000 | 69,000,000 |
Other current liabilities | 138,091,000 | 122,016,000 |
Total current liabilities | 275,711,000 | 336,358,000 |
Long-term debt | 1,728,137,000 | 1,649,270,000 |
Other liabilities | 39,476,000 | 31,118,000 |
Contingencies and commitments | 0 | 0 |
Partners' capital (deficit) | ||
Common unitholders | (693,896,000) | (417,467,000) |
General partner unitholder | (6,915,000) | (4,095,000) |
Accumulated other comprehensive income (loss) | 20,733,000 | 14,764,000 |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (700,811,000) | (421,562,000) |
Total partners' capital (deficit) | (680,078,000) | (406,798,000) |
Total liabilities and partners' capital (deficit) | 1,363,246,000 | 1,609,948,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,100 | 1,100 |
Other Assets, Current | 1,500 | 1,500 |
Total assets | 2,600 | 2,600 |
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 | 72,552 | 67,336 |
Accumulated deficit | (70,952) | (65,736) |
Total stockholder's equity | $ 2,600 | $ 2,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Accounts receivable pledged as collateral | $ 120,079,000 | $ 109,407,000 |
Allowance for doubtful accounts | $ 2,455,000 | $ 1,976,000 |
Common unitholders, units outstanding | 97,152,665 | 97,152,665 |
General partner unitholder, units outstanding | 989,926 | 989,926 |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | $ 120,079,000 | $ 109,407,000 |
Allowance for doubtful accounts | $ 2,455,000 | $ 1,967,000 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Revenues: | |||
Propane and other gas liquids sales | $ 1,642,976,000 | $ 1,318,412,000 | $ 1,202,368,000 |
Midstream operations | 282,319,000 | 466,703,000 | 625,238,000 |
Other | 147,847,000 | 145,162,000 | 211,761,000 |
Total revenues | 2,073,142,000 | 1,930,277,000 | 2,039,367,000 |
Costs and expenses: | |||
Cost of product sold - propane and other gas liquids sales | 973,414,000 | 694,155,000 | 564,433,000 |
Cost of sales - midstream operations | 255,559,000 | 429,439,000 | 471,234,000 |
Cost of product sold - other | 68,654,000 | 67,267,000 | 126,237,000 |
Operating expense | 471,748,000 | 432,412,000 | 459,178,000 |
Depreciation and amortization expense | 101,795,000 | 103,351,000 | 150,513,000 |
General and administrative expense | 54,401,000 | 49,617,000 | 56,635,000 |
Equipment lease expense | 28,272,000 | 29,124,000 | 28,833,000 |
Non-cash employee stock ownership plan compensation charge | 13,859,000 | 15,088,000 | 27,595,000 |
Asset Impairment Charges | 10,005,000 | 0 | 658,118,000 |
Loss on asset sales and disposals | 187,399,000 | 14,457,000 | 30,835,000 |
Operating income (loss) | (91,964,000) | 95,367,000 | (534,244,000) |
Interest expense | (168,467,000) | (152,485,000) | (137,937,000) |
Other income (expense), net | 928,000 | 1,474,000 | 110,000 |
Earnings (loss) before income taxes | (259,503,000) | (55,644,000) | (672,071,000) |
Income tax expense | (2,678,000) | (1,143,000) | (36,000) |
Net earnings (loss) | (256,825,000) | (54,501,000) | (672,035,000) |
Net earnings (loss) attributable to noncontrolling interest | (2,244,000) | (294,000) | (6,620,000) |
Net earnings (loss) attributable to Ferrellgas Partners, L.P. | (254,581,000) | (54,207,000) | (665,415,000) |
Less: General partner's interest in net earnings (loss) | (2,546,000) | (542,000) | (6,654,000) |
Common unitholders' interest in net earnings (loss) | $ (252,035,000) | $ (53,665,000) | $ (658,761,000) |
Basic and diluted net earnings (loss) per common unitholders' interest | $ (2.59) | $ (0.55) | $ (6.68) |
Cash distributions declared per common unit | $ 0.40 | $ 0.40 | $ 2.05 |
Ferrellgas Partners Finance Corp. [Member] | |||
Costs and expenses: | |||
General and administrative expense | $ 2,115 | $ 5,308 | $ 2,262 |
Net earnings (loss) | (2,115) | (5,308) | (2,262) |
Ferrellgas, L.P. [Member] | |||
Revenues: | |||
Propane and other gas liquids sales | 1,642,976,000 | 1,318,412,000 | 1,202,368,000 |
Midstream operations | 282,319,000 | 466,703,000 | 625,238,000 |
Other | 147,847,000 | 145,162,000 | 211,761,000 |
Total revenues | 2,073,142,000 | 1,930,277,000 | 2,039,367,000 |
Costs and expenses: | |||
Cost of product sold - propane and other gas liquids sales | 973,414,000 | 694,155,000 | 564,433,000 |
Cost of sales - midstream operations | 255,559,000 | 429,439,000 | 471,234,000 |
Cost of product sold - other | 68,654,000 | 67,267,000 | 126,237,000 |
Operating expense | 471,748,000 | 432,412,000 | 459,178,000 |
Depreciation and amortization expense | 101,795,000 | 103,351,000 | 150,513,000 |
General and administrative expense | 54,264,000 | 49,478,000 | 56,115,000 |
Equipment lease expense | 28,272,000 | 29,124,000 | 28,833,000 |
Non-cash employee stock ownership plan compensation charge | 13,859,000 | 15,088,000 | 27,595,000 |
Asset Impairment Charges | 10,005,000 | 0 | 658,118,000 |
Loss on asset sales and disposals | 187,399,000 | 14,457,000 | 30,835,000 |
Operating income (loss) | (91,827,000) | 95,506,000 | (533,724,000) |
Interest expense | (133,946,000) | (127,188,000) | (121,818,000) |
Other income (expense), net | 928,000 | 1,474,000 | 110,000 |
Earnings (loss) before income taxes | (224,845,000) | (30,208,000) | (655,432,000) |
Income tax expense | (2,699,000) | (1,149,000) | (41,000) |
Net earnings (loss) | (222,146,000) | (29,059,000) | (655,391,000) |
Ferrellgas Finance Corp. [Member] | |||
Costs and expenses: | |||
General and administrative expense | 5,216 | 5,516 | 7,053 |
Net earnings (loss) | $ (5,216) | $ (5,516) | $ (7,053) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Comprehensive income (loss): | |||
Net earnings (loss) | $ (256,825) | $ (54,501) | $ (672,035) |
Other comprehensive income (loss): | |||
Change in value on risk management derivatives | 30,231 | 22,525 | 1,789 |
Reclassification of gains and losses of derivatives to earnings | (24,319) | 1,938 | 27,302 |
Foreign currency translation adjustment | 0 | 320 | 0 |
Pension liability adjustment | 57 | 541 | (333) |
Other comprehensive income (loss) | 5,969 | 25,324 | 28,758 |
Comprehensive income (loss) | (250,856) | (29,177) | (643,277) |
Less: comprehensive income (loss) attributable to noncontrolling interest | (2,184) | (39) | (6,328) |
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | (248,672) | (29,138) | (636,949) |
Ferrellgas, L.P. [Member] | |||
Comprehensive income (loss): | |||
Net earnings (loss) | (222,146) | (29,059) | (655,391) |
Other comprehensive income (loss): | |||
Change in value on risk management derivatives | 30,231 | 22,525 | 1,789 |
Reclassification of gains and losses of derivatives to earnings | (24,319) | 1,938 | 27,302 |
Foreign currency translation adjustment | 0 | 320 | 0 |
Pension liability adjustment | 57 | 541 | (333) |
Other comprehensive income (loss) | 5,969 | 25,324 | 28,758 |
Comprehensive income (loss) | $ (216,177) | $ (3,735) | $ (626,633) |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Capital (Deficit) - USD ($) | Total | Accumulated Other Comprehensive Income (Loss) | Total Ferrellgas Partners, L.P. Partners' Capital (Deficit) [Member] | Non-Controlling Interest [Member] | Common Unitholders [Member] | General Partner Unitholder [Member] | Ferrellgas Partners Finance Corp. [Member] | Ferrellgas Partners Finance Corp. [Member]Common Stock [Member] | Ferrellgas Partners Finance Corp. [Member]Additional Paid-in Capital [Member] | Ferrellgas Partners Finance Corp. [Member]Accumulated deficit [Member] | Ferrellgas, 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] | Ferrellgas Finance Corp. [Member] | Ferrellgas Finance Corp. [Member]Common Stock [Member] | Ferrellgas Finance Corp. [Member]Additional Paid-in Capital [Member] | Ferrellgas Finance Corp. [Member]Accumulated deficit [Member] |
Partners' capital balance (in shares) at Jul. 31, 2015 | 100,376,800 | 1,014,000 | ||||||||||||||||
Partners' capital balance at Jul. 31, 2015 | $ 207,709,000 | $ (38,934,000) | $ 203,754,000 | $ 3,955,000 | $ 299,730,000 | $ (57,042,000) | $ 390,126,000 | $ (39,318,000) | $ 425,105,000 | $ 4,339,000 | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 36,919,000 | 36,546,000 | 373,000 | 36,181,000 | 365,000 | 36,919,000 | 36,546,000 | 373,000 | ||||||||||
Distributions | (206,883,000) | (204,160,000) | (2,723,000) | $ (202,118,000) | $ (2,042,000) | (269,541,000) | (266,818,000) | (2,723,000) | ||||||||||
Common units issued in connection with acquisitions - shares | (2,385,700) | (24,200) | ||||||||||||||||
Issuance of common units in connection with acquisitions | (46,432,000) | (46,432,000) | 0 | $ (45,968,000) | $ (464,000) | (284,000) | (284,000) | 0 | ||||||||||
Exercise of common unit options - shares | (11,600) | (100) | ||||||||||||||||
Exercise of common unit options - value | (184,000) | (184,000) | 0 | $ (182,000) | $ (2,000) | |||||||||||||
Net earnings (loss) | (672,035,000) | (665,415,000) | (6,620,000) | $ (658,761,000) | $ (6,654,000) | $ (2,262) | $ 0 | $ (2,262) | (655,391,000) | 648,771,000 | 6,620,000 | $ (7,053) | $ 0 | $ (7,053) | ||||
Other comprehensive income (loss) | 28,758,000 | 28,466,000 | 28,466,000 | 292,000 | 28,758,000 | 28,758,000 | ||||||||||||
Partners' capital balance (in shares) at Jul. 31, 2016 | 98,002,700 | 989,900 | ||||||||||||||||
Partners' capital balance at Jul. 31, 2016 | (651,780,000) | (10,468,000) | (647,057,000) | (4,723,000) | $ (570,754,000) | $ (65,835,000) | (469,413,000) | (10,560,000) | (454,222,000) | (4,631,000) | ||||||||
Stockholders' equity balance (in shares) at Jul. 31, 2015 | 1,000 | 1,000 | ||||||||||||||||
Stockholders' equity balance at Jul. 31, 2015 | 1,000 | $ 1,000 | 17,485 | (17,485) | 1,100 | $ 1,000 | 53,267 | (53,167) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Capital contribution | 2,262 | 2,262 | 0 | 8,553 | 8,553 | 0 | ||||||||||||
Stockholders' equity balance (in shares) at Jul. 31, 2016 | 1,000 | 1,000 | ||||||||||||||||
Stockholders' equity balance at Jul. 31, 2016 | 1,000 | $ 1,000 | 19,747 | (19,747) | 2,600 | $ 1,000 | 61,820 | (60,220) | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 18,386,000 | 18,201,000 | 185,000 | 18,018,000 | 183,000 | 18,386,000 | 18,201,000 | 185,000 | ||||||||||
Distributions | (80,783,000) | (79,733,000) | (1,050,000) | $ (78,936,000) | $ (797,000) | (119,879,000) | (118,829,000) | (1,050,000) | ||||||||||
Partners' Capital Account, Units, Treasury Units Purchased | 850,000 | 0 | ||||||||||||||||
Partners' Capital Account, Treasury Units, Purchased | (15,851,000) | (15,851,000) | 0 | $ (15,851,000) | $ 0 | |||||||||||||
Issuance of common units in connection with acquisitions | (167,843,000) | (166,148,000) | (1,695,000) | |||||||||||||||
Net earnings (loss) | (54,501,000) | 0 | (54,207,000) | (294,000) | $ (53,665,000) | $ (542,000) | (5,308) | 0 | (5,308) | (29,059,000) | (28,765,000) | (294,000) | (5,516) | 0 | (5,516) | |||
Other comprehensive income (loss) | 25,324,000 | 25,069,000 | 25,069,000 | 255,000 | 25,324,000 | 25,324,000 | ||||||||||||
Partners' capital balance (in shares) at Jul. 31, 2017 | 97,152,700 | 989,900 | ||||||||||||||||
Partners' capital balance at Jul. 31, 2017 | (757,510,000) | 14,601,000 | (753,578,000) | (3,932,000) | $ (701,188,000) | $ (66,991,000) | (406,798,000) | 14,764,000 | (417,467,000) | (4,095,000) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Capital contribution | 5,308 | 5,308 | 0 | 5,516 | 5,516 | 0 | ||||||||||||
Cash contributed by Ferrellgas Partners and general partner | 1,695,000 | 0 | 1,695,000 | 0 | 0 | |||||||||||||
Stockholders' equity balance (in shares) at Jul. 31, 2017 | 1,000 | 1,000 | ||||||||||||||||
Stockholders' equity balance at Jul. 31, 2017 | 1,000 | $ 1,000 | 25,055 | (25,055) | 2,600 | $ 1,000 | 67,336 | (65,736) | ||||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 13,859,000 | 13,719,000 | 140,000 | 13,582,000 | 137,000 | 13,859,000 | 13,719,000 | 140,000 | ||||||||||
Distributions | (39,970,000) | (39,254,000) | (716,000) | (38,862,000) | (392,000) | (70,962,000) | (70,246,000) | (716,000) | ||||||||||
Net earnings (loss) | (256,825,000) | (254,581,000) | (2,244,000) | $ (252,035,000) | $ (2,546,000) | (2,115) | 0 | (2,115) | (222,146,000) | (219,902,000) | (2,244,000) | (5,216) | 0 | (5,216) | ||||
Other comprehensive income (loss) | 5,969,000 | 5,909,000 | 5,909,000 | 60,000 | 5,969,000 | 5,969,000 | ||||||||||||
Partners' capital balance (in shares) at Jul. 31, 2018 | 97,152,700 | 989,900 | ||||||||||||||||
Partners' capital balance at Jul. 31, 2018 | $ (1,034,477,000) | $ 20,510,000 | $ (1,027,785,000) | $ (6,692,000) | $ (978,503,000) | $ (69,792,000) | $ (680,078,000) | $ 20,733,000 | $ (693,896,000) | $ (6,915,000) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Capital contribution | 3,965 | 3,965 | 0 | 5,216 | 5,216 | 0 | ||||||||||||
Stockholders' equity balance (in shares) at Jul. 31, 2018 | 1,000 | 1,000 | ||||||||||||||||
Stockholders' equity balance at Jul. 31, 2018 | $ 2,850 | $ 1,000 | $ 29,020 | $ (27,170) | $ 2,600 | $ 1,000 | $ 72,552 | $ (70,952) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Cash flows from operating activities: | |||
Net earnings (loss) | $ (256,825,000) | $ (54,501,000) | $ (672,035,000) |
Reconciliation of net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization expense | 101,795,000 | 103,351,000 | 150,513,000 |
Non-cash employee stock ownership plan compensation charge | 13,859,000 | 15,088,000 | 27,595,000 |
Non-cash stock and unit-based compensation charge | 0 | 3,298,000 | 9,324,000 |
Asset Impairment Charges | 10,005,000 | 0 | 658,118,000 |
Loss on asset sales and disposals | (187,399,000) | (14,457,000) | (30,835,000) |
Unrealized Gain (Loss) on Derivatives | (91,000) | (2,895,000) | 0 |
Change in fair value of contingent consideration | 0 | 0 | (100,000) |
Provision for doubtful accounts | 1,778,000 | 7,000 | 1,703,000 |
Deferred tax expense (benefit) | (3,818,000) | 11,000 | (504,000) |
Increase (Decrease) in Restructuring Reserve | 11,804,000 | 0 | 0 |
Other | 9,997,000 | 7,933,000 | 4,967,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Accounts and notes receivable, net of securitization | 18,629,000 | (5,394,000) | 6,812,000 |
Inventories | (1,231,000) | (1,958,000) | 5,788,000 |
Prepaid expenses and other current assets | (3,013,000) | 12,041,000 | 17,961,000 |
Accounts payable | (24,189,000) | 17,469,000 | (14,924,000) |
Accrued interest expense | 3,551,000 | 2,048,000 | (658,000) |
Increase (Decrease) in Other Current Liabilities | 7,248,000 | 12,975,000 | (40,252,000) |
Increase (Decrease) in Other Noncurrent Liabilities | (2,750,000) | 3,358,000 | 9,184,000 |
Net cash provided by operating activities | 74,148,000 | 127,288,000 | 194,327,000 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (18,141,000) | (3,539,000) | (15,144,000) |
Capital expenditures | (84,919,000) | (50,472,000) | (117,518,000) |
Proceeds from sale of assets | 152,587,000 | 8,510,000 | 17,089,000 |
Other | 0 | (37,000) | (286,000) |
Net cash used in investing activities | 49,527,000 | (45,538,000) | (115,859,000) |
Cash flows from financing activities: | |||
Distributions | (39,254,000) | (79,733,000) | (204,160,000) |
Proceeds from increase in long-term debt | 323,680,000 | 230,864,000 | 168,117,000 |
Payments on long-term debt | (212,920,000) | (174,292,000) | (14,959,000) |
Net additions to (reductions in) short-term borrowings | (51,379,000) | (41,510,000) | 25,972,000 |
Net additions to collateralized short-term borrowings | (11,000,000) | 5,000,000 | (6,000,000) |
Cash paid for financing costs | (18,535,000) | (6,078,000) | (1,214,000) |
Noncontrolling interest activity | (716,000) | 645,000 | (2,693,000) |
Payments for Repurchase of Common Stock | 0 | (15,851,000) | (46,432,000) |
Proceeds from exercise of common unit options | 0 | 0 | 182,000 |
Cash contributions from partners in connection with common unit issuances | 0 | 0 | 32,000 |
Net cash provided by (used in) financing activities | (10,124,000) | (80,955,000) | (81,155,000) |
Increase (decrease) in cash and cash equivalents | 113,551,000 | 795,000 | (2,687,000) |
Cash and cash equivalents - beginning of year | 5,760,000 | 4,965,000 | 7,652,000 |
Cash and cash equivalents - end of year | 119,311,000 | 5,760,000 | 4,965,000 |
Ferrellgas Partners Finance Corp. [Member] | |||
Cash flows from operating activities: | |||
Net earnings (loss) | (2,115) | (5,308) | (2,262) |
Reconciliation of net earnings (loss) to net cash provided by operating activities: | |||
Deferred tax expense (benefit) | 0 | 0 | 0 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Prepaid expenses and other current assets | (1,850) | 0 | 0 |
Net cash provided by operating activities | (3,965) | (5,308) | (2,262) |
Cash flows from financing activities: | |||
Capital contribution | 3,965 | 5,308 | 2,262 |
Net cash provided by (used in) financing activities | 3,965 | 5,308 | 2,262 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash - beginning of year | 1,000 | 1,000 | 1,000 |
Cash - end of year | 1,000 | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | |||
Cash flows from operating activities: | |||
Net earnings (loss) | (222,146,000) | (29,059,000) | (655,391,000) |
Reconciliation of net earnings (loss) to net cash provided by operating activities: | |||
Depreciation and amortization expense | 101,795,000 | 103,351,000 | 150,513,000 |
Non-cash employee stock ownership plan compensation charge | 13,859,000 | 15,088,000 | 27,595,000 |
Non-cash stock and unit-based compensation charge | 0 | 3,298,000 | 9,324,000 |
Asset Impairment Charges | 10,005,000 | 0 | 658,118,000 |
Loss on asset sales and disposals | (187,399,000) | (14,457,000) | (30,835,000) |
Unrealized Gain (Loss) on Derivatives | (91,000) | (2,895,000) | 0 |
Change in fair value of contingent consideration | 0 | 0 | (100,000) |
Provision for doubtful accounts | 1,778,000 | 7,000 | 1,703,000 |
Deferred tax expense (benefit) | (3,818,000) | 11,000 | (504,000) |
Increase (Decrease) in Restructuring Reserve | 11,804,000 | 0 | 0 |
Other | 6,266,000 | 5,921,000 | 4,545,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Accounts and notes receivable, net of securitization | 18,629,000 | (5,394,000) | 6,528,000 |
Inventories | (1,231,000) | (1,958,000) | 5,788,000 |
Prepaid expenses and other current assets | (2,942,000) | 11,985,000 | 17,957,000 |
Accounts payable | (24,189,000) | 17,469,000 | (14,924,000) |
Accrued interest expense | 3,551,000 | 120,000 | (658,000) |
Increase (Decrease) in Other Current Liabilities | 7,235,000 | 12,989,000 | (37,769,000) |
Increase (Decrease) in Other Noncurrent Liabilities | (2,750,000) | 3,358,000 | 9,184,000 |
Net cash provided by operating activities | 105,154,000 | 148,748,000 | 212,744,000 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (18,141,000) | (3,539,000) | (15,144,000) |
Capital expenditures | (84,919,000) | (50,472,000) | (117,518,000) |
Proceeds from sale of assets | 152,587,000 | 8,510,000 | 17,089,000 |
Other | 0 | (37,000) | (286,000) |
Net cash used in investing activities | 49,527,000 | (45,538,000) | (115,859,000) |
Cash flows from financing activities: | |||
Distributions | (70,962,000) | (119,879,000) | (269,541,000) |
Capital contribution | 0 | 167,843,000 | 30,000 |
Proceeds from increase in long-term debt | 323,680,000 | 62,864,000 | 168,117,000 |
Payments on long-term debt | (212,920,000) | (174,292,000) | (14,959,000) |
Net additions to (reductions in) short-term borrowings | (51,379,000) | (41,510,000) | 25,972,000 |
Net additions to collateralized short-term borrowings | (11,000,000) | 5,000,000 | (6,000,000) |
Cash paid for financing costs | (18,493,000) | (2,425,000) | (1,214,000) |
Net cash provided by (used in) financing activities | (41,074,000) | (102,399,000) | (97,595,000) |
Effect of exchange rate changes on cash | 0 | ||
Increase (decrease) in cash and cash equivalents | 113,607,000 | 811,000 | (710,000) |
Cash and cash equivalents - beginning of year | 5,701,000 | 4,890,000 | 5,600,000 |
Cash and cash equivalents - end of year | 119,308,000 | 5,701,000 | 4,890,000 |
Ferrellgas Finance Corp. [Member] | |||
Cash flows from operating activities: | |||
Net earnings (loss) | (5,216) | (5,516) | (7,053) |
Reconciliation of net earnings (loss) to net cash provided by operating activities: | |||
Deferred tax expense (benefit) | 0 | 0 | 0 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Prepaid expenses and other current assets | 0 | 0 | 1,500 |
Net cash provided by operating activities | (5,216) | (5,516) | (8,553) |
Cash flows from financing activities: | |||
Capital contribution | 5,216 | 5,516 | 8,553 |
Net cash provided by (used in) financing activities | 5,216 | 5,516 | 8,553 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash - beginning of year | 1,100 | 1,100 | 1,100 |
Cash - end of year | $ 1,100 | $ 1,100 | $ 1,100 |
Consolidated Statements Of Cas8
Consolidated Statements Of Cash Flows Consolidated Statements Of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Payments for Repurchase of Equity | $ 0 | $ 0 | $ 34 |
Partnership Organization And Fo
Partnership Organization And Formation | 12 Months Ended |
Jul. 31, 2018 | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed on 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 July 31, 2018 , Ferrell Companies Inc. beneficially owns 22.8 million of Ferrellgas Partners’ outstanding common units and also owns 100% of Ferrellgas, Inc. Ferrellgas, Inc. (the "general partner") retains a 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of any debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is primarily engaged in the retail distribution of propane and related equipment sales. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. |
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 Partnership contributed $1,000 to the Finance Corp. on April 8, 1996 in exchange for 1,000 shares of common stock. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Ferrellgas, L.P. [Member] | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas, L.P. was formed on April 22, 1994 , and is a Delaware limited partnership. 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 Partners and Ferrellgas, L.P. are governed by their respective partnership agreements. These agreements contain specific provisions for the allocation of net earnings and loss to each of the partners for purposes of maintaining the partner capital accounts. 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 any debt issued by Ferrellgas, L.P. Ferrellgas, L.P. is primarily engaged in the retail distribution of propane and related equipment sales. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas, 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. |
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 Partnership contributed $1,000 to the Finance Corp. on January 24, 2003 in exchange for 1,000 shares of common stock. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2018 | |
Significant Accounting Policies | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas Partners, its wholly-owned subsidiary, Ferrellgas Partners Finance Corp., and the operating partnership, its majority-owned subsidiary, after elimination of all intercompany accounts and transactions. The accounts of Ferrellgas Partners’ majority-owned subsidiary are included based on the determination that the operating partnership is a variable interest entity for whom Ferrellgas Partners has no ability through voting rights or similar rights to make decisions and thus does not have the power to direct the activities of the operating partnership that most significantly impact economic performance. However, we have determined that Ferrellgas Partners is most closely associated with the operations of the operating partnership because Ferrellgas Partners has the obligation to absorb the losses of and the right to receive benefits from the operating partnership that are significant to the operating partnership and substantially all the assets and liabilities of Ferrellgas Partners consist of the operating partnership. The operating partnership includes the accounts of its wholly-owned subsidiaries. The general partner’s approximate 1% general partner interest in the operating partnership is accounted for as a noncontrolling interest. The wholly-owned consolidated subsidiary of the operating partnership, Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), is a special purpose entity that has agreements with the operating partnership to securitize, on an ongoing basis, a portion of its trade accounts receivable. (3) Fair value measurements: Ferrellgas measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. ( 4) Accounts receivable securitization : Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas has agreements to securitize, on an ongoing basis, a portion of its trade accounts receivable. (5) Inventories : Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods. (6) Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, using its best estimates based on reasonable and supportable assumptions and projections, tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets or asset groups might not be recoverable. The recoverability tests for property, plant and equipment are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas management's plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. (7) 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 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. Ferrellgas has determined that it has two reporting units for goodwill impairment testing purposes. As of July 31, 2018, one of these reporting units contains 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, the reporting unit’s goodwill is impaired. The amount of impairment would be equal to the lesser of the excess of reporting unit carrying value over its fair value and the reporting unit's recorded amount of goodwill. Ferrellgas completed its most recent annual goodwill impairment test on January 31, 2018 and recorded an impairment charge of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. During the quarter ended January 31, 2017, Ferrellgas adopted ASU 2017-04, which as discussed below eliminated step 2 from the goodwill impairment test. As discussed in Note C – Asset impairments , during 2016 Ferrellgas recorded impairments under the old model prior to adoption of ASU 2017-04. (8) Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets and non-compete agreements permits, favorable lease arrangements and patented technology are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets or asset groups might not be recoverable. Ferrellgas tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. The recoverability tests for definite-lived intangible assets are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas management's plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. (9) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas’ overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgas’ risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas’ risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas’ positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas’ gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas’ risk management activities may include the use of financial derivative instruments including, but not limited to, swaps, options, and futures to seek protection from adverse price movements and to minimize potential losses. Ferrellgas enters into these financial derivative instruments directly with third parties in the over-the-counter market and with brokers who are clearing members with the New York Mercantile Exchange. All of Ferrellgas’ financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas’ financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated and documented as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas’ risk relating to adverse fluctuations in propane prices. Ferrellgas formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in "Operating expense" on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas’ fixed rate debt, while increases in interest rates subject Ferrellgas to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as “Prepaid expenses and other current assets”, “Other assets, net”, Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of operations. Ferrellgas may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of earnings when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statement of operations as they occur. (10) Revenue recognition: Revenues from Ferrellgas' propane operations and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year . Prior to the dispositions in 2018 which constituted Ferrellgas' Midstream operations segment, revenues included crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, storage and salt water disposal. These revenues were recognized upon completion of the related service or delivery of product. (11) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense” in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology leased by Ferrellgas are classified within “Equipment lease expense.” See Note F – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. (12) Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas’ customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas’ portable propane tanks. "Cost of sales - midstream operations" included all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and the costs of salt water disposal. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. (13) Operating expense: “Operating expense” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses. (14) General and administrative expenses: “General and administrative expense” primarily includes personnel and incentive expense related to executives and employees, as well as other overhead expenses related to centralized corporate functions. (15) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas stock-compensation plans; however, in accordance with Ferrellgas’ partnership agreements, all Ferrellgas employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas. As a result, Ferrellgas incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2018, 2017 and 2016 , the portion of the total non-cash compensation charge relating to the ICPs was $0.0 million , $ 3.3 million and $ 9.3 million, respectively. Ferrell Companies is authorized to issue up to 9.25 million stock appreciation rights (“SARs”) that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. (16) Income taxes: Ferrellgas Partners is a publicly-traded master limited partnership with one subsidiary that is a taxable corporation. The operating partnership is a limited partnership with three subsidiaries that are taxable corporations. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore subject to Federal income tax unless a qualifying income test is satisfied. If this qualifying income test is satisfied, the publicly-traded partnership will be treated as a partnership for Federal income tax purposes. Based on Ferrellgas’ calculations, Ferrellgas Partners satisfies the qualifying income test. As a result, except for the taxable corporations, Ferrellgas Partners’ earnings or losses for Federal income tax purposes are included in the tax returns of the individual partners, Ferrellgas Partners’ unitholders. Accordingly, the accompanying consolidated financial statements of Ferrellgas Partners reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Ferrellgas Partners unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas Partners’ partnership agreement and differences between Ferrellgas Partners' financial reporting year end and its calendar tax year end. Income tax benefit consisted of the following: For the year ended July 31, 2018 2017 2016 Current expense (benefit) $ 1,140 $ (1,154 ) $ 468 Deferred expense (benefit) (3,818 ) 11 (504 ) Income tax benefit $ (2,678 ) $ (1,143 ) $ (36 ) Deferred taxes consisted of the following: July 31, 2018 2017 Deferred tax assets (included in Other assets, net in 2018 and Prepaid expenses and other current assets in 2017) $ 715 $ 1,068 Deferred tax liabilities (included in Other liabilities) (16 ) (4,186 ) Net deferred tax asset (liability) $ 699 $ (3,118 ) (17) Sales taxes: Ferrellgas accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations. (18) Net loss per common unitholders’ interest: Net loss per common unitholders’ interest is computed by dividing “Net loss attributable to Ferrellgas Partners, L.P.,” after deducting the general partner's 1% interest, by the weighted average number of outstanding common units and the dilutive effect, if any, of outstanding unit options. See Note P – Net loss per common unitholders’ interest – for further discussion about these calculations. (19) Loss contingencies: In the normal course of business, Ferrellgas is involved in various claims and legal proceedings. Ferrellgas records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred. (20) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas has completed its assessment of its contracts with customers and impacts to revenue recognition under the new guidance. When Ferrellgas adopts the new guidance, which will be August 1, 2018, the impact will not be material to its consolidated financial statements. Ferrellgas will utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities, which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas, L.P. and its subsidiaries after elimination of all intercompany accounts and transactions. Ferrellgas, L.P. consolidates the following wholly-owned entities: Bridger Logistics, LLC, Sable Environmental, LLC, Sable SWD 2, LLC, Blue Rhino Global Sourcing, Inc., Blue Rhino Canada, Inc., Ferrellgas Real Estate, Inc., Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), a special purpose entity that has agreements with Ferrellgas, L.P. to securitize, on an ongoing basis, a portion of its trade accounts receivable. (3) Fair value measurements: Ferrellgas, L.P. measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. (4) Accounts receivable securitization: Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas, L.P. has agreements to securitize, on an ongoing basis, a portion of its trade accounts receivable. (5) Inventories: Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods. (6) Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas, L.P. capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, L.P., using its best estimates based on reasonable and supportable assumptions and projections, tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets or asset groups might not be recoverable. The recoverability tests for property, plant and equipment are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas, L.P. management's plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the assets. (7) 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. 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. Ferrellgas, L.P. has determined that it has two reporting units for goodwill impairment testing purposes. As of July 31, 2018, one of these reporting units contains 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, the reporting unit’s goodwill is impaired. The amount of impairment would be equal to the lesser of the excess of reporting unit carrying value over its fair value and the reporting unit's recorded amount of goodwill. Ferrellgas, L.P. completed its most recent annual goodwill impairment test on January 31, 2018 and recorded an impairment charge of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. During the quarter ended January 31, 2017, Ferrellgas, L.P. adopted ASU 2017-04, which as discussed below eliminated step 2 from the goodwill impairment test. As discussed in Note C – Asset impairments , during 2016 Ferrellgas, L.P. recorded impairments under the old model prior to adoption of ASU 2017-04. (8) Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets and non-compete agreements, permits, favorable lease arrangements and patented technology are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas, L.P. tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets or asset groups might not be recoverable. Ferrellgas, L.P. tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. The recoverability tests for definite-lived intangible assets are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas, L.P. management's plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the assets. (9) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas, L.P.’s overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgas, L.P's risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas, L.P attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas, L.P.'s risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas, L.P.’s risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas, L.P.’s positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas, L.P.’s gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. These financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas, L.P.’s risk management activities may include the use of financial derivative instruments including, but not limited to, swaps, options, and futures to seek protection from adverse price movements and to minimize potential losses. Ferrellgas, L.P. enters into these financial derivative instruments directly with third parties in the over-the-counter market and with brokers who are clearing members with the New York Mercantile Exchange. All of Ferrellgas, L.P.’s financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas, L.P. also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas, L.P.’s financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas, L.P. makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated and documented as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas, L.P.’s risk relating to adverse fluctuations in propane prices. Ferrellgas, L.P. formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities” or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in "Operating expense" on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas, L.P. to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas, L.P.’s fixed rate debt, while increases in interest rates subject Ferrellgas, L.P. to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas, L.P. may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as “Prepaid expenses and other current assets”, “Other assets, net”, Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of operations. Ferrellgas, L.P. may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of earnings when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statements of operations as they occur. (10) Revenue recognition: Revenues from Ferrellgas, L.P.'s propane operations and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas, L.P. determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas, L.P. offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas, L.P. recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year . Prior to the dispositions in 2018 which constituted Ferrellgas, L.P.'s Midstream operations segment, revenues included crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, storage and salt water disposal. These revenues were recognized upon completion of the related service or delivery of product. (11) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense” in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas, L.P. owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology leased by Ferrellgas, L.P. are classified within “Equipment lease expense.” See Note F – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. (12) Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas, L.P.’s customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas, L.P.’s portable propane tanks. "Cost of sales - midstream operations" includes all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and the costs of salt water disposal. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. (13) Operating expenses: “Operating expense” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses. (14) General and administrative expenses: “ General and administrative expense” primarily includes personnel and incentive expense related to executives and employees, as well as other overhead expenses related to centralized corporate functions. (15) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas, L.P. stock-compensation plans; however, in accordance with Ferrellgas, L.P.’s partnership agreements, all Ferrellgas, L.P. employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas, L.P. As a result, Ferrellgas, L.P. incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2018, 2017 and 2016 , the portion of the total non-cash compensation charge relating to the ICPs was $0.0 million , $3.3 million and $9.3 million, respectively. Ferrell Companies is authorized to issue up to 9.25 million stock appreciation rights (“SARs”) that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. (16) Income taxes: Ferrellgas, L.P. is a limited partnership and owns three subsidiaries that are taxable corporations. As a result, except for the taxable corporations, Ferrellgas, L.P.’s earnings or losses for federal income tax purposes are included in the tax returns of the individual partners. Accordingly, the accompanying consolidated financial statements of Ferrellgas, L.P. reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to partners as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas, L.P.’s partnership agreement and differences between Ferrellgas, L.P.’s financial reporting year end and limited partners tax year end. Income tax benefit consisted of the following: For the year ended July 31, 2018 2017 2016 Current expense (benefit) $ 1,119 $ (1,160 ) $ 463 Deferred expense (benefit) (3,818 ) 11 (504 ) Income tax benefit $ (2,699 ) $ (1,149 ) $ (41 ) Deferred taxes consisted of the following: July 31, 2018 2017 Deferred tax assets (included in Other assets, net in 2018 and Prepaid expenses and other current assets in 2017) $ 715 $ 1,068 Deferred tax liabilities (included in Other liabilities) (16 ) (4,186 ) Net deferred tax asset (liability) $ 699 $ (3,118 ) (17) Sales taxes: Ferrellgas, L.P. accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations. (18) Loss contingencies: In the normal course of business, Ferrellgas, L.P. is involved in various claims and legal proceedings. Ferrellgas, L.P. records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred. (19) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. has completed its assessment of its contracts with customers and impacts to revenue recognition under the new guidance. When Ferrellgas, L.P. adopts the new guidance, which will be August 1, 2018, the impact will not be material to its consolidated financial statements. Ferrellgas, L.P. will utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities , which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Asset impairments
Asset impairments | 12 Months Ended |
Jul. 31, 2018 | |
Asset Impairment Charges [Text Block] | Asset impairments First Quarter ended October 31, 2015 Goodwill impairment 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 reporting. As a result of the ensuing goodwill impairment test, Ferrellgas determined that goodwill was completely impaired and wrote off the entire $29.3 million of goodwill related to this reporting unit. Ferrellgas estimated the fair value of the reporting unit using a discounted cash flow model. Then, Ferrellgas estimated an implied fair value of goodwill by assigning the estimated fair value of the 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. Fourth Quarter ended July 31, 2016 During the year ended July 31, 2016, approximately 60% of Bridger's gross margin was generated from its largest customer and Jamex, that customer's supplier, under take-or-pay arrangements. Bridger's largest customer during the fiscal year ended July 31, 2016 owned a refinery in Trainer, Pennsylvania. As a result of numerous developments with Jamex and this customer during the second half of fiscal 2016, as of July 31, 2016, we did not anticipate any material contribution to revenue or gross margin from Jamex or Bridger's largest customer in the future. Additionally, the continued, sustained decline in crude oil prices and resulting decrease in crude oil production in the regions in which we operated significantly impacted our trucking operations during the three months ended July 31, 2016, a trend Ferrellgas anticipated would continue into fiscal 2017 and beyond. This expected decline in future cash flows from operations constituted a triggering event in the fourth fiscal quarter of 2016 for its Midstream operations - crude oil logistics reporting unit, requiring impairment testing of indefinite-lived intangible assets, long-lived tangible and intangible assets within certain asset groups, and goodwill. Tradename impairment Upon applying the fair-value-based test to its Midstream operations - crude oil logistics reporting unit indefinite-lived intangible asset, which consists of its tradename, Ferrellgas determined that the estimated fair value of the tradename as of July 31, 2016 was less than the carrying value, and as a result recorded an impairment charge of $7.4 million as of July 31, 2016. Ferrellgas estimated the fair value of the tradename using the relief from royalty method, which is an income approach. Critical assumptions included in the relief from royalty method include: (1) discounted future cash flows; (2) growth factors; (3) a discount rate; and (4) a long-term growth rate. The majority of these critical assumptions were unobservable, accordingly Ferrellgas' estimate of fair value of the tradename was considered to be Level 3 in the fair value hierarchy. Long-lived asset impairment Ferrellgas determined that multiple asset groups within the Midstream operations - crude oil logistics reporting unit were not recoverable. Ferrellgas estimated the fair value of each of these asset groups and recorded impairment charges to the extent that fair value was less than the carrying value of the asset group. As of July 31, 2016, impairment charges of $249.0 million related to customer relationships and non-compete agreements and $181.8 million related to property, plant and equipment are included in “Asset impairments” in the Consolidated Statement of Operations. Fair value of the asset groups was determined using an income approach, which was comprised of multiple significant unobservable inputs including: (1) estimate of future cash flows; (2) the timing, success rate and capital required for certain organic growth projects; (3) the amount of capital expenditures required to maintain the existing cash flows; and (4) a terminal period growth rate equal to the expected rate of inflation. Accordingly, Ferrellgas' estimates of fair value of these asset groups were considered to be Level 3 in the fair value hierarchy. Goodwill impairment Ferrellgas concluded that the fair value of the Midstream operations - crude oil logistics reporting unit no longer exceeded its carrying value as of July 31, 2016. Upon applying the second step of the impairment test, Ferrellgas determined that the implied fair value of goodwill was zero , and accordingly we recorded an impairment charge of $190.6 million as of July 31, 2016, or all of the goodwill previously allocated to this reporting unit. Ferrellgas used a discounted future cash flow model to estimate fair value of the reporting unit, which included multiple significant unobservable inputs, thus the estimate was considered to be Level 3 in the fair value hierarchy. Ferrellgas prepared various cash flow models involving certain potential scenarios and probability weighted these scenarios which included the following critical assumptions: (1) discounted future cash flows; (2) the timing, success rate and capital required for certain organic growth projects; (3) the amount of capital expenditures required to maintain the existing cash flows; and (4) a terminal period growth rate equal to the expected rate of inflation. In addition to these critical cash flow assumptions, a discount rate of 11.5% was applied to the various projected cash flow models. Judgments and assumptions are inherent in management’s estimates used to determine the fair value of Ferrellgas' reporting units and the fair value of its indefinite-lived assets and long-lived assets, and are consistent with what management believes would be utilized by primary market participants. Second Quarter ended January 31, 2018 During the quarter ended January 31, 2018, Ferrellgas recorded a goodwill impairment charge of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. |
Ferrellgas, L.P. [Member] | |
Asset Impairment Charges [Text Block] | Asset impairments First Quarter ended October 31, 2015 Goodwill impairment 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 reporting. As a result of the ensuing goodwill impairment test, Ferrellgas, L.P. determined that goodwill was completely impaired and wrote off the entire $29.3 million of goodwill related to this reporting unit. Ferrellgas, L.P. estimated the fair value of the reporting unit using a discounted cash flow model. Then, Ferrellgas, L.P. estimated an implied fair value of goodwill by assigning the estimated fair value of the 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. Fourth Quarter ended July 31, 2016 During the year ended July 31, 2016, approximately 60% of Bridger's gross margin was generated from its largest customer and Jamex, that customer's supplier, under take-or-pay arrangements. Bridger's largest customer during the fiscal year ended July 31, 2016 owned a refinery in Trainer, Pennsylvania. As a result of numerous developments with Jamex and this customer during the second half of fiscal 2016, as of July 31, 2016, we did not anticipate any material contribution to revenue or gross margin from Jamex or Bridger's largest customer in the future. Additionally, the continued, sustained decline in crude oil prices and resulting decrease in crude oil production in the regions in which we operated significantly impacted our trucking operations during the three months ended July 31, 2016, a trend Ferrellgas, L.P. anticipated would continue into fiscal 2017 and beyond. This expected decline in future cash flows from operations constituted a triggering event in the fourth fiscal quarter of 2016 for its Midstream operations - crude oil logistics reporting unit, requiring impairment testing of indefinite-lived intangible assets, long-lived tangible and intangible assets within certain asset groups, and goodwill. Tradename impairment Upon applying the fair-value-based test to its Midstream operations - crude oil logistics reporting unit indefinite-lived intangible asset, which consists of its tradename, Ferrellgas, L.P. determined that the estimated fair value of the tradename as of July 31, 2016 was less than the carrying value, and as a result recorded an impairment charge of $7.4 million as of July 31, 2016. Ferrellgas, L.P. estimated the fair value of the tradename using the relief from royalty method, which is an income approach. Critical assumptions included in the relief from royalty method include: (1) discounted future cash flows; (2) growth factors; (3) a discount rate; and (4) a long-term growth rate. The majority of these critical assumptions were unobservable, accordingly Ferrellgas, L.P.'s estimate of fair value of the tradename was considered to be Level 3 in the fair value hierarchy. Long-lived asset impairment Ferrellgas, L.P. determined that multiple asset groups within the Midstream operations - crude oil logistics reporting unit were not recoverable. Ferrellgas, L.P. estimated the fair value of each of these asset groups and recorded impairment charges to the extent that fair value was less than the carrying value of the asset group. As of July 31, 2016, impairment charges of $249.0 million related to customer relationships and non-compete agreements and $181.8 million related to property, plant and equipment are included in “Asset impairments” in the Consolidated Statement of Operations. Fair value of the asset groups was determined using an income approach, which was comprised of multiple significant unobservable inputs including: (1) estimate of future cash flows; (2) the timing, success rate and capital required for certain organic growth projects; (3) the amount of capital expenditures required to maintain the existing cash flows; and (4) a terminal period growth rate equal to the expected rate of inflation. Accordingly, Ferrellgas, L.P.'s estimates of fair value of these asset groups were considered to be Level 3 in the fair value hierarchy. Goodwill impairment Ferrellgas, L.P. concluded that the fair value of the Midstream operations - crude oil logistics reporting unit no longer exceeded its carrying value as of July 31, 2016. Upon applying the second step of the impairment test, Ferrellgas, L.P. determined that the implied fair value of goodwill was zero , and accordingly we recorded an impairment charge of $190.6 million as of July 31, 2016, or all of the goodwill previously allocated to this reporting unit. Ferrellgas, L.P. used a discounted future cash flow model to estimate fair value of the reporting unit, which included multiple significant unobservable inputs, thus the estimate was considered to be Level 3 in the fair value hierarchy. Ferrellgas, L.P. prepared various cash flow models involving certain potential scenarios and probability weighted these scenarios which included the following critical assumptions: (1) discounted future cash flows; (2) the timing, success rate and capital required for certain organic growth projects; (3) the amount of capital expenditures required to maintain the existing cash flows; and (4) a terminal period growth rate equal to the expected rate of inflation. In addition to these critical cash flow assumptions, a discount rate of 11.5% was applied to the various projected cash flow models. Judgments and assumptions are inherent in management’s estimates used to determine the fair value of Ferrellgas, L.P.'s reporting units and the fair value of its indefinite-lived assets and long-lived assets, and are consistent with what management believes would be utilized by primary market participants. Second Quarter ended January 31, 2018 Goodwill impairment During the quarter ended January 31, 2018, Ferrellgas recorded a goodwill impairment charge of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. |
Acquisitions, dispositions and
Acquisitions, dispositions and other signficant transactions | 12 Months Ended |
Jul. 31, 2018 | |
Business Combinations | Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of operations from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgas' balance sheets or results of operations. Propane operations and related equipment sales During fiscal 2018 , Ferrellgas acquired propane distribution assets with an aggregate value of $20.6 million in the following transactions: • Lindsey Propane LLC, based in Tennessee, acquired August 2017; • Sevier County Propane, based in Tennessee, acquired August 2017; • Service Plus Propane, Inc., based in Virginia, acquired September 2017; • Tapper Propane, Inc., based in Michigan, acquired November 2017; and • Diamond Propane LLC, based in New York, acquired June 2018. During fiscal 2017 , Ferrellgas acquired propane distribution assets of Valley Center Propane, based in California, with an aggregate value of $4.4 million . During fiscal 2016 , Ferrellgas acquired propane distribution assets with an aggregate value of $6.6 million in the following transactions: • Gasco Energy Supply, LLC, based in Missouri, acquired December 2015; • Warren Energy Supply, Inc. based in Utah, acquired February 2016; and • Selphs Propane, Inc., based in Colorado, acquired June 2016. These acquisitions were funded as follows on their dates of acquisition: For the year ended July 31, 2018 2017 2016 Cash payments, net of cash acquired $ 18,141 $ 3,539 $ 4,476 Issuance of liabilities and other costs and considerations 2,426 856 2,126 Aggregate fair value of transactions $ 20,567 $ 4,395 $ 6,602 The aggregate fair values, for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: For the year ended July 31, 2018 2017 2016 Working capital $ 758 $ 139 $ (249 ) Customer tanks, buildings, land and other 10,022 1,220 3,625 Customer lists 7,758 2,648 2,962 Non-compete agreements 2,029 388 264 Aggregate fair value of net assets acquired $ 20,567 $ 4,395 $ 6,602 The estimated fair values and useful lives of assets acquired during fiscal 2018 are based on a preliminary valuation and are subject to final valuation adjustments. Ferrellgas intends to continue its analysis of the net assets of these transactions to determine the final allocation of the total purchase price to the various assets and liabilities acquired. The estimated fair values and useful lives of assets acquired during fiscal 2017 and 2016 are based on internal valuations and included only minor adjustments during the 12 month period after the date of acquisition. Due to the immateriality of these adjustments, Ferrellgas did not retrospectively adjust the consolidated statements of operations for those measurement period adjustments. Midstream operations During fiscal 2016, Ferrellgas acquired the crude oil logistics assets of South C&C Trucking, LLC, based in Texas, with an aggregate value of $10.7 million . The aggregate fair values for this acquisition were allocated as follows: $(0.6) million of working capital, $9.2 million of plant, property, and equipment, $0.7 million of intangibles, and $1.4 million of goodwill. The following table summarizes the final estimated fair values of the assets acquired and liabilities assumed in connection with the Bridger acquisition completed in fiscal 2015: June 24, 2016 Working capital $ (8,315 ) Transportation equipment 293,491 Injection stations and pipelines 41,632 Goodwill 189,196 Customer relationships 277,224 Non-compete agreements 10,000 Trade names & trademarks 9,400 Office equipment 7,449 Other 2,375 Aggregate fair value of net assets acquired $ 822,452 Dispositions Propane operations and related equipment sales During July 2018, Ferrellgas completed the sale of a group of assets encompassing an immaterial reporting unit within our Propane operations segment for approximately $26.6 million in cash. For the year ended July 31, 2018, "Loss on asset sales and disposals" includes a loss of $15.2 million related to this sale. The assets sold consist primarily of working capital and equipment. Midstream operations During July 2018, Ferrellgas completed the sale of a subsidiary and a group of assets within the Midstream operations segment for approximately $57.0 million in cash. The subsidiary sold was Bridger Environmental LLC, which encompasses all saltwater disposal activities previously operated by Ferrellgas. The group of assets sold includes all assets, excluding working capital, associated with the crude oil trucking operations previously operated by Ferrellgas. Additionally, the sale included two crude oil injection terminals. In separate transactions, the remaining assets of the Bridger Terminal business were sold to various parties. The largest of these assets, the Swan Ranch Terminal, was sold for $8.0 million in cash. For the year ended July 31, 2018, "Loss on asset sales and disposals" includes a loss of $120.2 million related to these sales. Additionally, during fiscal 2018, Ferrellgas sold all 1,292 rail cars utilized in the Midstream operations segment for approximately $51.3 million in cash. For the year ended July 31, 2018, "Loss on asset sales and disposals" includes a loss of $36.8 million related to the sale of these rail cars. Proceeds from the transaction were used to reduce outstanding debt on Ferrellgas' previous secured credit facility. During fiscal 2018, Ferrellgas completed the sale of Bridger Energy, LLC, included in the Midstream operations segment, in exchange for an $8.5 million secured promissory note due in May 2020. For the year ended July 31, 2018, "Loss on asset sales and disposals" includes a loss of $4.0 million related to this sale. The combined results from operations of these various Midstream dispositions in our Consolidated Statements of Operations includes losses before income taxes for the years ended July 31, 2018, 2017 and 2016 of $(55.4) million , $(62.2) million and $(685.1) million , respectively. The combined losses before income taxes attributable to Ferrellgas Partners, L.P. for the years ended July 31, 2018, 2017 and 2016 was $(54.8) million , $(61.6) million and $(678.2) million , respectively. During fiscal 2016, Ferrellgas sold 134 trucks utilized in the Midstream operations segment. "Loss on asset sales and disposals" consists of: For the year ended July 31, 2018 2017 2016 Loss on sale of: Propane-related accessories reporting unit $ 15,194 $ — $ — Midstream trucking, water disposal & terminal assets 120,240 — — Midstream railcars 36,762 — — Bridger Energy 4,002 — — Midstream trucks — — 13,810 Other 11,201 14,457 17,025 Loss on asset sales and disposals $ 187,399 $ 14,457 $ 30,835 Other significant transactions Termination of Bridger agreement with Jamex Marketing, LLC In connection with the closing of our acquisition of Bridger in June 2015, Bridger entered into a ten-year transportation and logistics agreement (the “Jamex TLA”) with Jamex Marketing, LLC ("Jamex") pursuant to which Jamex would be responsible for certain payments to Bridger and also for sourcing crude oil volumes for Bridger’s largest customer at that time. On September 1, 2016, Bridger, Jamex, Ferrellgas Partners, L.P. and certain other affiliated parties entered into a group of agreements that terminated the Jamex TLA, facilitated Ferrellgas purchasing certain Ferrellgas common units from Jamex, and established payment terms for certain amounts owed by Jamex to Bridger under the Jamex TLA. Consequently, Ferrellgas did not anticipate any further material contributions to revenue or EBITDA from Jamex or Bridger's former largest customer. On September 1, 2016, Bridger and Ferrellgas entered into a Termination, Settlement and Release Agreement (the “Jamex Termination Agreement”) with Jamex, certain of Jamex's affiliates, and James Ballengee (the owner of Jamex) pursuant to which: (1) Jamex agreed to execute and deliver a secured promissory note in favor of Bridger in original principal amount of $49.5 million (the "Jamex Secured Promissory Note") in satisfaction of all obligations owed to Bridger under the Jamex TLA; (2) Mr. Ballengee and Bacchus Capital Trading, LLC ("Bacchus"), an entity controlled by Mr. Ballengee, executed and delivered a joint guarantee of the Jamex Secured Promissory Note obligations up to a maximum aggregate amount of $20.0 million ; (3) The operating partnership agreed to provide Jamex with a $5.0 million revolving secured working capital facility evidenced by a revolving promissory note (the “Jamex Revolving Promissory Note” and, together with the Jamex Secured Promissory Note, the “Jamex Notes”); (4) The other Jamex entities agreed to execute and deliver a security agreement and a full guarantee of the obligations under the Jamex Notes; (5) Ferrellgas paid approximately $16.9 million to Jamex and in return received 0.9 million of Ferrellgas Partners' common units, which were cancelled upon receipt, and approximately 23 thousand barrels of crude oil; (6) The parties agreed to terminate the Jamex TLA and certain other commercial agreements and arrangements between them, and release any claims between or among them that may exist (other than those arising under the Jamex Termination Agreement or the other agreements entered into in connection with the Jamex Termination Agreement); and (7) Ferrellgas waived the remaining lockup provision applicable to Jamex under the Registration Rights Agreement dated June 24, 2015 to which Jamex is party. On June 25, 2018, Ferrellgas and Mr. Ballengee entered into an Omnibus Agreement (the "Omnibus Agreement") that, among other things, terminated and cancelled the Jamex Secured Promissory Note, the joint guarantee, and the Jamex Revolving Promissory Note. In connection with the termination and cancellation of such agreements, (1) Mr. Ballengee and Jamex paid Ferrellgas $16.3 million towards the remaining balance due under the Jamex Secured Promissory Note and Mr. Ballengee executed a new promissory note in favor of the operating partnership with an original principal amount of $18.3 million (the "Revised Jamex Promissory Note"), (2) Bacchus executed a guaranty agreement to guarantee Mr. Ballengee’s obligations under the Revised Jamex Promissory Note, (3) Ferrellgas agreed to dismiss without prejudice certain indemnification claims against Jamex and any affiliates of Jamex related to the Eddystone litigation and to toll the statute of limitations with respect thereto, and to dismiss with prejudice the tortious interference claim asserted by Ferrellgas against Mr. Ballengee related to the Eddystone litigation, and (4) Mr. Ballengee agreed to dismiss with prejudice, or cause to be dismissed, all counterclaims by him or his affiliates, as the case may be, with respect to such actions. |
Ferrellgas, L.P. [Member] | |
Business Combinations | Acquisitions Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of operations from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgas, L.P.’s balance sheets or results of operations. Propane operations and related equipment sales During fiscal 2018 , Ferrellgas, L.P. acquired propane distribution assets with an aggregate value of $20.6 million in the following transactions: • Lindsey Propane LLC, based in Tennessee, acquired August 2017; • Sevier County Propane, based in Tennessee, acquired August 2017; • Service Plus Propane, Inc., based in Virginia, acquired September 2017; • Tapper Propane, Inc., based in Michigan, acquired November 2017; and • Diamond Propane LLC, based in New York, acquired June 2018. During fiscal 2017 , Ferrellgas, L.P. acquired propane distribution assets of Valley Center Propane, based in California, with an aggregate value of $4.4 million . During fiscal 2016 , Ferrellgas, L.P. acquired propane distribution assets with an aggregate value of $ 6.6 million in the following transactions: • Gasco Energy Supply, LLC, based in Missouri, acquired December 2015; • Warren Energy Supply, Inc. based in Utah, acquired February 2016; and • Selphs Propane, Inc., based in Colorado, acquired June 2016. These acquisitions were funded as follows on their dates of acquisition: For the year ended July 31, 2018 2017 2016 Cash payments, net of cash acquired $ 18,141 $ 3,539 $ 4,476 Issuance of liabilities and other costs and considerations 2,426 856 2,126 Aggregate fair value of transactions $ 20,567 $ 4,395 $ 6,602 The aggregate fair values, for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: For the year ended July 31, 2018 2017 2016 Working capital 758 139 (249 ) Customer tanks, buildings, land and other 10,022 1,220 3,625 Customer lists 7,758 2,648 2,962 Non-compete agreements 2,029 388 264 Aggregate fair value of net assets acquired $ 20,567 $ 4,395 $ 6,602 The estimated fair values and useful lives of assets acquired during fiscal 2018 are based on a preliminary valuation and are subject to final valuation adjustments. Ferrellgas, L.P. intends to continue its analysis of the net assets of these transactions to determine the final allocation of the total purchase price to the various assets and liabilities acquired. The estimated fair values and useful lives of assets acquired during fiscal 2017 and 2016 are based on internal valuations and included only minor adjustments during the 12 month period after the date of acquisition. Due to the immateriality of these adjustments, Ferrellgas, L.P. did not retrospectively adjust the consolidated statements of operations for those measurement period adjustments. Midstream operations During fiscal 2016, Ferrellgas, L.P. acquired the crude oil logistics assets of South C&C Trucking, LLC, based in Texas, with an aggregate value of $10.7 million . The aggregate fair values for this acquisition were allocated as follows: $(0.6) million of working capital, $9.2 million of plant, property, and equipment, $0.7 million of intangibles, and $1.4 million of goodwill. The following table summarizes the final estimated fair values of the assets acquired and liabilities assumed in connection with the Bridger acquisition completed in fiscal 2015: June 24, 2016 Working capital $ (8,315 ) Transportation equipment 293,491 Injection stations and pipelines 41,632 Goodwill 189,196 Customer relationships 277,224 Non-compete agreements 10,000 Trade names & trademarks 9,400 Office equipment 7,449 Other 2,375 Aggregate fair value of net assets acquired $ 822,452 Dispositions Propane operations and related equipment sales During July 2018, Ferrellgas, L.P. completed the sale of a group of assets encompassing an immaterial reporting unit within our Propane operations segment for approximately $26.6 million in cash. For the year ended July 31, 2018, "Loss on asset sales and disposals" includes a loss of $15.2 million related to this sale. The assets sold consist primarily of working capital and equipment. Midstream operations During July 2018, Ferrellgas, L.P. completed the sale of a subsidiary and a group of assets within the Midstream operations segment for approximately $57.0 million in cash. The subsidiary sold was Bridger Environmental LLC, which encompasses all saltwater disposal activities previously operated by Ferrellgas Partners. The group of assets sold includes all assets, excluding working capital, associated with the crude oil trucking operations previously operated by Ferrellgas Partners. Additionally, the sale included two crude oil injection terminals. In separate transactions, the remaining assets of the Bridger Terminal business were sold to various parties. The largest of these assets, the Swan Ranch Terminal, was sold for $8.0 million in cash. For the year ended July 31, 2018, "Loss on asset sales and disposals" includes a loss of $120.2 million related to these sales. Additionally, during fiscal 2018, Ferrellgas, L.P. sold all 1,292 rail cars utilized in the Midstream operations segment for approximately $51.3 million in cash. For the year ended July 31, 2018 , "Loss on asset sales and disposals" includes a loss of $36.8 million related to the sale of these rail cars. Proceeds from the transaction were used to reduce outstanding debt on Ferrellgas L.P.'s previous secured credit facility. During fiscal 2018, Ferrellgas, L.P. completed the sale of Bridger Energy, LLC, included in the Midstream operations segment, in exchange for an $8.5 million secured promissory note due in May 2020. For the year ended July 31, 2018, "Loss on asset sales and disposals" includes a loss of $4.0 million related to this sale. The combined results from operations of these various Midstream dispositions in our Consolidated Statements of Operations includes losses before income taxes for the years ended July 31, 2018, 2017 and 2016 of $(55.4) million , $(62.2) million and $(685.1) million , respectively. The combined losses before income taxes attributable to Ferrellgas for the years ended July 31, 2018, 2017 and 2016 was $(54.8) million , $(61.6) million and $(678.2) million , respectively. During fiscal 2016, Ferrellgas, L.P. sold 134 trucks utilized in the Midstream operations segment. "Loss on asset sales and disposals" consists of: For the year ended July 31, 2018 2017 2016 Loss on sale of: Propane-related accessories reporting unit $ 15,194 $ — $ — Midstream trucking, water disposal & terminal assets 120,240 — — Midstream railcars 36,762 — — Bridger Energy 4,002 — — Midstream trucks — — 13,810 Other 11,201 14,457 17,025 Loss on asset sales and disposals $ 187,399 $ 14,457 $ 30,835 Other significant transactions Termination of Bridger agreement with Jamex Marketing, LLC In connection with the closing of our acquisition of Bridger in June 2015, Bridger entered into a ten-year transportation and logistics agreement (the “Jamex TLA”) with Jamex Marketing, LLC ("Jamex") pursuant to which Jamex would be responsible for certain payments to Bridger and also for sourcing crude oil volumes for Bridger’s largest customer at that time. On September 1, 2016, Bridger, Jamex, Ferrellgas Partners and certain other affiliated parties entered into a group of agreements that terminated the Jamex TLA, facilitated Ferrellgas Partners purchasing certain Ferrellgas Partners common units from Jamex, and established payment terms for certain amounts owed by Jamex to Bridger under the Jamex TLA. Consequently, Ferrellgas Partners did not anticipate any further material contribution to revenue or EBITDA from Jamex or Bridger's former largest customer. On September 1, 2016, Bridger and Ferrellgas Partners entered into a Termination, Settlement and Release Agreement (the “Jamex Termination Agreement”) with Jamex, certain of Jamex's affiliates, and James Ballengee (the owner of Jamex) pursuant to which: (1) Jamex agreed to execute and deliver a secured promissory note in favor of Bridger in original principal amount of $49.5 million (the "Jamex Secured Promissory Note") in satisfaction of all obligations owed to Bridger under the Jamex TLA; (2) Mr. Ballengee and Bacchus Capital Trading, LLC, ("Bacchus"), an entity controlled by Mr. Ballengee, executed and delivered a joint guarantee of the Jamex Secured Promissory Note obligations up to a maximum aggregate amount of $20.0 million ; (3) The operating partnership agreed to provide Jamex with a $5.0 million revolving secured working capital facility evidenced by a revolving promissory note (the “Jamex Revolving Promissory Note” and, together with the Jamex Secured Promissory Note, the “Jamex Notes”); (4) The other Jamex entities agreed to execute and deliver a security agreement and a full guarantee of the obligations under the Jamex Notes; (5) Ferrellgas Partners paid approximately $16.9 million to Jamex and in return received 0.9 million of Ferrellgas Partners' common units, which were cancelled upon receipt, and approximately 23 thousand barrels of crude oil; (6) The parties agreed to terminate the Jamex TLA and certain other commercial agreements and arrangements between them, and release any claims between or among them that may exist (other than those arising under the Jamex Termination Agreement or the other agreements entered into in connection with the Jamex Termination Agreement); and (7) Ferrellgas Partners waived the remaining lockup provision applicable to Jamex under the Registration Rights Agreement dated June 24, 2015 to which Jamex is party. On June 25, 2018, Ferrellgas Partners and Mr. Ballengee entered into an Omnibus Agreement (the "Omnibus Agreement") that, among other things, terminated and cancelled the Jamex Secured Promissory Note, the joint guarantee, and the Jamex Revolving Promissory Note. In connection with the termination and cancellation of such agreements, (1) Mr. Ballengee and Jamex paid Ferrellgas, L.P. $16.3 million towards the remaining balance due under the Jamex Secured Promissory Note and Mr. Ballengee executed a new promissory note in favor of the operating partnership with an original principal amount of $18.3 million (the "Revised Jamex Promissory Note"), (2) Bacchus executed a guaranty agreement to guarantee Mr. Ballengee’s obligations under the Revised Jamex Promissory Note, (3) Ferrellgas Partners agreed to dismiss without prejudice certain indemnification claims against Jamex and any affiliates of Jamex related to the Eddystone litigation and to toll the statute of limitations with respect thereto, and to dismiss with prejudice the tortious interference claim asserted by Ferrellgas Partners against Mr. Ballengee related to the Eddystone litigation, and (4) Mr. Ballengee agreed to dismiss with prejudice, or cause to be dismissed, all counterclaims by him or his affiliates, as the case may be, with respect to such actions. |
Quarterly Distributions Of Avai
Quarterly Distributions Of Available Cash | 12 Months Ended |
Jul. 31, 2018 | |
Quarterly Distributions Of Available Cash | To the extent it is not precluded from doing so by a debt covenant or other restriction, Ferrellgas Partners makes quarterly cash distributions of all of its "available cash.” Available cash is defined in the partnership agreement of Ferrellgas Partners as, generally, the sum of its consolidated cash receipts less consolidated cash disbursements and net changes in reserves established by the general partner for future requirements. Reserves are retained in order to provide for the proper conduct of Ferrellgas Partners’ business, or to provide funds for distributions with respect to any one or more of the next four fiscal quarters. Distributions are made within 45 days after the end of each fiscal quarter ending October, January, April and July to holders of record on the applicable record date. Distributions by Ferrellgas Partners in an amount equal to 100% of its available cash, as defined in its partnership agreement, will be made to the common unitholders and the general partner. Additionally, the payment of incentive distributions to the holders of incentive distribution rights will be made to the extent that certain target levels of cash distributions are achieved. |
Ferrellgas, L.P. [Member] | |
Quarterly Distributions Of Available Cash | To the extent it is not precluded from doing so by a debt covenant or other restriction, Ferrellgas, L.P. makes quarterly cash distributions of all of its "available cash." Available cash is defined in the partnership agreement of Ferrellgas, L.P. as, generally, the sum of its consolidated cash receipts less consolidated cash disbursements and net changes in reserves established by the general partner for future requirements. Reserves are retained in order to provide for the proper conduct of Ferrellgas, L.P.’s business, or to provide funds for distributions with respect to any one or more of the next four fiscal quarters. Distributions are made within 45 days after the end of each fiscal quarter ending October, January, April, and July. Distributions by Ferrellgas, L.P. in an amount equal to 100% of its available cash, as defined in its partnership agreement, will be made approximately 99% to Ferrellgas Partners and approximately 1% to the general partner. See Note I – Debt for additional disclosures related to Ferrellgas, L.P.'s ability to make quarterly cash distributions. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 12 Months Ended |
Jul. 31, 2018 | |
Supplemental Financial Statement Information | Inventories consist of the following: 2018 2017 Propane gas and related products $ 71,180 $ 67,049 Appliances, parts and supplies, and other 12,514 25,503 Inventories $ 83,694 $ 92,552 In addition to inventories on hand, Ferrellgas enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of July 31, 2018 , Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 44.1 million gallons of propane at fixed prices. Property, plant and equipment, net consist of the following: Estimated useful lives 2018 2017 Land Indefinite $ 33,719 $ 35,824 Land improvements 2-20 13,361 14,342 Buildings and improvements 20 71,612 73,333 Vehicles, including transport trailers 8-20 85,893 121,233 Bulk equipment and district facilities 5-30 103,627 104,291 Tanks, cylinders and customer equipment 2-30 769,165 755,867 Salt water disposal wells and related equipment 2-30 — 52,495 Rail cars 30 — 91,787 Injection stations 20 — 13,130 Pipeline 15 — 1,663 Computer and office equipment 2-5 109,346 118,518 Construction in progress n/a 14,394 10,974 1,201,117 1,393,457 Less: accumulated depreciation 643,394 661,534 Property, plant and equipment, net $ 557,723 $ 731,923 Depreciation expense totaled $67.1 million, $68.1 million and $85.8 million for fiscal 2018 , 2017 and 2016 , respectively. The decline in property, plant and equipment, net from fiscal 2017 to 2018 is primarily due to the dispositions that were completed during fiscal 2018. See Note D – Acquisitions, dispositions and other significant transactions for more information on the dispositions. Other assets, net consist of the following: 2018 2017 Notes receivable, less current portion $ 27,491 $ 32,500 Other 47,097 41,557 Other assets, net $ 74,588 $ 74,057 Other current liabilities consist of the following: 2018 2017 Accrued interest $ 22,222 $ 18,671 Customer deposits and advances 22,829 25,541 Accrued payroll 16,060 19,704 Accrued insurance 15,100 13,615 Other 65,814 48,693 Other current liabilities $ 142,025 $ 126,224 Shipping and handling expenses are classified in the following consolidated statements of operations line items: For the year ended July 31, 2018 2017 2016 Operating expense $ 195,646 $ 175,164 $ 167,980 Depreciation and amortization expense 4,947 3,909 4,282 Equipment lease expense 25,765 26,299 25,967 $ 226,358 $ 205,372 $ 198,229 For purposes of the consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2018 2017 2016 CASH PAID (REFUNDED) FOR: Interest $ 159,271 $ 143,441 $ 133,629 Income taxes $ (291 ) $ 310 $ 777 NON-CASH INVESTING AND FINANCING ACTIVITIES: Liabilities incurred in connection with acquisitions $ 1,993 $ 139 $ 2,126 Change in accruals for property, plant and equipment additions $ 264 $ 164 $ (1,122 ) |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information | Inventories consist of the following: 2018 2017 Propane gas and related products $ 71,180 $ 67,049 Appliances, parts and supplies, and other 12,514 25,503 Inventories $ 83,694 $ 92,552 In addition to inventories on hand, Ferrellgas, L.P. enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of July 31, 2018 , Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 44.1 million gallons of propane at fixed prices. Property, plant and equipment, net consist of the following: Estimated useful lives 2018 2017 Land Indefinite $ 33,719 $ 35,824 Land improvements 2-20 13,361 14,342 Buildings and improvements 20 71,612 73,333 Vehicles, including transport trailers 8-20 85,893 121,233 Bulk equipment and district facilities 5-30 103,627 104,291 Tanks, cylinders and customer equipment 2-30 769,165 755,867 Salt water disposal wells and related equipment 2-30 — 52,495 Rail cars 30 — 91,787 Injection stations 20 — 13,130 Pipeline 15 — 1,663 Computer and office equipment 2-5 109,346 118,518 Construction in progress n/a 14,394 10,974 1,201,117 1,393,457 Less: accumulated depreciation 643,394 661,534 Property, plant and equipment, net $ 557,723 $ 731,923 Depreciation expense totaled $67.1 million, $68.1 million and $85.8 million for fiscal 2018 , 2017 and 2016 , respectively. The decline in property, plant and equipment, net from fiscal 2017 to 2018 is primarily due to the dispositions that were completed during fiscal 2018. See Note D – Acquisitions, dispositions and other significant transactions for more information on the dispositions. Other assets, net consist of the following: 2018 2017 Notes receivable, less current portion $ 27,491 $ 32,500 Other 47,097 41,557 Other assets, net $ 74,588 $ 74,057 Other current liabilities consist of the following: 2018 2017 Customer deposits and advances $ 22,829 $ 25,541 Accrued interest 18,288 14,737 Accrued payroll 16,060 19,704 Accrued insurance 15,100 13,615 Other 65,814 48,419 Other current liabilities $ 138,091 $ 122,016 Shipping and handling expenses are classified in the following consolidated statements of operations line items: For the year ended July 31, 2018 2017 2016 Operating expense $ 195,646 $ 175,164 $ 167,980 Depreciation and amortization expense 4,947 3,909 4,282 Equipment lease expense 25,765 26,299 25,967 $ 226,358 $ 205,372 $ 198,229 For purposes of the consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2018 2017 2016 CASH PAID (REFUNDED) FOR: Interest $ 128,479 $ 122,084 $ 117,931 Income taxes $ (311 ) $ 305 $ 773 NON-CASH INVESTING AND FINANCING ACTIVITIES: Liabilities incurred in connection with acquisitions $ 1,993 $ 139 $ 2,126 Change in accruals for property, plant and equipment additions $ 264 $ 164 $ (1,122 ) |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 12 Months Ended |
Jul. 31, 2018 | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Accounts and notes receivable, net consist of the following: 2018 2017 Accounts receivable pledged as collateral $ 120,079 $ 109,407 Accounts receivable 8,272 47,346 Note receivable, current portion 132 10,000 Other 26 307 Less: Allowance for doubtful accounts (2,455 ) (1,976 ) Accounts and notes receivable, net $ 126,054 $ 165,084 On May 14, 2018, Ferrellgas entered into a seventh amendment to its accounts receivable securitization facility with Wells Fargo Bank, N.A., Fifth Third Bank and PNC Bank, N.A. The amendment extends the maturity date to May 2021 and increases the size of the facility from a maximum borrowing capacity of $225.0 million to $250.0 million at a discount rate of LIBOR plus 200 basis points. The amended accounts receivable securitization facility also includes provisions for the issuance of letters of credit with a $50.0 million sublimit. The facility continues to contain provisions where maximum purchase levels are reduced during periods of the year when working capital requirements are lower to efficiently reduce unused capacity fees. Prior to the amendment entered into in May 2018, Ferrellgas entered into two amendments in fiscal 2017 that modified covenant requirements. At July 31, 2018 , $120.1 million of trade accounts receivable were pledged as collateral against $58.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2017 , $109.4 million of trade accounts receivable were pledged as collateral against $69.0 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 July 31, 2018 , Ferrellgas had received cash proceeds of $58.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2017 , Ferrellgas had received cash proceeds of $69.0 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 5.2% and 4.0% as of July 31, 2018 and 2017 , respectively. |
Ferrellgas, L.P. [Member] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Accounts and notes receivable, net consist of the following: 2018 2017 Accounts receivable pledged as collateral $ 120,079 $ 109,407 Accounts receivable 8,272 47,346 Note receivable, current portion 132 10,000 Other 26 307 Less: Allowance for doubtful accounts (2,455 ) (1,976 ) Accounts and notes receivable, net $ 126,054 $ 165,084 On May 14, 2018, Ferrellgas, L.P. entered into a seventh amendment to its accounts receivable securitization facility with Wells Fargo Bank, N.A., Fifth Third Bank and PNC Bank, N.A. The amendment extends the maturity date to May 2021 and increases the size of the facility from a maximum borrowing capacity of $225.0 million to $250.0 million at a discount rate of LIBOR plus 200 basis points. The amended accounts receivable securitization facility also includes provisions for the issuance of letters of credit with a $50.0 million sublimit. The facility continues to contain provisions where maximum purchase levels are reduced during periods of the year when working capital requirements are lower to efficiently reduce unused capacity fees. Prior to the amendment entered into in May 2018, Ferrellgas, L.P. entered into two amendments in fiscal 2017 that modified covenant requirements. At July 31, 2018 , $120.1 million of trade accounts receivable were pledged as collateral against $58.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2017 , $109.4 million of trade accounts receivable were pledged as collateral against $69.0 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 July 31, 2018 , Ferrellgas, L.P. had received cash proceeds of $58.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2017 , Ferrellgas, L.P. had received cash proceeds of $69.0 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 5.2% and 4.0% as of July 31, 2018 and 2017 , respectively. |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Jul. 31, 2018 | |
Goodwill And Intangible Assets, Net | Goodwill and intangible assets, net consist of the following: July 31, 2018 July 31, 2017 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Goodwill, net $ 246,098 $ — $ 246,098 $ 256,103 $ — $ 256,103 Intangible assets, net Amortized intangible assets Customer related $ 441,393 $ (376,605 ) $ 64,788 $ 556,678 $ (397,891 ) $ 158,787 Non-compete agreements 24,653 (19,511 ) 5,142 39,875 (27,887 ) 11,988 Permits and favorable lease arrangements — — — 17,225 (3,506 ) 13,719 Other 3,513 (3,513 ) — 9,301 (7,144 ) 2,157 469,559 (399,629 ) 69,930 623,079 (436,428 ) 186,651 Unamortized intangible assets Trade names & trademarks 51,021 — 51,021 64,451 — 64,451 Total intangible assets, net $ 520,580 $ (399,629 ) $ 120,951 $ 687,530 $ (436,428 ) $ 251,102 See Note C – Asset impairments for disclosures regarding impairments recorded during fiscal 2018. Intangible assets, net declined during fiscal 2018 as result of the dispositions that were completed during the year, see Note D – Acquisitions, dispositions and other significant transactions for more information relating to the completed dispositions. Changes in the carrying amount of goodwill are as follows: Propane operations and related equipment sales Balance July 31, 2016 $ 256,103 Acquisitions — Balance July 31, 2017 256,103 Impairment (10,005 ) Balance July 31, 2018 $ 246,098 Customer related intangible assets have estimated lives of 15 years and non-compete agreements and other intangible assets have estimated lives ranging from five to 10 years . Ferrellgas intends to utilize all acquired trademarks and trade names and does not believe there are any legal, regulatory, contractual, competitive, economical or other factors that would limit their useful lives. Therefore, trademarks and trade names have indefinite useful lives. Customer related intangibles, non-compete agreements and other intangibles carry a weighted average life of 15 and nine years , respectively. Aggregate amortization expense related to intangible assets, net: For the year ended July 31, 2018 $ 31,345 2017 32,148 2016 61,970 Estimated amortization expense: For the year ended July 31, 2019 $ 14,388 2020 8,877 2021 8,182 2022 6,810 2023 6,492 |
Ferrellgas, L.P. [Member] | |
Goodwill And Intangible Assets, Net | oodwill and intangible assets, net consist of the following: July 31, 2018 July 31, 2017 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Goodwill, net $ 246,098 $ — $ 246,098 $ 256,103 $ — $ 256,103 Intangible assets, net Amortized intangible assets Customer related $ 441,393 $ (376,605 ) $ 64,788 $ 556,678 $ (397,891 ) $ 158,787 Non-compete agreements 24,653 (19,511 ) 5,142 39,875 (27,887 ) 11,988 Permits and favorable lease arrangements — — — 17,225 (3,506 ) 13,719 Other 3,513 (3,513 ) — 9,301 (7,144 ) 2,157 469,559 (399,629 ) 69,930 623,079 (436,428 ) 186,651 Unamortized intangible assets Trade names & trademarks 51,021 — 51,021 64,451 — 64,451 Total intangible assets, net $ 520,580 $ (399,629 ) $ 120,951 $ 687,530 $ (436,428 ) $ 251,102 See Note C – Asset impairments for disclosures regarding impairments recorded during fiscal 2018. Intangible assets, net declined during fiscal 2018 as result of the dispositions that were completed during the year, see Note D – Acquisitions, dispositions and other significant transactions for more information relating to the completed dispositions. Changes in the carrying amount of goodwill are as follows: Propane operations and related equipment sales Balance July 31, 2016 $ 256,103 Acquisitions — Balance July 31, 2017 256,103 Impairment (10,005 ) Balance July 31, 2018 $ 246,098 Customer related intangible assets have estimated lives of 15 years and non-compete agreements and other intangible assets have estimated lives ranging from five to 10 years . Ferrellgas, L.P. intends to utilize all acquired trademarks and trade names and does not believe there are any legal, regulatory, contractual, competitive, economical or other factors that would limit their useful lives. Therefore, trademarks and trade names have indefinite useful lives. Customer related intangibles, non-compete agreements and other intangibles carry a weighted average life of 15 and nine years , respectively. Aggregate amortization expense related to intangible assets, net: For the year ended July 31, 2018 $ 31,345 2017 32,148 2016 61,970 Estimated amortization expense: For the year ended July 31, 2019 $ 14,388 2020 8,877 2021 8,182 2022 6,810 2023 6,492 |
Debt
Debt | 12 Months Ended |
Jul. 31, 2018 | |
Debt Disclosure [Text Block] | Short-term borrowings Ferrellgas classifies a portion of the secured credit facilities borrowings as short-term because they were used to fund working capital needs that management intends to pay down within the 12 month period following each balance sheet date. As of July 31, 2018 and 2017, $32.8 million and $59.8 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facilities section below. Long-term debt Long-term debt consists of the following: 2018 2017 Senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (4) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $2,375 and $3,166 at 2018 and 2017, respectively (3) 477,375 478,166 Fixed rate, 8.625%, due 2020, net of unamortized discount of $3,766 and $5,976 at 2018 and 2017, respectively (2) 353,234 351,024 Fair value adjustments related to interest rate swaps — 471 Secured credit facilities Variable interest rate, Term Loan, matures May 2023 275,000 — Variable interest rate, Revolving Facility (net of $59.8 million classified as short-term borrowings at July 31, 2017) — 185,719 Notes payable 11.2% and 12.0% weighted average interest rate at July 31, 2018 and 2017, respectively, due 2019 to 2025, net of unamortized discount of $977 and $1,128 at July 31, 2018 and 2017, respectively 6,221 5,958 Total debt, excluding unamortized debt issuance and other costs 2,111,830 2,021,338 Unamortized debt issuance and other costs (30,791 ) (22,965 ) Less: current portion, included in other current liabilities on the consolidated balance sheets 2,402 2,578 Long-term debt $ 2,078,637 $ 1,995,795 (1) During November 2010 , Ferrellgas issued $500.0 million in aggregate principal amount of 6.50% senior notes due 2021 . These notes are general unsecured senior obligations of Ferrellgas and are effectively junior to all future senior secured indebtedness of Ferrellgas, to the extent of the value of the assets securing the debt, and are structurally subordinated to all existing and future indebtedness and obligations of the operating partnership. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021 . Ferrellgas would incur prepayment penalties if it were to repay the notes prior to May 2019 . (2) During January 2017 , Ferrellgas issued, $175.0 million in aggregate principal amount of additional 8.625% unsecured senior notes due 2020 , issued at 96% of par. Ferrellgas contributed the net proceeds from the offering of approximately $166.1 million to the operating partnership, which used such amounts to repay borrowings under its secured credit facility. During April 2010, Ferrellgas issued $280.0 million of its fixed rate senior notes. During March 2011, Ferrellgas redeemed $98.0 million of these fixed rate senior notes. The unsecured senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. (3) During fiscal 2014 , Ferrellgas issued $475.0 million in aggregate principal amount of 6.75% senior notes due 2022 . The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. Ferrellgas would incur prepayment penalties if it were to repay the notes prior to November 2019 . (4) During June 2015 , Ferrellgas issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023 . The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. Ferrellgas would incur prepayment penalties if it were to repay the notes prior to June 2021 . The scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2019 $ 2,402 2020 358,671 2021 501,456 2022 475,796 2023 775,426 Thereafter 447 Total $ 2,114,198 Secured credit facilities On May 4, 2018 , the operating partnership entered into a new $575.0 million senior secured credit facility (the "Senior Secured Credit Facility") to replace its previous $575.0 million senior secured credit facility that was scheduled to mature in October 2018 (the "Previous Facility"). The Senior Secured Credit Facility consists of a $300.0 million revolving line of credit (the "Revolving Facility") as well as a $275.0 million term loan (the "Term Loan"), which mature on May 4, 2023 . Revolving Facility borrowings bear interest at the Prime Rate + 4.75% and Term Loan borrowings bear interest at LIBOR + 5.75% . The Revolving Facility includes a $125.0 million sublimit for the issuance of letters of credit. Borrowings under the Senior Secured Credit Facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness and acquisitions, within certain limits. The Term Loan does not include any scheduled principal payments and the Revolving Facility does not have any scheduled commitment reductions before maturity; however, the Term Loan requires prepayments pursuant to the following: 1) certain asset sales, 2) 50% of any excess cash flow, as defined by the Term Loan, in any fiscal year beginning with fiscal year 2019, 3) certain insurance proceeds, and 4) certain tax refunds. The Senior Secured Credit Facility is secured with substantially all of the assets of the operating partnership and its subsidiaries, and Ferrellgas Partners’ and the general partner’s partnership interests in the operating partnership, and contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments. As of July 31, 2018 , the operating partnership had borrowings of $275.0 million under the Term Loan at a rate of 7.86% , which was classified as long-term debt and $32.8 million under the Revolving Facility at a rate of 9.75% , which was classified as short-term borrowings. As of July 31, 2018, Ferrellgas had available borrowing capacity under its Revolving Facility of $159.3 million . As of July 31, 2017 , Ferrellgas had total borrowings outstanding under its Previous Facility of $245.5 million , of which $185.7 million was classified as long-term debt. Borrowings outstanding at July 31, 2017 under the Previous Facility had a weighted average interest rate of 6.0% . As of July 31, 2017, Ferrellgas had available borrowing capacity under its Previous Facility of $190.3 million ; however additional borrowings were limited to $67.5 million by a covenant under the Previous Facility. Letters of credit outstanding at July 31, 2018 and 2017 totaled $107.9 million and $139.2 million , respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At July 31, 2018 , Ferrellgas had available letter of credit remaining capacity of $17.1 million . At July 31, 2017 , Ferrellgas had available letter of credit remaining capacity of $60.8 million . Ferrellgas incurred commitment fees of $0.7 million , $1.1 million and $1.4 million in fiscal 2018 , 2017 and 2016 , respectively. Financial covenants The indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit Ferrellgas Partners' ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants is the consolidated fixed charge coverage ratio, as defined in the indenture governing the outstanding notes of Ferrellgas Partners, and the consolidated fixed charge coverage ratio, as defined in the indentures governing the outstanding notes of the operating partnership. Consolidated fixed charge coverage ratio - Ferrellgas Partners, L.P., the master limited partnership Before a restricted payment (as defined in the Ferrellgas Partners indenture) can be made by Ferrellgas Partners, Ferrellgas Partners must be in compliance with the consolidated fixed charge coverage ratio covenant under the Ferrellgas Partners indenture. If Ferrellgas Partners is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders. The covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas Partners be at least 1.75 x before a restricted payment (as defined in the indenture) can be made by Ferrellgas Partners. If this ratio were to drop below 1.75 x, the indenture allows Ferrellgas Partners to make restricted payments of up to $50.0 million in total over a 16 quarter period while below this ratio. As of July 31, 2018 , the ratio was 1.47 x. As a result, the $9.8 million distribution paid to common unitholders on September 14, 2018 was taken from the $50.0 million restricted payment limitation, which after considering the $9.8 million deductions taken from the restricted payment limitation as a result of each of the distributions paid in September 2017, December 2017, March 2018 and June 2018, leaves approximately $1.0 million for future restricted payments. Unless the indenture governing the outstanding notes is amended or refinanced, if our consolidated fixed charge coverage ratio does not improve to at least 1.75 x and we continue our current quarterly distribution rate of $0.10 per common unit, this covenant will not allow us to make common unit distributions for our quarter ending October 31, 2018 and beyond. In order for the fixed charge coverage ratio to improve to 1.75 x as of July 31, 2018, we would have needed to generate approximately $43.7 million of additional EBITDA, or we would have needed to incur approximately $24.9 million less in interest expense. Ferrellgas Partners is presently considering potential solutions to cure the limitation on distributions under the consolidated fixed charge coverage ratio related to the outstanding unsecured bonds due in June 2020. The potential solutions, among others, include a refinancing or a transaction to exchange new bonds for some or all of the bonds due June 2020. Consolidated fixed charge coverage ratio - Ferrellgas, L.P., the operating partnership Before a restricted payment (as defined in the indentures governing the outstanding notes of the operating partnership) can be made by the operating partnership to Ferrellgas Partners, the operating partnership must be in compliance with the consolidated fixed charge coverage ratio covenant under the operating partnership indentures. If the operating partnership is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders or make interest payments on Ferrellgas Partners’ unsecured senior notes due 2020. The covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership be at least 1.75 x before a restricted payment (as defined in the indentures) can be made by the operating partnership. If this ratio were to drop below 1.75 x, the indentures allow the operating partnership to make restricted payments with certain limitations. If it were in violation of the covenant as of July 31, 2018, the operating partnership believes that it would have sufficient capacity within these limitations to satisfy the current restricted payment requirements of Ferrellgas Partners through the maturity of the unsecured senior notes due 2020. As of July 31, 2018, the ratio was 1.87 x; the margin allows for approximately $8.4 million of additional interest expense or approximately $14.7 million less EBITDA. Debt and interest expense reduction and refinancing strategy Ferrellgas continues to execute on a strategy to further reduce its debt and interest expense. This strategy included entering into the new Senior Secured Credit Facility as mentioned above, amending our accounts receivable securitization facility as discussed in Note G – Accounts and notes receivable, net and accounts receivable securitization , certain asset sales during fiscal 2018, and may include the generation of additional cash flows, organically or through accretive acquisitions, refinancing existing debt agreements, additional asset sales, a reduction in or elimination of Ferrellgas Partners' common unit distributions, the issuance of equity or some form of debt exchange. Termination of interest rate swaps In May 2012 , Ferrellgas entered into a $140.0 million interest rate swap agreement to hedge against changes in fair value on a portion of its $500.0 million 6.5% fixed rate senior notes due 2021 . Ferrellgas received 6.5% and paid a one-month LIBOR plus 4.715% , on the $140.0 million swapped. Ferrellgas accounted for this agreement as a fair value hedge. On May 3, 2018 , Ferrellgas terminated this swap and paid the counterparty $4.2 million . Since the interest rate swap terminated involves a hedge of an interest-bearing liability, the senior notes due May 1, 2021, Ferrellgas capitalized the fair value of the hedge at termination of $4.2 million and will amortize the balance on a straight-line basis to interest expense over the remaining useful life of the hedged item. See Note L – Derivative instruments and hedging activities for more information. In May 2012 , Ferrellgas entered into a forward interest rate swap agreement to hedge against variability in forecasted interest payments on Ferrellgas’ Previous Facility and collateralized note payable borrowings under the accounts receivable securitization facility. From August 2015 through July 2017 , Ferrellgas paid 1.95% and received variable payments based on one-month LIBOR for the notional amount of $175.0 million . From August 2017 through May 2018 , Ferrellgas paid 1.95% and received variable payments based on one-month LIBOR for the notional amount of $100.0 million . Ferrellgas accounted for this agreement as a cash flow hedge. On May 3, 2018 , Ferrellgas terminated this interest rate swap. Ferrellgas recorded the immaterial gain immediately to earnings. The cash flows from these contracts are reported as operating activities in the Consolidated Statement of Cash Flows. See Note L – Derivative instruments and hedging activities for more information. |
Ferrellgas, L.P. [Member] | |
Debt Disclosure [Text Block] | Short-term borrowings Ferrellgas, L.P. classified a portion of the secured credit facilities borrowings as short-term because they were 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 July 31, 2018 and 2017, $32.8 million and $59.8 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facilities section below. Long-term debt Long-term debt consists of the following: 2018 2017 Senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (3) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $2,375 and $3,166 at 2018 and 2017, respectively (2) 477,375 478,166 Fair value adjustments related to interest rate swaps — 471 Secured credit facilities Variable interest rate, Term Loan, expires May 2023 275,000 — Variable interest rate, Revolving Facility (net of $59.8 million classified as short-term borrowings at July 31, 2017) — 185,719 Notes payable 11.2% and 12.0% weighted average interest rate at July 31, 2018 and 2017, respectively, due 2019 to 2025, net of unamortized discount of $977 and $1,128 at July 31, 2018 and 2017, respectively 6,221 5,958 Total debt, excluding unamortized debt issuance and other costs 1,758,596 1,670,314 Unamortized debt issuance and other costs (28,057 ) (18,466 ) Less: current portion, included in other current liabilities on the consolidated balance sheets 2,402 2,578 Long-term debt $ 1,728,137 $ 1,649,270 (1) During November 2010 , Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of new 6.50% senior notes due 2021.These notes are general unsecured senior obligations of Ferrellgas, L.P. and are effectively junior to all future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing the debt, and are structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas, L.P. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021 . Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to May 2019 . (2) During fiscal 2014 , Ferrellgas, L.P. issued $475.0 million in aggregate principal amount of 6.75% senior notes due 2022 . The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to November 2019 . (3) During June 2015 , Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023 . The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to June 2021 . The scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2019 $ 2,402 2020 1,671 2021 501,456 2022 475,796 2023 775,426 Thereafter 447 Total $ 1,757,198 Secured credit facilities On May 4, 2018 , Ferrellgas, L.P. entered into a new $575.0 million senior secured credit facility (the "Senior Secured Credit Facility") to replace its previous $575.0 million senior secured credit facility that was scheduled to mature in October 2018 (the "Previous Facility"). The Senior Secured Credit Facility consists of a $300.0 million revolving line of credit (the "Revolving Facility") as well as a $275.0 million term loan (the "Term Loan"), which mature on May 4, 2023 . Revolving Facility borrowings bear interest at the Prime Rate + 4.75% and Term Loan borrowings bear interest at LIBOR + 5.75% . The Revolving Facility includes a $125.0 million sublimit for the issuance of letters of credit. Borrowings under the Senior Secured Credit Facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness and acquisitions, within certain limits. The Term Loan does not include any scheduled principal payments and the Revolving Facility does not have any scheduled commitment reductions before maturity; however, the Term Loan requires prepayments pursuant to the following: 1) certain asset sales, 2) 50% of any excess cash flow, as defined by the Term Loan, in any fiscal year beginning with fiscal year 2019, 3) certain insurance proceeds, and 4) certain tax refunds. The Senior Secured Credit Facility is secured with substantially all of the assets of Ferrellgas, L.P. and its subsidiaries, and Ferrellgas Partners’ and the general partner’s partnership interests in Ferrellgas, L.P., and contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments. As of July 31, 2018 , Ferrellgas, L.P. had borrowings of $275.0 million under the Term Loan at a rate of 7.86% , which was classified as long-term debt and $32.8 million under the Revolving Facility at a rate of 9.75% , which was classified as short-term borrowings. As of July 31, 2018, Ferrellgas, L.P. had available borrowing capacity under its Revolving Facility of $159.3 million . As of July 31, 2017 , Ferrellgas, L.P. had total borrowings outstanding under its Previous Facility of $245.5 million , of which $185.7 million was classified as long-term debt. Borrowings outstanding at July 31, 2017 under the Previous Facility had a weighted average interest rate of 6.0% . As of July 31, 2017, Ferrellgas, L.P. had available borrowing capacity under its Previous Facility of $190.3 million ; however additional borrowings were limited to $67.5 million by a covenant under the Previous Facility. Letters of credit outstanding at July 31, 2018 and 2017 totaled $107.9 million and $139.2 million , respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At July 31, 2018 , Ferrellgas, L.P. had available letter of credit remaining capacity of $17.1 million . At July 31, 2017 Ferrellgas, L.P. had available letter of credit remaining capacity of $60.8 million . Ferrellgas, L.P. incurred commitment fees of $0.7 million , $1.1 million and $1.4 million in fiscal 2018 , 2017 and 2016 , respectively. Financial covenants The agreements governing the operating partnership’s indebtedness contain various covenants that limit Ferrellgas Partners' ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants is the consolidated fixed charge coverage ratio, as defined in the indentures governing the outstanding notes of the operating partnership. Before a restricted payment (as defined in the indentures governing the outstanding notes of the operating partnership) can be made by the operating partnership to Ferrellgas Partners, the operating partnership must be in compliance with the consolidated fixed charge coverage ratio covenant under the operating partnership indentures. If the operating partnership is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders or make interest payments on Ferrellgas Partners’ unsecured senior notes due 2020. The covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership be at least 1.75 x before a restricted payment (as defined in the indentures) can be made by the operating partnership. If this ratio were to drop below 1.75 x, the indentures allow the operating partnership to make restricted payments with certain limitations. If it were in violation of the covenant as of July 31, 2018, the operating partnership believes that it would have sufficient capacity within these limitations to satisfy the current restricted payment requirements of Ferrellgas Partners through the maturity of the unsecured senior notes due 2020. As of July 31, 2018, the ratio was 1.87 x; the margin allows for approximately $8.4 million of additional interest expense or approximately $14.7 million less EBITDA. Debt and interest expense reduction and refinancing strategy Ferrellgas, L.P. continues to execute on a strategy to reduce its debt and interest expense. This strategy included entering into the new Senior Secured Credit Facility as mentioned above, amending our accounts receivable securitization facility as discussed in Note G – Accounts and notes receivable, net and accounts receivable securitization , certain asset sales during fiscal 2018, and may include the generation of additional cash flows, organically or through accretive acquisitions, refinancing existing debt agreements, additional asset sales, a reduction in or suspension of Ferrellgas Partners' common unit distributions, the issuance of equity by Ferrellgas Partners or some form of debt exchange. Termination of interest rate swaps In May 2012 , Ferrellgas, L.P. entered into a $140.0 million interest rate swap agreement to hedge against changes in fair value on a portion of its $500.0 million 6.5% fixed rate senior notes due 2021 . Ferrellgas, L.P. received 6.5% and paid a one-month LIBOR plus 4.715% , on the $140.0 million swapped. The operating partnership accounted for this agreement as a fair value hedge. On May 3, 2018 , Ferrellgas, L.P. terminated this swap and paid the counterparty $4.2 million . Since the interest rate swap terminated involves a hedge of an interest-bearing liability, the senior notes due May 2021, Ferrellgas, L.P. capitalized the fair value of the hedge at termination of $4.2 million and will amortize the balance on a straight-line basis to interest expense over the remaining useful life of the hedged item. See Note L – Derivative instruments and hedging activities for more information. In May 2012 , Ferrellgas, L.P. entered into a forward interest rate swap agreement to hedge against variability in forecasted interest payments on Ferrellgas, L.P.’s Previous Facility and collateralized note payable borrowings under the accounts receivable securitization facility. From August 2015 through July 2017 , Ferrellgas, L.P. paid 1.95% and received variable payments based on one-month LIBOR for the notional amount of $175.0 million . From August 2017 through May 2018 , Ferrellgas, L.P. paid 1.95% and receive variable payments based on one-month LIBOR for the notional amount of $100.0 million . Ferrellgas, L.P. accounts for this agreement as a cash flow hedge. On May 3, 2018 , Ferrellgas, L.P. terminated this interest rate swap. Ferrellgas, L.P. recorded the immaterial gain immediately to earnings. The cash flows from these contracts are reported as operating activities in the Consolidated Statement of Cash Flows. See Note L – Derivative instruments and hedging activities for more information. |
Partners' Capital
Partners' Capital | 12 Months Ended |
Jul. 31, 2018 | |
Partners' Capital | 2017 , limited partner units were beneficially owned by the following: 2018 2017 Public common unitholders (1) 69,612,939 69,612,939 Ferrell Companies (2) 22,529,361 22,529,361 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) 4,763,475 4,763,475 (1) These common units are listed on the New York Stock Exchange under the symbol “FGP.” (2) Ferrell Companies is the owner of the general partner and an approximate 23.0% direct owner of Ferrellgas Partner’s 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’ total beneficial ownership to 23.4% . (3) FCI Trading is an affiliate of the general partner and thus a related party. (4) Ferrell Propane is controlled by the general partner and thus a related party. (5) James E. Ferrell is the Interim Chief Executive Officer and President of our general partner; and is the Chairman of the Board of Directors of our general partner and a related party. JEF Capital Management owns 4,758,859 of these common units and is owned by the James E. Ferrell Revocable Trust Two and other family trusts, all of which James E. Ferrell and/or his family members are the trustees and beneficiaries. James E. Ferrell holds all voting common stock of JEF Capital Management. The remaining 4,616 common units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. Together these limited partner units represent Ferrellgas Partner’s limited partners’ interest and an effective 98% economic interest in Ferrellgas Partners, exclusive of the general partners’ incentive distribution rights. The general partner has an effective 2% interest in Ferrellgas Partners, excluding incentive distribution rights. Since ongoing distributions have not yet reached the levels required to commence payment of incentive distribution rights to the general partner, distributions to the partners from operations or interim capital transactions will generally be made in accordance with the above percentages. In liquidation, allocations and distributions will be made in accordance with each common unitholder’s positive capital account. The common units of Ferrellgas Partners represent limited partner interests in Ferrellgas Partners, which give the holders thereof the right to participate in distributions made by Ferrellgas Partners and to exercise the other rights or privileges available to such holders under the Fourth Amended and Restated Agreement of Limited Partnership of Ferrellgas Partners, L.P. dated February 18, 2003, as amended (the “Partnership Agreement”). Under the terms of the Partnership Agreement, holders of common units have limited voting rights on matters affecting the business of Ferrellgas Partners. Generally, persons owning 20% or more of Ferrellgas Partners’ outstanding common units cannot vote; however, this limitation does not apply to those common units owned by the general partner or its “affiliates,” as such term is defined in the Partnership Agreement. The Partnership Agreement allows the general partner to issue an unlimited number of additional Ferrellgas general and limited partner interests of Ferrellgas Partners for such consideration and on such terms and conditions as shall be established by the general partner without the approval of any unitholders. Partnership distributions paid by Ferrellgas Partners For the year ended July 31, 2018 2017 2016 Public common unitholders $ 27,846 $ 56,561 $ 145,666 Ferrell Companies 9,012 18,305 46,184 FCI Trading Corp. 80 160 400 Ferrell Propane, Inc. 20 41 104 James E. Ferrell 1,904 3,869 9,764 General partner 392 797 2,042 $ 39,254 $ 79,733 $ 204,160 On August 24, 2018 , Ferrellgas Partners declared a cash distribution of $0.10 per common unit for the three months ended July 31, 2018 , which was paid on September 14, 2018 . Included in this cash distribution were the following amounts paid to related parties: Ferrell Companies $ 2,253 FCI Trading Corp. 20 Ferrell Propane, Inc. 5 James E. Ferrell 476 General partner 98 See additional discussions about transactions with related parties in Note M – Transactions with related parties . Common unit repurchases During September 2016, Ferrellgas paid approximately $16.9 million to Jamex Marketing, LLC, and in return received approximately 0.9 million Ferrellgas Partners’ common units, which were cancelled upon receipt, and approximately 23 thousand barrels of crude oil. During November 2015, Ferrellgas repurchased approximately 2.4 million common units from Jamex Marketing, LLC, for approximately $45.9 million . Accumulated Other Comprehensive Income (Loss) (“AOCI”) See Note L – Derivative instruments and hedging activities – for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the years ended July 31, 2018 and 2017 . General partner’s commitment to maintain its capital account Ferrellgas’ partnership agreements allows the general partner to have an option to maintain its effective 2% general partner interest concurrent with the issuance of other additional equity. During fiscal 2018 , the general partner made non-cash contributions of $0.3 million to Ferrellgas to maintain its effective 2% general partner interest. During fiscal 2017 , the general partner made cash contributions of $1.7 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 | Partnership quarterly distributions paid Ferrellgas, L.P. has paid the following quarterly distributions. For the year ended July 31, 2018 2017 2016 Ferrellgas Partners $ 70,246 $ 102,978 $ 220,058 General partner 716 1,050 2,246 On August 24, 2018 , Ferrellgas, L.P. declared distributions for the three months ended July 31, 2018 to Ferrellgas Partners and the general partner of $9.9 million and $0.1 million , respectively, which were paid on September 14, 2018 . Other Partnership distributions During September 2016, in connection with Ferrellgas Partners' repurchase of common units, Ferrellgas, L.P distributed $15.9 million to Ferrellgas Partners. During November 2015, in connection with Ferrellgas Partners' repurchase of common units, Ferrellgas, L.P distributed $46.4 million and $0.5 million to Ferrellgas Partners and the general partner, respectively. Other partnership contributions During fiscal 2017, Ferrellgas, L.P. received cash contributions of $166.1 million and $1.7 million from Ferrellgas Partners and the general partner, respectively, which were used to reduce borrowings under the secured credit facility. See additional discussions about transactions with related parties in Note M – Transactions with related parties . Accumulated other comprehensive income (loss) (“AOCI”) See Note L – Derivative instruments and hedging activities – for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the years ended July 31, 2018 and 2017 . 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 fiscal 2018 , the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During fiscal 2017 , the general partner made cash contributions of $1.7 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 | 12 Months Ended |
Jul. 31, 2018 | |
Fair Value Measurements | Derivative Financial Instruments The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of July 31, 2018 and 2017 : 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 July 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 22,470 $ — $ 22,470 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (1,910 ) $ — $ (1,910 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) Methodology The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. Other Financial Instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of various note receivable financial instruments classified in "Other assets, net" on the consolidated balance sheet, are approximately $23.3 million , or $4.2 million less than its carrying amount as of July 31, 2018 . The estimated fair value of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At July 31, 2018 and July 31, 2017 , the estimated fair value of Ferrellgas’ long-term debt instruments was $1,935.1 million and $1,966.6 million , respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of Ferrellgas' 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 | Derivative Financial Instruments The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of July 31, 2018 and 2017 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total July 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 22,470 $ — $ 22,470 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (1,910 ) $ — $ (1,910 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) Methodology The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. Other Financial Instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of various note receivable financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $23.3 million , or $4.2 million less than its carrying amount as of July 31, 2018 . The estimated fair value of the Jamex note receivable was calculated using a discounted cash flow method which relied on significant unobservable inputs. At July 31, 2018 and July 31, 2017 , the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,591.5 million and $1,645.3 million , respectively. Ferrellgas, L.P. estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas, L.P. has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jul. 31, 2018 | |
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. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments neither qualified nor were designated as cash flow hedges, therefore, the change in their fair value are recorded currently in earnings. Ferrellgas may periodically utilize derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the year ended July 31, 2018 and 2017 , Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives within Ferrellgas’ consolidated balance sheets as of July 31, 2018 and 2017 : July 31, 2018 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 $ 17,123 Other current liabilities $ 1,832 Commodity derivatives-propane Other assets, net 5,347 Other liabilities 78 Total $ 22,470 Total $ 1,910 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 Ferrellgas' exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of July 31, 2018 and July 31, 2017 , respectively: July 31, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 2,851 Other current liabilities $ 12,308 Other assets, net 927 Other liabilities 4,235 $ 3,778 $ 16,543 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 During fiscal 2018, Ferrellgas terminated the interest rate swaps that were designated as a fair value hedging instrument and cash flow hedging instrument. Upon termination, Ferrellgas paid the counterparty $4.2 million . Since the interest rate swap designated as a fair value hedging instrument that was terminated involves a hedge of an interest-bearing liability, the senior notes due May 1, 2021 , Ferrellgas capitalized the fair value of the hedge at termination of $4.2 million and will amortize the balance on a straight-line basis to interest expense over the remaining useful life of the hedged item, the 2021 Notes. For information on the interest rate swap terminations, see Note I – Debt . The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2018 , 2017 and 2016 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the year ended July 31, For the year ended July 31, 2018 2017 2016 2018 2017 2016 Interest rate swap agreements Interest expense $ 266 $ 1,319 $ 1,919 $ (6,825 ) $ (9,100 ) $ (9,100 ) The following tables provide a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2018 , 2017 and 2016 due to derivatives designated as cash flow hedging instruments: For the year ended July 31, 2018 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 30,231 Cost of product sold- propane and other gas liquids sales $ 24,714 $ — Interest rate swap agreements — Interest expense (395 ) — $ 30,231 $ 24,319 $ — For the year ended July 31, 2017 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 21,659 Cost of product sold- propane and other gas liquids sales $ 154 $ — Interest rate swap agreements 866 Interest expense (2,092 ) — $ 22,525 $ (1,938 ) $ — For the year ended July 31, 2016 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 4,409 Cost of product sold- propane and other gas liquids sales $ (24,438 ) $ — Interest rate swap agreements (2,620 ) Interest expense (2,864 ) — $ 1,789 $ (27,302 ) $ — The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the year ended July 31, 2018 , 2017 and 2016 due to the change in fair value of derivatives not designated as hedging instruments: For the year ended July 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the year ended July 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ (425 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,090 Operating expense For the year ended July 31, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ 1,084 Cost of sales - midstream operations Commodity derivatives - vehicle fuel (4,351 ) Operating expense The changes in derivatives included in accumulated other comprehensive income (loss) (“AOCI”) for the years ended July 31, 2018 , 2017 and 2016 were as follows: For the year ended July 31, Gains and losses on derivatives included in AOCI 2018 2017 2016 Beginning balance $ 14,648 $ (9,815 ) $ (38,906 ) Change in value on risk management commodity derivatives 30,231 21,659 4,409 Reclassification of (gains) and losses of commodity hedges to cost of product sold - propane and other gas liquids sales, net (24,714 ) (154 ) 24,438 Change in value on risk management interest rate derivatives — 866 (2,620 ) Reclassification of (gains) and losses on interest rate hedges to interest expense 395 2,092 2,864 Ending balance $ 20,560 $ 14,648 $ (9,815 ) Ferrellgas expects to reclassify net gains of approximately $15.3 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sale exception. During the years ended July 31, 2018 , 2017 and 2016, Ferrellgas had no reclassifications to operations resulting from discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of July 31, 2018 , Ferrellgas had financial derivative contracts covering 2.9 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative Financial Instruments Credit Risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduce its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parental guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at July 31, 2018 , 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 $5.7 million . From time to time Ferrellgas enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas' debt rating. There were no open derivatives with credit-risk-related contingent features as of July 31, 2018 . |
Ferrellgas, L.P. [Member] | |
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. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas, L.P. may periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the year ended July 31, 2018 and 2017 , Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives within Ferrellgas, L.P.’s consolidated balance sheets as of July 31, 2018 and 2017 : July 31, 2018 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 $ 17,123 Other current liabilities $ 1,832 Commodity derivatives-propane Other assets, net 5,347 Other liabilities 78 Total $ 22,470 Total $ 1,910 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 Ferrellgas, L.P.'s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas, L.P. for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of July 31, 2018 and July 31, 2017 , respectively: July 31, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 2,851 Other current liabilities $ 12,308 Other assets, net 927 Other liabilities 4,235 $ 3,778 $ 16,543 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 During fiscal 2018, Ferrellgas, L.P. terminated the interest rate swaps that were designated as a fair value hedging instrument and cash flow hedging instrument. Upon termination, Ferrellgas, L.P. paid the counterparty $4.2 million . Since the interest rate swap designated as a fair value hedging instrument that was terminated involves a hedge of an interest-bearing liability, the senior notes due May 1, 2021 , Ferrellgas, L.P. capitalized the fair value of the hedge at termination of $4.2 million and will amortize the balance on a straight-line basis to interest expense over the remaining useful life of the hedged item, the 2021 Notes. For information on the interest rate swap terminations, see Note I – Debt . The following table provides a summary of the effect on Ferrellgas, L.P.’s consolidated statements of comprehensive income for the years ended July 31, 2018 , 2017 and 2016 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the year ended July 31, For the year ended July 31, 2018 2017 2016 2018 2017 2016 Interest rate swap agreements Interest expense $ 266 $ 1,319 $ 1,919 $ (6,825 ) $ (9,100 ) $ (9,100 ) The following tables provide a summary of the effect on Ferrellgas, L.P.'s consolidated statements of comprehensive income for the years ended July 31, 2018 , 2017 and 2016 due to derivatives designated as cash flow hedging instruments: For the year ended July 31, 2018 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 30,231 Cost of product sold- propane and other gas liquids sales $ 24,714 $ — Interest rate swap agreements — Interest expense (395 ) — $ 30,231 $ 24,319 $ — For the year ended July 31, 2017 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 21,659 Cost of product sold- propane and other gas liquids sales $ 154 $ — Interest rate swap agreements 866 Interest expense (2,092 ) — $ 22,525 $ (1,938 ) $ — For the year ended July 31, 2016 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 4,409 Cost of product sold- propane and other gas liquids sales $ (24,438 ) $ — Interest rate swap agreements (2,620 ) Interest expense (2,864 ) — $ 1,789 $ (27,302 ) $ — The following table provides a summary of the effect on Ferrellgas, L.P.'s consolidated statements of comprehensive income for the year ended July 31, 2018 , 2017 and 2016 due to the change in fair value of derivatives not designated as hedging instruments: For the year ended July 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the year ended July 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ (425 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,090 Operating expense For the year ended July 31, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ 1,084 Cost of sales - midstream operations Commodity derivatives - vehicle fuel (4,351 ) Operating expense The changes in derivatives included in accumulated other comprehensive income (loss) (“AOCI”) for the years ended July 31, 2018 , 2017 and 2016 were as follows: For the year ended July 31, Gains and losses on derivatives included in AOCI 2018 2017 2016 Beginning balance $ 14,648 $ (9,815 ) $ (38,906 ) Change in value on risk management commodity derivatives 30,231 21,659 4,409 Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales, net (24,714 ) (154 ) 24,438 Change in value on risk management interest rate derivatives — 866 (2,620 ) Reclassification of gains and losses on interest rate hedges to interest expense 395 2,092 2,864 Ending balance $ 20,560 $ 14,648 $ (9,815 ) Ferrellgas, L.P. expects to reclassify net gains of approximately $15.3 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sale exception. During the years ended July 31, 2018 , 2017 and 2016 , Ferrellgas, L.P. had no reclassifications to operations resulting from discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of July 31, 2018 , Ferrellgas, L.P. had financial derivative contracts covering 2.9 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative Financial Instruments Credit Risk Ferrellgas, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parental guarantees or cash. Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at July 31, 2018 , 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 $5.7 million . From time to time Ferrellgas, L.P. enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.’s debt rating. There were no open derivative contracts with credit-risk-related contingent features as of July 31, 2018 . |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Jul. 31, 2018 | |
Related Party Transactions Disclosure [Text Block] | 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 consolidated statements of operations as follows: For the year ended July 31, 2018 2017 2016 Operating expense $ 243,407 $ 228,969 $ 230,437 General and administrative expense $ 28,282 $ 31,068 $ 30,239 During the period in which Jamex Marketing, LLC owned at least 5% of the outstanding common units, we entered into the following transactions: on November 13, 2015, we repurchased approximately 2.4 million common units from Jamex Marketing, LLC, for approximately $45.9 million ; and, pursuant to the Jamex TLA, Bridger provided crude oil logistics services for Jamex Marketing, LLC, including the purchase, sale, transportation and storage of crude oil by truck, terminal and pipeline. During 2016, Ferrellgas' total revenues from Jamex was $62.6 million . During 2016, Ferrellgas' total cost of sales from Jamex was $3.4 million . Jamex Marketing, LLC did not own 5% or more of Ferrellgas' outstanding common units during 2018, thus they are not disclosed as a related party during the year. See additional discussions about transactions with the general partner and related parties in Note J – Partners' deficit . |
Ferrellgas, L.P. [Member] | |
Related Party Transactions Disclosure [Text Block] | 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 consolidated statements of operations as follows: For the year ended July 31, 2018 2017 2016 Operating expense $ 243,407 $ 228,969 $ 230,437 General and administrative expense $ 28,282 $ 31,068 $ 30,239 During the period in which Jamex Marketing, LLC owned at least 5% of the outstanding common units, we entered into the following transactions: on November 13, 2015, we repurchased approximately 2.4 million common units from Jamex Marketing, LLC, for approximately $45.9 million ; and, pursuant to the Jamex TLA, Bridger provided crude oil logistics services for Jamex Marketing, LLC, including the purchase, sale, transportation and storage of crude oil by truck, terminal and pipeline. During 2016 , Ferrellgas' L.P.'s total revenues from Jamex was $62.6 million . During 2016 , Ferrellgas' L.P.'s total cost of sales from Jamex was $3.4 million . Jamex Marketing, LLC did not own 5% or more of Ferrellgas Partners' outstanding common units during 2017, thus they are not disclosed as a related party. See additional discussions about transactions with the general partner and related parties in Note J – Partners' deficit . |
Contingencies And Commitments
Contingencies And Commitments | 12 Months Ended |
Jul. 31, 2018 | |
Contingencies And Commitments | Litigation Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas. Ferrellgas has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. 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 has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas and several current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit and the parties are preparing appellate briefs. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas believes that it has defenses and will vigorously defend these cases. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions. Ferrellgas and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“Bridger”). The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, Ferrellgas entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. Long-term debt-related commitments Ferrellgas has long and short-term payment obligations under agreements such as senior notes and its secured credit facility. See Note I – Debt – for a description of these debt obligations and a schedule of future maturities. Operating lease commitments and buyouts Ferrellgas leases certain property, plant and equipment under non-cancelable and cancelable operating leases. Amounts shown in the table below represent minimum lease payment obligations under Ferrellgas’ third-party operating leases with terms in excess of one year for the periods indicated. These arrangements include the leasing of transportation equipment, property, computer equipment and propane tanks. Ferrellgas accounts for these arrangements as operating leases. Ferrellgas is required to recognize a liability for the fair value of guarantees. The only material guarantees Ferrellgas has are associated with residual value guarantees of operating leases. Most of the operating leases involving Ferrellgas’ transportation equipment contain residual value guarantees. These transportation equipment lease arrangements are scheduled to expire over the next seven fiscal years. Most of these arrangements provide that the fair value of the equipment will equal or exceed a guaranteed amount, or Ferrellgas will be required to pay the lessor the difference. The fair value of these residual value guarantees was $1.4 million as of July 31, 2018 . Although the fair values of the underlying equipment at the end of the lease terms have historically exceeded these guaranteed amounts, the maximum potential amount of aggregate future payments Ferrellgas could be required to make under these leasing arrangements, assuming the equipment is worthless at the end of the lease term, was $8.5 million as of July 31, 2018 . Ferrellgas does not know of any event, demand, commitment, trend or uncertainty that would result in a material change to these arrangements. Operating lease buyouts represent the maximum amount Ferrellgas would pay if it were to exercise its right to buyout the assets at the end of their lease term. The following table summarizes Ferrellgas’ contractual operating lease commitments and buyout obligations as of July 31, 2018 : Future minimum rental and buyout amounts by fiscal year 2019 2020 2021 2022 2023 Thereafter Operating lease obligations $ 42,356 $ 33,137 $ 26,142 $ 19,173 $ 13,867 $ 16,624 Operating lease buyouts $ 3,884 $ 3,131 $ 3,526 $ 6,035 $ 3,527 $ 8,540 Rental expense under these leases totaled $50.7 million , $50.0 million and $49.2 million for fiscal 2018 , 2017 and 2016 , respectively. Exit costs During the year ended July 31, 2018, Ferrellgas recognized exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to the various Midstream dispositions described in Note D – Acquisitions, dispositions and other significant transactions , and for which Ferrellgas does not anticipate any future economic benefit. The $11.8 million charge was recorded in “cost of sales - midstream operations” in the consolidated statements of operations. The following provides the activity in the exit costs liability included in "Other liabilities" within the consolidated balance sheets: Contract exit costs July 31, 2017 $ — Net expense 11,804 Cash payments and other — July 31, 2018 $ 11,804 |
Ferrellgas Partners 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. The senior unsecured notes contain various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. As of July 31, 2018 , the Partnership is in compliance with all requirements, tests, limitations and covenants related to this debt agreement, except for the consolidated fixed charge coverage ratio. The indenture governing the outstanding notes of the Partnership includes a consolidated fixed charge coverage ratio test for the incurrence of debt and the making of restricted payments. This covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas Partners be at least 1.75 x before a restricted payment (as defined in the indenture) can be made by Ferrellgas Partners. If this ratio were to drop below 1.75 x, the indenture allows Ferrellgas Partners to make restricted payments of up to $50.0 million in total over a 16 quarter period while below this ratio. As of July 31, 2018 , the ratio was 1.47 x. As a result, the $9.8 million distribution paid to common unitholders on September 14, 2018 was taken from the $50.0 million restricted payment limitation, which after considering the $9.8 million deductions taken from the restricted payment limitation as a result of each of the distributions paid in September 2017, December 2017, March 2018 and June 2018, leaves approximately $1.0 million for future restricted payments. Unless the indenture governing the outstanding notes is amended or refinanced, if our consolidated fixed charge coverage ratio does not improve to at least 1.75 x and we continue our current quarterly distribution rate of $0.10 per common unit, this covenant will not allow us to make common unit distributions for our quarter ending October 31, 2018 and beyond. Ferrellgas Partners is presently considering potential solutions to cure the limitation on distributions under the consolidated fixed charge coverage ratio related to the outstanding unsecured bonds due in June 2020. The potential solutions, among others, include a refinancing or a transaction to exchange new bonds for some or all of the bonds due June 2020. |
Ferrellgas, L.P. [Member] | |
Contingencies And Commitments | Litigation Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas. Ferrellgas has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. 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 has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas and several current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit and the parties are preparing appellate briefs. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas believes that it has defenses and will vigorously defend these cases. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions. Ferrellgas and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“Bridger”). The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, Ferrellgas entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. Long-term debt-related commitments Ferrellgas, L.P. has long and short-term payment obligations under agreements such as senior notes and its credit facility. See Note I – Debt – for a description of these debt obligations and a schedule of future maturities. Operating lease commitments and buyouts Ferrellgas, L.P. leases certain property, plant and equipment under non-cancelable and cancelable operating leases. Amounts shown in the table below represent minimum lease payment obligations under Ferrellgas, L.P.’s third-party operating leases with terms in excess of one year for the periods indicated. These arrangements include the leasing of transportation equipment, property, computer equipment and propane tanks. Ferrellgas, L.P. accounts for these arrangements as operating leases. Ferrellgas, L.P. is required to recognize a liability for the fair value of guarantees. The only material guarantees Ferrellgas, L.P. has are associated with residual value guarantees of operating leases. Most of the operating leases involving Ferrellgas, L.P.’s transportation equipment contain residual value guarantees. These transportation equipment lease arrangements are scheduled to expire over the next seven fiscal years. Most of these arrangements provide that the fair value of the equipment will equal or exceed a guaranteed amount, or Ferrellgas, L.P. will be required to pay the lessor the difference. The fair value of these residual value guarantees was $1.4 million as of July 31, 2018 . Although the fair values of the underlying equipment at the end of the lease terms have historically exceeded these guaranteed amounts, the maximum potential amount of aggregate future payments Ferrellgas, L.P. could be required to make under these leasing arrangements, assuming the equipment is worthless at the end of the lease term, was $8.5 million as of July 31, 2018 . Ferrellgas, L.P. does not know of any event, demand, commitment, trend or uncertainty that would result in a material change to these arrangements. Operating lease buyouts represent the maximum amount Ferrellgas, L.P. would pay if it were to exercise its right to buyout the assets at the end of their lease term. The following table summarizes Ferrellgas, L.P.’s contractual operating lease commitments and buyout obligations as of July 31, 2018 : Future minimum rental and buyout amounts by fiscal year 2019 2020 2021 2022 2023 Thereafter Operating lease obligations $ 42,356 $ 33,137 $ 26,142 $ 19,173 $ 13,867 $ 16,624 Operating lease buyouts $ 3,884 $ 3,131 $ 3,526 $ 6,035 $ 3,527 $ 8,540 Rental expense under these leases totaled $50.7 million , $50.0 million and $49.2 million for fiscal 2018 , 2017 and 2016 , respectively. Exit costs During the year ended July 31, 2018, Ferrellgas recognized exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to the various Midstream dispositions described in Note D – Acquisitions, dispositions and other significant transactions , and for which Ferrellgas does not anticipate any future economic benefit. The $11.8 million charge was recorded in “cost of sales - midstream operations” in the consolidated statements of operations. The following provides the activity in the exit costs liability included in "Other liabilities" within the consolidated balance sheets: Contract exit costs July 31, 2017 $ — Net expense 11,804 Cash payments and other — July 31, 2018 $ 11,804 |
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. The senior notes agreements contain various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. As of July 31, 2018 , the Partnership is in compliance with all requirements, tests, limitations and covenants related to these debt agreements. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Jul. 31, 2018 | |
Employee Benefits | Ferrellgas has no employees and is managed and controlled by its general partner. Ferrellgas assumes all liabilities, which include specific liabilities related to the following employee benefit plans for the benefit of the officers and employees of the general partner. Ferrell Companies makes contributions to the employee stock ownership trust ("ESOT"), which causes a portion of the shares of Ferrell Companies owned by the ESOT to be allocated to employees’ accounts over time. The allocation of Ferrell Companies’ shares to employee accounts causes a non-cash compensation charge to be incurred by Ferrellgas, equivalent to the fair value of such shares allocated. This non-cash compensation charge is reported separately in Ferrellgas’ consolidated statements of operations and thus excluded from operating and general and administrative expenses. The non-cash compensation charges were $13.9 million , $15.1 million and $27.6 million during fiscal 2018 , 2017 and 2016 , respectively. Ferrellgas is not obligated to fund or make contributions to the ESOT. The general partner and its parent, Ferrell Companies, have a defined contribution profit-sharing plan which includes both profit sharing and matching contribution features. The plan covers substantially all full time employees. The plan, which qualifies under section 401(k) of the Internal Revenue Code, also provides for matching contributions under a cash or deferred arrangement based upon participant salaries and employee contributions to the plan. Matching contributions for fiscal 2018 , 2017 and 2016 were $3.7 million , $4.2 million and $4.0 million , respectively. The general partner has a defined benefit plan that provides participants who were covered under a previously terminated plan with a guaranteed retirement benefit at least equal to the benefit they would have received under the terminated plan. Until July 31, 1999, benefits under the terminated plan were determined by years of credited service and salary levels. As of July 31, 1999, years of credited service and salary levels were frozen. The general partner’s funding policy for this plan is to contribute amounts deductible for Federal income tax purposes and invest the plan assets primarily in corporate stocks and bonds, U.S. Treasury bonds and short-term cash investments. During fiscal 2018 , 2017 and 2016 , other comprehensive income and other liabilities were adjusted by $0.1 million , $0.5 million and $(0.3) million , respectively. |
Ferrellgas, L.P. [Member] | |
Employee Benefits | Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Ferrellgas, L.P. assumes all liabilities, which include specific liabilities related to the following employee benefit plans for the benefit of the officers and employees of the general partner. Ferrell Companies makes contributions to the employee stock ownership trust ("ESOT"), which causes a portion of the shares of Ferrell Companies owned by the ESOT to be allocated to employees’ accounts over time. The allocation of Ferrell Companies’ shares to employee accounts causes a non-cash compensation charge to be incurred by Ferrellgas, L.P., equivalent to the fair value of such shares allocated. This non-cash compensation charge is reported separately in Ferrellgas, L.P.’s consolidated statements of operations and thus excluded from operating and general and administrative expenses. The non-cash compensation charges were $13.9 million , $15.1 million and $27.6 million during fiscal 2018 , 2017 and 2016 , respectively. Ferrellgas, L.P. is not obligated to fund or make contributions to the ESOT. The general partner and its parent, Ferrell Companies, have a defined contribution profit-sharing plan which includes both profit sharing and matching contribution features. The plan covers substantially all full time employees. The plan, which qualifies under section 401(k) of the Internal Revenue Code, also provides for matching contributions under a cash or deferred arrangement based upon participant salaries and employee contributions to the plan. Matching contributions for fiscal 2018 , 2017 and 2016 were $3.7 million , $4.2 million and $4.0 million , respectively. The general partner has a defined benefit plan that provides participants who were covered under a previously terminated plan with a guaranteed retirement benefit at least equal to the benefit they would have received under the terminated plan. Until July 31, 1999, benefits under the terminated plan were determined by years of credited service and salary levels. As of July 31, 1999, years of credited service and salary levels were frozen. The general partner’s funding policy for this plan is to contribute amounts deductible for Federal income tax purposes and invest the plan assets primarily in corporate stocks and bonds, U.S. Treasury bonds and short-term cash investments. During fiscal 2018 , 2017 and 2016 , other comprehensive income and other liabilities were adjusted by $0.1 million , $0.5 million and $(0.3) million , respectively. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 12 Months Ended |
Jul. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Common Unitholders' Interest | Below is a calculation of the basic and diluted net earnings per common unitholders’ interest in the consolidated statements of operations for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net loss per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. Due to the seasonality of Ferrellgas' 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 not a dilutive effect resulting from this guidance on basic and diluted net earnings per common unitholders’ interest for fiscal 2018 , 2017 and 2016 . In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in the Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, in periods with net losses, there are no dilutive securities. For the year ended July 31, 2018 2017 2016 Common unitholders’ interest in net loss $ (252,035 ) $ (53,665 ) $ (658,761 ) Weighted average common units outstanding (in thousands) 97,152.7 97,229.5 98,682.8 Dilutive securities — — — Weighted average common units outstanding plus dilutive securities 97,152.7 97,229.5 98,682.8 Basic and diluted net loss per common unitholders’ interest $ (2.59 ) $ (0.55 ) $ (6.68 ) |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting | 12 Months Ended |
Jul. 31, 2018 | |
Segment Reporting Disclosure | As of July 31, 2018, Ferrellgas has one reportable operating segment: propane operations and related equipment sales. All remaining activities are included in Corporate and other. (See Note D – Acquisitions, dispositions and other significant transactions .) The chief operating decision maker evaluates the operating segments using an Adjusted EBITDA performance measure which is based on earnings (loss) before income tax expense (benefit), interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, asset impairments, loss sale of assets and disposals, other income (expense), net, change in fair value of contingent consideration, severance costs, litigation fees and settlements, acquisition and transition expenses, unrealized (non-cash) losses (gains) on changes in fair value of derivatives not designated as hedging instruments, exit costs associated with contracts related to the Midstream dispositions and net earnings (loss) attributable to noncontrolling interests. 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 loss attributable to Ferrellgas Partners L.P., which is its nearest comparable GAAP measure, is included in the tables below. In management's evaluation of performance, certain costs, such as compensation for 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 – Summary of significant accounting policies . Assets reported within a segment are those assets that can be identified to a segment and primarily consist of trade receivables, property, plant and equipment, inventories, identifiable intangible assets and goodwill. Cash, certain prepaid assets and other assets are not allocated to segments. Although Ferrellgas can and does identify long-lived assets such as property, plant and equipment and identifiable intangible assets to reportable segments, Ferrellgas does not allocate the related depreciation and amortization to the segment as management evaluates segment performance exclusive of these non-cash charges. The propane operations 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. Until April 2018, Ferrellgas reported two reportable segments which included propane operations and related equipment sales segment and midstream operations. During July 2018, Ferrellgas sold substantially all of the midstream operations. As a result of a change in the way management is evaluating results and allocating resources, results of the Midstream operations business are now included in the Corporate and other operations for all periods presented and our only reportable segment is Propane operations and related equipment sales. Following is a summary of segment information for the years ended July 31, 2018 , 2017 and 2016. Year Ended July 31, 2018 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,790,823 $ 282,319 $ 2,073,142 Direct costs (1) 1,514,755 316,468 1,831,223 Adjusted EBITDA $ 276,068 $ (34,149 ) $ 241,919 Year Ended July 31, 2017 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,463,574 $ 466,703 $ 1,930,277 Direct costs (1) 1,198,150 502,064 1,700,214 Adjusted EBITDA $ 265,424 $ (35,361 ) $ 230,063 Year Ended July 31, 2016 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,414,129 $ 625,238 $ 2,039,367 Direct costs (1) 1,127,382 567,255 1,694,637 Adjusted EBITDA $ 286,747 $ 57,983 $ 344,730 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales-other", "cost of sales-midstream operations", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance charge", "litigation fees and settlements", "non-cash stock compensation charge", "asset impairments", "change in fair value of contingent consideration", "acquisition and transition expenses", "exit costs associated with contracts related to the Midstream dispositions" and "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments". Following is a reconciliation of Ferrellgas' total segment performance measure to consolidated net earnings: Year Ended July 31, 2018 2017 2016 Net loss attributable to Ferrellgas Partners, L.P. $ (254,581 ) $ (54,207 ) $ (665,415 ) Income tax benefit (2,678 ) (1,143 ) (36 ) Interest expense 168,467 152,485 137,937 Depreciation and amortization expense 101,795 103,351 150,513 EBITDA 13,003 200,486 (377,001 ) Non-cash employee stock ownership plan compensation charge 13,859 15,088 27,595 Non-cash stock-based compensation charge — 3,298 9,324 Asset impairments 10,005 — 658,118 Loss on asset sales and disposals 187,399 14,457 30,835 Other income, net (928 ) (1,474 ) (110 ) Change in fair value of contingent consideration — — (100 ) Severance costs 1,663 1,959 1,453 Litigation fees and settlements 6,065 — — Acquisition and transition expenses — — 99 Unrealized (non-cash) loss (gains) on changes in fair value of derivatives 1,293 (3,457 ) 1,137 Exit costs associated with contracts - Midstream dispositions 11,804 — — Net loss attributable to noncontrolling interest (2,244 ) (294 ) (6,620 ) Adjusted EBITDA $ 241,919 $ 230,063 $ 344,730 Following are total assets by segment: July 31, July 31, 2018 2017 Assets Propane operations and related equipment sales $ 1,196,084 $ 1,194,905 Corporate and other 167,197 415,064 Total consolidated assets $ 1,363,281 $ 1,609,969 Following are capital expenditures by segment (unaudited): Year Ended July 31, 2018 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 23,979 $ 3,584 $ 27,563 Growth 51,229 1,255 52,484 Total $ 75,208 $ 4,839 $ 80,047 Year Ended July 31, 2017 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 13,330 $ 3,808 $ 17,138 Growth 28,912 315 29,227 Total $ 42,242 $ 4,123 $ 46,365 Year Ended July 31, 2016 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 13,487 $ 3,390 $ 16,877 Growth 32,906 63,152 96,058 Total $ 46,393 $ 66,542 $ 112,935 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Disclosure | As of July 31, 2018, Ferrellgas, L.P. has one reportable operating segment: propane operations and related equipment sales. All remaining activities are included in Corporate and other. (See Note D – Acquisitions, dispositions and other significant transactions .) The chief operating decision maker evaluates the operating segments using an Adjusted EBITDA performance measure which is based on earnings (loss) before income tax expense (benefit), interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, asset impairments, loss on asset sales and disposals, other income (expense), net, change in fair value of contingent consideration, severance costs, litigation fees and settlements, acquisition and transition expenses, unrealized (non-cash) losses (gains) on changes in fair value of derivatives not designated as hedging instruments and exit costs associated with contracts related to the Midstream dispositions. 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, certain costs, such as compensation for 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 – Summary of significant accounting policies . Assets reported within a segment are those assets that can be identified to a segment and primarily consist of trade receivables, property, plant and equipment, inventories, identifiable intangible assets and goodwill. Cash, certain prepaid assets and other assets are not allocated to segments. Although Ferrellgas, L.P. can and does identify long-lived assets such as property, plant and equipment and identifiable intangible assets to reportable segments, Ferrellgas, L.P. does not allocate the related depreciation and amortization to the segment as management evaluates segment performance exclusive of these non-cash charges. The propane operations 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. Until April 2018, Ferrellgas, L.P. reported two reportable segments which included propane operations and related equipment sales segment and the midstream operations segment. During July 2018, Ferrellgas, L.P. sold substantially all of the midstream operations. As a result of a change in the way management is evaluating results and allocating resources, results of the midstream operations business are now included in the Corporate and other operations for all periods presented and our only reportable segment is Propane operations and related equipment sales. Following is a summary of segment information for the years ended July 31, 2018 , 2017 and 2016 . Year Ended July 31, 2018 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,790,823 $ 282,319 $ 2,073,142 Direct costs (1) 1,514,755 316,331 1,831,086 Adjusted EBITDA $ 276,068 $ (34,012 ) $ 242,056 Year Ended July 31, 2017 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,463,574 $ 466,703 $ 1,930,277 Direct costs (1) 1,198,150 501,925 1,700,075 Adjusted EBITDA $ 265,424 $ (35,222 ) $ 230,202 Year Ended July 31, 2016 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,414,129 $ 625,238 $ 2,039,367 Direct costs (1) 1,127,382 566,735 1,694,117 Adjusted EBITDA $ 286,747 $ 58,503 $ 345,250 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales-other", "cost of sales-midstream operations", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance charge", "litigation fees and settlements", "non-cash stock compensation charge", "asset impairments", "change in fair value of contingent consideration", "acquisition and transition expenses", "exit costs associated with contracts related to the Midstream dispositions" and "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments". Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to consolidated net earnings: Year Ended July 31 2018 2017 2016 Net loss $ (222,146 ) $ (29,059 ) $ (655,391 ) Income tax benefit (2,699 ) (1,149 ) (41 ) Interest expense 133,946 127,188 121,818 Depreciation and amortization expense 101,795 103,351 150,513 EBITDA 10,896 200,331 (383,101 ) Non-cash employee stock ownership plan compensation charge 13,859 15,088 27,595 Non-cash stock-based compensation charge — 3,298 9,324 Asset impairments 10,005 — 658,118 Loss on asset sales and disposals 187,399 14,457 30,835 Other income, net (928 ) (1,474 ) (110 ) Change in fair value of contingent consideration — — (100 ) Severance costs 1,663 1,959 1,453 Litigation fees and settlements 6,065 — — Acquisition and transition expenses — — 99 Unrealized (non-cash) loss (gains) on changes in fair value of derivatives 1,293 (3,457 ) 1,137 Exit costs associated with contracts - Midstream dispositions 11,804 — — Adjusted EBITDA $ 242,056 $ 230,202 $ 345,250 Following are total assets by segment: July 31, July 31, 2018 2017 Assets Propane operations and related equipment sales $ 1,196,084 $ 1,194,905 Corporate and other 167,162 415,043 Total consolidated assets $ 1,363,246 $ 1,609,948 Following are capital expenditures by segment (unaudited): Year Ended July 31, 2018 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 23,979 $ 3,584 $ 27,563 Growth 51,229 1,255 52,484 Total $ 75,208 $ 4,839 $ 80,047 Year Ended July 31, 2017 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 13,330 $ 3,808 $ 17,138 Growth 28,912 315 29,227 Total $ 42,242 $ 4,123 $ 46,365 Year Ended July 31, 2016 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 13,487 $ 3,390 $ 16,877 Growth 32,906 63,152 96,058 Total $ 46,393 $ 66,542 $ 112,935 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Jul. 31, 2018 | |
Quarterly Data | The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas considers necessary for a fair presentation. Due to the seasonality of the propane distribution business, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales, Net earnings (loss) attributable to Ferrellgas Partners and common unitholders’ interest in net earnings (loss) are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. The sum of basic and diluted net earnings (loss) per common unitholders’ interest by quarter may not equal the basic and diluted net earnings (loss) per common unitholders’ interest for the year due to variations in the weighted average units outstanding used in computing such amounts. For the year ended July 31, 2018 First quarter Second quarter Third quarter Fourth quarter Revenues $ 454,655 $ 755,156 $ 515,810 $ 347,521 Gross margin from propane and other gas liquids sales (a) 123,243 229,321 190,883 126,115 Gross margin from midstream operations (b) 12,635 10,209 8,077 (4,161 ) Net earnings (loss) (c) (48,316 ) (1,774 ) 11,062 (217,797 ) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (47,915 ) (1,843 ) 10,861 (215,684 ) Common unitholders’ interest in net earnings (loss) (47,436 ) (1,824 ) 10,752 (213,527 ) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.49 ) $ (0.02 ) $ 0.11 $ (2.20 ) For the year ended July 31, 2017 First quarter Second quarter Third quarter Fourth quarter Revenues $ 379,542 $ 579,250 $ 538,109 $ 433,376 Gross margin from propane and other gas liquids sales (a) 123,187 202,346 171,950 126,774 Gross margin from midstream operations (b) 13,402 9,763 7,909 6,190 Net earnings (loss) (43,471 ) 38,528 6,691 (56,249 ) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (43,073 ) 38,098 6,536 (55,768 ) Common unitholders’ interest in net earnings (loss) (42,642 ) 37,717 6,470 (55,210 ) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.44 ) $ 0.39 $ 0.07 $ (0.57 ) For the year ended July 31, 2016 First quarter Second quarter Third quarter Fourth quarter Revenues $ 471,146 $ 649,238 $ 509,472 $ 409,511 Gross margin from propane and other gas liquids sales (a) 123,550 202,027 186,668 125,690 Gross margin from midstream operations (b) 40,066 39,890 33,572 40,476 Net earnings (loss) (c) (80,566 ) 57,755 18,918 (668,142 ) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (79,793 ) 57,127 18,685 (661,434 ) Common unitholders’ interest in net earnings (loss) (78,995 ) 56,556 18,498 (654,820 ) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.79 ) $ 0.58 $ 0.19 $ (6.68 ) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Gross margin from "Midstream operations" represents "Revenues - midstream operations" less "Cost of sales - midstream operations." (c) Includes asset impairment charges of $10.0 million in the second quarter of fiscal 2018 and $29.3 million and $628.8 million in the first and fourth quarters of fiscal 2016, respectively. |
Ferrellgas, L.P. [Member] | |
Quarterly Data | The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas, L.P. considers necessary for a fair presentation. Due to the seasonality of the propane distribution business, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales and Net earnings are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. For the year ended July 31, 2018 First quarter Second quarter Third quarter Fourth quarter Revenues $ 454,655 $ 755,156 $ 515,810 $ 347,521 Gross margin from propane and other gas liquids sales (a) 123,243 229,321 190,883 126,115 Gross margin from midstream operations (b) 12,635 10,209 8,077 (4,161 ) Net earnings (loss) (c) $ (39,699 ) $ 6,847 $ 19,840 $ (209,134 ) For the year ended July 31, 2017 First quarter Second quarter Third quarter Fourth quarter Revenues $ 379,542 $ 579,250 $ 538,109 $ 433,376 Gross margin from propane and other gas liquids sales (a) 123,187 202,346 171,950 126,774 Gross margin from midstream operations (b) 13,402 9,763 7,909 6,190 Net earnings (loss) $ (39,440 ) $ 42,600 $ 15,395 $ (47,614 ) For the year ended July 31, 2016 First quarter Second quarter Third quarter Fourth quarter Revenues $ 471,146 $ 649,238 $ 509,472 $ 409,511 Gross margin from propane and other gas liquids sales (a) 123,550 202,027 186,668 125,690 Gross margin from midstream operations (b) 40,066 39,890 33,572 40,476 Net earnings (loss) (c) $ (76,536 ) $ 62,187 $ 23,049 $ (664,091 ) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Gross margin from "Midstream operations" represents "Revenues - midstream operations" less "Cost of sales - midstream operations." (c) Includes asset impairment charges of $10.0 million in the second quarter of fiscal 2018 and $29.3 million and $628.8 million in the first and fourth quarters of fiscal 2016, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2018 | |
Ferrellgas Partners Finance Corp. [Member] | |
Income Taxes | Income taxes Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $7,188 associated with the net operating loss carryforward of $26,621 generated prior to fiscal 2018, which expire at various dates through July 31, 2037 , a valuation allowance has been provided on the full amount of the deferred tax asset. The net operating loss carryforwards generated during and after fiscal 2018 are carried forward indefinitely. Accordingly, there is no net deferred tax benefit for fiscal 2018 , 2017 or 2016 , and there is no net deferred tax asset as of July 31, 2018 and 2017 . |
Ferrellgas Finance Corp. [Member] | |
Income Taxes | Income taxes Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $19,263 associated with the net operating loss carryforward of $71,344 generated prior to fiscal 2018, which expires at various dates through July 31, 2037 , a valuation allowance has been provided on the full amount of the deferred tax asset. The net operating loss carryforwards generated during and after fiscal 2018 are carried forward indefinitely. Accordingly, there is no net deferred tax benefit for fiscal 2018 , 2017 or 2016 , and there is no net deferred tax asset as of July 31, 2018 and 2017 . |
Guarantor financial information
Guarantor financial information Guarantor financial information | 12 Months Ended |
Jul. 31, 2018 | |
Ferrellgas, L.P. [Member] | |
Guarantor financial information | The $500.0 million aggregate principal amount of registered 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are fully and unconditionally and joint and severally guaranteed by all of Ferrellgas, L.P.’s 100% owned subsidiaries except: i) Ferrellgas Finance Corp; ii) certain special purposes subsidiaries formed for use in connection with our accounts receivable securitization; and iii) foreign subsidiaries. Guarantees of these senior notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the assets of a guarantor or (b) all of the capital stock of such guarantor (including by way of merger or consolidation), in each case, to a person that is not Ferrellgas, L.P. or a restricted subsidiary of Ferrellgas, L.P., (ii) if Ferrellgas, L.P. designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon defeasance or discharge of the notes, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor. The guarantor financial information discloses in separate columns the financial position, results of operations and the cash flows of Ferrellgas, L.P. (Parent), Ferrellgas Finance Corp. (co-issuer), Ferrellgas L.P.’s guarantor subsidiaries on a combined basis, and Ferrellgas L.P.’s non-guarantor subsidiaries on a combined basis. The dates and the periods presented in the guarantor financial information are consistent with the periods presented in Ferrellgas, L.P.’s consolidated financial statements. FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 119,133 $ 1 $ 174 $ — $ — $ 119,308 Accounts and notes receivable (3,420 ) — 9,395 120,079 — 126,054 Intercompany receivables 15,660 — — — (15,660 ) — Inventories 83,694 — — — — 83,694 Prepaid expenses and other current assets 34,050 — 775 5 — 34,830 Total current assets 249,117 1 10,344 120,084 (15,660 ) 363,886 Property, plant and equipment, net 557,689 — 34 — — 557,723 Goodwill 246,098 — — — — 246,098 Intangible assets, net 120,951 — — — — 120,951 Investments in consolidated subsidiaries 59,937 — — — (59,937 ) — Other assets, net 63,411 — 9,961 1,216 — 74,588 Total assets $ 1,297,203 $ 1 $ 20,339 $ 121,300 $ (75,597 ) $ 1,363,246 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 45,171 $ — $ 1,547 $ 102 $ — $ 46,820 Short-term borrowings 32,800 — — — — 32,800 Collateralized note payable — — — 58,000 — 58,000 Intercompany payables — — (143 ) 15,803 (15,660 ) — Other current liabilities 131,702 — 6,036 353 — 138,091 Total current liabilities 209,673 — 7,440 74,258 (15,660 ) 275,711 Long-term debt 1,728,137 — — — — 1,728,137 Other liabilities 39,471 — 5 — — 39,476 Contingencies and commitments Partners' capital (deficit): Partners' equity (deficit) (700,811 ) 1 12,894 47,042 (59,937 ) (700,811 ) Accumulated other comprehensive income 20,733 — — — — 20,733 Total partners' capital (deficit) (680,078 ) 1 12,894 47,042 (59,937 ) (680,078 ) Total liabilities and partners' capital (deficit) $ 1,297,203 $ 1 $ 20,339 $ 121,300 $ (75,597 ) $ 1,363,246 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 5,327 $ 1 $ 373 $ — $ — $ 5,701 Accounts and notes receivable (3,132 ) — 58,618 109,598 — 165,084 Intercompany receivables 39,877 — — — (39,877 ) — Inventories 78,963 — 13,589 — — 92,552 Prepaid expenses and other current assets 26,106 — 7,314 6 — 33,426 Total current assets 147,141 1 79,894 109,604 (39,877 ) 296,763 Property, plant and equipment, net 537,582 — 194,341 — — 731,923 Goodwill 246,098 — 10,005 — — 256,103 Intangible assets, net 128,209 — 122,893 — — 251,102 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (53,915 ) — — — 53,915 — Other assets, net 35,862 — 37,618 577 — 74,057 Total assets $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 44,026 $ — $ 41,345 $ 190 $ — $ 85,561 Short-term borrowings 59,781 — — — — 59,781 Collateralized note payable — — — 69,000 — 69,000 Intercompany payables — — 41,645 (1,768 ) (39,877 ) — Other current liabilities 118,039 — 3,776 201 — 122,016 Total current liabilities 221,846 — 86,766 67,623 (39,877 ) 336,358 Long-term debt 1,649,139 — 450,131 — (450,000 ) 1,649,270 Other liabilities 26,790 — 4,300 28 — 31,118 Contingencies and commitments Partners' capital (deficit): Partners' equity (deficit) (421,562 ) 1 (96,446 ) 42,530 53,915 (421,562 ) Accumulated other comprehensive income 14,764 — — — — 14,764 Total partners' capital (deficit) (406,798 ) 1 (96,446 ) 42,530 53,915 (406,798 ) Total liabilities and partners' capital (deficit) $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,642,155 $ — $ 821 $ — $ — $ 1,642,976 Midstream operations — — 282,319 — — 282,319 Other 72,954 — 74,893 — — 147,847 Total revenues 1,715,109 — 358,033 — — 2,073,142 Costs and expenses: Cost of sales - propane and other gas liquids sales 972,467 — 947 — — 973,414 Cost of sales - midstream operations — — 255,559 — — 255,559 Cost of sales - other 10,111 — 58,543 — — 68,654 Operating expense 436,962 — 37,617 4,755 (7,586 ) 471,748 Depreciation and amortization expense 75,163 — 26,317 315 — 101,795 General and administrative expense 48,337 5 5,922 — — 54,264 Equipment lease expense 27,939 — 333 — — 28,272 Non-cash employee stock ownership plan compensation charge 13,859 — — — — 13,859 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 8,978 — 178,421 — — 187,399 Operating income (loss) 121,293 (5 ) (215,631 ) (5,070 ) 7,586 (91,827 ) Interest expense (86,646 ) — (43,247 ) (4,053 ) — (133,946 ) Other income (expense), net (234 ) — 1,162 7,586 (7,586 ) 928 Earnings (loss) before income taxes 34,413 (5 ) (257,716 ) (1,537 ) — (224,845 ) Income tax expense (benefit) 222 — (2,921 ) — — (2,699 ) Equity in earnings (loss) of subsidiaries (256,337 ) — — — 256,337 — Net earnings (loss) (222,146 ) (5 ) (254,795 ) (1,537 ) 256,337 (222,146 ) Other comprehensive income 5,969 — — — — 5,969 Comprehensive income (loss) $ (216,177 ) $ (5 ) $ (254,795 ) $ (1,537 ) $ 256,337 $ (216,177 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,318,412 $ — $ — $ — $ — $ 1,318,412 Midstream operations — — 466,703 — — 466,703 Other 69,962 — 75,200 — — 145,162 Total revenues 1,388,374 — 541,903 — — 1,930,277 Costs and expenses: Cost of sales - propane and other gas liquids sales 694,155 — — — — 694,155 Cost of sales - midstream operations — — 429,439 — — 429,439 Cost of sales - other 8,473 — 58,794 — — 67,267 Operating expense 398,584 — 38,188 95 (4,455 ) 432,412 Depreciation and amortization expense 72,919 — 30,183 249 — 103,351 General and administrative expense 44,810 5 4,663 — — 49,478 Equipment lease expense 28,560 — 564 — — 29,124 Non-cash employee stock ownership plan compensation charge 15,088 — — — — 15,088 Loss on asset sales and disposals 9,198 — 5,259 — — 14,457 Operating income (loss) 116,587 (5 ) (25,187 ) (344 ) 4,455 95,506 Interest expense (80,866 ) — (43,839 ) (2,480 ) (3 ) (127,188 ) Other income (expense), net 850 — 624 4,452 (4,452 ) 1,474 Earnings (loss) before income taxes 36,571 (5 ) (68,402 ) 1,628 — (30,208 ) Income tax expense (benefit) 217 — (1,366 ) — — (1,149 ) Equity in earnings (loss) of subsidiaries (65,413 ) — — — 65,413 — Net earnings (loss) (29,059 ) (5 ) (67,036 ) 1,628 65,413 (29,059 ) Other comprehensive income 25,324 — — — — 25,324 Comprehensive income (loss) $ (3,735 ) $ (5 ) $ (67,036 ) $ 1,628 $ 65,413 $ (3,735 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,202,368 $ — $ — $ — $ — $ 1,202,368 Midstream operations — — 625,238 — — 625,238 Other 73,200 — 138,561 — — 211,761 Total revenues 1,275,568 — 763,799 — — 2,039,367 Costs and expenses: Cost of sales - propane and other gas liquids sales 564,433 — — — — 564,433 Cost of sales - midstream operations (1,545 ) — 472,779 — — 471,234 Cost of sales - other 8,867 — 117,370 — — 126,237 Operating expense 399,680 — 58,789 4,028 (3,319 ) 459,178 Depreciation and amortization expense 75,059 — 75,212 242 — 150,513 General and administrative expense 50,592 7 5,516 — — 56,115 Equipment lease expense 28,322 — 511 — — 28,833 Non-cash employee stock ownership plan compensation charge 27,595 — — — — 27,595 Asset impairments — — 658,118 — — 658,118 Loss on asset sales and disposals 9,180 — 21,655 — — 30,835 Operating income (loss) 113,385 (7 ) (646,151 ) (4,270 ) 3,319 (533,724 ) Interest expense (77,493 ) — (42,325 ) (2,186 ) 186 (121,818 ) Other income (expense), net 110 — — 3,505 (3,505 ) 110 Earnings (loss) before income taxes 36,002 (7 ) (688,476 ) (2,951 ) — (655,432 ) Income tax expense (benefit) 839 — (880 ) — — (41 ) Equity in earnings (loss) of subsidiaries (690,554 ) — — — 690,554 — Net earnings (loss) (655,391 ) (7 ) (687,596 ) (2,951 ) 690,554 (655,391 ) Other comprehensive income (loss) 28,758 — — — — 28,758 Comprehensive income (loss) $ (626,633 ) $ (7 ) $ (687,596 ) $ (2,951 ) $ 690,554 $ (626,633 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 139,294 $ (5 ) $ (48,708 ) $ 3,573 $ 11,000 $ 105,154 Cash flows from investing activities: Business acquisitions, net of cash acquired (18,141 ) — — — — (18,141 ) Capital expenditures (81,114 ) — (3,805 ) — — (84,919 ) Proceeds from sale of assets, dispositions and other 7,327 — 145,260 — — 152,587 Cash collected for purchase of interest in accounts receivable — — — 1,226,211 (1,226,211 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (1,215,211 ) 1,215,211 — Net changes in advances with consolidated entities 96,514 — — — (96,514 ) — Other — — — — — — Net cash provided by (used in) investing activities 4,586 — 141,455 11,000 (107,514 ) 49,527 Cash flows from financing activities: Distributions (70,962 ) — — — — (70,962 ) Proceeds from issuance of long-term debt 323,680 — — — — 323,680 Payments on long-term debt (212,920 ) — — — — (212,920 ) Net reductions in short-term borrowings (51,379 ) — — — — (51,379 ) Net additions to collateralized short-term borrowings — — — (11,000 ) — (11,000 ) Net changes in advances with parent — 5 (92,946 ) (3,573 ) 96,514 — Cash paid for financing costs (18,493 ) — — — — (18,493 ) Net cash provided by (used in) financing activities (30,074 ) 5 (92,946 ) (14,573 ) 96,514 (41,074 ) Increase (decrease) in cash and cash equivalents 113,806 — (199 ) — — 113,607 Cash and cash equivalents - beginning of year 5,327 1 373 — — 5,701 Cash and cash equivalents - end of year $ 119,133 $ 1 $ 174 $ — $ — $ 119,308 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 185,640 $ (5 ) $ (36,297 ) $ 4,410 $ (5,000 ) $ 148,748 Cash flows from investing activities: Business acquisitions, net of cash acquired (3,539 ) — — — — (3,539 ) Capital expenditures (49,107 ) — (1,365 ) — — (50,472 ) Proceeds from sale of assets, dispositions and other 8,510 — — — — 8,510 Cash collected for purchase of interest in accounts receivable — — — 1,011,244 (1,011,244 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (1,016,244 ) 1,016,244 — Net changes in advances with consolidated entities (33,573 ) — — 360 33,213 — Other (37 ) — — — — (37 ) Net cash used in investing activities (77,746 ) — (1,365 ) (4,640 ) 38,213 (45,538 ) Cash flows from financing activities: Distributions (119,879 ) — — — — (119,879 ) Contributions 167,843 — — — — 167,843 Proceeds from issuance of long-term debt 62,864 — — — — 62,864 Payments on long-term debt (174,292 ) — — — — (174,292 ) Net reductions to short-term borrowings (41,510 ) — — — — (41,510 ) Net additions in collateralized short-term borrowings — — — 5,000 — 5,000 Net changes in advances with parent — 5 37,618 (4,410 ) (33,213 ) — Cash paid for financing costs (2,065 ) — — (360 ) — (2,425 ) Net cash provided by (used in) financing activities (107,039 ) 5 37,618 230 (33,213 ) (102,399 ) Increase (decrease) in cash and cash equivalents 855 — (44 ) — — 811 Cash and cash equivalents - beginning of year 4,472 1 417 — — 4,890 Cash and cash equivalents - end of year $ 5,327 $ 1 $ 373 $ — $ — $ 5,701 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 102,569 $ (9 ) $ 89,728 $ 14,456 $ 6,000 $ 212,744 Cash flows from investing activities: Business acquisitions, net of cash acquired (15,144 ) — — — — (15,144 ) Capital expenditures (52,501 ) — (65,017 ) — — (117,518 ) Proceeds from sale of assets, dispositions and other 17,089 — — — — 17,089 Cash collected for purchase of interest in accounts receivable — — — 946,804 (946,804 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (940,804 ) 940,804 — Net changes in advances with consolidated entities 38,759 — — — (38,759 ) — Other (286 ) — — — — (286 ) Net cash provided by (used in) investing activities (12,083 ) — (65,017 ) 6,000 (44,759 ) (115,859 ) Cash flows from financing activities: Distributions (269,541 ) — — — — (269,541 ) Contributions 30 — — — — 30 Proceeds from issuance of long-term debt 168,117 — — — — 168,117 Payments on long-term debt (14,959 ) — — — — (14,959 ) Net additions to short-term borrowings 25,972 — — — — 25,972 Net reductions in collateralized short-term borrowings — — — (6,000 ) — (6,000 ) Net changes in advances with parent — 9 (24,314 ) (14,454 ) 38,759 — Cash paid for financing costs (1,214 ) — — — — (1,214 ) Net cash provided by (used in) financing activities (91,595 ) 9 (24,314 ) (20,454 ) 38,759 (97,595 ) Effect of exchange rate changes on cash 2 — — (2 ) — — Increase (decrease) in cash and cash equivalents (1,107 ) — 397 — — (710 ) Cash and cash equivalents - beginning of year 5,579 1 20 — — 5,600 Cash and cash equivalents - end of year $ 4,472 $ 1 $ 417 $ — $ — $ 4,890 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2018 | |
Subsequent Events | Ferrellgas has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas’ consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Ferrellgas Partners Finance Corp. [Member] | |
Subsequent Events | Subsequent events The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’s consolidated financial statements were issued, and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Ferrellgas, L.P. [Member] | |
Subsequent Events | Ferrellgas, L.P. has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas, L.P.’s consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Ferrellgas Finance Corp. [Member] | |
Subsequent Events | Subsequent events The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’s consolidated financial statements were issued, and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Schedule I Parent Only Balance
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows | 12 Months Ended |
Jul. 31, 2018 | |
Parent Company [Member] | |
Guarantor financial information | Schedule 1 FERRELLGAS PARTNERS, L.P. PARENT ONLY BALANCE SHEETS (in thousands, except unit data) July 31, 2018 2017 ASSETS Cash and cash equivalents $ 3 $ 59 Prepaid expenses and other current assets 23 4 Total assets $ 26 $ 63 LIABILITIES AND PARTNERS' DEFICIT Other current liabilities $ 3,925 $ 4,250 Long-term debt 350,500 346,525 Investment in Ferrellgas, L.P. 673,386 402,866 Partners' deficit Common unitholders (97,152,665 units outstanding at 2018 and 2017) (978,503 ) (701,188 ) General partner unitholder (989,926 units outstanding at 2018 and 2017) (69,792 ) (66,991 ) Accumulated other comprehensive income 20,510 14,601 Total Ferrellgas Partners, L.P. partners' deficit (1,027,785 ) (753,578 ) Total liabilities and partners' deficit $ 26 $ 63 FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2018 2017 2016 Equity in loss of Ferrellgas, L.P. $ (219,902 ) $ (28,765 ) $ (648,771 ) Operating, general and administrative expense 137 139 520 Operating loss (220,039 ) (28,904 ) (649,291 ) Interest expense (34,521 ) (25,297 ) (16,119 ) Income tax expense 21 6 5 Net loss $ (254,581 ) $ (54,207 ) $ (665,415 ) FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2018 2017 2016 Cash flows from operating activities: Net loss attributable to Ferrellgas Partners, L.P. $ (254,581 ) $ (54,207 ) $ (665,415 ) Reconciliation of net loss to net cash used in operating activities: Other 3,673 3,982 (1,743 ) Equity in loss of Ferrellgas, L.P. 219,902 28,765 648,771 Net cash used in operating activities (31,006 ) (21,460 ) (18,387 ) Cash flows from investing activities: Distributions received from Ferrellgas, L.P. 70,246 118,829 266,818 Cash contributed to Ferrellgas, L.P. — (166,148 ) — Net cash provided by (used in) investing activities 70,246 (47,319 ) 266,818 Cash flows from financing activities: Distributions paid to common and general partner unitholders (39,254 ) (79,733 ) (204,160 ) Cash paid for financing costs (42 ) (3,653 ) — Proceeds from issuance of long-term debt — 168,000 — Repurchase of common units (including fees of $34 for the year ended July 31, 2016) — (15,851 ) (46,432 ) Proceeds from exercise of common unit options — — 182 Cash contribution from general partners in connection with common unit issuances — — 2 Net cash provided by (used in) financing activities (39,296 ) 68,763 (250,408 ) Decrease in cash and cash equivalents (56 ) (16 ) (1,977 ) Cash and cash equivalents - beginning of year 59 75 2,052 Cash and cash equivalents - end of year $ 3 $ 59 $ 75 |
Schedule II Valuation And Quali
Schedule II Valuation And Qualifying Accounts | 12 Months Ended |
Jul. 31, 2018 | |
Schedule II Valuation And Qualifying Accounts | Schedule II FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance beginning cost and at end Description of period expenses Other of period Year ended July 31, 2018 Allowance for doubtful accounts $ 1,976 $ 1,778 $ (1,299 ) (1) $ 2,455 Year ended July 31, 2017 Allowance for doubtful accounts $ 5,526 $ 7 $ (3,557 ) (1) $ 1,976 Year ended July 31, 2016 Allowance for doubtful accounts $ 4,816 $ 1,703 $ (993 ) (1) $ 5,526 (1) Uncollectible accounts written off, net of recoveries. |
Ferrellgas, L.P. [Member] | |
Schedule II Valuation And Qualifying Accounts | Schedule II FERRELLGAS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance beginning cost and at end Description of period expenses Other of period Year ended July 31, 2018 Allowance for doubtful accounts $ 1,976 $ 1,778 $ (1,299 ) (1) $ 2,455 Year ended July 31, 2017 Allowance for doubtful accounts $ 5,526 $ 7 $ (3,557 ) (1) $ 1,976 Year ended July 31, 2016 Allowance for doubtful accounts $ 4,816 $ 1,703 $ (993 ) (1) $ 5,526 (1) Uncollectible accounts written off, net of recoveries. |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jul. 31, 2018 | |
Significant Accounting Policies | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
Principles of consolidation | Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas Partners, its wholly-owned subsidiary, Ferrellgas Partners Finance Corp., and the operating partnership, its majority-owned subsidiary, after elimination of all intercompany accounts and transactions. The accounts of Ferrellgas Partners’ majority-owned subsidiary are included based on the determination that the operating partnership is a variable interest entity for whom Ferrellgas Partners has no ability through voting rights or similar rights to make decisions and thus does not have the power to direct the activities of the operating partnership that most significantly impact economic performance. However, we have determined that Ferrellgas Partners is most closely associated with the operations of the operating partnership because Ferrellgas Partners has the obligation to absorb the losses of and the right to receive benefits from the operating partnership that are significant to the operating partnership and substantially all the assets and liabilities of Ferrellgas Partners consist of the operating partnership. The operating partnership includes the accounts of its wholly-owned subsidiaries. The general partner’s approximate 1% general partner interest in the operating partnership is accounted for as a noncontrolling interest. The wholly-owned consolidated subsidiary of the operating partnership, Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), is a special purpose entity that has agreements with the operating partnership to securitize, on an ongoing basis, a portion of its trade accounts receivable. |
Fair value measurements | Fair value measurements: Ferrellgas measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Accounts receivable securitization | Accounts receivable securitization : Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas has agreements to securitize, on an ongoing basis, a portion of its trade accounts receivable. |
Inventories | Inventories : Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, using its best estimates based on reasonable and supportable assumptions and projections, tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets or asset groups might not be recoverable. The recoverability tests for property, plant and equipment are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas management's plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. |
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 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. Ferrellgas has determined that it has two reporting units for goodwill impairment testing purposes. As of July 31, 2018, one of these reporting units contains 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, the reporting unit’s goodwill is impaired. The amount of impairment would be equal to the lesser of the excess of reporting unit carrying value over its fair value and the reporting unit's recorded amount of goodwill. Ferrellgas completed its most recent annual goodwill impairment test on January 31, 2018 and recorded an impairment charge of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. During the quarter ended January 31, 2017, Ferrellgas adopted ASU 2017-04, which as discussed below eliminated step 2 from the goodwill impairment test. As discussed in Note C – Asset impairments , during 2016 Ferrellgas recorded impairments under the old model prior to adoption of ASU 2017-04. |
Intangible assets | Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets and non-compete agreements permits, favorable lease arrangements and patented technology are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets or asset groups might not be recoverable. Ferrellgas tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. The recoverability tests for definite-lived intangible assets are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas management's plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. |
Derivative instruments and hedging activities | Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas’ overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgas’ risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas’ risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas’ positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas’ gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas’ risk management activities may include the use of financial derivative instruments including, but not limited to, swaps, options, and futures to seek protection from adverse price movements and to minimize potential losses. Ferrellgas enters into these financial derivative instruments directly with third parties in the over-the-counter market and with brokers who are clearing members with the New York Mercantile Exchange. All of Ferrellgas’ financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas’ financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated and documented as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas’ risk relating to adverse fluctuations in propane prices. Ferrellgas formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in "Operating expense" on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas’ fixed rate debt, while increases in interest rates subject Ferrellgas to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as “Prepaid expenses and other current assets”, “Other assets, net”, Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of operations. Ferrellgas may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of earnings when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statement of operations as they occur. |
Revenue recognition | Revenue recognition: Revenues from Ferrellgas' propane operations and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year . Prior to the dispositions in 2018 which constituted Ferrellgas' Midstream operations segment, revenues included crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, storage and salt water disposal. These revenues were recognized upon completion of the related service or delivery of product. |
Shipping and handling expenses | Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense” in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology leased by Ferrellgas are classified within “Equipment lease expense.” See Note F – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. |
Cost of product sold | Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas’ customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas’ portable propane tanks. "Cost of sales - midstream operations" included all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and the costs of salt water disposal. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. |
Operating expenses | Operating expense: “Operating expense” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses. |
General and administrative expenses | General and administrative expenses: “General and administrative expense” primarily includes personnel and incentive expense related to executives and employees, as well as other overhead expenses related to centralized corporate functions. |
Stock-based and unit option plans | Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas stock-compensation plans; however, in accordance with Ferrellgas’ partnership agreements, all Ferrellgas employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas. As a result, Ferrellgas incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2018, 2017 and 2016 , the portion of the total non-cash compensation charge relating to the ICPs was $0.0 million , $ 3.3 million and $ 9.3 million, respectively. Ferrell Companies is authorized to issue up to 9.25 million stock appreciation rights (“SARs”) that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. |
Income taxes | Income taxes: Ferrellgas Partners is a publicly-traded master limited partnership with one subsidiary that is a taxable corporation. The operating partnership is a limited partnership with three subsidiaries that are taxable corporations. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore subject to Federal income tax unless a qualifying income test is satisfied. If this qualifying income test is satisfied, the publicly-traded partnership will be treated as a partnership for Federal income tax purposes. Based on Ferrellgas’ calculations, Ferrellgas Partners satisfies the qualifying income test. As a result, except for the taxable corporations, Ferrellgas Partners’ earnings or losses for Federal income tax purposes are included in the tax returns of the individual partners, Ferrellgas Partners’ unitholders. Accordingly, the accompanying consolidated financial statements of Ferrellgas Partners reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Ferrellgas Partners unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas Partners’ partnership agreement and differences between Ferrellgas Partners' financial reporting year end and its calendar tax year end. Income tax benefit consisted of the following: For the year ended July 31, 2018 2017 2016 Current expense (benefit) $ 1,140 $ (1,154 ) $ 468 Deferred expense (benefit) (3,818 ) 11 (504 ) Income tax benefit $ (2,678 ) $ (1,143 ) $ (36 ) Deferred taxes consisted of the following: July 31, 2018 2017 Deferred tax assets (included in Other assets, net in 2018 and Prepaid expenses and other current assets in 2017) $ 715 $ 1,068 Deferred tax liabilities (included in Other liabilities) (16 ) (4,186 ) Net deferred tax asset (liability) $ 699 $ (3,118 ) |
Sales taxes | Sales taxes: Ferrellgas accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations. |
Net earnings (loss) per common unitholders' interest | Net loss per common unitholders’ interest: Net loss per common unitholders’ interest is computed by dividing “Net loss attributable to Ferrellgas Partners, L.P.,” after deducting the general partner's 1% interest, by the weighted average number of outstanding common units and the dilutive effect, if any, of outstanding unit options. See Note P – Net loss per common unitholders’ interest – for further discussion about these calculations. |
Loss Contingencies | Loss contingencies: In the normal course of business, Ferrellgas is involved in various claims and legal proceedings. Ferrellgas records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred. |
New accounting standards | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas has completed its assessment of its contracts with customers and impacts to revenue recognition under the new guidance. When Ferrellgas adopts the new guidance, which will be August 1, 2018, the impact will not be material to its consolidated financial statements. Ferrellgas will utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities, which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
Principles of consolidation | Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas, L.P. and its subsidiaries after elimination of all intercompany accounts and transactions. Ferrellgas, L.P. consolidates the following wholly-owned entities: Bridger Logistics, LLC, Sable Environmental, LLC, Sable SWD 2, LLC, Blue Rhino Global Sourcing, Inc., Blue Rhino Canada, Inc., Ferrellgas Real Estate, Inc., Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), a special purpose entity that has agreements with Ferrellgas, L.P. to securitize, on an ongoing basis, a portion of its trade accounts receivable. |
Fair value measurements | Fair value measurements: Ferrellgas, L.P. measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Accounts receivable securitization | Accounts receivable securitization: Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas, L.P. has agreements to securitize, on an ongoing basis, a portion of its trade accounts receivable. |
Inventories | Inventories: Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas, L.P. capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, L.P., using its best estimates based on reasonable and supportable assumptions and projections, tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets or asset groups might not be recoverable. The recoverability tests for property, plant and equipment are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas, L.P. management's plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the assets. |
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. 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. Ferrellgas, L.P. has determined that it has two reporting units for goodwill impairment testing purposes. As of July 31, 2018, one of these reporting units contains 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, the reporting unit’s goodwill is impaired. The amount of impairment would be equal to the lesser of the excess of reporting unit carrying value over its fair value and the reporting unit's recorded amount of goodwill. Ferrellgas, L.P. completed its most recent annual goodwill impairment test on January 31, 2018 |
Intangible assets | Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets and non-compete agreements, permits, favorable lease arrangements and patented technology are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas, L.P. tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets or asset groups might not be recoverable. Ferrellgas, L.P. tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. The recoverability tests for definite-lived intangible assets are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas, L.P. management's plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the assets. |
Derivative instruments and hedging activities | Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas, L.P.’s overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgas, L.P's risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas, L.P attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas, L.P.'s risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas, L.P.’s risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas, L.P.’s positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas, L.P.’s gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. These financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas, L.P.’s risk management activities may include the use of financial derivative instruments including, but not limited to, swaps, options, and futures to seek protection from adverse price movements and to minimize potential losses. Ferrellgas, L.P. enters into these financial derivative instruments directly with third parties in the over-the-counter market and with brokers who are clearing members with the New York Mercantile Exchange. All of Ferrellgas, L.P.’s financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas, L.P. also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas, L.P.’s financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas, L.P. makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated and documented as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas, L.P.’s risk relating to adverse fluctuations in propane prices. Ferrellgas, L.P. formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities” or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, "Other assets, net", “Other current liabilities”, or "Other liabilities" on the consolidated balance sheets with changes in fair value reported in "Operating expense" on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas, L.P. to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas, L.P.’s fixed rate debt, while increases in interest rates subject Ferrellgas, L.P. to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas, L.P. may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as “Prepaid expenses and other current assets”, “Other assets, net”, Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of operations. Ferrellgas, L.P. may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of earnings when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statements of operations as they occur. |
Revenue recognition | Revenue recognition: Revenues from Ferrellgas, L.P.'s propane operations and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas, L.P. determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas, L.P. offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas, L.P. recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year . Prior to the dispositions in 2018 which constituted Ferrellgas, L.P.'s Midstream operations segment, revenues included crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, storage and salt water disposal. These revenues were recognized upon completion of the related service or delivery of product. |
Shipping and handling expenses | Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense” in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas, L.P. owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology leased by Ferrellgas, L.P. are classified within “Equipment lease expense.” See Note F – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. |
Cost of product sold | Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas, L.P.’s customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas, L.P.’s portable propane tanks. "Cost of sales - midstream operations" includes all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and the costs of salt water disposal. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. |
Operating expenses | Operating expenses: “Operating expense” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses. |
General and administrative expenses | General and administrative expenses: “ General and administrative expense” primarily includes personnel and incentive expense related to executives and employees, as well as other overhead expenses related to centralized corporate functions. |
Stock-based and unit option plans | Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas, L.P. stock-compensation plans; however, in accordance with Ferrellgas, L.P.’s partnership agreements, all Ferrellgas, L.P. employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas, L.P. As a result, Ferrellgas, L.P. incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2018, 2017 and 2016 , the portion of the total non-cash compensation charge relating to the ICPs was $0.0 million , $3.3 million and $9.3 million, respectively. Ferrell Companies is authorized to issue up to 9.25 million stock appreciation rights (“SARs”) that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. |
Income taxes | Income taxes: Ferrellgas, L.P. is a limited partnership and owns three subsidiaries that are taxable corporations. As a result, except for the taxable corporations, Ferrellgas, L.P.’s earnings or losses for federal income tax purposes are included in the tax returns of the individual partners. Accordingly, the accompanying consolidated financial statements of Ferrellgas, L.P. reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to partners as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas, L.P.’s partnership agreement and differences between Ferrellgas, L.P.’s financial reporting year end and limited partners tax year end. Income tax benefit consisted of the following: For the year ended July 31, 2018 2017 2016 Current expense (benefit) $ 1,119 $ (1,160 ) $ 463 Deferred expense (benefit) (3,818 ) 11 (504 ) Income tax benefit $ (2,699 ) $ (1,149 ) $ (41 ) Deferred taxes consisted of the following: July 31, 2018 2017 Deferred tax assets (included in Other assets, net in 2018 and Prepaid expenses and other current assets in 2017) $ 715 $ 1,068 Deferred tax liabilities (included in Other liabilities) (16 ) (4,186 ) Net deferred tax asset (liability) $ 699 $ (3,118 ) |
Sales taxes | Sales taxes: Ferrellgas, L.P. accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations. |
Loss Contingencies | Loss contingencies: In the normal course of business, Ferrellgas, L.P. is involved in various claims and legal proceedings. Ferrellgas, L.P. records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred. |
New accounting standards | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. has completed its assessment of its contracts with customers and impacts to revenue recognition under the new guidance. When Ferrellgas, L.P. adopts the new guidance, which will be August 1, 2018, the impact will not be material to its consolidated financial statements. Ferrellgas, L.P. will utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities , which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Summary Of Income Tax Expense | Income tax benefit consisted of the following: For the year ended July 31, 2018 2017 2016 Current expense (benefit) $ 1,140 $ (1,154 ) $ 468 Deferred expense (benefit) (3,818 ) 11 (504 ) Income tax benefit $ (2,678 ) $ (1,143 ) $ (36 ) |
Deferred Tax Assets And Liabilities | Deferred taxes consisted of the following: July 31, 2018 2017 Deferred tax assets (included in Other assets, net in 2018 and Prepaid expenses and other current assets in 2017) $ 715 $ 1,068 Deferred tax liabilities (included in Other liabilities) (16 ) (4,186 ) Net deferred tax asset (liability) $ 699 $ (3,118 ) |
Ferrellgas, L.P. [Member] | |
Summary Of Income Tax Expense | Income tax benefit consisted of the following: For the year ended July 31, 2018 2017 2016 Current expense (benefit) $ 1,119 $ (1,160 ) $ 463 Deferred expense (benefit) (3,818 ) 11 (504 ) Income tax benefit $ (2,699 ) $ (1,149 ) $ (41 ) |
Deferred Tax Assets And Liabilities | Deferred taxes consisted of the following: July 31, 2018 2017 Deferred tax assets (included in Other assets, net in 2018 and Prepaid expenses and other current assets in 2017) $ 715 $ 1,068 Deferred tax liabilities (included in Other liabilities) (16 ) (4,186 ) Net deferred tax asset (liability) $ 699 $ (3,118 ) |
Acquisitions, dispositions an34
Acquisitions, dispositions and other significant transactions(Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | "Loss on asset sales and disposals" consists of: "Loss on asset sales and disposals" consists of: For the year ended July 31, 2018 2017 2016 Loss on sale of: Propane-related accessories reporting unit $ 15,194 $ — $ — Midstream trucking, water disposal & terminal assets 120,240 — — Midstream railcars 36,762 — — Bridger Energy 4,002 — — Midstream trucks — — 13,810 Other 11,201 14,457 17,025 Loss on asset sales and disposals $ 187,399 $ 14,457 $ 30,835 |
Ferrellgas, L.P. [Member] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | "Loss on asset sales and disposals" consists of: For the year ended July 31, 2018 2017 2016 Loss on sale of: Propane-related accessories reporting unit $ 15,194 $ — $ — Midstream trucking, water disposal & terminal assets 120,240 — — Midstream railcars 36,762 — — Bridger Energy 4,002 — — Midstream trucks — — 13,810 Other 11,201 14,457 17,025 Loss on asset sales and disposals $ 187,399 $ 14,457 $ 30,835 |
Propane and related equipment sales [Member] | |
Schedule Of Funding Of Acquisitions | These acquisitions were funded as follows on their dates of acquisition: For the year ended July 31, 2018 2017 2016 Cash payments, net of cash acquired $ 18,141 $ 3,539 $ 4,476 Issuance of liabilities and other costs and considerations 2,426 856 2,126 Aggregate fair value of transactions $ 20,567 $ 4,395 $ 6,602 |
Aggregate Fair Value Of Transaction | The aggregate fair values, for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: For the year ended July 31, 2018 2017 2016 Working capital $ 758 $ 139 $ (249 ) Customer tanks, buildings, land and other 10,022 1,220 3,625 Customer lists 7,758 2,648 2,962 Non-compete agreements 2,029 388 264 Aggregate fair value of net assets acquired $ 20,567 $ 4,395 $ 6,602 |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |
Schedule Of Funding Of Acquisitions | These acquisitions were funded as follows on their dates of acquisition: For the year ended July 31, 2018 2017 2016 Cash payments, net of cash acquired $ 18,141 $ 3,539 $ 4,476 Issuance of liabilities and other costs and considerations 2,426 856 2,126 Aggregate fair value of transactions $ 20,567 $ 4,395 $ 6,602 |
Aggregate Fair Value Of Transaction | The aggregate fair values, for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: For the year ended July 31, 2018 2017 2016 Working capital 758 139 (249 ) Customer tanks, buildings, land and other 10,022 1,220 3,625 Customer lists 7,758 2,648 2,962 Non-compete agreements 2,029 388 264 Aggregate fair value of net assets acquired $ 20,567 $ 4,395 $ 6,602 |
Midstream Operations [Member] | |
Aggregate Fair Value Of Transaction | The following table summarizes the final estimated fair values of the assets acquired and liabilities assumed in connection with the Bridger acquisition completed in fiscal 2015: June 24, 2016 Working capital $ (8,315 ) Transportation equipment 293,491 Injection stations and pipelines 41,632 Goodwill 189,196 Customer relationships 277,224 Non-compete agreements 10,000 Trade names & trademarks 9,400 Office equipment 7,449 Other 2,375 Aggregate fair value of net assets acquired $ 822,452 |
Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |
Aggregate Fair Value Of Transaction | The following table summarizes the final estimated fair values of the assets acquired and liabilities assumed in connection with the Bridger acquisition completed in fiscal 2015: June 24, 2016 Working capital $ (8,315 ) Transportation equipment 293,491 Injection stations and pipelines 41,632 Goodwill 189,196 Customer relationships 277,224 Non-compete agreements 10,000 Trade names & trademarks 9,400 Office equipment 7,449 Other 2,375 Aggregate fair value of net assets acquired $ 822,452 |
Supplemental Financial Statem35
Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Other Assets Disclosure [Text Block] | Other assets, net consist of the following: 2018 2017 Notes receivable, less current portion $ 27,491 $ 32,500 Other 47,097 41,557 Other assets, net $ 74,588 $ 74,057 |
Schedule Of Inventories | Inventories consist of the following: 2018 2017 Propane gas and related products $ 71,180 $ 67,049 Appliances, parts and supplies, and other 12,514 25,503 Inventories $ 83,694 $ 92,552 |
Property, Plant And Equipment | Property, plant and equipment, net consist of the following: Estimated useful lives 2018 2017 Land Indefinite $ 33,719 $ 35,824 Land improvements 2-20 13,361 14,342 Buildings and improvements 20 71,612 73,333 Vehicles, including transport trailers 8-20 85,893 121,233 Bulk equipment and district facilities 5-30 103,627 104,291 Tanks, cylinders and customer equipment 2-30 769,165 755,867 Salt water disposal wells and related equipment 2-30 — 52,495 Rail cars 30 — 91,787 Injection stations 20 — 13,130 Pipeline 15 — 1,663 Computer and office equipment 2-5 109,346 118,518 Construction in progress n/a 14,394 10,974 1,201,117 1,393,457 Less: accumulated depreciation 643,394 661,534 Property, plant and equipment, net $ 557,723 $ 731,923 |
Other Current Liabilities | Other current liabilities consist of the following: 2018 2017 Accrued interest $ 22,222 $ 18,671 Customer deposits and advances 22,829 25,541 Accrued payroll 16,060 19,704 Accrued insurance 15,100 13,615 Other 65,814 48,693 Other current liabilities $ 142,025 $ 126,224 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following consolidated statements of operations line items: For the year ended July 31, 2018 2017 2016 Operating expense $ 195,646 $ 175,164 $ 167,980 Depreciation and amortization expense 4,947 3,909 4,282 Equipment lease expense 25,765 26,299 25,967 $ 226,358 $ 205,372 $ 198,229 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2018 2017 2016 CASH PAID (REFUNDED) FOR: Interest $ 159,271 $ 143,441 $ 133,629 Income taxes $ (291 ) $ 310 $ 777 NON-CASH INVESTING AND FINANCING ACTIVITIES: Liabilities incurred in connection with acquisitions $ 1,993 $ 139 $ 2,126 Change in accruals for property, plant and equipment additions $ 264 $ 164 $ (1,122 ) |
Ferrellgas, L.P. [Member] | |
Other Assets Disclosure [Text Block] | Other assets, net consist of the following: 2018 2017 Notes receivable, less current portion $ 27,491 $ 32,500 Other 47,097 41,557 Other assets, net $ 74,588 $ 74,057 |
Schedule Of Inventories | Inventories consist of the following: 2018 2017 Propane gas and related products $ 71,180 $ 67,049 Appliances, parts and supplies, and other 12,514 25,503 Inventories $ 83,694 $ 92,552 |
Property, Plant And Equipment | Property, plant and equipment, net consist of the following: Estimated useful lives 2018 2017 Land Indefinite $ 33,719 $ 35,824 Land improvements 2-20 13,361 14,342 Buildings and improvements 20 71,612 73,333 Vehicles, including transport trailers 8-20 85,893 121,233 Bulk equipment and district facilities 5-30 103,627 104,291 Tanks, cylinders and customer equipment 2-30 769,165 755,867 Salt water disposal wells and related equipment 2-30 — 52,495 Rail cars 30 — 91,787 Injection stations 20 — 13,130 Pipeline 15 — 1,663 Computer and office equipment 2-5 109,346 118,518 Construction in progress n/a 14,394 10,974 1,201,117 1,393,457 Less: accumulated depreciation 643,394 661,534 Property, plant and equipment, net $ 557,723 $ 731,923 |
Other Current Liabilities | Other current liabilities consist of the following: 2018 2017 Customer deposits and advances $ 22,829 $ 25,541 Accrued interest 18,288 14,737 Accrued payroll 16,060 19,704 Accrued insurance 15,100 13,615 Other 65,814 48,419 Other current liabilities $ 138,091 $ 122,016 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following consolidated statements of operations line items: For the year ended July 31, 2018 2017 2016 Operating expense $ 195,646 $ 175,164 $ 167,980 Depreciation and amortization expense 4,947 3,909 4,282 Equipment lease expense 25,765 26,299 25,967 $ 226,358 $ 205,372 $ 198,229 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2018 2017 2016 CASH PAID (REFUNDED) FOR: Interest $ 128,479 $ 122,084 $ 117,931 Income taxes $ (311 ) $ 305 $ 773 NON-CASH INVESTING AND FINANCING ACTIVITIES: Liabilities incurred in connection with acquisitions $ 1,993 $ 139 $ 2,126 Change in accruals for property, plant and equipment additions $ 264 $ 164 $ (1,122 ) |
Accounts And Notes Receivable36
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Accounts And Notes Receivable | Accounts and notes receivable, net consist of the following: 2018 2017 Accounts receivable pledged as collateral $ 120,079 $ 109,407 Accounts receivable 8,272 47,346 Note receivable, current portion 132 10,000 Other 26 307 Less: Allowance for doubtful accounts (2,455 ) (1,976 ) Accounts and notes receivable, net $ 126,054 $ 165,084 |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable | Accounts and notes receivable, net consist of the following: 2018 2017 Accounts receivable pledged as collateral $ 120,079 $ 109,407 Accounts receivable 8,272 47,346 Note receivable, current portion 132 10,000 Other 26 307 Less: Allowance for doubtful accounts (2,455 ) (1,976 ) Accounts and notes receivable, net $ 126,054 $ 165,084 |
Goodwill And Intangible Asset37
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Goodwill And Intangible Assets, Net | Goodwill and intangible assets, net consist of the following: July 31, 2018 July 31, 2017 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Goodwill, net $ 246,098 $ — $ 246,098 $ 256,103 $ — $ 256,103 Intangible assets, net Amortized intangible assets Customer related $ 441,393 $ (376,605 ) $ 64,788 $ 556,678 $ (397,891 ) $ 158,787 Non-compete agreements 24,653 (19,511 ) 5,142 39,875 (27,887 ) 11,988 Permits and favorable lease arrangements — — — 17,225 (3,506 ) 13,719 Other 3,513 (3,513 ) — 9,301 (7,144 ) 2,157 469,559 (399,629 ) 69,930 623,079 (436,428 ) 186,651 Unamortized intangible assets Trade names & trademarks 51,021 — 51,021 64,451 — 64,451 Total intangible assets, net $ 520,580 $ (399,629 ) $ 120,951 $ 687,530 $ (436,428 ) $ 251,102 |
Schedule of Goodwill Rollforward | Changes in the carrying amount of goodwill are as follows: Propane operations and related equipment sales Balance July 31, 2016 $ 256,103 Acquisitions — Balance July 31, 2017 256,103 Impairment (10,005 ) Balance July 31, 2018 $ 246,098 |
Schedule Of Aggregate Amortization Expense | Aggregate amortization expense related to intangible assets, net: For the year ended July 31, 2018 $ 31,345 2017 32,148 2016 61,970 |
Schedule Of Estimated Amortization Expense | Estimated amortization expense: For the year ended July 31, 2019 $ 14,388 2020 8,877 2021 8,182 2022 6,810 2023 6,492 |
Ferrellgas, L.P. [Member] | |
Goodwill And Intangible Assets, Net | Goodwill and intangible assets, net consist of the following: July 31, 2018 July 31, 2017 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Goodwill, net $ 246,098 $ — $ 246,098 $ 256,103 $ — $ 256,103 Intangible assets, net Amortized intangible assets Customer related $ 441,393 $ (376,605 ) $ 64,788 $ 556,678 $ (397,891 ) $ 158,787 Non-compete agreements 24,653 (19,511 ) 5,142 39,875 (27,887 ) 11,988 Permits and favorable lease arrangements — — — 17,225 (3,506 ) 13,719 Other 3,513 (3,513 ) — 9,301 (7,144 ) 2,157 469,559 (399,629 ) 69,930 623,079 (436,428 ) 186,651 Unamortized intangible assets Trade names & trademarks 51,021 — 51,021 64,451 — 64,451 Total intangible assets, net $ 520,580 $ (399,629 ) $ 120,951 $ 687,530 $ (436,428 ) $ 251,102 |
Schedule of Goodwill Rollforward | Changes in the carrying amount of goodwill are as follows: Propane operations and related equipment sales Balance July 31, 2016 $ 256,103 Acquisitions — Balance July 31, 2017 256,103 Impairment (10,005 ) Balance July 31, 2018 $ 246,098 |
Schedule Of Aggregate Amortization Expense | Aggregate amortization expense related to intangible assets, net: For the year ended July 31, 2018 $ 31,345 2017 32,148 2016 61,970 |
Schedule Of Estimated Amortization Expense | Estimated amortization expense: For the year ended July 31, 2019 $ 14,388 2020 8,877 2021 8,182 2022 6,810 2023 6,492 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Scheduled Annual Principal Payments On Long-term Debt | The scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2019 $ 2,402 2020 358,671 2021 501,456 2022 475,796 2023 775,426 Thereafter 447 Total $ 2,114,198 |
Ferrellgas, L.P. [Member] | |
Scheduled Annual Principal Payments On Long-term Debt | The scheduled annual principal payments on long-term debt are as follows: For the year ending July 31, Scheduled annual principal payments 2019 $ 2,402 2020 1,671 2021 501,456 2022 475,796 2023 775,426 Thereafter 447 Total $ 1,757,198 |
Debt Schedule of LT Debt (Table
Debt Schedule of LT Debt (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | Long-term debt consists of the following: 2018 2017 Senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (4) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $2,375 and $3,166 at 2018 and 2017, respectively (3) 477,375 478,166 Fixed rate, 8.625%, due 2020, net of unamortized discount of $3,766 and $5,976 at 2018 and 2017, respectively (2) 353,234 351,024 Fair value adjustments related to interest rate swaps — 471 Secured credit facilities Variable interest rate, Term Loan, matures May 2023 275,000 — Variable interest rate, Revolving Facility (net of $59.8 million classified as short-term borrowings at July 31, 2017) — 185,719 Notes payable 11.2% and 12.0% weighted average interest rate at July 31, 2018 and 2017, respectively, due 2019 to 2025, net of unamortized discount of $977 and $1,128 at July 31, 2018 and 2017, respectively 6,221 5,958 Total debt, excluding unamortized debt issuance and other costs 2,111,830 2,021,338 Unamortized debt issuance and other costs (30,791 ) (22,965 ) Less: current portion, included in other current liabilities on the consolidated balance sheets 2,402 2,578 Long-term debt $ 2,078,637 $ 1,995,795 (1) During November 2010 , Ferrellgas issued $500.0 million in aggregate principal amount of 6.50% senior notes due 2021 . These notes are general unsecured senior obligations of Ferrellgas and are effectively junior to all future senior secured indebtedness of Ferrellgas, to the extent of the value of the assets securing the debt, and are structurally subordinated to all existing and future indebtedness and obligations of the operating partnership. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021 . Ferrellgas would incur prepayment penalties if it were to repay the notes prior to May 2019 . (2) During January 2017 , Ferrellgas issued, $175.0 million in aggregate principal amount of additional 8.625% unsecured senior notes due 2020 , issued at 96% of par. Ferrellgas contributed the net proceeds from the offering of approximately $166.1 million to the operating partnership, which used such amounts to repay borrowings under its secured credit facility. During April 2010, Ferrellgas issued $280.0 million of its fixed rate senior notes. During March 2011, Ferrellgas redeemed $98.0 million of these fixed rate senior notes. The unsecured senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. (3) During fiscal 2014 , Ferrellgas issued $475.0 million in aggregate principal amount of 6.75% senior notes due 2022 . The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. Ferrellgas would incur prepayment penalties if it were to repay the notes prior to November 2019 . (4) During June 2015 , Ferrellgas issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023 . The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. Ferrellgas would incur prepayment penalties if it were to repay the notes prior to June 2021 . |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | Long-term debt consists of the following: 2018 2017 Senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (3) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $2,375 and $3,166 at 2018 and 2017, respectively (2) 477,375 478,166 Fair value adjustments related to interest rate swaps — 471 Secured credit facilities Variable interest rate, Term Loan, expires May 2023 275,000 — Variable interest rate, Revolving Facility (net of $59.8 million classified as short-term borrowings at July 31, 2017) — 185,719 Notes payable 11.2% and 12.0% weighted average interest rate at July 31, 2018 and 2017, respectively, due 2019 to 2025, net of unamortized discount of $977 and $1,128 at July 31, 2018 and 2017, respectively 6,221 5,958 Total debt, excluding unamortized debt issuance and other costs 1,758,596 1,670,314 Unamortized debt issuance and other costs (28,057 ) (18,466 ) Less: current portion, included in other current liabilities on the consolidated balance sheets 2,402 2,578 Long-term debt $ 1,728,137 $ 1,649,270 (1) During November 2010 , Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of new 6.50% senior notes due 2021.These notes are general unsecured senior obligations of Ferrellgas, L.P. and are effectively junior to all future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing the debt, and are structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas, L.P. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021 . Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to May 2019 . (2) During fiscal 2014 , Ferrellgas, L.P. issued $475.0 million in aggregate principal amount of 6.75% senior notes due 2022 . The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to November 2019 . (3) During June 2015 , Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023 . The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to June 2021 . |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Limited Partner Units | As of July 31, 2018 and 2017 , limited partner units were beneficially owned by the following: 2018 2017 Public common unitholders (1) 69,612,939 69,612,939 Ferrell Companies (2) 22,529,361 22,529,361 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) 4,763,475 4,763,475 |
Ferrellgas Paid Cash Distributions | Partnership distributions paid by Ferrellgas Partners For the year ended July 31, 2018 2017 2016 Public common unitholders $ 27,846 $ 56,561 $ 145,666 Ferrell Companies 9,012 18,305 46,184 FCI Trading Corp. 80 160 400 Ferrell Propane, Inc. 20 41 104 James E. Ferrell 1,904 3,869 9,764 General partner 392 797 2,042 $ 39,254 $ 79,733 $ 204,160 |
Dividends Expected To Be Paid To Related Parties | Included in this cash distribution were the following amounts paid to related parties: Ferrell Companies $ 2,253 FCI Trading Corp. 20 Ferrell Propane, Inc. 5 James E. Ferrell 476 General partner 98 |
Ferrellgas, L.P. [Member] | |
Ferrellgas Paid Cash Distributions | Ferrellgas, L.P. has paid the following quarterly distributions. For the year ended July 31, 2018 2017 2016 Ferrellgas Partners $ 70,246 $ 102,978 $ 220,058 General partner 716 1,050 2,246 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Assets and Liabilities Fair Value Heirarchy | 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 July 31, 2018 and 2017 : 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 July 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 22,470 $ — $ 22,470 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (1,910 ) $ — $ (1,910 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) |
Ferrellgas, L.P. [Member] | |
Assets and Liabilities Fair Value Heirarchy | 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 July 31, 2018 and 2017 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total July 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 22,470 $ — $ 22,470 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (1,910 ) $ — $ (1,910 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) |
Derivative Instruments and He42
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives within Ferrellgas’ consolidated balance sheets as of July 31, 2018 and 2017 : July 31, 2018 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 $ 17,123 Other current liabilities $ 1,832 Commodity derivatives-propane Other assets, net 5,347 Other liabilities 78 Total $ 22,470 Total $ 1,910 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of July 31, 2018 and July 31, 2017 , respectively: July 31, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 2,851 Other current liabilities $ 12,308 Other assets, net 927 Other liabilities 4,235 $ 3,778 $ 16,543 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 |
Fair Value Hedge Derivative Effect on Earnings | The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2018 , 2017 and 2016 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the year ended July 31, For the year ended July 31, 2018 2017 2016 2018 2017 2016 Interest rate swap agreements Interest expense $ 266 $ 1,319 $ 1,919 $ (6,825 ) $ (9,100 ) $ (9,100 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | The following tables provide a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2018 , 2017 and 2016 due to derivatives designated as cash flow hedging instruments: For the year ended July 31, 2018 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 30,231 Cost of product sold- propane and other gas liquids sales $ 24,714 $ — Interest rate swap agreements — Interest expense (395 ) — $ 30,231 $ 24,319 $ — For the year ended July 31, 2017 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 21,659 Cost of product sold- propane and other gas liquids sales $ 154 $ — Interest rate swap agreements 866 Interest expense (2,092 ) — $ 22,525 $ (1,938 ) $ — For the year ended July 31, 2016 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 4,409 Cost of product sold- propane and other gas liquids sales $ (24,438 ) $ — Interest rate swap agreements (2,620 ) Interest expense (2,864 ) — $ 1,789 $ (27,302 ) $ — |
Derivatives not designated as hedging instruments effect on earnings | The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the year ended July 31, 2018 , 2017 and 2016 due to the change in fair value of derivatives not designated as hedging instruments: For the year ended July 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the year ended July 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ (425 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,090 Operating expense For the year ended July 31, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ 1,084 Cost of sales - midstream operations Commodity derivatives - vehicle fuel (4,351 ) Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income Loss | The changes in derivatives included in accumulated other comprehensive income (loss) (“AOCI”) for the years ended July 31, 2018 , 2017 and 2016 were as follows: For the year ended July 31, Gains and losses on derivatives included in AOCI 2018 2017 2016 Beginning balance $ 14,648 $ (9,815 ) $ (38,906 ) Change in value on risk management commodity derivatives 30,231 21,659 4,409 Reclassification of (gains) and losses of commodity hedges to cost of product sold - propane and other gas liquids sales, net (24,714 ) (154 ) 24,438 Change in value on risk management interest rate derivatives — 866 (2,620 ) Reclassification of (gains) and losses on interest rate hedges to interest expense 395 2,092 2,864 Ending balance $ 20,560 $ 14,648 $ (9,815 ) |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives within Ferrellgas, L.P.’s consolidated balance sheets as of July 31, 2018 and 2017 : July 31, 2018 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 $ 17,123 Other current liabilities $ 1,832 Commodity derivatives-propane Other assets, net 5,347 Other liabilities 78 Total $ 22,470 Total $ 1,910 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of July 31, 2018 and July 31, 2017 , respectively: July 31, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 2,851 Other current liabilities $ 12,308 Other assets, net 927 Other liabilities 4,235 $ 3,778 $ 16,543 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 |
Fair Value Hedge Derivative Effect on Earnings | The following table provides a summary of the effect on Ferrellgas, L.P.’s consolidated statements of comprehensive income for the years ended July 31, 2018 , 2017 and 2016 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) Derivative Instrument Location of Gain Recognized on Derivative For the year ended July 31, For the year ended July 31, 2018 2017 2016 2018 2017 2016 Interest rate swap agreements Interest expense $ 266 $ 1,319 $ 1,919 $ (6,825 ) $ (9,100 ) $ (9,100 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | The following tables provide a summary of the effect on Ferrellgas, L.P.'s consolidated statements of comprehensive income for the years ended July 31, 2018 , 2017 and 2016 due to derivatives designated as cash flow hedging instruments: For the year ended July 31, 2018 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 30,231 Cost of product sold- propane and other gas liquids sales $ 24,714 $ — Interest rate swap agreements — Interest expense (395 ) — $ 30,231 $ 24,319 $ — For the year ended July 31, 2017 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 21,659 Cost of product sold- propane and other gas liquids sales $ 154 $ — Interest rate swap agreements 866 Interest expense (2,092 ) — $ 22,525 $ (1,938 ) $ — For the year ended July 31, 2016 Amount of Gain (Loss) Reclassified from AOCI into Income Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 4,409 Cost of product sold- propane and other gas liquids sales $ (24,438 ) $ — Interest rate swap agreements (2,620 ) Interest expense (2,864 ) — $ 1,789 $ (27,302 ) $ — |
Derivatives not designated as hedging instruments effect on earnings | The following table provides a summary of the effect on Ferrellgas, L.P.'s consolidated statements of comprehensive income for the year ended July 31, 2018 , 2017 and 2016 due to the change in fair value of derivatives not designated as hedging instruments: For the year ended July 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the year ended July 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ (425 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,090 Operating expense For the year ended July 31, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Reclassified in Income Commodity derivatives - crude oil $ 1,084 Cost of sales - midstream operations Commodity derivatives - vehicle fuel (4,351 ) Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income Loss | The changes in derivatives included in accumulated other comprehensive income (loss) (“AOCI”) for the years ended July 31, 2018 , 2017 and 2016 were as follows: For the year ended July 31, Gains and losses on derivatives included in AOCI 2018 2017 2016 Beginning balance $ 14,648 $ (9,815 ) $ (38,906 ) Change in value on risk management commodity derivatives 30,231 21,659 4,409 Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales, net (24,714 ) (154 ) 24,438 Change in value on risk management interest rate derivatives — 866 (2,620 ) Reclassification of gains and losses on interest rate hedges to interest expense 395 2,092 2,864 Ending balance $ 20,560 $ 14,648 $ (9,815 ) |
Transactions With Related Par43
Transactions With Related Parties (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Allocation 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 consolidated statements of operations as follows: For the year ended July 31, 2018 2017 2016 Operating expense $ 243,407 $ 228,969 $ 230,437 General and administrative expense $ 28,282 $ 31,068 $ 30,239 |
Ferrellgas, L.P. [Member] | |
Allocation 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 consolidated statements of operations as follows: For the year ended July 31, 2018 2017 2016 Operating expense $ 243,407 $ 228,969 $ 230,437 General and administrative expense $ 28,282 $ 31,068 $ 30,239 |
Contingencies And Commitments (
Contingencies And Commitments (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following provides the activity in the exit costs liability included in "Other liabilities" within the consolidated balance sheets: Contract exit costs July 31, 2017 $ — Net expense 11,804 Cash payments and other — July 31, 2018 $ 11,804 |
Contractual Operating Lease Commitments And Buyouts | The following table summarizes Ferrellgas’ contractual operating lease commitments and buyout obligations as of July 31, 2018 : Future minimum rental and buyout amounts by fiscal year 2019 2020 2021 2022 2023 Thereafter Operating lease obligations $ 42,356 $ 33,137 $ 26,142 $ 19,173 $ 13,867 $ 16,624 Operating lease buyouts $ 3,884 $ 3,131 $ 3,526 $ 6,035 $ 3,527 $ 8,540 |
Ferrellgas, L.P. [Member] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following provides the activity in the exit costs liability included in "Other liabilities" within the consolidated balance sheets: Contract exit costs July 31, 2017 $ — Net expense 11,804 Cash payments and other — July 31, 2018 $ 11,804 |
Contractual Operating Lease Commitments And Buyouts | The following table summarizes Ferrellgas, L.P.’s contractual operating lease commitments and buyout obligations as of July 31, 2018 : Future minimum rental and buyout amounts by fiscal year 2019 2020 2021 2022 2023 Thereafter Operating lease obligations $ 42,356 $ 33,137 $ 26,142 $ 19,173 $ 13,867 $ 16,624 Operating lease buyouts $ 3,884 $ 3,131 $ 3,526 $ 6,035 $ 3,527 $ 8,540 |
Net Earnings (Loss) Per Commo45
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
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 % |
Basic And Diluted Net Earnings Per Common Unitholders' Interest | Additionally, in periods with net losses, there are no dilutive securities. For the year ended July 31, 2018 2017 2016 Common unitholders’ interest in net loss $ (252,035 ) $ (53,665 ) $ (658,761 ) Weighted average common units outstanding (in thousands) 97,152.7 97,229.5 98,682.8 Dilutive securities — — — Weighted average common units outstanding plus dilutive securities 97,152.7 97,229.5 98,682.8 Basic and diluted net loss per common unitholders’ interest $ (2.59 ) $ (0.55 ) $ (6.68 ) |
Segment Reporting Segment Rep46
Segment Reporting Segment Reporting (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Statement [Line Items] | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas' total segment performance measure to consolidated net earnings: Year Ended July 31, 2018 2017 2016 Net loss attributable to Ferrellgas Partners, L.P. $ (254,581 ) $ (54,207 ) $ (665,415 ) Income tax benefit (2,678 ) (1,143 ) (36 ) Interest expense 168,467 152,485 137,937 Depreciation and amortization expense 101,795 103,351 150,513 EBITDA 13,003 200,486 (377,001 ) Non-cash employee stock ownership plan compensation charge 13,859 15,088 27,595 Non-cash stock-based compensation charge — 3,298 9,324 Asset impairments 10,005 — 658,118 Loss on asset sales and disposals 187,399 14,457 30,835 Other income, net (928 ) (1,474 ) (110 ) Change in fair value of contingent consideration — — (100 ) Severance costs 1,663 1,959 1,453 Litigation fees and settlements 6,065 — — Acquisition and transition expenses — — 99 Unrealized (non-cash) loss (gains) on changes in fair value of derivatives 1,293 (3,457 ) 1,137 Exit costs associated with contracts - Midstream dispositions 11,804 — — Net loss attributable to noncontrolling interest (2,244 ) (294 ) (6,620 ) Adjusted EBITDA $ 241,919 $ 230,063 $ 344,730 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: July 31, July 31, 2018 2017 Assets Propane operations and related equipment sales $ 1,196,084 $ 1,194,905 Corporate and other 167,197 415,064 Total consolidated assets $ 1,363,281 $ 1,609,969 |
Profit Measure [Member] | |
Statement [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the years ended July 31, 2018 , 2017 and 2016. Year Ended July 31, 2018 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,790,823 $ 282,319 $ 2,073,142 Direct costs (1) 1,514,755 316,468 1,831,223 Adjusted EBITDA $ 276,068 $ (34,149 ) $ 241,919 Year Ended July 31, 2017 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,463,574 $ 466,703 $ 1,930,277 Direct costs (1) 1,198,150 502,064 1,700,214 Adjusted EBITDA $ 265,424 $ (35,361 ) $ 230,063 Year Ended July 31, 2016 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,414,129 $ 625,238 $ 2,039,367 Direct costs (1) 1,127,382 567,255 1,694,637 Adjusted EBITDA $ 286,747 $ 57,983 $ 344,730 |
Capital Expenditures [Member] | |
Statement [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment (unaudited): Year Ended July 31, 2018 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 23,979 $ 3,584 $ 27,563 Growth 51,229 1,255 52,484 Total $ 75,208 $ 4,839 $ 80,047 Year Ended July 31, 2017 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 13,330 $ 3,808 $ 17,138 Growth 28,912 315 29,227 Total $ 42,242 $ 4,123 $ 46,365 Year Ended July 31, 2016 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 13,487 $ 3,390 $ 16,877 Growth 32,906 63,152 96,058 Total $ 46,393 $ 66,542 $ 112,935 |
Ferrellgas, L.P. [Member] | |
Statement [Line Items] | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to consolidated net earnings: Year Ended July 31 2018 2017 2016 Net loss $ (222,146 ) $ (29,059 ) $ (655,391 ) Income tax benefit (2,699 ) (1,149 ) (41 ) Interest expense 133,946 127,188 121,818 Depreciation and amortization expense 101,795 103,351 150,513 EBITDA 10,896 200,331 (383,101 ) Non-cash employee stock ownership plan compensation charge 13,859 15,088 27,595 Non-cash stock-based compensation charge — 3,298 9,324 Asset impairments 10,005 — 658,118 Loss on asset sales and disposals 187,399 14,457 30,835 Other income, net (928 ) (1,474 ) (110 ) Change in fair value of contingent consideration — — (100 ) Severance costs 1,663 1,959 1,453 Litigation fees and settlements 6,065 — — Acquisition and transition expenses — — 99 Unrealized (non-cash) loss (gains) on changes in fair value of derivatives 1,293 (3,457 ) 1,137 Exit costs associated with contracts - Midstream dispositions 11,804 — — Adjusted EBITDA $ 242,056 $ 230,202 $ 345,250 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: July 31, July 31, 2018 2017 Assets Propane operations and related equipment sales $ 1,196,084 $ 1,194,905 Corporate and other 167,162 415,043 Total consolidated assets $ 1,363,246 $ 1,609,948 |
Ferrellgas, L.P. [Member] | Profit Measure [Member] | |
Statement [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the years ended July 31, 2018 , 2017 and 2016 . Year Ended July 31, 2018 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,790,823 $ 282,319 $ 2,073,142 Direct costs (1) 1,514,755 316,331 1,831,086 Adjusted EBITDA $ 276,068 $ (34,012 ) $ 242,056 Year Ended July 31, 2017 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,463,574 $ 466,703 $ 1,930,277 Direct costs (1) 1,198,150 501,925 1,700,075 Adjusted EBITDA $ 265,424 $ (35,222 ) $ 230,202 Year Ended July 31, 2016 Propane operations and related equipment sales Corporate and other Total Segment revenues $ 1,414,129 $ 625,238 $ 2,039,367 Direct costs (1) 1,127,382 566,735 1,694,117 Adjusted EBITDA $ 286,747 $ 58,503 $ 345,250 |
Ferrellgas, L.P. [Member] | Capital Expenditures [Member] | |
Statement [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment (unaudited): Year Ended July 31, 2018 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 23,979 $ 3,584 $ 27,563 Growth 51,229 1,255 52,484 Total $ 75,208 $ 4,839 $ 80,047 Year Ended July 31, 2017 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 13,330 $ 3,808 $ 17,138 Growth 28,912 315 29,227 Total $ 42,242 $ 4,123 $ 46,365 Year Ended July 31, 2016 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 13,487 $ 3,390 $ 16,877 Growth 32,906 63,152 96,058 Total $ 46,393 $ 66,542 $ 112,935 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Summarized Unaudited Quarterly Data | The sum of basic and diluted net earnings (loss) per common unitholders’ interest by quarter may not equal the basic and diluted net earnings (loss) per common unitholders’ interest for the year due to variations in the weighted average units outstanding used in computing such amounts. For the year ended July 31, 2018 First quarter Second quarter Third quarter Fourth quarter Revenues $ 454,655 $ 755,156 $ 515,810 $ 347,521 Gross margin from propane and other gas liquids sales (a) 123,243 229,321 190,883 126,115 Gross margin from midstream operations (b) 12,635 10,209 8,077 (4,161 ) Net earnings (loss) (c) (48,316 ) (1,774 ) 11,062 (217,797 ) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (47,915 ) (1,843 ) 10,861 (215,684 ) Common unitholders’ interest in net earnings (loss) (47,436 ) (1,824 ) 10,752 (213,527 ) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.49 ) $ (0.02 ) $ 0.11 $ (2.20 ) For the year ended July 31, 2017 First quarter Second quarter Third quarter Fourth quarter Revenues $ 379,542 $ 579,250 $ 538,109 $ 433,376 Gross margin from propane and other gas liquids sales (a) 123,187 202,346 171,950 126,774 Gross margin from midstream operations (b) 13,402 9,763 7,909 6,190 Net earnings (loss) (43,471 ) 38,528 6,691 (56,249 ) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (43,073 ) 38,098 6,536 (55,768 ) Common unitholders’ interest in net earnings (loss) (42,642 ) 37,717 6,470 (55,210 ) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.44 ) $ 0.39 $ 0.07 $ (0.57 ) For the year ended July 31, 2016 First quarter Second quarter Third quarter Fourth quarter Revenues $ 471,146 $ 649,238 $ 509,472 $ 409,511 Gross margin from propane and other gas liquids sales (a) 123,550 202,027 186,668 125,690 Gross margin from midstream operations (b) 40,066 39,890 33,572 40,476 Net earnings (loss) (c) (80,566 ) 57,755 18,918 (668,142 ) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (79,793 ) 57,127 18,685 (661,434 ) Common unitholders’ interest in net earnings (loss) (78,995 ) 56,556 18,498 (654,820 ) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.79 ) $ 0.58 $ 0.19 $ (6.68 ) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Gross margin from "Midstream operations" represents "Revenues - midstream operations" less "Cost of sales - midstream operations." (c) Includes asset impairment charges of $10.0 million in the second quarter of fiscal 2018 and $29.3 million and $628.8 million in the first and fourth quarters of fiscal 2016, respectively. |
Ferrellgas, L.P. [Member] | |
Summarized Unaudited Quarterly Data | Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. For the year ended July 31, 2018 First quarter Second quarter Third quarter Fourth quarter Revenues $ 454,655 $ 755,156 $ 515,810 $ 347,521 Gross margin from propane and other gas liquids sales (a) 123,243 229,321 190,883 126,115 Gross margin from midstream operations (b) 12,635 10,209 8,077 (4,161 ) Net earnings (loss) (c) $ (39,699 ) $ 6,847 $ 19,840 $ (209,134 ) For the year ended July 31, 2017 First quarter Second quarter Third quarter Fourth quarter Revenues $ 379,542 $ 579,250 $ 538,109 $ 433,376 Gross margin from propane and other gas liquids sales (a) 123,187 202,346 171,950 126,774 Gross margin from midstream operations (b) 13,402 9,763 7,909 6,190 Net earnings (loss) $ (39,440 ) $ 42,600 $ 15,395 $ (47,614 ) For the year ended July 31, 2016 First quarter Second quarter Third quarter Fourth quarter Revenues $ 471,146 $ 649,238 $ 509,472 $ 409,511 Gross margin from propane and other gas liquids sales (a) 123,550 202,027 186,668 125,690 Gross margin from midstream operations (b) 40,066 39,890 33,572 40,476 Net earnings (loss) (c) $ (76,536 ) $ 62,187 $ 23,049 $ (664,091 ) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Gross margin from "Midstream operations" represents "Revenues - midstream operations" less "Cost of sales - midstream operations." (c) Includes asset impairment charges of $10.0 million in the second quarter of fiscal 2018 and $29.3 million and $628.8 million in the first and fourth quarters of fiscal 2016, respectively. |
Guarantor financial informati48
Guarantor financial information Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] | 12 Months Ended |
Jul. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Balance Sheet [Table Text Block] | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 119,133 $ 1 $ 174 $ — $ — $ 119,308 Accounts and notes receivable (3,420 ) — 9,395 120,079 — 126,054 Intercompany receivables 15,660 — — — (15,660 ) — Inventories 83,694 — — — — 83,694 Prepaid expenses and other current assets 34,050 — 775 5 — 34,830 Total current assets 249,117 1 10,344 120,084 (15,660 ) 363,886 Property, plant and equipment, net 557,689 — 34 — — 557,723 Goodwill 246,098 — — — — 246,098 Intangible assets, net 120,951 — — — — 120,951 Investments in consolidated subsidiaries 59,937 — — — (59,937 ) — Other assets, net 63,411 — 9,961 1,216 — 74,588 Total assets $ 1,297,203 $ 1 $ 20,339 $ 121,300 $ (75,597 ) $ 1,363,246 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 45,171 $ — $ 1,547 $ 102 $ — $ 46,820 Short-term borrowings 32,800 — — — — 32,800 Collateralized note payable — — — 58,000 — 58,000 Intercompany payables — — (143 ) 15,803 (15,660 ) — Other current liabilities 131,702 — 6,036 353 — 138,091 Total current liabilities 209,673 — 7,440 74,258 (15,660 ) 275,711 Long-term debt 1,728,137 — — — — 1,728,137 Other liabilities 39,471 — 5 — — 39,476 Contingencies and commitments Partners' capital (deficit): Partners' equity (deficit) (700,811 ) 1 12,894 47,042 (59,937 ) (700,811 ) Accumulated other comprehensive income 20,733 — — — — 20,733 Total partners' capital (deficit) (680,078 ) 1 12,894 47,042 (59,937 ) (680,078 ) Total liabilities and partners' capital (deficit) $ 1,297,203 $ 1 $ 20,339 $ 121,300 $ (75,597 ) $ 1,363,246 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 5,327 $ 1 $ 373 $ — $ — $ 5,701 Accounts and notes receivable (3,132 ) — 58,618 109,598 — 165,084 Intercompany receivables 39,877 — — — (39,877 ) — Inventories 78,963 — 13,589 — — 92,552 Prepaid expenses and other current assets 26,106 — 7,314 6 — 33,426 Total current assets 147,141 1 79,894 109,604 (39,877 ) 296,763 Property, plant and equipment, net 537,582 — 194,341 — — 731,923 Goodwill 246,098 — 10,005 — — 256,103 Intangible assets, net 128,209 — 122,893 — — 251,102 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (53,915 ) — — — 53,915 — Other assets, net 35,862 — 37,618 577 — 74,057 Total assets $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 44,026 $ — $ 41,345 $ 190 $ — $ 85,561 Short-term borrowings 59,781 — — — — 59,781 Collateralized note payable — — — 69,000 — 69,000 Intercompany payables — — 41,645 (1,768 ) (39,877 ) — Other current liabilities 118,039 — 3,776 201 — 122,016 Total current liabilities 221,846 — 86,766 67,623 (39,877 ) 336,358 Long-term debt 1,649,139 — 450,131 — (450,000 ) 1,649,270 Other liabilities 26,790 — 4,300 28 — 31,118 Contingencies and commitments Partners' capital (deficit): Partners' equity (deficit) (421,562 ) 1 (96,446 ) 42,530 53,915 (421,562 ) Accumulated other comprehensive income 14,764 — — — — 14,764 Total partners' capital (deficit) (406,798 ) 1 (96,446 ) 42,530 53,915 (406,798 ) Total liabilities and partners' capital (deficit) $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 |
Condensed Income Statement [Table Text Block] | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,642,155 $ — $ 821 $ — $ — $ 1,642,976 Midstream operations — — 282,319 — — 282,319 Other 72,954 — 74,893 — — 147,847 Total revenues 1,715,109 — 358,033 — — 2,073,142 Costs and expenses: Cost of sales - propane and other gas liquids sales 972,467 — 947 — — 973,414 Cost of sales - midstream operations — — 255,559 — — 255,559 Cost of sales - other 10,111 — 58,543 — — 68,654 Operating expense 436,962 — 37,617 4,755 (7,586 ) 471,748 Depreciation and amortization expense 75,163 — 26,317 315 — 101,795 General and administrative expense 48,337 5 5,922 — — 54,264 Equipment lease expense 27,939 — 333 — — 28,272 Non-cash employee stock ownership plan compensation charge 13,859 — — — — 13,859 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 8,978 — 178,421 — — 187,399 Operating income (loss) 121,293 (5 ) (215,631 ) (5,070 ) 7,586 (91,827 ) Interest expense (86,646 ) — (43,247 ) (4,053 ) — (133,946 ) Other income (expense), net (234 ) — 1,162 7,586 (7,586 ) 928 Earnings (loss) before income taxes 34,413 (5 ) (257,716 ) (1,537 ) — (224,845 ) Income tax expense (benefit) 222 — (2,921 ) — — (2,699 ) Equity in earnings (loss) of subsidiaries (256,337 ) — — — 256,337 — Net earnings (loss) (222,146 ) (5 ) (254,795 ) (1,537 ) 256,337 (222,146 ) Other comprehensive income 5,969 — — — — 5,969 Comprehensive income (loss) $ (216,177 ) $ (5 ) $ (254,795 ) $ (1,537 ) $ 256,337 $ (216,177 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,318,412 $ — $ — $ — $ — $ 1,318,412 Midstream operations — — 466,703 — — 466,703 Other 69,962 — 75,200 — — 145,162 Total revenues 1,388,374 — 541,903 — — 1,930,277 Costs and expenses: Cost of sales - propane and other gas liquids sales 694,155 — — — — 694,155 Cost of sales - midstream operations — — 429,439 — — 429,439 Cost of sales - other 8,473 — 58,794 — — 67,267 Operating expense 398,584 — 38,188 95 (4,455 ) 432,412 Depreciation and amortization expense 72,919 — 30,183 249 — 103,351 General and administrative expense 44,810 5 4,663 — — 49,478 Equipment lease expense 28,560 — 564 — — 29,124 Non-cash employee stock ownership plan compensation charge 15,088 — — — — 15,088 Loss on asset sales and disposals 9,198 — 5,259 — — 14,457 Operating income (loss) 116,587 (5 ) (25,187 ) (344 ) 4,455 95,506 Interest expense (80,866 ) — (43,839 ) (2,480 ) (3 ) (127,188 ) Other income (expense), net 850 — 624 4,452 (4,452 ) 1,474 Earnings (loss) before income taxes 36,571 (5 ) (68,402 ) 1,628 — (30,208 ) Income tax expense (benefit) 217 — (1,366 ) — — (1,149 ) Equity in earnings (loss) of subsidiaries (65,413 ) — — — 65,413 — Net earnings (loss) (29,059 ) (5 ) (67,036 ) 1,628 65,413 (29,059 ) Other comprehensive income 25,324 — — — — 25,324 Comprehensive income (loss) $ (3,735 ) $ (5 ) $ (67,036 ) $ 1,628 $ 65,413 $ (3,735 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,202,368 $ — $ — $ — $ — $ 1,202,368 Midstream operations — — 625,238 — — 625,238 Other 73,200 — 138,561 — — 211,761 Total revenues 1,275,568 — 763,799 — — 2,039,367 Costs and expenses: Cost of sales - propane and other gas liquids sales 564,433 — — — — 564,433 Cost of sales - midstream operations (1,545 ) — 472,779 — — 471,234 Cost of sales - other 8,867 — 117,370 — — 126,237 Operating expense 399,680 — 58,789 4,028 (3,319 ) 459,178 Depreciation and amortization expense 75,059 — 75,212 242 — 150,513 General and administrative expense 50,592 7 5,516 — — 56,115 Equipment lease expense 28,322 — 511 — — 28,833 Non-cash employee stock ownership plan compensation charge 27,595 — — — — 27,595 Asset impairments — — 658,118 — — 658,118 Loss on asset sales and disposals 9,180 — 21,655 — — 30,835 Operating income (loss) 113,385 (7 ) (646,151 ) (4,270 ) 3,319 (533,724 ) Interest expense (77,493 ) — (42,325 ) (2,186 ) 186 (121,818 ) Other income (expense), net 110 — — 3,505 (3,505 ) 110 Earnings (loss) before income taxes 36,002 (7 ) (688,476 ) (2,951 ) — (655,432 ) Income tax expense (benefit) 839 — (880 ) — — (41 ) Equity in earnings (loss) of subsidiaries (690,554 ) — — — 690,554 — Net earnings (loss) (655,391 ) (7 ) (687,596 ) (2,951 ) 690,554 (655,391 ) Other comprehensive income (loss) 28,758 — — — — 28,758 Comprehensive income (loss) $ (626,633 ) $ (7 ) $ (687,596 ) $ (2,951 ) $ 690,554 $ (626,633 ) |
Condensed Cash Flow Statement [Table Text Block] | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 139,294 $ (5 ) $ (48,708 ) $ 3,573 $ 11,000 $ 105,154 Cash flows from investing activities: Business acquisitions, net of cash acquired (18,141 ) — — — — (18,141 ) Capital expenditures (81,114 ) — (3,805 ) — — (84,919 ) Proceeds from sale of assets, dispositions and other 7,327 — 145,260 — — 152,587 Cash collected for purchase of interest in accounts receivable — — — 1,226,211 (1,226,211 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (1,215,211 ) 1,215,211 — Net changes in advances with consolidated entities 96,514 — — — (96,514 ) — Other — — — — — — Net cash provided by (used in) investing activities 4,586 — 141,455 11,000 (107,514 ) 49,527 Cash flows from financing activities: Distributions (70,962 ) — — — — (70,962 ) Proceeds from issuance of long-term debt 323,680 — — — — 323,680 Payments on long-term debt (212,920 ) — — — — (212,920 ) Net reductions in short-term borrowings (51,379 ) — — — — (51,379 ) Net additions to collateralized short-term borrowings — — — (11,000 ) — (11,000 ) Net changes in advances with parent — 5 (92,946 ) (3,573 ) 96,514 — Cash paid for financing costs (18,493 ) — — — — (18,493 ) Net cash provided by (used in) financing activities (30,074 ) 5 (92,946 ) (14,573 ) 96,514 (41,074 ) Increase (decrease) in cash and cash equivalents 113,806 — (199 ) — — 113,607 Cash and cash equivalents - beginning of year 5,327 1 373 — — 5,701 Cash and cash equivalents - end of year $ 119,133 $ 1 $ 174 $ — $ — $ 119,308 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 185,640 $ (5 ) $ (36,297 ) $ 4,410 $ (5,000 ) $ 148,748 Cash flows from investing activities: Business acquisitions, net of cash acquired (3,539 ) — — — — (3,539 ) Capital expenditures (49,107 ) — (1,365 ) — — (50,472 ) Proceeds from sale of assets, dispositions and other 8,510 — — — — 8,510 Cash collected for purchase of interest in accounts receivable — — — 1,011,244 (1,011,244 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (1,016,244 ) 1,016,244 — Net changes in advances with consolidated entities (33,573 ) — — 360 33,213 — Other (37 ) — — — — (37 ) Net cash used in investing activities (77,746 ) — (1,365 ) (4,640 ) 38,213 (45,538 ) Cash flows from financing activities: Distributions (119,879 ) — — — — (119,879 ) Contributions 167,843 — — — — 167,843 Proceeds from issuance of long-term debt 62,864 — — — — 62,864 Payments on long-term debt (174,292 ) — — — — (174,292 ) Net reductions to short-term borrowings (41,510 ) — — — — (41,510 ) Net additions in collateralized short-term borrowings — — — 5,000 — 5,000 Net changes in advances with parent — 5 37,618 (4,410 ) (33,213 ) — Cash paid for financing costs (2,065 ) — — (360 ) — (2,425 ) Net cash provided by (used in) financing activities (107,039 ) 5 37,618 230 (33,213 ) (102,399 ) Increase (decrease) in cash and cash equivalents 855 — (44 ) — — 811 Cash and cash equivalents - beginning of year 4,472 1 417 — — 4,890 Cash and cash equivalents - end of year $ 5,327 $ 1 $ 373 $ — $ — $ 5,701 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 102,569 $ (9 ) $ 89,728 $ 14,456 $ 6,000 $ 212,744 Cash flows from investing activities: Business acquisitions, net of cash acquired (15,144 ) — — — — (15,144 ) Capital expenditures (52,501 ) — (65,017 ) — — (117,518 ) Proceeds from sale of assets, dispositions and other 17,089 — — — — 17,089 Cash collected for purchase of interest in accounts receivable — — — 946,804 (946,804 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (940,804 ) 940,804 — Net changes in advances with consolidated entities 38,759 — — — (38,759 ) — Other (286 ) — — — — (286 ) Net cash provided by (used in) investing activities (12,083 ) — (65,017 ) 6,000 (44,759 ) (115,859 ) Cash flows from financing activities: Distributions (269,541 ) — — — — (269,541 ) Contributions 30 — — — — 30 Proceeds from issuance of long-term debt 168,117 — — — — 168,117 Payments on long-term debt (14,959 ) — — — — (14,959 ) Net additions to short-term borrowings 25,972 — — — — 25,972 Net reductions in collateralized short-term borrowings — — — (6,000 ) — (6,000 ) Net changes in advances with parent — 9 (24,314 ) (14,454 ) 38,759 — Cash paid for financing costs (1,214 ) — — — — (1,214 ) Net cash provided by (used in) financing activities (91,595 ) 9 (24,314 ) (20,454 ) 38,759 (97,595 ) Effect of exchange rate changes on cash 2 — — (2 ) — — Increase (decrease) in cash and cash equivalents (1,107 ) — 397 — — (710 ) Cash and cash equivalents - beginning of year 5,579 1 20 — — 5,600 Cash and cash equivalents - end of year $ 4,472 $ 1 $ 417 $ — $ — $ 4,890 |
Schedule I Parent Only Balanc49
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Tables) - Parent Company [Member] | 12 Months Ended |
Jul. 31, 2018 | |
Schedule Of Parent Only Balance Sheet | Schedule 1 FERRELLGAS PARTNERS, L.P. PARENT ONLY BALANCE SHEETS (in thousands, except unit data) July 31, 2018 2017 ASSETS Cash and cash equivalents $ 3 $ 59 Prepaid expenses and other current assets 23 4 Total assets $ 26 $ 63 LIABILITIES AND PARTNERS' DEFICIT Other current liabilities $ 3,925 $ 4,250 Long-term debt 350,500 346,525 Investment in Ferrellgas, L.P. 673,386 402,866 Partners' deficit Common unitholders (97,152,665 units outstanding at 2018 and 2017) (978,503 ) (701,188 ) General partner unitholder (989,926 units outstanding at 2018 and 2017) (69,792 ) (66,991 ) Accumulated other comprehensive income 20,510 14,601 Total Ferrellgas Partners, L.P. partners' deficit (1,027,785 ) (753,578 ) Total liabilities and partners' deficit $ 26 $ 63 |
Schedule Of Parent Only Statement Of Earnings | FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2018 2017 2016 Equity in loss of Ferrellgas, L.P. $ (219,902 ) $ (28,765 ) $ (648,771 ) Operating, general and administrative expense 137 139 520 Operating loss (220,039 ) (28,904 ) (649,291 ) Interest expense (34,521 ) (25,297 ) (16,119 ) Income tax expense 21 6 5 Net loss $ (254,581 ) $ (54,207 ) $ (665,415 ) |
Schedule Of Parent Only Statement Of Cash | FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2018 2017 2016 Cash flows from operating activities: Net loss attributable to Ferrellgas Partners, L.P. $ (254,581 ) $ (54,207 ) $ (665,415 ) Reconciliation of net loss to net cash used in operating activities: Other 3,673 3,982 (1,743 ) Equity in loss of Ferrellgas, L.P. 219,902 28,765 648,771 Net cash used in operating activities (31,006 ) (21,460 ) (18,387 ) Cash flows from investing activities: Distributions received from Ferrellgas, L.P. 70,246 118,829 266,818 Cash contributed to Ferrellgas, L.P. — (166,148 ) — Net cash provided by (used in) investing activities 70,246 (47,319 ) 266,818 Cash flows from financing activities: Distributions paid to common and general partner unitholders (39,254 ) (79,733 ) (204,160 ) Cash paid for financing costs (42 ) (3,653 ) — Proceeds from issuance of long-term debt — 168,000 — Repurchase of common units (including fees of $34 for the year ended July 31, 2016) — (15,851 ) (46,432 ) Proceeds from exercise of common unit options — — 182 Cash contribution from general partners in connection with common unit issuances — — 2 Net cash provided by (used in) financing activities (39,296 ) 68,763 (250,408 ) Decrease in cash and cash equivalents (56 ) (16 ) (1,977 ) Cash and cash equivalents - beginning of year 59 75 2,052 Cash and cash equivalents - end of year $ 3 $ 59 $ 75 |
Schedule II Valuation And Qua50
Schedule II Valuation And Qualifying Accounts (Tables) | 12 Months Ended |
Jul. 31, 2018 | |
Schedule Of Valuation And Qualifying Accounts | Schedule II FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance beginning cost and at end Description of period expenses Other of period Year ended July 31, 2018 Allowance for doubtful accounts $ 1,976 $ 1,778 $ (1,299 ) (1) $ 2,455 Year ended July 31, 2017 Allowance for doubtful accounts $ 5,526 $ 7 $ (3,557 ) (1) $ 1,976 Year ended July 31, 2016 Allowance for doubtful accounts $ 4,816 $ 1,703 $ (993 ) (1) $ 5,526 (1) Uncollectible accounts written off, net of recoveries. |
Ferrellgas, L.P. [Member] | |
Schedule Of Valuation And Qualifying Accounts | Schedule II FERRELLGAS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance beginning cost and at end Description of period expenses Other of period Year ended July 31, 2018 Allowance for doubtful accounts $ 1,976 $ 1,778 $ (1,299 ) (1) $ 2,455 Year ended July 31, 2017 Allowance for doubtful accounts $ 5,526 $ 7 $ (3,557 ) (1) $ 1,976 Year ended July 31, 2016 Allowance for doubtful accounts $ 4,816 $ 1,703 $ (993 ) (1) $ 5,526 (1) Uncollectible accounts written off, net of recoveries. |
Partnership Organization And 51
Partnership Organization And Formation (Details) | 12 Months Ended | |
Jul. 31, 2018USD ($)employeestatesubsidiaryshares | Jul. 31, 2017shares | |
Partnership formation date | Apr. 19, 1994 | |
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 | state | 50 | |
Number of employees | employee | 0 | |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock shares outstanding | 1,000 | 1,000 |
Corporation formation date | Mar. 28, 1996 | |
Corporation formation proceeds from partnership | $ | $ 1,000 | |
Corporation formation shares granted to partnership | 1,000 | |
Number of employees | employee | 0 | |
Ferrellgas, L.P. [Member] | ||
Partnership formation date | Apr. 22, 1994 | |
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Equity interest in subsidiary | 100.00% | |
Number of States in which Entity Operates | state | 50 | |
Number of employees | employee | 0 | |
Ferrellgas Finance Corp. [Member] | ||
Common stock shares outstanding | 1,000 | 1,000 |
Corporation formation date | Jan. 16, 2003 | |
Corporation formation proceeds from partnership | $ | $ 1,000 | |
Corporation formation shares granted to partnership | 1,000 | |
Number of employees | employee | 0 | |
Ferrell Companies [Member] | ||
Common stock shares outstanding | 22,800,000 | |
Operating Partnership [Member] | ||
General partner ownership interest | 1.00% | |
Ferrellgas [Member] | ||
General partner ownership interest | 2.00% |
Summary Of Significant Accoun52
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2016USD ($) | Jul. 31, 2018USD ($)subsidiaryshares | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | |
Asset Impairment Charges | $ 628,800 | $ 10,005 | $ 0 | $ 658,118 |
General partner ownership interest | 1.00% | |||
Revenue recognized over a straight-line basis, term | 1 year | |||
Non-cash stock and unit-based compensation charge | $ 0 | 3,298 | 9,324 | |
Number of taxable subsidiaries | subsidiary | 1 | |||
Ferrellgas, L.P. [Member] | ||||
Asset Impairment Charges | $ 628,800 | $ 10,005 | 0 | 658,118 |
General partner ownership interest | 1.00% | |||
Revenue recognized over a straight-line basis, term | 1 year | |||
Non-cash stock and unit-based compensation charge | $ 0 | 3,298 | 9,324 | |
Minimum [Member] | ||||
Property, plant and equipment useful life | 2 years | |||
Intangible asset useful life | 2 years | |||
Minimum [Member] | Ferrellgas, L.P. [Member] | ||||
Property, plant and equipment useful life | 2 years | |||
Intangible asset useful life | 2 years | |||
Maximum [Member] | ||||
Property, plant and equipment useful life | 30 years | |||
Intangible asset useful life | 15 years | |||
Maximum [Member] | Ferrellgas, L.P. [Member] | ||||
Property, plant and equipment useful life | 30 years | |||
Intangible asset useful life | 15 years | |||
Ferrell Companies, Inc. Incentive Compensation Plan [Member] | ||||
Number of shares authorized to be issued as options | shares | 9,250,000 | |||
Non-cash stock and unit-based compensation charge | $ 0 | 3,300 | 9,300 | |
Ferrell Companies, Inc. Incentive Compensation Plan [Member] | Ferrellgas, L.P. [Member] | ||||
Number of shares authorized to be issued as options | shares | 9,250,000 | |||
Non-cash stock and unit-based compensation charge | $ 0 | $ 3,300 | $ 9,300 | |
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | ||||
Stock options, percent to vest upon event | 100.00% | |||
Retirement age | 65 | |||
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | Ferrellgas, L.P. [Member] | ||||
Stock options, percent to vest upon event | 100.00% | |||
Retirement age | 65 | |||
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | Minimum [Member] | ||||
Award vesting period | 0 years | |||
Term till award expiration | 10 years | |||
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | Minimum [Member] | Ferrellgas, L.P. [Member] | ||||
Award vesting period | 0 years | |||
Term till award expiration | 10 years | |||
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | Maximum [Member] | ||||
Award vesting period | 10 years | |||
Ferrell Companies Inc Deferred Incentive Compensation Plan [Member] [Member] | Maximum [Member] | Ferrellgas, L.P. [Member] | ||||
Award vesting period | 10 years | |||
Operating Partnership [Member] | ||||
General partner ownership interest | 1.00% | |||
Operating Partnership [Member] | Ferrellgas, L.P. [Member] | ||||
Number of taxable subsidiaries | subsidiary | 3 |
Summary Of Significant Accoun53
Summary Of Significant Accounting Policies (Summary Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Current expense | $ 1,140 | $ (1,154) | $ 468 |
Deferred expense | (3,818) | 11 | (504) |
Income tax expense | (2,678) | (1,143) | (36) |
Ferrellgas, L.P. [Member] | |||
Current expense | 1,119 | (1,160) | 463 |
Deferred expense | (3,818) | 11 | (504) |
Income tax expense | $ (2,699) | $ (1,149) | $ (41) |
Summary Of Significant Accoun54
Summary Of Significant Accounting Policies (Deferred Taxes Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Deferred tax assets | $ 715 | $ 1,068 |
Deferred tax liabilities | (16) | (4,186) |
Net deferred tax liability | 699 | (3,118) |
Ferrellgas, L.P. [Member] | ||
Deferred tax assets | 715 | 1,068 |
Deferred tax liabilities | (16) | (4,186) |
Net deferred tax liability | $ 699 | $ (3,118) |
Asset Impairments (Details)
Asset Impairments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jan. 31, 2018 | Jul. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Concentration Risk, Customer | 0.6 | |||||
Asset Impairment Charges | $ 628,800,000 | $ 10,005,000 | $ 0 | $ 658,118,000 | ||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 0 | 0 | ||||
Fair Value Inputs, Discount Rate | 11.50% | |||||
Non Compete Agreements And Other Intangible Assets [Member] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 249,000,000 | |||||
Trade Names And Trademarks [Member] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 7,400,000 | |||||
Midstream Operations [Member] | ||||||
Goodwill, Impairment Loss | $ 190,600,000 | $ 29,300,000 | ||||
Propane and related equipment sales [Member] | ||||||
Goodwill, Impairment Loss | 10,005,000 | |||||
Asset Impairment Charges | $ 10,000,000 | |||||
Midstream Operations [Member] | ||||||
Goodwill, Impairment Loss | 29,300,000 | |||||
Ferrellgas, L.P. [Member] | ||||||
Concentration Risk, Customer | 0.6 | |||||
Asset Impairment Charges | $ 628,800,000 | 10,005,000 | $ 0 | 658,118,000 | ||
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount | $ 0 | $ 0 | ||||
Fair Value Inputs, Discount Rate | 11.50% | |||||
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 249,000,000 | |||||
Ferrellgas, L.P. [Member] | Trade Names And Trademarks [Member] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 7,400,000 | |||||
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||||||
Goodwill, Impairment Loss | 190,600,000 | $ 29,300,000 | ||||
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||||||
Goodwill, Impairment Loss | $ 10,005,000 | |||||
Asset Impairment Charges | $ 10,000,000 | |||||
Property And Equipment [Member] | ||||||
Asset Impairment Charges | 181,800,000 | |||||
Property And Equipment [Member] | Ferrellgas, L.P. [Member] | ||||||
Asset Impairment Charges | $ 181,800,000 |
Acquisitions, dispositions an56
Acquisitions, dispositions and other significant transactions (Narrative) (Details) MMBbls in Thousands, $ in Thousands, shares in Millions | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2016shares | Jan. 31, 2016USD ($)shares | Jul. 31, 2018USD ($) | Jul. 31, 2017USD ($)sharesMMBbls | Jul. 31, 2016USD ($) | |
Proceeds from sale of assets | $ 152,587 | $ 8,510 | $ 17,089 | ||
Payments for Repurchase of Common Stock | 0 | 15,851 | 46,432 | ||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 0.9 | 2.4 | |||
Ferrellgas, L.P. [Member] | |||||
Proceeds from sale of assets | 152,587 | 8,510 | 17,089 | ||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 2.4 | ||||
Propane and related equipment sales [Member] | |||||
Proceeds from Divestiture of Businesses | 26,600 | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 15,200 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | (15,194) | 0 | 0 | ||
Aggregate fair value of transactions | 20,567 | 4,395 | 6,602 | ||
Working capital | 139 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 10,022 | 1,220 | 3,625 | ||
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||||
Proceeds from Divestiture of Businesses | 26,600 | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 15,200 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | (15,194) | 0 | 0 | ||
Aggregate fair value of transactions | 20,567 | 4,395 | 6,602 | ||
Working capital | 139 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 10,022 | 1,220 | 3,625 | ||
Midstream Operations [Member] | |||||
Proceeds from Divestiture of Businesses | 57,000 | ||||
Proceeds from sale of assets | 8,000 | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 120,200 | ||||
Notes, Loans and Financing Receivable, Net, Noncurrent | 8,500 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | (4,002) | 0 | 0 | ||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax | (55,400) | (62,200) | (685,100) | ||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | (54,800) | (61,600) | (678,200) | ||
Aggregate fair value of transactions | 10,700 | ||||
Working capital | (600) | ||||
Finite-lived Intangible Assets Acquired | 700 | ||||
Postconfirmation, Goodwill | 1,400 | ||||
Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||||
Proceeds from Divestiture of Businesses | 57,000 | ||||
Proceeds from sale of assets | 8,000 | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 120,200 | ||||
Notes, Loans and Financing Receivable, Net, Noncurrent | 8,500 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | (4,002) | 0 | 0 | ||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, before Income Tax | (55,400) | (62,200) | (685,100) | ||
Income (Loss) from Individually Significant Component Disposed of or Held-for-sale, Excluding Discontinued Operations, Attributable to Parent, before Income Tax | $ (54,800) | (61,600) | (678,200) | ||
Aggregate fair value of transactions | 10,700 | ||||
Working capital | (600) | ||||
Finite-lived Intangible Assets Acquired | 700 | ||||
Postconfirmation, Goodwill | 1,400 | ||||
Property And Equipment [Member] | Midstream Operations [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,200 | ||||
Property And Equipment [Member] | Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 9,200 | ||||
Rail cars [Member] | Midstream Operations [Member] | |||||
Number of rail cars sold | 1,292 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 51,300 | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 36,800 | ||||
Rail cars [Member] | Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||||
Number of rail cars sold | 1,292 | ||||
Proceeds from Sale of Property, Plant, and Equipment | $ 51,300 | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 36,800 | ||||
Vehicles [Member] | Midstream Operations [Member] | |||||
Gain (Loss) on Disposition of Property Plant Equipment | (120,240) | 0 | $ 0 | ||
Assets Sold | 134 | ||||
Vehicles [Member] | Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||||
Gain (Loss) on Disposition of Property Plant Equipment | (120,240) | 0 | $ 0 | ||
Assets Sold | 134 | ||||
Jamex Marketing, LLC [Member] | |||||
Loans and Leases Receivable, Related Parties, Proceeds | 49,500 | ||||
Notes Receivable, Related Parties | 20,000 | ||||
Notes Receivable, Related Parties, Noncurrent | 18,300 | ||||
Increase (Decrease) in Notes Receivable, Related Parties, Current | 5,000 | ||||
Payments for Repurchase of Common Stock | $ 45,900 | $ 16,900 | |||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 0.9 | ||||
Energy Related Inventory, Crude Oil and Natural Gas Liquids | MMBbls | 23 | ||||
Increase (Decrease) in Notes Receivables | 16,300 | ||||
Jamex Marketing, LLC [Member] | Ferrellgas, L.P. [Member] | |||||
Loans and Leases Receivable, Related Parties, Proceeds | $ 49,500 | ||||
Notes Receivable, Related Parties | 20,000 | ||||
Notes Receivable, Related Parties, Noncurrent | 18,300 | ||||
Increase (Decrease) in Notes Receivable, Related Parties, Current | 5,000 | ||||
Payments for Repurchase of Common Stock | $ 45,900 | $ 16,900 | |||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 0.9 | ||||
Energy Related Inventory, Crude Oil and Natural Gas Liquids | MMBbls | 23 | ||||
Increase (Decrease) in Notes Receivables | $ 16,300 |
Acquisitions, dispositions an57
Acquisitions, dispositions and other significant transactions (Schedule Of Funding Of Acquisitions) (Details) - Propane and related equipment sales [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Payments to Acquire Businesses, Gross | $ 18,141 | $ 3,539 | $ 4,476 |
Issuance of liabilities and other costs and considerations | 2,426 | 856 | 2,126 |
Aggregate fair value of transactions | 20,567 | 4,395 | 6,602 |
Aggregate fair value of transactions | 20,567 | 4,395 | 6,602 |
Ferrellgas, L.P. [Member] | |||
Payments to Acquire Businesses, Gross | 18,141 | 3,539 | 4,476 |
Issuance of liabilities and other costs and considerations | 2,426 | 856 | 2,126 |
Aggregate fair value of transactions | 20,567 | 4,395 | 6,602 |
Aggregate fair value of transactions | $ 20,567 | $ 4,395 | $ 6,602 |
Acquisitions, dispositions an58
Acquisitions, dispositions and other significant transactions (Aggregate Fair Value) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Midstream Operations [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | $ (600) | ||
Postconfirmation, Goodwill | 1,400 | ||
Finite-lived Intangible Assets Acquired | 700 | ||
Aggregate fair value of transactions | 10,700 | ||
Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | (600) | ||
Postconfirmation, Goodwill | 1,400 | ||
Finite-lived Intangible Assets Acquired | 700 | ||
Aggregate fair value of transactions | 10,700 | ||
Propane and related equipment sales [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | $ 139 | ||
Working capital | $ 758 | (249) | |
Customer tanks, buildings, land, salt water disposal wells, and other | 10,022 | 1,220 | 3,625 |
Aggregate fair value of transactions | 20,567 | 4,395 | 6,602 |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | 139 | ||
Working capital | 758 | (249) | |
Customer tanks, buildings, land, salt water disposal wells, and other | 10,022 | 1,220 | 3,625 |
Aggregate fair value of transactions | 20,567 | 4,395 | 6,602 |
Propane and related equipment sales [Member] | Customer Lists [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Finite-lived Intangible Assets Acquired | 7,758 | 2,648 | 2,962 |
Propane and related equipment sales [Member] | Customer Lists [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Finite-lived Intangible Assets Acquired | 7,758 | 2,648 | 2,962 |
Propane and related equipment sales [Member] | Non-Compete Agreements [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Finite-lived Intangible Assets Acquired | 2,029 | 388 | 264 |
Propane and related equipment sales [Member] | Non-Compete Agreements [Member] | Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Finite-lived Intangible Assets Acquired | $ 2,029 | $ 388 | $ 264 |
Acquisitions, dispositions an59
Acquisitions, dispositions and other significant transactions Loss on asset sales and disposals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on asset sales and disposals | $ 187,399 | $ 14,457 | $ 30,835 |
Ferrellgas, L.P. [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Loss on asset sales and disposals | 187,399 | 14,457 | 30,835 |
Propane and related equipment sales [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 15,194 | 0 | 0 |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 15,194 | 0 | 0 |
Midstream Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 4,002 | 0 | 0 |
Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 4,002 | 0 | 0 |
Vehicles [Member] | Midstream Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 120,240 | 0 | 0 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 0 | 13,810 |
Vehicles [Member] | Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 120,240 | 0 | 0 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 0 | 13,810 |
Rail cars [Member] | Midstream Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 36,762 | 0 | 0 |
Rail cars [Member] | Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 36,762 | 0 | 0 |
Property And Equipment [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | 11,201 | 14,457 | 17,025 |
Property And Equipment [Member] | Ferrellgas, L.P. [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 11,201 | $ 14,457 | $ 17,025 |
Quarterly Distributions Of Av60
Quarterly Distributions Of Available Cash (Details) | 12 Months Ended |
Jul. 31, 2018 | |
Maximum days after end of quarter to make distributions | 45 days |
Cash distributions available | 100.00% |
Ferrellgas, L.P. [Member] | |
Maximum days after end of quarter to make distributions | 45 days |
Cash distributions available | 100.00% |
Cash distributions to Ferrellgas Partners | 99.00% |
Cash distributions to general partner | 1.00% |
Supplemental Financial Statem61
Supplemental Financial Statement Information (Narrative) (Details) gal in Millions, $ in Millions | 12 Months Ended | ||
Jul. 31, 2018USD ($)gal | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | |
Supply procurement contract duration | 36 months | ||
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 44.1 | ||
Depreciation | $ | $ 67.1 | $ 68.1 | $ 85.8 |
Ferrellgas, L.P. [Member] | |||
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 44.1 | ||
Depreciation | $ | $ 67.1 | $ 68.1 | $ 85.8 |
Maximum [Member] | Ferrellgas, L.P. [Member] | |||
Supply procurement contract duration | 36 months |
Supplemental Financial Statem62
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Propane gas and related products | $ 71,180 | $ 67,049 |
Appliances, parts and supplies | 12,514 | 25,503 |
Inventories | 83,694 | 92,552 |
Ferrellgas, L.P. [Member] | ||
Propane gas and related products | 71,180 | 67,049 |
Appliances, parts and supplies | 12,514 | 25,503 |
Inventories | $ 83,694 | $ 92,552 |
Supplemental Financial Statem63
Supplemental Financial Statement Information (Property, Plant And Equipment) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,201,117 | $ 1,393,457 |
Less: accumulated depreciation | 643,394 | 661,534 |
Property, plant and equipment, net | 557,723 | 731,923 |
Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 1,201,117 | 1,393,457 |
Less: accumulated depreciation | 643,394 | 661,534 |
Property, plant and equipment, net | $ 557,723 | 731,923 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | Indefinite | |
Property, plant and equipment, gross | $ 33,719 | 35,824 |
Land [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | Indefinite | |
Property, plant and equipment, gross | $ 33,719 | 35,824 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,361 | 14,342 |
Land Improvements [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 13,361 | 14,342 |
Buildings And Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Property, plant and equipment, gross | $ 71,612 | 73,333 |
Buildings And Improvements [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Property, plant and equipment, gross | $ 71,612 | 73,333 |
Vehicles, Including Transport Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 85,893 | 121,233 |
Vehicles, Including Transport Trailers [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 85,893 | 121,233 |
Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 103,627 | 104,291 |
Bulk Equipment And District Facilities [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 103,627 | 104,291 |
Tanks, Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 769,165 | 755,867 |
Tanks, Cylinders And Customer Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 769,165 | 755,867 |
Salt water disposal wells [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 0 | 52,495 |
Salt water disposal wells [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 0 | 52,495 |
Rail cars [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Property, plant and equipment, gross | $ 0 | 91,787 |
Rail cars [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Property, plant and equipment, gross | $ 0 | 91,787 |
Computer And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 109,346 | 118,518 |
Computer And Office Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 109,346 | 118,518 |
Injection stations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Property, plant and equipment, gross | $ 0 | 13,130 |
Injection stations [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Property, plant and equipment, gross | $ 0 | 13,130 |
Construction In Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,394 | 10,974 |
Construction In Progress [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 14,394 | 10,974 |
Pipelines [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 15 years | |
Property, plant and equipment, gross | $ 0 | 1,663 |
Pipelines [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 15 years | |
Property, plant and equipment, gross | $ 0 | $ 1,663 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Land Improvements [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Vehicles, Including Transport Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 8 years | |
Minimum [Member] | Vehicles, Including Transport Trailers [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 8 years | |
Minimum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Minimum [Member] | Bulk Equipment And District Facilities [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Minimum [Member] | Tanks, Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Tanks, Cylinders And Customer Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Salt water disposal wells [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Computer And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Minimum [Member] | Computer And Office Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 2 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Maximum [Member] | Land Improvements [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Maximum [Member] | Vehicles, Including Transport Trailers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Maximum [Member] | Vehicles, Including Transport Trailers [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 20 years | |
Maximum [Member] | Bulk Equipment And District Facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Bulk Equipment And District Facilities [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Tanks, Cylinders And Customer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Tanks, Cylinders And Customer Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Salt water disposal wells [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Salt water disposal wells [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 30 years | |
Maximum [Member] | Computer And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years | |
Maximum [Member] | Computer And Office Equipment [Member] | Ferrellgas, L.P. [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives | 5 years |
Supplemental Financial Statem64
Supplemental Financial Statement Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Accrued interest | $ 22,222 | $ 18,671 |
Accrued payroll | 16,060 | 19,704 |
Accrued Insurance, Current | 15,100 | 13,615 |
Customer deposits and advances | 22,829 | 25,541 |
Other | 65,814 | 48,693 |
Other current liabilities | 142,025 | 126,224 |
Ferrellgas, L.P. [Member] | ||
Accrued interest | 18,288 | 14,737 |
Accrued payroll | 16,060 | 19,704 |
Accrued Insurance, Current | 15,100 | 13,615 |
Customer deposits and advances | 22,829 | 25,541 |
Other | 65,814 | 48,419 |
Other current liabilities | $ 138,091 | $ 122,016 |
Supplemental Financial Statem65
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | $ 226,358 | $ 205,372 | $ 198,229 |
Ferrellgas, L.P. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 226,358 | 205,372 | 198,229 |
Operating Expense [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 195,646 | 175,164 | 167,980 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 195,646 | 175,164 | 167,980 |
Depreciation And Amortization Expense [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 4,947 | 3,909 | 4,282 |
Depreciation And Amortization Expense [Member] | Ferrellgas, L.P. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 4,947 | 3,909 | 4,282 |
Equipment Lease Expense [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | 25,765 | 26,299 | 25,967 |
Equipment Lease Expense [Member] | Ferrellgas, L.P. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Shipping and handling expenses | $ 25,765 | $ 26,299 | $ 25,967 |
Supplemental Financial Statem66
Supplemental Financial Statement Information Supplemental Financial Statement Information (Other Assets) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable, Net, Noncurrent | $ 27,491 | $ 32,500 |
Other assets, net | 74,588 | 74,057 |
Other Assets | 47,097 | 41,557 |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable, Net, Noncurrent | 27,491 | 32,500 |
Other assets, net | 74,588 | 74,057 |
Other Assets | $ 47,097 | $ 41,557 |
Supplemental Financial Statem67
Supplemental Financial Statement Information Supplemental Financial Statement Information (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Property, Plant and Equipment, Additions | $ 264 | $ 164 | $ (1,122) |
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,993 | 139 | 2,126 |
Income Taxes Paid | (291) | 310 | 777 |
Interest Paid | 159,271 | 143,441 | 133,629 |
Ferrellgas, L.P. [Member] | |||
Property, Plant and Equipment, Additions | 264 | 164 | (1,122) |
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,993 | 139 | 2,126 |
Income Taxes Paid | (311) | 305 | 773 |
Interest Paid | $ 128,479 | $ 122,084 | $ 117,931 |
Accounts And Notes Receivable68
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Apr. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | $ 120,079,000 | $ 109,407,000 | |
Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | 120,079,000 | 109,407,000 | |
Accounts Receivable Securitization [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | 120,100,000 | 109,400,000 | |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 | |
Weighted average discount rate to value the retained interest in the transferred receivables | 5.20% | 4.00% | |
Note payable | $ 58,000,000 | $ 69,000,000 | |
Proceeds from Accounts Receivable Securitization | 58,000,000 | 69,000,000 | |
Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | 120,100,000 | 109,400,000 | |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 | |
Weighted average discount rate to value the retained interest in the transferred receivables | 5.20% | 4.00% | |
Note payable | $ 58,000,000 | $ 69,000,000 | |
Proceeds from Accounts Receivable Securitization | 58,000,000 | $ 69,000,000 | |
Asset-backed Securities, Securitized Loans and Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable securitization program, maximum capacity | $ 250,000,000 | $ 225,000,000 | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 | ||
Asset-backed Securities, Securitized Loans and Receivables [Member] | Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable securitization program, maximum capacity | $ 250,000,000 | $ 225,000,000 | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50,000,000 |
Accounts And Notes Receivable69
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) - USD ($) | Jul. 31, 2018 | Jul. 31, 2017 |
Accounts receivable pledged as collateral | $ 120,079,000 | $ 109,407,000 |
Accounts receivable | 8,272,000 | 47,346,000 |
Notes Receivable, Related Parties, Current | 132,000 | 10,000,000 |
Other | 26,000 | 307,000 |
Less: Allowance for doubtful accounts | (2,455,000) | (1,976,000) |
Accounts and notes receivable, net | 126,054,000 | 165,084,000 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | 120,079,000 | 109,407,000 |
Accounts receivable | 8,272,000 | 47,346,000 |
Notes Receivable, Related Parties, Current | 132,000 | 10,000,000 |
Other | 26,000 | 307,000 |
Less: Allowance for doubtful accounts | (2,455,000) | (1,976,000) |
Accounts and notes receivable, net | $ 126,054,000 | $ 165,084,000 |
Goodwill And Intangible Asset70
Goodwill And Intangible Assets, Net (Narrative) (Details) | 12 Months Ended |
Jul. 31, 2018 | |
Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 2 years |
Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 15 years |
Customer Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset, weighted average useful life | 15 years |
Customer Lists [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 15 years |
Non Compete Agreements And Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset, weighted average useful life | 9 years |
Non Compete Agreements And Other Intangible Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 5 years |
Non Compete Agreements And Other Intangible Assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 10 years |
Ferrellgas, L.P. [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 2 years |
Ferrellgas, L.P. [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 15 years |
Ferrellgas, L.P. [Member] | Customer Lists [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 15 years |
Intangible asset, weighted average useful life | 15 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset, weighted average useful life | 9 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 5 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 10 years |
Goodwill And Intangible Asset71
Goodwill And Intangible Assets, Net (Goodwill And Intangible Assets, Net) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Goodwill, gross carrying amount | $ 246,098 | $ 256,103 |
Goodwill, net | 246,098 | 256,103 |
Amortizable intangible assets, gross carrying amount | 469,559 | 623,079 |
Amortizable intangible assets, accumulated amortization | (399,629) | (436,428) |
Amortizable intangible assets, net | 69,930 | 186,651 |
Intangible assets gross excluding goodwill | 520,580 | 687,530 |
Intangible assets amortization and impairment net excluding goodwill | (399,629) | (436,428) |
Intangible assets net excluding goodwill | 120,951 | 251,102 |
Ferrellgas, L.P. [Member] | ||
Goodwill, gross carrying amount | 246,098 | 256,103 |
Goodwill, net | 246,098 | 256,103 |
Amortizable intangible assets, gross carrying amount | 469,559 | 623,079 |
Amortizable intangible assets, accumulated amortization | (399,629) | (436,428) |
Amortizable intangible assets, net | 69,930 | 186,651 |
Intangible assets gross excluding goodwill | 520,580 | 687,530 |
Intangible assets amortization and impairment net excluding goodwill | (399,629) | (436,428) |
Intangible assets net excluding goodwill | 120,951 | 251,102 |
Trade Names And Trademarks [Member] | ||
Indefinite-lived intangible assets (excluding goodwill) | 51,021 | 64,451 |
Trade Names And Trademarks [Member] | Ferrellgas, L.P. [Member] | ||
Indefinite-lived intangible assets (excluding goodwill) | 51,021 | 64,451 |
Customer Lists [Member] | ||
Amortizable intangible assets, gross carrying amount | 441,393 | 556,678 |
Amortizable intangible assets, accumulated amortization | (376,605) | (397,891) |
Amortizable intangible assets, net | 64,788 | 158,787 |
Customer Lists [Member] | Ferrellgas, L.P. [Member] | ||
Amortizable intangible assets, gross carrying amount | 441,393 | 556,678 |
Amortizable intangible assets, accumulated amortization | (376,605) | (397,891) |
Amortizable intangible assets, net | 64,788 | 158,787 |
Non-Compete Agreements [Member] | ||
Amortizable intangible assets, gross carrying amount | 24,653 | 39,875 |
Amortizable intangible assets, accumulated amortization | (19,511) | (27,887) |
Amortizable intangible assets, net | 5,142 | 11,988 |
Non-Compete Agreements [Member] | Ferrellgas, L.P. [Member] | ||
Amortizable intangible assets, gross carrying amount | 24,653 | 39,875 |
Amortizable intangible assets, accumulated amortization | (19,511) | (27,887) |
Amortizable intangible assets, net | 5,142 | 11,988 |
Permits and favorable lease arrangements [Member] | ||
Amortizable intangible assets, gross carrying amount | 0 | 17,225 |
Amortizable intangible assets, accumulated amortization | 0 | (3,506) |
Amortizable intangible assets, net | 0 | 13,719 |
Permits and favorable lease arrangements [Member] | Ferrellgas, L.P. [Member] | ||
Amortizable intangible assets, gross carrying amount | 0 | 17,225 |
Amortizable intangible assets, accumulated amortization | 0 | (3,506) |
Amortizable intangible assets, net | 0 | 13,719 |
Other Intangible Assets [Member] | ||
Amortizable intangible assets, gross carrying amount | 3,513 | 9,301 |
Amortizable intangible assets, accumulated amortization | (3,513) | (7,144) |
Amortizable intangible assets, net | 0 | 2,157 |
Other Intangible Assets [Member] | Ferrellgas, L.P. [Member] | ||
Amortizable intangible assets, gross carrying amount | 3,513 | 9,301 |
Amortizable intangible assets, accumulated amortization | (3,513) | (7,144) |
Amortizable intangible assets, net | $ 0 | $ 2,157 |
Goodwill And Intangible Asset72
Goodwill And Intangible Assets, Net Goodwill And Intangible Assets, Net (Goodwill Rollforward) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2018 | Jul. 31, 2017 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | $ 256,103 | |||
Goodwill, ending balance | 246,098 | $ 256,103 | ||
Ferrellgas, L.P. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 256,103 | |||
Goodwill, ending balance | 246,098 | 256,103 | ||
Propane and related equipment sales [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 256,103 | 256,103 | ||
Goodwill acquisitions | 0 | |||
Goodwill, Impairment Loss | 10,005 | |||
Goodwill, ending balance | $ 256,103 | 246,098 | 256,103 | |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, beginning balance | 256,103 | 256,103 | ||
Goodwill acquisitions | 0 | |||
Goodwill, Impairment Loss | 10,005 | |||
Goodwill, ending balance | 256,103 | $ 246,098 | $ 256,103 | |
Midstream Operations [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | 190,600 | $ 29,300 | ||
Midstream Operations [Member] | Ferrellgas, L.P. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Impairment Loss | $ 190,600 | $ 29,300 |
Goodwill And Intangible Asset73
Goodwill And Intangible Assets, Net (Aggregate Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Aggregate amortization expense | $ 31,345 | $ 32,148 | $ 61,970 |
Ferrellgas, L.P. [Member] | |||
Aggregate amortization expense | $ 31,345 | $ 32,148 | $ 61,970 |
Goodwill And Intangible Asset74
Goodwill And Intangible Assets, Net (Estimated Amortization Expense) (Details) $ in Thousands | Jul. 31, 2018USD ($) |
2,019 | $ 14,388 |
2,020 | 8,877 |
2,021 | 8,182 |
2,022 | 6,810 |
2,023 | 6,492 |
Ferrellgas, L.P. [Member] | |
2,019 | 14,388 |
2,020 | 8,877 |
2,021 | 8,182 |
2,022 | 6,810 |
2,023 | $ 6,492 |
Debt (Short-Term Borrowings Nar
Debt (Short-Term Borrowings Narrative) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Short-term borrowings | $ 32,800 | $ 59,781 |
Ferrellgas, L.P. [Member] | ||
Short-term borrowings | $ 32,800 | $ 59,781 |
Debt (Components Of Long-Term D
Debt (Components Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total long-term debt | $ 2,111,830 | $ 2,021,338 |
Unamortized Debt Issuance Expense | (30,791) | (22,965) |
Less: current portion, included in other current liabilities on the consolidated balance sheets | 2,402 | 2,578 |
Long-term debt | 2,078,637 | 1,995,795 |
Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total long-term debt | 1,758,596 | 1,670,314 |
Unamortized Debt Issuance Expense | (28,057) | (18,466) |
Less: current portion, included in other current liabilities on the consolidated balance sheets | 2,402 | 2,578 |
Long-term debt | 1,728,137 | 1,649,270 |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior notes | 500,000 | 500,000 |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior notes | 500,000 | 500,000 |
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior notes | 500,000 | 500,000 |
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior notes | 500,000 | 500,000 |
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior notes | 477,375 | 478,166 |
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior notes | 477,375 | 478,166 |
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior notes | 353,234 | 351,024 |
Interest Rate Swap [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior notes | 0 | 471 |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior notes | 0 | 471 |
Secured Credit Facility [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Line of credit facility | 0 | 185,719 |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Line of credit facility | 0 | 185,719 |
Notes Payable [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Notes payable | 6,221 | 5,958 |
Notes Payable [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Notes payable | 6,221 | 5,958 |
Two Thousand and Twenty Three Term Loan [Member] | Secured Credit Facility [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Secured Long-term Debt, Noncurrent | 275,000 | 0 |
Two Thousand and Twenty Three Term Loan [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Secured Long-term Debt, Noncurrent | $ 275,000 | $ 0 |
Debt Debt (Long-Term Debt Paren
Debt Debt (Long-Term Debt Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 32,800 | $ 59,781 |
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 6.50% | |
Debt maturity year | 2,021 | |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 6.75% | |
Debt maturity year | 2,023 | |
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 6.75% | |
Debt maturity year | 2,022 | |
Debt Instrument, Unamortized Premium | $ 2,375 | 3,166 |
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 8.625% | |
Debt maturity year | 2,020 | |
Debt Instrument, Unamortized Discount | $ 3,766 | 5,976 |
Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 59,781 | |
Debt, Weighted Average Interest Rate | 6.00% | |
Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | $ 977 | $ 1,128 |
Debt Instrument Maturity Year Range Start | 2,019 | |
Debt, Weighted Average Interest Rate | 11.20% | 12.00% |
Debt Instrument Maturity Year Range End | 2,025 | |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 32,800 | $ 59,781 |
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 6.50% | |
Debt maturity year | 2,021 | |
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 6.75% | |
Debt maturity year | 2,023 | |
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Domain] | ||
Debt Instrument [Line Items] | ||
Debt instrument, fixed interest rate | 6.75% | |
Debt maturity year | 2,022 | |
Debt Instrument, Unamortized Premium | $ 2,375 | 3,166 |
Ferrellgas, L.P. [Member] | Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 59,781 | |
Debt, Weighted Average Interest Rate | 6.00% | |
Ferrellgas, L.P. [Member] | Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | $ 977 | $ 1,128 |
Debt Instrument Maturity Year Range Start | 2,019 | |
Debt, Weighted Average Interest Rate | 11.00% | 12.00% |
Debt Instrument Maturity Year Range End | 2,025 | |
Two Thousand and Twenty Three Credit Facility [Member] | Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,023 | |
Two Thousand and Twenty Three Credit Facility [Member] | Ferrellgas, L.P. [Member] | Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,023 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 32,800 |
Debt (Senior Notes Narrative) (
Debt (Senior Notes Narrative) (Details) - USD ($) | Sep. 14, 2018 | Aug. 24, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | Apr. 30, 2011 | Apr. 30, 2010 |
Required fixed charge coverage ratio | 175.00% | |||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | |||||||
Current fixed charge coverage ratio | 147.00% | |||||||
Ferrellgas Partners Finance Corp. [Member] | ||||||||
Required fixed charge coverage ratio | 175.00% | |||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | |||||||
Current fixed charge coverage ratio | 147.00% | |||||||
Ferrellgas, L.P. [Member] | ||||||||
Required fixed charge coverage ratio | 175.00% | |||||||
Current fixed charge coverage ratio | 187.00% | |||||||
Operating Partnership [Member] | ||||||||
Required fixed charge coverage ratio | 175.00% | |||||||
Current fixed charge coverage ratio | 187.00% | |||||||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||||||||
Senior note, issuance date | Nov. 6, 2010 | |||||||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | ||||||
Debt instrument, fixed interest rate | 6.50% | 6.50% | ||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||
Debt Instrument, Maturity Date | May 1, 2021 | |||||||
Debt instrument prepayment penalty prior to date | 2,019 | |||||||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | Ferrellgas, L.P. [Member] | ||||||||
Senior note, issuance date | Nov. 6, 2010 | |||||||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | ||||||
Debt instrument, fixed interest rate | 6.50% | 6.50% | ||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||
Debt Instrument, Maturity Date | May 1, 2021 | |||||||
Debt instrument prepayment penalty prior to date | 2,019 | |||||||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||
Senior note, issuance date | Jun. 1, 2014 | |||||||
Debt instrument, face amount | $ 475,000,000 | $ 475,000,000 | ||||||
Debt instrument, fixed interest rate | 6.75% | 6.75% | ||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||
Debt Instrument, Maturity Date | Nov. 1, 2022 | |||||||
Debt instrument prepayment penalty prior to date | 2,019 | |||||||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | Ferrellgas, L.P. [Member] | ||||||||
Senior note, issuance date | Jun. 1, 2014 | |||||||
Debt instrument, face amount | $ 475,000,000 | $ 475,000,000 | ||||||
Debt instrument, fixed interest rate | 6.75% | 6.75% | ||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||
Debt Instrument, Maturity Date | Nov. 1, 2022 | |||||||
Debt instrument prepayment penalty prior to date | 2,019 | |||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||||||||
Proceeds from Debt, Net of Issuance Costs | $ 166,100,000 | |||||||
Senior note, issuance date | Jan. 24, 2017 | |||||||
Debt instrument, face amount | $ 175,000,000 | $ 175,000,000 | $ 280,000,000 | |||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||
Debt Instrument, Repurchased Face Amount | $ 98,000,000 | |||||||
Debt issued premium, percent of par | 96.00% | 96.00% | ||||||
Debt Instrument, Restrictive Covenants | 43.7 | |||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | Ferrellgas, L.P. [Member] | ||||||||
Debt Instrument, Restrictive Covenants | 14.7 | |||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | Operating Partnership [Member] | ||||||||
Debt Instrument, Restrictive Covenants | 14.7 | |||||||
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||||||||
Senior note, issuance date | Jun. 24, 2015 | |||||||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | ||||||
Debt instrument, fixed interest rate | 6.75% | 6.75% | ||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||
Debt Instrument, Maturity Date | Jun. 15, 2023 | |||||||
Debt instrument prepayment penalty prior to date | 2,021 | |||||||
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | Ferrellgas, L.P. [Member] | ||||||||
Senior note, issuance date | Jun. 24, 2015 | |||||||
Debt instrument, face amount | $ 500,000,000 | $ 500,000,000 | ||||||
Debt instrument, fixed interest rate | 6.75% | 6.75% | ||||||
Debt Instrument, Frequency of Periodic Payment | semi-annually | |||||||
Debt Instrument, Maturity Date | Jun. 15, 2023 | |||||||
Debt instrument prepayment penalty prior to date | 2,021 | |||||||
Secured Credit Facility [Member] | ||||||||
Debt Instrument, Restrictive Covenants | 67.5 | |||||||
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||||||
Debt Instrument, Restrictive Covenants | 67.5 | |||||||
Secured Credit Facility [Member] | Two Thousand and Twenty Three Term Loan [Member] | ||||||||
Debt instrument, face amount | $ 275,000,000 | $ 275,000,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 5.75% | |||||||
Secured Credit Facility [Member] | Two Thousand and Twenty Three Term Loan [Member] | Ferrellgas, L.P. [Member] | ||||||||
Debt instrument, face amount | $ 275,000,000 | $ 275,000,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 5.75% | |||||||
Secured Credit Facility [Member] | Two Thousand and Twenty Three Credit Facility [Member] | ||||||||
Senior note, issuance date | May 4, 2018 | |||||||
Debt instrument, maturity year | 2,023 | |||||||
Debt Instrument, Maturity Date | May 4, 2023 | |||||||
Secured Credit Facility [Member] | Two Thousand and Twenty Three Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||||||
Senior note, issuance date | May 4, 2018 | |||||||
Debt instrument, maturity year | 2,023 | |||||||
Debt Instrument, Maturity Date | May 4, 2023 | |||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||||||||
Debt instrument, fixed interest rate | 8.625% | 8.625% | ||||||
Debt instrument, maturity year | 2,020 | |||||||
Interest Expense [Member] | ||||||||
Debt Instrument, Restrictive Covenants | 24.9 | |||||||
Interest Expense [Member] | Ferrellgas, L.P. [Member] | ||||||||
Debt Instrument, Restrictive Covenants | 8.4 | |||||||
Interest Expense [Member] | Operating Partnership [Member] | ||||||||
Debt Instrument, Restrictive Covenants | 8.4 | |||||||
Fixed Charge Coverage Covenant [Member] | ||||||||
Debt Instrument, Restrictive Covenants | 50 | |||||||
Debt Instrument, Covenant Compliance | 9.8 | 9.8 | ||||||
Debt Instrument, Covenant Description | 1 | |||||||
Fixed Charge Coverage Covenant [Member] | Ferrellgas Partners Finance Corp. [Member] | ||||||||
Debt Instrument, Restrictive Covenants | 50 | |||||||
Debt Instrument, Covenant Compliance | 9.8 | 9.8 | ||||||
Debt Instrument, Covenant Description | 1 | |||||||
Subsequent Event [Member] | ||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | |||||||
Distribution Made to Limited Partner, Distribution Date | Sep. 14, 2018 | |||||||
Subsequent Event [Member] | Ferrellgas, L.P. [Member] | ||||||||
Distribution Made to Limited Partner, Distribution Date | Sep. 14, 2018 |
Debt (Secured Credit Facility N
Debt (Secured Credit Facility Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jul. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Apr. 30, 2018 | Apr. 30, 2010 | |
Debt Instrument [Line Items] | ||||||
Short-term borrowings | $ 32,800,000 | $ 32,800,000 | $ 59,781,000 | |||
Letters of credit outstanding | 107,900,000 | 107,900,000 | 139,200,000 | |||
Letter of credit facility, remaining capacity | 17,100,000 | 17,100,000 | 60,800,000 | |||
Line of credit facility, commitment fee | 700,000 | 1,100,000 | $ 1,400,000 | |||
Ferrellgas, L.P. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | 32,800,000 | 32,800,000 | 59,781,000 | |||
Letters of credit outstanding | 107,900,000 | 107,900,000 | 139,200,000 | |||
Letter of credit facility, remaining capacity | 17,100,000 | 17,100,000 | 60,800,000 | |||
Line of credit facility, commitment fee | 700,000 | 1,100,000 | $ 1,400,000 | |||
Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | 59,781,000 | |||||
Total borrowings outstanding, line of credit facility | 245,500,000 | |||||
Amount classified as long-term debt | $ 185,700,000 | |||||
Weighted average interest rate of debt | 6.00% | |||||
Letter of credit facility, remaining capacity | $ 190,300,000 | |||||
Debt Instrument, Restrictive Covenants | 67.5 | |||||
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Short-term borrowings | $ 59,781,000 | |||||
Total borrowings outstanding, line of credit facility | 245,500,000 | |||||
Amount classified as long-term debt | $ 185,700,000 | |||||
Weighted average interest rate of debt | 6.00% | |||||
Letter of credit facility, remaining capacity | $ 190,300,000 | |||||
Debt Instrument, Restrictive Covenants | 67.5 | |||||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 475,000,000 | 475,000,000 | ||||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | Ferrellgas, L.P. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 475,000,000 | 475,000,000 | ||||
Two Thousand and Twenty Three Credit Facility [Member] | Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured line of credit facility | 575,000,000 | 575,000,000 | ||||
Two Thousand and Twenty Three Credit Facility [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured line of credit facility | 575,000,000 | 575,000,000 | ||||
Two Thousand and Eighteen Credit Facility [Member] | Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured line of credit facility | $ 575,000,000 | |||||
Two Thousand and Eighteen Credit Facility [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured line of credit facility | $ 575,000,000 | |||||
Two Thousand and Twenty Three Term Loan [Member] | Secured Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured Long-term Debt, Noncurrent | $ 275,000,000 | $ 275,000,000 | $ 0 | |||
Term Loan, Interest Rate at period end | 7.86% | 7.86% | ||||
Debt Instrument, Face Amount | $ 275,000,000 | $ 275,000,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.75% | |||||
Two Thousand and Twenty Three Term Loan [Member] | Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured Long-term Debt, Noncurrent | $ 275,000,000 | $ 275,000,000 | $ 0 | |||
Term Loan, Interest Rate at period end | 7.86% | 7.86% | ||||
Debt Instrument, Face Amount | $ 275,000,000 | $ 275,000,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 5.75% | |||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Restrictive Covenants | 43.7 | |||||
Debt Instrument, Face Amount | $ 175,000,000 | $ 175,000,000 | $ 280,000,000 | |||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | Ferrellgas, L.P. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Restrictive Covenants | 14.7 | |||||
Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured line of credit facility | 125,000,000 | $ 125,000,000 | ||||
Letter of Credit [Member] | Ferrellgas, L.P. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured line of credit facility | 125,000,000 | 125,000,000 | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured line of credit facility | 300,000,000 | 300,000,000 | ||||
Short-term borrowings | $ 32,800,000 | $ 32,800,000 | ||||
Credit facility interest rate | 9.75% | 9.75% | ||||
Letter of credit facility, remaining capacity | $ 159,000,000 | $ 159,000,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% | |||||
Revolving Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured line of credit facility | $ 300,000,000 | $ 300,000,000 | ||||
Credit facility interest rate | 9.75% | 9.75% | ||||
Letter of credit facility, remaining capacity | $ 159,000,000 | $ 159,000,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 4.75% |
Debt (Interest Rate Swaps Narra
Debt (Interest Rate Swaps Narrative) (Details) - USD ($) | May 03, 2018 | Jul. 31, 2018 | Jul. 31, 2018 |
Debt Instrument [Line Items] | |||
Derivative, Description of Hedged Item | senior notes due May 1, 2021 | ||
Swap Termination Payment | $ 4,200,000 | ||
Secured Credit Facility And Collateralized Note Payables [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate derivative inception date | May 2,012 | ||
Derivative, Description of Hedged Item | forecasted interest payments on Ferrellgas’ Previous Facility and collateralized note payable borrowings | ||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Description of Hedged Item | $500.0 million 6.5% fixed rate senior notes due 2021 | ||
Derivative, Notional Amount | $ 140,000,000 | $ 140,000,000 | |
Interest rate swaps termination date | May 3, 2018 | ||
Swap Termination Payment | $ 4,200,000 | ||
Derivative, Fixed Interest Rate | 6.50% | 6.50% | |
Interest rate plus one-month LIBOR | 4.715% | 4.715% | |
Derivative, Inception Date | May 7, 2012 | ||
Ferrellgas, L.P. [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Description of Hedged Item | senior notes due May 1, 2021 | ||
Swap Termination Payment | $ 4,200,000 | ||
Ferrellgas, L.P. [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate derivative inception date | May 2,012 | ||
Derivative, Description of Hedged Item | forecasted interest payments on Ferrellgas, L.P.’s Previous Facility and collateralized note payable | ||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Description of Hedged Item | $500.0 million 6.5% fixed rate senior notes due 2021 | ||
Derivative, Notional Amount | $ 140,000,000 | $ 140,000,000 | |
Interest rate swaps termination date | May 3, 2018 | ||
Swap Termination Payment | $ 4,200,000 | ||
Derivative, Fixed Interest Rate | 6.50% | 6.50% | |
Interest rate plus one-month LIBOR | 4.715% | 4.715% | |
Derivative, Inception Date | May 7, 2012 | ||
One Month Eurodollar Rate [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Variable Interest Rate | one-month LIBOR | ||
One Month Eurodollar Rate [Member] | Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Variable Interest Rate | one-month LIBOR | ||
Interest Rate Cash Flow Hedge Leg1 [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Notional Amount | $ 175,000,000 | $ 175,000,000 | |
Derivative, Fixed Interest Rate | 1.95% | 1.95% | |
Interest rate derivative settlement start date | August 2,015 | ||
Interest rate derivative settlement end date | July 2,017 | ||
Interest Rate Cash Flow Hedge Leg1 [Member] | Ferrellgas, L.P. [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Notional Amount | $ 175,000,000 | $ 175,000,000 | |
Derivative, Fixed Interest Rate | 1.95% | 1.95% | |
Interest rate derivative settlement start date | August 2,015 | ||
Interest rate derivative settlement end date | July 2,017 | ||
Interest Rate Cash Flow Hedge Leg1 [Member] | One Month Eurodollar Rate [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Variable Interest Rate | one-month LIBOR | ||
Interest Rate Cash Flow Hedge Leg1 [Member] | One Month Eurodollar Rate [Member] | Ferrellgas, L.P. [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Variable Interest Rate | one-month LIBOR | ||
Interest Rate Cash Flow Hedge Leg2 [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Notional Amount | $ 100,000,000 | $ 100,000,000 | |
Interest rate swaps termination date | May 3, 2018 | ||
Derivative, Fixed Interest Rate | 1.95% | 1.95% | |
Interest rate derivative settlement start date | August 2,017 | ||
Interest rate derivative settlement end date | May 2,018 | ||
Interest Rate Cash Flow Hedge Leg2 [Member] | Ferrellgas, L.P. [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Notional Amount | $ 100,000,000 | $ 100,000,000 | |
Interest rate swaps termination date | May 3, 2018 | ||
Derivative, Fixed Interest Rate | 1.95% | 1.95% | |
Interest rate derivative settlement start date | August 2,017 | ||
Interest rate derivative settlement end date | May 2,018 | ||
Interest Rate Cash Flow Hedge Leg2 [Member] | One Month Eurodollar Rate [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Variable Interest Rate | one-month LIBOR | ||
Interest Rate Cash Flow Hedge Leg2 [Member] | One Month Eurodollar Rate [Member] | Ferrellgas, L.P. [Member] | Secured Credit Facility And Collateralized Note Payables [Member] | |||
Debt Instrument [Line Items] | |||
Derivative, Variable Interest Rate | one-month LIBOR |
Debt (Scheduled Annual Principa
Debt (Scheduled Annual Principal Payments On Long-term Debt) (Details) $ in Thousands | Jul. 31, 2018USD ($) |
2,019 | $ 2,402 |
2,020 | 358,671 |
2,021 | 501,456 |
2,022 | 475,796 |
2,023 | 775,426 |
Thereafter | 447 |
Total long-term debt | 2,114,198 |
Ferrellgas, L.P. [Member] | |
2,019 | 2,402 |
2,020 | 1,671 |
2,021 | 501,456 |
2,022 | 475,796 |
2,023 | 775,426 |
Thereafter | 447 |
Total long-term debt | $ 1,757,198 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) $ / shares in Units, MMBbls in Thousands, $ in Thousands | Sep. 14, 2018 | Aug. 24, 2018USD ($)$ / shares | Jul. 31, 2018$ / sharesshares | Apr. 30, 2017USD ($) | Jan. 31, 2017USD ($) | Oct. 31, 2016USD ($)shares | Jan. 31, 2016USD ($)shares | Jul. 31, 2018USD ($)shares | Jul. 31, 2017USD ($)sharesMMBbls | Jul. 31, 2016USD ($) |
Capital Unit [Line Items] | ||||||||||
Limited partner ownership interest | 5.00% | |||||||||
Common unitholders, units outstanding | shares | 97,152,665 | 97,152,665 | 97,152,665 | |||||||
General partner ownership interest | 1.00% | |||||||||
Minimum percentage ownership of outstanding common units resulting in non voting of owners | 20.00% | |||||||||
Cash distributions declared per common unit | $ / shares | $ 0.10 | |||||||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 900,000 | 2,400,000 | ||||||||
Payments for Repurchase of Common Stock | $ 0 | $ 15,851 | $ 46,432 | |||||||
Cash received from contributions | $ 0 | $ 0 | $ 32 | |||||||
Ferrellgas, L.P. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
General partner ownership interest | 1.00% | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 15,900 | $ 46,400 | ||||||||
Cash contributions from limited partner | $ 166,100 | |||||||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 2,400,000 | |||||||||
Ferrell Companies [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Limited partner ownership interest | 23.00% | |||||||||
FCI Trading Corp. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Common unitholders, units outstanding | shares | 195,686 | 195,686 | 195,686 | |||||||
Ferrell Propane, Inc. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Common unitholders, units outstanding | shares | 51,204 | 51,204 | 51,204 | |||||||
Ferrell Companies Beneficial Ownership [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Limited partner ownership interest | 23.40% | |||||||||
JEF Capital Management [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Common unitholders, units outstanding | shares | 4,758,859 | 4,758,859 | ||||||||
Ferrell Resources Holdings, Inc. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Common unitholders, units outstanding | shares | 4,616 | 4,616 | ||||||||
Jamex Marketing, LLC [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 900,000 | |||||||||
Energy Related Inventory, Crude Oil and Natural Gas Liquids | MMBbls | 23 | |||||||||
Payments for Repurchase of Common Stock | $ 45,900 | $ 16,900 | ||||||||
Jamex Marketing, LLC [Member] | Ferrellgas, L.P. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 900,000 | |||||||||
Energy Related Inventory, Crude Oil and Natural Gas Liquids | MMBbls | 23 | |||||||||
Payments for Repurchase of Common Stock | 45,900 | $ 16,900 | ||||||||
Ferrellgas Partners [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Limited partner ownership interest | 98.00% | |||||||||
General Partner [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
General partner ownership interest | 2.00% | |||||||||
Cash received from contributions | 1,700 | |||||||||
Non-cash contributions | $ 300 | 400 | ||||||||
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
General partner ownership interest | 1.0101% | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 500 | |||||||||
Cash contributions from limited partner | $ 1,700 | |||||||||
Cash received from contributions | 1,700 | |||||||||
Non-cash contributions | $ 100 | $ 200 | ||||||||
Subsequent Event [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Cash distribution declared date | Aug. 24, 2018 | |||||||||
Cash distributions declared per common unit | $ / shares | $ 0.10 | |||||||||
Distribution Made to Limited Partner, Distribution Date | Sep. 14, 2018 | |||||||||
Subsequent Event [Member] | Ferrellgas, L.P. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Cash distribution declared date | Aug. 24, 2018 | |||||||||
Distribution Made to Limited Partner, Distribution Date | Sep. 14, 2018 | |||||||||
Subsequent Event [Member] | Ferrell Companies [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,253 | |||||||||
Subsequent Event [Member] | FCI Trading Corp. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 20 | |||||||||
Subsequent Event [Member] | Ferrell Propane, Inc. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 5 | |||||||||
Subsequent Event [Member] | Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 9,900 | |||||||||
Subsequent Event [Member] | General Partner [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 98 | |||||||||
Subsequent Event [Member] | General Partner [Member] | Ferrellgas, L.P. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 100 | |||||||||
Credit Facility [Domain] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Payments for Repurchase of Common Stock | $ 16,900 | $ 45,900 | ||||||||
Credit Facility [Domain] | Ferrellgas, L.P. [Member] | ||||||||||
Capital Unit [Line Items] | ||||||||||
Limited partner ownership interest | 5.00% |
Partners' Capital (Limited Part
Partners' Capital (Limited Partner Units) (Details) - shares | Jul. 31, 2018 | Jul. 31, 2017 |
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 97,152,665 | 97,152,665 |
Public Common Unitholders [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 69,612,939 | 69,612,939 |
Ferrell Companies [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 22,529,361 | 22,529,361 |
FCI Trading Corp. [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 195,686 | 195,686 |
Ferrell Propane, Inc. [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 51,204 | 51,204 |
James E. Ferrell [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 4,763,475 | 4,763,475 |
Partners' Capital (Ferrellgas P
Partners' Capital (Ferrellgas Paid Cash Distributions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Limited Partners' Capital Account [Line Items] | |||
Distributions | $ 39,254 | $ 79,733 | $ 204,160 |
Public Common Unitholders [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 27,846 | 56,561 | 145,666 |
Ferrell Companies [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 9,012 | 18,305 | 46,184 |
FCI Trading Corp. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 80 | 160 | 400 |
Ferrell Propane, Inc. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 20 | 41 | 104 |
James E. Ferrell [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 1,904 | 3,869 | 9,764 |
General Partner [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 392 | 797 | 2,042 |
General Partner [Member] | Ferrellgas, L.P. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | 716 | 1,050 | 2,246 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions | $ 70,246 | $ 102,978 | $ 220,058 |
Partners' Capital (Dividends Ex
Partners' Capital (Dividends Expected To Be Paid To Related Parties) (Details) - Subsequent Event [Member] $ in Thousands | Aug. 24, 2018USD ($) |
Ferrell Companies [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,253 |
FCI Trading Corp. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 20 |
Ferrell Propane, Inc. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 5 |
James E. Ferrell [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 476 |
General Partner [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 98 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Notes Receivable, Fair Value Disclosure | $ 23.3 | |
Increase (Decrease) in Notes Receivables | 4.2 | |
Estimated fair value of long-term debt | 1,935.1 | $ 1,966.6 |
Ferrellgas, L.P. [Member] | ||
Notes Receivable, Fair Value Disclosure | 23.3 | |
Increase (Decrease) in Notes Receivables | 4.2 | |
Estimated fair value of long-term debt | $ 1,591.5 | $ 1,645.3 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Interest rate swap assets | $ 583 | |
Commodity derivatives propane swap assets | $ 22,470 | 16,212 |
Interest rate swap liabilities | (707) | |
Commodity derivatives propane swap liabilities | (1,910) | (1,258) |
Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 583 | |
Commodity derivatives propane swap assets | 22,470 | 16,212 |
Interest rate swap liabilities | (707) | |
Commodity derivatives propane swap liabilities | (1,910) | (1,258) |
Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swap assets | 0 | |
Commodity derivatives propane swap assets | 0 | 0 |
Interest rate swap liabilities | 0 | |
Commodity derivatives propane swap liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 0 | |
Commodity derivatives propane swap assets | 0 | 0 |
Interest rate swap liabilities | 0 | |
Commodity derivatives propane swap liabilities | 0 | 0 |
Level 2 [Member] | ||
Interest rate swap assets | 583 | |
Commodity derivatives propane swap assets | 22,470 | 16,212 |
Interest rate swap liabilities | (707) | |
Commodity derivatives propane swap liabilities | (1,910) | (1,258) |
Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 583 | |
Commodity derivatives propane swap assets | 22,470 | 16,212 |
Interest rate swap liabilities | (707) | |
Commodity derivatives propane swap liabilities | (1,910) | (1,258) |
Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swap assets | 0 | |
Commodity derivatives propane swap assets | 0 | 0 |
Interest rate swap liabilities | 0 | |
Commodity derivatives propane swap liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 0 | |
Commodity derivatives propane swap assets | 0 | 0 |
Interest rate swap liabilities | 0 | |
Commodity derivatives propane swap liabilities | $ 0 | $ 0 |
Derivative Instruments and He88
Derivative Instruments and Hedging Activities (Narrative) (Details) MMBbls in Millions | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2018USD ($) | Jul. 31, 2018USD ($)MMBbls | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | |
Derivative [Line Items] | ||||
Swap Termination Payment | $ 4,200,000 | |||
Derivative, Description of Hedged Item | senior notes due May 1, 2021 | |||
gain or loss in earnings related to hedge ineffectiveness | $ 0 | $ 0 | ||
Reclassification of net gain to earnings during next 12 months | 15,300,000 | |||
Description of Reclassification of Cash Flow Hedge Gain (Loss) | 0 | 0 | $ 0 | |
Derivative amount of credit risk | 5,700,000 | |||
Derivative, Net Liability Position, Aggregate Fair Value | $ 0 | 0 | ||
Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Swap Termination Payment | $ 4,200,000 | |||
Derivative, Description of Hedged Item | senior notes due May 1, 2021 | |||
gain or loss in earnings related to hedge ineffectiveness | $ 0 | 0 | ||
Reclassification of net gain to earnings during next 12 months | 15,300,000 | |||
Description of Reclassification of Cash Flow Hedge Gain (Loss) | $ 0 | $ 0 | $ 0 | |
Number of barrels of propane covered by cash flow hedges | MMBbls | 2.9 | |||
Derivative amount of credit risk | $ 5,700,000 | |||
Derivative, Net Liability Position, Aggregate Fair Value | 0 | $ 0 | ||
Propane [Member] | ||||
Derivative [Line Items] | ||||
Number of barrels of propane covered by cash flow hedges | MMBbls | 2.9 | |||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||||
Derivative [Line Items] | ||||
Swap Termination Payment | 4,200,000 | |||
Derivative, Description of Hedged Item | $500.0 million 6.5% fixed rate senior notes due 2021 | |||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Swap Termination Payment | $ 4,200,000 | |||
Derivative, Description of Hedged Item | $500.0 million 6.5% fixed rate senior notes due 2021 |
Derivative Instruments and He89
Derivative Instruments and Hedging Activities (Fair Value of Financial Derivatives Balance Sheet Locations) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | $ 22,470 | $ 16,212 |
Interest Rate Derivative Assets, at Fair Value | 583 | |
Derivative Asset, Fair Value, Gross Asset | 22,470 | 16,795 |
Derivatives - Price risk management liabilities | 1,910 | 1,258 |
Interest Rate Derivative Liabilities, at Fair Value | 707 | |
Derivative Liability, Fair Value, Gross Liability | 1,910 | 1,965 |
Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | 22,470 | 16,212 |
Interest Rate Derivative Assets, at Fair Value | 583 | |
Derivative Asset, Fair Value, Gross Asset | 22,470 | 16,795 |
Derivatives - Price risk management liabilities | 1,910 | 1,258 |
Interest Rate Derivative Liabilities, at Fair Value | 707 | |
Derivative Liability, Fair Value, Gross Liability | 1,910 | 1,965 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | 17,123 | 11,061 |
Interest Rate Derivative Assets, at Fair Value | 583 | |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | 17,123 | 11,061 |
Interest Rate Derivative Assets, at Fair Value | 583 | |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | 738 | |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management liabilities | 1,832 | 415 |
Interest Rate Derivative Liabilities, at Fair Value | 595 | |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management liabilities | 1,832 | 415 |
Interest Rate Derivative Liabilities, at Fair Value | 595 | |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 828 | |
Other Assets, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | 5,347 | 4,413 |
Interest Rate Derivative Assets, at Fair Value | 0 | |
Other Assets, Net [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management assets | 5,347 | 4,413 |
Interest Rate Derivative Assets, at Fair Value | 0 | |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management liabilities | 78 | 15 |
Interest Rate Derivative Liabilities, at Fair Value | 112 | |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives - Price risk management liabilities | $ 78 | 15 |
Interest Rate Derivative Liabilities, at Fair Value | 112 | |
Midstream Operations [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | 738 | |
Midstream Operations [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 828 |
Derivative Instruments and He90
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Schedule of Derivative Collateral) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Derivative Asset, Fair Value of Collateral | $ 3,778 | $ 3,409 |
Derivative Liability, Fair Value of Collateral | 16,543 | 10,802 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Fair Value of Collateral | 2,851 | 1,778 |
Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 12,308 | 7,729 |
Other Assets, Net [Member] | ||
Derivative Asset, Fair Value of Collateral | 927 | 1,631 |
Other Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 4,235 | 3,073 |
Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 3,778 | 3,409 |
Derivative Liability, Fair Value of Collateral | 16,543 | 10,802 |
Ferrellgas, L.P. [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Fair Value of Collateral | 2,851 | 1,778 |
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 12,308 | 7,729 |
Ferrellgas, L.P. [Member] | Other Assets, Net [Member] | ||
Derivative Asset, Fair Value of Collateral | 927 | 1,631 |
Ferrellgas, L.P. [Member] | Other Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | $ 4,235 | $ 3,073 |
Derivative Instruments and He91
Derivative Instruments and Hedging Activities (Fair Value Hedge Derivative Effect on Earnings) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Derivative, Gain (Loss) on Derivative, Net | $ 266 | $ 1,319 | $ 1,919 |
Interest Expense, Debt | (6,825) | (9,100) | (9,100) |
Ferrellgas, L.P. [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 266 | 1,319 | 1,919 |
Interest Expense, Debt | $ (6,825) | $ (9,100) | $ (9,100) |
Derivative Instruments and He92
Derivative Instruments and Hedging Activities (Cash Flow Hedge Derivative Effect on Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 | $ 0 |
Ferrellgas, L.P. [Member] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Derivative [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | 30,231 | 22,525 | 1,789 |
Amount of gain (loss) reclassified from AOCI into income | 24,319 | (1,938) | (27,302) |
Derivative [Member] | Ferrellgas, L.P. [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | 30,231 | 22,525 | 1,789 |
Amount of gain (loss) reclassified from AOCI into income | 24,319 | (1,938) | (27,302) |
Commodity Derivatives Propane [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | 30,231 | 21,659 | 4,409 |
Amount of gain (loss) reclassified from AOCI into income | 24,714 | 154 | (24,438) |
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | 30,231 | 21,659 | 4,409 |
Amount of gain (loss) reclassified from AOCI into income | 24,714 | 154 | (24,438) |
Interest Rate Swap [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | 0 | 866 | (2,620) |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | |||
Amount of gain (loss) recognized in AOCI(L) on derivative | 0 | 866 | (2,620) |
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | |||
Amount of gain (loss) reclassified from AOCI into income | 24,714 | 154 | (24,438) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | |||
Amount of gain (loss) reclassified from AOCI into income | 24,714 | 154 | (24,438) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | |||
Amount of gain (loss) reclassified from AOCI into income | (395) | (2,092) | (2,864) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | |||
Amount of gain (loss) reclassified from AOCI into income | (395) | (2,092) | (2,864) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 |
Midstream Operations [Member] | Cost of Sales [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (3,470) | (425) | 1,084 |
Midstream Operations [Member] | Cost of Sales [Member] | Ferrellgas, L.P. [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (3,470) | (425) | 1,084 |
Propane and related equipment sales [Member] | Operating Expense [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1,090 | (4,351) | |
Propane and related equipment sales [Member] | Operating Expense [Member] | Ferrellgas, L.P. [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 1,090 | $ (4,351) |
Derivative Instruments and He93
Derivative Instruments and Hedging Activities (Changes in Derivative Value Effect on Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Beginning balance | $ 14,601 | ||
Ending balance | 20,510 | $ 14,601 | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 395 | 2,092 | $ 2,864 |
Ferrellgas, L.P. [Member] | |||
Beginning balance | 14,764 | ||
Ending balance | 20,733 | 14,764 | |
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 395 | 2,092 | 2,864 |
Commodity Derivatives Propane [Member] | |||
Change in value on risk management derivatives | 30,231 | 21,659 | 4,409 |
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales | (24,714) | (154) | 24,438 |
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | |||
Change in value on risk management derivatives | 30,231 | 21,659 | 4,409 |
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales | (24,714) | (154) | 24,438 |
Interest Rate Swap [Member] | |||
Change in value on risk management derivatives | 0 | 866 | (2,620) |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | |||
Change in value on risk management derivatives | 0 | 866 | (2,620) |
Derivative [Member] | |||
Beginning balance | 14,648 | (9,815) | (38,906) |
Change in value on risk management derivatives | 30,231 | 22,525 | 1,789 |
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales | (24,319) | 1,938 | 27,302 |
Ending balance | 20,560 | 14,648 | (9,815) |
Derivative [Member] | Ferrellgas, L.P. [Member] | |||
Beginning balance | 14,648 | (9,815) | (38,906) |
Change in value on risk management derivatives | 30,231 | 22,525 | 1,789 |
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales | (24,319) | 1,938 | 27,302 |
Ending balance | 20,560 | 14,648 | (9,815) |
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | |||
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales | (24,714) | (154) | 24,438 |
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | |||
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales | $ (24,714) | (154) | 24,438 |
Operating Expense [Member] | Propane and related equipment sales [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1,090 | (4,351) | |
Operating Expense [Member] | Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 1,090 | $ (4,351) |
Derivative Instruments and He94
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Derivatives not Designated as Hedging Instruments Effects on Earnings) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Cost of Sales [Member] | Midstream Operations [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (3,470) | $ (425) | $ 1,084 |
Cost of Sales [Member] | Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (3,470) | (425) | 1,084 |
Operating Expense [Member] | Propane and related equipment sales [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1,090 | (4,351) | |
Operating Expense [Member] | Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 1,090 | $ (4,351) |
Transactions With Related Par95
Transactions With Related Parties (Narrative) (Details) $ in Thousands, shares in Millions | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2016USD ($)shares | Jan. 31, 2016USD ($)shares | Jul. 31, 2018USD ($)employee | Jul. 31, 2017USD ($)shares | Jul. 31, 2016USD ($) | |
Limited partner ownership interest | 5.00% | ||||
Number of employees | employee | 0 | ||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 0.9 | 2.4 | |||
Payments for Repurchase of Common Stock | $ 0 | $ 15,851 | $ 46,432 | ||
Ferrellgas, L.P. [Member] | |||||
Number of employees | employee | 0 | ||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 2.4 | ||||
Jamex Marketing, LLC [Member] | |||||
Revenues | 62,600 | ||||
Related Party Costs | 3,400 | ||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 0.9 | ||||
Payments for Repurchase of Common Stock | $ 45,900 | $ 16,900 | |||
Jamex Marketing, LLC [Member] | Ferrellgas, L.P. [Member] | |||||
Revenues | 62,600 | ||||
Related Party Costs | $ 3,400 | ||||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 0.9 | ||||
Payments for Repurchase of Common Stock | 45,900 | $ 16,900 | |||
Credit Facility [Domain] | |||||
Payments for Repurchase of Common Stock | $ 16,900 | $ 45,900 | |||
Credit Facility [Domain] | Ferrellgas, L.P. [Member] | |||||
Limited partner ownership interest | 5.00% |
Transactions With Related Par96
Transactions With Related Parties (Allocation Of Transactions With Related Parties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Related Party Transaction [Line Items] | |||
General and administrative expense | $ 54,401 | $ 49,617 | $ 56,635 |
Ferrellgas, L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expense | 54,264 | 49,478 | 56,115 |
Compensation And Benefits [Member] | |||
Related Party Transaction [Line Items] | |||
Operating expense | 243,407 | 228,969 | 230,437 |
General and administrative expense | 28,282 | 31,068 | 30,239 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Operating expense | 243,407 | 228,969 | 230,437 |
General and administrative expense | $ 28,282 | $ 31,068 | $ 30,239 |
Contingencies And Commitments97
Contingencies And Commitments (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Required fixed charge coverage ratio | 175.00% | |||
Current fixed charge coverage ratio | 147.00% | |||
Business Exit Costs | $ 11,804 | $ 0 | $ 0 | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | |||
Ferrellgas Partners Finance Corp. [Member] | ||||
Required fixed charge coverage ratio | 175.00% | |||
Current fixed charge coverage ratio | 147.00% | |||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | |||
Ferrellgas, L.P. [Member] | ||||
Required fixed charge coverage ratio | 175.00% | |||
Current fixed charge coverage ratio | 187.00% | |||
Business Exit Costs | $ 11,804 | 0 | 0 | |
Transportation Equipment [Member] | ||||
Transportation equipment lease expiration period | 7 years | |||
Guarantees Residual Value, Fair Value Disclosure | $ 1,400 | $ 1,400 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 8,500 | $ 8,500 | ||
Transportation Equipment [Member] | Ferrellgas, L.P. [Member] | ||||
Transportation equipment lease expiration period | 7 years | |||
Guarantees Residual Value, Fair Value Disclosure | 1,400 | $ 1,400 | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 8,500 | 8,500 | ||
Property And Equipment [Member] | ||||
Rental expense | 50,700 | 50,000 | 49,200 | |
Property And Equipment [Member] | Ferrellgas, L.P. [Member] | ||||
Rental expense | 50,700 | $ 50,000 | $ 49,200 | |
Midstream Operations [Member] | ||||
Business Exit Costs | 11,804 | |||
Midstream Operations [Member] | Ferrellgas, L.P. [Member] | ||||
Business Exit Costs | $ 11,804 | |||
Fixed Charge Coverage Covenant [Member] | ||||
Debt Instrument, Restrictive Covenants | 50 | |||
Debt Instrument, Covenant Compliance | 9.8 | 9.8 | ||
Debt Instrument, Covenant Description | 1 | |||
Fixed Charge Coverage Covenant [Member] | Ferrellgas Partners Finance Corp. [Member] | ||||
Debt Instrument, Restrictive Covenants | 50 | |||
Debt Instrument, Covenant Compliance | 9.8 | 9.8 | ||
Debt Instrument, Covenant Description | 1 |
Contingencies And Commitments98
Contingencies And Commitments (Contractual Operating Lease Commitments And Buyouts) (Details) $ in Thousands | Jul. 31, 2018USD ($) |
Operating Lease Obligations [Member] | |
Operating Leased Assets [Line Items] | |
2,019 | $ 42,356 |
2,020 | 33,137 |
2,021 | 26,142 |
2,022 | 19,173 |
2,023 | 13,867 |
Thereafter | 16,624 |
Operating Lease Obligations [Member] | Ferrellgas, L.P. [Member] | |
Operating Leased Assets [Line Items] | |
2,019 | 42,356 |
2,020 | 33,137 |
2,021 | 26,142 |
2,022 | 19,173 |
2,023 | 13,867 |
Thereafter | 16,624 |
Operating Lease Buyouts [Member] | |
Operating Leased Assets [Line Items] | |
2,019 | 3,884 |
2,020 | 3,131 |
2,021 | 3,526 |
2,022 | 6,035 |
2,023 | 3,527 |
Thereafter | 8,540 |
Operating Lease Buyouts [Member] | Ferrellgas, L.P. [Member] | |
Operating Leased Assets [Line Items] | |
2,019 | 3,884 |
2,020 | 3,131 |
2,021 | 3,526 |
2,022 | 6,035 |
2,023 | 3,527 |
Thereafter | $ 8,540 |
Contingencies And Commitments E
Contingencies And Commitments Exit and disposal liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Business Exit Costs | $ 11,804 | $ 0 | $ 0 |
Midstream Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 11,804 | 0 | |
Business Exit Costs | 11,804 | ||
Restructuring Reserve, Period Increase (Decrease) | 0 | ||
Ferrellgas, L.P. [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Business Exit Costs | 11,804 | 0 | $ 0 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 11,804 | $ 0 | |
Business Exit Costs | 11,804 | ||
Restructuring Reserve, Period Increase (Decrease) | $ 0 |
Employee Benefits (Details)
Employee Benefits (Details) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018USD ($)employee | Jul. 31, 2017USD ($) | Jul. 31, 2016USD ($) | |
Number of employees | employee | 0 | ||
Non-cash employee stock ownership plan compensation charge | $ 13,859 | $ 15,088 | $ 27,595 |
Matching contributions | 3,700 | 4,200 | 4,000 |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | $ 100 | 500 | (300) |
Ferrellgas, L.P. [Member] | |||
Number of employees | employee | 0 | ||
Non-cash employee stock ownership plan compensation charge | $ 13,859 | 15,088 | 27,595 |
Matching contributions | 3,700 | 4,200 | 4,000 |
Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | $ 100 | $ 500 | $ (300) |
Net Earnings (Loss) Per Comm101
Net Earnings (Loss) Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Dilutive effect on earnings per share | $ 0 | $ 0 | $ 0 |
Net Earnings (Loss) Per Comm102
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||||||
Common unitholders' interest in net earnings (loss) | $ (213,527) | $ 10,752 | $ (1,824) | $ (47,436) | $ (55,210) | $ 6,470 | $ 37,717 | $ (42,642) | $ (654,820) | $ 18,498 | $ 56,556 | $ (78,995) | $ (252,035) | $ (53,665) | $ (658,761) |
Weighted average common units outstanding | 97,152,700 | 97,229,500 | 98,682,800 | ||||||||||||
Dilutive securities | 0 | 0 | 0 | ||||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 97,152,700 | 97,229,500 | 98,682,800 | ||||||||||||
Basic and diluted net earnings (loss) per common unitholders' interest | $ (2.20) | $ 0.11 | $ (0.02) | $ (0.49) | $ (0.57) | $ 0.07 | $ 0.39 | $ (0.44) | $ (6.68) | $ 0.19 | $ 0.58 | $ (0.79) | $ (2.59) | $ (0.55) | $ (6.68) |
Net Earnings (Loss) Per Comm103
Net Earnings (Loss) Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Earnings Distribution Allocation) (Details) | 12 Months Ended |
Jul. 31, 2018$ / shares | |
Upper Range [Member] | Common Stock [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 51.50% |
Upper Range [Member] | General Partner [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 48.50% |
Middle Range [Member] | Common Stock [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 76.80% |
Middle Range [Member] | General Partner [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 23.20% |
Lower Range [Member] | Common Stock [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 86.90% |
Lower Range [Member] | General Partner [Member] | |
Earnings Distribution Allocation [Line Items] | |
Allocated Distribution | 13.10% |
Minimum [Member] | Upper Range [Member] | |
Earnings Distribution Allocation [Line Items] | |
Earnings Per Share, Basic, Distributed | $ 0.83 |
Minimum [Member] | Middle Range [Member] | |
Earnings Distribution Allocation [Line Items] | |
Earnings Per Share, Basic, Distributed | 0.64 |
Minimum [Member] | Lower Range [Member] | |
Earnings Distribution Allocation [Line Items] | |
Earnings Per Share, Basic, Distributed | 0.56 |
Maximum [Member] | Middle Range [Member] | |
Earnings Distribution Allocation [Line Items] | |
Earnings Per Share, Basic, Distributed | 0.82 |
Maximum [Member] | Lower Range [Member] | |
Earnings Distribution Allocation [Line Items] | |
Earnings Per Share, Basic, Distributed | $ 0.63 |
Segment Reporting Segment Re104
Segment Reporting Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Statement [Line Items] | |||
Revenues | $ 2,073,142 | $ 1,930,277 | $ 2,039,367 |
Costs and Expenses | 1,831,223 | 1,700,214 | 1,694,637 |
Adjusted EBITDA | 241,919 | 230,063 | 344,730 |
Propane and related equipment sales [Member] | |||
Statement [Line Items] | |||
Revenues | 1,790,823 | 1,463,574 | 1,414,129 |
Costs and Expenses | 1,514,755 | 1,198,150 | 1,127,382 |
Adjusted EBITDA | 276,068 | 265,424 | 286,747 |
Corporate and Other [Member] | |||
Statement [Line Items] | |||
Revenues | 282,319 | 466,703 | 625,238 |
Costs and Expenses | 316,468 | 502,064 | 567,255 |
Adjusted EBITDA | (34,149) | (35,361) | 57,983 |
Ferrellgas, L.P. [Member] | |||
Statement [Line Items] | |||
Revenues | 2,073,142 | 1,930,277 | 2,039,367 |
Costs and Expenses | 1,831,086 | 1,700,075 | 1,694,117 |
Adjusted EBITDA | 242,056 | 230,202 | 345,250 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | |||
Statement [Line Items] | |||
Revenues | 1,790,823 | 1,463,574 | 1,414,129 |
Costs and Expenses | 1,514,755 | 1,198,150 | 1,127,382 |
Adjusted EBITDA | 276,068 | 265,424 | 286,747 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | |||
Statement [Line Items] | |||
Revenues | 282,319 | 466,703 | 625,238 |
Costs and Expenses | 316,331 | 501,925 | 566,735 |
Adjusted EBITDA | $ (34,012) | $ (35,222) | $ 58,503 |
Segment Reporting Segment Re105
Segment Reporting Segment Reporting (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 |
Statement [Line Items] | ||
Total assets | $ 1,363,281 | $ 1,609,969 |
Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Total assets | 1,196,084 | 1,194,905 |
Corporate and Other [Member] | ||
Statement [Line Items] | ||
Total assets | 167,197 | 415,064 |
Ferrellgas, L.P. [Member] | ||
Statement [Line Items] | ||
Total assets | 1,363,246 | 1,609,948 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Statement [Line Items] | ||
Total assets | 1,196,084 | 1,194,905 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Statement [Line Items] | ||
Total assets | $ 167,162 | $ 415,043 |
Segment Reporting Segment Re106
Segment Reporting Segment Reporting (Schedule of Capital Expenditure Information, by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Statement [Line Items] | |||
Capital Expenditures | $ 80,047 | $ 46,365 | $ 112,935 |
Propane and related equipment sales [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 75,208 | 42,242 | 46,393 |
Corporate and Other [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 4,839 | 4,123 | 66,542 |
Maintenance Capital Expenditures [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 27,563 | 17,138 | 16,877 |
Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 23,979 | 13,330 | 13,487 |
Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 3,584 | 3,808 | 3,390 |
Growth Capital Expenditures [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 52,484 | 29,227 | 96,058 |
Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 51,229 | 28,912 | 32,906 |
Growth Capital Expenditures [Member] | Corporate and Other [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 1,255 | 315 | 63,152 |
Ferrellgas, L.P. [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 80,047 | 46,365 | 112,935 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 75,208 | 42,242 | 46,393 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 4,839 | 4,123 | 66,542 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 27,563 | 17,138 | 16,877 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 23,979 | 13,330 | 13,487 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 3,584 | 3,808 | 3,390 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 52,484 | 29,227 | 96,058 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | 51,229 | 28,912 | 32,906 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Corporate and Other [Member] | |||
Statement [Line Items] | |||
Capital Expenditures | $ 1,255 | $ 315 | $ 63,152 |
Segment Reporting Segment Re107
Segment Reporting Segment Reporting (Reconciliation of Consolidated EBITDA to Consolidated Net Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||||||
Net Income (Loss) Attributable to Parent | $ (215,684) | $ 10,861 | $ (1,843) | $ (47,915) | $ (55,768) | $ 6,536 | $ 38,098 | $ (43,073) | $ (661,434) | $ 18,685 | $ 57,127 | $ (79,793) | $ (254,581) | $ (54,207) | $ (665,415) |
Income tax expense | (2,678) | (1,143) | (36) | ||||||||||||
Interest Expense | 168,467 | 152,485 | 137,937 | ||||||||||||
Depreciation and amortization expense | 101,795 | 103,351 | 150,513 | ||||||||||||
EBITDA | 13,003 | 200,486 | (377,001) | ||||||||||||
Non-cash employee stock ownership plan compensation charge | (13,859) | (15,088) | (27,595) | ||||||||||||
Non-cash stock and unit-based compensation charge | 0 | 3,298 | 9,324 | ||||||||||||
Asset Impairment Charges | 628,800 | 10,005 | 0 | 658,118 | |||||||||||
Loss on asset sales and disposals | (187,399) | (14,457) | (30,835) | ||||||||||||
Other Nonoperating Income (Expense) | (928) | (1,474) | (110) | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 0 | (100) | ||||||||||||
Severance Costs | 1,663 | 1,959 | 1,453 | ||||||||||||
Legal Fees | 6,065 | 0 | 0 | ||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 1,293 | (3,457) | 1,137 | ||||||||||||
Business Exit Costs | 11,804 | 0 | 0 | ||||||||||||
Net earnings (loss) | (217,797) | 11,062 | (1,774) | (48,316) | (56,249) | 6,691 | 38,528 | (43,471) | (668,142) | 18,918 | 57,755 | (80,566) | (256,825) | (54,501) | (672,035) |
Adjusted EBITDA | 241,919 | 230,063 | 344,730 | ||||||||||||
Non-Controlling Interest [Member] | |||||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||||||
Net earnings (loss) | (2,244) | (294) | (6,620) | ||||||||||||
Midstream Operations [Member] | |||||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 0 | 0 | 99 | ||||||||||||
Business Exit Costs | 11,804 | ||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||||||
Income tax expense | (2,699) | (1,149) | (41) | ||||||||||||
Interest Expense | 133,946 | 127,188 | 121,818 | ||||||||||||
Depreciation and amortization expense | 101,795 | 103,351 | 150,513 | ||||||||||||
EBITDA | 10,896 | 200,331 | (383,101) | ||||||||||||
Non-cash employee stock ownership plan compensation charge | (13,859) | (15,088) | (27,595) | ||||||||||||
Non-cash stock and unit-based compensation charge | 0 | 3,298 | 9,324 | ||||||||||||
Asset Impairment Charges | 628,800 | 10,005 | 0 | 658,118 | |||||||||||
Loss on asset sales and disposals | (187,399) | (14,457) | (30,835) | ||||||||||||
Other Nonoperating Income (Expense) | (928) | (1,474) | (110) | ||||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0 | 0 | (100) | ||||||||||||
Severance Costs | 1,663 | 1,959 | 1,453 | ||||||||||||
Legal Fees | 6,065 | 0 | 0 | ||||||||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | 1,293 | (3,457) | 1,137 | ||||||||||||
Business Exit Costs | 11,804 | 0 | 0 | ||||||||||||
Net earnings (loss) | $ (209,134) | $ 19,840 | $ 6,847 | $ (39,699) | $ (47,614) | $ 15,395 | $ 42,600 | $ (39,440) | $ (664,091) | $ 23,049 | $ 62,187 | $ (76,536) | (222,146) | (29,059) | (655,391) |
Adjusted EBITDA | 242,056 | 230,202 | 345,250 | ||||||||||||
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | |||||||||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||||||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 0 | $ 0 | $ 99 | ||||||||||||
Business Exit Costs | $ 11,804 |
Quarterly Data (Unaudited) (Sum
Quarterly Data (Unaudited) (Summarized Unaudited Quarterly Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Revenues | $ 347,521 | $ 515,810 | $ 755,156 | $ 454,655 | $ 433,376 | $ 538,109 | $ 579,250 | $ 379,542 | $ 409,511 | $ 509,472 | $ 649,238 | $ 471,146 | $ 2,073,142 | $ 1,930,277 | $ 2,039,367 |
Net earnings (loss) | (217,797) | 11,062 | (1,774) | (48,316) | (56,249) | 6,691 | 38,528 | (43,471) | (668,142) | 18,918 | 57,755 | (80,566) | (256,825) | (54,501) | (672,035) |
Net earnings (loss) attributable to Ferrellgas Partners, L.P. | (215,684) | 10,861 | (1,843) | (47,915) | (55,768) | 6,536 | 38,098 | (43,073) | (661,434) | 18,685 | 57,127 | (79,793) | (254,581) | (54,207) | (665,415) |
Common unitholders' interest in net earnings (loss) | $ (213,527) | $ 10,752 | $ (1,824) | $ (47,436) | $ (55,210) | $ 6,470 | $ 37,717 | $ (42,642) | $ (654,820) | $ 18,498 | $ 56,556 | $ (78,995) | $ (252,035) | $ (53,665) | $ (658,761) |
Basic and diluted net earnings (loss) per common unitholders' interest | $ (2.20) | $ 0.11 | $ (0.02) | $ (0.49) | $ (0.57) | $ 0.07 | $ 0.39 | $ (0.44) | $ (6.68) | $ 0.19 | $ 0.58 | $ (0.79) | $ (2.59) | $ (0.55) | $ (6.68) |
Asset Impairment Charges | $ 628,800 | $ 10,005 | $ 0 | $ 658,118 | |||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||
Revenues | $ 347,521 | $ 515,810 | $ 755,156 | $ 454,655 | $ 433,376 | $ 538,109 | $ 579,250 | $ 379,542 | 409,511 | $ 509,472 | $ 649,238 | $ 471,146 | 2,073,142 | 1,930,277 | 2,039,367 |
Net earnings (loss) | (209,134) | 19,840 | 6,847 | (39,699) | (47,614) | 15,395 | 42,600 | (39,440) | (664,091) | 23,049 | 62,187 | (76,536) | (222,146) | (29,059) | (655,391) |
Asset Impairment Charges | 628,800 | 10,005 | $ 0 | $ 658,118 | |||||||||||
Propane and related equipment sales [Member] | |||||||||||||||
Goodwill, Impairment Loss | 10,005 | ||||||||||||||
Gross margin from propane and other gas liquids sales (a) | 126,115 | 190,883 | 229,321 | 123,243 | 126,774 | 171,950 | 202,346 | 123,187 | 125,690 | 186,668 | 202,027 | 123,550 | |||
Asset Impairment Charges | 10,000 | ||||||||||||||
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |||||||||||||||
Goodwill, Impairment Loss | $ 10,005 | ||||||||||||||
Gross margin from propane and other gas liquids sales (a) | 126,115 | 190,883 | 229,321 | 123,243 | 126,774 | 171,950 | 202,346 | 123,187 | 125,690 | 186,668 | 202,027 | 123,550 | |||
Asset Impairment Charges | 10,000 | ||||||||||||||
Consolidated Midstream Operations [Member] | |||||||||||||||
Gross margin from propane and other gas liquids sales (a) | (4,161) | 8,077 | 10,209 | 12,635 | 6,190 | 7,909 | 9,763 | 13,402 | 40,476 | 33,572 | 39,890 | 40,066 | |||
Consolidated Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||||||||||||||
Gross margin from propane and other gas liquids sales (a) | $ (4,161) | $ 8,077 | $ 10,209 | $ 12,635 | $ 6,190 | $ 7,909 | $ 9,763 | $ 13,402 | 40,476 | $ 33,572 | $ 39,890 | 40,066 | |||
Midstream Operations [Member] | |||||||||||||||
Goodwill, Impairment Loss | 190,600 | 29,300 | |||||||||||||
Midstream Operations [Member] | Ferrellgas, L.P. [Member] | |||||||||||||||
Goodwill, Impairment Loss | $ 190,600 | $ 29,300 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Deferred tax expense (benefit) | $ (3,818,000) | $ 11,000 | $ (504,000) |
Deferred tax assets | 715,000 | 1,068,000 | |
Ferrellgas Partners Finance Corp. [Member] | |||
Deferred tax assets, operating loss carryforwards | 7,188 | ||
Net operating loss carryforward | $ 26,621 | ||
Net operating loss carryforward, expiration date | Jul. 31, 2037 | ||
Deferred tax expense (benefit) | $ 0 | 0 | 0 |
Deferred tax assets | 0 | 0 | |
Valuation allowance provided for deferred tax asset | 7,188 | ||
Ferrellgas Finance Corp. [Member] | |||
Deferred tax assets, operating loss carryforwards | 19,263 | ||
Net operating loss carryforward | $ 71,344 | ||
Net operating loss carryforward, expiration date | Jul. 31, 2037 | ||
Deferred tax expense (benefit) | $ 0 | 0 | $ 0 |
Deferred tax assets | 0 | $ 0 | |
Valuation allowance provided for deferred tax asset | $ 19,263 |
Guarantor financial informat110
Guarantor financial information Guarantor financial information - Narrative (Details) $ in Millions | Jul. 31, 2018USD ($) |
Ferrellgas, L.P. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt Instrument, Face Amount | $ 500 |
Debt instrument, fixed interest rate | 6.75% |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | Ferrellgas, L.P. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt Instrument, Face Amount | $ 500 |
Debt instrument, fixed interest rate | 6.75% |
Guarantor financial informat111
Guarantor financial information Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 119,311 | $ 5,760 | $ 4,965 | $ 7,652 |
Accounts and notes receivable, net | 126,054 | 165,084 | ||
Inventories | 83,694 | 92,552 | ||
Prepaid expenses and other current assets | 34,862 | 33,388 | ||
Total current assets | 363,921 | 296,784 | ||
Property, plant and equipment, net | 557,723 | 731,923 | ||
Goodwill | 246,098 | 256,103 | ||
Intangible assets, net | 120,951 | 251,102 | ||
Other assets, net | 74,588 | 74,057 | ||
Total assets | 1,363,281 | 1,609,969 | ||
Current liabilities: | ||||
Accounts payable | 46,820 | 85,561 | ||
Short-term borrowings | 32,800 | 59,781 | ||
Collateralized note payable | 58,000 | 69,000 | ||
Other current liabilities | 142,025 | 126,224 | ||
Total current liabilities | 279,645 | 340,566 | ||
Long-term debt | 2,078,637 | 1,995,795 | ||
Other liabilities | 39,476 | 31,118 | ||
Contingencies and commitments | 0 | 0 | ||
Partners' capital (deficit) | ||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | (1,034,477) | (757,510) | (651,780) | 207,709 |
Accumulated other comprehensive income (loss) | 20,510 | 14,601 | ||
Total liabilities and partners' capital (deficit) | 1,363,281 | 1,609,969 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (1,027,785) | (753,578) | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 3 | 59 | 75 | 2,052 |
Prepaid expenses and other current assets | 23 | 4 | ||
Total assets | 26 | 63 | ||
Current liabilities: | ||||
Other current liabilities | 3,925 | 4,250 | ||
Long-term debt | 350,500 | 346,525 | ||
Partners' capital (deficit) | ||||
Accumulated other comprehensive income (loss) | 20,510 | 14,601 | ||
Total liabilities and partners' capital (deficit) | 26 | 63 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (1,027,785) | (753,578) | ||
Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 119,308 | 5,701 | 4,890 | 5,600 |
Accounts and notes receivable, net | 126,054 | 165,084 | ||
Intercompany Receivables, Current | 0 | 0 | ||
Inventories | 83,694 | 92,552 | ||
Prepaid expenses and other current assets | 34,830 | 33,426 | ||
Total current assets | 363,886 | 296,763 | ||
Property, plant and equipment, net | 557,723 | 731,923 | ||
Goodwill | 246,098 | 256,103 | ||
Intangible assets, net | 120,951 | 251,102 | ||
Intercompany Receivables, Noncurrent | 0 | |||
Investment in Ferrellgas, L.P. | 0 | 0 | ||
Other assets, net | 74,588 | 74,057 | ||
Total assets | 1,363,246 | 1,609,948 | ||
Current liabilities: | ||||
Accounts payable | 46,820 | 85,561 | ||
Short-term borrowings | 32,800 | 59,781 | ||
Collateralized note payable | 58,000 | 69,000 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 138,091 | 122,016 | ||
Total current liabilities | 275,711 | 336,358 | ||
Long-term debt | 1,728,137 | 1,649,270 | ||
Other liabilities | 39,476 | 31,118 | ||
Contingencies and commitments | 0 | 0 | ||
Partners' capital (deficit) | ||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | (680,078) | (406,798) | (469,413) | 390,126 |
Accumulated other comprehensive income (loss) | 20,733 | 14,764 | ||
Total liabilities and partners' capital (deficit) | 1,363,246 | 1,609,948 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (700,811) | (421,562) | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 119,133 | 5,327 | 4,472 | 5,579 |
Accounts and notes receivable, net | (3,420) | (3,132) | ||
Intercompany Receivables, Current | 15,660 | 39,877 | ||
Inventories | 83,694 | 78,963 | ||
Prepaid expenses and other current assets | 34,050 | 26,106 | ||
Total current assets | 249,117 | 147,141 | ||
Property, plant and equipment, net | 557,689 | 537,582 | ||
Goodwill | 246,098 | 246,098 | ||
Intangible assets, net | 120,951 | 128,209 | ||
Intercompany Receivables, Noncurrent | 450,000 | |||
Investment in Ferrellgas, L.P. | 59,937 | (53,915) | ||
Other assets, net | 63,411 | 35,862 | ||
Total assets | 1,297,203 | 1,490,977 | ||
Current liabilities: | ||||
Accounts payable | 45,171 | 44,026 | ||
Short-term borrowings | 32,800 | 59,781 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 131,702 | 118,039 | ||
Total current liabilities | 209,673 | 221,846 | ||
Long-term debt | 1,728,137 | 1,649,139 | ||
Other liabilities | 39,471 | 26,790 | ||
Partners' capital (deficit) | ||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | (680,078) | (406,798) | ||
Accumulated other comprehensive income (loss) | 20,733 | 14,764 | ||
Total liabilities and partners' capital (deficit) | 1,297,203 | 1,490,977 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (700,811) | (421,562) | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 174 | 373 | 417 | 20 |
Accounts and notes receivable, net | 9,395 | 58,618 | ||
Intercompany Receivables, Current | 0 | 0 | ||
Inventories | 0 | 13,589 | ||
Prepaid expenses and other current assets | 775 | 7,314 | ||
Total current assets | 10,344 | 79,894 | ||
Property, plant and equipment, net | 34 | 194,341 | ||
Goodwill | 0 | 10,005 | ||
Intangible assets, net | 0 | 122,893 | ||
Intercompany Receivables, Noncurrent | 0 | |||
Investment in Ferrellgas, L.P. | 0 | 0 | ||
Other assets, net | 9,961 | 37,618 | ||
Total assets | 20,339 | 444,751 | ||
Current liabilities: | ||||
Accounts payable | 1,547 | 41,345 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | (143) | 41,645 | ||
Other current liabilities | 6,036 | 3,776 | ||
Total current liabilities | 7,440 | 86,766 | ||
Long-term debt | 0 | 450,131 | ||
Other liabilities | 5 | 4,300 | ||
Partners' capital (deficit) | ||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 12,894 | (96,446) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total liabilities and partners' capital (deficit) | 20,339 | 444,751 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | 12,894 | (96,446) | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and notes receivable, net | 120,079 | 109,598 | ||
Intercompany Receivables, Current | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 5 | 6 | ||
Total current assets | 120,084 | 109,604 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany Receivables, Noncurrent | 0 | |||
Investment in Ferrellgas, L.P. | 0 | 0 | ||
Other assets, net | 1,216 | 577 | ||
Total assets | 121,300 | 110,181 | ||
Current liabilities: | ||||
Accounts payable | 102 | 190 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 58,000 | 69,000 | ||
Intercompany Payables | 15,803 | (1,768) | ||
Other current liabilities | 353 | 201 | ||
Total current liabilities | 74,258 | 67,623 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 28 | ||
Partners' capital (deficit) | ||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 47,042 | 42,530 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total liabilities and partners' capital (deficit) | 121,300 | 110,181 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | 47,042 | 42,530 | ||
Reportable Legal Entities [Member] | Co-issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Accounts and notes receivable, net | 0 | 0 | ||
Intercompany Receivables, Current | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 1 | 1 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany Receivables, Noncurrent | 0 | |||
Investment in Ferrellgas, L.P. | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Total assets | 1 | 1 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Partners' capital (deficit) | ||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | 1 | 1 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total liabilities and partners' capital (deficit) | 1 | 1 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | 1 | 1 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts and notes receivable, net | 0 | 0 | ||
Intercompany Receivables, Current | (15,660) | (39,877) | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (15,660) | (39,877) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany Receivables, Noncurrent | (450,000) | |||
Investment in Ferrellgas, L.P. | (59,937) | 53,915 | ||
Other assets, net | 0 | 0 | ||
Total assets | (75,597) | (435,962) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | (15,660) | (39,877) | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (15,660) | (39,877) | ||
Long-term debt | 0 | (450,000) | ||
Other liabilities | 0 | 0 | ||
Partners' capital (deficit) | ||||
Partners' Capital, Including Portion Attributable to Noncontrolling Interest | (59,937) | 53,915 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total liabilities and partners' capital (deficit) | (75,597) | (435,962) | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | $ (59,937) | $ 53,915 |
Guarantor financial informat112
Guarantor financial information Condensed Consolidated Statement of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Revenues: | |||||||||||||||
Propane and other gas liquids sales | $ 1,642,976 | $ 1,318,412 | $ 1,202,368 | ||||||||||||
Midstream operations | 282,319 | 466,703 | 625,238 | ||||||||||||
Other | 147,847 | 145,162 | 211,761 | ||||||||||||
Total revenues | $ 347,521 | $ 515,810 | $ 755,156 | $ 454,655 | $ 433,376 | $ 538,109 | $ 579,250 | $ 379,542 | $ 409,511 | $ 509,472 | $ 649,238 | $ 471,146 | 2,073,142 | 1,930,277 | 2,039,367 |
Costs and expenses: | |||||||||||||||
Cost of product sold - propane and other gas liquids sales | 973,414 | 694,155 | 564,433 | ||||||||||||
Cost of sales - midstream operations | 255,559 | 429,439 | 471,234 | ||||||||||||
Cost of product sold - other | 68,654 | 67,267 | 126,237 | ||||||||||||
Operating expense | 471,748 | 432,412 | 459,178 | ||||||||||||
Depreciation and amortization expense | 101,795 | 103,351 | 150,513 | ||||||||||||
General and administrative expense | 54,401 | 49,617 | 56,635 | ||||||||||||
Equipment lease expense | 28,272 | 29,124 | 28,833 | ||||||||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 13,859 | 15,088 | 27,595 | ||||||||||||
Asset Impairment Charges | 628,800 | 10,005 | 0 | 658,118 | |||||||||||
Loss on asset sales and disposals | 187,399 | 14,457 | 30,835 | ||||||||||||
Operating Income (Loss) | (91,964) | 95,367 | (534,244) | ||||||||||||
Interest and Debt Expense | (168,467) | (152,485) | (137,937) | ||||||||||||
Other income (expense), net | 928 | 1,474 | 110 | ||||||||||||
Earnings (loss) before income taxes | (259,503) | (55,644) | (672,071) | ||||||||||||
Income tax expense | (2,678) | (1,143) | (36) | ||||||||||||
Net earnings (loss) | (217,797) | 11,062 | (1,774) | (48,316) | (56,249) | 6,691 | 38,528 | (43,471) | (668,142) | 18,918 | 57,755 | (80,566) | (256,825) | (54,501) | (672,035) |
Other comprehensive income (loss) | 5,969 | 25,324 | 28,758 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (250,856) | (29,177) | (643,277) | ||||||||||||
Parent Company [Member] | |||||||||||||||
Costs and expenses: | |||||||||||||||
General and administrative expense | 137 | 139 | 520 | ||||||||||||
Operating Income (Loss) | (220,039) | (28,904) | (649,291) | ||||||||||||
Interest and Debt Expense | (34,521) | (25,297) | (16,119) | ||||||||||||
Income tax expense | (21) | (6) | (5) | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | (219,902) | (28,765) | (648,771) | ||||||||||||
Net earnings (loss) | (254,581) | (54,207) | (665,415) | ||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Propane and other gas liquids sales | 1,642,976 | 1,318,412 | 1,202,368 | ||||||||||||
Midstream operations | 282,319 | 466,703 | 625,238 | ||||||||||||
Other | 147,847 | 145,162 | 211,761 | ||||||||||||
Total revenues | 347,521 | 515,810 | 755,156 | 454,655 | 433,376 | 538,109 | 579,250 | 379,542 | 409,511 | 509,472 | 649,238 | 471,146 | 2,073,142 | 1,930,277 | 2,039,367 |
Costs and expenses: | |||||||||||||||
Cost of product sold - propane and other gas liquids sales | 973,414 | 694,155 | 564,433 | ||||||||||||
Cost of sales - midstream operations | 255,559 | 429,439 | 471,234 | ||||||||||||
Cost of product sold - other | 68,654 | 67,267 | 126,237 | ||||||||||||
Operating expense | 471,748 | 432,412 | 459,178 | ||||||||||||
Depreciation and amortization expense | 101,795 | 103,351 | 150,513 | ||||||||||||
General and administrative expense | 54,264 | 49,478 | 56,115 | ||||||||||||
Equipment lease expense | 28,272 | 29,124 | 28,833 | ||||||||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 13,859 | 15,088 | 27,595 | ||||||||||||
Asset Impairment Charges | 628,800 | 10,005 | 0 | 658,118 | |||||||||||
Loss on asset sales and disposals | 187,399 | 14,457 | 30,835 | ||||||||||||
Operating Income (Loss) | (91,827) | 95,506 | (533,724) | ||||||||||||
Interest and Debt Expense | (133,946) | (127,188) | (121,818) | ||||||||||||
Other income (expense), net | 928 | 1,474 | 110 | ||||||||||||
Earnings (loss) before income taxes | (224,845) | (30,208) | (655,432) | ||||||||||||
Income tax expense | (2,699) | (1,149) | (41) | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 0 | 0 | 0 | ||||||||||||
Net earnings (loss) | $ (209,134) | $ 19,840 | $ 6,847 | $ (39,699) | $ (47,614) | $ 15,395 | $ 42,600 | $ (39,440) | $ (664,091) | $ 23,049 | $ 62,187 | $ (76,536) | (222,146) | (29,059) | (655,391) |
Other comprehensive income (loss) | 5,969 | 25,324 | 28,758 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (216,177) | (3,735) | (626,633) | ||||||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Propane and other gas liquids sales | 1,642,155 | 1,318,412 | 1,202,368 | ||||||||||||
Midstream operations | 0 | 0 | 0 | ||||||||||||
Other | 72,954 | 69,962 | 73,200 | ||||||||||||
Total revenues | 1,715,109 | 1,388,374 | 1,275,568 | ||||||||||||
Costs and expenses: | |||||||||||||||
Cost of product sold - propane and other gas liquids sales | 972,467 | 694,155 | 564,433 | ||||||||||||
Cost of sales - midstream operations | 0 | 0 | (1,545) | ||||||||||||
Cost of product sold - other | 10,111 | 8,473 | 8,867 | ||||||||||||
Operating expense | 436,962 | 398,584 | 399,680 | ||||||||||||
Depreciation and amortization expense | 75,163 | 72,919 | 75,059 | ||||||||||||
General and administrative expense | 48,337 | 44,810 | 50,592 | ||||||||||||
Equipment lease expense | 27,939 | 28,560 | 28,322 | ||||||||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 13,859 | 15,088 | 27,595 | ||||||||||||
Asset Impairment Charges | 0 | 0 | |||||||||||||
Loss on asset sales and disposals | 8,978 | 9,198 | 9,180 | ||||||||||||
Operating Income (Loss) | 121,293 | 116,587 | 113,385 | ||||||||||||
Interest and Debt Expense | (86,646) | (80,866) | (77,493) | ||||||||||||
Other income (expense), net | (234) | 850 | 110 | ||||||||||||
Earnings (loss) before income taxes | 34,413 | 36,571 | 36,002 | ||||||||||||
Income tax expense | 222 | 217 | 839 | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | (256,337) | (65,413) | (690,554) | ||||||||||||
Net earnings (loss) | (222,146) | (29,059) | (655,391) | ||||||||||||
Other comprehensive income (loss) | 5,969 | 25,324 | 28,758 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (216,177) | (3,735) | (626,633) | ||||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Propane and other gas liquids sales | 821 | 0 | 0 | ||||||||||||
Midstream operations | 282,319 | 466,703 | 625,238 | ||||||||||||
Other | 74,893 | 75,200 | 138,561 | ||||||||||||
Total revenues | 358,033 | 541,903 | 763,799 | ||||||||||||
Costs and expenses: | |||||||||||||||
Cost of product sold - propane and other gas liquids sales | 947 | 0 | 0 | ||||||||||||
Cost of sales - midstream operations | 255,559 | 429,439 | 472,779 | ||||||||||||
Cost of product sold - other | 58,543 | 58,794 | 117,370 | ||||||||||||
Operating expense | 37,617 | 38,188 | 58,789 | ||||||||||||
Depreciation and amortization expense | 26,317 | 30,183 | 75,212 | ||||||||||||
General and administrative expense | 5,922 | 4,663 | 5,516 | ||||||||||||
Equipment lease expense | 333 | 564 | 511 | ||||||||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 0 | 0 | 0 | ||||||||||||
Asset Impairment Charges | 10,005 | 658,118 | |||||||||||||
Loss on asset sales and disposals | 178,421 | 5,259 | 21,655 | ||||||||||||
Operating Income (Loss) | (215,631) | (25,187) | (646,151) | ||||||||||||
Interest and Debt Expense | (43,247) | (43,839) | (42,325) | ||||||||||||
Other income (expense), net | 1,162 | 624 | 0 | ||||||||||||
Earnings (loss) before income taxes | (257,716) | (68,402) | (688,476) | ||||||||||||
Income tax expense | (2,921) | (1,366) | (880) | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 0 | 0 | 0 | ||||||||||||
Net earnings (loss) | (254,795) | (67,036) | (687,596) | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (254,795) | (67,036) | (687,596) | ||||||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Propane and other gas liquids sales | 0 | 0 | 0 | ||||||||||||
Midstream operations | 0 | 0 | 0 | ||||||||||||
Other | 0 | 0 | 0 | ||||||||||||
Total revenues | 0 | 0 | 0 | ||||||||||||
Costs and expenses: | |||||||||||||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | ||||||||||||
Cost of sales - midstream operations | 0 | 0 | 0 | ||||||||||||
Cost of product sold - other | 0 | 0 | 0 | ||||||||||||
Operating expense | 4,755 | 95 | 4,028 | ||||||||||||
Depreciation and amortization expense | 315 | 249 | 242 | ||||||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||||||
Equipment lease expense | 0 | 0 | 0 | ||||||||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 0 | 0 | 0 | ||||||||||||
Asset Impairment Charges | 0 | 0 | |||||||||||||
Loss on asset sales and disposals | 0 | 0 | 0 | ||||||||||||
Operating Income (Loss) | (5,070) | (344) | (4,270) | ||||||||||||
Interest and Debt Expense | (4,053) | (2,480) | (2,186) | ||||||||||||
Other income (expense), net | 7,586 | 4,452 | 3,505 | ||||||||||||
Earnings (loss) before income taxes | (1,537) | 1,628 | (2,951) | ||||||||||||
Income tax expense | 0 | 0 | 0 | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 0 | 0 | 0 | ||||||||||||
Net earnings (loss) | (1,537) | 1,628 | (2,951) | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (1,537) | 1,628 | (2,951) | ||||||||||||
Reportable Legal Entities [Member] | Co-issuer [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Propane and other gas liquids sales | 0 | 0 | 0 | ||||||||||||
Midstream operations | 0 | 0 | 0 | ||||||||||||
Other | 0 | 0 | 0 | ||||||||||||
Total revenues | 0 | 0 | 0 | ||||||||||||
Costs and expenses: | |||||||||||||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | ||||||||||||
Cost of sales - midstream operations | 0 | 0 | 0 | ||||||||||||
Cost of product sold - other | 0 | 0 | 0 | ||||||||||||
Operating expense | 0 | 0 | 0 | ||||||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||||||
General and administrative expense | 5 | 5 | 7 | ||||||||||||
Equipment lease expense | 0 | 0 | 0 | ||||||||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 0 | 0 | 0 | ||||||||||||
Asset Impairment Charges | 0 | 0 | |||||||||||||
Loss on asset sales and disposals | 0 | 0 | 0 | ||||||||||||
Operating Income (Loss) | (5) | (5) | (7) | ||||||||||||
Interest and Debt Expense | 0 | 0 | 0 | ||||||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||||||
Earnings (loss) before income taxes | (5) | (5) | (7) | ||||||||||||
Income tax expense | 0 | 0 | 0 | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 0 | 0 | 0 | ||||||||||||
Net earnings (loss) | (5) | (5) | (7) | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (5) | (5) | (7) | ||||||||||||
Eliminations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Propane and other gas liquids sales | 0 | 0 | 0 | ||||||||||||
Midstream operations | 0 | 0 | 0 | ||||||||||||
Other | 0 | 0 | 0 | ||||||||||||
Total revenues | 0 | 0 | 0 | ||||||||||||
Costs and expenses: | |||||||||||||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | ||||||||||||
Cost of sales - midstream operations | 0 | 0 | 0 | ||||||||||||
Cost of product sold - other | 0 | 0 | 0 | ||||||||||||
Operating expense | (7,586) | (4,455) | (3,319) | ||||||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||||||
Equipment lease expense | 0 | 0 | 0 | ||||||||||||
Employee Stock Ownership Plan (ESOP), Compensation Expense | 0 | 0 | 0 | ||||||||||||
Asset Impairment Charges | 0 | 0 | |||||||||||||
Loss on asset sales and disposals | 0 | 0 | 0 | ||||||||||||
Operating Income (Loss) | 7,586 | 4,455 | 3,319 | ||||||||||||
Interest and Debt Expense | 0 | (3) | 186 | ||||||||||||
Other income (expense), net | (7,586) | (4,452) | (3,505) | ||||||||||||
Earnings (loss) before income taxes | 0 | 0 | 0 | ||||||||||||
Income tax expense | 0 | 0 | 0 | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 256,337 | 65,413 | 690,554 | ||||||||||||
Net earnings (loss) | 256,337 | 65,413 | 690,554 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 256,337 | $ 65,413 | $ 690,554 |
Guarantor financial informat113
Guarantor financial information Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | $ 74,148 | $ 127,288 | $ 194,327 | |
Cash flows from investing activities: | ||||
Payments to Acquire Businesses, Net of Cash Acquired | (18,141) | (3,539) | (15,144) | |
Payments to Acquire Productive Assets | (84,919) | (50,472) | (117,518) | |
Proceeds from sale of assets | 152,587 | 8,510 | 17,089 | |
Other | 0 | (37) | (286) | |
Net cash used in investing activities | 49,527 | (45,538) | (115,859) | |
Cash flows from financing activities: | ||||
Distributions | (39,254) | (79,733) | (204,160) | |
Proceeds from increase in long-term debt | 323,680 | 230,864 | 168,117 | |
Repayments of Long-term Debt | (212,920) | (174,292) | (14,959) | |
Proceeds from (Repayments of) Short-term Debt | (51,379) | (41,510) | 25,972 | |
Net additions to collateralized short-term borrowings | (11,000) | 5,000 | (6,000) | |
Cash paid for financing costs | (18,535) | (6,078) | (1,214) | |
Net cash provided by (used in) financing activities | (10,124) | (80,955) | (81,155) | |
Increase (decrease) in cash and cash equivalents | 113,551 | 795 | (2,687) | |
Cash and cash equivalents | 119,311 | 5,760 | 4,965 | $ 7,652 |
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (31,006) | (21,460) | (18,387) | |
Cash flows from investing activities: | ||||
Net cash used in investing activities | 70,246 | (47,319) | 266,818 | |
Cash flows from financing activities: | ||||
Distributions | 39,254 | 79,733 | 204,160 | |
Proceeds from increase in long-term debt | 0 | 168,000 | 0 | |
Cash paid for financing costs | 42 | 3,653 | 0 | |
Net cash provided by (used in) financing activities | (39,296) | 68,763 | (250,408) | |
Increase (decrease) in cash and cash equivalents | (56) | (16) | (1,977) | |
Cash and cash equivalents | 3 | 59 | 75 | 2,052 |
Ferrellgas, L.P. [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 105,154 | 148,748 | 212,744 | |
Cash flows from investing activities: | ||||
Payments to Acquire Businesses, Net of Cash Acquired | (18,141) | (3,539) | (15,144) | |
Payments to Acquire Productive Assets | (84,919) | (50,472) | (117,518) | |
Proceeds from sale of assets | 152,587 | 8,510 | 17,089 | |
Proceeds from (Repayments of) Accounts Receivable Securitization | 0 | 0 | 0 | |
Proceeds from (Repayments of) Accounts Receivable Securitization, Related Party | 0 | 0 | 0 | |
Proceeds from Collection of (Payments to Fund) Long-term Loans to Related Parties | 0 | 0 | 0 | |
Other | 0 | (37) | (286) | |
Net cash used in investing activities | 49,527 | (45,538) | (115,859) | |
Cash flows from financing activities: | ||||
Distributions | (70,962) | (119,879) | (269,541) | |
Capital contribution | 0 | 167,843 | 30 | |
Proceeds from increase in long-term debt | 323,680 | 62,864 | 168,117 | |
Repayments of Long-term Debt | (212,920) | (174,292) | (14,959) | |
Proceeds from (Repayments of) Short-term Debt | (51,379) | (41,510) | 25,972 | |
Net additions to collateralized short-term borrowings | (11,000) | 5,000 | (6,000) | |
Advances (To) From Related Parties | 0 | 0 | 0 | |
Cash paid for financing costs | (18,493) | (2,425) | (1,214) | |
Net cash provided by (used in) financing activities | (41,074) | (102,399) | (97,595) | |
Effect of exchange rate changes on cash | 0 | |||
Increase (decrease) in cash and cash equivalents | 113,607 | 811 | (710) | |
Cash and cash equivalents | 119,308 | 5,701 | 4,890 | 5,600 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 139,294 | 185,640 | 102,569 | |
Cash flows from investing activities: | ||||
Payments to Acquire Businesses, Net of Cash Acquired | (18,141) | (3,539) | (15,144) | |
Payments to Acquire Productive Assets | (81,114) | (49,107) | (52,501) | |
Proceeds from sale of assets | 7,327 | 8,510 | 17,089 | |
Proceeds from (Repayments of) Accounts Receivable Securitization | 0 | 0 | 0 | |
Proceeds from (Repayments of) Accounts Receivable Securitization, Related Party | 0 | 0 | 0 | |
Proceeds from Collection of (Payments to Fund) Long-term Loans to Related Parties | 96,514 | (33,573) | 38,759 | |
Other | 0 | (37) | (286) | |
Net cash used in investing activities | 4,586 | (77,746) | (12,083) | |
Cash flows from financing activities: | ||||
Distributions | (70,962) | (119,879) | (269,541) | |
Capital contribution | 167,843 | 30 | ||
Proceeds from increase in long-term debt | 323,680 | 62,864 | 168,117 | |
Repayments of Long-term Debt | (212,920) | (174,292) | (14,959) | |
Proceeds from (Repayments of) Short-term Debt | (51,379) | (41,510) | 25,972 | |
Net additions to collateralized short-term borrowings | 0 | 0 | 0 | |
Advances (To) From Related Parties | 0 | 0 | 0 | |
Cash paid for financing costs | (18,493) | (2,065) | (1,214) | |
Net cash provided by (used in) financing activities | (30,074) | (107,039) | (91,595) | |
Effect of exchange rate changes on cash | 2 | |||
Increase (decrease) in cash and cash equivalents | 113,806 | 855 | (1,107) | |
Cash and cash equivalents | 119,133 | 5,327 | 4,472 | 5,579 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (48,708) | (36,297) | 89,728 | |
Cash flows from investing activities: | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | |
Payments to Acquire Productive Assets | (3,805) | (1,365) | (65,017) | |
Proceeds from sale of assets | 145,260 | 0 | 0 | |
Proceeds from (Repayments of) Accounts Receivable Securitization | 0 | 0 | 0 | |
Proceeds from (Repayments of) Accounts Receivable Securitization, Related Party | 0 | 0 | 0 | |
Proceeds from Collection of (Payments to Fund) Long-term Loans to Related Parties | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
Net cash used in investing activities | 141,455 | (1,365) | (65,017) | |
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | 0 | |
Capital contribution | 0 | 0 | ||
Proceeds from increase in long-term debt | 0 | 0 | 0 | |
Repayments of Long-term Debt | 0 | 0 | 0 | |
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | 0 | |
Net additions to collateralized short-term borrowings | 0 | 0 | 0 | |
Advances (To) From Related Parties | (92,946) | 37,618 | (24,314) | |
Cash paid for financing costs | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | (92,946) | 37,618 | (24,314) | |
Effect of exchange rate changes on cash | 0 | |||
Increase (decrease) in cash and cash equivalents | (199) | (44) | 397 | |
Cash and cash equivalents | 174 | 373 | 417 | 20 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 3,573 | 4,410 | 14,456 | |
Cash flows from investing activities: | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | |
Payments to Acquire Productive Assets | 0 | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | 0 | |
Proceeds from (Repayments of) Accounts Receivable Securitization | 1,226,211 | 1,011,244 | 946,804 | |
Proceeds from (Repayments of) Accounts Receivable Securitization, Related Party | (1,215,211) | (1,016,244) | (940,804) | |
Proceeds from Collection of (Payments to Fund) Long-term Loans to Related Parties | 0 | 360 | 0 | |
Other | 0 | 0 | 0 | |
Net cash used in investing activities | 11,000 | (4,640) | 6,000 | |
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | 0 | |
Capital contribution | 0 | 0 | ||
Proceeds from increase in long-term debt | 0 | 0 | 0 | |
Repayments of Long-term Debt | 0 | 0 | 0 | |
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | 0 | |
Net additions to collateralized short-term borrowings | (11,000) | 5,000 | (6,000) | |
Advances (To) From Related Parties | (3,573) | (4,410) | (14,454) | |
Cash paid for financing costs | 0 | (360) | 0 | |
Net cash provided by (used in) financing activities | (14,573) | 230 | (20,454) | |
Effect of exchange rate changes on cash | (2) | |||
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Reportable Legal Entities [Member] | Co-issuer [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (5) | (5) | (9) | |
Cash flows from investing activities: | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | |
Payments to Acquire Productive Assets | 0 | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | 0 | |
Proceeds from (Repayments of) Accounts Receivable Securitization | 0 | 0 | 0 | |
Proceeds from (Repayments of) Accounts Receivable Securitization, Related Party | 0 | 0 | 0 | |
Proceeds from Collection of (Payments to Fund) Long-term Loans to Related Parties | 0 | 0 | 0 | |
Other | 0 | 0 | 0 | |
Net cash used in investing activities | 0 | 0 | 0 | |
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | 0 | |
Capital contribution | 0 | 0 | ||
Proceeds from increase in long-term debt | 0 | 0 | 0 | |
Repayments of Long-term Debt | 0 | 0 | 0 | |
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | 0 | |
Net additions to collateralized short-term borrowings | 0 | 0 | 0 | |
Advances (To) From Related Parties | 5 | 5 | 9 | |
Cash paid for financing costs | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | 5 | 5 | 9 | |
Effect of exchange rate changes on cash | 0 | |||
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 11,000 | (5,000) | 6,000 | |
Cash flows from investing activities: | ||||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 0 | 0 | |
Payments to Acquire Productive Assets | 0 | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | 0 | |
Proceeds from (Repayments of) Accounts Receivable Securitization | (1,226,211) | (1,011,244) | (946,804) | |
Proceeds from (Repayments of) Accounts Receivable Securitization, Related Party | 1,215,211 | 1,016,244 | 940,804 | |
Proceeds from Collection of (Payments to Fund) Long-term Loans to Related Parties | (96,514) | 33,213 | (38,759) | |
Other | 0 | 0 | 0 | |
Net cash used in investing activities | (107,514) | 38,213 | (44,759) | |
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | 0 | |
Capital contribution | 0 | 0 | ||
Proceeds from increase in long-term debt | 0 | 0 | 0 | |
Repayments of Long-term Debt | 0 | 0 | 0 | |
Proceeds from (Repayments of) Short-term Debt | 0 | 0 | 0 | |
Net additions to collateralized short-term borrowings | 0 | 0 | 0 | |
Advances (To) From Related Parties | 96,514 | (33,213) | 38,759 | |
Cash paid for financing costs | 0 | 0 | 0 | |
Net cash provided by (used in) financing activities | 96,514 | (33,213) | 38,759 | |
Effect of exchange rate changes on cash | 0 | |||
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents | $ 0 | $ 0 | $ 0 | $ 0 |
Schedule I Parent Only Balan114
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Balance Sheets) (Details) - USD ($) $ in Thousands | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2015 |
ASSETS | ||||
Cash and cash equivalents | $ 119,311 | $ 5,760 | $ 4,965 | $ 7,652 |
Prepaid expenses and other current assets | 34,862 | 33,388 | ||
Other assets, net | 74,588 | 74,057 | ||
Total assets | 1,363,281 | 1,609,969 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Other current liabilities | 142,025 | 126,224 | ||
Long-term debt | 2,078,637 | 1,995,795 | ||
Partners' capital (deficit) | ||||
Common unitholders | (978,503) | (701,188) | ||
General partner unitholder | (69,792) | (66,991) | ||
Accumulated other comprehensive income (loss) | 20,510 | 14,601 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (1,027,785) | (753,578) | ||
Total liabilities and partners' capital (deficit) | 1,363,281 | 1,609,969 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 3 | 59 | $ 75 | $ 2,052 |
Prepaid expenses and other current assets | 23 | 4 | ||
Total assets | 26 | 63 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Other current liabilities | 3,925 | 4,250 | ||
Long-term debt | 350,500 | 346,525 | ||
Partners' capital (deficit) | ||||
Common unitholders | (978,503) | (701,188) | ||
General partner unitholder | (69,792) | (66,991) | ||
Accumulated other comprehensive income (loss) | 20,510 | 14,601 | ||
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (1,027,785) | (753,578) | ||
Total liabilities and partners' capital (deficit) | 26 | 63 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | $ 673,386 | $ 402,866 |
Schedule I Parent Only Balan115
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Balance Sheets) (Parenthetical) (Details) - shares | Jul. 31, 2018 | Jul. 31, 2017 |
Common unitholders, units outstanding | 97,152,665 | 97,152,665 |
General partner unitholder, units outstanding | 989,926 | 989,926 |
Parent Company [Member] | ||
Common unitholders, units outstanding | 97,152,665 | 97,152,665 |
General partner unitholder, units outstanding | 989,926 | 989,926 |
Schedule I Parent Only Balan116
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Statement Of Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
General and administrative expense | $ 54,401 | $ 49,617 | $ 56,635 | ||||||||||||
Operating Income (Loss) | (91,964) | 95,367 | (534,244) | ||||||||||||
Interest expense | (168,467) | (152,485) | (137,937) | ||||||||||||
Other income (expense), net | 928 | 1,474 | 110 | ||||||||||||
Income tax expense | 2,678 | 1,143 | 36 | ||||||||||||
Net earnings (loss) | $ (217,797) | $ 11,062 | $ (1,774) | $ (48,316) | $ (56,249) | $ 6,691 | $ 38,528 | $ (43,471) | $ (668,142) | $ 18,918 | $ 57,755 | $ (80,566) | (256,825) | (54,501) | (672,035) |
Parent Company [Member] | |||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | (219,902) | (28,765) | (648,771) | ||||||||||||
General and administrative expense | 137 | 139 | 520 | ||||||||||||
Operating Income (Loss) | (220,039) | (28,904) | (649,291) | ||||||||||||
Interest expense | (34,521) | (25,297) | (16,119) | ||||||||||||
Income tax expense | 21 | 6 | 5 | ||||||||||||
Net earnings (loss) | $ (254,581) | $ (54,207) | $ (665,415) |
Schedule I Parent Only Balan117
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2016 | Apr. 30, 2016 | Jan. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Cash flows from operating activities: | |||||||||||||||
Net earnings (loss) | $ (217,797) | $ 11,062 | $ (1,774) | $ (48,316) | $ (56,249) | $ 6,691 | $ 38,528 | $ (43,471) | $ (668,142) | $ 18,918 | $ 57,755 | $ (80,566) | $ (256,825) | $ (54,501) | $ (672,035) |
Reconciliation of net earnings to net cash used in operating activities: | |||||||||||||||
Other | (9,997) | (7,933) | (4,967) | ||||||||||||
Net cash provided by (used in) operating activities | 74,148 | 127,288 | 194,327 | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (18,141) | (3,539) | (15,144) | ||||||||||||
Net cash used in investing activities | 49,527 | (45,538) | (115,859) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Distributions | (39,254) | (79,733) | (204,160) | ||||||||||||
Cash paid for financing costs | (18,535) | (6,078) | (1,214) | ||||||||||||
Proceeds from increase in long-term debt | 323,680 | 230,864 | 168,117 | ||||||||||||
Payments on long-term debt | (212,920) | (174,292) | (14,959) | ||||||||||||
Payments for Repurchase of Common Stock | 0 | 15,851 | 46,432 | ||||||||||||
Proceeds from exercise of common unit options | 0 | 0 | 182 | ||||||||||||
Net cash provided by (used in) financing activities | (10,124) | (80,955) | (81,155) | ||||||||||||
Increase (decrease) in cash and cash equivalents | 113,551 | 795 | (2,687) | ||||||||||||
Cash and cash equivalents - beginning of year | 5,760 | 4,965 | 7,652 | 5,760 | 4,965 | 7,652 | |||||||||
Cash and cash equivalents - end of year | 119,311 | 5,760 | 4,965 | 119,311 | 5,760 | 4,965 | |||||||||
Parent Company [Member] | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net earnings (loss) | (254,581) | (54,207) | (665,415) | ||||||||||||
Reconciliation of net earnings to net cash used in operating activities: | |||||||||||||||
Other | 3,673 | 3,982 | (1,743) | ||||||||||||
Equity in (earnings) loss of Ferrellgas, L.P. | (219,902) | (28,765) | (648,771) | ||||||||||||
Net cash provided by (used in) operating activities | (31,006) | (21,460) | (18,387) | ||||||||||||
Cash flows from investing activities: | |||||||||||||||
Distributions received from Ferrellgas, L.P. | 70,246 | 118,829 | 266,818 | ||||||||||||
Cash contributed to Ferrellgas, L.P. | 0 | (166,148) | 0 | ||||||||||||
Net cash used in investing activities | 70,246 | (47,319) | 266,818 | ||||||||||||
Cash flows from financing activities: | |||||||||||||||
Distributions | 39,254 | 79,733 | 204,160 | ||||||||||||
Cash paid for financing costs | 42 | 3,653 | 0 | ||||||||||||
Proceeds from increase in long-term debt | 0 | 168,000 | 0 | ||||||||||||
Payments for Repurchase of Common Stock | 0 | (15,851) | (46,432) | ||||||||||||
Proceeds from exercise of common unit options | 0 | 0 | 182 | ||||||||||||
Cash contribution from general partners in connection with common unit issuances | 0 | 0 | 2 | ||||||||||||
Net cash provided by (used in) financing activities | (39,296) | 68,763 | (250,408) | ||||||||||||
Increase (decrease) in cash and cash equivalents | (56) | (16) | (1,977) | ||||||||||||
Cash and cash equivalents - beginning of year | $ 59 | $ 75 | $ 2,052 | 59 | 75 | 2,052 | |||||||||
Cash and cash equivalents - end of year | $ 3 | $ 59 | $ 75 | $ 3 | $ 59 | $ 75 |
Schedule I Parent Only Balan118
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Cash Flows) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Payments for Repurchase of Equity | $ 0 | $ 0 | $ 34 |
Schedule II Valuation And Qu119
Schedule II Valuation And Qualifying Accounts (Details) - Allowance For Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $ 1,976 | $ 5,526 | $ 4,816 |
Charged to cost / expenses | 1,778 | 7 | 1,703 |
Other | (1,299) | (3,557) | (993) |
Balance at end of period | 2,455 | 1,976 | 5,526 |
Ferrellgas, L.P. [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 1,976 | 5,526 | 4,816 |
Charged to cost / expenses | 1,778 | 7 | 1,703 |
Other | (1,299) | (3,557) | (993) |
Balance at end of period | $ 2,455 | $ 1,976 | $ 5,526 |