Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 30, 2019 | May 31, 2019 | |
Entity Registrant Name | Ferrellgas Partners L P | |
Entity Central Index Key | 0000922358 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 97,152,665 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Ferrellgas Partners Finance Corp. [Member] | ||
Entity Registrant Name | Ferrellgas Partners Finance Corp | |
Entity Central Index Key | 0001012493 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Ferrellgas, L.P. [Member] | ||
Entity Registrant Name | Ferrellgas L P | |
Entity Central Index Key | 0000922359 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Ferrellgas Finance Corp. [Member] | ||
Entity Registrant Name | Ferrellgas Finance Corp | |
Entity Central Index Key | 0000922360 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2019 | Jul. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 45,434,000 | $ 119,311,000 |
Accounts and notes receivable, net | 157,229,000 | 126,054,000 |
Inventories | 78,449,000 | 83,694,000 |
Prepaid expenses and other current assets | 25,489,000 | 34,862,000 |
Total current assets | 306,601,000 | 363,921,000 |
Property, plant and equipment, net | 603,923,000 | 557,723,000 |
Goodwill, net | 247,508,000 | 246,098,000 |
Intangible assets, net | 109,634,000 | 120,951,000 |
Other assets, net | 62,326,000 | 74,588,000 |
Total assets | 1,329,992,000 | 1,363,281,000 |
Current liabilities: | ||
Accounts payable | 41,408,000 | 46,820,000 |
Short-term borrowings | 0 | 32,800,000 |
Collateralized note payable | 62,000,000 | 58,000,000 |
Other current liabilities | 160,507,000 | 142,025,000 |
Total current liabilities | 263,915,000 | 279,645,000 |
Long-term debt | 2,084,506,000 | 2,078,637,000 |
Other liabilities | 35,879,000 | 39,476,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Common unitholders | (976,902,000) | (978,503,000) |
General partner unitholder | (69,776,000) | (69,792,000) |
Accumulated other comprehensive income (loss) | (846,000) | 20,510,000 |
Total Ferrellgas Partners, L.P. partners' deficit | (1,047,524,000) | (1,027,785,000) |
Noncontrolling interest | (6,784,000) | (6,692,000) |
Total partners' capital (deficit) | (1,054,308,000) | (1,034,477,000) |
Total liabilities and partners' capital (deficit) | 1,329,992,000 | 1,363,281,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,000 | 1,000 |
Prepaid expenses and other current assets | 1,850 | |
Total assets | 1,000 | 2,850 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 30,837 | 29,020 |
Accumulated deficit | (30,837) | (27,170) |
Total stockholder's equity | 1,000 | 2,850 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 45,365,000 | 119,308,000 |
Accounts and notes receivable, net | 157,229,000 | 126,054,000 |
Inventories | 78,449,000 | 83,694,000 |
Prepaid expenses and other current assets | 25,427,000 | 34,830,000 |
Total current assets | 306,470,000 | 363,886,000 |
Property, plant and equipment, net | 603,923,000 | 557,723,000 |
Goodwill, net | 247,508,000 | 246,098,000 |
Intangible assets, net | 109,634,000 | 120,951,000 |
Other assets, net | 62,326,000 | 74,588,000 |
Total assets | 1,329,861,000 | 1,363,246,000 |
Current liabilities: | ||
Accounts payable | 41,408,000 | 46,820,000 |
Short-term borrowings | 0 | 32,800,000 |
Collateralized note payable | 62,000,000 | 58,000,000 |
Other current liabilities | 148,875,000 | 138,091,000 |
Total current liabilities | 252,283,000 | 275,711,000 |
Long-term debt | 1,730,874,000 | 1,728,137,000 |
Other liabilities | 35,879,000 | 39,476,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Common unitholders | (681,545,000) | (693,896,000) |
General partner unitholder | (6,789,000) | (6,915,000) |
Accumulated other comprehensive income (loss) | (841,000) | 20,733,000 |
Total Ferrellgas Partners, L.P. partners' deficit | (689,175,000) | (680,078,000) |
Total partners' capital (deficit) | (689,175,000) | (680,078,000) |
Total liabilities and partners' capital (deficit) | 1,329,861,000 | 1,363,246,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,100 | 1,100 |
Prepaid expenses and other current assets | 1,500 | |
Total assets | 1,100 | 2,600 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 76,677 | 72,552 |
Accumulated deficit | (76,577) | (70,952) |
Total stockholder's equity | $ 1,100 | $ 2,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Accounts receivable pledged as collateral | $ 160,959 | $ 120,079 |
Amortizable intangible assets, accumulated amortization | $ 411,766 | $ 399,629 |
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 | $ 160,959 | $ 120,079 |
Amortizable intangible assets, accumulated amortization | $ 411,766 | $ 399,629 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenues: | ||||
Revenues | $ 479,625,000 | $ 515,810,000 | $ 1,405,311,000 | $ 1,725,621,000 |
Costs and expenses: | ||||
Operating expense | 119,991,000 | 116,579,000 | 351,541,000 | 350,757,000 |
Depreciation and amortization expense | 20,617,000 | 25,348,000 | 59,214,000 | 76,565,000 |
General and administrative expense | 11,516,000 | 11,678,000 | 42,037,000 | 39,733,000 |
Equipment lease expense | 8,319,000 | 7,133,000 | 24,597,000 | 20,828,000 |
Non-cash employee stock ownership plan compensation charge | (4,000) | 2,738,000 | 4,688,000 | 10,731,000 |
Asset impairment charges | 10,005,000 | |||
Loss on asset sales and disposals | 1,683,000 | 6,270,000 | 8,403,000 | 46,414,000 |
Operating income (loss) | 64,794,000 | 51,277,000 | 139,986,000 | 83,687,000 |
Interest expense | (44,162,000) | (40,375,000) | (132,931,000) | (123,855,000) |
Other income (expense), net | 251,000 | 227,000 | 356,000 | 1,422,000 |
Earnings (loss) before income taxes | 20,883,000 | 11,129,000 | 7,411,000 | (38,746,000) |
Income tax expense | 123,000 | 67,000 | 284,000 | 282,000 |
Net earnings (loss) | 20,760,000 | 11,062,000 | 7,127,000 | (39,028,000) |
Net earnings (loss) attributable to noncontrolling interest | 299,000 | 201,000 | 337,000 | (131,000) |
Net earnings (loss) | 20,461,000 | 10,861,000 | 6,790,000 | (38,897,000) |
Less: General partner's interest in net earnings (loss) | 205,000 | 109,000 | 68,000 | (389,000) |
Common unitholders' interest in net earnings (loss) | $ 20,256,000 | $ 10,752,000 | $ 6,722,000 | $ (38,508,000) |
Basic and diluted net earnings (loss) per common unit | $ 0.21 | $ 0.11 | $ 0.07 | $ (0.40) |
Distributions declared or paid per unit | $ 0 | $ 0.10 | $ 0 | $ 0.30 |
Propane [Member] | ||||
Revenues: | ||||
Revenues | $ 459,556,000 | $ 451,302,000 | $ 1,344,634,000 | $ 1,346,299,000 |
Costs and expenses: | ||||
Cost of sales | 250,389,000 | 260,419,000 | 766,056,000 | 802,852,000 |
Midstream Operations [Member] | ||||
Revenues: | ||||
Revenues | 22,595,000 | 260,631,000 | ||
Costs and expenses: | ||||
Cost of sales | 14,518,000 | 229,710,000 | ||
Product and Service, Other [Member] | ||||
Revenues: | ||||
Revenues | 20,069,000 | 41,913,000 | 60,677,000 | 118,691,000 |
Costs and expenses: | ||||
Cost of sales | 2,320,000 | 19,850,000 | 8,789,000 | 54,339,000 |
Ferrellgas Partners Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 1,725 | 1,840 | 3,666 | 2,115 |
Net earnings (loss) | (1,725) | (1,840) | (3,666) | (2,115) |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Revenues | 479,625,000 | 515,810,000 | 1,405,311,000 | 1,725,621,000 |
Costs and expenses: | ||||
Operating expense | 119,991,000 | 116,579,000 | 351,541,000 | 350,757,000 |
Depreciation and amortization expense | 20,617,000 | 25,348,000 | 59,214,000 | 76,565,000 |
General and administrative expense | 11,512,000 | 11,546,000 | 42,028,000 | 39,600,000 |
Equipment lease expense | 8,319,000 | 7,133,000 | 24,597,000 | 20,828,000 |
Non-cash employee stock ownership plan compensation charge | (4,000) | 2,738,000 | 4,688,000 | 10,731,000 |
Asset impairment charges | 10,005,000 | |||
Loss on asset sales and disposals | 1,683,000 | 6,270,000 | 8,403,000 | 46,414,000 |
Operating income (loss) | 64,798,000 | 51,409,000 | 139,995,000 | 83,820,000 |
Interest expense | (35,395,000) | (31,739,000) | (106,740,000) | (97,993,000) |
Other income (expense), net | 251,000 | 227,000 | 356,000 | 1,422,000 |
Earnings (loss) before income taxes | 29,654,000 | 19,897,000 | 33,611,000 | (12,751,000) |
Income tax expense | 100,000 | 57,000 | 254,000 | 261,000 |
Net earnings (loss) | 29,554,000 | 19,840,000 | 33,357,000 | (13,012,000) |
Net earnings (loss) | 29,554,000 | 19,840,000 | 33,357,000 | (13,012,000) |
Ferrellgas, L.P. [Member] | Propane [Member] | ||||
Revenues: | ||||
Revenues | 459,556,000 | 451,302,000 | 1,344,634,000 | 1,346,299,000 |
Costs and expenses: | ||||
Cost of sales | 250,389,000 | 260,419,000 | 766,056,000 | 802,852,000 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||||
Revenues: | ||||
Revenues | 22,595,000 | 260,631,000 | ||
Costs and expenses: | ||||
Cost of sales | 14,518,000 | 229,710,000 | ||
Ferrellgas, L.P. [Member] | Product and Service, Other [Member] | ||||
Revenues: | ||||
Revenues | 20,069,000 | 41,913,000 | 60,677,000 | 118,691,000 |
Costs and expenses: | ||||
Cost of sales | 2,320,000 | $ 19,850,000 | 8,789,000 | 54,339,000 |
Ferrellgas Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 225 | 5,625 | 5,216 | |
Net earnings (loss) | $ (225) | $ (5,625) | $ (5,216) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Comprehensive income (loss): | ||||
Net earnings (loss) | $ 20,760 | $ 11,062 | $ 7,127 | $ (39,028) |
Other comprehensive income (loss): | ||||
Change in value on risk management derivatives | 1,870 | (159) | (27,364) | 23,362 |
Reclassification of (gains) losses on derivatives to earnings, net | 6,416 | (6,568) | 5,790 | (20,260) |
Other comprehensive income (loss) | 8,286 | (6,727) | (21,574) | 3,102 |
Comprehensive income (loss) | 29,046 | 4,335 | (14,447) | (35,926) |
Less: comprehensive income (loss) attributable to noncontrolling interest | 382 | 134 | 119 | (100) |
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | 28,664 | 4,201 | (14,566) | (35,826) |
Ferrellgas, L.P. [Member] | ||||
Comprehensive income (loss): | ||||
Net earnings (loss) | 29,554 | 19,840 | 33,357 | (13,012) |
Other comprehensive income (loss): | ||||
Change in value on risk management derivatives | 1,870 | (159) | (27,364) | 23,362 |
Reclassification of (gains) losses on derivatives to earnings, net | 6,416 | (6,568) | 5,790 | (20,260) |
Other comprehensive income (loss) | 8,286 | (6,727) | (21,574) | 3,102 |
Comprehensive income (loss) | 37,840 | 13,113 | 11,783 | (9,910) |
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | $ 37,840 | $ 13,113 | $ 11,783 | $ (9,910) |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Deficit - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2019 | Apr. 30, 2018 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Partners' capital balance, beginning | $ (1,083,350) | $ (1,111,739) | $ (1,034,477) | $ (809,762) | $ (793,277) | $ (757,510) | $ (1,034,477) | $ (757,510) |
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | (4) | 1,944 | 2,748 | 2,738 | 4,031 | 3,962 | ||
Distributions | (157) | (9,915) | (9,915) | (10,071) | (9,913) | |||
Net earnings (loss) | 20,760 | 43,875 | (57,508) | 11,062 | (1,774) | (48,316) | 7,127 | (39,028) |
Other comprehensive income (loss) | 8,286 | (17,273) | (12,587) | (6,727) | (8,671) | 18,500 | (21,574) | 3,102 |
Partners' capital balance, ending | (1,054,308) | (1,083,350) | (1,111,739) | (812,604) | (809,762) | (793,277) | (1,054,308) | (812,604) |
Accumulated Other Comprehensive Income (Loss) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Partners' capital balance, beginning | (9,049) | 8,050 | 20,510 | 24,332 | 32,915 | 14,601 | 20,510 | 14,601 |
Other comprehensive income (loss) | 8,203 | (17,099) | (12,460) | (6,660) | (8,583) | 18,314 | ||
Partners' capital balance, ending | (846) | (9,049) | 8,050 | 17,672 | 24,332 | 32,915 | (846) | 17,672 |
Parent [Member] | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Partners' capital balance, beginning | (1,076,184) | (1,104,354) | (1,027,785) | (805,318) | (789,069) | (753,578) | (1,027,785) | (753,578) |
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | (4) | 1,925 | 2,720 | 2,709 | 3,991 | 3,923 | ||
Distributions | (9,814) | (9,813) | (9,814) | (9,813) | (9,814) | (29,440) | ||
Net earnings (loss) | 20,461 | 43,344 | (57,015) | 10,861 | (1,843) | (47,915) | ||
Other comprehensive income (loss) | 8,203 | (17,099) | (12,460) | (6,660) | (8,583) | 18,314 | ||
Partners' capital balance, ending | (1,047,524) | (1,076,184) | (1,104,354) | (808,221) | (805,318) | (789,069) | (1,047,524) | (808,221) |
Non-Controlling Interest [Member] | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Partners' capital balance, beginning | (7,166) | (7,385) | (6,692) | (4,444) | (4,208) | (3,932) | (6,692) | (3,932) |
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 19 | 28 | 29 | 40 | 39 | |||
Distributions | (157) | (101) | (102) | (257) | (100) | |||
Net earnings (loss) | 299 | 531 | (493) | 201 | 69 | (401) | 337 | (131) |
Other comprehensive income (loss) | 83 | (174) | (127) | (67) | (88) | 186 | ||
Partners' capital balance, ending | $ (6,784) | $ (7,166) | $ (7,385) | $ (4,383) | $ (4,444) | $ (4,208) | $ (6,784) | $ (4,383) |
Common Unitholders [Member] | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Partners' capital balance (in shares) | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 |
Partners' capital balance, beginning | $ (997,154) | $ (1,041,971) | $ (978,503) | $ (762,046) | $ (754,456) | $ (701,188) | $ (978,503) | $ (701,188) |
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | (4) | 1,906 | 2,693 | 2,684 | 3,950 | 3,883 | ||
Distributions | (9,716) | (9,715) | (9,716) | (9,715) | ||||
Net earnings (loss) | $ 20,256 | $ 42,911 | $ (56,445) | $ 10,752 | $ (1,824) | $ (47,436) | ||
Partners' capital balance (in shares) | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 |
Partners' capital balance, ending | $ (976,902) | $ (997,154) | $ (1,041,971) | $ (758,325) | $ (762,046) | $ (754,456) | $ (976,902) | $ (758,325) |
General Partner [Member] | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Partners' capital balance (in shares) | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 |
Partners' capital balance, beginning | $ (69,981) | $ (70,433) | $ (69,792) | $ (67,604) | $ (67,528) | $ (66,991) | $ (69,792) | $ (66,991) |
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 19 | 27 | 25 | 41 | 40 | |||
Distributions | (98) | (98) | (98) | (98) | ||||
Net earnings (loss) | $ 205 | $ 433 | $ (570) | $ 109 | $ (19) | $ (479) | ||
Partners' capital balance (in shares) | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 |
Partners' capital balance, ending | $ (69,776) | $ (69,981) | $ (70,433) | $ (67,568) | $ (67,604) | $ (67,528) | $ (69,776) | $ (67,568) |
Ferrellgas, L.P. [Member] | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Partners' capital balance, beginning | (727,011) | (748,746) | (680,078) | (457,208) | (433,948) | (406,798) | (680,078) | (406,798) |
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | (4) | 1,944 | 2,748 | 2,738 | 4,031 | 3,962 | ||
Distributions | (15,553) | (10,015) | (10,115) | (25,467) | (9,913) | (25,568) | (45,495) | |
Net earnings (loss) | 29,554 | 52,617 | (48,814) | 19,840 | 6,847 | (39,699) | 33,357 | (13,012) |
Other comprehensive income (loss) | 8,286 | (17,273) | (12,587) | (6,727) | (8,671) | 18,500 | (21,574) | 3,102 |
Partners' capital balance, ending | (689,175) | (727,011) | (748,746) | (451,472) | (457,208) | (433,948) | (689,175) | (451,472) |
Ferrellgas, L.P. [Member] | Accumulated Other Comprehensive Income (Loss) | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Partners' capital balance, beginning | (9,127) | 8,146 | 20,733 | 24,593 | 33,264 | 14,764 | 20,733 | 14,764 |
Other comprehensive income (loss) | 8,286 | (17,273) | (12,587) | (6,727) | (8,671) | 18,500 | ||
Partners' capital balance, ending | (841) | (9,127) | 8,146 | 17,866 | 24,593 | 33,264 | (841) | 17,866 |
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Partners' capital balance, beginning | (710,796) | (749,411) | (693,896) | (477,096) | (462,655) | (417,467) | (693,896) | (417,467) |
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | (4) | 1,925 | 2,720 | 2,709 | 3,991 | 3,923 | ||
Distributions | (15,396) | (9,914) | (10,013) | (25,210) | (9,813) | |||
Net earnings (loss) | 29,255 | 52,086 | (48,321) | 19,639 | 6,778 | (39,298) | ||
Partners' capital balance, ending | (681,545) | (710,796) | (749,411) | (464,761) | (477,096) | (462,655) | (681,545) | (464,761) |
Ferrellgas, L.P. [Member] | General Partner [Member] | ||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||
Partners' capital balance, beginning | (7,088) | (7,481) | (6,915) | (4,705) | (4,557) | (4,095) | (6,915) | (4,095) |
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 19 | 28 | 29 | 40 | 39 | |||
Distributions | (157) | (101) | (102) | (257) | (100) | |||
Net earnings (loss) | 299 | 531 | (493) | 201 | 69 | (401) | ||
Partners' capital balance, ending | $ (6,789) | $ (7,088) | $ (7,481) | $ (4,577) | $ (4,705) | $ (4,557) | $ (6,789) | $ (4,577) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Cash flows from operating activities: | ||
Net earnings (loss) | $ 7,127,000 | $ (39,028,000) |
Reconciliation of net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization expense | 59,214,000 | 76,565,000 |
Non-cash employee stock ownership plan compensation charge | 4,688,000 | 10,731,000 |
Asset impairment charges | 10,005,000 | |
Loss on asset sales and disposals | 8,403,000 | 46,414,000 |
Unrealized gain (loss) on derivatives | 0 | (91,000) |
Provision for doubtful accounts | 1,938,000 | 1,906,000 |
Deferred tax expense (benefit) | 143,000 | 423,000 |
Other | 9,266,000 | 6,712,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (33,113,000) | (46,771,000) |
Inventories | 5,245,000 | 7,755,000 |
Prepaid expenses and other current assets | (5,584,000) | (4,070,000) |
Accounts payable | (5,713,000) | (18,429,000) |
Accrued interest expense | 30,216,000 | 31,915,000 |
Other current liabilities | (13,506,000) | (1,084,000) |
Other assets and liabilities | 2,453,000 | (4,642,000) |
Net cash provided by operating activities | 70,777,000 | 78,311,000 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (11,351,000) | (14,862,000) |
Capital expenditures | (94,660,000) | (58,961,000) |
Proceeds from sale of assets | 2,416,000 | 57,802,000 |
Net cash used in investing activities | (103,595,000) | (16,021,000) |
Cash flows from financing activities: | ||
Distributions | (9,814,000) | (29,440,000) |
Proceeds from increase in long-term debt | 0 | 23,580,000 |
Payments on long-term debt | (1,656,000) | (1,892,000) |
Net additions to (reductions in) short-term borrowings | (32,800,000) | (84,179,000) |
Net additions to collateralized short-term borrowings | 4,000,000 | 35,000,000 |
Cash paid for financing costs | (531,000) | (1,161,000) |
Noncontrolling interest activity | (258,000) | (459,000) |
Net cash used in financing activities | (41,059,000) | (58,551,000) |
Increase (decrease) in cash and cash equivalents | (73,877,000) | 3,739,000 |
Cash and cash equivalents - beginning of year | 119,311,000 | 5,760,000 |
Cash and cash equivalents - end of year | 45,434,000 | 9,499,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Cash flows from operating activities: | ||
Net earnings (loss) | (3,666) | (2,115) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Prepaid expenses and other current assets | 1,850 | |
Net cash provided by operating activities | (1,816) | (2,115) |
Cash flows from financing activities: | ||
Capital contribution | 1,816 | 2,115 |
Net cash used in financing activities | 1,816 | 2,115 |
Cash and cash equivalents - beginning of year | 1,000 | 1,000 |
Cash and cash equivalents - end of year | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Cash flows from operating activities: | ||
Net earnings (loss) | 33,357,000 | (13,012,000) |
Reconciliation of net earnings (loss) to net cash provided by operating activities: | ||
Depreciation and amortization expense | 59,214,000 | 76,565,000 |
Non-cash employee stock ownership plan compensation charge | 4,688,000 | 10,731,000 |
Asset impairment charges | 10,005,000 | |
Loss on asset sales and disposals | 8,403,000 | 46,414,000 |
Unrealized gain (loss) on derivatives | (91,000) | |
Provision for doubtful accounts | 1,938,000 | 1,906,000 |
Deferred tax expense (benefit) | 143,000 | 423,000 |
Other | 6,135,000 | 3,987,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (33,113,000) | (46,771,000) |
Inventories | 5,245,000 | 7,755,000 |
Prepaid expenses and other current assets | (5,555,000) | (4,001,000) |
Accounts payable | (5,713,000) | (18,429,000) |
Accrued interest expense | 22,518,000 | 24,217,000 |
Other current liabilities | (13,506,000) | (809,000) |
Other assets and liabilities | 2,453,000 | (4,944,000) |
Net cash provided by operating activities | 86,207,000 | 93,946,000 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (11,351,000) | (14,862,000) |
Capital expenditures | (94,660,000) | (58,961,000) |
Proceeds from sale of assets | 2,416,000 | 57,802,000 |
Net cash used in investing activities | (103,595,000) | (16,021,000) |
Cash flows from financing activities: | ||
Distributions | (25,568,000) | (45,495,000) |
Proceeds from increase in long-term debt | 23,580,000 | |
Payments on long-term debt | (1,656,000) | (1,892,000) |
Net additions to (reductions in) short-term borrowings | (32,800,000) | (84,179,000) |
Net additions to collateralized short-term borrowings | 4,000,000 | 35,000,000 |
Cash paid for financing costs | (531,000) | (1,149,000) |
Net cash used in financing activities | (56,555,000) | (74,135,000) |
Increase (decrease) in cash and cash equivalents | (73,943,000) | 3,790,000 |
Cash and cash equivalents - beginning of year | 119,308,000 | 5,701,000 |
Cash and cash equivalents - end of year | 45,365,000 | 9,491,000 |
Ferrellgas Finance Corp. [Member] | ||
Cash flows from operating activities: | ||
Net earnings (loss) | (5,625) | (5,216) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Prepaid expenses and other current assets | 1,500 | 1,500 |
Net cash provided by operating activities | (4,125) | (3,716) |
Cash flows from financing activities: | ||
Capital contribution | 4,125 | 3,716 |
Net cash used in financing activities | 4,125 | 3,716 |
Cash and cash equivalents - beginning of year | 1,100 | 1,100 |
Cash and cash equivalents - end of year | $ 1,100 | $ 1,100 |
Partnership Organization And Fo
Partnership Organization And Formation | 9 Months Ended |
Apr. 30, 2019 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Partnership Organization And Formation | A. Partnership organization and formation Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed April 19, 1994, and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of April 30, 2019, Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner"), a wholly-owned subsidiary of Ferrell Companies, has retained an approximate 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is 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. Due to seasonality, the results of operations for the nine months ended April 30, 2019 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2019. The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas’ Annual Report on Form 10‑K for fiscal 2018 . |
Ferrellgas Partners Finance Corp. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Partnership Organization And Formation | A. Formation Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Ferrellgas, L.P. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Partnership Organization And Formation | A. Partnership organization and formation Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P. Ferrellgas, L.P. owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas, L.P. Ferrellgas, L.P. is 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. Due to seasonality, the results of operations for the nine months ended April 30, 2019 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2019. The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10‑K for fiscal 2018 . |
Ferrellgas Finance Corp. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Partnership Organization And Formation | A. Formation Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Apr. 30, 2019 | |
Significant Accounting Policies | |
Summary Of Significant Accounting Policies | B. Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) New accounting standards: FASB Accounting Standard Update No. 2014‑09 In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ("ASU") 2014‑09, Revenue from Contracts with Customers (“ASU 2014‑09”). 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. Upon adoption, Ferrellgas applied ASU 2014‑09 only to contracts that were not completed, referred to as open contracts. Ferrellgas adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. This method requires that the cumulative effect of initially applying ASU 2014‑09 be recognized in partner’s deficit at the date of adoption, August 1, 2018. ASU 2014‑09 has not materially impacted Ferrellgas’ consolidated financial statements, and as a result there was no cumulative effect to record as of the date of adoption. Results for reporting periods beginning after August 1, 2018 are presented under ASU 2014‑09, while amounts reported for prior periods have not been adjusted and continue to be reported under accounting standards in effect for those periods. See Note G - Revenue from contracts with customers for additional information related to revenues and contract costs, including qualitative and quantitative disclosures required under ASU 2014‑09. 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. The new standard requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. An entity may elect the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas expects to elect this additional transition method. Ferrellgas is continuing to evaluate the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has made significant progress in assessing the impact of the standard and planning for the adoption and implementation. The implementation team has completed scoping and the data gathering process of our current lease portfolio. Ferrellgas continues to perform a completeness assessment over the lease population, analyze the financial statement impact of adopting the standards, and evaluate the impact of adoption on our existing accounting policies and disclosures. Further, our implementation team is in the process of determining appropriate changes to our business processes, systems, and controls to support recognition and disclosure under the new standard. Ferrellgas believes that the adoption of this standard, which will be effective for Ferrellgas August 1, 2019, will result in material increases to right of use assets and lease liabilities on our consolidated balance sheet and a corresponding change in classification of certain expenses contained on our consolidated statement of operations. 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 is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2018‑15 In August 2018, the FASB issued ASU 2018‑15, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract which is intended to clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. Costs for implementation activities in the application development stage are deferred, depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed. Any deferred costs are amortized over the term of the service contract. The new guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Ferrellgas adopted ASU 2018-15 on a prospective basis to all implementation costs incurred after January 31, 2019 with an immaterial impact on our consolidated results of operations for the three months ended April 30, 2019 . |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies | |
Summary Of Significant Accounting Policies | B. Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) New accounting standards: FASB Accounting Standard Update No. 2014‑09 In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update ("ASU") 2014‑09, Revenue from Contracts with Customers (“ASU 2014‑09”). 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. Upon adoption, Ferrellgas, L.P. applied ASU 2014‑09 only to contracts that were not completed, referred to as open contracts. Ferrellgas, L.P. adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. This method requires that the cumulative effect of initially applying ASU 2014‑09 be recognized in partner’s deficit at the date of adoption, August 1, 2018. ASU 2014‑09 has not materially impacted Ferrellgas, L.P.’s consolidated financial statements, and as a result there was no cumulative effect to record as of the date of adoption. Results for reporting periods beginning after August 1, 2018 are presented under ASU 2014‑09, while amounts reported for prior periods have not been adjusted and continue to be reported under accounting standards in effect for those periods. See Note G - Revenue from contracts with customers for additional information related to revenues and contract costs, including qualitative and quantitative disclosures required under ASU 2014‑09. 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. The new standard requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. An entity may elect the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas, L.P. expects to elect this additional transition method. Ferrellgas, L.P. is continuing to evaluate the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has made significant progress in assessing the impact of the standard and planning for the adoption and implementation. The implementation team has completed scoping and the data gathering process of our current lease portfolio. Ferrellgas, L.P. continues to perform a completeness assessment over the lease population, analyze the financial statement impact of adopting the standards, and evaluate the impact of adoption on our existing accounting policies and disclosures. Further, our implementation team is in the process of determining appropriate changes to our business processes, systems, and controls to support recognition and disclosure under the new standard. Ferrellgas, L.P. believes that the adoption of this standard, which will be effective for Ferrellgas, L.P. August 1, 2019, will result in material increases to right of use assets and lease liabilities on our consolidated balance sheet and a corresponding change in classification of certain expenses contained on our consolidated statement of operations. FASB Accounting Standard Update No. 2016‑13 In June 2016, the FASB issued ASU 2016‑13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017‑12 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. FASB Accounting Standard Update No. 2018‑15 In August 2018, the FASB issued ASU 2018‑15, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract which is intended to clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. Costs for implementation activities in the application development stage are deferred, depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed. Any deferred costs are amortized over the term of the service contract. The new guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Ferrellgas, L.P. adopted ASU 2018-15 on a prospective basis to all implementation costs incurred after January 31, 2019 with an immaterial impact on our consolidated results of operations for the three months ended April 30, 2019 . . |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 9 Months Ended |
Apr. 30, 2019 | |
Supplemental Financial Statement Information [Line Items] | |
Supplemental Financial Statement Information | C. Supplemental financial statement information Inventories consist of the following: April 30, 2019 July 31, 2018 Propane gas and related products $ 63,481 $ 71,180 Appliances, parts and supplies, and other 14,968 12,514 Inventories $ 78,449 $ 83,694 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 April 30, 2019, Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 3.3 million gallons of propane at fixed prices. Other assets, net consist of the following: April 30, 2019 July 31, 2018 Notes receivable, less current portion $ 18,745 $ 27,491 Other 43,581 47,097 Other assets, net $ 62,326 $ 74,588 Other current liabilities consist of the following: April 30, 2019 July 31, 2018 Accrued interest $ 52,438 $ 22,222 Customer deposits and advances 20,681 22,829 Other 87,388 96,974 Other current liabilities $ 160,507 $ 142,025 Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Operating expense $ 54,753 $ 48,351 $ 162,474 $ 146,279 Depreciation and amortization expense 1,934 1,340 4,396 3,575 Equipment lease expense 7,784 6,507 23,172 18,872 $ 64,471 $ 56,198 $ 190,042 $ 168,726 Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2019 2018 Cash paid (refunded) for: Interest $ 93,465 $ 85,171 Income taxes $ 21 $ (458) Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,174 $ 1,508 Change in accruals for property, plant and equipment additions $ 1,202 $ 386 |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information [Line Items] | |
Supplemental Financial Statement Information | C. Supplemental financial statement information Inventories consist of the following: April 30, 2019 July 31, 2018 Propane gas and related products $ 63,481 $ 71,180 Appliances, parts and supplies, and other 14,968 12,514 Inventories $ 78,449 $ 83,694 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 April 30, 2019, Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 3.3 million gallons of propane at fixed prices. Other assets, net consist of the following: April 30, 2019 July 31, 2018 Notes receivable, less current portion $ 18,745 $ 27,491 Other 43,581 47,097 Other assets, net $ 62,326 $ 74,588 Other current liabilities consist of the following: April 30, 2019 July 31, 2018 Accrued interest 40,806 18,288 Customer deposits and advances 20,681 22,829 Other 87,388 96,974 Other current liabilities $ 148,875 $ 138,091 Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Operating expense $ 54,753 $ 48,351 $ 162,474 $ 146,279 Depreciation and amortization expense 1,934 1,340 4,396 3,575 Equipment lease expense 7,784 6,507 23,172 18,872 $ 64,471 $ 56,198 $ 190,042 $ 168,726 Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2019 2018 Cash paid (refunded) for: Interest $ 78,069 $ 69,775 Income taxes $ (9) $ (479) Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,174 $ 1,508 Change in accruals for property, plant and equipment additions $ 1,202 $ 386 |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 9 Months Ended |
Apr. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | D. Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: April 30, 2019 July 31, 2018 Accounts receivable pledged as collateral $ 160,959 $ 120,079 Accounts receivable not pledged as collateral (including other reserves) (468) 8,272 Note receivable - current portion 121 132 Other 37 26 Less: Allowance for doubtful accounts (3,420) (2,455) Accounts and notes receivable, net $ 157,229 $ 126,054 At April 30, 2019, $161.0 million of trade accounts receivable were pledged as collateral against $62.0 million of collateralized notes payable due to a commercial paper conduit. 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. These accounts receivable pledged as collateral are bankruptcy remote from the operating partnership. The operating partnership does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of April 30, 2019, Ferrellgas had received cash proceeds of $62.0 million from trade accounts receivables securitized, with capacity of $49.0 million to receive additional proceeds or issue letters of credit. 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. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 5.9% and 5.2% as of April 30, 2019 and July 31, 2018, respectively. |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | D. Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: April 30, 2019 July 31, 2018 Accounts receivable pledged as collateral $ 160,959 $ 120,079 Accounts receivable not pledged as collateral (including other reserves) (468) 8,272 Note receivable - current portion 121 132 Other 37 26 Less: Allowance for doubtful accounts (3,420) (2,455) Accounts and notes receivable, net $ 157,229 $ 126,054 At April 30, 2019, $161.0 million of trade accounts receivable were pledged as collateral against $62.0 million of collateralized notes payable due to a commercial paper conduit. 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. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of April 30, 2019, Ferrellgas, L.P. had received cash proceeds of $62.0 million from trade accounts receivables securitized, with capacity of $49.0 million to receive additional proceeds or issue letters of credit. 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. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 5.9% and 5.2% as of April 30, 2019 and July 31, 2018, respectively. |
Debt
Debt | 9 Months Ended |
Apr. 30, 2019 | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | E. Debt Short-term borrowings Ferrellgas classifies borrowings on the Revolving Facility portion of its Senior Secured Credit Facility (each, as defined below) as short-term because they are primarily used to fund working capital needs that management intends to pay down within the twelve month period following the balance sheet date. As of April 30, 2019, there were no amounts classified as short-term borrowings. As of July 31, 2018, $32.8 million was classified as short-term borrowings. For further discussion see the secured credit facilities section below. 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”), consisting of a $300.0 million revolving line of credit (the “Revolving Facility”) and a $275.0 million term loan (the “Term Loan”). As of April 30, 2019, the operating partnership had borrowings of $275.0 million under the Term Loan at an interest rate of 8.26%, which was classified as long-term debt, and no borrowings under the Revolving Facility. As of April 30, 2019, the operating partnership had available borrowing capacity under the Revolving Facility of $197.9 million. As of July 31, 2018, the operating partnership had borrowings of $275.0 million under the Term Loan at an interest rate of 7.86%, which was classified as long-term debt, and $32.8 million under the Revolving Facility at an interest rate of 9.75%, which was classified as short-term borrowings. As of July 31, 2018, the operating partnership had available borrowing capacity under the Revolving Facility of $159.3 million. Letters of credit outstanding at April 30, 2019 and July 31, 2018 totaled $102.1 million and $107.9 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At April 30, 2019, Ferrellgas had remaining available letter of credit capacity of $22.9 million. At July 31, 2018, Ferrellgas had remaining available letter of credit capacity of $17.1 million. Subsequent to the quarter ended April 30, 2019, the operating partnership entered into an amendment to the agreement governing its Senior Secured Credit Facility. See Note N – Subsequent events for additional information related to the amendment. Debt and interest expense reduction and refinancing strategy Ferrellgas continues to pursue a strategy to further reduce its debt and interest expense. This strategy included entering into the new Senior Secured Credit Facility and amending our accounts receivable securitization facility in May 2018 and certain asset sales during fiscal 2018. Ferrellgas continues to evaluate its options to address its leverage. 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 are those related to 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 Under the Ferrellgas Partners indenture, before a restricted payment (as defined in the indenture) can be made by Ferrellgas Partners, Ferrellgas Partners must satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. 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 restricted payments covenant requires that, for Ferrellgas Partners to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas Partners be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, Ferrellgas Partners may make restricted payments of up to $50.0 million in total over a sixteen quarter period. As of April 30, 2019, the ratio was 1.38x. As a result of distributions paid to common unitholders in September 2017, December 2017, March 2018, June 2018, and September 2018, while this ratio was less than 1.75x, Ferrellgas Partners has used substantially all of its capacity under the limited exception and therefore is currently restricted by this covenant from making future restricted payments, including distributions to common unitholders. Accordingly, no distributions were paid to common unitholders in December 2018 and March 2019 for the three months ended October 31, 2018 and the three months ended January 31, 2019, respectively, and no distributions will be paid for the three months ended April 30, 2019. Unless this indenture is amended or replaced, or Ferrellgas Partners’ consolidated fixed charge coverage ratio improves to at least 1.75x this covenant will continue to restrict Ferrellgas Partners from making common unit distributions. Consolidated fixed charge coverage ratio - Ferrellgas, L.P., the operating partnership Under the operating partnership indentures, before a restricted payment (as defined in the indentures) can be made by the operating partnership to Ferrellgas Partners, the operating partnership must satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. 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 restricted payment covenants require that, for the operating partnership to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, the operating partnership may make restricted payments in limited amounts determined under the indentures. As of April 30, 2019, the ratio was 1.72x. As a result, it’s likely the distribution that will be made by the operating partnership on June 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due 2020 will be made from capacity under the limited exception to the ratio requirement. The operating partnership believes that its remaining capacity under the limited exception to the ratio requirement will allow it to make distributions to Ferrellgas Partners sufficient to cover interest payments on Ferrellgas Partners’ unsecured senior notes due 2020 through maturity of those notes . |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | E. Debt Short-term borrowings Ferrellgas, L.P. classifies borrowings on the Revolving Facility portion of its Senior Secured Credit Facility (each, as defined below) as short-term because they are primarily used to fund working capital needs that management intends to pay down within the twelve month period following the balance sheet date. As of April 30, 2019, there were no amounts classified as short-term borrowings. As of July 31, 2018, $32.8 million was classified as short-term borrowings. For further discussion see the secured credit facilities section below. 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”), consisting of a $300.0 million revolving line of credit (the “Revolving Facility”) and a $275.0 million term loan (the “Term Loan”). As of April 30, 2019, Ferrellgas, L.P. had borrowings of $275.0 million under the Term Loan at an interest rate of 8.26%, which was classified as long-term debt, and no borrowings under the Revolving Facility. As of April 30, 2019, Ferrellgas, L.P. had available borrowing capacity under the Revolving Facility of $197.9 million. As of July 31, 2018, Ferrellgas, L.P. had borrowings of $275.0 million under the Term Loan at an interest rate of 7.86%, which was classified as long-term debt, and $32.8 million under the Revolving Facility at an interest rate of 9.75%, which was classified as short-term borrowings. As of July 31, 2018, Ferrellgas, L.P. had available borrowing capacity under the Revolving Facility of $159.3 million. Letters of credit outstanding at April 30, 2019 and July 31, 2018 totaled $102.1 million and $107.9 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At April 30, 2019, Ferrellgas, L.P. had remaining available letter of credit capacity of $22.9 million. At July 31, 2018, Ferrellgas, L.P. had remaining available letter of credit capacity of $17.1 million. Subsequent to the quarter ended April 30, 2019, Ferrellgas, L.P. entered into an amendment to the agreement governing its Senior Secured Credit Facility. See Note N – Subsequent events for additional information related to the amendment. Debt and interest expense reduction and refinancing strategy Ferrellgas, L.P. continues to pursue a strategy to further reduce its debt and interest expense. This strategy included entering into the new Senior Secured Credit Facility and amending our accounts receivable securitization facility in May 2018 and certain asset sales during fiscal 2018. Ferrellgas, L.P. continues to evaluate its options to address its leverage. Financial covenants The agreements governing Ferrellgas, L.P.’s indebtedness contain various covenants that limit Ferrellgas, L.P.’s ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants are those related to the consolidated fixed charge coverage ratio, as defined in the indentures governing the outstanding notes of Ferrellgas, L.P. Under the indentures governing the outstanding notes of Ferrellgas, L.P., before a restricted payment (as defined in the indentures) can be made by Ferrellgas, L.P. to Ferrellgas Partners, Ferrellgas, L.P. must satisfy a consolidated fixed charge coverage ratio requirement or have unused capacity under a limited exception to the ratio requirement. If Ferrellgas, L.P. is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to its common unitholders or make interest payments on its unsecured senior notes due 2020. The restricted payments covenants require that, for Ferrellgas, L.P. to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas, L.P. be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, Ferrellgas, L.P. may make restricted payments in limited amounts determined under the indentures . As of April 30, 2019, the ratio was 1.72x. As a result, it’s likely the distribution that will be made by Ferrellgas, L.P. on June 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due 2020 will be made from capacity under the limited exception to the ratio requirement. Ferrellgas, L.P. believes that its remaining capacity under the limited exception to the ratio requirement will allow it to make distributions to Ferrellgas Partners’ to cover interest payments on Ferrellgas Partners’ unsecured senior notes due 2020 through the maturity of those notes. |
Partners' deficit
Partners' deficit | 9 Months Ended |
Apr. 30, 2019 | |
Limited Partners' Capital Account [Line Items] | |
Partners' deficit | F. Partners’ deficit As of April 30, 2019 and July 31, 2018, Ferrellgas Partners limited partner units, which are listed on the New York Stock Exchange under the symbol “FGP,” were beneficially owned by the following: April 30, 2019 July 31, 2018 Public common unitholders 69,612,939 69,612,939 Ferrell Companies (1) 22,529,361 22,529,361 FCI Trading Corp. (2) 195,686 195,686 Ferrell Propane, Inc. (3) 51,204 51,204 James E. Ferrell (4) 4,763,475 4,763,475 (1) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners’ common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies’ beneficial ownership to 23.4% at April 30, 2019. (2) FCI Trading is an affiliate of the general partner and thus a related party. (3) Ferrell Propane is controlled by the general partner and thus a related party. (4) James E. Ferrell is the 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. Partnership distributions Ferrellgas Partners has recognized the following distributions: For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Public common unitholders $ — $ 6,961 $ 6,962 $ 20,884 Ferrell Companies — 2,253 2,253 6,759 FCI Trading Corp. — 20 20 60 Ferrell Propane, Inc. — 5 5 15 James E. Ferrell — 476 476 1,428 General partner — 98 98 294 $ — $ 9,813 $ 9,814 $ 29,440 Ferrellgas Partners paid cash distributions as detailed in the table above. Ferrellgas Partners did not declare a cash distribution related to the three months ended October 31, 2018, the three months ended January 31, 2019, or the three months ended April 30, 2019. As discussed in Note E – Debt, Ferrellgas Partners was not permitted, pursuant to the consolidated fixed charge coverage ratio under its note indenture, to make restricted payments, including distributions to unitholders. See additional discussions about transactions with related parties in Note J – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note I – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2019 and 2018. General partner’s commitment to maintain its capital account Ferrellgas’ partnership agreements allow the general partner to have an option to maintain its effective 2% general partner interest concurrent with the issuance of other additional equity. During the nine months ended April 30, 2019, the general partner made non-cash contributions of $0.1 million to Ferrellgas to maintain its effective 2% general partner interest. During the nine months ended April 30, 2018, the general partner made non-cash contributions of $0.2 million to Ferrellgas to maintain its effective 2% general partner interest. |
Ferrellgas, L.P. [Member] | |
Limited Partners' Capital Account [Line Items] | |
Partners' deficit | F. Partners’ deficit Partnership distributions Ferrellgas, L.P. has recognized the following distributions: For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Ferrellgas Partners $ — $ 10,013 $ 25,310 $ 45,036 General partner — 102 258 459 $ — $ 10,115 $ 25,568 $ 45,495 See additional discussions about transactions with related parties in Note J – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note I – Derivative instruments and hedging activities for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2019 and 2018. General partner’s commitment to maintain its capital account Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest concurrent with the issuance of other additional equity. During the nine months ended April 30, 2019, the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During the nine months ended April 30, 2018, the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. |
Revenue from contracts with cus
Revenue from contracts with customers | 9 Months Ended |
Apr. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer [Text Block] | G. Revenue from contracts with customers Ferrellgas adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. Ferrellgas earns revenue from contracts with customers primarily through the distribution of propane, as well as through the sale of propane related equipment and supplies. Revenues from propane and other gas liquids sales are comprised of revenue earned from the delivery of propane to tanks on customers’ premises, from the delivery of propane filled cylinders to customers, or from the sale of portable propane tanks to nationwide and local retailers and end use customers. Other revenues primarily include sales of appliances and other materials as well as other fees charged to customers. Upon adoption, Ferrellgas applied ASU 2014‑09 only to contracts that were not completed. Contracts with customers Ferrellgas’ contracts with customers are principally for the bulk delivery of propane to tanks, delivery of propane filled cylinders or the delivery of portable propane tanks to retailers. Ferrellgas sells propane to a wide variety of customers, including residential, industrial/commercial, portable tank exchange, agricultural, wholesale and others. Ferrellgas’ performance obligations in these contracts are generally limited to the delivery of propane, and therefore revenues from these contracts are earned at the time product is delivered, or in the case of some of Ferrellgas’ portable tank exchange retailers who have consignment agreements, at the time the tanks are sold to the end use customer. Payment is generally due within 30 days. Revenues from sales of propane are included in Propane and other gas liquids sales on the consolidated statements of operations. Typically, Ferrellgas bills customers upon delivery and payment is generally due within 30 days. With its residential customers, Ferrellgas offers customers the ability to spread their annual heating costs over a longer period, typically twelve months. Customers who opt to spread their heating costs over a longer period are referred to as “even-pay” customers. Ferrellgas charges other amounts to customers associated with the delivery of propane including hazardous materials fees and fuel surcharge fees. In some regions, Ferrellgas also sells appliances and related parts and fittings as well as other retail propane related services. Ferrellgas charges on an annual basis tank and equipment rental charges for customers that are using our equipment to store propane. Other revenues associated with deliveries of propane are earned at the time product is delivered. Revenues associated with sales of appliances and other materials or services are earned at the time of delivery or installation. Revenues associated with tank and equipment rentals are generally recognized on a straight-line basis over one year. Accounting estimates related to recognition of revenue require that Ferrellgas make estimates and assumptions about various factors including credits issued for completed sales, future returns and total consideration payable in instances where we have customer incentives payable to the customer. Disaggregation of revenue Ferrellgas disaggregates revenues based upon the type of customer and on the type of revenue. The following table presents retail propane revenues, wholesale propane revenues and other revenues. Retail revenues result from sales to end use customers, wholesale revenues result from sales to or through resellers and all other revenues include sales of appliances and other materials, other fees charged to customers and equipment rental charges. For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Retail - Sales to End Users $ 350,151 $ 330,320 $ 983,742 $ 931,495 Wholesale - Sales to Resellers 99,311 97,689 308,646 324,863 Other Gas Sales 10,094 23,293 52,246 89,941 Other 20,069 41,913 60,677 118,691 Propane and related equipment revenues $ 479,625 $ 493,215 $ 1,405,311 $ 1,464,990 Contract assets and liabilities Ferrellgas’ performance obligations are generally limited to the delivery of propane for our retail and wholesale contracts. Ferrellgas’ performance obligations with respect to sales of appliances and other materials and other revenues are limited to the delivery of the agreed upon good or service. Ferrellgas does not have material performance obligations that are delivered over time, thus all of our revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas offers “even pay” billing programs that can create customer deposits or advances, depending on whether Ferrellgas has delivered more propane than the customer has paid for or whether the customer has paid for more propane than what has been delivered. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. The advance or deposit is considered to be a contract asset or liability. Additionally, from time to time, we have customers that pay in advance for goods or services, and such amounts result in contract liabilities. Ferrellgas incurs incremental commissions directly related to the acquisition or renewal of customer contracts. The commissions are calculated and paid based upon the number of gallons sold to the acquired or renewed customer. The total amount of commissions that we incur is not material, and the commissions are expensed commensurate with the deliveries to which they relate; therefore, Ferrellgas does not capitalize these costs. The following table presents the opening and closing balances of our receivables, contract assets, and contract liabilities: April 30, 2019 July 31, 2018 Accounts receivable $ 135,337 $ 119,818 Contract assets $ 25,312 $ 8,691 Contract liabilities Deferred revenue (1) $ 29,068 $ 29,933 (1) Of the beginning balance of deferred revenue, $22.7 million was recognized as revenue during the nine months ended April 30, 2019. Remaining performance obligations Ferrellgas’ remaining performance obligations are generally limited to situations where its customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in Ferrellgas’ even pay billing programs and Ferrellgas expects that these balances will be recognized within a year or less as the customer takes delivery of propane. |
Ferrellgas, L.P. [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer [Text Block] | G. Revenue from contracts with customers Ferrellgas, L.P. adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. Ferrellgas, L.P. earns revenue from contracts with customers primarily through the distribution of propane, as well as through the sale of propane related equipment and supplies. Revenues from propane and other gas liquids sales are comprised of revenue earned from the delivery of propane to tanks on customers’ premises, from the delivery of propane filled cylinders to customers, or from the sale of portable propane tanks to nationwide and local retailers and end use customers. Other revenues primarily include sales of appliances and other materials as well as other fees charged to customers. Upon adoption, Ferrellgas, L.P. applied ASU 2014‑09 only to contracts that were not completed. Contracts with customers Ferrellgas, L.P.’s contracts with customers are principally for the bulk delivery of propane to tanks, delivery of propane filled cylinders or the delivery of portable propane tanks to retailers. Ferrellgas, L.P. sells propane to a wide variety of customers, including residential, industrial/commercial, portable tank exchange, agricultural, wholesale and others. Ferrellgas, L.P.’s performance obligations in these contracts are generally limited to the delivery of propane, and therefore revenues from these contracts are earned at the time product is delivered or in the case of some of Ferrellgas, L.P.’s portable tank exchange retailers who have consignment agreements, at the time the tanks are sold to the end use customer. Payment is generally due within 30 days. Revenues from sales of propane are included in Propane and other gas liquids sales on the consolidated statements of operations. Typically, Ferrellgas, L.P. bills customers upon delivery and payment is generally due within 30 days. With its residential customers, Ferrellgas, L.P offers customers the ability to spread their annual heating costs over a longer period, typically twelve months. Customers who opt to spread their heating costs over a longer period are referred to as “even-pay” customers. Ferrellgas, L.P. charges other amounts to customers associated with the delivery of propane including hazardous materials fees and fuel surcharge fees. In some regions, Ferrellgas, L.P. also sells appliances and related parts and fittings as well as other retail propane related services. Ferrellgas, L.P. charges on an annual basis tank and equipment rental charges for customers that are using our equipment to store propane. Other revenues associated with deliveries of propane are earned at the time product is delivered. Revenues associated with sales of appliances and other materials or services are earned at the time of delivery or installation. Revenues associated with tank and equipment rentals are generally recognized on a straight-line basis over one year. Accounting estimates related to recognition of revenue require that Ferrellgas, L.P. make estimates and assumptions about various factors including credits issued for completed sales, future returns and total consideration payable in instances where we have customer incentives payable to the customer. Disaggregation of revenue Ferrellgas, L.P. disaggregates revenues based upon the type of customer and on the type of revenue. The following table presents retail propane revenues, wholesale propane revenues and other revenues. Retail revenues result from sales to end use customers, wholesale revenues result from sales to or through resellers and all other revenues include sales of appliances and other materials, other fees charged to customers and equipment rental charges. For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Retail - Sales to End Users $ 350,151 $ 330,320 $ 983,742 $ 931,495 Wholesale - Sales to Resellers 99,311 97,689 308,646 324,863 Other Gas Sales 10,094 23,293 52,246 89,941 Other 20,069 41,913 60,677 118,691 Propane and related equipment revenues $ 479,625 $ 493,215 $ 1,405,311 $ 1,464,990 Contract assets and liabilities Ferrellgas, L.P.’s performance obligations are generally limited to the delivery of propane for our retail and wholesale contracts. Ferrellgas, L.P.’s performance obligations with respect to sales of appliances and other materials and other revenues are limited to the delivery of the agreed upon good or service. Ferrellgas, L.P. does not have material performance obligations that are delivered over time, thus all of our revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas, L.P. offers “even pay” billing programs that can create customer deposits or advances, depending on whether Ferrellgas, L.P. has delivered more propane than the customer has paid for or whether the customer has paid for more propane than what has been delivered. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. The advance or deposit is considered to be a contract asset or liability. Additionally, from time to time, we have customers that pay in advance for goods or services, and such amounts result in contract liabilities. Ferrellgas, L.P. incurs incremental commissions directly related to the acquisition or renewal of customer contracts. The commissions are calculated and paid based upon the number of gallons sold to the acquired or renewed customer. The total amount of commissions that we incur is not material and the commissions are expensed commensurate with the deliveries to which they relate; therefore, Ferrellgas, L.P. does not capitalize these costs. The following table presents the opening and closing balances of our receivables, contract assets, and contract liabilities: April 30, 2019 July 31, 2018 Accounts receivable $ 135,337 $ 119,818 Contract assets $ 25,312 $ 8,691 Contract liabilities Deferred revenue (1) $ 29,068 $ 29,933 (1) Of the beginning balance of deferred revenue, $22.7 million was recognized as revenue during the nine months ended April 30, 2019. Remaining performance obligations Ferrellgas, L.P.’s remaining performance obligations are generally limited to situations where its customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in Ferrellgas, L.P.’s even pay billing programs and Ferrellgas, L.P. expects that these balances will be recognized within a year or less as the customer takes delivery of propane. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | H. Fair value measurements Derivative financial instruments The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2019 and July 31, 2018: Asset (Liability) Quoted Prices in Active Markets for Identical Significant Other Assets and Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total April 30, 2019: Assets: Derivative financial instruments: Commodity derivatives $ — $ 5,489 $ — $ 5,489 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (6,502) $ — $ (6,502) July 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 22,470 $ — $ 22,470 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (1,910) $ — $ (1,910) 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. 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 $16.0 million, or $2.8 million less than their carrying amount as of April 30, 2019. The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At April 30, 2019 and July 31, 2018, the estimated fair value of Ferrellgas’ long-term debt instruments was $1,851.4 million and $1,935.1 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Ferrellgas, L.P. [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | H. Fair value measurements Derivative financial instruments The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2019 and July 31, 2018: Asset (Liability) Quoted Prices in Active Markets for Identical Significant Other Assets and Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total April 30, 2019: Assets: Derivative financial instruments: Commodity derivatives $ — $ 5,489 $ — $ 5,489 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (6,502) $ — $ (6,502) July 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 22,470 $ — $ 22,470 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (1,910) $ — $ (1,910) 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. 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 $16.0 million, or $2.8 million less than their carrying amount as of April 30, 2019. The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At April 30, 2019 and July 31, 2018, the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,585.4 million and $1,591.5 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 | 9 Months Ended |
Apr. 30, 2019 | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | I. 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 were neither qualified nor were designated as cash flow hedges; therefore, changes in their fair value were recorded currently in earnings. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the nine months ended April 30, 2019 and 2018, 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 in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2019 and July 31, 2018: April 30, 2019 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 $ 5,049 Other current liabilities $ 5,726 Commodity derivatives-propane Other assets, net 440 Other liabilities 776 Total $ 5,489 Total $ 6,502 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 Ferrellgas’ exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of April 30, 2019 and July 31, 2018, respectively: April 30, 2019 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 6,493 Other current liabilities $ 1,339 Other assets, net 1,728 Other liabilities — $ 8,221 $ 1,339 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 The following table provides a summary of the effect on Ferrellgas’ condensed consolidated statements of operations for the three and nine months ended April 30, 2019 and 2018 due to derivatives that were designated as fair value hedging instruments: Amount of Interest Expense Amount of Gain Recognized on Recognized on Fixed-Rated Debt Location of Gain Derivative (Related Hedged Item) Recognized on For the three months ended April 30, For the three months ended April 30, Derivative Instrument Derivative 2019 2018 2019 2018 Interest rate swap agreements Interest expense $ — $ 40 $ — $ (2,275) Amount of Interest Expense Amount of Gain Recognized on Recognized on Fixed-Rated Debt Location of Amounts Derivative (Related Hedged Item) Recognized on For the nine months ended April 30, For the nine months ended April 30, Derivative Instrument Derivative 2019 2018 2019 2018 Interest rate swap agreements Interest expense $ — $ 266 $ — $ (6,825) The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income (loss) for the three and nine months ended April 30, 2019 and 2018 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2019 Amount of Gain (Loss) Amount of Gain Location of Gain (Loss) Reclassified from (Loss) Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,870 Cost of product sold- propane and other gas liquids sales $ (6,416) $ — $ 1,870 $ (6,416) $ — For the three months ended April 30, 2018 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (169) Cost of sales-propane and other gas liquids sales $ 6,628 $ — Interest rate swap agreements 10 Interest expense (60) — $ (159) $ 6,568 $ — For the nine months ended April 30, 2019 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (27,364) Cost of sales-propane and other gas liquids sales $ (5,790) $ — $ (27,364) $ (5,790) $ — For the nine months ended April 30, 2018 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,114 Cost of product sold- propane and other gas liquids sales $ 20,646 $ — Interest rate swap agreements 248 Interest expense (386) — $ 23,362 $ 20,260 $ — The following table provides a summary of the effect on Ferrellgas’ condensed consolidated statements of operations for the three and nine months ended April 30, 2019 and 2018 due to the change in fair value of derivatives not designated as hedging instruments: For the nine months ended April 30, 2018 Amount of Gain (Loss) Location of Gain (Loss) Derivatives Not Designated as Hedging Instruments Recognized in Income Reclassified in Income Commodity derivatives - crude oil $ (3,470) Cost of sales - midstream operations The changes in derivatives included in AOCI for the nine months ended April 30, 2019 and 2018 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2019 2018 Beginning balance $ 20,560 $ 14,648 Change in value of risk management commodity derivatives (27,364) 23,114 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 5,790 (20,646) Change in value of risk management interest rate derivatives — 248 Reclassification of losses on interest rate hedges to interest expense — 386 Ending balance $ (1,014) $ 17,750 Ferrellgas expects to reclassify net losses related to the risk management commodity derivatives of approximately $0.7 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sales exception. During the nine months ended April 30, 2019 and 2018, Ferrellgas had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of April 30, 2019, Ferrellgas had financial derivative contracts covering 3.3 million gallons of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parent guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at April 30, 2019, the maximum amount of loss due to credit risk that Ferrellgas would incur is $0.7 million, which is based upon the gross fair values of the derivative financial instruments. 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 derivative contracts with credit-risk-related contingent features as of April 30, 2019. |
Ferrellgas, L.P. [Member] | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | I. 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 were neither qualified nor were designated as cash flow hedges; therefore, changes in their fair value were recorded currently in earnings. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the nine months ended April 30, 2019 and 2018, 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 in Ferrellgas, L.P.’s condensed consolidated balance sheets as of April 30, 2019 and July 31, 2018: April 30, 2019 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 $ 5,049 Other current liabilities $ 5,726 Commodity derivatives-propane Other assets, net 440 Other liabilities 776 Total $ 5,489 Total $ 6,502 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 Ferrellgas, L.P.’s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas, L.P. for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of April 30, 2019 and July 31, 2018, respectively: April 30, 2019 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 6,493 Other current liabilities $ 1,339 Other assets, net 1,728 Other liabilities — $ 8,221 $ 1,339 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 The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and nine months ended April 30, 2019 and 2018 due to derivatives that were designated as fair value hedging instruments: Amount of Interest Expense Location of Amounts Amount of Gain Recognized on Recognized on Fixed-Rated Debt Recognized on Derivative (Related Hedged Item) Derivative Instrument Derivative For the three months ended April 30, For the three months ended April 30, 2019 2018 2019 2018 Interest rate swap agreements Interest expense $ — $ 40 $ — $ (2,275) Amount of Interest Expense Location of Gain Amount of Gain Recognized on Recognized on Fixed-Rated Debt Recognized on Derivative (Related Hedged Item) Derivative Instrument Derivative For the nine months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Interest rate swap agreements Interest expense $ — $ 266 $ — $ (6,825) The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income (loss) for the three and nine months ended April 30, 2019 and 2018 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2019 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,870 Cost of product sold- propane and other gas liquids sales $ (6,416) $ — $ 1,870 $ (6,416) $ — For the three months ended April 30, 2018 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (169) Cost of sales-propane and other gas liquids sales $ 6,628 $ — Interest rate swap agreements 10 Interest expense (60) — $ (159) $ 6,568 $ — For the nine months ended April 30, 2019 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (27,364) Cost of sales-propane and other gas liquids sales $ (5,790) $ — $ (27,364) $ (5,790) $ — For the nine months ended April 30, 2018 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,114 Cost of product sold- propane and other gas liquids sales $ 20,646 $ — Interest rate swap agreements 248 Interest expense (386) — $ 23,362 $ 20,260 $ — The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and nine months ended April 30, 2019 and 2018 due to the change in fair value of derivatives not designated as hedging instruments: For the nine months ended April 30, 2018 Amount of Gain (Loss) Location of Gain (Loss) Derivatives Not Designated as Hedging Instruments Recognized in Income Reclassified in Income Commodity derivatives - crude oil $ (3,470) Cost of sales - midstream operations The changes in derivatives included in AOCI for the nine months ended April 30, 2019 and 2018 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2019 2018 Beginning balance $ 20,560 $ 14,648 Change in value of risk management commodity derivatives (27,364) 23,114 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 5,790 (20,646) Change in value of risk management interest rate derivatives — 248 Reclassification of losses on interest rate hedges to interest expense — 386 Ending balance $ (1,014) $ 17,750 Ferrellgas, L.P. expects to reclassify net losses related to the risk management commodity derivatives of approximately $0.7 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sales exception. During the nine months ended April 30, 2019 and 2018, Ferrellgas, L.P. had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of April 30, 2019, Ferrellgas, L.P. had financial derivative contracts covering 3.3 million gallons 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, parent guarantees or cash. Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at April 30, 2019, the maximum amount of loss due to credit risk that Ferrellgas, L.P. would incur is $0.7 million, which is based upon the gross fair values of the derivative financial instruments. 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 April 30, 2019. |
Transactions With Related Parti
Transactions With Related Parties | 9 Months Ended |
Apr. 30, 2019 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | J. Transactions with related parties Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by the general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Operating expense $ 64,030 $ 58,842 $ 193,258 $ 181,484 General and administrative expense $ 5,872 $ 5,707 $ 19,196 $ 21,637 See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit. |
Ferrellgas, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | J. Transactions with related parties Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.’s partnership agreement, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas, L.P. and all other necessary or appropriate expenses allocable to Ferrellgas, L.P. or otherwise reasonably incurred by the general partner in connection with operating Ferrellgas, L.P.’s business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Operating expense $ 64,030 $ 58,842 $ 193,258 $ 181,484 General and administrative expense $ 5,872 $ 5,707 $ 19,196 $ 21,637 See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit. |
Contingencies And Commitments
Contingencies And Commitments | 9 Months Ended |
Apr. 30, 2019 | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | K. 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, prior to the sales of midstream operations in fiscal 2018, crude oil. As a result, at any given time, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas. Ferrellgas has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, 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 of appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. 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 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. On April 24, 2019 the United States Court of Appeals for the Second Circuit affirmed the judgment of the Southern District Court dismissing the class action lawsuits with prejudice. 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 in 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. 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. The lawsuit is in the discovery stage; as such, management does not currently believe a loss is probable or reasonably estimable at this time. |
Ferrellgas Partners Finance Corp. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | B. Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The Finance Corp. is liable as co-issuer and co-obligor for the $357 million aggregate principal amount of the Partnership’s unsecured senior notes due June 15, 2020, which obligation is only reported on the Partnership’s consolidated balance sheet. |
Ferrellgas, L.P. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | K. Contingencies and commitments Litigation Ferrellgas, L.P.’s operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and, prior to the sales of midstream operations in fiscal 2018, crude oil. As a result, at any given time, Ferrellgas, L.P. can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas, L.P. is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas, L.P. Ferrellgas, L.P. has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas, L.P. and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri 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 of appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas, L.P. has been named, along with several former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas, L.P. and several current and former officers and directors as defendants. 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. On April 24, 2019 the United States Court of Appeals for the Second Circuit affirmed the judgment of the Southern District Court dismissing the class action lawsuits with prejudice. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas, L.P. believes that it has defenses and will vigorously defend these cases. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions. Ferrellgas, L.P. and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed in or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“Bridger”). The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas, L.P. transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas, L.P. Ferrellgas, L.P. believes that Ferrellgas, L.P. and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas, L.P. believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas, L.P. Ferrellgas, L.P. intends to vigorously defend this claim. On August 24, 2017, Ferrellgas, L.P. 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, L.P. 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. The lawsuit is in the discovery stage; as such, management does not currently believe a loss is probable or reasonably estimable at this time. |
Ferrellgas Finance Corp. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | B. Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The Finance Corp. is liable as co-issuer and co-obligor for (i) the $500 million aggregate principal amount of the Partnership’s unsecured senior notes due 2021, (ii) the $475 million aggregate principal amount of the Partnership’s unsecured senior notes due 2022, and (iii) the $500 million aggregate principal amount of the Partnership’s unsecured senior notes due 2023, which obligations are only reported on the Partnership’s consolidated balance sheet. The indentures governing the Partnership’s unsecured senior notes contain various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. The restricted payments covenants require that, for the Partnership to make a restricted payment, the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the Partnership be at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events, subject to its ability to make restricted payments under the limited exception described below. If this pro forma ratio is below 1.75x, the Partnership may make restricted payments in limited amounts determined under the indentures. As of April 30, 2019, the ratio was 1.72x. As a result, it’s likely the distribution that will be made by the Partnership on June 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due 2020 will be made from capacity under the limited exception to the ratio requirement. the Partnership believes that its remaining capacity under the limited exception to the ratio requirement will allow it to make distributions to Ferrellgas Partners’ to cover interest payments on Ferrellgas Partners’ unsecured senior notes due 2020 through the maturity of those notes . |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 9 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Common Unitholders' Interest | L. Net earnings (loss) per common unit Ferrellgas Partners is currently restricted by its debt covenants from making distributions to common unitholders. See Note E – Debt – for details regarding these restrictions. Below is a calculation of the basic and diluted net earnings (loss) per common unit in the condensed consolidated statements of operations for the periods indicated. Ferrellgas calculates net earnings (loss) per common unit for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed according to the incentive distribution rights in the Ferrellgas partnership agreement. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % There was no dilutive effect resulting from this method based on basic and diluted net earnings (loss) per common unit for the three and nine months ended April 30, 2019 or 2018. In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, there are no dilutive securities in periods with net losses. For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 (in thousands, except per common unit amounts) Common unitholders’ interest in net earnings (loss) $ 20,256 $ 10,752 $ 6,722 $ (38,508) Weighted average common units outstanding (in thousands) 97,152.7 97,152.7 97,152.7 97,152.7 Basic and diluted net earnings (loss) per common unit $ 0.21 $ 0.11 $ 0.07 $ (0.40) A. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Apr. 30, 2019 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure | M. Segment reporting As of April 30, 2019, Ferrellgas has one reportable operating segment: propane operations and related equipment sales. All remaining activities are included in Corporate and other. Following is a summary of segment information for the three and nine months ended April 30, 2019 and 2018: Three months ended April 30, 2019 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 479,625 $ — $ 479,625 Direct costs (1) 380,637 10,427 391,064 Adjusted EBITDA $ 98,988 $ (10,427) $ 88,561 Three months ended April 30, 2018 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 493,215 $ 22,595 $ 515,810 Direct costs (1) 397,568 31,320 428,888 Adjusted EBITDA $ 95,647 $ (8,725) $ 86,922 Nine months ended April 30, 2019 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 1,405,311 $ — $ 1,405,311 Direct costs (1) 1,147,764 31,489 1,179,253 Adjusted EBITDA $ 257,547 $ (31,489) $ 226,058 Nine months ended April 30, 2018 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 1,464,990 $ 260,631 $ 1,725,621 Direct costs (1) 1,208,283 283,573 1,491,856 Adjusted EBITDA $ 256,707 $ (22,942) $ 233,765 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales- midstream operations", "cost of sales-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance costs", "legal fees and settlements", "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments" and "multi-employer pension plan withdrawal settlement". Following is a reconciliation of net earnings (loss) attributable to Ferrellgas Partners L.P. to the total segment performance measures of EBITDA and Adjusted EBITDA: Three months ended April 30, Nine months ended April 30, 2019 2018 2019 2018 Net earnings (loss) attributable to Ferrellgas Partners, L.P. $ 20,461 $ 10,861 $ 6,790 $ (38,897) Income tax expense 123 67 284 282 Interest expense 44,162 40,375 132,931 123,855 Depreciation and amortization expense 20,617 25,348 59,214 76,565 EBITDA 85,363 76,651 199,219 161,805 Non-cash employee stock ownership plan compensation charge (4) 2,738 4,688 10,731 Asset impairments — — — 10,005 Loss on asset sales and disposals 1,683 6,270 8,403 46,414 Other income, net (251) (227) (356) (1,422) Severance costs — — 1,600 1,663 Legal fees and settlements 1,471 1,289 10,643 3,407 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments — — — 1,293 Multi-employer pension plan withdrawal settlement — — 1,524 — Net earnings (loss) attributable to noncontrolling interest 299 201 337 (131) Adjusted EBITDA $ 88,561 $ 86,922 $ 226,058 $ 233,765 Following are total assets by segment: Assets April 30, 2019 July 31, 2018 Propane operations and related equipment sales $ 1,257,214 $ 1,196,084 Corporate and other 72,778 167,197 Total consolidated assets $ 1,329,992 $ 1,363,281 Following are capital expenditures by segment: Nine months ended April 30, 2019 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 43,975 $ 672 $ 44,647 Growth 44,654 — 44,654 Total $ 88,629 $ 672 $ 89,301 Nine months ended April 30, 2018 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 17,556 $ 1,702 $ 19,258 Growth 34,784 1,265 36,049 Total $ 52,340 $ 2,967 $ 55,307 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure | L. Segment reporting As of April 30, 2019, Ferrellgas, L.P. has one reportable operating segment: propane operations and related equipment sales. All remaining activities are included in Corporate and other. Following is a summary of segment information for the three and nine months ended April 30, 2019 and 2018 Three months ended April 30, 2019 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 479,625 $ — $ 479,625 Direct costs (1) 380,637 10,423 391,060 Adjusted EBITDA $ 98,988 $ (10,423) $ 88,565 Three months ended April 30, 2018 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 493,215 $ 22,595 $ 515,810 Direct costs (1) 397,568 31,188 428,756 Adjusted EBITDA $ 95,647 $ (8,593) $ 87,054 Nine months ended April 30, 2019 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 1,405,311 $ — $ 1,405,311 Direct costs (1) 1,147,764 31,480 1,179,244 Adjusted EBITDA $ 257,547 $ (31,480) $ 226,067 Nine months ended April 30, 2018 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 1,464,990 $ 260,631 $ 1,725,621 Direct costs (1) 1,208,283 283,440 1,491,723 Adjusted EBITDA $ 256,707 $ (22,809) $ 233,898 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales- midstream operations", "cost of sales-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance costs", "legal fees and settlements", "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments" and "multi-employer pension plan withdrawal settlement". Following is a reconciliation of net earnings (loss) attributable to Ferrellgas, L.P. to the total segment performance measures of EBITDA and Adjusted EBITDA: Three months ended April 30, Nine months ended April 30, 2019 2018 2019 2018 Net earnings (loss) $ 29,554 $ 19,840 $ 33,357 $ (13,012) Income tax expense 100 57 254 261 Interest expense 35,395 31,739 106,740 97,993 Depreciation and amortization expense 20,617 25,348 59,214 76,565 EBITDA 85,666 76,984 199,565 161,807 Non-cash employee stock ownership plan compensation charge (4) 2,738 4,688 10,731 Asset impairments — — — 10,005 Loss on asset sales and disposals 1,683 6,270 8,403 46,414 Other income, net (251) (227) (356) (1,422) Severance costs — — 1,600 1,663 Legal fees and settlements 1,471 1,289 10,643 3,407 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments — — — 1,293 Multi-employer pension plan withdrawal settlement — — 1,524 — Adjusted EBITDA $ 88,565 $ 87,054 $ 226,067 $ 233,898 Following are total assets by segment: April 30, 2019 July 31, 2018 Assets Propane operations and related equipment sales $ 1,257,214 $ 1,196,084 Corporate and other 72,647 167,162 Total consolidated assets $ 1,329,861 $ 1,363,246 Following are capital expenditures by segment: Nine months ended April 30, 2019 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 43,975 $ 672 $ 44,647 Growth 44,654 — 44,654 Total $ 88,629 $ 672 $ 89,301 Nine months ended April 30, 2018 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 17,556 $ 1,702 $ 19,258 Growth 34,784 1,265 36,049 Total $ 52,340 $ 2,967 $ 55,307 |
Guarantor financial information
Guarantor financial information | 9 Months Ended |
Apr. 30, 2019 | |
Ferrellgas, L.P. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor financial information | M. Guarantor financial information The $500.0 million aggregate principal amount of 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are fully and unconditionally and jointly and severally guaranteed by all of Ferrellgas, L.P.’s 100% owned subsidiaries except: (i) Ferrellgas Finance Corp; (ii) certain special purposes subsidiaries formed for use in connection with our accounts receivable securitization; and (iii) foreign subsidiaries. Guarantees of these senior notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the assets of a guarantor or (b) all of the capital stock of such guarantor (including by way of merger or consolidation), in each case, to a person that is not Ferrellgas, L.P. or a restricted subsidiary of Ferrellgas, L.P., (ii) if Ferrellgas, L.P. designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon defeasance or discharge of the notes, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor. The guarantor financial information discloses in separate columns the financial position, results of operations and the cash flows of Ferrellgas, L.P. (Parent), Ferrellgas Finance Corp. (co-issuer), Ferrellgas, L.P.’s guarantor subsidiaries on a combined basis, and Ferrellgas, L.P.’s non-guarantor subsidiaries on a combined basis. The dates and the periods presented in the guarantor financial information are consistent with the periods presented in Ferrellgas, L.P.’s condensed consolidated financial statements. FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 45,364 $ 1 $ — $ — $ — $ 45,365 Accounts and notes receivable, net (9,208) — 150 166,287 — 157,229 Intercompany receivables 49,313 — — — (49,313) — Inventories 78,449 — — — — 78,449 Prepaid expenses and other current assets 25,427 — (1) 1 — 25,427 Total current assets 189,345 1 149 166,288 (49,313) 306,470 Property, plant and equipment, net 603,924 — (1) — — 603,923 Goodwill, net 247,508 — — — — 247,508 Intangible assets, net 109,634 — — — — 109,634 Investments in consolidated subsidiaries 52,776 — — — (52,776) — Other assets, net 58,557 — 2,875 894 — 62,326 Total assets $ 1,261,744 $ 1 $ 3,023 $ 167,182 $ (102,089) $ 1,329,861 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 41,296 $ — $ — $ 112 $ — $ 41,408 Collateralized note payable — — — 62,000 — 62,000 Intercompany payables — — (192) 49,505 (49,313) — Other current liabilities 142,937 — 267 5,671 — 148,875 Total current liabilities 184,233 — 75 117,288 (49,313) 252,283 Long-term debt 1,730,874 — — — — 1,730,874 Other liabilities 35,812 — 67 — — 35,879 Contingencies and commitments Partners' capital (deficit): Partners' equity (688,334) 1 2,881 49,894 (52,776) (688,334) Accumulated other comprehensive loss (841) — — — — (841) Total partners' capital (deficit) (689,175) 1 2,881 49,894 (52,776) (689,175) Total liabilities and partners' capital (deficit) $ 1,261,744 $ 1 $ 3,023 $ 167,182 $ (102,089) $ 1,329,861 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2018 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 119,133 $ 1 $ 174 $ — $ — $ 119,308 Accounts and notes receivable, net (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, net 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 (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 STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 459,556 $ — $ — $ — $ — $ 459,556 Other 20,069 — — — — 20,069 Total revenues 479,625 — — — — 479,625 Costs and expenses: Cost of sales - propane and other gas liquids sales 250,389 — — — — 250,389 Cost of sales - other 2,320 — — — — 2,320 Operating expense 124,078 — (3) 968 (5,052) 119,991 Depreciation and amortization expense 20,506 — — 111 — 20,617 General and administrative expense 11,511 1 — — — 11,512 Equipment lease expense 8,319 — — — — 8,319 Non-cash employee stock ownership plan compensation charge (4) — — — — (4) Loss on asset sales and disposals 1,683 — — — — 1,683 Operating income (loss) 60,823 (1) 3 (1,079) 5,052 64,798 Interest expense (34,206) — — (1,189) — (35,395) Other income (expense), net 278 — (27) 2,834 (2,834) 251 Earnings (loss) before income taxes 26,895 (1) (24) 566 2,218 29,654 Income tax expense (benefit) (49) — 149 — — 100 Equity in earnings (loss) of subsidiaries 392 — — — (392) — Net earnings (loss) 27,336 (1) (173) 566 1,826 29,554 Other comprehensive loss 8,286 — — — — 8,286 Comprehensive income (loss) $ 35,622 $ (1) $ (173) $ 566 $ 1,826 $ 37,840 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2018 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 451,212 $ — $ 90 $ — $ — $ 451,302 Midstream operations — — 22,595 — — 22,595 Other 19,701 — 22,212 — — 41,913 Total revenues 470,913 — 44,897 — — 515,810 Costs and expenses: Cost of sales - propane and other gas liquids sales 260,317 — 102 — — 260,419 Cost of sales - midstream operations — — 14,518 — — 14,518 Cost of sales - other 2,328 — 17,522 — — 19,850 Operating expense 108,291 — 9,262 1,459 (2,433) 116,579 Depreciation and amortization expense 19,105 — 6,171 72 — 25,348 General and administrative expense 10,460 — 1,086 — — 11,546 Equipment lease expense 7,045 — 88 — — 7,133 Non-cash employee stock ownership plan compensation charge 2,738 — — — — 2,738 Loss on asset sales and disposals 2,243 — 4,027 — — 6,270 Operating income (loss) 58,386 — (7,879) (1,531) 2,433 51,409 Interest expense (20,297) — (10,104) (1,338) — (31,739) Other income (expense), net (133) — 360 2,433 (2,433) 227 Earnings (loss) before income taxes 37,956 — (17,623) (436) — 19,897 Income tax expense (benefit) 102 — (45) — — 57 Equity in earnings (loss) of subsidiaries (18,014) — — — 18,014 — Net earnings (loss) 19,840 — (17,578) (436) 18,014 19,840 Other comprehensive loss (6,727) — — — — (6,727) Comprehensive income (loss) $ 13,113 $ — $ (17,578) $ (436) $ 18,014 $ 13,113 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,344,634 $ — $ — $ — $ — $ 1,344,634 Other 60,628 — 49 — — 60,677 Total revenues 1,405,262 — 49 — — 1,405,311 Costs and expenses: Cost of sales - propane and other gas liquids sales 766,056 — — — — 766,056 Cost of sales - other 8,675 — 114 — — 8,789 Operating expense 355,589 — 36 3,869 (7,953) 351,541 Depreciation and amortization expense 58,880 — — 334 — 59,214 General and administrative expense 42,022 6 — — — 42,028 Equipment lease expense 24,597 — — — — 24,597 Non-cash employee stock ownership plan compensation charge 4,688 — — — — 4,688 Loss on asset sales and disposals 5,724 — 2,679 — — 8,403 Operating income (loss) 139,031 (6) (2,780) (4,203) 7,953 139,995 Interest expense (103,209) — (38) (3,493) — (106,740) Other income (expense), net 393 — (37) 7,953 (7,953) 356 Earnings (loss) before income taxes 36,215 (6) (2,855) 257 — 33,611 Income tax expense 105 — 149 — — 254 Equity in earnings (loss) of subsidiary (2,753) — — — 2,753 — Net earnings (loss) 33,357 (6) (3,004) 257 2,753 33,357 Other comprehensive loss (21,574) — — — — (21,574) Comprehensive income (loss) $ 11,783 $ (6) $ (3,004) $ 257 $ 2,753 $ 11,783 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2018 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,345,604 $ — $ 695 $ — $ — $ 1,346,299 Midstream operations — — 260,631 — — 260,631 Other 59,085 — 59,606 — — 118,691 Total revenues 1,404,689 — 320,932 — — 1,725,621 Costs and expenses: Cost of sales - propane and other gas liquids sales 802,063 — 789 — — 802,852 Cost of sales - midstream operations — — 229,710 — — 229,710 Cost of sales - other 7,890 — 46,449 — — 54,339 Operating expense 323,619 — 28,320 4,474 (5,656) 350,757 Depreciation and amortization expense 55,973 — 20,377 215 — 76,565 General and administrative expense 35,048 5 4,547 — — 39,600 Equipment lease expense 20,555 — 273 — — 20,828 Non-cash employee stock ownership plan compensation charge 10,731 — — — — 10,731 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 3,706 — 42,708 — — 46,414 Operating income (loss) 145,104 (5) (62,246) (4,689) 5,656 83,820 Interest expense (61,903) — (33,028) (3,062) — (97,993) Other income (expense), net 490 — 932 5,656 (5,656) 1,422 Earnings (loss) before income taxes 83,691 (5) (94,342) (2,095) — (12,751) Income tax expense 174 — 87 — — 261 Equity in earnings (loss) of subsidiary (96,529) — — — 96,529 — Net earnings (loss) (13,012) (5) (94,429) (2,095) 96,529 (13,012) Other comprehensive income 3,102 — — — — 3,102 Comprehensive income (loss) $ (9,910) $ (5) $ (94,429) $ (2,095) $ 96,529 $ (9,910) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 111,008 $ (6) $ 24,589 $ (45,384) $ (4,000) $ 86,207 Cash flows from investing activities: Business acquisitions, net of cash acquired (11,351) — — — — (11,351) Capital expenditures (94,660) — — — — (94,660) Proceeds from sale of assets 2,416 — — — — 2,416 Cash collected for purchase of interest in accounts receivable — — — 1,052,947 (1,052,947) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (1,056,947) 1,056,947 — Net changes in advances with consolidated entities — — — — — — Intercompany loan to affiliate (20,638) — — — 20,638 — Other — — — — — — Net cash provided by (used in) investing activities (124,233) — — (4,000) 24,638 (103,595) Cash flows from financing activities: Distributions (25,568) — — — — (25,568) Reductions in long-term debt (1,656) — — — — (1,656) Net reductions in short-term borrowings (32,800) — — — — (32,800) Net additions to collateralized short-term borrowings — — — 4,000 — 4,000 Net changes in advances with consolidated entities — 6 (24,763) 45,395 (20,638) — Cash paid for financing costs (520) — — (11) — (531) Net cash provided by (used in) financing activities (60,544) 6 (24,763) 49,384 (20,638) (56,555) Net change in cash and cash equivalents (73,769) — (174) — — (73,943) Cash and cash equivalents - beginning of year 119,133 1 174 — — 119,308 Cash and cash equivalents - end of year $ 45,364 $ 1 $ — $ — $ — $ 45,365 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2018 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 65,604 $ (5) $ (3,531) $ 66,878 $ (35,000) $ 93,946 Cash flows from investing activities: Business acquisitions, net of cash acquired (14,862) — — — — (14,862) Capital expenditures (57,158) — (1,803) — — (58,961) Proceeds from sale of assets 2,479 — 55,323 — — 57,802 Cash collected for purchase of interest in accounts receivable — — — 985,084 (985,084) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (1,020,084) 1,020,084 — Net changes in advances with consolidated entities 116,871 — — — (116,871) — Net cash provided by (used in) investing activities 47,330 — 53,520 (35,000) (81,871) (16,021) Cash flows from financing activities: Distributions (45,495) — — — — (45,495) Proceeds from increase in long-term debt 23,580 — — — — 23,580 Payments on long-term debt (1,892) — — — — (1,892) Net reductions in short-term borrowings (84,179) — — — — (84,179) Net additions to collateralized short-term borrowings — — — 35,000 — 35,000 Net changes in advances with parent — 5 (49,998) (66,878) 116,871 — Cash paid for financing costs (1,149) — — — — (1,149) Net cash provided by (used in) financing activities (109,135) 5 (49,998) (31,878) 116,871 (74,135) Net change in cash and cash equivalents 3,799 — (9) — — 3,790 Cash and cash equivalents - beginning of year 5,327 1 373 — — 5,701 Cash and cash equivalents - end of year $ 9,126 $ 1 $ 364 $ — $ — $ 9,491 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2019 | |
Subsequent Event [Line Items] | |
Subsequent Events | N. Subsequent events Ferrellgas evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas’ condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements except as described below. On June 6, 2019, the operating partnership entered into an amendment to the agreement governing its Senior Secured Credit Facility. Among other matters, the amendment updated the calculation of the fixed charge coverage ratio for purposes of the fixed charge coverage ratio in the agreement to exclude certain maintenance capital expenditures related to the purchase of new propane delivery trucks which have historically been leased. The amendment provides that up to a specified amount of such maintenance capital expenditures will not be deducted from consolidated EBITDA for purposes of the calculation. The operating partnership was in compliance with the fixed charge coverage ratio covenant, as amended, as of April 30, 2019. A copy of the amendment has been filed as Exhibit 10.31 to this Quarterly Report on Form 10-Q. |
Ferrellgas, L.P. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | N. Subsequent events Ferrellgas, L.P. evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas, L.P.’s condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements except as described below. On June 6, 2019, Ferrellgas, L.P. entered into an amendment to the agreement governing its Senior Secured Credit Facility. Among other matters, the amendment updated the calculation of the fixed charge coverage ratio for purposes of the fixed charge coverage ratio in the agreement to exclude certain maintenance capital expenditures related to the purchase of new propane delivery trucks which have historically been leased. The amendment provides that up to a specified amount of such maintenance capital expenditures will not be deducted from consolidated EBITDA for purposes of the calculation. The operating partnership was in compliance with the fixed charge coverage ratio covenant, as amended, as of April 30, 2019. A copy of the amendment has been filed as Exhibit 10.31 to our Current Report on Form 10-Q . |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Apr. 30, 2019 | |
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 assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
New accounting 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 (“ASU 2014‑09”). 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. Upon adoption, Ferrellgas applied ASU 2014‑09 only to contracts that were not completed, referred to as open contracts. Ferrellgas adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. This method requires that the cumulative effect of initially applying ASU 2014‑09 be recognized in partner’s deficit at the date of adoption, August 1, 2018. ASU 2014‑09 has not materially impacted Ferrellgas’ consolidated financial statements, and as a result there was no cumulative effect to record as of the date of adoption. Results for reporting periods beginning after August 1, 2018 are presented under ASU 2014‑09, while amounts reported for prior periods have not been adjusted and continue to be reported under accounting standards in effect for those periods. See Note G - Revenue from contracts with customers for additional information related to revenues and contract costs, including qualitative and quantitative disclosures required under ASU 2014‑09. 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. The new standard requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. An entity may elect the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas expects to elect this additional transition method. Ferrellgas is continuing to evaluate the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has made significant progress in assessing the impact of the standard and planning for the adoption and implementation. The implementation team has completed scoping and the data gathering process of our current lease portfolio. Ferrellgas continues to perform a completeness assessment over the lease population, analyze the financial statement impact of adopting the standards, and evaluate the impact of adoption on our existing accounting policies and disclosures. Further, our implementation team is in the process of determining appropriate changes to our business processes, systems, and controls to support recognition and disclosure under the new standard. Ferrellgas believes that the adoption of this standard, which will be effective for Ferrellgas August 1, 2019, will result in material increases to right of use assets and lease liabilities on our consolidated balance sheet and a corresponding change in classification of certain expenses contained on our consolidated statement of operations. 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 is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2018‑15 In August 2018, the FASB issued ASU 2018‑15, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract which is intended to clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. Costs for implementation activities in the application development stage are deferred, depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed. Any deferred costs are amortized over the term of the service contract. The new guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Ferrellgas adopted ASU 2018-15 on a prospective basis to all implementation costs incurred after January 31, 2019 with an immaterial impact on our consolidated results of operations for the three months ended April 30, 2019 . |
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 assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
New accounting 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 (“ASU 2014‑09”). 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. Upon adoption, Ferrellgas, L.P. applied ASU 2014‑09 only to contracts that were not completed, referred to as open contracts. Ferrellgas, L.P. adopted ASU 2014‑09 beginning on August 1, 2018 using the modified retrospective method. This method requires that the cumulative effect of initially applying ASU 2014‑09 be recognized in partner’s deficit at the date of adoption, August 1, 2018. ASU 2014‑09 has not materially impacted Ferrellgas, L.P.’s consolidated financial statements, and as a result there was no cumulative effect to record as of the date of adoption. Results for reporting periods beginning after August 1, 2018 are presented under ASU 2014‑09, while amounts reported for prior periods have not been adjusted and continue to be reported under accounting standards in effect for those periods. See Note G - Revenue from contracts with customers for additional information related to revenues and contract costs, including qualitative and quantitative disclosures required under ASU 2014‑09. 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. The new standard requires lessees to apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. An entity may elect the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas, L.P. expects to elect this additional transition method. Ferrellgas, L.P. is continuing to evaluate the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has made significant progress in assessing the impact of the standard and planning for the adoption and implementation. The implementation team has completed scoping and the data gathering process of our current lease portfolio. Ferrellgas, L.P. continues to perform a completeness assessment over the lease population, analyze the financial statement impact of adopting the standards, and evaluate the impact of adoption on our existing accounting policies and disclosures. Further, our implementation team is in the process of determining appropriate changes to our business processes, systems, and controls to support recognition and disclosure under the new standard. Ferrellgas, L.P. believes that the adoption of this standard, which will be effective for Ferrellgas, L.P. August 1, 2019, will result in material increases to right of use assets and lease liabilities on our consolidated balance sheet and a corresponding change in classification of certain expenses contained on our consolidated statement of operations. FASB Accounting Standard Update No. 2016‑13 In June 2016, the FASB issued ASU 2016‑13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017‑12 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. FASB Accounting Standard Update No. 2018‑15 In August 2018, the FASB issued ASU 2018‑15, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350‑40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract which is intended to clarify the accounting for implementation costs related to a cloud computing arrangement that is a service contract. Costs for implementation activities in the application development stage are deferred, depending on the nature of the costs, while costs incurred during the preliminary project and post-implementation stages are expensed. Any deferred costs are amortized over the term of the service contract. The new guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Ferrellgas, L.P. adopted ASU 2018-15 on a prospective basis to all implementation costs incurred after January 31, 2019 with an immaterial impact on our consolidated results of operations for the three months ended April 30, 2019 . |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Supplemental Financial Statement Information [Line Items] | |
Schedule Of Inventories | April 30, 2019 July 31, 2018 Propane gas and related products $ 63,481 $ 71,180 Appliances, parts and supplies, and other 14,968 12,514 Inventories $ 78,449 $ 83,694 |
Other Assets | April 30, 2019 July 31, 2018 Notes receivable, less current portion $ 18,745 $ 27,491 Other 43,581 47,097 Other assets, net $ 62,326 $ 74,588 |
Other Current Liabilities | April 30, 2019 July 31, 2018 Accrued interest $ 52,438 $ 22,222 Customer deposits and advances 20,681 22,829 Other 87,388 96,974 Other current liabilities $ 160,507 $ 142,025 |
Shipping And Handling Expenses | For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Operating expense $ 54,753 $ 48,351 $ 162,474 $ 146,279 Depreciation and amortization expense 1,934 1,340 4,396 3,575 Equipment lease expense 7,784 6,507 23,172 18,872 $ 64,471 $ 56,198 $ 190,042 $ 168,726 |
Cash Flow Supplemental Disclosures | For the nine months ended April 30, 2019 2018 Cash paid (refunded) for: Interest $ 93,465 $ 85,171 Income taxes $ 21 $ (458) Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,174 $ 1,508 Change in accruals for property, plant and equipment additions $ 1,202 $ 386 |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information [Line Items] | |
Schedule Of Inventories | April 30, 2019 July 31, 2018 Propane gas and related products $ 63,481 $ 71,180 Appliances, parts and supplies, and other 14,968 12,514 Inventories $ 78,449 $ 83,694 |
Other Assets | April 30, 2019 July 31, 2018 Notes receivable, less current portion $ 18,745 $ 27,491 Other 43,581 47,097 Other assets, net $ 62,326 $ 74,588 |
Other Current Liabilities | April 30, 2019 July 31, 2018 Accrued interest 40,806 18,288 Customer deposits and advances 20,681 22,829 Other 87,388 96,974 Other current liabilities $ 148,875 $ 138,091 |
Shipping And Handling Expenses | For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Operating expense $ 54,753 $ 48,351 $ 162,474 $ 146,279 Depreciation and amortization expense 1,934 1,340 4,396 3,575 Equipment lease expense 7,784 6,507 23,172 18,872 $ 64,471 $ 56,198 $ 190,042 $ 168,726 |
Cash Flow Supplemental Disclosures | For the nine months ended April 30, 2019 2018 Cash paid (refunded) for: Interest $ 78,069 $ 69,775 Income taxes $ (9) $ (479) Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,174 $ 1,508 Change in accruals for property, plant and equipment additions $ 1,202 $ 386 |
Accounts And Notes Receivable_2
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts And Notes Receivable | April 30, 2019 July 31, 2018 Accounts receivable pledged as collateral $ 160,959 $ 120,079 Accounts receivable not pledged as collateral (including other reserves) (468) 8,272 Note receivable - current portion 121 132 Other 37 26 Less: Allowance for doubtful accounts (3,420) (2,455) Accounts and notes receivable, net $ 157,229 $ 126,054 |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts And Notes Receivable | April 30, 2019 July 31, 2018 Accounts receivable pledged as collateral $ 160,959 $ 120,079 Accounts receivable not pledged as collateral (including other reserves) (468) 8,272 Note receivable - current portion 121 132 Other 37 26 Less: Allowance for doubtful accounts (3,420) (2,455) Accounts and notes receivable, net $ 157,229 $ 126,054 |
Partners' deficit (Tables)
Partners' deficit (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Limited Partners' Capital Account [Line Items] | |
Limited Partner Units | April 30, 2019 July 31, 2018 Public common unitholders 69,612,939 69,612,939 Ferrell Companies (1) 22,529,361 22,529,361 FCI Trading Corp. (2) 195,686 195,686 Ferrell Propane, Inc. (3) 51,204 51,204 James E. Ferrell (4) 4,763,475 4,763,475 (1) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners’ common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies’ beneficial ownership to 23.4% at April 30, 2019. (2) FCI Trading is an affiliate of the general partner and thus a related party. (3) Ferrell Propane is controlled by the general partner and thus a related party. (4) James E. Ferrell is the 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. |
Ferrellgas Recognized Cash Distributions | For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Public common unitholders $ — $ 6,961 $ 6,962 $ 20,884 Ferrell Companies — 2,253 2,253 6,759 FCI Trading Corp. — 20 20 60 Ferrell Propane, Inc. — 5 5 15 James E. Ferrell — 476 476 1,428 General partner — 98 98 294 $ — $ 9,813 $ 9,814 $ 29,440 |
Ferrellgas, L.P. [Member] | |
Limited Partners' Capital Account [Line Items] | |
Ferrellgas Recognized Cash Distributions | For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Ferrellgas Partners $ — $ 10,013 $ 25,310 $ 45,036 General partner — 102 258 459 $ — $ 10,115 $ 25,568 $ 45,495 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Retail - Sales to End Users $ 350,151 $ 330,320 $ 983,742 $ 931,495 Wholesale - Sales to Resellers 99,311 97,689 308,646 324,863 Other Gas Sales 10,094 23,293 52,246 89,941 Other 20,069 41,913 60,677 118,691 Propane and related equipment revenues $ 479,625 $ 493,215 $ 1,405,311 $ 1,464,990 |
Contract with Customer, Asset and Liability [Table Text Block] | April 30, 2019 July 31, 2018 Accounts receivable $ 135,337 $ 119,818 Contract assets $ 25,312 $ 8,691 Contract liabilities Deferred revenue (1) $ 29,068 $ 29,933 (1) Of the beginning balance of deferred revenue, $22.7 million was recognized as revenue during the nine months ended April 30, 2019. |
Ferrellgas, L.P. [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Retail - Sales to End Users $ 350,151 $ 330,320 $ 983,742 $ 931,495 Wholesale - Sales to Resellers 99,311 97,689 308,646 324,863 Other Gas Sales 10,094 23,293 52,246 89,941 Other 20,069 41,913 60,677 118,691 Propane and related equipment revenues $ 479,625 $ 493,215 $ 1,405,311 $ 1,464,990 |
Contract with Customer, Asset and Liability [Table Text Block] | April 30, 2019 July 31, 2018 Accounts receivable $ 135,337 $ 119,818 Contract assets $ 25,312 $ 8,691 Contract liabilities Deferred revenue (1) $ 29,068 $ 29,933 (1) Of the beginning balance of deferred revenue, $22.7 million was recognized as revenue during the nine months ended April 30, 2019. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and Liabilities Fair Value Hierarchy | Asset (Liability) Quoted Prices in Active Markets for Identical Significant Other Assets and Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total April 30, 2019: Assets: Derivative financial instruments: Commodity derivatives $ — $ 5,489 $ — $ 5,489 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (6,502) $ — $ (6,502) July 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 22,470 $ — $ 22,470 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (1,910) $ — $ (1,910) |
Ferrellgas, L.P. [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and Liabilities Fair Value Hierarchy | Asset (Liability) Quoted Prices in Active Markets for Identical Significant Other Assets and Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total April 30, 2019: Assets: Derivative financial instruments: Commodity derivatives $ — $ 5,489 $ — $ 5,489 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (6,502) $ — $ (6,502) July 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 22,470 $ — $ 22,470 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (1,910) $ — $ (1,910) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Fair Value of Financial Derivatives Balance Sheet Locations | April 30, 2019 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 $ 5,049 Other current liabilities $ 5,726 Commodity derivatives-propane Other assets, net 440 Other liabilities 776 Total $ 5,489 Total $ 6,502 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 |
Offsetting Assets And Liabilities [Table Text Block] | April 30, 2019 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 6,493 Other current liabilities $ 1,339 Other assets, net 1,728 Other liabilities — $ 8,221 $ 1,339 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 |
Fair Value Hedge Derivative Effect on Earnings | Amount of Interest Expense Amount of Gain Recognized on Recognized on Fixed-Rated Debt Location of Gain Derivative (Related Hedged Item) Recognized on For the three months ended April 30, For the three months ended April 30, Derivative Instrument Derivative 2019 2018 2019 2018 Interest rate swap agreements Interest expense $ — $ 40 $ — $ (2,275) Amount of Interest Expense Amount of Gain Recognized on Recognized on Fixed-Rated Debt Location of Amounts Derivative (Related Hedged Item) Recognized on For the nine months ended April 30, For the nine months ended April 30, Derivative Instrument Derivative 2019 2018 2019 2018 Interest rate swap agreements Interest expense $ — $ 266 $ — $ (6,825) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | For the three months ended April 30, 2019 Amount of Gain (Loss) Amount of Gain Location of Gain (Loss) Reclassified from (Loss) Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,870 Cost of product sold- propane and other gas liquids sales $ (6,416) $ — $ 1,870 $ (6,416) $ — For the three months ended April 30, 2018 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (169) Cost of sales-propane and other gas liquids sales $ 6,628 $ — Interest rate swap agreements 10 Interest expense (60) — $ (159) $ 6,568 $ — For the nine months ended April 30, 2019 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (27,364) Cost of sales-propane and other gas liquids sales $ (5,790) $ — $ (27,364) $ (5,790) $ — For the nine months ended April 30, 2018 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,114 Cost of product sold- propane and other gas liquids sales $ 20,646 $ — Interest rate swap agreements 248 Interest expense (386) — $ 23,362 $ 20,260 $ — |
Derivatives not designated as hedging instruments effect on earnings | For the nine months ended April 30, 2018 Amount of Gain (Loss) Location of Gain (Loss) Derivatives Not Designated as Hedging Instruments Recognized in Income Reclassified in Income Commodity derivatives - crude oil $ (3,470) Cost of sales - midstream operations |
Changes in Derivative Value Effect on Other Comprehensive Income Loss | For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2019 2018 Beginning balance $ 20,560 $ 14,648 Change in value of risk management commodity derivatives (27,364) 23,114 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 5,790 (20,646) Change in value of risk management interest rate derivatives — 248 Reclassification of losses on interest rate hedges to interest expense — 386 Ending balance $ (1,014) $ 17,750 |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | April 30, 2019 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 $ 5,049 Other current liabilities $ 5,726 Commodity derivatives-propane Other assets, net 440 Other liabilities 776 Total $ 5,489 Total $ 6,502 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 |
Offsetting Assets And Liabilities [Table Text Block] | April 30, 2019 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 6,493 Other current liabilities $ 1,339 Other assets, net 1,728 Other liabilities — $ 8,221 $ 1,339 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 |
Fair Value Hedge Derivative Effect on Earnings | Amount of Interest Expense Location of Amounts Amount of Gain Recognized on Recognized on Fixed-Rated Debt Recognized on Derivative (Related Hedged Item) Derivative Instrument Derivative For the three months ended April 30, For the three months ended April 30, 2019 2018 2019 2018 Interest rate swap agreements Interest expense $ — $ 40 $ — $ (2,275) Amount of Interest Expense Location of Gain Amount of Gain Recognized on Recognized on Fixed-Rated Debt Recognized on Derivative (Related Hedged Item) Derivative Instrument Derivative For the nine months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Interest rate swap agreements Interest expense $ — $ 266 $ — $ (6,825) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | For the three months ended April 30, 2019 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,870 Cost of product sold- propane and other gas liquids sales $ (6,416) $ — $ 1,870 $ (6,416) $ — For the three months ended April 30, 2018 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (169) Cost of sales-propane and other gas liquids sales $ 6,628 $ — Interest rate swap agreements 10 Interest expense (60) — $ (159) $ 6,568 $ — For the nine months ended April 30, 2019 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (27,364) Cost of sales-propane and other gas liquids sales $ (5,790) $ — $ (27,364) $ (5,790) $ — For the nine months ended April 30, 2018 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,114 Cost of product sold- propane and other gas liquids sales $ 20,646 $ — Interest rate swap agreements 248 Interest expense (386) — $ 23,362 $ 20,260 $ — |
Derivatives not designated as hedging instruments effect on earnings | For the nine months ended April 30, 2018 Amount of Gain (Loss) Location of Gain (Loss) Derivatives Not Designated as Hedging Instruments Recognized in Income Reclassified in Income Commodity derivatives - crude oil $ (3,470) Cost of sales - midstream operations |
Changes in Derivative Value Effect on Other Comprehensive Income Loss | For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2019 2018 Beginning balance $ 20,560 $ 14,648 Change in value of risk management commodity derivatives (27,364) 23,114 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 5,790 (20,646) Change in value of risk management interest rate derivatives — 248 Reclassification of losses on interest rate hedges to interest expense — 386 Ending balance $ (1,014) $ 17,750 |
Transactions With Related Par_2
Transactions With Related Parties (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Related Party Transaction [Line Items] | |
Allocation Of Transactions With Related Parties | For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Operating expense $ 64,030 $ 58,842 $ 193,258 $ 181,484 General and administrative expense $ 5,872 $ 5,707 $ 19,196 $ 21,637 |
Ferrellgas, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Allocation Of Transactions With Related Parties | For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 Operating expense $ 64,030 $ 58,842 $ 193,258 $ 181,484 General and administrative expense $ 5,872 $ 5,707 $ 19,196 $ 21,637 |
Net Earnings (Loss) Per Commo_2
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Distribution Allocation | 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 | For the three months ended April 30, For the nine months ended April 30, 2019 2018 2019 2018 (in thousands, except per common unit amounts) Common unitholders’ interest in net earnings (loss) $ 20,256 $ 10,752 $ 6,722 $ (38,508) Weighted average common units outstanding (in thousands) 97,152.7 97,152.7 97,152.7 97,152.7 Basic and diluted net earnings (loss) per common unit $ 0.21 $ 0.11 $ 0.07 $ (0.40) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Apr. 30, 2019 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Three months ended April 30, 2019 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 479,625 $ — $ 479,625 Direct costs (1) 380,637 10,427 391,064 Adjusted EBITDA $ 98,988 $ (10,427) $ 88,561 Three months ended April 30, 2018 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 493,215 $ 22,595 $ 515,810 Direct costs (1) 397,568 31,320 428,888 Adjusted EBITDA $ 95,647 $ (8,725) $ 86,922 Nine months ended April 30, 2019 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 1,405,311 $ — $ 1,405,311 Direct costs (1) 1,147,764 31,489 1,179,253 Adjusted EBITDA $ 257,547 $ (31,489) $ 226,058 Nine months ended April 30, 2018 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 1,464,990 $ 260,631 $ 1,725,621 Direct costs (1) 1,208,283 283,573 1,491,856 Adjusted EBITDA $ 256,707 $ (22,942) $ 233,765 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales- midstream operations", "cost of sales-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance costs", "legal fees and settlements", "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments" and "multi-employer pension plan withdrawal settlement". |
Reconciliation of Net Earnings to Total Segment Performance Measures | Three months ended April 30, Nine months ended April 30, 2019 2018 2019 2018 Net earnings (loss) attributable to Ferrellgas Partners, L.P. $ 20,461 $ 10,861 $ 6,790 $ (38,897) Income tax expense 123 67 284 282 Interest expense 44,162 40,375 132,931 123,855 Depreciation and amortization expense 20,617 25,348 59,214 76,565 EBITDA 85,363 76,651 199,219 161,805 Non-cash employee stock ownership plan compensation charge (4) 2,738 4,688 10,731 Asset impairments — — — 10,005 Loss on asset sales and disposals 1,683 6,270 8,403 46,414 Other income, net (251) (227) (356) (1,422) Severance costs — — 1,600 1,663 Legal fees and settlements 1,471 1,289 10,643 3,407 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments — — — 1,293 Multi-employer pension plan withdrawal settlement — — 1,524 — Net earnings (loss) attributable to noncontrolling interest 299 201 337 (131) Adjusted EBITDA $ 88,561 $ 86,922 $ 226,058 $ 233,765 |
Reconciliation of Assets from Segment to Consolidated | Assets April 30, 2019 July 31, 2018 Propane operations and related equipment sales $ 1,257,214 $ 1,196,084 Corporate and other 72,778 167,197 Total consolidated assets $ 1,329,992 $ 1,363,281 |
Schedule Of Capital Expenditures By Segment [Table Text Block] | Nine months ended April 30, 2019 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 43,975 $ 672 $ 44,647 Growth 44,654 — 44,654 Total $ 88,629 $ 672 $ 89,301 Nine months ended April 30, 2018 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 17,556 $ 1,702 $ 19,258 Growth 34,784 1,265 36,049 Total $ 52,340 $ 2,967 $ 55,307 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment | Three months ended April 30, 2019 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 479,625 $ — $ 479,625 Direct costs (1) 380,637 10,423 391,060 Adjusted EBITDA $ 98,988 $ (10,423) $ 88,565 Three months ended April 30, 2018 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 493,215 $ 22,595 $ 515,810 Direct costs (1) 397,568 31,188 428,756 Adjusted EBITDA $ 95,647 $ (8,593) $ 87,054 Nine months ended April 30, 2019 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 1,405,311 $ — $ 1,405,311 Direct costs (1) 1,147,764 31,480 1,179,244 Adjusted EBITDA $ 257,547 $ (31,480) $ 226,067 Nine months ended April 30, 2018 Propane operations and related equipment Corporate and sales other Total Segment revenues $ 1,464,990 $ 260,631 $ 1,725,621 Direct costs (1) 1,208,283 283,440 1,491,723 Adjusted EBITDA $ 256,707 $ (22,809) $ 233,898 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of sales- midstream operations", "cost of sales-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "severance costs", "legal fees and settlements", "unrealized (non-cash) losses on changes in fair value of derivatives not designated as hedging instruments" and "multi-employer pension plan withdrawal settlement". |
Reconciliation of Net Earnings to Total Segment Performance Measures | Three months ended April 30, Nine months ended April 30, 2019 2018 2019 2018 Net earnings (loss) $ 29,554 $ 19,840 $ 33,357 $ (13,012) Income tax expense 100 57 254 261 Interest expense 35,395 31,739 106,740 97,993 Depreciation and amortization expense 20,617 25,348 59,214 76,565 EBITDA 85,666 76,984 199,565 161,807 Non-cash employee stock ownership plan compensation charge (4) 2,738 4,688 10,731 Asset impairments — — — 10,005 Loss on asset sales and disposals 1,683 6,270 8,403 46,414 Other income, net (251) (227) (356) (1,422) Severance costs — — 1,600 1,663 Legal fees and settlements 1,471 1,289 10,643 3,407 Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments — — — 1,293 Multi-employer pension plan withdrawal settlement — — 1,524 — Adjusted EBITDA $ 88,565 $ 87,054 $ 226,067 $ 233,898 |
Reconciliation of Assets from Segment to Consolidated | April 30, 2019 July 31, 2018 Assets Propane operations and related equipment sales $ 1,257,214 $ 1,196,084 Corporate and other 72,647 167,162 Total consolidated assets $ 1,329,861 $ 1,363,246 |
Schedule Of Capital Expenditures By Segment [Table Text Block] | Nine months ended April 30, 2019 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 43,975 $ 672 $ 44,647 Growth 44,654 — 44,654 Total $ 88,629 $ 672 $ 89,301 Nine months ended April 30, 2018 Propane operations and related equipment sales Corporate and other Total Capital expenditures: Maintenance $ 17,556 $ 1,702 $ 19,258 Growth 34,784 1,265 36,049 Total $ 52,340 $ 2,967 $ 55,307 |
Guarantor financial informati_2
Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] | 9 Months Ended |
Apr. 30, 2019 | |
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 April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 45,364 $ 1 $ — $ — $ — $ 45,365 Accounts and notes receivable, net (9,208) — 150 166,287 — 157,229 Intercompany receivables 49,313 — — — (49,313) — Inventories 78,449 — — — — 78,449 Prepaid expenses and other current assets 25,427 — (1) 1 — 25,427 Total current assets 189,345 1 149 166,288 (49,313) 306,470 Property, plant and equipment, net 603,924 — (1) — — 603,923 Goodwill, net 247,508 — — — — 247,508 Intangible assets, net 109,634 — — — — 109,634 Investments in consolidated subsidiaries 52,776 — — — (52,776) — Other assets, net 58,557 — 2,875 894 — 62,326 Total assets $ 1,261,744 $ 1 $ 3,023 $ 167,182 $ (102,089) $ 1,329,861 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 41,296 $ — $ — $ 112 $ — $ 41,408 Collateralized note payable — — — 62,000 — 62,000 Intercompany payables — — (192) 49,505 (49,313) — Other current liabilities 142,937 — 267 5,671 — 148,875 Total current liabilities 184,233 — 75 117,288 (49,313) 252,283 Long-term debt 1,730,874 — — — — 1,730,874 Other liabilities 35,812 — 67 — — 35,879 Contingencies and commitments Partners' capital (deficit): Partners' equity (688,334) 1 2,881 49,894 (52,776) (688,334) Accumulated other comprehensive loss (841) — — — — (841) Total partners' capital (deficit) (689,175) 1 2,881 49,894 (52,776) (689,175) Total liabilities and partners' capital (deficit) $ 1,261,744 $ 1 $ 3,023 $ 167,182 $ (102,089) $ 1,329,861 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2018 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 119,133 $ 1 $ 174 $ — $ — $ 119,308 Accounts and notes receivable, net (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, net 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 (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 |
Condensed Income Statement [Table Text Block] | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 459,556 $ — $ — $ — $ — $ 459,556 Other 20,069 — — — — 20,069 Total revenues 479,625 — — — — 479,625 Costs and expenses: Cost of sales - propane and other gas liquids sales 250,389 — — — — 250,389 Cost of sales - other 2,320 — — — — 2,320 Operating expense 124,078 — (3) 968 (5,052) 119,991 Depreciation and amortization expense 20,506 — — 111 — 20,617 General and administrative expense 11,511 1 — — — 11,512 Equipment lease expense 8,319 — — — — 8,319 Non-cash employee stock ownership plan compensation charge (4) — — — — (4) Loss on asset sales and disposals 1,683 — — — — 1,683 Operating income (loss) 60,823 (1) 3 (1,079) 5,052 64,798 Interest expense (34,206) — — (1,189) — (35,395) Other income (expense), net 278 — (27) 2,834 (2,834) 251 Earnings (loss) before income taxes 26,895 (1) (24) 566 2,218 29,654 Income tax expense (benefit) (49) — 149 — — 100 Equity in earnings (loss) of subsidiaries 392 — — — (392) — Net earnings (loss) 27,336 (1) (173) 566 1,826 29,554 Other comprehensive loss 8,286 — — — — 8,286 Comprehensive income (loss) $ 35,622 $ (1) $ (173) $ 566 $ 1,826 $ 37,840 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2018 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 451,212 $ — $ 90 $ — $ — $ 451,302 Midstream operations — — 22,595 — — 22,595 Other 19,701 — 22,212 — — 41,913 Total revenues 470,913 — 44,897 — — 515,810 Costs and expenses: Cost of sales - propane and other gas liquids sales 260,317 — 102 — — 260,419 Cost of sales - midstream operations — — 14,518 — — 14,518 Cost of sales - other 2,328 — 17,522 — — 19,850 Operating expense 108,291 — 9,262 1,459 (2,433) 116,579 Depreciation and amortization expense 19,105 — 6,171 72 — 25,348 General and administrative expense 10,460 — 1,086 — — 11,546 Equipment lease expense 7,045 — 88 — — 7,133 Non-cash employee stock ownership plan compensation charge 2,738 — — — — 2,738 Loss on asset sales and disposals 2,243 — 4,027 — — 6,270 Operating income (loss) 58,386 — (7,879) (1,531) 2,433 51,409 Interest expense (20,297) — (10,104) (1,338) — (31,739) Other income (expense), net (133) — 360 2,433 (2,433) 227 Earnings (loss) before income taxes 37,956 — (17,623) (436) — 19,897 Income tax expense (benefit) 102 — (45) — — 57 Equity in earnings (loss) of subsidiaries (18,014) — — — 18,014 — Net earnings (loss) 19,840 — (17,578) (436) 18,014 19,840 Other comprehensive loss (6,727) — — — — (6,727) Comprehensive income (loss) $ 13,113 $ — $ (17,578) $ (436) $ 18,014 $ 13,113 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,344,634 $ — $ — $ — $ — $ 1,344,634 Other 60,628 — 49 — — 60,677 Total revenues 1,405,262 — 49 — — 1,405,311 Costs and expenses: Cost of sales - propane and other gas liquids sales 766,056 — — — — 766,056 Cost of sales - other 8,675 — 114 — — 8,789 Operating expense 355,589 — 36 3,869 (7,953) 351,541 Depreciation and amortization expense 58,880 — — 334 — 59,214 General and administrative expense 42,022 6 — — — 42,028 Equipment lease expense 24,597 — — — — 24,597 Non-cash employee stock ownership plan compensation charge 4,688 — — — — 4,688 Loss on asset sales and disposals 5,724 — 2,679 — — 8,403 Operating income (loss) 139,031 (6) (2,780) (4,203) 7,953 139,995 Interest expense (103,209) — (38) (3,493) — (106,740) Other income (expense), net 393 — (37) 7,953 (7,953) 356 Earnings (loss) before income taxes 36,215 (6) (2,855) 257 — 33,611 Income tax expense 105 — 149 — — 254 Equity in earnings (loss) of subsidiary (2,753) — — — 2,753 — Net earnings (loss) 33,357 (6) (3,004) 257 2,753 33,357 Other comprehensive loss (21,574) — — — — (21,574) Comprehensive income (loss) $ 11,783 $ (6) $ (3,004) $ 257 $ 2,753 $ 11,783 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2018 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,345,604 $ — $ 695 $ — $ — $ 1,346,299 Midstream operations — — 260,631 — — 260,631 Other 59,085 — 59,606 — — 118,691 Total revenues 1,404,689 — 320,932 — — 1,725,621 Costs and expenses: Cost of sales - propane and other gas liquids sales 802,063 — 789 — — 802,852 Cost of sales - midstream operations — — 229,710 — — 229,710 Cost of sales - other 7,890 — 46,449 — — 54,339 Operating expense 323,619 — 28,320 4,474 (5,656) 350,757 Depreciation and amortization expense 55,973 — 20,377 215 — 76,565 General and administrative expense 35,048 5 4,547 — — 39,600 Equipment lease expense 20,555 — 273 — — 20,828 Non-cash employee stock ownership plan compensation charge 10,731 — — — — 10,731 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 3,706 — 42,708 — — 46,414 Operating income (loss) 145,104 (5) (62,246) (4,689) 5,656 83,820 Interest expense (61,903) — (33,028) (3,062) — (97,993) Other income (expense), net 490 — 932 5,656 (5,656) 1,422 Earnings (loss) before income taxes 83,691 (5) (94,342) (2,095) — (12,751) Income tax expense 174 — 87 — — 261 Equity in earnings (loss) of subsidiary (96,529) — — — 96,529 — Net earnings (loss) (13,012) (5) (94,429) (2,095) 96,529 (13,012) Other comprehensive income 3,102 — — — — 3,102 Comprehensive income (loss) $ (9,910) $ (5) $ (94,429) $ (2,095) $ 96,529 $ (9,910) |
Condensed Cash Flow Statement [Table Text Block] | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 111,008 $ (6) $ 24,589 $ (45,384) $ (4,000) $ 86,207 Cash flows from investing activities: Business acquisitions, net of cash acquired (11,351) — — — — (11,351) Capital expenditures (94,660) — — — — (94,660) Proceeds from sale of assets 2,416 — — — — 2,416 Cash collected for purchase of interest in accounts receivable — — — 1,052,947 (1,052,947) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (1,056,947) 1,056,947 — Net changes in advances with consolidated entities — — — — — — Intercompany loan to affiliate (20,638) — — — 20,638 — Other — — — — — — Net cash provided by (used in) investing activities (124,233) — — (4,000) 24,638 (103,595) Cash flows from financing activities: Distributions (25,568) — — — — (25,568) Reductions in long-term debt (1,656) — — — — (1,656) Net reductions in short-term borrowings (32,800) — — — — (32,800) Net additions to collateralized short-term borrowings — — — 4,000 — 4,000 Net changes in advances with consolidated entities — 6 (24,763) 45,395 (20,638) — Cash paid for financing costs (520) — — (11) — (531) Net cash provided by (used in) financing activities (60,544) 6 (24,763) 49,384 (20,638) (56,555) Net change in cash and cash equivalents (73,769) — (174) — — (73,943) Cash and cash equivalents - beginning of year 119,133 1 174 — — 119,308 Cash and cash equivalents - end of year $ 45,364 $ 1 $ — $ — $ — $ 45,365 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2018 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 65,604 $ (5) $ (3,531) $ 66,878 $ (35,000) $ 93,946 Cash flows from investing activities: Business acquisitions, net of cash acquired (14,862) — — — — (14,862) Capital expenditures (57,158) — (1,803) — — (58,961) Proceeds from sale of assets 2,479 — 55,323 — — 57,802 Cash collected for purchase of interest in accounts receivable — — — 985,084 (985,084) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (1,020,084) 1,020,084 — Net changes in advances with consolidated entities 116,871 — — — (116,871) — Net cash provided by (used in) investing activities 47,330 — 53,520 (35,000) (81,871) (16,021) Cash flows from financing activities: Distributions (45,495) — — — — (45,495) Proceeds from increase in long-term debt 23,580 — — — — 23,580 Payments on long-term debt (1,892) — — — — (1,892) Net reductions in short-term borrowings (84,179) — — — — (84,179) Net additions to collateralized short-term borrowings — — — 35,000 — 35,000 Net changes in advances with parent — 5 (49,998) (66,878) 116,871 — Cash paid for financing costs (1,149) — — — — (1,149) Net cash provided by (used in) financing activities (109,135) 5 (49,998) (31,878) 116,871 (74,135) Net change in cash and cash equivalents 3,799 — (9) — — 3,790 Cash and cash equivalents - beginning of year 5,327 1 373 — — 5,701 Cash and cash equivalents - end of year $ 9,126 $ 1 $ 364 $ — $ — $ 9,491 |
Partnership Organization And _2
Partnership Organization And Formation (Details) shares in Millions | 9 Months Ended | |
Apr. 30, 2019subsidiaryshares | Apr. 30, 2018 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Number of subsidiaries | subsidiary | 2 | |
Number of states in which entity operates | 50 | |
Ferrellgas, L.P. [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
General partner ownership interest | 1.0101% | 1.0101% |
Number of states in which entity operates | 50 | |
Ferrellgas [Member] | Ferrellgas Inc., General Partner [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
General partner ownership interest | 2.00% | 2.00% |
Ferrellgas Partners LP [Member] | Ferrell Companies [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Common stock shares outstanding | shares | 22.8 | |
Ferrellgas Partners LP [Member] | Ferrellgas Inc., General Partner [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
General partner ownership interest | 1.00% | |
Ferrellgas, L.P. [Member] | Ferrellgas Partners LP [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Limited partner interest | 99.00% | |
Ferrellgas, L.P. [Member] | Ferrellgas Inc., General Partner [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
General partner ownership interest | 1.00% | |
Ferrellgas Partners Finance Corp. [Member] | Ferrellgas Partners LP [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership Percentage | 100.00% | |
Ferrellgas Finance Corp. [Member] | Ferrellgas, L.P. [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership Percentage | 100.00% |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Supplemental Financial Statement Information [Line Items] | ||
Propane gas and related products | $ 63,481 | $ 71,180 |
Appliances, parts and supplies | 14,968 | 12,514 |
Inventories | 78,449 | 83,694 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Propane gas and related products | 63,481 | 71,180 |
Appliances, parts and supplies | 14,968 | 12,514 |
Inventories | $ 78,449 | $ 83,694 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Narrative (Details) $ in Thousands, gal in Millions | 9 Months Ended | |
Apr. 30, 2019USD ($)gal | Jul. 31, 2018USD ($) | |
Supplemental Financial Statement Information [Line Items] | ||
Notes, Loans and Financing Receivable, Net, Noncurrent | $ | $ 18,745 | $ 27,491 |
Maximum term of supply procurement contracts | 36 months | |
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 3.3 | |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Notes, Loans and Financing Receivable, Net, Noncurrent | $ | $ 18,745 | $ 27,491 |
Maximum term of supply procurement contracts | 36 months | |
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 3.3 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Supplemental Financial Statement Information [Line Items] | ||
Notes receivable, less current portion | $ 18,745 | $ 27,491 |
Other | 43,581 | 47,097 |
Other assets, net | 62,326 | 74,588 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Notes receivable, less current portion | 18,745 | 27,491 |
Other | 43,581 | 47,097 |
Other assets, net | $ 62,326 | $ 74,588 |
Supplemental Financial Statem_6
Supplemental Financial Statement Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Supplemental Financial Statement Information [Line Items] | ||
Accrued interest | $ 52,438 | $ 22,222 |
Customer deposits and advances | 20,681 | 22,829 |
Other | 87,388 | 96,974 |
Other current liabilities | 160,507 | 142,025 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Accrued interest | 40,806 | 18,288 |
Customer deposits and advances | 20,681 | 22,829 |
Other | 87,388 | 96,974 |
Other current liabilities | $ 148,875 | $ 138,091 |
Supplemental Financial Statem_7
Supplemental Financial Statement Information - Shipping and Handling (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense | $ 119,991 | $ 116,579 | $ 351,541 | $ 350,757 |
Depreciation and amortization expense | 20,617 | 25,348 | 59,214 | 76,565 |
Equipment lease expense | 8,319 | 7,133 | 24,597 | 20,828 |
Costs and Expenses, Total | 391,064 | 428,888 | 1,179,253 | 1,491,856 |
Ferrellgas, L.P. [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense | 119,991 | 116,579 | 351,541 | 350,757 |
Depreciation and amortization expense | 20,617 | 25,348 | 59,214 | 76,565 |
Equipment lease expense | 8,319 | 7,133 | 24,597 | 20,828 |
Costs and Expenses, Total | 391,060 | 428,756 | 1,179,244 | 1,491,723 |
Shipping and Handling [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense | 54,753 | 48,351 | 162,474 | 146,279 |
Depreciation and amortization expense | 1,934 | 1,340 | 4,396 | 3,575 |
Equipment lease expense | 7,784 | 6,507 | 23,172 | 18,872 |
Costs and Expenses, Total | 64,471 | 56,198 | 190,042 | 168,726 |
Shipping and Handling [Member] | Ferrellgas, L.P. [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense | 54,753 | 48,351 | 162,474 | 146,279 |
Depreciation and amortization expense | 1,934 | 1,340 | 4,396 | 3,575 |
Equipment lease expense | 7,784 | 6,507 | 23,172 | 18,872 |
Costs and Expenses, Total | $ 64,471 | $ 56,198 | $ 190,042 | $ 168,726 |
Supplemental Financial Statem_8
Supplemental Financial Statement Information - Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Supplemental Financial Statement Information [Line Items] | ||
Interest paid (refunded) | $ 93,465 | $ 85,171 |
Income taxes paid (refunded) | 21 | (458) |
Noncash Investing and Financing Items [Abstract] | ||
Liabilities incurred in connection with acquisitions | 1,174 | 1,508 |
Change in accruals for property, plant and equipment additions | 1,202 | 386 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Interest paid (refunded) | 78,069 | 69,775 |
Income taxes paid (refunded) | (9) | (479) |
Noncash Investing and Financing Items [Abstract] | ||
Liabilities incurred in connection with acquisitions | 1,174 | 1,508 |
Change in accruals for property, plant and equipment additions | $ 1,202 | $ 386 |
Accounts And Notes Receivable_3
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 160,959 | $ 120,079 |
Accounts receivable, not pledged as collateral (including other reserves) | (468) | 8,272 |
Notes receivable, current portion | 121 | 132 |
Other | 37 | 26 |
Less: Allowance for doubtful accounts | (3,420) | (2,455) |
Accounts and notes receivable, net | 157,229 | 126,054 |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 160,959 | 120,079 |
Accounts receivable, not pledged as collateral (including other reserves) | (468) | 8,272 |
Notes receivable, current portion | 121 | 132 |
Other | 37 | 26 |
Less: Allowance for doubtful accounts | (3,420) | (2,455) |
Accounts and notes receivable, net | $ 157,229 | $ 126,054 |
Accounts And Notes Receivable_4
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Apr. 30, 2019 | Jul. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 160,959,000 | $ 120,079,000 |
Proceeds from accounts receivable securitization | 62,000,000 | 58,000,000 |
Capacity to receive additional proceeds | 49,000,000 | 0 |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 160,959,000 | 120,079,000 |
Proceeds from accounts receivable securitization | 62,000,000 | 58,000,000 |
Capacity to receive additional proceeds | 49,000,000 | 0 |
Secured Credit Facility [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateralized notes payable | $ 62,000,000 | $ 58,000,000 |
Weighted average interest rate of debt | 5.90% | 5.20% |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateralized notes payable | $ 62,000,000 | $ 58,000,000 |
Weighted average interest rate of debt | 5.90% | 5.20% |
Debt - Short-Term Borrowings (D
Debt - Short-Term Borrowings (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 0 | $ 32,800 |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 0 | $ 32,800 |
Debt - Secured Credit Facilitie
Debt - Secured Credit Facilities (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Apr. 30, 2019 | Jul. 31, 2018 | May 04, 2018 | |
Debt Instrument [Line Items] | |||
Available borrowing capacity | $ 49,000,000 | $ 0 | |
Short-term borrowings | 0 | 32,800,000 | |
Letters of credit outstanding | 102,100,000 | 107,900,000 | |
Senior Secured Credit Facility Entered 2018 May [Member] | |||
Debt Instrument [Line Items] | |||
Secured line of credit facility | $ 575,000,000 | ||
Term Loan Due 2023 May 4 [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 275,000,000 | $ 275,000,000 | |
Term loan rate, as a percent | 8.26% | 7.86% | |
Secured line of credit facility | 275,000,000 | ||
Revolving Facility Under Senior Secured Credit Facility Entered 2018 May [Member] | |||
Debt Instrument [Line Items] | |||
Available borrowing capacity | $ 197,900,000 | $ 159,300,000 | |
Short-term borrowings | 0 | $ 32,800,000 | |
Credit facility interest rate | 9.75% | ||
Secured line of credit facility | 300,000,000 | ||
Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Available borrowing capacity | 22,900,000 | $ 17,100,000 | |
Ferrellgas, L.P. [Member] | |||
Debt Instrument [Line Items] | |||
Available borrowing capacity | 49,000,000 | 0 | |
Short-term borrowings | 0 | 32,800,000 | |
Letters of credit outstanding | 102,100,000 | 107,900,000 | |
Ferrellgas, L.P. [Member] | Senior Secured Credit Facility Entered 2018 May [Member] | |||
Debt Instrument [Line Items] | |||
Secured line of credit facility | 575,000,000 | ||
Ferrellgas, L.P. [Member] | Term Loan Due 2023 May 4 [Member] | |||
Debt Instrument [Line Items] | |||
Aggregate principal amount | $ 275,000,000 | $ 275,000,000 | |
Term loan rate, as a percent | 8.26% | 7.86% | |
Secured line of credit facility | 275,000,000 | ||
Ferrellgas, L.P. [Member] | Revolving Facility Under Senior Secured Credit Facility Entered 2018 May [Member] | |||
Debt Instrument [Line Items] | |||
Available borrowing capacity | $ 197,900,000 | $ 159,300,000 | |
Short-term borrowings | 0 | $ 32,800,000 | |
Credit facility interest rate | 9.75% | ||
Secured line of credit facility | $ 300,000,000 | ||
Ferrellgas, L.P. [Member] | Letter of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Available borrowing capacity | $ 22,900,000 | $ 17,100,000 |
Debt - Covenants (Details)
Debt - Covenants (Details) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Apr. 30, 2019USD ($)item | |
Debt Instrument [Line Items] | ||||
Number of quarters for required fixed charge coverage ratio | 4 | |||
Maximum restricted payments | $ | $ 50,000,000 | |||
Number of quarters for restricted payments | 16 | |||
Current fixed charge coverage ratio | 1.38 | |||
Dividends allowed | $ | $ 0 | $ 0 | $ 0 | |
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Required fixed charge coverage ratio | 1.75 | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Current fixed charge coverage ratio | 1.75 | |||
Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of quarters for required fixed charge coverage ratio | 4 | |||
Current fixed charge coverage ratio | 1.72 | |||
Ferrellgas, L.P. [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Required fixed charge coverage ratio | 1.75 |
Partners' Deficit - Limited Par
Partners' Deficit - Limited Partner Units (Details) - shares | Apr. 30, 2019 | Jul. 31, 2018 |
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 97,152,665 | 97,152,665 |
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 |
Public Common Unitholders [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 69,612,939 | 69,612,939 |
Partners' Deficit - Narrative (
Partners' Deficit - Narrative (Details) - shares | 9 Months Ended | |
Apr. 30, 2019 | Jul. 31, 2018 | |
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 97,152,665 | 97,152,665 |
Ferrell Companies [Member] | Ferrellgas Partners LP [Member] | ||
Capital Unit [Line Items] | ||
Limited partner ownership interest | 23.00% | |
Ferrell Companies [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 22,529,361 | 22,529,361 |
Ferrell Companies [Member] | Ferrellgas Partners LP [Member] | ||
Capital Unit [Line Items] | ||
Limited partner ownership interest | 23.40% | |
Ferrell Companies [Member] | FCI Trading Corp. [Member] | Ferrellgas Partners LP [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 195,686 | |
Ferrell Companies [Member] | Ferrell Propane, Inc. [Member] | Ferrellgas Partners LP [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 51,204 | |
James E. Ferrell [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 4,763,475 | 4,763,475 |
James E. Ferrell [Member] | JEF Capital Management [Member] | Ferrellgas Partners LP [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 4,758,859 | |
James E. Ferrell [Member] | Ferrell Resources Holdings, Inc. [Member] | Ferrellgas Partners LP [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 4,616 |
Partners' Deficit - Paid Distri
Partners' Deficit - Paid Distributions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2019 | Apr. 30, 2018 | |
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | $ 157 | $ 9,915 | $ 9,915 | $ 10,071 | $ 9,913 | ||
Ferrellgas, L.P. [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | 15,553 | 10,015 | 10,115 | 25,467 | 9,913 | $ 25,568 | $ 45,495 |
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | 102 | 258 | 459 | ||||
Ferrellgas Partners LP [Member] | Ferrellgas, L.P. [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | 10,013 | 25,310 | 45,036 | ||||
Parent [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | 9,814 | 9,813 | 9,814 | 9,813 | 9,814 | 29,440 | |
Parent [Member] | Ferrell Companies [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | 2,253 | 2,253 | 6,759 | ||||
Parent [Member] | FCI Trading Corp. [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | 20 | 20 | 60 | ||||
Parent [Member] | Ferrell Propane, Inc. [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | 5 | 5 | 15 | ||||
Parent [Member] | James E. Ferrell [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | 476 | 476 | 1,428 | ||||
Parent [Member] | Ferrellgas Inc., General Partner [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | 98 | 98 | 294 | ||||
Common Unitholders [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | 9,716 | 9,715 | 9,716 | 9,715 | |||
Common Unitholders [Member] | Ferrellgas, L.P. [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | $ 15,396 | $ 9,914 | 10,013 | $ 25,210 | $ 9,813 | ||
Public Common Unitholders [Member] | Parent [Member] | |||||||
Limited Partners' Capital Account [Line Items] | |||||||
Distributions paid | $ 6,961 | $ 6,962 | $ 20,884 |
Partners' Deficit - General par
Partners' Deficit - General partner's commitment (Details) - USD ($) $ in Millions | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Ferrellgas, L.P. [Member] | ||
Capital Unit [Line Items] | ||
General partner ownership interest | 1.0101% | 1.0101% |
Ferrellgas [Member] | Ferrellgas Inc., General Partner [Member] | ||
Capital Unit [Line Items] | ||
General partner ownership interest | 2.00% | 2.00% |
General Partner [Member] | ||
Capital Unit [Line Items] | ||
Non-cash contribution | $ 0.1 | $ 0.2 |
General Partner [Member] | Ferrellgas, L.P. [Member] | ||
Capital Unit [Line Items] | ||
Non-cash contribution | $ 0.1 | $ 0.1 |
Revenue from contracts with c_3
Revenue from contracts with customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | Jul. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||
Accounts receivable collection period | 30 days | ||||
Residential customer, annual cost spread period | 12 months | ||||
Rental income recognition period | 1 year | ||||
Revenues | $ 479,625 | $ 515,810 | $ 1,405,311 | $ 1,725,621 | |
Contract assets and liabilities | |||||
Accounts receivable | 135,337 | 135,337 | $ 119,818 | ||
Contract assets | 25,312 | 25,312 | 8,691 | ||
Contract liabilities | |||||
Deferred revenue | $ 29,068 | 29,068 | 29,933 | ||
Deferred revenue recognized | $ 22,700 | ||||
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-02-01 | |||||
Contract liabilities | |||||
Remaining performance obligation recognition period | 1 year | 1 year | |||
Propane And Related Equipment [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 479,625 | $ 1,405,311 | |||
Retail Sales To End Users [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 350,151 | 983,742 | |||
Wholesale Sales To Resellers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 99,311 | 308,646 | |||
Other Gas Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 10,094 | 52,246 | |||
Product and Service, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 20,069 | 41,913 | $ 60,677 | 118,691 | |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Propane And Related Equipment [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 493,215 | 1,464,990 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Retail Sales To End Users [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 330,320 | 931,495 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Wholesale Sales To Resellers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 97,689 | 324,863 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Gas Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 23,293 | 89,941 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Product and Service, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 41,913 | 118,691 | |||
Ferrellgas, L.P. [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Accounts receivable collection period | 30 days | ||||
Residential customer, annual cost spread period | 12 months | ||||
Rental income recognition period | 1 year | ||||
Revenues | 479,625 | 515,810 | $ 1,405,311 | 1,725,621 | |
Contract assets and liabilities | |||||
Accounts receivable | 135,337 | 135,337 | 119,818 | ||
Contract assets | 25,312 | 25,312 | 8,691 | ||
Contract liabilities | |||||
Deferred revenue | $ 29,068 | 29,068 | $ 29,933 | ||
Deferred revenue recognized | $ 22,700 | ||||
Ferrellgas, L.P. [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-02-01 | |||||
Contract liabilities | |||||
Remaining performance obligation recognition period | 1 year | 1 year | |||
Ferrellgas, L.P. [Member] | Propane And Related Equipment [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 479,625 | $ 1,405,311 | |||
Ferrellgas, L.P. [Member] | Retail Sales To End Users [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 350,151 | 983,742 | |||
Ferrellgas, L.P. [Member] | Wholesale Sales To Resellers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 99,311 | 308,646 | |||
Ferrellgas, L.P. [Member] | Other Gas Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 10,094 | 52,246 | |||
Ferrellgas, L.P. [Member] | Product and Service, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 20,069 | 41,913 | $ 60,677 | 118,691 | |
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 515,810 | 1,725,621 | |||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Propane And Related Equipment [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 493,215 | 1,464,990 | |||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Retail Sales To End Users [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 330,320 | 931,495 | |||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Wholesale Sales To Resellers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 97,689 | 324,863 | |||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Gas Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 23,293 | 89,941 | |||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Product and Service, Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 41,913 | $ 118,691 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | $ 5,489 | $ 22,470 |
Commodity derivatives propane swap liabilities | (6,502) | (1,910) |
Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 5,489 | 22,470 |
Commodity derivatives propane swap liabilities | (6,502) | (1,910) |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 5,489 | 22,470 |
Commodity derivatives propane swap liabilities | (6,502) | (1,910) |
Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 5,489 | 22,470 |
Commodity derivatives propane swap liabilities | $ (6,502) | $ (1,910) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | Apr. 30, 2019 | Jul. 31, 2018 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 1,851.4 | $ 1,935.1 |
Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 1,585.4 | $ 1,591.5 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable, fair value | 16 | |
Notes receivable, carrying amount in excess of fair value | 2.8 | |
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable, fair value | 16 | |
Notes receivable, carrying amount in excess of fair value | $ 2.8 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Jul. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Gain (loss) recognized due to ineffectiveness | $ 0 | $ 0 | |
Derivative Asset, Fair Value, Gross Asset | 5,489,000 | $ 22,470,000 | |
Derivative Liability, Fair Value, Gross Liability | 6,502,000 | 1,910,000 | |
Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) recognized due to ineffectiveness | 0 | $ 0 | |
Derivative Asset, Fair Value, Gross Asset | 5,489,000 | 22,470,000 | |
Derivative Liability, Fair Value, Gross Liability | 6,502,000 | 1,910,000 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 5,049,000 | 17,123,000 | |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 5,049,000 | 17,123,000 | |
Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | 5,726,000 | 1,832,000 | |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | 5,726,000 | 1,832,000 | |
Other Assets, Net [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 440,000 | 5,347,000 | |
Other Assets, Net [Member] | Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 440,000 | 5,347,000 | |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | 776,000 | 78,000 | |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | $ 776,000 | $ 78,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Derivative Collateral (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | $ 8,221 | $ 3,778 |
Derivative Liability, Fair Value of Collateral | 1,339 | 16,543 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 6,493 | 2,851 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 1,339 | 12,308 |
Other Assets, Net [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 1,728 | 927 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 4,235 | |
Ferrellgas, L.P. [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 8,221 | 3,778 |
Derivative Liability, Fair Value of Collateral | 1,339 | 16,543 |
Ferrellgas, L.P. [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 6,493 | 2,851 |
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 1,339 | 12,308 |
Ferrellgas, L.P. [Member] | Other Assets, Net [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | $ 1,728 | 927 |
Ferrellgas, L.P. [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | $ 4,235 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect on Earnings (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Apr. 30, 2018 | Apr. 30, 2018 | |
Derivative [Line Items] | ||
Amount of Gain Recognized | $ 40 | $ 266 |
Amount of Interest Expense Recognized | (2,275) | (6,825) |
Ferrellgas, L.P. [Member] | ||
Derivative [Line Items] | ||
Amount of Gain Recognized | 40 | 266 |
Amount of Interest Expense Recognized | $ (2,275) | $ (6,825) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effect on Comprehensive Income and Change in FV (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI(L) on derivative | $ 1,870 | $ (159) | $ (27,364) | $ 23,362 |
Amount of gain (loss) reclassified from AOCI into income | (6,416) | 6,568 | (5,790) | 20,260 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1,293) | |||
Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI(L) on derivative | 1,870 | (159) | (27,364) | 23,362 |
Amount of gain (loss) reclassified from AOCI into income | (6,416) | 6,568 | (5,790) | 20,260 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1,293) | |||
Commodity Derivatives Propane [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI(L) on derivative | 1,870 | (169) | (27,364) | 23,114 |
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI(L) on derivative | 1,870 | (169) | (27,364) | 23,114 |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI(L) on derivative | 10 | 248 | ||
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI(L) on derivative | 10 | 248 | ||
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (60) | (386) | ||
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (60) | (386) | ||
Midstream Operations [Member] | Cost of Sales [Member] | Commodity Derivatives Crude Oil [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (3,470) | |||
Midstream Operations [Member] | Cost of Sales [Member] | Commodity Derivatives Crude Oil [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (3,470) | |||
Propane [Member] | Cost of Sales [Member] | Commodity Derivatives Propane [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | (6,416) | 6,628 | (5,790) | 20,646 |
Propane [Member] | Cost of Sales [Member] | Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | $ (6,416) | $ 6,628 | $ (5,790) | $ 20,646 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - AOCI Rollforward (Details) $ in Thousands, gal in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Apr. 30, 2019USD ($)gal | Apr. 30, 2018USD ($) | |
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ (1,083,350) | $ (809,762) | $ (1,034,477) | $ (757,510) |
Change in value of derivative | 1,870 | (159) | (27,364) | 23,362 |
Reclassification of (gains) losses on derivatives to earnings, net | 6,416 | (6,568) | 5,790 | (20,260) |
Partners' capital balance, ending | (1,054,308) | (812,604) | (1,054,308) | (812,604) |
Reclassification of net losses to earnings during next 12 months | 700 | |||
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | $ 0 | 0 | ||
Number of barrels of propane covered by cash flow hedges | gal | 3.3 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ 20,560 | 14,648 | ||
Partners' capital balance, ending | (1,014) | 17,750 | (1,014) | 17,750 |
Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | (727,011) | (457,208) | (680,078) | (406,798) |
Change in value of derivative | 1,870 | (159) | (27,364) | 23,362 |
Reclassification of (gains) losses on derivatives to earnings, net | 6,416 | (6,568) | 5,790 | (20,260) |
Partners' capital balance, ending | (689,175) | (451,472) | (689,175) | (451,472) |
Reclassification of net losses to earnings during next 12 months | 700 | |||
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | $ 0 | 0 | ||
Number of barrels of propane covered by cash flow hedges | gal | 3.3 | |||
Ferrellgas, L.P. [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ 20,560 | 14,648 | ||
Partners' capital balance, ending | $ (1,014) | $ 17,750 | (1,014) | 17,750 |
Commodity Derivatives Propane [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Change in value of derivative | (27,364) | 23,114 | ||
Reclassification of (gains) losses on derivatives to earnings, net | 5,790 | (20,646) | ||
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Change in value of derivative | (27,364) | 23,114 | ||
Reclassification of (gains) losses on derivatives to earnings, net | $ 5,790 | (20,646) | ||
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Change in value of derivative | 248 | |||
Reclassification of (gains) losses on derivatives to earnings, net | 386 | |||
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Change in value of derivative | 248 | |||
Reclassification of (gains) losses on derivatives to earnings, net | $ 386 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Credit Risk (Details) | Apr. 30, 2019USD ($) |
Derivative [Line Items] | |
Maximum loss due to credit risk | $ 700,000 |
Open derivative contracts with credit risk features | 0 |
Ferrellgas, L.P. [Member] | |
Derivative [Line Items] | |
Maximum loss due to credit risk | 700,000 |
Open derivative contracts with credit risk features | $ 0 |
Transactions With Related Par_3
Transactions With Related Parties (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019USD ($)employee | Apr. 30, 2018USD ($) | Apr. 30, 2019USD ($)employee | Apr. 30, 2018USD ($) | |
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Ferrellgas Finance Corp. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Ferrellgas Partners Finance Corp. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Ferrellgas Inc., General Partner [Member] | Operating Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | $ | $ 64,030 | $ 58,842 | $ 193,258 | $ 181,484 |
Ferrellgas Inc., General Partner [Member] | Operating Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | $ | 64,030 | 58,842 | 193,258 | 181,484 |
Ferrellgas Inc., General Partner [Member] | General and Administrative Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | $ | 5,872 | 5,707 | 19,196 | 21,637 |
Ferrellgas Inc., General Partner [Member] | General and Administrative Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | $ | $ 5,872 | $ 5,707 | $ 19,196 | $ 21,637 |
Contingencies And Commitments (
Contingencies And Commitments (Details) | Feb. 02, 2017item | Apr. 30, 2019USD ($)item | Jan. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Apr. 30, 2019USD ($)item |
Loss Contingencies [Line Items] | |||||
Number of quarters for required fixed charge coverage ratio | 4 | ||||
Maximum restricted payments | $ | $ 50,000,000 | ||||
Number of quarters for restricted payments | 16 | ||||
Current fixed charge coverage ratio | 1.38 | ||||
Dividends allowed | $ | $ 0 | $ 0 | $ 0 | ||
Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Required fixed charge coverage ratio | 1.75 | ||||
Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Current fixed charge coverage ratio | 1.75 | ||||
Class Action Related To Cylinder Fill Level [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases | 1 | 1 | |||
Lawsuit Related To Sale Of Jamex Transfer Services [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of former officers | 2 | ||||
Ferrellgas Partners Finance Corp. [Member] | Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||
Loss Contingencies [Line Items] | |||||
Potential liability as co-issuer and co-obligor | $ | $ 357,000,000 | $ 357,000,000 | |||
Ferrellgas Partners Finance Corp. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||||
Loss Contingencies [Line Items] | |||||
Potential liability as co-issuer and co-obligor | $ | 500,000,000 | 500,000,000 | |||
Ferrellgas Partners Finance Corp. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||||
Loss Contingencies [Line Items] | |||||
Potential liability as co-issuer and co-obligor | $ | 500,000,000 | 500,000,000 | |||
Ferrellgas Partners Finance Corp. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||||
Loss Contingencies [Line Items] | |||||
Potential liability as co-issuer and co-obligor | $ | $ 475,000,000 | $ 475,000,000 | |||
Ferrellgas Finance Corp. [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of quarters for required fixed charge coverage ratio | 4 | ||||
Required fixed charge coverage ratio | 1.75 | ||||
Current fixed charge coverage ratio | 1.72 | ||||
Ferrellgas, L.P. [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of quarters for required fixed charge coverage ratio | 4 | ||||
Current fixed charge coverage ratio | 1.72 | ||||
Ferrellgas, L.P. [Member] | Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Required fixed charge coverage ratio | 1.75 | ||||
Ferrellgas, L.P. [Member] | Class Action Related To Cylinder Fill Level [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of cases | 1 | 1 | |||
Ferrellgas, L.P. [Member] | Lawsuit Related To Sale Of Jamex Transfer Services [Member] | |||||
Loss Contingencies [Line Items] | |||||
Number of former officers | 2 |
Net Earnings (Loss) Per Commo_3
Net Earnings (Loss) Per Common Unitholders' Interest (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Earnings Distribution Allocation [Line Items] | ||||
Value of dilutive securities | $ 0 | $ 0 | $ 0 | $ 0 |
Common unitholders' interest in net earnings (loss) | $ 20,256,000 | $ 10,752,000 | $ 6,722,000 | $ (38,508,000) |
Weighted average common units outstanding, basic and diluted | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 |
Basic and diluted net earnings (loss) per common unit | $ 0.21 | $ 0.11 | $ 0.07 | $ (0.40) |
$0.56 to $0.63 | Common Unitholders [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 51.50% | |||
$0.56 to $0.63 | General Partner [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 48.50% | |||
$0.64 to $0.82 | Common Unitholders [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 76.80% | |||
$0.64 to $0.82 | General Partner [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 23.20% | |||
$0.83 and above | Common Unitholders [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 86.90% | |||
$0.83 and above | General Partner [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 13.10% | |||
Minimum [Member] | $0.56 to $0.63 | ||||
Earnings Distribution Allocation [Line Items] | ||||
Earnings Per Share, Basic, Distributed | $ 0.83 | |||
Minimum [Member] | $0.64 to $0.82 | ||||
Earnings Distribution Allocation [Line Items] | ||||
Earnings Per Share, Basic, Distributed | 0.64 | |||
Minimum [Member] | $0.83 and above | ||||
Earnings Distribution Allocation [Line Items] | ||||
Earnings Per Share, Basic, Distributed | 0.56 | |||
Maximum [Member] | $0.64 to $0.82 | ||||
Earnings Distribution Allocation [Line Items] | ||||
Earnings Per Share, Basic, Distributed | 0.82 | |||
Maximum [Member] | $0.83 and above | ||||
Earnings Distribution Allocation [Line Items] | ||||
Earnings Per Share, Basic, Distributed | $ 0.63 |
Segment Reporting - Reporting I
Segment Reporting - Reporting Information by Segment (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019USD ($) | Apr. 30, 2018USD ($) | Apr. 30, 2019USD ($)item | Apr. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | item | 1 | |||
Number of Operating Segments | item | 1 | |||
Segment revenues | $ 479,625 | $ 515,810 | $ 1,405,311 | $ 1,725,621 |
DO NOT USE IN SEGMENTS FN | 391,064 | 428,888 | 1,179,253 | 1,491,856 |
Adjusted EBITDA | 88,561 | 86,922 | 226,058 | 233,765 |
Propane and related equipment sales | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues | 479,625 | 493,215 | 1,405,311 | 1,464,990 |
DO NOT USE IN SEGMENTS FN | 380,637 | 397,568 | 1,147,764 | 1,208,283 |
Adjusted EBITDA | 98,988 | 95,647 | 257,547 | 256,707 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues | 0 | 22,595 | 260,631 | |
DO NOT USE IN SEGMENTS FN | 10,427 | 31,320 | 31,489 | 283,573 |
Adjusted EBITDA | (10,427) | (8,725) | $ (31,489) | (22,942) |
Ferrellgas, L.P. [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | item | 1 | |||
Number of Operating Segments | item | 1 | |||
Segment revenues | 479,625 | 515,810 | $ 1,405,311 | 1,725,621 |
DO NOT USE IN SEGMENTS FN | 391,060 | 428,756 | 1,179,244 | 1,491,723 |
Adjusted EBITDA | 88,565 | 87,054 | 226,067 | 233,898 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues | 479,625 | 493,215 | 1,405,311 | 1,464,990 |
DO NOT USE IN SEGMENTS FN | 380,637 | 397,568 | 1,147,764 | 1,208,283 |
Adjusted EBITDA | 98,988 | 95,647 | 257,547 | 256,707 |
Ferrellgas, L.P. [Member] | Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues | 22,595 | 260,631 | ||
DO NOT USE IN SEGMENTS FN | 10,423 | 31,188 | 31,480 | 283,440 |
Adjusted EBITDA | $ (10,423) | $ (8,593) | $ (31,480) | $ (22,809) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Segment Earnings to Consolidated (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2019 | Apr. 30, 2018 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||
Net earnings (loss) | $ 20,461 | $ 10,861 | $ 6,790 | $ (38,897) | ||||
Income tax expense (benefit) | 123 | 67 | 284 | 282 | ||||
Interest expense | 44,162 | 40,375 | 132,931 | 123,855 | ||||
Depreciation and amortization expense | 20,617 | 25,348 | 59,214 | 76,565 | ||||
EBITDA | 85,363 | 76,651 | 199,219 | 161,805 | ||||
DQC NEVER NEGATIVE Non-cash employee stock ownership plan compensation charge | (4) | 2,738 | 4,688 | 10,731 | ||||
Asset impairment charges | 10,005 | |||||||
Loss on asset sales and disposals | (1,683) | (6,270) | (8,403) | (46,414) | ||||
Other income, net | (251) | (227) | (356) | (1,422) | ||||
Severance costs | 1,600 | 1,663 | ||||||
Legal Fees and settlements | 1,471 | 1,289 | 10,643 | 3,407 | ||||
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments | 1,293 | |||||||
Multi-employer pension plan withdrawal settlement | 1,524 | |||||||
Net earnings (loss) | 20,760 | $ 43,875 | $ (57,508) | 11,062 | $ (1,774) | $ (48,316) | 7,127 | (39,028) |
Adjusted EBITDA | 88,561 | 86,922 | 226,058 | 233,765 | ||||
Non-Controlling Interest [Member] | ||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||
Net earnings (loss) | 299 | 531 | (493) | 201 | 69 | (401) | 337 | (131) |
Ferrellgas, L.P. [Member] | ||||||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||||||
Net earnings (loss) | 29,554 | 19,840 | 33,357 | (13,012) | ||||
Income tax expense (benefit) | 100 | 57 | 254 | 261 | ||||
Interest expense | 35,395 | 31,739 | 106,740 | 97,993 | ||||
Depreciation and amortization expense | 20,617 | 25,348 | 59,214 | 76,565 | ||||
EBITDA | 85,666 | 76,984 | 199,565 | 161,807 | ||||
DQC NEVER NEGATIVE Non-cash employee stock ownership plan compensation charge | (4) | 2,738 | 4,688 | 10,731 | ||||
Asset impairment charges | 10,005 | |||||||
Loss on asset sales and disposals | (1,683) | (6,270) | (8,403) | (46,414) | ||||
Other income, net | 251 | 227 | 356 | 1,422 | ||||
Severance costs | 1,600 | 1,663 | ||||||
Legal Fees and settlements | 1,471 | 1,289 | 10,643 | 3,407 | ||||
Unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments | 1,293 | |||||||
Multi-employer pension plan withdrawal settlement | 1,524 | |||||||
Net earnings (loss) | 29,554 | $ 52,617 | $ (48,814) | 19,840 | $ 6,847 | $ (39,699) | 33,357 | (13,012) |
Adjusted EBITDA | $ 88,565 | $ 87,054 | $ 226,067 | $ 233,898 |
Segment Reporting - Assets (Det
Segment Reporting - Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 1,329,992 | $ 1,363,281 |
Propane and related equipment sales | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,257,214 | 1,196,084 |
Corporate and other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 72,778 | 167,197 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,329,861 | 1,363,246 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 1,257,214 | 1,196,084 |
Ferrellgas, L.P. [Member] | Corporate and other | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 72,647 | $ 167,162 |
Segment Reporting - Capital Exp
Segment Reporting - Capital Expenditures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Segment Reporting Information [Line Items] | ||
Maintenance | $ 44,647 | $ 19,258 |
Growth | 44,654 | 36,049 |
Capital expenditures, total | 89,301 | 55,307 |
Propane and related equipment sales | ||
Segment Reporting Information [Line Items] | ||
Maintenance | 43,975 | 17,556 |
Growth | 44,654 | 34,784 |
Capital expenditures, total | 88,629 | 52,340 |
Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Maintenance | 672 | 1,702 |
Growth | 1,265 | |
Capital expenditures, total | 672 | 2,967 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting Information [Line Items] | ||
Maintenance | 44,647 | 19,258 |
Growth | 44,654 | 36,049 |
Capital expenditures, total | 89,301 | 55,307 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales | ||
Segment Reporting Information [Line Items] | ||
Maintenance | 43,975 | 17,556 |
Growth | 44,654 | 34,784 |
Capital expenditures, total | 88,629 | 52,340 |
Ferrellgas, L.P. [Member] | Corporate and other | ||
Segment Reporting Information [Line Items] | ||
Maintenance | 672 | 1,702 |
Growth | 1,265 | |
Capital expenditures, total | $ 672 | $ 2,967 |
Guarantor financial informati_3
Guarantor financial information (Details) - Ferrellgas, L.P. [Member] $ in Millions | Apr. 30, 2019USD ($) |
Ferrellgas Finance Corp. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership Percentage | 100.00% |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Aggregate principal amount | $ 500 |
Interest rate, as a percent | 6.75% |
Guarantor financial informati_4
Guarantor financial information - Balance Sheets (Details) - USD ($) $ in Thousands | Apr. 30, 2019 | Jul. 31, 2018 | Apr. 30, 2018 | Jul. 31, 2017 |
Current assets: | ||||
Cash and cash equivalents | $ 45,434 | $ 119,311 | $ 9,499 | $ 5,760 |
Accounts and notes receivable, net | 157,229 | 126,054 | ||
Inventories | 78,449 | 83,694 | ||
Prepaid expenses and other current assets | 25,489 | 34,862 | ||
Total current assets | 306,601 | 363,921 | ||
Property, plant and equipment, net | 603,923 | 557,723 | ||
Goodwill, net | 247,508 | 246,098 | ||
Intangible assets, net | 109,634 | 120,951 | ||
Other assets, net | 62,326 | 74,588 | ||
Total assets | 1,329,992 | 1,363,281 | ||
Current liabilities: | ||||
Accounts payable | 41,408 | 46,820 | ||
Short-term borrowings | 0 | 32,800 | ||
Collateralized note payable | 62,000 | 58,000 | ||
Other current liabilities | 160,507 | 142,025 | ||
Total current liabilities | 263,915 | 279,645 | ||
Long-term debt | 2,084,506 | 2,078,637 | ||
Other liabilities | 35,879 | 39,476 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Accumulated other comprehensive income (loss) | (846) | 20,510 | ||
Total Ferrellgas Partners, L.P. partners' deficit | (1,047,524) | (1,027,785) | ||
Total liabilities and partners' capital (deficit) | 1,329,992 | 1,363,281 | ||
Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 45,365 | 119,308 | 9,491 | 5,701 |
Accounts and notes receivable, net | 157,229 | 126,054 | ||
Inventories | 78,449 | 83,694 | ||
Prepaid expenses and other current assets | 25,427 | 34,830 | ||
Total current assets | 306,470 | 363,886 | ||
Property, plant and equipment, net | 603,923 | 557,723 | ||
Goodwill, net | 247,508 | 246,098 | ||
Intangible assets, net | 109,634 | 120,951 | ||
Other assets, net | 62,326 | 74,588 | ||
Total assets | 1,329,861 | 1,363,246 | ||
Current liabilities: | ||||
Accounts payable | 41,408 | 46,820 | ||
Short-term borrowings | 0 | 32,800 | ||
Collateralized note payable | 62,000 | 58,000 | ||
Other current liabilities | 148,875 | 138,091 | ||
Total current liabilities | 252,283 | 275,711 | ||
Long-term debt | 1,730,874 | 1,728,137 | ||
Other liabilities | 35,879 | 39,476 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | (688,334) | (700,811) | ||
Accumulated other comprehensive income (loss) | (841) | 20,733 | ||
Total Ferrellgas Partners, L.P. partners' deficit | (689,175) | (680,078) | ||
Total liabilities and partners' capital (deficit) | 1,329,861 | 1,363,246 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 45,364 | 119,133 | 9,126 | 5,327 |
Accounts and notes receivable, net | (9,208) | (3,420) | ||
Intercompany Receivables, Current | 49,313 | 15,660 | ||
Inventories | 78,449 | 83,694 | ||
Prepaid expenses and other current assets | 25,427 | 34,050 | ||
Total current assets | 189,345 | 249,117 | ||
Property, plant and equipment, net | 603,924 | 557,689 | ||
Goodwill, net | 247,508 | 246,098 | ||
Intangible assets, net | 109,634 | 120,951 | ||
Investment in Ferrellgas, L.P. | 52,776 | 59,937 | ||
Other assets, net | 58,557 | 63,411 | ||
Total assets | 1,261,744 | 1,297,203 | ||
Current liabilities: | ||||
Accounts payable | 41,296 | 45,171 | ||
Short-term borrowings | 32,800 | |||
Other current liabilities | 142,937 | 131,702 | ||
Total current liabilities | 184,233 | 209,673 | ||
Long-term debt | 1,730,874 | 1,728,137 | ||
Other liabilities | 35,812 | 39,471 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | (688,334) | (700,811) | ||
Accumulated other comprehensive income (loss) | (841) | 20,733 | ||
Total Ferrellgas Partners, L.P. partners' deficit | (689,175) | (680,078) | ||
Total liabilities and partners' capital (deficit) | 1,261,744 | 1,297,203 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Subsidiary Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Total current assets | 1 | 1 | ||
Total assets | 1 | 1 | ||
Current liabilities: | ||||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | 1 | 1 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 1 | 1 | ||
Total liabilities and partners' capital (deficit) | 1 | 1 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 174 | $ 364 | $ 373 | |
Accounts and notes receivable, net | 150 | 9,395 | ||
Prepaid expenses and other current assets | (1) | 775 | ||
Total current assets | 149 | 10,344 | ||
Property, plant and equipment, net | (1) | 34 | ||
Other assets, net | 2,875 | 9,961 | ||
Total assets | 3,023 | 20,339 | ||
Current liabilities: | ||||
Accounts payable | 1,547 | |||
Intercompany Payables | (192) | (143) | ||
Other current liabilities | 267 | 6,036 | ||
Total current liabilities | 75 | 7,440 | ||
Other liabilities | 67 | 5 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | 2,881 | 12,894 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 2,881 | 12,894 | ||
Total liabilities and partners' capital (deficit) | 3,023 | 20,339 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Accounts and notes receivable, net | 166,287 | 120,079 | ||
Prepaid expenses and other current assets | 1 | 5 | ||
Total current assets | 166,288 | 120,084 | ||
Other assets, net | 894 | 1,216 | ||
Total assets | 167,182 | 121,300 | ||
Current liabilities: | ||||
Accounts payable | 112 | 102 | ||
Collateralized note payable | 62,000 | 58,000 | ||
Intercompany Payables | 49,505 | 15,803 | ||
Other current liabilities | 5,671 | 353 | ||
Total current liabilities | 117,288 | 74,258 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | 49,894 | 47,042 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 49,894 | 47,042 | ||
Total liabilities and partners' capital (deficit) | 167,182 | 121,300 | ||
Eliminations [Member] | Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Intercompany Receivables, Current | (49,313) | (15,660) | ||
Total current assets | (49,313) | (15,660) | ||
Investment in Ferrellgas, L.P. | (52,776) | (59,937) | ||
Total assets | (102,089) | (75,597) | ||
Current liabilities: | ||||
Intercompany Payables | (49,313) | (15,660) | ||
Total current liabilities | (49,313) | (15,660) | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | (52,776) | (59,937) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (52,776) | (59,937) | ||
Total liabilities and partners' capital (deficit) | $ (102,089) | $ (75,597) |
Guarantor financial informati_5
Guarantor financial information - Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Apr. 30, 2019 | Apr. 30, 2018 | |
Revenues: | ||||||||
Revenues | $ 479,625 | $ 515,810 | $ 1,405,311 | $ 1,725,621 | ||||
Costs and expenses: | ||||||||
Operating expense | 119,991 | 116,579 | 351,541 | 350,757 | ||||
Depreciation and amortization expense | 20,617 | 25,348 | 59,214 | 76,565 | ||||
General and administrative expense | 11,516 | 11,678 | 42,037 | 39,733 | ||||
Equipment lease expense | 8,319 | 7,133 | 24,597 | 20,828 | ||||
DQC NEVER NEGATIVE Non-cash employee stock ownership plan compensation charge | (4) | 2,738 | 4,688 | 10,731 | ||||
Asset impairment charges | 10,005 | |||||||
Loss on asset sales and disposals | 1,683 | 6,270 | 8,403 | 46,414 | ||||
Operating Income (Loss) | 64,794 | 51,277 | 139,986 | 83,687 | ||||
Interest expense | (44,162) | (40,375) | (132,931) | (123,855) | ||||
Other income (expense), net | 251 | 227 | 356 | 1,422 | ||||
Earnings (loss) before income taxes | 20,883 | 11,129 | 7,411 | (38,746) | ||||
Income tax expense (benefit) | 123 | 67 | 284 | 282 | ||||
Net earnings (loss) | 20,760 | $ 43,875 | $ (57,508) | 11,062 | $ (1,774) | $ (48,316) | 7,127 | (39,028) |
Other comprehensive income (loss) | 8,286 | (17,273) | (12,587) | (6,727) | (8,671) | 18,500 | (21,574) | 3,102 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 29,046 | 4,335 | (14,447) | (35,926) | ||||
Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 459,556 | 451,302 | 1,344,634 | 1,346,299 | ||||
Costs and expenses: | ||||||||
Cost of sales | 250,389 | 260,419 | 766,056 | 802,852 | ||||
Midstream Operations [Member] | ||||||||
Revenues: | ||||||||
Revenues | 22,595 | 260,631 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 14,518 | 229,710 | ||||||
Product and Service, Other [Member] | ||||||||
Revenues: | ||||||||
Revenues | 20,069 | 41,913 | 60,677 | 118,691 | ||||
Costs and expenses: | ||||||||
Cost of sales | 2,320 | 19,850 | 8,789 | 54,339 | ||||
Ferrellgas, L.P. [Member] | ||||||||
Revenues: | ||||||||
Revenues | 479,625 | 515,810 | 1,405,311 | 1,725,621 | ||||
Costs and expenses: | ||||||||
Operating expense | 119,991 | 116,579 | 351,541 | 350,757 | ||||
Depreciation and amortization expense | 20,617 | 25,348 | 59,214 | 76,565 | ||||
General and administrative expense | 11,512 | 11,546 | 42,028 | 39,600 | ||||
Equipment lease expense | 8,319 | 7,133 | 24,597 | 20,828 | ||||
DQC NEVER NEGATIVE Non-cash employee stock ownership plan compensation charge | (4) | 2,738 | 4,688 | 10,731 | ||||
Asset impairment charges | 10,005 | |||||||
Loss on asset sales and disposals | 1,683 | 6,270 | 8,403 | 46,414 | ||||
Operating Income (Loss) | 64,798 | 51,409 | 139,995 | 83,820 | ||||
Interest expense | (35,395) | (31,739) | (106,740) | (97,993) | ||||
Other income (expense), net | 251 | 227 | 356 | 1,422 | ||||
Earnings (loss) before income taxes | 29,654 | 19,897 | 33,611 | (12,751) | ||||
Income tax expense (benefit) | 100 | 57 | 254 | 261 | ||||
Net earnings (loss) | 29,554 | 52,617 | (48,814) | 19,840 | 6,847 | (39,699) | 33,357 | (13,012) |
Other comprehensive income (loss) | 8,286 | $ (17,273) | $ (12,587) | (6,727) | $ (8,671) | $ 18,500 | (21,574) | 3,102 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 37,840 | 13,113 | 11,783 | (9,910) | ||||
Ferrellgas, L.P. [Member] | Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 459,556 | 451,302 | 1,344,634 | 1,346,299 | ||||
Costs and expenses: | ||||||||
Cost of sales | 250,389 | 260,419 | 766,056 | 802,852 | ||||
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||||||||
Revenues: | ||||||||
Revenues | 22,595 | 260,631 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 14,518 | 229,710 | ||||||
Ferrellgas, L.P. [Member] | Product and Service, Other [Member] | ||||||||
Revenues: | ||||||||
Revenues | 20,069 | 41,913 | 60,677 | 118,691 | ||||
Costs and expenses: | ||||||||
Cost of sales | 2,320 | 19,850 | 8,789 | 54,339 | ||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | ||||||||
Revenues: | ||||||||
Revenues | 479,625 | 1,405,262 | ||||||
Costs and expenses: | ||||||||
Operating expense | 124,078 | 108,291 | 355,589 | 323,619 | ||||
Depreciation and amortization expense | 20,506 | 19,105 | 58,880 | 55,973 | ||||
General and administrative expense | 11,511 | 10,460 | 42,022 | 35,048 | ||||
Equipment lease expense | 8,319 | 7,045 | 24,597 | 20,555 | ||||
DQC NEVER NEGATIVE Non-cash employee stock ownership plan compensation charge | (4) | 2,738 | 4,688 | 10,731 | ||||
Loss on asset sales and disposals | 1,683 | 2,243 | 5,724 | 3,706 | ||||
Operating Income (Loss) | 60,823 | 58,386 | 139,031 | 145,104 | ||||
Interest expense | (34,206) | (20,297) | (103,209) | (61,903) | ||||
Other income (expense), net | 278 | (133) | 393 | 490 | ||||
Earnings (loss) before income taxes | 26,895 | 37,956 | 36,215 | 83,691 | ||||
Income tax expense (benefit) | (49) | 102 | 105 | 174 | ||||
Equity in earnings (loss) of Ferrellgas, L.P. | 392 | (18,014) | (2,753) | (96,529) | ||||
Net earnings (loss) | 27,336 | 19,840 | 33,357 | (13,012) | ||||
Other comprehensive income (loss) | 8,286 | (6,727) | (21,574) | 3,102 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 35,622 | 13,113 | 11,783 | (9,910) | ||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 459,556 | 1,344,634 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 250,389 | 766,056 | ||||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Product and Service, Other [Member] | ||||||||
Revenues: | ||||||||
Revenues | 20,069 | 60,628 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 2,320 | 8,675 | ||||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Subsidiary Issuer [Member] | ||||||||
Costs and expenses: | ||||||||
General and administrative expense | 1 | 6 | 5 | |||||
Operating Income (Loss) | (1) | (6) | (5) | |||||
Earnings (loss) before income taxes | (1) | (6) | (5) | |||||
Net earnings (loss) | (1) | (6) | (5) | |||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (1) | (6) | (5) | |||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | ||||||||
Revenues: | ||||||||
Revenues | 49 | |||||||
Costs and expenses: | ||||||||
Operating expense | (3) | 9,262 | 36 | 28,320 | ||||
Depreciation and amortization expense | 6,171 | 20,377 | ||||||
General and administrative expense | 1,086 | 4,547 | ||||||
Equipment lease expense | 88 | 273 | ||||||
Asset impairment charges | 10,005 | |||||||
Loss on asset sales and disposals | 4,027 | 2,679 | 42,708 | |||||
Operating Income (Loss) | 3 | (7,879) | (2,780) | (62,246) | ||||
Interest expense | (10,104) | (38) | (33,028) | |||||
Other income (expense), net | (27) | 360 | (37) | 932 | ||||
Earnings (loss) before income taxes | (24) | (17,623) | (2,855) | (94,342) | ||||
Income tax expense (benefit) | 149 | (45) | 149 | 87 | ||||
Net earnings (loss) | (173) | (17,578) | (3,004) | (94,429) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (173) | (17,578) | (3,004) | (94,429) | ||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | Product and Service, Other [Member] | ||||||||
Revenues: | ||||||||
Revenues | 49 | |||||||
Costs and expenses: | ||||||||
Cost of sales | 114 | |||||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||
Costs and expenses: | ||||||||
Operating expense | 968 | 1,459 | 3,869 | 4,474 | ||||
Depreciation and amortization expense | 111 | 72 | 334 | 215 | ||||
Operating Income (Loss) | (1,079) | (1,531) | (4,203) | (4,689) | ||||
Interest expense | (1,189) | (1,338) | (3,493) | (3,062) | ||||
Other income (expense), net | 2,834 | 2,433 | 7,953 | 5,656 | ||||
Earnings (loss) before income taxes | 566 | (436) | 257 | (2,095) | ||||
Net earnings (loss) | 566 | (436) | 257 | (2,095) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 566 | (436) | 257 | (2,095) | ||||
Eliminations [Member] | Ferrellgas, L.P. [Member] | ||||||||
Costs and expenses: | ||||||||
Operating expense | (5,052) | (2,433) | (7,953) | (5,656) | ||||
Operating Income (Loss) | 5,052 | 2,433 | 7,953 | 5,656 | ||||
Other income (expense), net | (2,834) | (2,433) | (7,953) | (5,656) | ||||
Earnings (loss) before income taxes | 2,218 | |||||||
Equity in earnings (loss) of Ferrellgas, L.P. | (392) | 18,014 | 2,753 | 96,529 | ||||
Net earnings (loss) | 1,826 | 18,014 | 2,753 | 96,529 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 1,826 | 18,014 | $ 2,753 | 96,529 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Product and Service, Other [Member] | ||||||||
Revenues: | ||||||||
Revenues | 41,913 | 118,691 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member] | ||||||||
Revenues: | ||||||||
Revenues | 515,810 | 1,725,621 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member] | Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 451,302 | 1,346,299 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 260,419 | 802,852 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||||||||
Revenues: | ||||||||
Revenues | 22,595 | 260,631 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 14,518 | 229,710 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member] | Product and Service, Other [Member] | ||||||||
Revenues: | ||||||||
Revenues | 41,913 | 118,691 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 19,850 | 54,339 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | ||||||||
Revenues: | ||||||||
Revenues | 470,913 | 1,404,689 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 451,212 | 1,345,604 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 260,317 | 802,063 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Product and Service, Other [Member] | ||||||||
Revenues: | ||||||||
Revenues | 19,701 | 59,085 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 2,328 | 7,890 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | ||||||||
Revenues: | ||||||||
Revenues | 44,897 | 320,932 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 90 | 695 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 102 | 789 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | Midstream Operations [Member] | ||||||||
Revenues: | ||||||||
Revenues | 22,595 | 260,631 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 14,518 | 229,710 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | Product and Service, Other [Member] | ||||||||
Revenues: | ||||||||
Revenues | 22,212 | 59,606 | ||||||
Costs and expenses: | ||||||||
Cost of sales | $ 17,522 | $ 46,449 |
Guarantor financial informati_6
Guarantor financial information - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Apr. 30, 2019 | Apr. 30, 2018 | Jul. 31, 2018 | Jul. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | $ 70,777 | $ 78,311 | ||
Cash flows from investing activities: | ||||
Payments to Acquire Businesses, Net of Cash Acquired | (11,351) | (14,862) | ||
Payments to Acquire Productive Assets | (94,660) | (58,961) | ||
Proceeds from sale of assets | 2,416 | 57,802 | ||
Net cash used in investing activities | (103,595) | (16,021) | ||
Cash flows from financing activities: | ||||
Distributions | (9,814) | (29,440) | ||
Proceeds from increase in long-term debt | 0 | 23,580 | ||
Reductions in Long-term Debt | (1,656) | (1,892) | ||
Proceeds from (Repayments of) Short-term Debt | (32,800) | (84,179) | ||
Net additions to collateralized short-term borrowings | 4,000 | 35,000 | ||
Cash paid for financing costs | (531) | (1,161) | ||
Net cash used in financing activities | (41,059) | (58,551) | ||
Increase (decrease) in cash and cash equivalents | (73,877) | 3,739 | ||
Cash and cash equivalents | 45,434 | 9,499 | $ 119,311 | $ 5,760 |
Ferrellgas, L.P. [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 86,207 | 93,946 | ||
Cash flows from investing activities: | ||||
Payments to Acquire Businesses, Net of Cash Acquired | (11,351) | (14,862) | ||
Payments to Acquire Productive Assets | (94,660) | (58,961) | ||
Proceeds from sale of assets | 2,416 | 57,802 | ||
Net cash used in investing activities | (103,595) | (16,021) | ||
Cash flows from financing activities: | ||||
Distributions | (25,568) | (45,495) | ||
Proceeds from increase in long-term debt | 23,580 | |||
Reductions in Long-term Debt | (1,656) | (1,892) | ||
Proceeds from (Repayments of) Short-term Debt | (32,800) | (84,179) | ||
Net additions to collateralized short-term borrowings | 4,000 | 35,000 | ||
Cash paid for financing costs | (531) | (1,149) | ||
Net cash used in financing activities | (56,555) | (74,135) | ||
Increase (decrease) in cash and cash equivalents | (73,943) | 3,790 | ||
Cash and cash equivalents | 45,365 | 9,491 | 119,308 | 5,701 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 111,008 | 65,604 | ||
Cash flows from investing activities: | ||||
Payments to Acquire Businesses, Net of Cash Acquired | (11,351) | (14,862) | ||
Payments to Acquire Productive Assets | (94,660) | (57,158) | ||
Proceeds from sale of assets | 2,416 | 2,479 | ||
Net changes in advances with consolidated entities | 116,871 | |||
Intercompany loan to affiliate | (20,638) | |||
Net cash used in investing activities | (124,233) | 47,330 | ||
Cash flows from financing activities: | ||||
Distributions | (25,568) | (45,495) | ||
Proceeds from increase in long-term debt | 23,580 | |||
Reductions in Long-term Debt | (1,656) | (1,892) | ||
Proceeds from (Repayments of) Short-term Debt | (32,800) | (84,179) | ||
Cash paid for financing costs | (520) | (1,149) | ||
Net cash used in financing activities | (60,544) | (109,135) | ||
Increase (decrease) in cash and cash equivalents | (73,769) | 3,799 | ||
Cash and cash equivalents | 45,364 | 9,126 | 119,133 | 5,327 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Subsidiary Issuer [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (6) | (5) | ||
Cash flows from financing activities: | ||||
Net changes in advances with consolidated entities | 6 | 5 | ||
Net cash used in financing activities | 6 | 5 | ||
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 24,589 | (3,531) | ||
Cash flows from investing activities: | ||||
Payments to Acquire Productive Assets | (1,803) | |||
Proceeds from sale of assets | 55,323 | |||
Net cash used in investing activities | 53,520 | |||
Cash flows from financing activities: | ||||
Net changes in advances with consolidated entities | (24,763) | (49,998) | ||
Net cash used in financing activities | (24,763) | (49,998) | ||
Increase (decrease) in cash and cash equivalents | (174) | (9) | ||
Cash and cash equivalents | 364 | $ 174 | $ 373 | |
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (45,384) | 66,878 | ||
Cash flows from investing activities: | ||||
Cash collected for purchase of interest in accounts receivable | 1,052,947 | 985,084 | ||
Cash remitted for accounts receivable | (1,056,947) | (1,020,084) | ||
Net cash used in investing activities | (4,000) | (35,000) | ||
Cash flows from financing activities: | ||||
Net additions to collateralized short-term borrowings | 4,000 | 35,000 | ||
Net changes in advances with consolidated entities | 45,395 | (66,878) | ||
Cash paid for financing costs | (11) | |||
Net cash used in financing activities | 49,384 | (31,878) | ||
Eliminations [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (4,000) | (35,000) | ||
Cash flows from investing activities: | ||||
Cash collected for purchase of interest in accounts receivable | (1,052,947) | (985,084) | ||
Cash remitted for accounts receivable | 1,056,947 | 1,020,084 | ||
Net changes in advances with consolidated entities | (116,871) | |||
Intercompany loan to affiliate | 20,638 | |||
Net cash used in investing activities | 24,638 | (81,871) | ||
Cash flows from financing activities: | ||||
Net changes in advances with consolidated entities | (20,638) | 116,871 | ||
Net cash used in financing activities | $ (20,638) | $ 116,871 |