Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jan. 31, 2021 | Feb. 28, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2021 | |
Document Transition Report | false | |
Entity Registrant Name | Ferrellgas Partners L P | |
Title of 12(b) Security | N/A | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 97,152,665 | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000922358 | |
Amendment Flag | false | |
No Trading Symbol Flag | true | |
Ferrellgas Partners Finance Corp. [Member] | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2021 | |
Entity Registrant Name | Ferrellgas Partners Finance Corp | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001012493 | |
Amendment Flag | false | |
Ferrellgas, L.P. [Member] | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2021 | |
Entity Registrant Name | Ferrellgas L P | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000922359 | |
Amendment Flag | false | |
Ferrellgas Finance Corp. [Member] | ||
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2021 | |
Entity Registrant Name | Ferrellgas Finance Corp | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000922360 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 326,483,000 | $ 333,761,000 |
Accounts and notes receivable, net | 206,280,000 | 101,438,000 |
Inventories | 90,473,000 | 72,664,000 |
Prepaid expenses and other current assets | 72,914,000 | 35,944,000 |
Total current assets | 696,150,000 | 543,807,000 |
Prepaid expenses and other current assets | 72,914,000 | 35,944,000 |
Property, plant and equipment, net | 587,870,000 | 591,042,000 |
Goodwill, net | 246,946,000 | 247,195,000 |
Intangible assets, net | 99,644,000 | 104,049,000 |
Operating lease, right-of-use assets | 97,249,000 | 107,349,000 |
Other assets, net | 91,159,000 | 74,748,000 |
Total assets | 1,819,018,000 | 1,668,190,000 |
Current liabilities: | ||
Accounts payable | 79,224,000 | 33,944,000 |
Current portion of long-term debt | 501,865,000 | 859,095,000 |
Current operating lease liabilities | 27,895,000 | 29,345,000 |
Other current liabilities | 191,908,000 | 167,466,000 |
Total current liabilities | 800,892,000 | 1,089,850,000 |
Long-term debt | 1,650,410,000 | 1,646,396,000 |
Operating lease liabilities | 80,901,000 | 89,022,000 |
Other liabilities | 49,541,000 | 51,190,000 |
Total liabilities not subject to compromise | 2,581,744,000 | 2,876,458,000 |
Liabilities subject to compromise | 390,101,000 | |
Liabilities, Total | 2,971,845,000 | 2,876,458,000 |
Partners' capital (deficit) | ||
Common unitholders | (1,107,979,000) | (1,126,452,000) |
General partner unitholder | (71,100,000) | (71,287,000) |
Accumulated other comprehensive income (loss) | 33,762,000 | (2,303,000) |
Total Ferrellgas Partners, L.P. partners' deficit | (1,145,317,000) | (1,200,042,000) |
Noncontrolling interest | (7,510,000) | (8,226,000) |
Total partners' capital (deficit) | (1,152,827,000) | (1,208,268,000) |
Total liabilities and partners' capital (deficit) | 1,819,018,000 | 1,668,190,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,000 | 1,000 |
Prepaid expenses and other current assets | 1,850 | |
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 | 39,145 | 38,846 |
Accumulated deficit | (39,145) | (36,996) |
Total stockholder's equity | 1,000 | 2,850 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 306,577,000 | 333,755,000 |
Accounts and notes receivable, net | 206,280,000 | 101,438,000 |
Inventories | 90,473,000 | 72,664,000 |
Prepaid expenses and other current assets | 73,106,000 | 35,897,000 |
Total current assets | 676,436,000 | 543,754,000 |
Prepaid expenses and other current assets | 73,106,000 | 35,897,000 |
Property, plant and equipment, net | 587,870,000 | 591,042,000 |
Goodwill, net | 246,946,000 | 247,195,000 |
Intangible assets, net | 99,644,000 | 104,049,000 |
Operating lease, right-of-use assets | 97,249,000 | 107,349,000 |
Loan receivable - Ferrellgas Partners, L.P. | 20,151,000 | |
Other assets, net | 91,159,000 | 74,748,000 |
Total assets | 1,819,455,000 | 1,668,137,000 |
Current liabilities: | ||
Accounts payable | 79,224,000 | 33,944,000 |
Current portion of long-term debt | 501,865,000 | 502,095,000 |
Current operating lease liabilities | 27,895,000 | 29,345,000 |
Other current liabilities | 190,708,000 | 148,136,000 |
Total current liabilities | 799,692,000 | 713,520,000 |
Long-term debt | 1,650,410,000 | 1,646,396,000 |
Operating lease liabilities | 80,901,000 | 89,022,000 |
Other liabilities | 49,541,000 | 51,190,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Common unitholders | (787,341,000) | (821,462,000) |
General partner unitholder | (7,868,000) | (8,216,000) |
Accumulated other comprehensive income (loss) | 34,120,000 | (2,313,000) |
Total Ferrellgas Partners, L.P. partners' deficit | (761,089,000) | (831,991,000) |
Total partners' capital (deficit) | (761,089,000) | (831,991,000) |
Total liabilities and partners' capital (deficit) | 1,819,455,000 | 1,668,137,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,100 | 1,100 |
Prepaid expenses and other current assets | 5,250 | 1,500 |
Prepaid expenses and other current assets | 5,250 | 1,500 |
Total assets | 6,350 | 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 | 89,740 | 84,187 |
Accumulated deficit | (84,390) | (82,587) |
Total stockholder's equity | $ 6,350 | $ 2,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Restricted cash | $ 109,049 | $ 95,759 |
Accounts receivable pledged as collateral | 200,443 | 103,703 |
Amortizable intangible assets, accumulated amortization | $ 427,695 | $ 423,290 |
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] | ||
Restricted cash | $ 109,049 | $ 95,759 |
Accounts receivable pledged as collateral | 200,443 | 103,703 |
Amortizable intangible assets, accumulated amortization | $ 427,695 | $ 423,290 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Revenues: | ||||
Revenues | $ 553,560,000 | $ 510,833,000 | $ 854,454,000 | $ 804,047,000 |
Costs and expenses: | ||||
Operating expense - personnel, vehicle, plant and other | 115,247,000 | 128,233,000 | 224,274,000 | 242,776,000 |
Operating expense - equipment lease expense | 6,862,000 | 8,261,000 | 13,692,000 | 16,649,000 |
Depreciation and amortization expense | 21,249,000 | 19,795,000 | 42,639,000 | 39,014,000 |
General and administrative expense | 20,475,000 | 14,192,000 | 33,555,000 | 23,887,000 |
Non-cash employee stock ownership plan compensation charge | 762,000 | 630,000 | 1,470,000 | 1,425,000 |
Loss on asset sales and disposals | 80,000 | 2,148,000 | 893,000 | 4,383,000 |
Reorganization expense - professional fees | (1,200,000) | (1,200,000) | ||
Operating income | 114,604,000 | 96,378,000 | 122,356,000 | 97,008,000 |
Interest expense | (52,595,000) | (47,548,000) | (106,821,000) | (93,245,000) |
Other income (expense), net | 3,508,000 | 76,000 | 3,616,000 | (56,000) |
Earnings (loss) before income taxes | 64,317,000 | 48,906,000 | 17,951,000 | 3,707,000 |
Income tax expense (benefit) | 326,000 | 115,000 | 413,000 | 633,000 |
Net earnings (loss) | 63,991,000 | 48,791,000 | 17,538,000 | 3,074,000 |
Net earnings (loss) attributable to noncontrolling interest | 724,000 | 584,000 | 333,000 | 211,000 |
Net earnings (loss) | 63,267,000 | 48,207,000 | 17,205,000 | 2,863,000 |
Less: General partner's interest in net earnings (loss) | 633,000 | 482,000 | 172,000 | 29,000 |
Common unitholders' interest in net earnings (loss) | $ 62,634,000 | $ 47,725,000 | $ 17,033,000 | $ 2,834,000 |
Basic and diluted net earnings (loss) per common unit | $ 0.64 | $ 0.49 | $ 0.18 | $ 0.03 |
Propane [Member] | ||||
Revenues: | ||||
Revenues | $ 528,434,000 | $ 485,247,000 | $ 809,483,000 | $ 758,632,000 |
Costs and expenses: | ||||
Cost of sales | 270,777,000 | 237,843,000 | 408,404,000 | 371,871,000 |
Other Revenues | ||||
Revenues: | ||||
Revenues | 25,126,000 | 25,586,000 | 44,971,000 | 45,415,000 |
Costs and expenses: | ||||
Cost of sales | 3,504,000 | 3,353,000 | 7,171,000 | 7,034,000 |
Ferrellgas Partners Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 225 | 2,149 | 891 | |
Net earnings (loss) | (225) | (2,149) | (891) | |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Revenues | 553,560,000 | 510,833,000 | 854,454,000 | 804,047,000 |
Costs and expenses: | ||||
Operating expense - personnel, vehicle, plant and other | 115,247,000 | 128,233,000 | 224,274,000 | 242,776,000 |
Operating expense - equipment lease expense | 6,862,000 | 8,261,000 | 13,692,000 | 16,649,000 |
Depreciation and amortization expense | 21,249,000 | 19,795,000 | 42,639,000 | 39,014,000 |
General and administrative expense | 20,254,000 | 14,085,000 | 33,330,000 | 23,781,000 |
Non-cash employee stock ownership plan compensation charge | 762,000 | 630,000 | 1,470,000 | 1,425,000 |
Loss on asset sales and disposals | 80,000 | 2,148,000 | 893,000 | 4,383,000 |
Operating income | 114,825,000 | 96,485,000 | 122,581,000 | 97,114,000 |
Interest expense | (46,522,000) | (38,690,000) | (93,050,000) | (75,567,000) |
Other income (expense), net | 3,759,000 | 76,000 | 3,867,000 | (56,000) |
Earnings (loss) before income taxes | 72,062,000 | 57,871,000 | 33,398,000 | 21,491,000 |
Income tax expense (benefit) | 312,000 | 115,000 | 399,000 | 633,000 |
Net earnings (loss) | 71,750,000 | 57,756,000 | 32,999,000 | 20,858,000 |
Ferrellgas, L.P. [Member] | Propane [Member] | ||||
Revenues: | ||||
Revenues | 528,434,000 | 485,247,000 | 809,483,000 | 758,632,000 |
Costs and expenses: | ||||
Cost of sales | 270,777,000 | 237,843,000 | 408,404,000 | 371,871,000 |
Ferrellgas, L.P. [Member] | Other Revenues | ||||
Revenues: | ||||
Revenues | 25,126,000 | 25,586,000 | 44,971,000 | 45,415,000 |
Costs and expenses: | ||||
Cost of sales | 3,504,000 | 3,353,000 | 7,171,000 | 7,034,000 |
Ferrellgas Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 250 | 2,888 | 1,803 | 3,906 |
Net earnings (loss) | $ (250) | $ (2,888) | $ (1,803) | $ (3,906) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Comprehensive income (loss): | ||||
Net income (loss) | $ 63,991 | $ 48,791 | $ 17,538 | $ 3,074 |
Other comprehensive income (loss): | ||||
Change in value on risk management derivatives | 36,957 | (11,212) | 42,724 | (24,839) |
Reclassification of (gains) losses on derivatives to earnings, net | (8,441) | 8,766 | (6,291) | 16,245 |
Pension liability adjustment | (109) | (109) | ||
Other comprehensive income (loss) | 28,516 | (2,555) | 36,433 | (8,703) |
Comprehensive loss | 92,507 | 46,236 | 53,971 | (5,629) |
Less: comprehensive income (loss) attributable to noncontrolling interest | 288 | 557 | 368 | 122 |
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | 92,219 | 45,679 | 53,603 | (5,751) |
Ferrellgas, L.P. [Member] | ||||
Comprehensive income (loss): | ||||
Net income (loss) | 71,750 | 57,756 | 32,999 | 20,858 |
Other comprehensive income (loss): | ||||
Change in value on risk management derivatives | 36,957 | (11,212) | 42,724 | (24,839) |
Reclassification of (gains) losses on derivatives to earnings, net | (8,441) | 8,766 | (6,291) | 16,245 |
Pension liability adjustment | (109) | (109) | ||
Other comprehensive income (loss) | 28,516 | (2,555) | 36,433 | (8,703) |
Comprehensive loss | 100,266 | 55,201 | 69,432 | 12,155 |
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | $ 100,266 | $ 55,201 | $ 69,432 | $ 12,155 |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Deficit - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | $ (1,246,096,000) | $ (1,208,268,000) | $ (1,191,384,000) | $ (1,138,938,000) | $ (1,208,268,000) | $ (1,138,938,000) |
Contributions in connection with non-cash ESOP compensation charges | 762,000 | 708,000 | 630,000 | 795,000 | ||
Distributions | (157,000) | (1,000) | ||||
Net income (loss) | 63,991,000 | (46,453,000) | 48,791,000 | (45,717,000) | 17,538,000 | 3,074,000 |
Other comprehensive income (loss) | 28,516,000 | 7,917,000 | (2,555,000) | (6,148,000) | 36,433,000 | (8,703,000) |
Partners' capital balance, ending | (1,152,827,000) | (1,246,096,000) | (1,144,675,000) | (1,191,384,000) | (1,152,827,000) | (1,144,675,000) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | (1,375,000) | (1,375,000) | ||||
Accumulated Other Comprehensive Income (Loss) | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | 5,534,000 | (2,303,000) | (20,598,000) | (14,512,000) | (2,303,000) | (14,512,000) |
Other comprehensive income (loss) | 28,228,000 | 7,837,000 | (2,528,000) | (6,086,000) | ||
Partners' capital balance, ending | 33,762,000 | 5,534,000 | (23,126,000) | (20,598,000) | 33,762,000 | (23,126,000) |
Parent [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | (1,237,566,000) | (1,200,042,000) | (1,183,237,000) | (1,131,233,000) | (1,200,042,000) | (1,131,233,000) |
Contributions in connection with non-cash ESOP compensation charges | 754,000 | 701,000 | 624,000 | 787,000 | ||
Net income (loss) | 63,267,000 | (46,062,000) | 48,207,000 | (45,344,000) | ||
Other comprehensive income (loss) | 28,228,000 | 7,837,000 | (2,528,000) | (6,086,000) | ||
Partners' capital balance, ending | (1,145,317,000) | (1,237,566,000) | (1,136,934,000) | (1,183,237,000) | (1,145,317,000) | (1,136,934,000) |
Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | (1,361,000) | (1,361,000) | ||||
Non-Controlling Interest [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | (8,530,000) | (8,226,000) | (8,147,000) | (7,705,000) | (8,226,000) | (7,705,000) |
Contributions in connection with non-cash ESOP compensation charges | 8,000 | 7,000 | 6,000 | 8,000 | ||
Distributions | (157,000) | (1,000) | ||||
Net income (loss) | 724,000 | (391,000) | 584,000 | (373,000) | ||
Other comprehensive income (loss) | 288,000 | 80,000 | (27,000) | (62,000) | ||
Partners' capital balance, ending | $ (7,510,000) | $ (8,530,000) | $ (7,741,000) | (8,147,000) | $ (7,510,000) | (7,741,000) |
Non-Controlling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | $ (14,000) | $ (14,000) | ||||
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 |
Partners' capital balance, beginning | $ (1,171,359,000) | $ (1,126,452,000) | $ (1,091,704,000) | $ (1,046,245,000) | $ (1,126,452,000) | $ (1,046,245,000) |
Contributions in connection with non-cash ESOP compensation charges | 746,000 | 694,000 | 618,000 | 779,000 | ||
Distributions | 0 | |||||
Net income (loss) | $ 62,634,000 | $ (45,601,000) | $ 47,725,000 | $ (44,891,000) | ||
Partners' capital balance (in shares) | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 |
Partners' capital balance, ending | $ (1,107,979,000) | $ (1,171,359,000) | $ (1,043,361,000) | $ (1,091,704,000) | $ (1,107,979,000) | $ (1,043,361,000) |
Common Unitholders [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | $ (1,347,000) | $ (1,347,000) | ||||
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 |
Partners' capital balance, beginning | $ (71,741,000) | $ (71,287,000) | $ (70,935,000) | $ (70,476,000) | $ (71,287,000) | $ (70,476,000) |
Contributions in connection with non-cash ESOP compensation charges | 8,000 | 7,000 | 6,000 | 8,000 | ||
Net income (loss) | $ 633,000 | $ (461,000) | $ 482,000 | $ (453,000) | ||
Partners' capital balance (in shares) | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 |
Partners' capital balance, ending | $ (71,100,000) | $ (71,741,000) | $ (70,447,000) | $ (70,935,000) | $ (71,100,000) | $ (70,447,000) |
General Partner [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | (14,000) | (14,000) | ||||
Ferrellgas, L.P. [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | (862,117,000) | (831,991,000) | (824,130,000) | (780,403,000) | (831,991,000) | (780,403,000) |
Contributions in connection with non-cash ESOP compensation charges | 762,000 | 708,000 | 630,000 | 795,000 | ||
Distributions | (15,553,000) | (101,000) | ||||
Net income (loss) | 71,750,000 | (38,751,000) | 57,756,000 | (36,898,000) | 32,999,000 | 20,858,000 |
Other comprehensive income (loss) | 28,516,000 | 7,917,000 | (2,555,000) | (6,148,000) | 36,433,000 | (8,703,000) |
Partners' capital balance, ending | (761,089,000) | (862,117,000) | (783,852,000) | (824,130,000) | (761,089,000) | (783,852,000) |
Ferrellgas, L.P. [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | (1,375,000) | (1,375,000) | ||||
Ferrellgas, L.P. [Member] | Accumulated Other Comprehensive Income (Loss) | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | 5,604,000 | (2,313,000) | (20,795,000) | (14,647,000) | (2,313,000) | (14,647,000) |
Other comprehensive income (loss) | 28,516,000 | 7,917,000 | (2,555,000) | (6,148,000) | ||
Partners' capital balance, ending | 34,120,000 | 5,604,000 | (23,350,000) | (20,795,000) | 34,120,000 | (23,350,000) |
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | (859,121,000) | (821,462,000) | (795,385,000) | (758,186,000) | (821,462,000) | (758,186,000) |
Contributions in connection with non-cash ESOP compensation charges | 754,000 | 701,000 | 624,000 | 787,000 | ||
Distributions | (15,396,000) | (100,000) | ||||
Net income (loss) | 71,026,000 | (38,360,000) | 57,172,000 | (36,525,000) | ||
Partners' capital balance, ending | (787,341,000) | (859,121,000) | (752,985,000) | (795,385,000) | (787,341,000) | (752,985,000) |
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | (1,361,000) | (1,361,000) | ||||
Ferrellgas, L.P. [Member] | General Partner [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | (8,600,000) | (8,216,000) | (7,950,000) | (7,570,000) | (8,216,000) | (7,570,000) |
Contributions in connection with non-cash ESOP compensation charges | 8,000 | 7,000 | 6,000 | 8,000 | ||
Distributions | (157,000) | (1,000) | ||||
Net income (loss) | 724,000 | (391,000) | 584,000 | (373,000) | ||
Partners' capital balance, ending | $ (7,868,000) | $ (8,600,000) | $ (7,517,000) | (7,950,000) | $ (7,868,000) | (7,517,000) |
Ferrellgas, L.P. [Member] | General Partner [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||
Partners' capital balance, beginning | $ (14,000) | $ (14,000) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 6 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 17,538,000 | $ 3,074,000 |
Reconciliation of net loss to net cash provided by operating activities: | ||
Depreciation and amortization expense | 42,639,000 | 39,014,000 |
Non-cash employee stock ownership plan compensation charge | 1,470,000 | 1,425,000 |
Loss on asset sales and disposals | 893,000 | 4,383,000 |
Provision for doubtful accounts | 2,166,000 | 974,000 |
Deferred income tax expense (benefit) | 552,000 | |
Other | 3,995,000 | 7,498,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (107,008,000) | (68,322,000) |
Inventories | (17,809,000) | 1,980,000 |
Prepaid expenses and other current assets | (7,296,000) | (7,039,000) |
Accounts payable | 45,380,000 | 12,678,000 |
Accrued interest expense | 13,843,000 | 2,019,000 |
Other current liabilities | 45,062,000 | 2,095,000 |
Other assets and liabilities | 3,578,000 | 237,000 |
Net cash provided by operating activities | 44,451,000 | 568,000 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (6,400,000) | |
Capital expenditures | (35,333,000) | (33,422,000) |
Proceeds from sale of assets | 3,144,000 | 1,659,000 |
Cash payments to construct assets in connection with future lease transactions | (30,307,000) | |
Cash receipts in connection with leased vehicles | 19,929,000 | |
Net cash provided by (used in) investing activities | (32,189,000) | (48,541,000) |
Cash flows from financing activities: | ||
Payments on long-term debt | (1,120,000) | (972,000) |
Net additions to (reductions in) short-term borrowings | (3,000,000) | |
Net additions to (reductions in) collateralized short-term borrowings | 59,000,000 | |
Cash paid for financing costs | (14,960,000) | (3,925,000) |
Noncontrolling interest activity | (158,000) | |
Cash payments for principal portion of lease liability | (3,460,000) | (320,000) |
Net cash provided by (used in) financing activities | (19,540,000) | 50,625,000 |
Increase (decrease) in cash and cash equivalents | (7,278,000) | 2,652,000 |
Cash and cash equivalents - beginning of year | 333,761,000 | 11,054,000 |
Cash, cash equivalents and restricted cash - end of year | 326,483,000 | 13,706,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | (2,149) | (891) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Prepaid expenses and other current assets | 1,850 | 838 |
Net cash provided by operating activities | (299) | (53) |
Cash flows from financing activities: | ||
Capital contribution | 299 | 53 |
Net cash provided by (used in) financing activities | 299 | 53 |
Cash and cash equivalents - beginning of year | 1,000 | 1,000 |
Cash, cash equivalents and restricted cash - end of year | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | 32,999,000 | 20,858,000 |
Reconciliation of net loss to net cash provided by operating activities: | ||
Depreciation and amortization expense | 42,639,000 | 39,014,000 |
Non-cash employee stock ownership plan compensation charge | 1,470,000 | 1,425,000 |
Loss on asset sales and disposals | 893,000 | 4,383,000 |
Provision for doubtful accounts | 2,166,000 | 974,000 |
Deferred income tax expense (benefit) | 552,000 | |
Other | 3,996,000 | 5,216,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (107,008,000) | (68,322,000) |
Inventories | (17,809,000) | 1,980,000 |
Prepaid expenses and other current assets | (7,535,000) | (7,109,000) |
Accounts payable | 45,380,000 | 12,678,000 |
Accrued interest expense | 72,000 | 2,019,000 |
Other current liabilities | 43,861,000 | 2,095,000 |
Other assets and liabilities | 3,327,000 | 237,000 |
Net cash provided by operating activities | 44,451,000 | 16,000,000 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (6,400,000) | |
Capital expenditures | (35,333,000) | (33,422,000) |
Proceeds from sale of assets | 3,144,000 | 1,659,000 |
Cash payments to construct assets in connection with future lease transactions | (30,307,000) | |
Cash receipts in connection with leased vehicles | 19,929,000 | |
Loan to Ferrellgas Partners, L.P. | (19,900,000) | |
Net cash provided by (used in) investing activities | (52,089,000) | (48,541,000) |
Cash flows from financing activities: | ||
Distributions | (15,654,000) | |
Payments on long-term debt | (1,120,000) | (972,000) |
Net additions to (reductions in) short-term borrowings | (3,000,000) | |
Net additions to (reductions in) collateralized short-term borrowings | 59,000,000 | |
Cash paid for financing costs | (14,960,000) | (3,916,000) |
Cash payments for principal portion of lease liability | (3,460,000) | (320,000) |
Net cash provided by (used in) financing activities | (19,540,000) | 35,138,000 |
Increase (decrease) in cash and cash equivalents | (27,178,000) | 2,597,000 |
Cash and cash equivalents - beginning of year | 333,755,000 | 11,046,000 |
Cash, cash equivalents and restricted cash - end of year | 306,577,000 | 13,643,000 |
Ferrellgas Finance Corp. [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | (1,803) | (3,906) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Prepaid expenses and other current assets | (3,750) | 3 |
Net cash provided by operating activities | (5,553) | (3,903) |
Cash flows from financing activities: | ||
Capital contribution | 5,553 | 3,903 |
Net cash provided by (used in) financing activities | 5,553 | 3,903 |
Cash and cash equivalents - beginning of year | 1,100 | 1,100 |
Cash, cash equivalents and restricted cash - end of year | $ 1,100 | $ 1,100 |
Partnership Organization And Fo
Partnership Organization And Formation | 6 Months Ended |
Jan. 31, 2021 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Partnership organization and formation Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed on April 19, 1994, and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the “operating partnership”). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of January 31, 2021, Ferrell Companies, Inc., a Kansas corporation (“Ferrell Companies”), beneficially owns 22.8 million of Ferrellgas Partners’ outstanding common units. Ferrellgas, Inc., a Delaware corporation and a wholly-owned subsidiary of Ferrell Companies, is the sole general partner of Ferrellgas Partners and one of three general partners of the operating partnership. Ferrellgas, Inc. has retained an approximate 1% general partner economic interest in Ferrellgas Partners and also holds an approximate 1% general partner economic interest in the operating partnership, representing an effective 2% general partner economic interest in Ferrellgas on a combined basis. As the sole general partner of Ferrellgas Partners, Ferrellgas, Inc. performs all management functions required by Ferrellgas Partners. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. The term “general partner” (i) with respect to Ferrellgas Partners refers to Ferrellgas, Inc. and (ii) with respect to the operating partnership refers to (a) Ferrellgas, Inc., in the case of any economic general partner interest and (b) Ferrellgas, Inc., Ferrellgas GP II, LLC and Ferrellgas GP III, LLC, collectively, in the case of any voting general partner interest. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of any debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is primarily engaged in the retail distribution of propane and related equipment sales. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. Due to seasonality, the results of operations for the six months ended January 31, 2021 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2021. The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas’ Annual Report on Form 10‑K for fiscal 2020. Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities in the normal course of business. Ferrellgas Partners has outstanding $357.0 million principal amount of unsecured notes due June 15, 2020 (the “Ferrellgas Partners Notes due 2020”), which Ferrellgas Partners failed to repay when due at maturity. The Ferrellgas Partners Notes due 2020 were classified as current on the consolidated balance sheet as of July 31, 2020. As a result of the filing of the Chapter 11 Cases (as defined and described below under “—Transaction Support Agreement and Chapter 11 Bankruptcy Cases”), the Ferrellgas Partners Notes due 2020 were reclassified as liabilities subject to compromise on the condensed consolidated balance sheet as of January 31, 2021. Additionally, the operating partnership has outstanding $500.0 million principal amount of unsecured notes due May 1, 2021, that are classified as current in the condensed consolidated financial statements. The ability of Ferrellgas Partners to restructure, refinance or otherwise satisfy these notes is uncertain. Given these concerns, Ferrellgas Partners believes there is substantial doubt about the entity’s ability to continue as a going concern. Ferrellgas has engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in its ongoing process to reduce existing debt and address its debt maturities. See Note F – Debt below for further discussion of the outstanding debt. Transaction Support Agreement and Chapter 11 Bankruptcy Cases On December 10, 2020, Ferrellgas Partners, Ferrellgas Partners Finance Corp., the operating partnership, Ferrellgas, Inc., Ferrellgas GP II, LLC, Ferrellgas GP III, LLC and certain of their affiliates (collectively, the “Ferrellgas Parties”) entered into a Transaction Support Agreement (the “TSA”) with certain holders of, or investment advisors, sub-advisors, or managers of discretionary accounts that hold, claims (collectively, the “Consenting Noteholders”) arising under, derived from or based upon the indenture governing the Ferrellgas Partners Notes due 2020. The TSA sets forth (i) a restructuring process to satisfy the obligations of Ferrellgas Partners and Ferrellgas Partners Finance Corp. under the Ferrellgas Partners Notes due 2020 (the “Ferrellgas Partners Transactions”), which would be effectuated through pre-packaged voluntary cases (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) to be filed by only Ferrellgas Partners and Ferrellgas Partners Finance Corp. and the confirmation of a pre-packaged joint plan of reorganization for Ferrellgas Partners and Ferrellgas Partners Finance Corp. (the “Plan”), and (ii) a refinancing process of the operating partnership, including but not limited to, replacement of the operating partnership’s existing unsecured notes due 2021, 2022 and 2023 (the “operating partnership Transactions” and, together with the Ferrellgas Partners Transactions, the “TSA Transactions”), which would be consummated on the effective date (the “Effective Date”) of the Plan implementing the Ferrellgas Partners Transactions and would close simultaneously with the Ferrellgas Partners Transactions effectuated under the Plan. Generally, the TSA contemplates, among other things, the TSA Transactions and certain changes to the capital structure and governance of the Ferrellgas Parties as described in more detail in the TSA. Pursuant to the TSA, and subject to the terms and conditions thereof, the parties thereto agreed to support, act in good faith and take all steps reasonably necessary and desirable to implement and consummate the TSA Transactions until the TSA Transactions are consummated or the TSA is terminated. The Consenting Noteholders agreed, among other things, (i) to forbear from taking actions with respect to any default or event of default by the Ferrellgas Parties under the indenture governing the Ferrellgas Partners Notes due 2020 which arises solely as a result of the failure to make payments of the principal due on the Ferrellgas Partners Notes due 2020, and (ii) to vote in favor of any matter requiring approval to the extent necessary to implement the TSA Transactions and the Plan. The TSA contains certain milestones relating to the commencement of the solicitation of acceptances of the Plan (the “Solicitation”) from holders of the Ferrellgas Partners Notes due 2020 and holders of Ferrellgas Partners’ common units, the refinancing process and the Chapter 11 Cases, which include the dates by which Ferrellgas Partners was required to commence the Solicitation and, thereafter, commence the Chapter 11 Cases or obtain certain approval orders of the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). In addition, the milestones include the obligation of Ferrellgas Partners and Ferrellgas Partners Finance Corp. to emerge from chapter 11 protection no later than April 4, 2021, unless that deadline is extended pursuant to the terms of the TSA. The TSA also provides that the TSA may be terminated by the Required Consenting Noteholders (as defined therein) with respect to the Consenting Noteholders or by any Ferrellgas Party with respect to the Ferrellgas Parties upon the occurrence of certain events set forth therein. In particular, the Ferrellgas Parties may terminate the TSA in the event the governing body of any Ferrellgas Party determines, after consulting with counsel, (i) that continuing to pursue any of the TSA Transactions in the manner contemplated by the TSA would be inconsistent with the exercise of its contractual or fiduciary duties or applicable law or (ii) in the exercise of its contractual or fiduciary duties, to pursue an alternative transaction proposal. Ferrellgas Partners and Ferrellgas Partners Finance Corp. commenced the Solicitation on December 21, 2020 and by January 22, 2021 received sufficient votes from the requisite holders of the Ferrellgas Partners Notes due 2020 and the requisite holders of Ferrellgas Partners’ common units to obtain approval of the Plan from the Bankruptcy Court. Subject to any changes, the Solicitation process is complete. The Plan remains subject to the approval of the Bankruptcy Court. On January 11, 2021, Ferrellgas Partners and Ferrellgas Partners Finance Corp. commenced the Chapter 11 Cases by filing voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Chapter 11 Cases are being jointly administered under the caption and case numbers, In re: Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. , Chapter 11 Case Nos. 21-10020 and 21-10021. Following the filing of the Chapter 11 Cases, Ferrellgas Partners and Ferrellgas Partners Finance Corp. have continued, and plan to continue, to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and order of the Bankruptcy Court. There is no assurance that the Plan will be approved by the Bankruptcy Court or that the TSA Transactions will be consummated and the outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. Additionally, see Note F – Debt below for further discussion of the outstanding debt. Term loan credit agreement with Ferrellgas, L.P. On January 8, 2021, Ferrellgas Partners entered into a term loan credit agreement with Ferrellgas, L.P., pursuant to which Ferrellgas, L.P. extended to Ferrellgas Partners an unsecured non-amortizing loan in aggregate principal amount of $19.9 million. The term loan bears interest at a rate of 20% per annum, and all interest on the term loan will be added to the outstanding principal amount of the term loan. The term loan will mature on July 1, 2022. The proceeds of the term loan will be used to pay costs and expenses incurred in connection with the Chapter 11 Cases in a manner consistent with a budget and cash flow forecast acceptable to Ferrellgas, L.P. See Note N – Condensed parent only debtor-in-possession financial information for further detail. |
Ferrellgas Partners Finance Corp. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Formation Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996, and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (“Ferrellgas Partners”). Ferrellgas Partners contributed $1,000 to the Finance Corp. on April 8, 1996 in exchange for 1,000 shares of common stock. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities in the normal course of business. As discussed in Note B – Contingencies and commitments, the Finance Corp serves as co-issuer and co-obligor for debt securities of Ferrellgas Partners. Ferrellgas Partners has outstanding $357.0 million principal amount of unsecured notes due June 15, 2020 (the “Ferrellgas Partners Notes due 2020”), which Ferrellgas Partners failed to repay when due at maturity. The Ferrellgas Partners Notes due 2020 were classified as current on Ferrellgas Partners’ consolidated balance sheet as of July 31, 2020. These obligations are only reported on Ferrellgas Partners’ condensed consolidated balance sheet. As a result of the filing of the Chapter 11 Cases (as defined and described below under “Transaction Support Agreement and Chapter 11 Bankruptcy Cases”), the Ferrellgas Partners Notes due 2020 were reclassified as liabilities subject to compromise on Ferrellgas Partners’ condensed consolidated balance sheet as of January 31, 2021. Additionally, the operating partnership has outstanding $500.0 million principal amount of unsecured notes due May 1, 2021, that are classified as current in the operating partnership’s condensed consolidated financial statements. The ability of Ferrellgas Partners to restructure, refinance or otherwise satisfy these notes is uncertain. Additionally, the Finance Corp. does not have sufficient cash reserves or the ability to generate sufficient future cash flows to satisfy its obligations as co-obligor of the debt securities of Ferrellgas Partners. Given these concerns, we believe there is substantial doubt about the Finance Corp.’s ability to continue as a going concern. Ferrellgas has engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in its ongoing process to reduce existing debt and address its debt maturities. Transaction Support Agreement and Chapter 11 Bankruptcy Cases On December 10, 2020, Ferrellgas Partners, the Finance Corp., the operating partnership Ferrellgas, Inc., Ferrellgas GP II, LLC, Ferrellgas GP III, LLC and certain of their affiliates (collectively, the “Ferrellgas Parties”) entered into a Transaction Support Agreement (the “TSA”) with certain holders of, or investment advisors, sub-advisors, or managers of discretionary accounts that hold, claims (collectively, the “Consenting Noteholders”) arising under, derived from or based upon the indenture governing the Ferrellgas Partners Notes due 2020 The TSA sets forth (i) a restructuring process to satisfy the obligations of Ferrellgas Partners and the Finance Corp. under the Ferrellgas Partners Notes due 2020 (the “Ferrellgas Partners Transactions”), which would be effectuated through pre-packaged voluntary cases (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) to be filed by only Ferrellgas Partners and the Finance Corp. and the confirmation of a pre-packaged joint plan of reorganization for Ferrellgas Partners and the Finance Corp. (the “Plan”), and (ii) a refinancing process of the operating partnership, including but not limited to, replacement of the operating partnership’s existing unsecured notes due 2021, 2022 and 2023 (the “operating partnership Transactions” and, together with the Ferrellgas Partners Transactions, the “TSA Transactions”), which would be consummated on the effective date (the “Effective Date”) of the Plan implementing the Ferrellgas Partners Transactions and would close simultaneously with the Ferrellgas Partners Transactions effectuated under the Plan. Generally, the TSA contemplates, among other things, the TSA Transactions and certain changes to the capital structure and governance of the Ferrellgas Parties as described in more detail in the TSA. Pursuant to the TSA, and subject to the terms and conditions thereof, the parties thereto agreed to support, act in good faith and take all steps reasonably necessary and desirable to implement and consummate the TSA Transactions until the TSA Transactions are consummated or the TSA is terminated. The Consenting Noteholders agreed, among other things, (i) to forbear from taking actions with respect to any default or event of default by the Ferrellgas Parties under the indenture governing the Ferrellgas Partners Notes due 2020 which arises solely as a result of the failure to make payments of the principal due on the Ferrellgas Partners Notes due 2020, and (ii) to vote in favor of any matter requiring approval to the extent necessary to implement the TSA Transactions and the Plan. The TSA contains certain milestones relating to the commencement of the solicitation of acceptances of the Plan (the “Solicitation”) from holders of the Ferrellgas Partners Notes due 2020 and holders of Ferrellgas Partners’ common units, the refinancing process and the Chapter 11 Cases, which include the dates by which Ferrellgas Partners was required to commence the Solicitation and, thereafter, commence the Chapter 11 Cases or obtain certain approval orders of the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). In addition, the milestones include the obligation of Ferrellgas Partners and the Finance Corp. to emerge from chapter 11 protection no later than April 4, 2021, unless that deadline is extended pursuant to the terms of the TSA. The TSA also provides that the TSA may be terminated by the Required Consenting Noteholders (as defined therein) with respect to the Consenting Noteholders or by any Ferrellgas Party with respect to the Ferrellgas Parties upon the occurrence of certain events set forth therein. In particular, the Ferrellgas Parties may terminate the TSA in the event the governing body of any Ferrellgas Party determines, after consulting with counsel, (i) that continuing to pursue any of the TSA Transactions in the manner contemplated by the TSA would be inconsistent with the exercise of its contractual or fiduciary duties or applicable law or (ii) in the exercise of its contractual or fiduciary duties, to pursue an alternative transaction proposal. Ferrellgas Partners and the Finance Corp. commenced the Solicitation on December 21, 2020 and by January 22, 2021 received sufficient votes from the requisite holders of the Ferrellgas Partners Notes due 2020 and the requisite holders of Ferrellgas Partners’ common units to obtain approval of the Plan from the Bankruptcy Court. Subject to any changes, the Solicitation process is complete. The Plan remains subject to the approval of the Bankruptcy Court. On January 11, 2021, Ferrellgas Partners and the Finance Corp. commenced the Chapter 11 Cases by filing voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Chapter 11 Cases are being jointly administered under the caption and case numbers, In re: Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. , Chapter 11 Case Nos. 21-10020 and 21-10021. Following the filing of the Chapter 11 Cases, Ferrellgas Partners and the Finance Corp. have continued, and plan to continue, to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and order of the Bankruptcy Court. There is no assurance that the Plan will be approved by the Bankruptcy Court or that the TSA Transactions will be consummated, and the outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. |
Ferrellgas, L.P. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Partnership organization and formation Ferrellgas, L.P. 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., a Delaware corporation and a wholly-owned subsidiary of Ferrell Companies, Inc., a Kansas corporation (“Ferrell Companies”), is the sole general partner of Ferrellgas Partners and one of three general partners of Ferrellgas, L.P. Ferrellgas, Inc. has retained an approximate 1% general partner economic interest in Ferrellgas Partners and also holds an approximate 1% general partner economic interest in Ferrellgas, L.P., representing an effective 2% general partner economic interest in Ferrellgas, L.P. on a combined basis. As the sole general partner of Ferrellgas Partners, Ferrellgas, Inc. performs all management functions required by Ferrellgas Partners. Ferrellgas Partners and Ferrellgas, L.P., collectively referred to as “Ferrellgas,” are governed by their respective partnership agreements. These agreements contain specific provisions for the allocation of net earnings and loss to each of the partners for purposes of maintaining the partner capital accounts. The term “general partner” (i) with respect to Ferrellgas Partners refers to Ferrellgas, Inc. and (ii) with respect to Ferrellgas, L.P. refers to (a) Ferrellgas, Inc., in the case of any economic general partner interest and (b) Ferrellgas, Inc., Ferrellgas GP II, LLC and Ferrellgas GP III, LLC, collectively, in the case of any voting general partner interest. As the general partners of Ferrellgas, L.P., Ferrellgas, Inc., Ferrellgas GP II, LLC and Ferrellgas GP III, LLC each have an equal vote and all general partner matters of Ferrellgas, L.P. are determined by the vote or consent of a majority of such entities. The general partners perform all management functions required by Ferrellgas, L.P. The general partner interests held by Ferrellgas GP II, LLC and Ferrellgas GP III, LLC are strictly voting and non-economic. Unless contractually provided for, creditors of Ferrellgas, L.P. have no recourse with regards to Ferrellgas Partners. 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, L.P. serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. Due to seasonality, the results of operations for the six months ended January 31, 2021 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2021. The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10‑K for fiscal 2020. Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities in the normal course of business. Ferrellgas, L.P. has $500.0 million in unsecured notes due May 1, 2021, that are classified as current in its condensed consolidated financial statements. Additionally, Ferrellgas Partners has outstanding $357.0 million principal amount of unsecured notes due June 15, 2020 (the “Ferrellgas Partners Notes due 2020”), which Ferrellgas Partners failed to repay when due at maturity. The Ferrellgas Partners Notes due 2020 were classified as current on the consolidated balance sheet as of July 31, 2020. As a result of the filing of the Chapter 11 Cases (as defined and described below under “Transaction Support Agreement and Chapter 11 Bankruptcy Cases”), the Ferrellgas Partners Notes due 2020 were reclassified as liabilities subject to compromise on the condensed consolidated balance sheet as of January 31, 2021. The ability of Ferrellgas Partners to restructure, refinance or otherwise satisfy these notes is uncertain. Given these concerns, Ferrellgas Partners believes there is substantial doubt about Ferrellgas, L.P.’s ability to continue as a going concern. Ferrellgas has engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in its ongoing process to reduce existing debt and address its debt maturities. See Note F – Debt below for further discussion of the outstanding debt. Transaction Support Agreement and Chapter 11 Bankruptcy Cases On December 10, 2020, Ferrellgas Partners, Ferrellgas Partners Finance Corp., Ferrellgas, L.P., Ferrellgas, Inc., Ferrellgas GP II, LLC, Ferrellgas GP III, LLC and certain of their affiliates (collectively, the “Ferrellgas Parties”) entered into a Transaction Support Agreement (the “TSA”) with certain holders of, or investment advisors, sub-advisors, or managers of discretionary accounts that hold, claims (collectively, the “Consenting Noteholders”) arising under, derived from or based upon the indenture governing the Ferrellgas Partners Notes due 2020. The TSA sets forth (i) a restructuring process to satisfy the obligations of Ferrellgas Partners and Ferrellgas Partners Finance Corp. under the Ferrellgas Partners Notes due 2020 (the “Ferrellgas Partners Transactions”), which would be effectuated through pre-packaged voluntary cases (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) to be filed by only Ferrellgas Partners and Ferrellgas Partners Finance Corp. and the confirmation of a pre-packaged joint plan of reorganization for Ferrellgas Partners and Ferrellgas Partners Finance Corp.(the “Plan”), and (ii) a refinancing process of Ferrellgas, L.P., including but not limited to, replacement of Ferrellgas, L.P.’s existing unsecured notes due 2021, 2022 and 2023 (the “operating partnership Transactions” and, together with the Ferrellgas Partners Transactions, the “TSA Transactions”), which would be consummated on the effective date (the “Effective Date”) of the Plan implementing the Ferrellgas Partners Transactions and would close simultaneously with the Ferrellgas Partners Transactions effectuated under the Plan. Generally, the TSA contemplates, among other things, the TSA Transactions and certain changes to the capital structure and governance of the Ferrellgas Parties as described in more detail in the TSA. Pursuant to the TSA, and subject to the terms and conditions thereof, the parties thereto agreed to support, act in good faith and take all steps reasonably necessary and desirable to implement and consummate the TSA Transactions until the TSA Transactions are consummated or the TSA is terminated. The Consenting Noteholders agreed, among other things, (i) to forbear from taking actions with respect to any default or event of default by the Ferrellgas Parties under the indenture governing the Ferrellgas Partners Notes due 2020 which arises solely as a result of the failure to make payments of the principal due on the Ferrellgas Partners Notes due 2020, and (ii) to vote in favor of any matter requiring approval to the extent necessary to implement the TSA Transactions and the Plan. The TSA contains certain milestones relating to the commencement of the solicitation of acceptances of the Plan (the “Solicitation”) from holders of the Ferrellgas Partners Notes due 2020 and holders of Ferrellgas Partners’ common units, the refinancing process and the Chapter 11 Cases, which include the dates by which Ferrellgas Partners was required to commence the Solicitation and, thereafter, commence the Chapter 11 Cases or obtain certain approval orders of the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). In addition, the milestones include the obligation of Ferrellgas Partners and Ferrellgas Partners Finance Corp. to emerge from chapter 11 protection no later than April 4, 2021, unless that deadline is extended pursuant to the terms of the TSA. The TSA also provides that the TSA may be terminated by the Required Consenting Noteholders (as defined therein) with respect to the Consenting Noteholders or by any Ferrellgas Party with respect to the Ferrellgas Parties upon the occurrence of certain events set forth therein. In particular, the Ferrellgas Parties may terminate the TSA in the event the governing body of any Ferrellgas Party determines, after consulting with counsel, (i) that continuing to pursue any of the TSA Transactions in the manner contemplated by the TSA would be inconsistent with the exercise of its contractual or fiduciary duties or applicable law or (ii) in the exercise of its contractual or fiduciary duties, to pursue an alternative transaction proposal. Ferrellgas Partners and Ferrellgas Partners Finance Corp. commenced the Solicitation on December 21, 2020 and by January 22, 2021 received sufficient votes from the requisite holders of the Ferrellgas Partners Notes due 2020 and the requisite holders of Ferrellgas Partners’ common units to obtain approval of the Plan from the Bankruptcy Court. Subject to any changes, the Solicitation process is complete. The Plan remains subject to the approval of the Bankruptcy Court. On January 11, 2021, Ferrellgas Partners and Ferrellgas Partners Finance Corp. commenced the Chapter 11 Cases by filing voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Chapter 11 Cases are being jointly administered under the caption and case numbers, In re: Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. , Chapter 11 Case Nos. 21-10020 and 21-10021. Following the filing of the Chapter 11 Cases, Ferrellgas Partners and Ferrellgas Partners Finance Corp. have continued, and plan to continue, to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and order of the Bankruptcy Court. There is no assurance that the Plan will be approved by the Bankruptcy Court or that the TSA Transactions will be consummated and the outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. Additionally, see Note F – Debt below for further discussion of the outstanding debt. |
Ferrellgas Finance Corp. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
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 “operating partnership”). The operating partnership contributed $1,000 to the Finance Corp. on January 24, 2003 in exchange for 1,000 shares of common stock. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities in the normal course of business. As discussed in Note B – Contingencies and commitments, the Finance Corp serves as co-issuer and co-obligor for debt securities of the operating partnership. The operating partnership has outstanding $500.0 million principal amount of unsecured notes due May 1, 2021, that are classified as current in the operating partnership’s condensed consolidated financial statements. This obligation is only reported on the operating partnership’s condensed consolidated balance sheet. The ability of the operating partnership to restructure, refinance or otherwise satisfy these notes is uncertain. Additionally, the Finance Corp. does not have sufficient cash reserves or the ability to generate sufficient future cash flows to satisfy its obligations as co-obligor of the debt securities of the operating partnership. Given these concerns, we believe there is substantial doubt about the Finance Corp.’s ability to continue as a going concern. Ferrellgas has engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in its ongoing process to reduce existing debt and address its debt maturities. Transaction Support Agreement and Chapter 11 Bankruptcy Cases On December 10, 2020, Ferrellgas Partners, Ferrellgas Partners Finance Corp., the operating partnership, the Finance Corp., Ferrellgas, Inc., Ferrellgas GP II, LLC, Ferrellgas GP III, LLC and certain of their affiliates (collectively, the “Ferrellgas Parties”) entered into a Transaction Support Agreement (the “TSA”) with certain holders of, or investment advisors, sub-advisors, or managers of discretionary accounts that hold, claims (collectively, the “Consenting Noteholders”) arising under, derived from or based upon the indenture governing the Ferrellgas Partners Notes due 2020. The TSA sets forth (i) a restructuring process to satisfy the obligations of Ferrellgas Partners and Ferrellgas Partners Finance Corp. under the Ferrellgas Partners Notes due 2020 (the “Ferrellgas Partners Transactions”), which would be effectuated through pre-packaged voluntary cases (the “Chapter 11 Cases”) under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) to be filed by only Ferrellgas Partners and Ferrellgas Partners Finance Corp. and the confirmation of a pre-packaged joint plan of reorganization for Ferrellgas Partners and Ferrellgas Partners Finance Corp. (the “Plan”), and (ii) a refinancing process of the operating partnership and the Finance Corp., including but not limited to, replacement of the operating partnership’s and the Finance Corp.’s existing unsecured notes due 2021, 2022 and 2023 (the “operating partnership Transactions” and, together with the Ferrellgas Partners Transactions, the “TSA Transactions”), which would be consummated on the effective date (the “Effective Date”) of the Plan implementing the Ferrellgas Partners Transactions and would close simultaneously with the Ferrellgas Partners Transactions effectuated under the Plan. Generally, the TSA contemplates, among other things, the TSA Transactions and certain changes to the capital structure and governance of the Ferrellgas Parties as described in more detail in the TSA. Pursuant to the TSA, and subject to the terms and conditions thereof, the parties thereto agreed to support, act in good faith and take all steps reasonably necessary and desirable to implement and consummate the TSA Transactions until the TSA Transactions are consummated or the TSA is terminated. The Consenting Noteholders agreed, among other things, (i) to forbear from taking actions with respect to any default or event of default by the Ferrellgas Parties under the indenture governing the Ferrellgas Partners Notes due 2020 which arises solely as a result of the failure to make payments of the principal due on the Ferrellgas Partners Notes due 2020, and (ii) to vote in favor of any matter requiring approval to the extent necessary to implement the TSA Transactions and the Plan. The TSA contains certain milestones relating to the commencement of the solicitation of acceptances of the Plan (the “Solicitation”) from holders of the Ferrellgas Partners Notes due 2020 and holders of Ferrellgas Partners’ common units, the refinancing process and the Chapter 11 Cases, which include the dates by which Ferrellgas Partners was required to commence the Solicitation and, thereafter, commence the Chapter 11 Cases or obtain certain approval orders of the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). In addition, the milestones include the obligation of Ferrellgas Partners and the Finance Corp. to emerge from chapter 11 protection no later than April 4, 2021, unless that deadline is extended pursuant to the terms of the TSA. The TSA also provides that the TSA may be terminated by the Required Consenting Noteholders (as defined therein) with respect to the Consenting Noteholders or by any Ferrellgas Party with respect to the Ferrellgas Parties upon the occurrence of certain events set forth therein. In particular, the Ferrellgas Parties may terminate the TSA in the event the governing body of any Ferrellgas Party determines, after consulting with counsel, (i) that continuing to pursue any of the TSA Transactions in the manner contemplated by the TSA would be inconsistent with the exercise of its contractual or fiduciary duties or applicable law or (ii) in the exercise of its contractual or fiduciary duties, to pursue an alternative transaction proposal. Ferrellgas Partners and Ferrellgas Partners Finance Corp. commenced the Solicitation on December 21, 2020 and by January 22, 2021 received sufficient votes from the requisite holders of the Ferrellgas Partners Notes due 2020 and the requisite holders of Ferrellgas Partners’ common units to obtain approval of the Plan from the Bankruptcy Court. Subject to any changes, the Solicitation process is complete. The Plan remains subject to the approval of the Bankruptcy Court. On January 11, 2021, Ferrellgas Partners and Ferrellgas Partners Finance Corp. commenced the Chapter 11 Cases by filing voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. The Chapter 11 Cases are being jointly administered under the caption and case numbers, In re: Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. , Chapter 11 Case Nos. 21-10020 and 21-10021. Following the filing of the Chapter 11 Cases, Ferrellgas Partners and Ferrellgas Partners Finance Corp. have continued, and plan to continue, to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and order of the Bankruptcy Court. There is no assurance that the Plan will be approved by the Bankruptcy Court or that the TSA Transactions will be consummated, and the outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jan. 31, 2021 | |
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 condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for expected credit losses, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use asset and lease liability, fair values of derivative contracts and stock-based compensation calculations. Update to accounting estimates: On August 1, 2020 Ferrellgas adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) . As a result, we updated our significant accounting policies for the measurement of expected credit losses below. Allowance for expected credit losses Ferrellgas closely monitors accounts receivable balances and estimates the allowance for expected credit losses. The estimate is primarily based on historical collection experience and other factors, including those related to current market conditions and events. The expected credit losses associated with accounts receivable have not historically been material and the adoption impact on Ferrellgas’ allowance for expected credit losses was immaterial as of January 31, 2021. (2) New accounting standards: 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 adopted the amended guidance effective August 1, 2020. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. |
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 condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for expected credit losses, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use asset and lease liability, fair values of derivative contracts and stock-based compensation calculations. Update to accounting estimates: On August 1, 2020 Ferrellgas, L.P. adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) . As a result, we updated our significant accounting policies for the measurement of expected credit losses below. Allowance for expected credit losses Ferrellgas, L.P. closely monitors accounts receivable balances and estimates the allowance for expected credit losses. The estimate is primarily based on historical collection experience and other factors, including those related to current market conditions and events. The expected credit losses associated with accounts receivable have not historically been material and the adoption impact on Ferrellgas, L.P.’s allowance for expected credit losses was immaterial as of January 31, 2021. (2) New accounting standards: 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. adopted the amended guidance effective August 1, 2020. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. . |
Leases
Leases | 6 Months Ended |
Jan. 31, 2021 | |
Leases | C. Leases The following table provides the operating and financing ROU assets and lease liabilities as of January 31, 2021 and July 31, 2020: Leases Classification January 31, 2021 July 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 97,249 $ 107,349 Financing lease assets Other assets, net 38,045 41,426 Total leased assets $ 135,294 $ 148,775 Liabilities Current Operating Current operating lease liabilities $ 27,895 $ 29,345 Financing Other current liabilities 7,405 6,955 Noncurrent Operating Operating lease liabilities 80,901 89,022 Financing Other liabilities 30,537 33,473 Total leased liabilities $ 146,738 $ 158,795 The following table provides the lease expenses for the three and six months ended January 31, 2021 and 2020: For the three months ended January 31, For the six months ended January 31, Leases expense Classification 2021 2020 2021 2020 Operating lease expense Operating expense - personnel, vehicle, plant and other $ 1,497 $ 1,664 $ 3,280 $ 3,405 Operating expense - equipment lease expense 6,513 8,156 12,955 15,763 Cost of sales - propane and other gas liquids sales 492 324 1,018 713 General and administrative expense 194 697 476 963 Total operating lease expense 8,696 10,841 17,729 20,844 Short-term expense Operating expense - personnel, vehicle, plant and other 1,873 2,012 3,905 3,966 General and administrative expense 123 141 364 251 Total short-term expense 1,996 2,153 4,269 4,217 Variable lease expense Operating expense - personnel, vehicle, plant and other 798 671 1,544 1,346 Operating expense - equipment lease expense 349 153 737 886 Total variable lease expense 1,147 824 2,281 2,232 Finance lease expense: Amortization of leased assets Depreciation and amortization expense 2,189 435 4,354 475 Interest on lease liabilities Interest expense 963 318 1,908 360 Total finance lease expense 3,152 753 6,262 835 Total lease expense (a) $ 14,991 $ 14,571 $ 30,541 $ 28,128 (a) For the three and six months ended January 31, 2021 Ferrellgas also recognized $0.1 million and $0.2 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to various Midstream dispositions, and for which Ferrellgas does not anticipate any future economic benefit. For the three and six months ended January 31, 2020 Ferrellgas also recognized $0.1 million and $0.2 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to various Midstream dispositions, and for which Ferrellgas does not anticipate any future economic benefit. Minimum annual payments under existing operating and finance lease liabilities as of January 31, 2021 are as follows: Maturities of lease liabilities Operating leases Finance leases Total $ 17,114 $ 7,186 $ 24,300 28,110 9,851 37,961 35,875 7,851 43,726 19,055 7,262 26,317 13,616 7,273 20,889 Thereafter 21,886 10,892 32,778 Total lease payments $ 135,656 $ 50,315 $ 185,971 Less: Imputed interest 26,860 12,373 39,233 Present value of lease liabilities $ 108,796 $ 37,942 $ 146,738 The following table represents the weighted-average remaining lease term and discount rate as of January 31, 2021: As of January 31, 2021 Lease type Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases Finance leases Cash flow information is presented below: For the six months ended January 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 17,546 $ 21,647 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 1,729 $ 360 Financing cash flows $ 3,460 $ 320 |
Ferrellgas, L.P. [Member] | |
Leases | C. Leases The following table provides the operating and financing ROU assets and lease liabilities as of January 31, 2021 and July 31, 2020: Leases Classification January 31, 2021 July 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 97,249 $ 107,349 Financing lease assets Other assets, net 38,045 41,426 Total leased assets $ 135,294 $ 148,775 Liabilities Current Operating Current operating lease liabilities $ 27,895 $ 29,345 Financing Other current liabilities 7,405 6,955 Noncurrent Operating Operating lease liabilities 80,901 89,022 Financing Other liabilities 30,537 33,473 Total leased liabilities $ 146,738 $ 158,795 The following table provides the lease expenses for the three and six months ended January 31, 2021 and 2020: For the three months ended January 31, For the six months ended January 31, Leases expense Classification 2021 2020 2021 2020 Operating lease expense Operating expense - personnel, vehicle, plant and other $ 1,497 $ 1,664 $ 3,280 $ 3,405 Operating expense - equipment lease expense 6,513 8,156 12,955 15,763 Cost of sales - propane and other gas liquids sales 492 324 1,018 713 General and administrative expense 194 697 476 963 Total operating lease expense 8,696 10,841 17,729 20,844 Short-term expense Operating expense - personnel, vehicle, plant and other 1,873 2,012 3,905 3,966 General and administrative expense 123 141 364 251 Total short-term expense 1,996 2,153 4,269 4,217 Variable lease expense Operating expense - personnel, vehicle, plant and other 798 671 1,544 1,346 Operating expense - equipment lease expense 349 153 737 886 Total variable lease expense 1,147 824 2,281 2,232 Finance lease expense: Amortization of leased assets Depreciation and amortization expense 2,189 435 4,354 475 Interest on lease liabilities Interest expense 963 318 1,908 360 Total finance lease expense 3,152 753 6,262 835 Total lease expense (a) $ 14,991 $ 14,571 $ 30,541 $ 28,128 (a) For the three and six months ended January 31, 2021 Ferrellgas, L.P. also recognized $0.1 million and $0.2 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to various Midstream dispositions, and for which Ferrellgas does not anticipate any future economic benefit. For the three and six months ended January 31, 2020 Ferrellgas, L.P. also recognized $0.1 million and $0.2 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to various Midstream dispositions, and for which Ferrellgas does not anticipate any future economic benefit. Minimum annual payments under existing operating and finance lease liabilities as of January 31, 2021 are as follows: Maturities of lease liabilities Operating leases Finance leases Total $ 17,114 $ 7,186 $ 24,300 28,110 9,851 37,961 35,875 7,851 43,726 19,055 7,262 26,317 13,616 7,273 20,889 Thereafter 21,886 10,892 32,778 Total lease payments $ 135,656 $ 50,315 $ 185,971 Less: Imputed interest 26,860 12,373 39,233 Present value of lease liabilities $ 108,796 $ 37,942 $ 146,738 The following table represents the weighted-average remaining lease term and discount rate as of January 31, 2021: As of January 31, 2021 Lease type Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases Finance leases Cash flow information is presented below: For the six months ended January 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 17,546 $ 21,647 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 1,729 $ 360 Financing cash flows $ 3,460 $ 320 |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 6 Months Ended |
Jan. 31, 2021 | |
Supplemental Financial Statement Information [Line Items] | |
Supplemental Financial Statement Information | D. Supplemental financial statement information Inventories consist of the following: January 31, 2021 July 31, 2020 Propane gas and related products $ 76,843 $ 58,733 Appliances, parts and supplies, and other 13,630 13,931 Inventories $ 90,473 $ 72,664 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 January 31, 2021, Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 2.7 million gallons of propane at fixed prices. Prepaid expenses and other current assets consist of the following: January 31, 2021 July 31, 2020 Broker margin deposit assets $ 19,410 $ 14,398 Price risk management asset 32,270 2,846 Other 21,234 18,700 Prepaid expenses and other current assets $ 72,914 $ 35,944 Other current liabilities consist of the following: January 31, 2021 July 31, 2020 Accrued interest $ 34,583 $ 53,841 Customer deposits and advances 33,144 32,257 Accrued payroll 23,902 18,375 Accrued insurance 11,416 14,796 Other 88,863 48,197 Other current liabilities $ 191,908 $ 167,466 Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Operating expense - personnel, vehicle, plant and other $ 56,723 $ 64,987 $ 104,253 $ 113,002 Depreciation and amortization expense 1,958 2,036 6,481 3,876 Operating expense - equipment lease expense 5,793 7,984 11,676 15,626 $ 64,474 $ 75,007 $ 122,410 $ 132,504 Cash and cash equivalents consist of the following: January 31, 2021 July 31, 2020 Cash and cash equivalents $ 217,434 $ 238,002 Restricted cash (1) 109,049 95,759 Cash, cash equivalents and restricted cash $ 326,483 $ 333,761 (1) As of January 31, 2021, the $109.0 million of restricted cash includes $91.5 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.0 million of additional pledged collateral. As of July 31, 2020, the $95.8 million of restricted cash includes $78.2 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.1 million of additional pledged collateral. For additional discussion see Note F – Debt. For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the six months ended January 31, 2021 2020 Cash paid for: Interest $ 88,107 $ 83,826 Income taxes $ 305 $ 1 Non-cash investing and financing activities: Liability incurred in connection with Financing Agreement amendment $ — $ 8,863 Liabilities incurred in connection with acquisitions $ — $ 520 Change in accruals for property, plant and equipment additions $ (178) $ 268 Lease liabilities arising from operating right-of-use assets $ 4,262 $ 21,606 Lease liabilities arising from finance right-of-use assets $ 972 $ 12,241 |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information [Line Items] | |
Supplemental Financial Statement Information | D. Supplemental financial statement information Inventories consist of the following: January 31, 2021 July 31, 2020 Propane gas and related products $ 76,843 $ 58,733 Appliances, parts and supplies, and other 13,630 13,931 Inventories $ 90,473 $ 72,664 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 January 31, 2021, Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 2.7 million gallons of propane at fixed prices. Prepaid expenses and other current assets consist of the following: January 31, 2021 July 31, 2020 Broker margin deposit assets $ 19,410 $ 14,398 Price risk management asset 32,270 2,846 Other 21,426 18,653 Prepaid expenses and other current assets $ 73,106 $ 35,897 Other current liabilities consist of the following: January 31, 2021 July 31, 2020 Accrued interest $ 34,583 $ 34,511 Customer deposits and advances 33,144 32,257 Accrued payroll 23,902 18,375 Accrued insurance 11,416 14,796 Other 87,663 48,197 Other current liabilities $ 190,708 $ 148,136 Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Operating expense - personnel, vehicle, plant and other $ 56,723 $ 64,987 $ 104,253 $ 113,002 Depreciation and amortization expense 1,958 2,036 6,481 3,876 Operating expense - equipment lease expense 5,793 7,984 11,676 15,626 $ 64,474 $ 75,007 $ 122,410 $ 132,504 Cash and cash equivalents consist of the following: January 31, 2021 July 31, 2020 Cash and cash equivalents $ 197,528 $ 237,996 Restricted cash (1) 109,049 95,759 Cash, cash equivalents and restricted cash $ 306,577 $ 333,755 (1) As of January 31, 2021, the $109.0 million of restricted cash includes $91.5 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.0 million of additional pledged collateral. As of July 31, 2020, the $95.8 million of restricted cash includes $78.2 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.1 million of additional pledged collateral. For additional discussion see Note F – Debt. For purposes of the condensed consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the six months ended January 31, 2021 2020 Cash paid for: Interest $ 88,107 $ 68,430 Income taxes $ 290 $ 1 Non-cash investing and financing activities: Liability incurred in connection with Financing Agreement amendment $ — $ 8,863 Liabilities incurred in connection with acquisitions $ — $ 520 Change in accruals for property, plant and equipment additions $ (178) $ 268 Lease liabilities arising from operating right-of-use assets $ 4,262 $ 21,606 Lease liabilities arising from finance right-of-use assets $ 972 $ 12,241 |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 6 Months Ended |
Jan. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts and notes receivable, net and accounts receivable securitization | E. Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: January 31, 2021 July 31, 2020 Accounts receivable pledged as collateral $ 200,443 $ 103,703 Accounts receivable not pledged as collateral (including other reserves) 8,307 (825) Note receivable 15,148 12,648 Other 37 36 Less: Allowance for expected credit losses (17,655) (14,124) Accounts and notes receivable, net $ 206,280 $ 101,438 At January 31, 2021, $200.4 million of trade accounts receivable were pledged as collateral, but Ferrellgas had no outstanding collateralized notes payable due to a commercial paper conduit. At July 31, 2020, $103.7 million of trade accounts receivable were pledged as collateral, but Ferrellgas had no outstanding collateralized notes payable due to a 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 January 31, 2021, Ferrellgas had received no cash proceeds from trade accounts receivables securitized, with $87.0 million remaining capacity to receive additional proceeds or issue letters of credit. As of July 31, 2020, Ferrellgas had received no cash proceeds from trade accounts receivables securitized, with $11.0 million remaining capacity to receive additional proceeds or issue letters of credit. The agreement governing the accounts receivable securitization facility (the “Purchase Agreement”) requires the operating partnership to maintain a fixed charge coverage ratio of not less than 1.00x and a senior secured leverage ratio of not greater than 3.00x. The operating partnership was in compliance with these financial ratio requirements as of January 31, 2021. However, if at any time the operating partnership is not in compliance with these financial ratio requirements, Ferrellgas will be unable to access the facility for working capital or other cash requirements and the facility may be terminated. This facility matures in May 2021 and includes an option, at Ferrellgas’ request and consent, for the purchasers in their sole discretion to extend the facility for up to an additional three years. |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts and notes receivable, net and accounts receivable securitization | E. Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: January 31, 2021 July 31, 2020 Accounts receivable pledged as collateral $ 200,443 $ 103,703 Accounts receivable not pledged as collateral (including other reserves) 8,307 (825) Note receivable 15,148 12,648 Other 37 36 Less: Allowance for expected credit losses (17,655) (14,124) Accounts and notes receivable, net $ 206,280 $ 101,438 At January 31, 2021, $200.4 million of trade accounts receivable were pledged as collateral, but Ferrellgas, L.P. had no outstanding collateralized notes payable due to a commercial paper conduit. At July 31, 2020, $103.7 million of trade accounts receivable were pledged as collateral, but Ferrellgas, L.P. had no outstanding collateralized notes payable due to a 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 January 31, 2021, Ferrellgas, L.P. had received no cash proceeds from trade accounts receivables securitized, with $87.0 million remaining capacity to receive additional proceeds or issue letters of credit. As of July 31, 2020, Ferrellgas, L.P. had received no cash proceeds from trade accounts receivables securitized, with $11.0 million remaining capacity to receive additional proceeds or issue letters of credit. The agreement governing the accounts receivable securitization facility (the “Purchase Agreement”) requires the operating partnership to maintain a fixed charge coverage ratio of not less than 1.00x and a senior secured leverage ratio of not greater than 3.00x. The operating partnership was in compliance with these financial ratio requirements as of January 31, 2021. However, if at any time the operating partnership is not in compliance with these financial ratio requirements, Ferrellgas, L.P. will be unable to access the facility for working capital or other cash requirements and the facility may be terminated. This facility matures in May 2021 and includes an option, at Ferrellgas, L.P.’s request and consent, for the purchasers in their sole discretion to extend the facility for up to an additional three years. |
Debt
Debt | 6 Months Ended |
Jan. 31, 2021 | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | F . Debt Long-term debt Long-term debt consists of the following: January 31, 2021 July 31, 2020 Unsecured senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (2) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $605 and $937 at January 31, 2021 and July 31, 2020, respectively (3) 475,605 475,937 Fixed rate, 8.625%, due 2020 (4) 357,000 357,000 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,270 at January 31, 2021 and $3,573 at July 31, 2020, respectively (5) 703,270 703,573 Notes payable 7.7% and 9.4% weighted average interest rate at January 31, 2021 and July 31, 2020, respectively, due 2021 to 2029, net of unamortized discount of $374 and $537 at January 31, 2021 and July 31, 2020, respectively 3,607 4,564 Total debt, excluding unamortized debt issuance and other costs 2,539,482 2,541,074 Unamortized debt issuance and other costs (30,207) (35,583) Less: current portion of long-term debt 501,865 859,095 Less: debt subject to compromise 357,000 — Long-term debt $ 1,650,410 $ 1,646,396 (1) During November 2010, the operating partnership issued $500.0 million aggregate principal amount of 6.50% senior notes due 2021. These notes are general unsecured senior obligations of the operating partnership and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021. These notes are classified as current in the condensed consolidated financial statements. (2) During June 2015, the operating partnership issued $500.0 million aggregate principal amount of 6.75% senior notes due 2023. These notes are general unsecured senior obligations of the operating partnership and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of any subsidiary of the operating partnership that is not a guarantor of these notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due June 15, 2023. The operating partnership would incur prepayment penalties if it were to repay the notes prior to June 15, 2021. (3) During fiscal 2014, the operating partnership issued $475.0 million aggregate principal amount of 6.75% senior notes due 2022, $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. These notes are general unsecured senior obligations of the operating partnership and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. The outstanding principal amount is due January 15, 2022. (4) During January 2017, Ferrellgas Partners issued $175.0 million aggregate principal amount of additional 8.625% unsecured senior notes due 2020 (referred to herein as the Ferrellgas Partners Notes due 2020), issued at 96% of par. Ferrellgas Partners contributed the net proceeds from the offering of approximately $166.1 million to the operating partnership, which used such amounts to repay borrowings under its previous senior secured credit facility. During April 2010, Ferrellgas Partners issued $280.0 million of these notes. During March 2011, Ferrellgas Partners redeemed $98.0 million of these notes. The Ferrellgas Partners Notes due 2020 are general unsecured senior obligations of Ferrellgas Partners and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas Partners, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership and its subsidiaries. These notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount was due on June 15, 2020, but has not been repaid. The Ferrellgas Partners Notes due 2020 were classified as current on the consolidated balance sheet as of July 31, 2020. As a result of the filing of the Chapter 11 Cases, the Ferrellgas Partners Notes due 2020 were reclassified as liabilities subject to compromise on the condensed consolidated balance sheet as of January 31, 2021. (5) During April 2020, the operating partnership issued $700.0 million aggregate principal amount of 10.00% senior secured first lien notes due 2025, $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. These notes are senior secured obligations of the operating partnership and the guarantors of such notes, including Ferrellgas Partners, the general partners of the operating partnership and certain subsidiaries of the operating partnership, and are (i) effectively senior to all existing senior unsecured indebtedness of the operating partnership and the guarantors, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas Receivables, LLC, a special purpose subsidiary that does not guarantee the notes. The senior notes bear interest from the date of issuance, payable semiannually in arrears on April 15 and October 15 of each year. The operating partnership would incur prepayment penalties if it were to repay the notes prior to April 15, 2024. The outstanding principal amount is due on April 15, 2025. The scheduled principal payments on long-term debt are as follows: Scheduled Payment due by fiscal year principal payments 2021 (a) $ 858,000 2022 476,435 2023 500,999 2024 329 2025 700,199 Thereafter 19 Total $ 2,535,981 (a) Includes the Ferrellgas Partners Notes due 2020, which matured on June 15, 2020, but have not yet been repaid. Additionally, see the discussion of the TSA and the Chapter 11 Cases under “Transaction Support Agreement and Chapter 11 Bankruptcy Cases” in Note A – Partnership organization and formation above. Letters of credit outstanding at January 31, 2021 and July 31, 2020 totaled $138.8 million and $126.0 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At January 31, 2021 and July 31, 2020, Ferrellgas did not have in place a credit facility providing for the issuance of letters of credit and had $91.5 million and $78.2 million, respectively, of restricted cash pledged as cash collateral for letters of credit outstanding. Additionally, at both January 31, 2021 and July 31, 2020, Ferrellgas also issued letters of credit of $50.0 million by utilizing our liquidity available on the accounts receivable securitization facility . Financial covenants The indenture governing the outstanding Ferrellgas Partners Notes due 2020 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 the restricted payments covenants in the indenture governing the outstanding Ferrellgas Partners Notes due 2020 and the indentures governing the outstanding notes of the operating partnership, which are discussed below. Ferrellgas Partners, L.P., the master limited partnership Following the failure to repay the Ferrellgas Partners Notes due 2020 when due at maturity, Ferrellgas Partners has continued to comply with the restrictive covenants set forth in the indenture governing those notes as it continues its efforts to address the Ferrellgas Partners Notes due 2020, reduce existing indebtedness and address its other debt maturities. The indenture governing the Ferrellgas Partners Notes due 2020 contains a covenant that restricts the ability of Ferrellgas Partners to make certain restricted payments, including distributions on its common units. Under this covenant, subject to the limited exception described below, Ferrellgas Partners may not make a restricted payment unless its consolidated fixed charge coverage ratio (defined in the indenture generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated interest expense, both as adjusted for certain, specified items) is at least 1.75x, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. As of January 31, 2021 , Ferrellgas Partners’ consolidated fixed charge coverage ratio was 1.44x. If the consolidated fixed charge coverage 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 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. Further, regardless of whether Ferrellgas Partners had any capacity to make restricted payments under the limited exception, the indenture governing the Ferrellgas Partners Notes due 2020 generally prohibits Ferrellgas Partners from making restricted payments if a default or event of default under the indenture has occurred and is continuing, and the failure to repay the principal amount of and accrued interest on these notes at maturity constitutes an event of default. Accordingly, no distributions have been or will be paid to common unitholders for the three months ended January 31, 2021, and the general partner expects that this covenant will continue to prohibit Ferrellgas Partners from making common unit distributions, unless and until the outstanding notes of Ferrellgas Partners due 2020 are restructured, refinanced or otherwise satisfied, pursuant to the transactions contemplated by the TSA and the Plan or otherwise. See “—Debt and interest expense reduction strategy” below. Ferrellgas, L.P., the operating partnership Similar to the indenture governing the Ferrellgas Partners Notes due 2020, the indentures governing the outstanding notes of the operating partnership contain covenants that restrict the ability of the operating partnership to make certain restricted payments, including distributions to Ferrellgas Partners. Under these covenants, subject to the limited exceptions described below, the operating partnership may not make a restricted payment unless its consolidated fixed charge coverage ratio (defined in the indentures generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated interest expense, both as adjusted for certain, specified items) is at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. As of January 31, 2021, the operating partnership’s consolidated fixed charge coverage ratio was 1.67x. Under the covenants in the indentures governing the operating partnership’s unsecured notes, i f the consolidated fixed charge coverage ratio is below 1.75x, the operating partnership may still make restricted payments in limited amounts determined under the indentures governing the operating partnership’s unsecured notes. The distributions made by the operating partnership on June 15, 2019 and December 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due June 2020 were made from capacity under this limited exception to the ratio requirement under the indentures governing the operating partnership’s unsecured notes. Under the most restrictive of the indentures governing the operating partnership’s unsecured notes, as of February 1, 2021, the remaining capacity under this limited exception will be reduced significantly, because, as of that date, the operating partnership will no longer be permitted to include the amount of the capital contribution made by Ferrellgas Partners to the operating partnership in January 2017 (from the proceeds of Ferrellgas Partners’ issuance of additional Ferrellgas Partners Notes due 2020 in January 2017, as described above) in the calculation of the amount of restricted payments it is able to make under the exception. The indenture governing the operating partnership’s senior secured first lien notes due 2025 contains a similar but, in some respects, a different restricted payments covenant. The covenant in the secured notes indenture provides for the same 1.75x consolidated fixed charge coverage ratio test as the unsecured notes indentures and a limited exception when that ratio is below 1.75x. In addition, the secured notes indenture also provides that, subject to a separate limited exception, described below, the operating partnership generally may not make a restricted payment unless the operating partnership’s consolidated leverage ratio (defined in the secured notes indenture generally to mean the ratio of consolidated total debt to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is no greater than 5.5x, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. The consolidated leverage ratio test applies regardless of whether the operating partnership’s consolidated fixed coverage ratio is at least 1.75x or below 1.75x. As of January 31, 2021, the operating partnership’s consolidated leverage ratio was substantially in excess of 5.5x. Additionally, the secured notes indenture provides for restricted payments under its limited exception to the consolidated fixed charge coverage ratio test that is less than the capacity available under the similar exception in the unsecured notes indentures. However, the secured notes indenture contains a separate exception to both the consolidated fixed charge coverage ratio test and the consolidated leverage ratio test that can be utilized to make certain specified restricted payments in a limited amount when the operating partnership does not meet either the consolidated fixed charge coverage ratio test or the consolidated leverage ratio test. As of January 31, 2021, this separate exception under the secured notes indenture had capacity for such specified restricted payments that is substantially the same as the capacity under the most restrictive of the operating partnership’s unsecured notes indentures as of January 31, 2021. This capacity under the secured notes indenture, as well as the capacity under the less restrictive of the unsecured notes indentures, will not be reduced as of February 1, 2021 as described above with respect to the capacity under the most restrictive of the unsecured notes indentures; however, the amount of restricted payments the operating partnership may make will be limited by the most restrictive of the unsecured notes indentures for so long as the notes issued under those indentures remain outstanding. As described abov e, the Ferrellgas Partners Notes due 2020 matured on June 15, 2020, and the outstanding principal amount of those notes was due to be paid on that date, together with accrued interest to the maturity date. Although the operating partnership has some capacity to make distributions under the operating partnership’s unsecured and secured notes indentures, this capacity will not allow the operating partnership to make distributions to Ferrellgas Partners sufficient to pay the principal of and accrued interest on the Ferrellgas Partners Notes due 2020 that was due at the maturity of those notes. Further, as noted above, the remaining capacity of the operating partnership to make distributions to Ferrellgas Partners will be reduced significantly as of February 1, 2021. Additionally, the restrictions in these indentures currently limit, and as of February 1, 2021 will further limit significantly, the ability of the operating partnership to make distributions to Ferrellgas Partners to enable it to pay cash distributions to its unitholders. Debt and interest expense reduction strategy Ferrellgas continues to pursue a strategy to reduce its debt and interest expense. Currently, these efforts are focused on consummation of the transactions contemplated by the TSA and the Plan. See “—Transaction Support Agreement and Chapter 11 Bankruptcy Cases” in Note A – Partnership organization and formation above. Other opportunities include the generation of additional cash flows through accretive acquisitions, restructuring or refinancing of existing indebtedness other than pursuant to the TSA Transactions, maintaining the suspension of Ferrellgas’ common unit distributions, issuing equity or executing one or more debt exchanges. Ferrellgas expects to maintain its debt and interest expense reduction strategy until its consolidated leverage ratio reaches a level that it deems appropriate for its business. Ferrellgas engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in its ongoing process to reduce existing debt and address its debt maturities . There is no assurance that the transactions contemplated by the TSA will be consummated or that Ferrellgas otherwise will be successful in pursuing its debt and interest expense reduction strategy. |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | F. Debt Long-term debt Long-term debt consists of the following: January 31, 2021 July 31, 2020 Unsecured senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (2) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $605 and $937 at January 31, 2021 and July 31, 2020, respectively (3) 475,605 475,937 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,270 and $3,573 at January 31, 2021 and July 31, 2020, respectively (4) 703,270 703,573 Notes payable 7.7% and 9.4% weighted average interest rate at January 31, 2021 and July 31, 2020, respectively, due 2021 to 2029, net of unamortized discount of $374 and $537 at January 31, 2021 and July 31, 2020, respectively 3,607 4,564 Total debt, excluding unamortized debt issuance and other costs 2,182,482 2,184,074 Unamortized debt issuance and other costs (30,207) (35,583) Less: current portion of long-term debt 501,865 502,095 Long-term debt $ 1,650,410 $ 1,646,396 (1) During November 2010, Ferrellgas, L.P. issued $500.0 million aggregate principal amount of 6.50% senior notes due 2021.These notes are general unsecured senior obligations of Ferrellgas, L.P. and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the Ferrellgas, L.P.’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021.These notes are classified as current in the condensed consolidated financial statements. (2) During June 2015, Ferrellgas, L.P. issued $500.0 million aggregate principal amount of 6.75% senior notes due 2023. These notes are general unsecured senior obligations of Ferrellgas, L.P. and certain subsidiaries and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P. and such subsidiaries, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of any subsidiary of Ferrellgas, L.P. that is not a guarantor of these notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to June 15, 2021. (3) During fiscal 2014 , Ferrellgas, L.P. issued $475.0 million aggregate principal amount of 6.75% senior notes due 2022, $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. These notes are general unsecured senior obligations of Ferrellgas, L.P. and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas, L.P.’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. The outstanding principal amount is due on January 15, 2022. (4) During April 2020, Ferrellgas, L.P. issued $700.0 million aggregate principal amount of 10.00% senior secured first lien notes due 2025, $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. These notes are senior secured obligations of Ferrellgas, L.P. and the guarantors of such notes, including Ferrellgas Partners, the general partners of Ferrellgas, L.P. and certain subsidiaries, and are (i) effectively senior to all existing senior unsecured indebtedness of Ferrellgas, L.P. and the guarantors, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas Receivables, LLC, a special purpose subsidiary that does not guarantee the notes. The senior notes bear interest from the date of issuance, payable semiannually in arrears on April 15 and October 15 of each year. The operating partnership would incur prepayment penalties if it were to repay the notes prior to April 15, 2024. The outstanding principal amount is due on April 15, 2025. The scheduled principal payments on long-term debt are as follows: Payment due by fiscal year Scheduled 2021 $ 501,000 2022 476,435 2023 500,999 2024 329 2025 700,199 Thereafter 19 Total $ 2,178,981 Additionally, see the discussion of the TSA and the Chapter 11 Cases under “Transaction Support Agreement and Chapter 11 Bankruptcy Cases” in Note A – Partnership organization and formation above. Letters of credit outstanding at January 31, 2021 and July 31, 2020 totaled $138.8 million and $126.0 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At January 31, 2021 and July 31, 2020, Ferrellgas, L.P. did not have in place a credit facility providing for the issuance of letters of credit and had $91.5 million and $78.2 million, respectively, of restricted cash pledged as cash collateral for letters of credit outstanding. Additionally, at both January 31, 2021 and July 31, 2020, Ferrellgas, L.P. also issued letters of credit of $50.0 million by utilizing our liquidity available on the accounts receivable securitization facility. Financial covenants The indenture governing the outstanding Ferrellgas Partners Notes due 2020 and the agreements governing the outstanding notes of Ferrellgas, L.P. 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 the restricted payments covenants discussed below. Similar to the indenture governing the Ferrellgas Partners Notes due 2020, the indentures governing the outstanding notes of the operating partnership contain covenants that restrict the ability of the operating partnership to make certain restricted payments, including distributions to Ferrellgas Partners. Under these covenants, subject to the limited exception described below, the operating partnership may not make a restricted payment unless its consolidated fixed charge coverage ratio (defined in the indentures generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated interest expense, both as adjusted for certain, specified items) is at least 1.75x , on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. As of January 31, 2021, the operating partnership’s consolidated fixed charge coverage ratio was 1.67x. Under the covenants in the indentures governing Ferrellgas, L.P.’s unsecured notes, if the consolidated fixed charge coverage ratio is below 1.75x, Ferrellgas, L.P. may still make restricted payments in limited amounts determined under the indentures governing Ferrellgas, L.P.’s unsecured notes. The distributions made by Ferrellgas, L.P. on June 15, 2019 and December 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due June 2020 were made from capacity under this limited exception to the ratio requirement under the indentures governing Ferrellgas, L.P.’s unsecured notes. Under the most restrictive of the indentures governing the operating partnership’s unsecured notes, as of February 1, 2021, the remaining capacity under this limited exception will be reduced significantly, because, as of that date, the operating partnership will no longer be permitted to include the amount of the capital contribution made by Ferrellgas Partners to the operating partnership in January 2017 (from the proceeds of Ferrellgas Partners’ issuance of additional Ferrellgas Partners Notes due 2020 in January 2017, as described above) in the calculation of the amount of restricted payments it is able to make under the exception. The indenture governing Ferrellgas, L.P.’s senior secured first lien notes due 2025 contains a similar but, in some respects, a different restricted payments covenant. The covenant in the secured notes indenture provides for the same 1.75x consolidated fixed charge coverage ratio test as the unsecured notes indentures and a limited exception when that ratio is below 1.75x. In addition, the secured notes indenture also provides that, subject to a separate limited exception, described below, Ferrellgas, L.P. generally may not make a restricted payment unless Ferrellgas, L.P.’s consolidated leverage ratio (defined in the secured notes indenture generally to mean the ratio of consolidated total debt to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is no greater than 5.5x, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. The consolidated leverage ratio test applies regardless of whether Ferrellgas, L.P.’s consolidated fixed coverage ratio is at least 1.75x or below 1.75x. As of January 31, 2021, Ferrellgas, L.P.’s consolidated leverage ratio was substantially in excess of 5.5x. Additionally, the secured notes indenture provides for restricted payments under its limited exception to the consolidated fixed charge coverage ratio test that is less than the capacity available under the similar exception in the unsecured notes indentures. However, the secured notes indenture contains a separate exception to both the consolidated fixed charge coverage ratio test and the consolidated leverage ratio test that can be utilized to make certain specified restricted payments in a limited amount when Ferrellgas, L.P. does not meet either the consolidated fixed charge coverage ratio test or the consolidated leverage ratio test. This separate exception under the secured notes indenture currently has capacity for such specified restricted payments that is substantially the same as the capacity under the most restrictive of Ferrellgas, L.P.’s unsecured notes indentures as of January 31, 2021. This capacity under the secured notes indenture, as well as the capacity under the less restrictive of the unsecured notes indentures, will not be reduced as of February 1, 2021 as described above with respect to the capacity under the most restrictive of the unsecured notes indentures; however, the amount of restricted payments the operating partnership may make will be limited by the most restrictive of the unsecured notes indentures for so long as the notes issued under those indentures remain outstanding. As described above, the Ferrellgas Partners Notes due 2020 matured on June 15, 2020, and the outstanding principal amount of those notes was due to be paid on that date, together with accrued interest to the maturity date. Although Ferrellgas, L.P. has some capacity to make distributions under Ferrellgas, L.P.’s unsecured and secured notes indentures, this capacity will not allow Ferrellgas, L.P. to make distributions to Ferrellgas Partners sufficient to pay the principal of and accrued interest on the Ferrellgas Partners Notes due 2020 that was due at the maturity of those notes. Further, as noted above, the remaining capacity of Ferrellgas, L.P. to make distributions to Ferrellgas Partners will be reduced significantly as of February 1, 2021. Additionally, the restrictions in these indentures currently limit, and as of February 1, 2021 will further limit significantly, the ability of Ferrellgas, L.P. to make distributions to Ferrellgas Partners to enable it to pay cash distributions to its unitholders. Ferrellgas Partners continues to comply with the restrictive covenants with respect to the $357.0 million aggregate principal amount of Ferrellgas Partners Notes due June 15, 2020 as Ferrellgas Partners continues to negotiate with the Forbearing Noteholders. Debt and interest expense reduction strategy Ferrellgas, L.P. continues to pursue a strategy to reduce its debt and interest expense. Currently, these efforts are focused on consummation of the transactions contemplated by the TSA and the Plan. See “Transaction Support Agreement and Chapter 11 Bankruptcy Cases” in Note A – Partnership organization and formation above. Other opportunities include the generation of additional cash flows through accretive acquisitions, restructuring or refinancing of existing indebtedness other than pursuant to the TSA Transactions, maintaining the suspension of Ferrellgas Partners’ common unit distributions, issuing equity or executing one or more debt exchanges. Ferrellgas, L.P. expects to maintain its debt and interest expense reduction strategy until the consolidated leverage ratio reaches a level that it deems appropriate for its business. Ferrellgas, L.P. engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in its ongoing process to reduce existing debt and address its debt maturities. There is no assurance that the transactions contemplated by the TSA will be consummated or that Ferrellgas otherwise will be successful in pursuing its debt and interest expense reduction strategy. |
Partners' deficit
Partners' deficit | 6 Months Ended |
Jan. 31, 2021 | |
Limited Partners' Capital Account [Line Items] | |
Partners' deficit | G. Partners’ deficit As of January 31, 2021 and July 31, 2020, limited partner units were beneficially owned by the following: January 31, 2021 July 31, 2020 Public common unitholders (1) 69,612,939 69,612,939 Ferrell Companies (2) 22,529,361 22,529,361 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) 4,763,475 4,763,475 (1) These common units are traded on the OTC Pink Market under the symbol “FGPRQ”. (2) Ferrell Companies is the owner of the general partner and 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’ total beneficial ownership to 23.4%. (3) FCI Trading is an affiliate of the general partner and thus a related party. (4) Ferrell Propane is controlled by the general partner and thus a related party. (5) James E. Ferrell is the 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 No distributions will be paid to common unitholders for the three months ended January 31, 2021. Accumulated other comprehensive income (loss) (“AOCI”) See Note J – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and six months ended January 31, 2021 and 2020. 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 six months ended January 31, 2021, the general partner made non-cash contributions of $30.0 to Ferrellgas to maintain its effective 2% general partner interest. During the six months ended January 31, 2020, the general partner made non-cash contributions of $28.0 to Ferrellgas to maintain its effective 2% general partner interest. |
Ferrellgas, L.P. [Member] | |
Limited Partners' Capital Account [Line Items] | |
Partners' deficit | G. Partners’ deficit Partnership distributions Ferrellgas, L.P. has recognized the following distributions: For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Ferrellgas Partners $ — $ 15,396 $ — $ 15,496 General partner — 157 — 158 See additional discussions about transactions with related parties in Note K – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note J – Derivative instruments and hedging activities for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and six months ended January 31, 2021 and 2020. 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 six months ended January 31, 2021, the general partner made non-cash contributions of zero to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During the six months ended January 31, 2020, the general partner made non-cash contributions of $14.0 to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. |
Revenue from contracts with cus
Revenue from contracts with customers | 6 Months Ended |
Jan. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer [Text Block] | H. Revenue from contracts with customers 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 January 31, For the six months ended January 31, 2021 2020 2021 2020 Retail - Sales to End Users $ 378,350 $ 374,069 $ 552,995 $ 554,486 Wholesale - Sales to Resellers 138,730 105,055 241,342 187,759 Other Gas Sales 11,354 6,123 15,146 16,387 Other 25,126 25,586 44,971 45,415 Propane and related equipment revenues $ 553,560 $ 510,833 $ 854,454 $ 804,047 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 Ferrellgas’ receivables, contract assets, and contract liabilities: January 31, 2021 July 31, 2020 Accounts receivable $ 214,288 $ 108,483 Contract assets $ 9,647 $ 7,079 Contract liabilities Deferred revenue (1) $ 44,801 $ 42,911 (1) Of the beginning balance of deferred revenue, $24.7 million was recognized as revenue during the six months ended January 31, 2021. 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] | H. Revenue from contracts with customers 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 January 31, For the six months ended January 31, 2021 2020 2021 2020 Retail - Sales to End Users $ 378,350 $ 374,069 $ 552,995 $ 554,486 Wholesale - Sales to Resellers 138,730 105,055 241,342 187,759 Other Gas Sales 11,354 6,123 15,146 16,387 Other 25,126 25,586 44,971 45,415 Propane and related equipment revenues $ 553,560 $ 510,833 $ 854,454 $ 804,047 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 Ferrellgas, L.P.’s receivables, contract assets, and contract liabilities: January 31, 2021 July 31, 2020 Accounts receivable $ 214,288 $ 108,483 Contract assets $ 9,647 $ 7,079 Contract liabilities Deferred revenue (1) $ 44,801 $ 42,911 (1) Of the beginning balance of deferred revenue, $24.7 million was recognized as revenue during the six months ended January 31, 2021. 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 | 6 Months Ended |
Jan. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | I. 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 January 31, 2021 and July 31, 2020: 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 January 31, 2021: Assets: Derivative financial instruments: Commodity derivatives $ — $ 34,433 $ — $ 34,433 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (313) $ — $ (313) July 31, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 3,112 $ — $ 3,112 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (5,425) $ — $ (5,425) 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. A t January 31, 2021 and July 31, 2020, the estimated fair value of Ferrellgas’ long-term debt instruments was $2,409.8 million and $2,177.1 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of Ferrellgas’ consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Ferrellgas, L.P. [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | I. 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 January 31, 2021 and July 31, 2020: 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 January 31, 2021: Assets: Derivative financial instruments: Commodity derivatives $ — $ 34,433 $ — $ 34,433 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (313) $ — $ (313) July 31, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 3,112 $ — $ 3,112 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (5,425) $ — $ (5,425) 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. At January 31, 2021 and July 31, 2020, the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $2,236.9 million and $2,054.4 million, respectively. Ferrellgas, L.P. estimates the fair value of long-term debt based on quoted market prices. The fair value of Ferrellgas, L.P.’s 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 | 6 Months Ended |
Jan. 31, 2021 | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | J. Derivative instruments and hedging activities Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Derivative instruments and hedging activity During the six months ended January 31, 2021 and 2020, Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives within Ferrellgas’ condensed consolidated balance sheets as of January 31, 2021 and July 31, 2020: Final January 31, 2021 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2022 Commodity derivatives-propane Prepaid expenses and other current assets $ 32,270 Other current liabilities $ 209 Commodity derivatives-propane Other assets, net 2,163 Other liabilities 104 Total $ 34,433 Total $ 313 Final July 31, 2020 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 2,846 Other current liabilities $ 5,029 Commodity derivatives-propane Other assets, net 266 Other liabilities 396 Total $ 3,112 Total $ 5,425 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 January 31, 2021 and July 31, 2020, respectively: January 31, 2021 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 19,410 Other current liabilities $ 39,774 Other assets, net 1,447 Other liabilities 2,095 $ 20,857 $ 41,869 July 31, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 14,398 Other current liabilities $ 510 Other assets, net 1,433 Other liabilities — $ 15,831 $ 510 The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income (loss) for the three and six months ended January 31, 2021 and 2020 due to derivatives designated as cash flow hedging instruments: For the three months ended January 31, 2021 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 $ 36,957 Cost of product sold- propane and other gas liquids sales $ 8,441 $ — $ 36,957 $ 8,441 $ — For the three months ended January 31, 2020 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 $ (11,212) Cost of product sold- propane and other gas liquids sales $ (8,766) $ — $ (11,212) $ (8,766) $ — For the six months ended January 31, 2021 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 $ 42,724 Cost of sales-propane and other gas liquids sales $ 6,291 $ — $ 42,724 $ 6,291 $ — For the six months ended January 31, 2020 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 $ (24,839) Cost of sales-propane and other gas liquids sales $ (16,245) $ — $ (24,839) $ (16,245) $ — The changes in derivatives included in AOCI for the six months ended January 31, 2021 and 2020 were as follows: For the six months ended January 31, Gains and losses on derivatives included in AOCI 2021 2020 Beginning balance $ (2,313) $ (14,756) Change in value of risk management commodity derivatives 42,724 (24,839) Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (6,291) 16,245 Ending balance $ 34,120 $ (23,350) Ferrellgas expects to reclassify net gains of approximately $32.1 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sale exception. During the six months ended January 31, 2021 and 2020, 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 January 31, 2021, Ferrellgas had financial derivative contracts covering 3.8 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduce its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parental guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at January 31, 2021, the maximum amount of loss due to credit risk that Ferrellgas would incur based upon the gross fair values of the derivative financial instruments is zero. From time to time Ferrellgas enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas’ debt rating. There were no open derivative contracts with credit-risk-related contingent features as of January 31, 2021. |
Ferrellgas, L.P. [Member] | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | J. Derivative instruments and hedging activities Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Derivative instruments and hedging activity During the six months ended January 31, 2021 and 2020, Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives within Ferrellgas, L.P.’s condensed consolidated balance sheets as of January 31, 2021 and July 31, 2020: Final January 31, 2021 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2022 Commodity derivatives-propane Prepaid expenses and other current assets $ 32,270 Other current liabilities $ 209 Commodity derivatives-propane Other assets, net 2,163 Other liabilities 104 Total $ 34,433 Total $ 313 Final July 31, 2020 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 2,846 Other current liabilities $ 5,029 Commodity derivatives-propane Other assets, net 266 Other liabilities 396 Total $ 3,112 Total $ 5,425 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 January 31, 2021 and July 31, 2020, respectively: January 31, 2021 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 19,410 Other current liabilities $ 39,774 Other assets, net 1,447 Other liabilities 2,095 $ 20,857 $ 41,869 July 31, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 14,398 Other current liabilities $ 510 Other assets, net 1,433 Other liabilities — $ 15,831 $ 510 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 six months ended January 31, 2021 and 2020 due to derivatives designated as cash flow hedging instruments: For the three months ended January 31, 2021 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 $ 36,957 Cost of product sold- propane and other gas liquids sales $ 8,441 $ — $ 36,957 $ 8,441 $ — For the three months ended January 31, 2020 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 $ (11,212) Cost of product sold- propane and other gas liquids sales $ (8,766) $ — $ (11,212) $ (8,766) $ — For the six months ended January 31, 2021 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 $ 42,724 Cost of sales-propane and other gas liquids sales $ 6,291 $ — $ 42,724 $ 6,291 $ — For the six months ended January 31, 2020 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 $ (24,839) Cost of sales-propane and other gas liquids sales $ (16,245) $ — $ (24,839) $ (16,245) $ — The changes in derivatives included in AOCI for the six months ended January 31, 2021 and 2020 were as follows: For the six months ended January 31, Gains and losses on derivatives included in AOCI 2021 2020 Beginning balance $ (2,313) $ (14,756) Change in value of risk management commodity derivatives 42,724 (24,839) Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (6,291) 16,245 Ending balance $ 34,120 $ (23,350) Ferrellgas, L.P. expects to reclassify net gains of approximately $32.1 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sale exception. During the six months ended January 31, 2021 and 2020, 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 January 31, 2021, Ferrellgas, L.P. had financial derivative contracts covering 3.8 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduce its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parental guarantees or cash. Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at January 31, 2021, the maximum amount of loss due to credit risk that Ferrellgas, L.P. would incur based upon the gross fair values of the derivative financial instruments is zero. From time to time Ferrellgas, L.P. enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.’s debt rating. There were no open derivative contracts with credit-risk-related contingent features as of January 31, 2021. |
Transactions With Related Parti
Transactions With Related Parties | 6 Months Ended |
Jan. 31, 2021 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | K. Transactions with related parties Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Operating expense $ 70,655 $ 73,084 $ 131,635 $ 136,555 General and administrative expense $ 10,375 $ 7,476 $ 17,094 $ 13,963 See additional discussions about transactions with the general partner and related parties in Note G – Partners’ deficit. |
Ferrellgas, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | K. Transactions with related parties Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.’s partnership agreement, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas, L.P. and all other necessary or appropriate expenses allocable to Ferrellgas, L.P. or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas, L.P.’s business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Operating expense $ 70,655 $ 73,084 $ 131,635 $ 136,555 General and administrative expense $ 10,375 $ 7,476 $ 17,094 $ 13,963 See additional discussions about transactions with the general partner and related parties in Note G – Partners’ deficit. Term loan credit agreement with Ferrellgas Partners, L.P. On January 8, 2021, Ferrellgas, L.P. entered into a term loan credit agreement with Ferrellgas Partners, L.P., pursuant to which Ferrellgas, L.P. extended to Ferrellgas Partners, L.P. an unsecured, non-amortizing term loan in the aggregate principal amount of $19.9 million. The term loan bears interest at a rate of 20% per annum, and all interest on the term loan will be added to the outstanding principal amount of the term loan. The term loan will mature on July 1, 2022. Interest income totaled $0.3 million and is classified in the “Other income (expense), net” line item on the condensed consolidated statements of operations. |
Contingencies And Commitments
Contingencies And Commitments | 6 Months Ended |
Jan. 31, 2021 | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | L. 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 during the fiscal year ended July 31, 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 coordinated for pretrial purposes by the multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district 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. Thereafter, in August 2019, Ferrellgas reached a settlement with the direct customers, pursuant to which it agreed to pay a total of $6.25 million to resolve all claims asserted by the putative direct purchaser class. With respect to the indirect customers, the district court exercised supplemental jurisdiction over the remaining state law claims, but then granted in part Ferrellgas’ pleadings-based motion and dismissed 11 of the 24 remaining state law claims. As a result, there are 13 remaining state law claims brought by a putative class of indirect customers. Ferrellgas believes it has strong defenses and intends to vigorously defend itself against these remaining claims. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas and Bridger Logistics, LLC (“Bridger”), 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”), previously named Bridger Transfer Services, a former subsidiary of Bridger. The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone as a result of the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas and that Bridger and Ferrellgas breached fiduciary duties owed to Eddystone as a creditor of JTS. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS for breach of contract. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damages, 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 Ferrellgas Partners. The Finance Corp. is liable as co-issuer and co-obligor for the $357.0 million aggregate principal amount of Ferrellgas Partners’ unsecured senior notes due June 15, 2020, which Ferrellgas Partners failed to repay, and which obligation is only reported on Ferrellgas Partners’ condensed consolidated balance sheet. |
Ferrellgas, L.P. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | L. 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 during the fiscal year ended July 31, 2018, crude oil. As a result, at any given time, Ferrellgas, L.P. can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas, L.P. is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas, L.P. Ferrellgas, L.P. has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been coordinated for pretrial purposes by the multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district 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. Thereafter, in August 2019, Ferrellgas, L.P. reached a settlement with the direct customers, pursuant to which it agreed to pay a total of $6.25 million to resolve all claims asserted by the putative direct purchaser class. With respect to the indirect customers, the district court exercised supplemental jurisdiction over the remaining state law claims, but then granted in part Ferrellgas’ pleadings-based motion and dismissed 11 of the 24 remaining state law claims. As a result, there are 13 remaining state law claims brought by a putative class of indirect customers. Ferrellgas, L.P. believes it has strong defenses and intends to vigorously defend itself against these remaining claims. 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. and Bridger Logistics, LLC (“Bridger”), 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”), previously named Bridger Transfer Services, a former subsidiary of Bridger. The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone as a result of the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas and that Bridger and Ferrellgas breached fiduciary duties owed to Eddystone as a creditor of JTS. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS for breach of contract. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damages, 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 Finance Corp. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | B. Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the operating partnership. The Finance Corp. is liable as co-issuer and co-obligor for (i) the $500 million aggregate principal amount of the operating partnership’s unsecured senior notes due 2021, (ii) the $475 million aggregate principal amount of the operating partnership’s unsecured senior notes due 2022, and (iii) the $500 million aggregate principal amount of the operating partnership’s unsecured senior notes due 2023, which obligations are only reported on the operating partnership’s condensed consolidated balance sheet. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 6 Months Ended |
Jan. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Common Unitholders' Interest | M. Net earnings (loss) per unitholders’ interest Below is a calculation of the basic and diluted net earnings per common unitholders’ interest in the condensed consolidated statements of operations for the periods indicated: For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 (in thousands, except per common unit amounts) Common unitholders’ interest in net earnings $ 62,634 $ 47,725 $ 17,033 $ 2,834 Weighted average common units outstanding (in thousands) 97,152.7 97,152.7 97,152.7 97,152.7 Basic and diluted net earnings per common unit $ 0.64 $ 0.49 $ 0.18 $ 0.03 |
Guarantor financial information
Guarantor financial information | 6 Months Ended |
Jan. 31, 2021 | |
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 registered 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 January 31, 2021 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 $ 300,436 $ 1 $ — $ 6,140 $ — $ 306,577 Accounts and notes receivable, net 5,837 — — 200,443 — 206,280 Intercompany receivables 169,668 — — — (169,668) — Inventories 90,473 — — — — 90,473 Prepaid expenses and other current assets 73,106 — — — — 73,106 Total current assets 639,520 1 — 206,583 (169,668) 676,436 Property, plant and equipment, net 587,870 — — — — 587,870 Goodwill, net 246,946 — — — — 246,946 Intangible assets, net 99,644 — — — — 99,644 Investments in consolidated subsidiaries 39,143 — — — (39,143) — Operating lease right-of-use assets 97,249 — — — — 97,249 Loan receivable - Ferrellgas Partners, L.P. 20,151 — — — — 20,151 Other assets, net 88,784 — 2,255 120 — 91,159 Total assets $ 1,819,307 $ 1 $ 2,255 $ 206,703 $ (208,811) $ 1,819,455 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 79,224 $ — $ — $ — $ — $ 79,224 Intercompany payables — — — 169,668 (169,668) — Current portion of long-term debt 501,865 — — — — 501,865 Current operating lease liabilities 27,895 — — — — 27,895 Other current liabilities 190,560 — (3) 151 — 190,708 Total current liabilities 799,544 — (3) 169,819 (169,668) 799,692 Long-term debt 1,650,410 — — — — 1,650,410 Operating lease liabilities 80,901 — — — — 80,901 Other liabilities 49,541 — — — — 49,541 Partners' capital (deficit): Partners' equity (795,209) 1 2,258 36,884 (39,143) (795,209) Accumulated other comprehensive income 34,120 — — — — 34,120 Total partners' capital (deficit) (761,089) 1 2,258 36,884 (39,143) (761,089) Total liabilities and partners' capital (deficit) $ 1,819,307 $ 1 $ 2,255 $ 206,703 $ (208,811) $ 1,819,455 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2020 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 $ 332,244 $ 1 $ — $ 1,510 $ — $ 333,755 Accounts and notes receivable, net 11,879 — 24 89,535 — 101,438 Intercompany receivables 69,980 — — — (69,980) — Inventories 72,664 — — — . 72,664 Prepaid expenses and other current assets 35,897 — — — — 35,897 Total current assets 522,664 1 24 91,045 (69,980) 543,754 Property, plant and equipment, net 591,042 — — — — 591,042 Goodwill, net 247,195 — — — — 247,195 Intangible assets, net 104,049 — — — — 104,049 Investments in consolidated subsidiaries 37,662 — — — (37,662) — Operating lease right-of-use assets 107,349 — — — — 107,349 Other assets, net 72,137 — 2,255 356 — 74,748 Total assets $ 1,682,098 $ 1 $ 2,279 $ 91,401 $ (107,642) $ 1,668,137 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 33,944 $ — $ — $ — $ — $ 33,944 Intercompany payables — — — 69,980 (69,980) — Current portion of long-term debt 502,095 — — — — 502,095 Current operating lease liabilities 29,345 — — — — 29,345 Other current liabilities 162,097 — — (13,961) — 148,136 Total current liabilities 727,481 — — 56,019 (69,980) 713,520 Long-term debt 1,646,396 — — — — 1,646,396 Operating lease liabilities 89,022 — — — — 89,022 Other liabilities 51,190 — — — — 51,190 Contingencies and commitments Partners' capital (deficit): Partners' equity (829,678) 1 2,279 35,382 (37,662) (829,678) Accumulated other comprehensive income (2,313) — — — — (2,313) Total partners' capital (deficit) (831,991) 1 2,279 35,382 (37,662) (831,991) Total liabilities and partners' capital (deficit) $ 1,682,098 $ 1 $ 2,279 $ 91,401 $ (107,642) $ 1,668,137 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended January 31, 2021 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 $ 528,434 $ — $ — $ — $ — $ 528,434 Other 25,126 — — — — 25,126 Total revenues 553,560 — — — — 553,560 Costs and expenses: Cost of sales - propane and other gas liquids sales 270,777 — — — — 270,777 Cost of sales - other 3,504 — — — — 3,504 Operating expense - personnel, vehicle, plant and other 115,247 — — 2,437 (2,437) 115,247 Operating expense - equipment lease expense 6,862 — — — — 6,862 Depreciation and amortization expense 21,249 — — — — 21,249 General and administrative expense 20,254 — — — — 20,254 Non-cash employee stock ownership plan compensation charge 762 — — — — 762 Loss on asset sales and disposals 80 — — — — 80 Operating income (loss) 114,825 — — (2,437) 2,437 114,825 Interest expense (45,958) — — (564) — (46,522) Other income (expense), net 3,774 — (15) 1,614 (1,614) 3,759 Earnings (loss) before income taxes 72,641 — (15) (1,387) 823 72,062 Income tax expense 312 — — — — 312 Equity in earnings (loss) of subsidiaries (1,402) — — — 1,402 — Net earnings (loss) 70,927 — (15) (1,387) 2,225 71,750 Other comprehensive income 28,516 — — — — 28,516 Comprehensive income (loss) $ 99,443 $ — $ (15) $ (1,387) $ 2,225 $ 100,266 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended January 31, 2020 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 $ 485,247 $ — $ — $ — $ — $ 485,247 Other 25,586 — — — — 25,586 Total revenues 510,833 — — — — 510,833 Costs and expenses: Cost of sales - propane and other gas liquids sales 237,843 — — — — 237,843 Cost of sales - other 3,353 — — — — 3,353 Operating expense - personnel, vehicle, plant and other 128,233 — — 1,050 (1,050) 128,233 Operating expense - equipment lease expense 8,261 — — — — 8,261 Depreciation and amortization expense 19,684 — — 111 — 19,795 General and administrative expense 14,082 3 — — — 14,085 Non-cash employee stock ownership plan compensation charge 630 — — — — 630 Loss on asset sales and disposals 2,148 — — — — 2,148 Operating income (loss) 96,599 (3) — (1,161) 1,050 96,485 Interest expense (37,778) — — (912) — (38,690) Other income (expense), net 76 — — 1,882 (1,882) 76 Earnings (loss) before income taxes 58,897 (3) — (191) (832) 57,871 Income tax expense 115 — — — — 115 Equity in earnings (loss) of subsidiary (194) — — — 194 — Net earnings (loss) 58,588 (3) — (191) (638) 57,756 Other comprehensive loss (2,555) — — — — (2,555) Comprehensive income (loss) $ 56,033 $ (3) $ — $ (191) $ (638) $ 55,201 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the six months ended January 31, 2021 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 $ 809,483 $ — $ — $ — $ — $ 809,483 Other 44,971 — — — — 44,971 Total revenues 854,454 — — — — 854,454 Costs and expenses: Cost of sales - propane and other gas liquids sales 408,404 — — — — 408,404 Cost of sales - other 7,171 — — — — 7,171 Operating expense - personnel, vehicle, plant and other 224,274 — — 3,174 (3,174) 224,274 Operating expense - equipment lease expense 13,692 — — — — 13,692 Depreciation and amortization expense 42,639 — — — — 42,639 General and administrative expense 33,328 2 — — — 33,330 Non-cash employee stock ownership plan compensation charge 1,470 — — — — 1,470 Loss on asset sales and disposals 893 — — — — 893 Operating income (loss) 122,583 (2) — (3,174) 3,174 122,581 Interest expense (91,859) — — (1,191) — (93,050) Other income (expense), net 3,903 — (36) 3,293 (3,293) 3,867 Earnings (loss) before income taxes 34,627 (2) (36) (1,072) (119) 33,398 Income tax expense 399 — — — — 399 Equity in earnings (loss) of subsidiary (1,110) — — — 1,110 — Net earnings (loss) 33,118 (2) (36) (1,072) 991 32,999 Other comprehensive loss 36,433 — — — — 36,433 Comprehensive income (loss) $ 69,551 $ (2) $ (36) $ (1,072) $ 991 $ 69,432 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the six months ended January 31, 2020 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 $ 758,632 $ — $ — $ — $ — $ 758,632 Other 45,415 — — — — 45,415 Total revenues 804,047 — — — — 804,047 Costs and expenses: Cost of sales - propane and other gas liquids sales 371,871 — — — — 371,871 Cost of sales - other 7,034 — — — — 7,034 Operating expense - personnel, vehicle, plant and other 242,776 — — 1,935 (1,935) 242,776 Operating expense - equipment lease expense 16,649 — — — — 16,649 Depreciation and amortization expense 38,791 — — 223 — 39,014 General and administrative expense 23,777 4 — — — 23,781 Non-cash employee stock ownership plan compensation charge 1,425 — — — — 1,425 Loss on asset sales and disposals 4,383 — — — — 4,383 Operating income (loss) 97,341 (4) — (2,158) 1,935 97,114 Interest expense (73,469) — — (2,098) — (75,567) Other income (expense), net (56) — — 2,602 (2,602) (56) Earnings (loss) before income taxes 23,816 (4) — (1,654) (667) 21,491 Income tax expense 633 — — — — 633 Equity in earnings (loss) of subsidiaries (1,658) — — — 1,658 — Net earnings (loss) 21,525 (4) — (1,654) 991 20,858 Other comprehensive loss (8,703) — — — — (8,703) Comprehensive income (loss) $ 12,822 $ (4) $ — $ (1,654) $ 991 $ 12,155 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the six months ended January 31, 2021 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 $ 44,691 $ (6) $ (9) $ (4,856) $ 4,631 $ 44,451 Cash flows from investing activities: Capital expenditures (35,333) — — — — (35,333) Proceeds from sale of assets 3,144 — — — — 3,144 Cash collected for purchase of interest in accounts receivable — — — 422,498 (422,498) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (417,867) 417,867 — Intercompany loan to affiliate (4,870) 4,870 Other - Loan to MLP (19,900) — — — — (19,900) Net cash provided by (used in) investing activities (56,959) — — 4,631 239 (52,089) Cash flows from financing activities: Payments on long-term debt (1,120) — — — — (1,120) Net changes in advances with consolidated entities — 6 9 4,855 (4,870) — Cash payments for principal portion of finance lease liability (3,460) — — — — (3,460) Cash paid for financing costs and other (14,960) — — — — (14,960) Net cash provided by (used in) financing activities (19,540) 6 9 4,855 (4,870) (19,540) Net change in cash and cash equivalents (31,808) — — 4,630 — (27,178) Cash and cash equivalents - beginning of year 332,244 1 — 1,510 — 333,755 Cash, cash equivalents and restricted cash - end of year $ 300,436 $ 1 $ — $ 6,140 $ — $ 306,577 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the six months ended January 31, 2020 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 $ 80,433 $ (4) $ 512 $ (5,941) $ (59,000) $ 16,000 Cash flows from investing activities: Business acquisitions, net of cash acquired (6,400) — — — — (6,400) Capital expenditures (33,422) — — — — (33,422) Proceeds from sale of assets 1,659 — — — — 1,659 Cash collected for purchase of interest in accounts receivable — — — 416,325 (416,325) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (475,325) 475,325 — Intercompany loan to affiliate (5,433) — — — 5,433 — Cash payment to construct assets in connection with future lease transactions (30,307) — — — — (30,307) Cash receipts in connection with leased vehicles 19,929 — — — — 19,929 Net cash provided by (used in) investing activities (53,974) — — (59,000) 64,433 (48,541) Cash flows from financing activities: Distributions (15,654) — — — — (15,654) Reductions in long-term debt (972) — — — — (972) Net reductions to short-term borrowings (3,000) — — — — (3,000) Net additions to collateralized short-term borrowings — — — 59,000 — 59,000 Net changes in advances with consolidated entries — 4 (512) 5,941 (5,433) — Cash paid for financing costs and other (4,236) — — — — (4,236) Net cash provided by (used in) financing activities (23,862) 4 (512) 64,941 (5,433) 35,138 Net change in cash and cash equivalents 2,597 — — — — 2,597 Cash and cash equivalents - beginning of year 11,045 1 — — — 11,046 Cash and cash equivalents - end of year $ 13,642 $ 1 $ — $ — $ — $ 13,643 |
Condensed parent-only debtor in
Condensed parent-only debtor in possession financial information | 6 Months Ended |
Jan. 31, 2021 | |
Reorganizations [Abstract] | |
Condensed parent-only debtor in possession financial information | N. Condensed parent only debtor-in-possession financial information The following financial statements represent the unaudited condensed combined financial statements of the Debtor. The results of the non-debtor entities are not included in these financial statements. FERRELLGAS PARTNERS, L.P. (DEBTOR-IN-POSSESSION) (unaudited) January 31, 2021 ASSETS Cash and cash equivalents $ 19,906 Prepaid expenses and other current assets 269 Total assets $ 20,175 LIABILITIES AND PARTNERS’ DEFICIT Other current liabilities $ 1,661 Loan payable to Ferrellgas, L.P 19,900 Accrued interest payable on Ferrellgas, L.P. loan 251 Total liabilities not subject to compromise 21,812 Liabilities subject to compromise 390,101 Total liabilities 411,913 Investment in Ferrellgas, L.P. 753,579 Partners’ deficit Total partners’ deficit attributable to debtors (1,145,317) Total liabilities and partners’ deficit $ 20,175 FERRELLGAS PARTNERS, L.P. (DEBTOR-IN-POSSESSION) PARENT ONLY STATEMENTS OF OPERATIONS (in thousands) (unaudited) For the three months ended January 31, For the six months ended January 31, 2021 2021 Expenses: General and administrative expense $ 221 $ 225 Interest expense 6,324 14,022 Reorganization expense - professional fees 1,200 1,200 Total expenses 7,745 15,447 Loss before income taxes and equity in earnings of non-debtor entities (7,745) (15,447) Income tax expense 14 14 Equity in earnings of non-debtor entities 71,750 32,999 Net earnings 63,991 17,538 Net earnings attributable to noncontrolling interest 724 333 Net earnings attributable to the debtor 63,267 17,205 Total other comprehensive income — — Comprehensive income attributable to debtor $ 63,267 $ 17,205 FERRELLGAS PARTNERS, L.P. (DEBTOR-IN-POSSESSION) PARENT ONLY STATEMENT OF CASH FLOWS (in thousands) (unaudited) For the six months ended January 31, 2021 Cash flows from operating activities: Net cash provided by operating activities $ — Cash flows from investing activities: Net cash provided by investing activities — Cash flows from financing activities: Proceeds from loan from Ferrellgas, L.P. 19,900 Net cash provided by financing activities 19,900 Net increase in cash and cash equivalents 19,900 Cash and cash equivalents - beginning of year 6 Cash and cash equivalents - end of year $ 19,906 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jan. 31, 2021 | |
Subsequent Event [Line Items] | |
Subsequent Events | O. Subsequent events Ferrellgas has 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 follows. As previously disclosed on January 11, 2021 Ferrellgas Partners and Ferrellgas Partners Finance Corp. commenced the Chapter 11 Cases by filing voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. On March 5, 2021, the Bankruptcy Court entered an order confirming the Plan. The effectiveness of the Plan is conditioned on certain requirements such as the operating partnership completing its refinancing. There is no assurance that the Plan will become effective or that the TSA Transactions will be consummated, and the outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. For more information, refer to the discussion of the TSA and the Chapter 11 Cases under “Transaction Support Agreement and Chapter 11 Bankruptcy Cases” in Note A – Partnership organization and formation above . |
Ferrellgas Partners Finance Corp. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | C. Subsequent events The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’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 follows. As previously disclosed, on January 11, 2021 Ferrellgas Partners and Ferrellgas Partners Finance Corp. commenced the Chapter 11 Cases by filing voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. On March 5, 2021, the Bankruptcy Court entered an order confirming the Plan. The effectiveness of the Plan is conditioned on certain requirements such as the operating partnership completing its refinancing. There is no assurance that the Plan will become effective or that the TSA Transactions will be consummated, and the outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. For more information, refer to the discussion of the TSA and the Chapter 11 Cases under “Transaction Support Agreement and Chapter 11 Bankruptcy Cases” in Note A – Formation above . |
Ferrellgas, L.P. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | N. Subsequent events Ferrellgas, L.P. has 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 follows. As previously disclosed, on January 11, 2021 Ferrellgas Partners and Ferrellgas Partners Finance Corp. commenced the Chapter 11 Cases by filing voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. On March 5, 2021, the Bankruptcy Court entered an order confirming the Plan. The effectiveness of the Plan is conditioned on certain requirements such as the operating partnership completing its refinancing. There is no assurance that the Plan will become effective or that the TSA Transactions will be consummated, and the outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. For more information, refer to the discussion of the TSA and the Chapter 11 Cases under “Transaction Support Agreement and Chapter 11 Bankruptcy Cases” in Note A – Partnership organization and formation above . |
Ferrellgas Finance Corp. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | C. Subsequent events The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’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 follows. As previously disclosed on January 11, 2021 Ferrellgas Partners and Ferrellgas Partners Finance Corp. commenced the Chapter 11 Cases by filing voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court. On March 5, 2021, the Bankruptcy Court entered an order confirming the Plan. The effectiveness of the Plan is conditioned on certain requirements such as the operating partnership completing its refinancing. There is no assurance that the Plan will become effective or that the TSA Transactions will be consummated, and the outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. For more information, refer to the discussion of the TSA and the Chapter 11 Cases under “Transaction Support Agreement and Chapter 11 Bankruptcy Cases” in Note A –Formation above. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jan. 31, 2021 | |
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 condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for expected credit losses, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use asset and lease liability, fair values of derivative contracts and stock-based compensation calculations. Update to accounting estimates: On August 1, 2020 Ferrellgas adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) . As a result, we updated our significant accounting policies for the measurement of expected credit losses below. Allowance for expected credit losses Ferrellgas closely monitors accounts receivable balances and estimates the allowance for expected credit losses. The estimate is primarily based on historical collection experience and other factors, including those related to current market conditions and events. The expected credit losses associated with accounts receivable have not historically been material and the adoption impact on Ferrellgas’ allowance for expected credit losses was immaterial as of January 31, 2021. |
New accounting standards | (2) New accounting standards: 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 adopted the amended guidance effective August 1, 2020. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for expected credit losses, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use asset and lease liability, fair values of derivative contracts and stock-based compensation calculations. Update to accounting estimates: On August 1, 2020 Ferrellgas, L.P. adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326) . As a result, we updated our significant accounting policies for the measurement of expected credit losses below. Allowance for expected credit losses Ferrellgas, L.P. closely monitors accounts receivable balances and estimates the allowance for expected credit losses. The estimate is primarily based on historical collection experience and other factors, including those related to current market conditions and events. The expected credit losses associated with accounts receivable have not historically been material and the adoption impact on Ferrellgas, L.P.’s allowance for expected credit losses was immaterial as of January 31, 2021. |
New accounting standards | New accounting standards: 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. adopted the amended guidance effective August 1, 2020. The adoption of this standard did not have a material impact on the condensed consolidated financial statements. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Schedule of Lease Assets and Liabilities | Leases Classification January 31, 2021 July 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 97,249 $ 107,349 Financing lease assets Other assets, net 38,045 41,426 Total leased assets $ 135,294 $ 148,775 Liabilities Current Operating Current operating lease liabilities $ 27,895 $ 29,345 Financing Other current liabilities 7,405 6,955 Noncurrent Operating Operating lease liabilities 80,901 89,022 Financing Other liabilities 30,537 33,473 Total leased liabilities $ 146,738 $ 158,795 |
Schedule of Lease Costs | For the three months ended January 31, For the six months ended January 31, Leases expense Classification 2021 2020 2021 2020 Operating lease expense Operating expense - personnel, vehicle, plant and other $ 1,497 $ 1,664 $ 3,280 $ 3,405 Operating expense - equipment lease expense 6,513 8,156 12,955 15,763 Cost of sales - propane and other gas liquids sales 492 324 1,018 713 General and administrative expense 194 697 476 963 Total operating lease expense 8,696 10,841 17,729 20,844 Short-term expense Operating expense - personnel, vehicle, plant and other 1,873 2,012 3,905 3,966 General and administrative expense 123 141 364 251 Total short-term expense 1,996 2,153 4,269 4,217 Variable lease expense Operating expense - personnel, vehicle, plant and other 798 671 1,544 1,346 Operating expense - equipment lease expense 349 153 737 886 Total variable lease expense 1,147 824 2,281 2,232 Finance lease expense: Amortization of leased assets Depreciation and amortization expense 2,189 435 4,354 475 Interest on lease liabilities Interest expense 963 318 1,908 360 Total finance lease expense 3,152 753 6,262 835 Total lease expense (a) $ 14,991 $ 14,571 $ 30,541 $ 28,128 (a) For the three and six months ended January 31, 2021 Ferrellgas also recognized $0.1 million and $0.2 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to various Midstream dispositions, and for which Ferrellgas does not anticipate any future economic benefit. For the three and six months ended January 31, 2020 Ferrellgas also recognized $0.1 million and $0.2 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to various Midstream dispositions, and for which Ferrellgas does not anticipate any future economic benefit. |
Schedule of Minimum Annual Payments Under Existing Operating Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 17,114 $ 7,186 $ 24,300 28,110 9,851 37,961 35,875 7,851 43,726 19,055 7,262 26,317 13,616 7,273 20,889 Thereafter 21,886 10,892 32,778 Total lease payments $ 135,656 $ 50,315 $ 185,971 Less: Imputed interest 26,860 12,373 39,233 Present value of lease liabilities $ 108,796 $ 37,942 $ 146,738 |
Schedule of Minimum Annual Payments Under Existing Finance Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 17,114 $ 7,186 $ 24,300 28,110 9,851 37,961 35,875 7,851 43,726 19,055 7,262 26,317 13,616 7,273 20,889 Thereafter 21,886 10,892 32,778 Total lease payments $ 135,656 $ 50,315 $ 185,971 Less: Imputed interest 26,860 12,373 39,233 Present value of lease liabilities $ 108,796 $ 37,942 $ 146,738 |
Schedule of Operating and Finance Lease Assumptions | As of January 31, 2021 Lease type Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases Finance leases |
Schedule of Cash Flow Information | For the six months ended January 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 17,546 $ 21,647 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 1,729 $ 360 Financing cash flows $ 3,460 $ 320 |
Ferrellgas, L.P. [Member] | |
Schedule of Lease Assets and Liabilities | Leases Classification January 31, 2021 July 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 97,249 $ 107,349 Financing lease assets Other assets, net 38,045 41,426 Total leased assets $ 135,294 $ 148,775 Liabilities Current Operating Current operating lease liabilities $ 27,895 $ 29,345 Financing Other current liabilities 7,405 6,955 Noncurrent Operating Operating lease liabilities 80,901 89,022 Financing Other liabilities 30,537 33,473 Total leased liabilities $ 146,738 $ 158,795 |
Schedule of Lease Costs | For the three months ended January 31, For the six months ended January 31, Leases expense Classification 2021 2020 2021 2020 Operating lease expense Operating expense - personnel, vehicle, plant and other $ 1,497 $ 1,664 $ 3,280 $ 3,405 Operating expense - equipment lease expense 6,513 8,156 12,955 15,763 Cost of sales - propane and other gas liquids sales 492 324 1,018 713 General and administrative expense 194 697 476 963 Total operating lease expense 8,696 10,841 17,729 20,844 Short-term expense Operating expense - personnel, vehicle, plant and other 1,873 2,012 3,905 3,966 General and administrative expense 123 141 364 251 Total short-term expense 1,996 2,153 4,269 4,217 Variable lease expense Operating expense - personnel, vehicle, plant and other 798 671 1,544 1,346 Operating expense - equipment lease expense 349 153 737 886 Total variable lease expense 1,147 824 2,281 2,232 Finance lease expense: Amortization of leased assets Depreciation and amortization expense 2,189 435 4,354 475 Interest on lease liabilities Interest expense 963 318 1,908 360 Total finance lease expense 3,152 753 6,262 835 Total lease expense (a) $ 14,991 $ 14,571 $ 30,541 $ 28,128 (a) For the three and six months ended January 31, 2021 Ferrellgas, L.P. also recognized $0.1 million and $0.2 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to various Midstream dispositions, and for which Ferrellgas does not anticipate any future economic benefit. For the three and six months ended January 31, 2020 Ferrellgas, L.P. also recognized $0.1 million and $0.2 million, respectively, of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to various Midstream dispositions, and for which Ferrellgas does not anticipate any future economic benefit. |
Schedule of Minimum Annual Payments Under Existing Operating Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 17,114 $ 7,186 $ 24,300 28,110 9,851 37,961 35,875 7,851 43,726 19,055 7,262 26,317 13,616 7,273 20,889 Thereafter 21,886 10,892 32,778 Total lease payments $ 135,656 $ 50,315 $ 185,971 Less: Imputed interest 26,860 12,373 39,233 Present value of lease liabilities $ 108,796 $ 37,942 $ 146,738 |
Schedule of Minimum Annual Payments Under Existing Finance Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 17,114 $ 7,186 $ 24,300 28,110 9,851 37,961 35,875 7,851 43,726 19,055 7,262 26,317 13,616 7,273 20,889 Thereafter 21,886 10,892 32,778 Total lease payments $ 135,656 $ 50,315 $ 185,971 Less: Imputed interest 26,860 12,373 39,233 Present value of lease liabilities $ 108,796 $ 37,942 $ 146,738 |
Schedule of Operating and Finance Lease Assumptions | As of January 31, 2021 Lease type Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases Finance leases |
Schedule of Cash Flow Information | For the six months ended January 31, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 17,546 $ 21,647 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 1,729 $ 360 Financing cash flows $ 3,460 $ 320 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Supplemental Financial Statement Information [Line Items] | |
Schedule Of Inventories | January 31, 2021 July 31, 2020 Propane gas and related products $ 76,843 $ 58,733 Appliances, parts and supplies, and other 13,630 13,931 Inventories $ 90,473 $ 72,664 |
Prepaid Expenses and Other Current Assets | January 31, 2021 July 31, 2020 Broker margin deposit assets $ 19,410 $ 14,398 Price risk management asset 32,270 2,846 Other 21,234 18,700 Prepaid expenses and other current assets $ 72,914 $ 35,944 |
Other Current Liabilities | January 31, 2021 July 31, 2020 Accrued interest $ 34,583 $ 53,841 Customer deposits and advances 33,144 32,257 Accrued payroll 23,902 18,375 Accrued insurance 11,416 14,796 Other 88,863 48,197 Other current liabilities $ 191,908 $ 167,466 |
Shipping And Handling Expenses | For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Operating expense - personnel, vehicle, plant and other $ 56,723 $ 64,987 $ 104,253 $ 113,002 Depreciation and amortization expense 1,958 2,036 6,481 3,876 Operating expense - equipment lease expense 5,793 7,984 11,676 15,626 $ 64,474 $ 75,007 $ 122,410 $ 132,504 |
Cash and Cash Equivalents | January 31, 2021 July 31, 2020 Cash and cash equivalents $ 217,434 $ 238,002 Restricted cash (1) 109,049 95,759 Cash, cash equivalents and restricted cash $ 326,483 $ 333,761 (1) As of January 31, 2021, the $109.0 million of restricted cash includes $91.5 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.0 million of additional pledged collateral. As of July 31, 2020, the $95.8 million of restricted cash includes $78.2 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.1 million of additional pledged collateral. For additional discussion see Note F – Debt. |
Cash Flow Supplemental Disclosures | For the six months ended January 31, 2021 2020 Cash paid for: Interest $ 88,107 $ 83,826 Income taxes $ 305 $ 1 Non-cash investing and financing activities: Liability incurred in connection with Financing Agreement amendment $ — $ 8,863 Liabilities incurred in connection with acquisitions $ — $ 520 Change in accruals for property, plant and equipment additions $ (178) $ 268 Lease liabilities arising from operating right-of-use assets $ 4,262 $ 21,606 Lease liabilities arising from finance right-of-use assets $ 972 $ 12,241 |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information [Line Items] | |
Schedule Of Inventories | January 31, 2021 July 31, 2020 Propane gas and related products $ 76,843 $ 58,733 Appliances, parts and supplies, and other 13,630 13,931 Inventories $ 90,473 $ 72,664 |
Prepaid Expenses and Other Current Assets | January 31, 2021 July 31, 2020 Broker margin deposit assets $ 19,410 $ 14,398 Price risk management asset 32,270 2,846 Other 21,426 18,653 Prepaid expenses and other current assets $ 73,106 $ 35,897 |
Other Current Liabilities | January 31, 2021 July 31, 2020 Accrued interest $ 34,583 $ 34,511 Customer deposits and advances 33,144 32,257 Accrued payroll 23,902 18,375 Accrued insurance 11,416 14,796 Other 87,663 48,197 Other current liabilities $ 190,708 $ 148,136 |
Shipping And Handling Expenses | For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Operating expense - personnel, vehicle, plant and other $ 56,723 $ 64,987 $ 104,253 $ 113,002 Depreciation and amortization expense 1,958 2,036 6,481 3,876 Operating expense - equipment lease expense 5,793 7,984 11,676 15,626 $ 64,474 $ 75,007 $ 122,410 $ 132,504 |
Cash and Cash Equivalents | January 31, 2021 July 31, 2020 Cash and cash equivalents $ 197,528 $ 237,996 Restricted cash (1) 109,049 95,759 Cash, cash equivalents and restricted cash $ 306,577 $ 333,755 (1) As of January 31, 2021, the $109.0 million of restricted cash includes $91.5 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.0 million of additional pledged collateral. As of July 31, 2020, the $95.8 million of restricted cash includes $78.2 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.1 million of additional pledged collateral. For additional discussion see Note F – Debt. |
Cash Flow Supplemental Disclosures | For the six months ended January 31, 2021 2020 Cash paid for: Interest $ 88,107 $ 68,430 Income taxes $ 290 $ 1 Non-cash investing and financing activities: Liability incurred in connection with Financing Agreement amendment $ — $ 8,863 Liabilities incurred in connection with acquisitions $ — $ 520 Change in accruals for property, plant and equipment additions $ (178) $ 268 Lease liabilities arising from operating right-of-use assets $ 4,262 $ 21,606 Lease liabilities arising from finance right-of-use assets $ 972 $ 12,241 |
Accounts And Notes Receivable_2
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts And Notes Receivable | January 31, 2021 July 31, 2020 Accounts receivable pledged as collateral $ 200,443 $ 103,703 Accounts receivable not pledged as collateral (including other reserves) 8,307 (825) Note receivable 15,148 12,648 Other 37 36 Less: Allowance for expected credit losses (17,655) (14,124) Accounts and notes receivable, net $ 206,280 $ 101,438 |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts And Notes Receivable | January 31, 2021 July 31, 2020 Accounts receivable pledged as collateral $ 200,443 $ 103,703 Accounts receivable not pledged as collateral (including other reserves) 8,307 (825) Note receivable 15,148 12,648 Other 37 36 Less: Allowance for expected credit losses (17,655) (14,124) Accounts and notes receivable, net $ 206,280 $ 101,438 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Debt Instrument [Line Items] | |
Schedule of Debt Components | January 31, 2021 July 31, 2020 Unsecured senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (2) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $605 and $937 at January 31, 2021 and July 31, 2020, respectively (3) 475,605 475,937 Fixed rate, 8.625%, due 2020 (4) 357,000 357,000 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,270 at January 31, 2021 and $3,573 at July 31, 2020, respectively (5) 703,270 703,573 Notes payable 7.7% and 9.4% weighted average interest rate at January 31, 2021 and July 31, 2020, respectively, due 2021 to 2029, net of unamortized discount of $374 and $537 at January 31, 2021 and July 31, 2020, respectively 3,607 4,564 Total debt, excluding unamortized debt issuance and other costs 2,539,482 2,541,074 Unamortized debt issuance and other costs (30,207) (35,583) Less: current portion of long-term debt 501,865 859,095 Less: debt subject to compromise 357,000 — Long-term debt $ 1,650,410 $ 1,646,396 (1) During November 2010, the operating partnership issued $500.0 million aggregate principal amount of 6.50% senior notes due 2021. These notes are general unsecured senior obligations of the operating partnership and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021. These notes are classified as current in the condensed consolidated financial statements. (2) During June 2015, the operating partnership issued $500.0 million aggregate principal amount of 6.75% senior notes due 2023. These notes are general unsecured senior obligations of the operating partnership and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of any subsidiary of the operating partnership that is not a guarantor of these notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due June 15, 2023. The operating partnership would incur prepayment penalties if it were to repay the notes prior to June 15, 2021. (3) During fiscal 2014, the operating partnership issued $475.0 million aggregate principal amount of 6.75% senior notes due 2022, $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. These notes are general unsecured senior obligations of the operating partnership and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. The outstanding principal amount is due January 15, 2022. (4) During January 2017, Ferrellgas Partners issued $175.0 million aggregate principal amount of additional 8.625% unsecured senior notes due 2020 (referred to herein as the Ferrellgas Partners Notes due 2020), issued at 96% of par. Ferrellgas Partners contributed the net proceeds from the offering of approximately $166.1 million to the operating partnership, which used such amounts to repay borrowings under its previous senior secured credit facility. During April 2010, Ferrellgas Partners issued $280.0 million of these notes. During March 2011, Ferrellgas Partners redeemed $98.0 million of these notes. The Ferrellgas Partners Notes due 2020 are general unsecured senior obligations of Ferrellgas Partners and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas Partners, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership and its subsidiaries. These notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount was due on June 15, 2020, but has not been repaid. The Ferrellgas Partners Notes due 2020 were classified as current on the consolidated balance sheet as of July 31, 2020. As a result of the filing of the Chapter 11 Cases, the Ferrellgas Partners Notes due 2020 were reclassified as liabilities subject to compromise on the condensed consolidated balance sheet as of January 31, 2021. (5) During April 2020, the operating partnership issued $700.0 million aggregate principal amount of 10.00% senior secured first lien notes due 2025, $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. These notes are senior secured obligations of the operating partnership and the guarantors of such notes, including Ferrellgas Partners, the general partners of the operating partnership and certain subsidiaries of the operating partnership, and are (i) effectively senior to all existing senior unsecured indebtedness of the operating partnership and the guarantors, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas Receivables, LLC, a special purpose subsidiary that does not guarantee the notes. The senior notes bear interest from the date of issuance, payable semiannually in arrears on April 15 and October 15 of each year. The operating partnership would incur prepayment penalties if it were to repay the notes prior to April 15, 2024. The outstanding principal amount is due on April 15, 2025. |
Scheduled Annual Principal Payments On Long-term Debt | Scheduled Payment due by fiscal year principal payments 2021 (a) $ 858,000 2022 476,435 2023 500,999 2024 329 2025 700,199 Thereafter 19 Total $ 2,535,981 (a) Includes the Ferrellgas Partners Notes due 2020, which matured on June 15, 2020, but have not yet been repaid. |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt Components | January 31, 2021 July 31, 2020 Unsecured senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (2) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $605 and $937 at January 31, 2021 and July 31, 2020, respectively (3) 475,605 475,937 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,270 and $3,573 at January 31, 2021 and July 31, 2020, respectively (4) 703,270 703,573 Notes payable 7.7% and 9.4% weighted average interest rate at January 31, 2021 and July 31, 2020, respectively, due 2021 to 2029, net of unamortized discount of $374 and $537 at January 31, 2021 and July 31, 2020, respectively 3,607 4,564 Total debt, excluding unamortized debt issuance and other costs 2,182,482 2,184,074 Unamortized debt issuance and other costs (30,207) (35,583) Less: current portion of long-term debt 501,865 502,095 Long-term debt $ 1,650,410 $ 1,646,396 (1) During November 2010, Ferrellgas, L.P. issued $500.0 million aggregate principal amount of 6.50% senior notes due 2021.These notes are general unsecured senior obligations of Ferrellgas, L.P. and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the Ferrellgas, L.P.’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021.These notes are classified as current in the condensed consolidated financial statements. (2) During June 2015, Ferrellgas, L.P. issued $500.0 million aggregate principal amount of 6.75% senior notes due 2023. These notes are general unsecured senior obligations of Ferrellgas, L.P. and certain subsidiaries and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P. and such subsidiaries, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of any subsidiary of Ferrellgas, L.P. that is not a guarantor of these notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to June 15, 2021. (3) During fiscal 2014 , Ferrellgas, L.P. issued $475.0 million aggregate principal amount of 6.75% senior notes due 2022, $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. These notes are general unsecured senior obligations of Ferrellgas, L.P. and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas, L.P.’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. The outstanding principal amount is due on January 15, 2022. (4) During April 2020, Ferrellgas, L.P. issued $700.0 million aggregate principal amount of 10.00% senior secured first lien notes due 2025, $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. These notes are senior secured obligations of Ferrellgas, L.P. and the guarantors of such notes, including Ferrellgas Partners, the general partners of Ferrellgas, L.P. and certain subsidiaries, and are (i) effectively senior to all existing senior unsecured indebtedness of Ferrellgas, L.P. and the guarantors, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas Receivables, LLC, a special purpose subsidiary that does not guarantee the notes. The senior notes bear interest from the date of issuance, payable semiannually in arrears on April 15 and October 15 of each year. The operating partnership would incur prepayment penalties if it were to repay the notes prior to April 15, 2024. The outstanding principal amount is due on April 15, 2025. |
Scheduled Annual Principal Payments On Long-term Debt | Payment due by fiscal year Scheduled 2021 $ 501,000 2022 476,435 2023 500,999 2024 329 2025 700,199 Thereafter 19 Total $ 2,178,981 |
Partners' deficit (Tables)
Partners' deficit (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Limited Partners' Capital Account [Line Items] | |
Limited Partner Units | January 31, 2021 July 31, 2020 Public common unitholders (1) 69,612,939 69,612,939 Ferrell Companies (2) 22,529,361 22,529,361 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) 4,763,475 4,763,475 (1) These common units are traded on the OTC Pink Market under the symbol “FGPRQ”. (2) Ferrell Companies is the owner of the general partner and 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’ total beneficial ownership to 23.4%. (3) FCI Trading is an affiliate of the general partner and thus a related party. (4) Ferrell Propane is controlled by the general partner and thus a related party. (5) James E. Ferrell is the 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, L.P. [Member] | |
Limited Partners' Capital Account [Line Items] | |
Ferrellgas Recognized Cash Distributions | For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Ferrellgas Partners $ — $ 15,396 $ — $ 15,496 General partner — 157 — 158 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Retail - Sales to End Users $ 378,350 $ 374,069 $ 552,995 $ 554,486 Wholesale - Sales to Resellers 138,730 105,055 241,342 187,759 Other Gas Sales 11,354 6,123 15,146 16,387 Other 25,126 25,586 44,971 45,415 Propane and related equipment revenues $ 553,560 $ 510,833 $ 854,454 $ 804,047 |
Contract with Customer, Asset and Liability [Table Text Block] | January 31, 2021 July 31, 2020 Accounts receivable $ 214,288 $ 108,483 Contract assets $ 9,647 $ 7,079 Contract liabilities Deferred revenue (1) $ 44,801 $ 42,911 (1) Of the beginning balance of deferred revenue, $24.7 million was recognized as revenue during the six months ended January 31, 2021. |
Ferrellgas, L.P. [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Retail - Sales to End Users $ 378,350 $ 374,069 $ 552,995 $ 554,486 Wholesale - Sales to Resellers 138,730 105,055 241,342 187,759 Other Gas Sales 11,354 6,123 15,146 16,387 Other 25,126 25,586 44,971 45,415 Propane and related equipment revenues $ 553,560 $ 510,833 $ 854,454 $ 804,047 |
Contract with Customer, Asset and Liability [Table Text Block] | January 31, 2021 July 31, 2020 Accounts receivable $ 214,288 $ 108,483 Contract assets $ 9,647 $ 7,079 Contract liabilities Deferred revenue (1) $ 44,801 $ 42,911 (1) Of the beginning balance of deferred revenue, $24.7 million was recognized as revenue during the six months ended January 31, 2021. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
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 January 31, 2021: Assets: Derivative financial instruments: Commodity derivatives $ — $ 34,433 $ — $ 34,433 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (313) $ — $ (313) July 31, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 3,112 $ — $ 3,112 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (5,425) $ — $ (5,425) |
Ferrellgas, L.P. [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and Liabilities Fair Value Hierarchy | 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 January 31, 2021: Assets: Derivative financial instruments: Commodity derivatives $ — $ 34,433 $ — $ 34,433 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (313) $ — $ (313) July 31, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 3,112 $ — $ 3,112 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (5,425) $ — $ (5,425) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Fair Value of Financial Derivatives Balance Sheet Locations | Final January 31, 2021 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2022 Commodity derivatives-propane Prepaid expenses and other current assets $ 32,270 Other current liabilities $ 209 Commodity derivatives-propane Other assets, net 2,163 Other liabilities 104 Total $ 34,433 Total $ 313 Final July 31, 2020 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 2,846 Other current liabilities $ 5,029 Commodity derivatives-propane Other assets, net 266 Other liabilities 396 Total $ 3,112 Total $ 5,425 |
Offsetting Assets And Liabilities [Table Text Block] | January 31, 2021 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 19,410 Other current liabilities $ 39,774 Other assets, net 1,447 Other liabilities 2,095 $ 20,857 $ 41,869 July 31, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 14,398 Other current liabilities $ 510 Other assets, net 1,433 Other liabilities — $ 15,831 $ 510 |
Cash Flow Hedge Derivative Effect on Comprehensive Income | For the three months ended January 31, 2021 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 $ 36,957 Cost of product sold- propane and other gas liquids sales $ 8,441 $ — $ 36,957 $ 8,441 $ — For the three months ended January 31, 2020 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 $ (11,212) Cost of product sold- propane and other gas liquids sales $ (8,766) $ — $ (11,212) $ (8,766) $ — For the six months ended January 31, 2021 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 $ 42,724 Cost of sales-propane and other gas liquids sales $ 6,291 $ — $ 42,724 $ 6,291 $ — For the six months ended January 31, 2020 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 $ (24,839) Cost of sales-propane and other gas liquids sales $ (16,245) $ — $ (24,839) $ (16,245) $ — |
Changes in Derivatives Included in Accumulated Other Comprehensive Income | For the six months ended January 31, Gains and losses on derivatives included in AOCI 2021 2020 Beginning balance $ (2,313) $ (14,756) Change in value of risk management commodity derivatives 42,724 (24,839) Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (6,291) 16,245 Ending balance $ 34,120 $ (23,350) |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | Final January 31, 2021 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2022 Commodity derivatives-propane Prepaid expenses and other current assets $ 32,270 Other current liabilities $ 209 Commodity derivatives-propane Other assets, net 2,163 Other liabilities 104 Total $ 34,433 Total $ 313 Final July 31, 2020 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 2,846 Other current liabilities $ 5,029 Commodity derivatives-propane Other assets, net 266 Other liabilities 396 Total $ 3,112 Total $ 5,425 |
Offsetting Assets And Liabilities [Table Text Block] | January 31, 2021 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 19,410 Other current liabilities $ 39,774 Other assets, net 1,447 Other liabilities 2,095 $ 20,857 $ 41,869 July 31, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 14,398 Other current liabilities $ 510 Other assets, net 1,433 Other liabilities — $ 15,831 $ 510 |
Cash Flow Hedge Derivative Effect on Comprehensive Income | For the three months ended January 31, 2021 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 $ 36,957 Cost of product sold- propane and other gas liquids sales $ 8,441 $ — $ 36,957 $ 8,441 $ — For the three months ended January 31, 2020 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 $ (11,212) Cost of product sold- propane and other gas liquids sales $ (8,766) $ — $ (11,212) $ (8,766) $ — For the six months ended January 31, 2021 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 $ 42,724 Cost of sales-propane and other gas liquids sales $ 6,291 $ — $ 42,724 $ 6,291 $ — For the six months ended January 31, 2020 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 $ (24,839) Cost of sales-propane and other gas liquids sales $ (16,245) $ — $ (24,839) $ (16,245) $ — |
Changes in Derivatives Included in Accumulated Other Comprehensive Income | For the six months ended January 31, Gains and losses on derivatives included in AOCI 2021 2020 Beginning balance $ (2,313) $ (14,756) Change in value of risk management commodity derivatives 42,724 (24,839) Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (6,291) 16,245 Ending balance $ 34,120 $ (23,350) |
Transactions With Related Par_2
Transactions With Related Parties (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Related Party Transaction [Line Items] | |
Allocation Of Transactions With Related Parties | For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Operating expense $ 70,655 $ 73,084 $ 131,635 $ 136,555 General and administrative expense $ 10,375 $ 7,476 $ 17,094 $ 13,963 |
Ferrellgas, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Allocation Of Transactions With Related Parties | For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 Operating expense $ 70,655 $ 73,084 $ 131,635 $ 136,555 General and administrative expense $ 10,375 $ 7,476 $ 17,094 $ 13,963 |
Net Earnings (Loss) Per Commo_2
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 6 Months Ended |
Jan. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic And Diluted Net Earnings Per Common Unitholders' Interest | For the three months ended January 31, For the six months ended January 31, 2021 2020 2021 2020 (in thousands, except per common unit amounts) Common unitholders’ interest in net earnings $ 62,634 $ 47,725 $ 17,033 $ 2,834 Weighted average common units outstanding (in thousands) 97,152.7 97,152.7 97,152.7 97,152.7 Basic and diluted net earnings per common unit $ 0.64 $ 0.49 $ 0.18 $ 0.03 |
Guarantor financial informati_2
Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] | 6 Months Ended |
Jan. 31, 2021 | |
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 January 31, 2021 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 $ 300,436 $ 1 $ — $ 6,140 $ — $ 306,577 Accounts and notes receivable, net 5,837 — — 200,443 — 206,280 Intercompany receivables 169,668 — — — (169,668) — Inventories 90,473 — — — — 90,473 Prepaid expenses and other current assets 73,106 — — — — 73,106 Total current assets 639,520 1 — 206,583 (169,668) 676,436 Property, plant and equipment, net 587,870 — — — — 587,870 Goodwill, net 246,946 — — — — 246,946 Intangible assets, net 99,644 — — — — 99,644 Investments in consolidated subsidiaries 39,143 — — — (39,143) — Operating lease right-of-use assets 97,249 — — — — 97,249 Loan receivable - Ferrellgas Partners, L.P. 20,151 — — — — 20,151 Other assets, net 88,784 — 2,255 120 — 91,159 Total assets $ 1,819,307 $ 1 $ 2,255 $ 206,703 $ (208,811) $ 1,819,455 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 79,224 $ — $ — $ — $ — $ 79,224 Intercompany payables — — — 169,668 (169,668) — Current portion of long-term debt 501,865 — — — — 501,865 Current operating lease liabilities 27,895 — — — — 27,895 Other current liabilities 190,560 — (3) 151 — 190,708 Total current liabilities 799,544 — (3) 169,819 (169,668) 799,692 Long-term debt 1,650,410 — — — — 1,650,410 Operating lease liabilities 80,901 — — — — 80,901 Other liabilities 49,541 — — — — 49,541 Partners' capital (deficit): Partners' equity (795,209) 1 2,258 36,884 (39,143) (795,209) Accumulated other comprehensive income 34,120 — — — — 34,120 Total partners' capital (deficit) (761,089) 1 2,258 36,884 (39,143) (761,089) Total liabilities and partners' capital (deficit) $ 1,819,307 $ 1 $ 2,255 $ 206,703 $ (208,811) $ 1,819,455 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2020 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 $ 332,244 $ 1 $ — $ 1,510 $ — $ 333,755 Accounts and notes receivable, net 11,879 — 24 89,535 — 101,438 Intercompany receivables 69,980 — — — (69,980) — Inventories 72,664 — — — . 72,664 Prepaid expenses and other current assets 35,897 — — — — 35,897 Total current assets 522,664 1 24 91,045 (69,980) 543,754 Property, plant and equipment, net 591,042 — — — — 591,042 Goodwill, net 247,195 — — — — 247,195 Intangible assets, net 104,049 — — — — 104,049 Investments in consolidated subsidiaries 37,662 — — — (37,662) — Operating lease right-of-use assets 107,349 — — — — 107,349 Other assets, net 72,137 — 2,255 356 — 74,748 Total assets $ 1,682,098 $ 1 $ 2,279 $ 91,401 $ (107,642) $ 1,668,137 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 33,944 $ — $ — $ — $ — $ 33,944 Intercompany payables — — — 69,980 (69,980) — Current portion of long-term debt 502,095 — — — — 502,095 Current operating lease liabilities 29,345 — — — — 29,345 Other current liabilities 162,097 — — (13,961) — 148,136 Total current liabilities 727,481 — — 56,019 (69,980) 713,520 Long-term debt 1,646,396 — — — — 1,646,396 Operating lease liabilities 89,022 — — — — 89,022 Other liabilities 51,190 — — — — 51,190 Contingencies and commitments Partners' capital (deficit): Partners' equity (829,678) 1 2,279 35,382 (37,662) (829,678) Accumulated other comprehensive income (2,313) — — — — (2,313) Total partners' capital (deficit) (831,991) 1 2,279 35,382 (37,662) (831,991) Total liabilities and partners' capital (deficit) $ 1,682,098 $ 1 $ 2,279 $ 91,401 $ (107,642) $ 1,668,137 |
Condensed Income Statement [Table Text Block] | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended January 31, 2021 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 $ 528,434 $ — $ — $ — $ — $ 528,434 Other 25,126 — — — — 25,126 Total revenues 553,560 — — — — 553,560 Costs and expenses: Cost of sales - propane and other gas liquids sales 270,777 — — — — 270,777 Cost of sales - other 3,504 — — — — 3,504 Operating expense - personnel, vehicle, plant and other 115,247 — — 2,437 (2,437) 115,247 Operating expense - equipment lease expense 6,862 — — — — 6,862 Depreciation and amortization expense 21,249 — — — — 21,249 General and administrative expense 20,254 — — — — 20,254 Non-cash employee stock ownership plan compensation charge 762 — — — — 762 Loss on asset sales and disposals 80 — — — — 80 Operating income (loss) 114,825 — — (2,437) 2,437 114,825 Interest expense (45,958) — — (564) — (46,522) Other income (expense), net 3,774 — (15) 1,614 (1,614) 3,759 Earnings (loss) before income taxes 72,641 — (15) (1,387) 823 72,062 Income tax expense 312 — — — — 312 Equity in earnings (loss) of subsidiaries (1,402) — — — 1,402 — Net earnings (loss) 70,927 — (15) (1,387) 2,225 71,750 Other comprehensive income 28,516 — — — — 28,516 Comprehensive income (loss) $ 99,443 $ — $ (15) $ (1,387) $ 2,225 $ 100,266 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended January 31, 2020 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 $ 485,247 $ — $ — $ — $ — $ 485,247 Other 25,586 — — — — 25,586 Total revenues 510,833 — — — — 510,833 Costs and expenses: Cost of sales - propane and other gas liquids sales 237,843 — — — — 237,843 Cost of sales - other 3,353 — — — — 3,353 Operating expense - personnel, vehicle, plant and other 128,233 — — 1,050 (1,050) 128,233 Operating expense - equipment lease expense 8,261 — — — — 8,261 Depreciation and amortization expense 19,684 — — 111 — 19,795 General and administrative expense 14,082 3 — — — 14,085 Non-cash employee stock ownership plan compensation charge 630 — — — — 630 Loss on asset sales and disposals 2,148 — — — — 2,148 Operating income (loss) 96,599 (3) — (1,161) 1,050 96,485 Interest expense (37,778) — — (912) — (38,690) Other income (expense), net 76 — — 1,882 (1,882) 76 Earnings (loss) before income taxes 58,897 (3) — (191) (832) 57,871 Income tax expense 115 — — — — 115 Equity in earnings (loss) of subsidiary (194) — — — 194 — Net earnings (loss) 58,588 (3) — (191) (638) 57,756 Other comprehensive loss (2,555) — — — — (2,555) Comprehensive income (loss) $ 56,033 $ (3) $ — $ (191) $ (638) $ 55,201 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the six months ended January 31, 2021 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 $ 809,483 $ — $ — $ — $ — $ 809,483 Other 44,971 — — — — 44,971 Total revenues 854,454 — — — — 854,454 Costs and expenses: Cost of sales - propane and other gas liquids sales 408,404 — — — — 408,404 Cost of sales - other 7,171 — — — — 7,171 Operating expense - personnel, vehicle, plant and other 224,274 — — 3,174 (3,174) 224,274 Operating expense - equipment lease expense 13,692 — — — — 13,692 Depreciation and amortization expense 42,639 — — — — 42,639 General and administrative expense 33,328 2 — — — 33,330 Non-cash employee stock ownership plan compensation charge 1,470 — — — — 1,470 Loss on asset sales and disposals 893 — — — — 893 Operating income (loss) 122,583 (2) — (3,174) 3,174 122,581 Interest expense (91,859) — — (1,191) — (93,050) Other income (expense), net 3,903 — (36) 3,293 (3,293) 3,867 Earnings (loss) before income taxes 34,627 (2) (36) (1,072) (119) 33,398 Income tax expense 399 — — — — 399 Equity in earnings (loss) of subsidiary (1,110) — — — 1,110 — Net earnings (loss) 33,118 (2) (36) (1,072) 991 32,999 Other comprehensive loss 36,433 — — — — 36,433 Comprehensive income (loss) $ 69,551 $ (2) $ (36) $ (1,072) $ 991 $ 69,432 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the six months ended January 31, 2020 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 $ 758,632 $ — $ — $ — $ — $ 758,632 Other 45,415 — — — — 45,415 Total revenues 804,047 — — — — 804,047 Costs and expenses: Cost of sales - propane and other gas liquids sales 371,871 — — — — 371,871 Cost of sales - other 7,034 — — — — 7,034 Operating expense - personnel, vehicle, plant and other 242,776 — — 1,935 (1,935) 242,776 Operating expense - equipment lease expense 16,649 — — — — 16,649 Depreciation and amortization expense 38,791 — — 223 — 39,014 General and administrative expense 23,777 4 — — — 23,781 Non-cash employee stock ownership plan compensation charge 1,425 — — — — 1,425 Loss on asset sales and disposals 4,383 — — — — 4,383 Operating income (loss) 97,341 (4) — (2,158) 1,935 97,114 Interest expense (73,469) — — (2,098) — (75,567) Other income (expense), net (56) — — 2,602 (2,602) (56) Earnings (loss) before income taxes 23,816 (4) — (1,654) (667) 21,491 Income tax expense 633 — — — — 633 Equity in earnings (loss) of subsidiaries (1,658) — — — 1,658 — Net earnings (loss) 21,525 (4) — (1,654) 991 20,858 Other comprehensive loss (8,703) — — — — (8,703) Comprehensive income (loss) $ 12,822 $ (4) $ — $ (1,654) $ 991 $ 12,155 |
Condensed Cash Flow Statement [Table Text Block] | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the six months ended January 31, 2021 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 $ 44,691 $ (6) $ (9) $ (4,856) $ 4,631 $ 44,451 Cash flows from investing activities: Capital expenditures (35,333) — — — — (35,333) Proceeds from sale of assets 3,144 — — — — 3,144 Cash collected for purchase of interest in accounts receivable — — — 422,498 (422,498) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (417,867) 417,867 — Intercompany loan to affiliate (4,870) 4,870 Other - Loan to MLP (19,900) — — — — (19,900) Net cash provided by (used in) investing activities (56,959) — — 4,631 239 (52,089) Cash flows from financing activities: Payments on long-term debt (1,120) — — — — (1,120) Net changes in advances with consolidated entities — 6 9 4,855 (4,870) — Cash payments for principal portion of finance lease liability (3,460) — — — — (3,460) Cash paid for financing costs and other (14,960) — — — — (14,960) Net cash provided by (used in) financing activities (19,540) 6 9 4,855 (4,870) (19,540) Net change in cash and cash equivalents (31,808) — — 4,630 — (27,178) Cash and cash equivalents - beginning of year 332,244 1 — 1,510 — 333,755 Cash, cash equivalents and restricted cash - end of year $ 300,436 $ 1 $ — $ 6,140 $ — $ 306,577 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the six months ended January 31, 2020 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 $ 80,433 $ (4) $ 512 $ (5,941) $ (59,000) $ 16,000 Cash flows from investing activities: Business acquisitions, net of cash acquired (6,400) — — — — (6,400) Capital expenditures (33,422) — — — — (33,422) Proceeds from sale of assets 1,659 — — — — 1,659 Cash collected for purchase of interest in accounts receivable — — — 416,325 (416,325) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (475,325) 475,325 — Intercompany loan to affiliate (5,433) — — — 5,433 — Cash payment to construct assets in connection with future lease transactions (30,307) — — — — (30,307) Cash receipts in connection with leased vehicles 19,929 — — — — 19,929 Net cash provided by (used in) investing activities (53,974) — — (59,000) 64,433 (48,541) Cash flows from financing activities: Distributions (15,654) — — — — (15,654) Reductions in long-term debt (972) — — — — (972) Net reductions to short-term borrowings (3,000) — — — — (3,000) Net additions to collateralized short-term borrowings — — — 59,000 — 59,000 Net changes in advances with consolidated entries — 4 (512) 5,941 (5,433) — Cash paid for financing costs and other (4,236) — — — — (4,236) Net cash provided by (used in) financing activities (23,862) 4 (512) 64,941 (5,433) 35,138 Net change in cash and cash equivalents 2,597 — — — — 2,597 Cash and cash equivalents - beginning of year 11,045 1 — — — 11,046 Cash and cash equivalents - end of year $ 13,642 $ 1 $ — $ — $ — $ 13,643 |
Condensed parent only debtor in
Condensed parent only debtor in possession financial information (Tables) - Debtor In Possession [Member] | 6 Months Ended |
Jan. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Balance Sheet [Table Text Block] | January 31, 2021 ASSETS Cash and cash equivalents $ 19,906 Prepaid expenses and other current assets 269 Total assets $ 20,175 LIABILITIES AND PARTNERS’ DEFICIT Other current liabilities $ 1,661 Loan payable to Ferrellgas, L.P 19,900 Accrued interest payable on Ferrellgas, L.P. loan 251 Total liabilities not subject to compromise 21,812 Liabilities subject to compromise 390,101 Total liabilities 411,913 Investment in Ferrellgas, L.P. 753,579 Partners’ deficit Total partners’ deficit attributable to debtors (1,145,317) Total liabilities and partners’ deficit $ 20,175 |
Condensed Income Statement [Table Text Block] | For the three months ended January 31, For the six months ended January 31, 2021 2021 Expenses: General and administrative expense $ 221 $ 225 Interest expense 6,324 14,022 Reorganization expense - professional fees 1,200 1,200 Total expenses 7,745 15,447 Loss before income taxes and equity in earnings of non-debtor entities (7,745) (15,447) Income tax expense 14 14 Equity in earnings of non-debtor entities 71,750 32,999 Net earnings 63,991 17,538 Net earnings attributable to noncontrolling interest 724 333 Net earnings attributable to the debtor 63,267 17,205 Total other comprehensive income — — Comprehensive income attributable to debtor $ 63,267 $ 17,205 |
Condensed Cash Flow Statement [Table Text Block] | For the six months ended January 31, 2021 Cash flows from operating activities: Net cash provided by operating activities $ — Cash flows from investing activities: Net cash provided by investing activities — Cash flows from financing activities: Proceeds from loan from Ferrellgas, L.P. 19,900 Net cash provided by financing activities 19,900 Net increase in cash and cash equivalents 19,900 Cash and cash equivalents - beginning of year 6 Cash and cash equivalents - end of year $ 19,906 |
Partnership Organization And _2
Partnership Organization And Formation (Details) | 6 Months Ended | |||||
Jan. 31, 2021USD ($)employeeitemsubsidiaryshares | Jan. 31, 2020 | Jan. 08, 2021USD ($) | Jul. 31, 2020shares | Jan. 31, 2017USD ($) | Nov. 30, 2010USD ($) | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Number of subsidiaries | subsidiary | 2 | |||||
Number of states in which entity operates | 50 | |||||
Debt subject to compromise | $ 357,000,000 | |||||
Number of employees | employee | 0 | |||||
Fixed rate, 8.625%, due 2020 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Debt subject to compromise | $ 357,000,000 | |||||
Aggregate principal amount | $ 175,000,000 | |||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | |||
Fixed rate, 6.5%, due 2021 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 500,000,000 | |||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | |||
P I K Term Loan Due Two Thousand Twenty Two [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 19,900,000 | |||||
Interest rate, as a percent | 20.00% | |||||
Ferrellgas, L.P. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Number of general partners | item | 3 | |||||
Ferrellgas Partners LP [Member] | Ferrellgas, L.P. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Limited partner interest | 99.00% | |||||
Ferrellgas Partners LP [Member] | Ferrellgas Partners Finance Corp. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Ferrell Companies [Member] | Ferrellgas Partners LP [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Common stock shares outstanding | shares | 22,800,000 | |||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
General partner ownership interest | 2.00% | 2.00% | ||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
General partner ownership interest | 1.00% | |||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
General partner ownership interest | 1.0101% | 1.0101% | ||||
Ferrellgas, L.P. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Number of states in which entity operates | 50 | |||||
Number of employees | employee | 0 | |||||
Ferrellgas, L.P. [Member] | Fixed rate, 8.625%, due 2020 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Debt subject to compromise | $ 357,000,000 | |||||
Ferrellgas, L.P. [Member] | Fixed rate, 6.5%, due 2021 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 500,000,000 | $ 500,000,000 | ||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | |||
Ferrellgas, L.P. [Member] | Ferrellgas Finance Corp. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
Ferrellgas Partners Finance Corp. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Common stock shares outstanding | shares | 1,000 | 1,000 | ||||
Corporation formation proceeds from partnership | $ 1,000 | |||||
Corporation formation shares granted to partnership | shares | 1,000 | |||||
Number of employees | employee | 0 | |||||
Ferrellgas Finance Corp. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Common stock shares outstanding | shares | 1,000 | 1,000 | ||||
Corporation formation proceeds from partnership | $ 1,000 | |||||
Corporation formation shares granted to partnership | shares | 1,000 | |||||
Number of employees | employee | 0 | |||||
Ferrellgas Finance Corp. [Member] | Fixed rate, 8.625%, due 2020 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Debt subject to compromise | $ 357,000,000 | |||||
Ferrellgas Finance Corp. [Member] | Fixed rate, 6.5%, due 2021 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 500,000,000 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Assets and Liabilities, Lessee [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 97,249 | $ 107,349 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating Lease, Right-of-Use Asset | |
Finance Lease, Right-of-Use Asset | $ 38,045 | 41,426 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | |
Total leased assets | $ 135,294 | 148,775 |
Operating Lease, Liability, Current | $ 27,895 | 29,345 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Operating Lease, Liability, Current | |
Finance Lease, Liability, Current | $ 7,405 | 6,955 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | |
Operating Lease, Liability, Noncurrent | $ 80,901 | 89,022 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Operating Lease, Liability, Noncurrent | |
Finance Lease, Liability, Noncurrent | $ 30,537 | 33,473 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | |
Total leased liabilities | $ 146,738 | 158,795 |
Ferrellgas, L.P. [Member] | ||
Assets and Liabilities, Lessee [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 97,249 | 107,349 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating Lease, Right-of-Use Asset | |
Finance Lease, Right-of-Use Asset | $ 38,045 | 41,426 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent | |
Total leased assets | $ 135,294 | 148,775 |
Operating Lease, Liability, Current | $ 27,895 | 29,345 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Operating Lease, Liability, Current | |
Finance Lease, Liability, Current | $ 7,405 | 6,955 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current | |
Operating Lease, Liability, Noncurrent | $ 80,901 | 89,022 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Operating Lease, Liability, Noncurrent | |
Finance Lease, Liability, Noncurrent | $ 30,537 | 33,473 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent | |
Total leased liabilities | $ 146,738 | $ 158,795 |
Leases - Lease Expenses (Detail
Leases - Lease Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Lease, Cost [Abstract] | ||||
Operating lease expense | $ 8,696 | $ 10,841 | $ 17,729 | $ 20,844 |
Short-term expense | 1,996 | 2,153 | 4,269 | 4,217 |
Variable lease expense | 1,147 | 824 | 2,281 | 2,232 |
Total finance lease expense | 3,152 | 753 | 6,262 | 835 |
Total lease expense | 14,991 | 14,571 | 30,541 | 28,128 |
Midstream Operations [Member] | ||||
Lease, Cost [Abstract] | ||||
Total lease expense | 100 | 100 | 200 | 200 |
Operating expenses - personnel, vehicle, plant and other | ||||
Lease, Cost [Abstract] | ||||
Operating lease expense | 1,497 | 1,664 | 3,280 | 3,405 |
Short-term expense | 1,873 | 2,012 | 3,905 | 3,966 |
Variable lease expense | 798 | 671 | 1,544 | 1,346 |
Operating expense - equipment lease expense | ||||
Lease, Cost [Abstract] | ||||
Operating lease expense | 6,513 | 8,156 | 12,955 | 15,763 |
Variable lease expense | 349 | 153 | 737 | 886 |
Cost of Sales [Member] | ||||
Lease, Cost [Abstract] | ||||
Operating lease expense | 492 | 324 | 1,018 | 713 |
General and Administrative Expense [Member] | ||||
Lease, Cost [Abstract] | ||||
Operating lease expense | 194 | 697 | 476 | 963 |
Short-term expense | 123 | 141 | 364 | 251 |
Depreciation And Amortization Expense [Member] | ||||
Lease, Cost [Abstract] | ||||
Amortization of leased assets | 2,189 | 435 | 4,354 | 475 |
Interest Expense [Member] | ||||
Lease, Cost [Abstract] | ||||
Interest on lease liabilities | 963 | 318 | 1,908 | 360 |
Ferrellgas, L.P. [Member] | ||||
Lease, Cost [Abstract] | ||||
Operating lease expense | 8,696 | 10,841 | 17,729 | 20,844 |
Short-term expense | 1,996 | 2,153 | 4,269 | 4,217 |
Variable lease expense | 1,147 | 824 | 2,281 | 2,232 |
Total finance lease expense | 3,152 | 753 | 6,262 | 835 |
Total lease expense | 14,991 | 14,571 | 30,541 | 28,128 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||||
Lease, Cost [Abstract] | ||||
Total lease expense | 100 | 100 | 200 | 200 |
Ferrellgas, L.P. [Member] | Operating expenses - personnel, vehicle, plant and other | ||||
Lease, Cost [Abstract] | ||||
Operating lease expense | 1,497 | 1,664 | 3,280 | 3,405 |
Short-term expense | 1,873 | 2,012 | 3,905 | 3,966 |
Variable lease expense | 798 | 671 | 1,544 | 1,346 |
Ferrellgas, L.P. [Member] | Operating expense - equipment lease expense | ||||
Lease, Cost [Abstract] | ||||
Operating lease expense | 6,513 | 8,156 | 12,955 | 15,763 |
Variable lease expense | 349 | 153 | 737 | 886 |
Ferrellgas, L.P. [Member] | Cost of Sales [Member] | ||||
Lease, Cost [Abstract] | ||||
Operating lease expense | 492 | 324 | 1,018 | 713 |
Ferrellgas, L.P. [Member] | General and Administrative Expense [Member] | ||||
Lease, Cost [Abstract] | ||||
Operating lease expense | 194 | 697 | 476 | 963 |
Short-term expense | 123 | 141 | 364 | 251 |
Ferrellgas, L.P. [Member] | Depreciation And Amortization Expense [Member] | ||||
Lease, Cost [Abstract] | ||||
Amortization of leased assets | 2,189 | 435 | 4,354 | 475 |
Ferrellgas, L.P. [Member] | Interest Expense [Member] | ||||
Lease, Cost [Abstract] | ||||
Interest on lease liabilities | $ 963 | $ 318 | $ 1,908 | $ 360 |
Leases - Maturity (Details)
Leases - Maturity (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 | $ 17,114 |
2022 | 28,110 |
2023 | 35,875 |
2024 | 19,055 |
2025 | 13,616 |
Thereafter | 21,886 |
Total lease payments, Operating Leases | 135,656 |
Less: Imputed interest | 26,860 |
Present value of lease liabilities, Operating Leases | 108,796 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2021 | 7,186 |
2022 | 9,851 |
2023 | 7,851 |
2024 | 7,262 |
2025 | 7,273 |
Thereafter | 10,892 |
Total lease payments, Finance Leases | 50,315 |
Less: Imputed interest | 12,373 |
Present value of lease liabilities, Finance Leases | 37,942 |
Operating And Finance Lease Liabilities Payments Due [Abstract] | |
2021 | 24,300 |
2022 | 37,961 |
2023 | 43,726 |
2024 | 26,317 |
2025 | 20,889 |
Thereafter | 32,778 |
Total lease payments | 185,971 |
Less: Imputed interest | 39,233 |
Present value of lease liabilities | 146,738 |
Ferrellgas, L.P. [Member] | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 | 17,114 |
2022 | 28,110 |
2023 | 35,875 |
2024 | 19,055 |
2025 | 13,616 |
Thereafter | 21,886 |
Total lease payments, Operating Leases | 135,656 |
Less: Imputed interest | 26,860 |
Present value of lease liabilities, Operating Leases | 108,796 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2021 | 7,186 |
2022 | 9,851 |
2023 | 7,851 |
2024 | 7,262 |
2025 | 7,273 |
Thereafter | 10,892 |
Total lease payments, Finance Leases | 50,315 |
Less: Imputed interest | 12,373 |
Present value of lease liabilities, Finance Leases | 37,942 |
Operating And Finance Lease Liabilities Payments Due [Abstract] | |
2021 | 24,300 |
2022 | 37,961 |
2023 | 43,726 |
2024 | 26,317 |
2025 | 20,889 |
Thereafter | 32,778 |
Total lease payments | 185,971 |
Less: Imputed interest | 39,233 |
Present value of lease liabilities | $ 146,738 |
Leases - Assumptions (Details)
Leases - Assumptions (Details) | Jan. 31, 2021 |
Lessee Disclosure [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 1 month 6 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 7 months 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 8.30% |
Finance Lease, Weighted Average Discount Rate, Percent | 8.70% |
Ferrellgas, L.P. [Member] | |
Lessee Disclosure [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 1 month 6 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 7 months 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 8.30% |
Finance Lease, Weighted Average Discount Rate, Percent | 8.70% |
Leases - Cash Flow (Details)
Leases - Cash Flow (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Operating cash flows, operating leases | $ 17,546 | $ 21,647 |
Operating cash flows, financing leases | 1,729 | 360 |
Financing cash flows, financing leases | 3,460 | 320 |
Ferrellgas, L.P. [Member] | ||
Operating cash flows, operating leases | 17,546 | 21,647 |
Operating cash flows, financing leases | 1,729 | 360 |
Financing cash flows, financing leases | $ 3,460 | $ 320 |
Supplemental Information - Inve
Supplemental Information - Inventories (Details) $ in Thousands, gal in Millions | 6 Months Ended | |
Jan. 31, 2021USD ($)gal | Jul. 31, 2020USD ($) | |
Supplemental Financial Statement Information [Line Items] | ||
Propane gas and related products | $ 76,843 | $ 58,733 |
Appliances, parts and supplies | 13,630 | 13,931 |
Inventories | $ 90,473 | 72,664 |
Supply procurement contract duration | 36 months | |
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 2.7 | |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Propane gas and related products | $ 76,843 | 58,733 |
Appliances, parts and supplies | 13,630 | 13,931 |
Inventories | $ 90,473 | $ 72,664 |
Supply procurement contract duration | 36 months | |
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 2.7 |
Supplemental Information - Prep
Supplemental Information - Prepaids and Other Assets (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Supplemental Financial Statement Information [Line Items] | ||
Broker margin deposit assets | $ 19,410 | $ 14,398 |
Price risk management asset | 32,270 | 2,846 |
Other assets, net | 21,234 | 18,700 |
Prepaid expenses and other current assets | 72,914 | 35,944 |
Finance lease right-of-use assets | 38,045 | 41,426 |
Other assets, net | 91,159 | 74,748 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Broker margin deposit assets | 19,410 | 14,398 |
Price risk management asset | 32,270 | 2,846 |
Other assets, net | 21,426 | 18,653 |
Prepaid expenses and other current assets | 73,106 | 35,897 |
Finance lease right-of-use assets | 38,045 | 41,426 |
Other assets, net | $ 91,159 | $ 74,748 |
Supplemental Information - Othe
Supplemental Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Supplemental Financial Statement Information [Line Items] | ||
Accrued interest | $ 34,583 | $ 53,841 |
Customer deposits and advances | 33,144 | 32,257 |
Accrued payroll | 23,902 | 18,375 |
Accrued insurance | 11,416 | 14,796 |
Other | 88,863 | 48,197 |
Other current liabilities | 191,908 | 167,466 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Accrued interest | 34,583 | 34,511 |
Customer deposits and advances | 33,144 | 32,257 |
Accrued payroll | 23,902 | 18,375 |
Accrued insurance | 11,416 | 14,796 |
Other | 87,663 | 48,197 |
Other current liabilities | $ 190,708 | $ 148,136 |
Supplemental Information - Ship
Supplemental Information - Shipping and Handling (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense - personnel, vehicle, plant and other | $ 115,247 | $ 128,233 | $ 224,274 | $ 242,776 |
Depreciation and amortization expense | 21,249 | 19,795 | 42,639 | 39,014 |
Operating expense - equipment lease expense | 6,862 | 8,261 | 13,692 | 16,649 |
Shipping and Handling [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense - personnel, vehicle, plant and other | 56,723 | 64,987 | 104,253 | 113,002 |
Depreciation and amortization expense | 1,958 | 2,036 | 6,481 | 3,876 |
Operating expense - equipment lease expense | 5,793 | 7,984 | 11,676 | 15,626 |
Costs and Expenses, Total | 64,474 | 75,007 | 122,410 | 132,504 |
Ferrellgas, L.P. [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense - personnel, vehicle, plant and other | 115,247 | 128,233 | 224,274 | 242,776 |
Depreciation and amortization expense | 21,249 | 19,795 | 42,639 | 39,014 |
Operating expense - equipment lease expense | 6,862 | 8,261 | 13,692 | 16,649 |
Ferrellgas, L.P. [Member] | Shipping and Handling [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense - personnel, vehicle, plant and other | 56,723 | 64,987 | 104,253 | 113,002 |
Depreciation and amortization expense | 1,958 | 2,036 | 6,481 | 3,876 |
Operating expense - equipment lease expense | 5,793 | 7,984 | 11,676 | 15,626 |
Costs and Expenses, Total | $ 64,474 | $ 75,007 | $ 122,410 | $ 132,504 |
Supplemental Information - Cash
Supplemental Information - Cash (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | Jul. 31, 2019 | |
Supplemental Financial Statement Information [Line Items] | ||||
Cash and cash equivalents | $ 217,434 | $ 238,002 | ||
Restricted cash | 109,049 | 95,759 | ||
Cash pledged as collateral for letters of credit | 91,500 | 78,200 | ||
Cash deposit against contingencies | 11,500 | 11,500 | ||
Additional pledged collateral | 6,000 | 6,100 | ||
Cash and cash equivalents and restricted cash | 326,483 | $ 13,706 | 333,761 | $ 11,054 |
Cash paid for interest | 88,107 | 83,826 | ||
Income taxes | 305 | 1 | ||
Noncash Investing and Financing Items [Abstract] | ||||
Liability incurred in connection with Financing Agreement amendment | 8,863 | |||
Liabilities incurred in connection with acquisitions | 520 | |||
Change in accruals for property, plant and equipment additions | (178) | 268 | ||
Lease liabilities arising from operating right-of-use assets | 4,262 | 21,606 | ||
Lease liabilities arising from finance right-of-use assets | 972 | 12,241 | ||
Ferrellgas, L.P. [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Cash and cash equivalents | 197,528 | 237,996 | ||
Restricted cash | 109,049 | 95,759 | ||
Cash pledged as collateral for letters of credit | 91,500 | 78,200 | ||
Cash deposit against contingencies | 11,500 | 11,500 | ||
Additional pledged collateral | 6,000 | 6,100 | ||
Cash and cash equivalents and restricted cash | 306,577 | 13,643 | $ 333,755 | $ 11,046 |
Cash paid for interest | 88,107 | 68,430 | ||
Income taxes | 290 | 1 | ||
Noncash Investing and Financing Items [Abstract] | ||||
Liability incurred in connection with Financing Agreement amendment | 8,863 | |||
Liabilities incurred in connection with acquisitions | 520 | |||
Change in accruals for property, plant and equipment additions | (178) | 268 | ||
Lease liabilities arising from operating right-of-use assets | 4,262 | 21,606 | ||
Lease liabilities arising from finance right-of-use assets | $ 972 | $ 12,241 |
Accounts And Notes Receivable_3
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 200,443 | $ 103,703 |
Accounts receivable, not pledged as collateral (including other reserves) | 8,307 | (825) |
Notes receivable, current portion | 15,148 | 12,648 |
Other | 37 | 36 |
Less: Allowance for expected credit losses | (17,655) | (14,124) |
Accounts and notes receivable, net | 206,280 | 101,438 |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 200,443 | 103,703 |
Accounts receivable, not pledged as collateral (including other reserves) | 8,307 | (825) |
Notes receivable, current portion | 15,148 | 12,648 |
Other | 37 | 36 |
Less: Allowance for expected credit losses | (17,655) | (14,124) |
Accounts and notes receivable, net | $ 206,280 | $ 101,438 |
Accounts And Notes Receivable_4
Accounts And Notes Receivable, Net And Accounts Receivable Securitization - Additional information (Details) | 6 Months Ended | 12 Months Ended |
Jan. 31, 2021USD ($) | Jul. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 200,443,000 | $ 103,703,000 |
Required fixed charge coverage ratio | 175.00% | |
Accounts Receivable Securitization Facility [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateralized notes payable | $ 0 | 0 |
Receipts from accounts receivable securitization | 0 | 0 |
Capacity to receive additional proceeds | $ 87,000,000 | 11,000,000 |
Agreement extension period | 3 years | |
Accounts Receivable Securitization Facility [Member] | Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Senior secured leverage ratio | 3 | |
Accounts Receivable Securitization Facility [Member] | Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Required fixed charge coverage ratio | 100.00% | |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 200,443,000 | 103,703,000 |
Note receivable, original principal amount | $ 19,900,000 | |
Required fixed charge coverage ratio | 175.00% | |
Ferrellgas, L.P. [Member] | Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Senior secured leverage ratio | 5.5 | |
Ferrellgas, L.P. [Member] | Accounts Receivable Securitization Facility [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateralized notes payable | $ 0 | 0 |
Receipts from accounts receivable securitization | 0 | 0 |
Capacity to receive additional proceeds | $ 87,000,000 | $ 11,000,000 |
Agreement extension period | 3 years | |
Ferrellgas, L.P. [Member] | Accounts Receivable Securitization Facility [Member] | Maximum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Senior secured leverage ratio | 3 | |
Ferrellgas, L.P. [Member] | Accounts Receivable Securitization Facility [Member] | Minimum [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Required fixed charge coverage ratio | 100.00% |
Debt - Components Of Long-Term
Debt - Components Of Long-Term Debt (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2017 | Jun. 30, 2015 | Jul. 31, 2014 | Nov. 30, 2010 |
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Total long-term debt | $ 2,539,482 | $ 2,541,074 | |||||
Unamortized debt issuance and other costs | (30,207) | (35,583) | |||||
Less: current portion of long-term debt | 501,865 | 859,095 | |||||
Less: debt subject to compromise | 357,000 | ||||||
Long-term debt | 1,650,410 | 1,646,396 | |||||
Fixed rate, 6.5%, due 2021 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Unsecured senior notes | $ 500,000 | $ 500,000 | |||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | ||||
Fixed rate, 6.75%, due 2023 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Unsecured senior notes | $ 500,000 | $ 500,000 | |||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||
Fixed rate, 6.75%, due 2022 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Unsecured senior notes | $ 475,605 | $ 475,937 | |||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||
Unamortized premium | $ 605 | $ 937 | |||||
Fixed rate, 8.625%, due 2020 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Unsecured senior notes | 357,000 | $ 357,000 | |||||
Less: debt subject to compromise | $ 357,000 | ||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | ||||
Fixed rate 10.00% Due 2025 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Senior secured debt | $ 703,270 | $ 703,573 | |||||
Interest rate, as a percent | 10.00% | 10.00% | |||||
Unamortized premium | $ 3,270 | 3,573 | |||||
Notes payable Due 2021 to 2029 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Notes payable | 3,607 | 4,564 | |||||
Unamortized discount | $ 374 | $ 537 | |||||
Debt, Weighted Average Interest Rate | 7.70% | 9.40% | |||||
Ferrellgas, L.P. [Member] | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Total long-term debt | $ 2,182,482 | $ 2,184,074 | |||||
Unamortized debt issuance and other costs | (30,207) | (35,583) | |||||
Less: current portion of long-term debt | 501,865 | 502,095 | |||||
Long-term debt | 1,650,410 | 1,646,396 | |||||
Ferrellgas, L.P. [Member] | Fixed rate, 6.5%, due 2021 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Unsecured senior notes | $ 500,000 | $ 500,000 | |||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | ||||
Ferrellgas, L.P. [Member] | Fixed rate, 6.75%, due 2023 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Unsecured senior notes | $ 500,000 | $ 500,000 | |||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||
Ferrellgas, L.P. [Member] | Fixed rate, 6.75%, due 2022 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Unsecured senior notes | $ 475,605 | $ 475,937 | |||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||
Unamortized premium | $ 605 | $ 937 | |||||
Ferrellgas, L.P. [Member] | Fixed rate, 8.625%, due 2020 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Unsecured senior notes | 357,000 | ||||||
Less: debt subject to compromise | 357,000 | ||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Senior secured debt | $ 703,270 | 703,573 | |||||
Interest rate, as a percent | 10.00% | 10.00% | |||||
Unamortized premium | $ 3,270 | 3,573 | |||||
Ferrellgas, L.P. [Member] | Notes payable Due 2021 to 2029 | |||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||
Notes payable | 3,607 | 4,564 | |||||
Unamortized discount | $ 374 | $ 537 | |||||
Debt, Weighted Average Interest Rate | 7.70% | 9.40% |
Debt - Long-Term Debt Activity
Debt - Long-Term Debt Activity (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2020 | Jan. 31, 2017 | Jul. 31, 2014 | Jan. 31, 2021 | Jul. 31, 2020 | Jun. 30, 2015 | Mar. 31, 2011 | Nov. 30, 2010 | Apr. 30, 2010 | |
Fixed rate, 6.5%, due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 500 | ||||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | ||||||
Fixed rate, 6.75%, due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 500 | ||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||
Fixed rate, 6.75%, due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 475 | ||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||
Fixed rate, 8.625%, due 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 175 | ||||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | ||||||
Issuance price as percent of par | 96.00% | ||||||||
Net proceeds | $ 166.1 | ||||||||
Fixed rate 10.00% Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 700 | ||||||||
Interest rate, as a percent | 10.00% | 10.00% | |||||||
Notes payable Due 2021 to 2029 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 280 | ||||||||
Amount redeemed | $ 98 | ||||||||
Debt Instrument Issued At Par [Member] | Fixed rate, 6.75%, due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 325 | ||||||||
Debt Instrument Issued At Par [Member] | Fixed rate 10.00% Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 575 | ||||||||
Debt Instrument Issued At Other Than Par [Member] | Fixed rate, 6.75%, due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 150 | ||||||||
Issuance price as percent of par | 104.00% | ||||||||
Debt Instrument Issued At Other Than Par [Member] | Fixed rate 10.00% Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 125 | ||||||||
Issuance price as percent of par | 103.00% | ||||||||
Ferrellgas, L.P. [Member] | Fixed rate, 6.5%, due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 500 | $ 500 | |||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | ||||||
Ferrellgas, L.P. [Member] | Fixed rate, 6.75%, due 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 500 | $ 500 | |||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||
Ferrellgas, L.P. [Member] | Fixed rate, 6.75%, due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 475 | ||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 700 | ||||||||
Interest rate, as a percent | 10.00% | 10.00% | |||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Par [Member] | Fixed rate, 6.75%, due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 325 | ||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Par [Member] | Fixed rate 10.00% Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 575 | ||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Other Than Par [Member] | Fixed rate, 6.75%, due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 150 | ||||||||
Issuance price as percent of par | 104.00% | ||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Other Than Par [Member] | Fixed rate 10.00% Due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount | $ 125 | ||||||||
Issuance price as percent of par | 103.00% |
Debt Maturities (Details)
Debt Maturities (Details) $ in Thousands | Jan. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 858,000 |
2022 | 476,435 |
2023 | 500,999 |
2024 | 329 |
2025 | 700,199 |
Thereafter | 19 |
Total long-term debt | 2,535,981 |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
2021 | 501,000 |
2022 | 476,435 |
2023 | 500,999 |
2024 | 329 |
2025 | 700,199 |
Thereafter | 19 |
Total long-term debt | $ 2,178,981 |
Debt - Security (Details)
Debt - Security (Details) - USD ($) $ in Millions | Jan. 31, 2021 | Jul. 31, 2020 |
Debt Instrument [Line Items] | ||
Letters of credit outstanding | $ 138.8 | $ 126 |
Cash pledged as collateral for letters of credit | 91.5 | 78.2 |
Accounts Receivable Securitization Facility [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | 50 | 50 |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Cash pledged as collateral for letters of credit | 91.5 | 78.2 |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | 138.8 | 126 |
Cash pledged as collateral for letters of credit | 91.5 | 78.2 |
Ferrellgas, L.P. [Member] | Accounts Receivable Securitization Facility [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit outstanding | 50 | 50 |
Ferrellgas, L.P. [Member] | Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Cash pledged as collateral for letters of credit | $ 91.5 | $ 78.2 |
Debt - Covenants (Details)
Debt - Covenants (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jan. 31, 2021USD ($) | Jan. 31, 2021USD ($)item | |
Debt Instrument [Line Items] | ||
Required fixed charge coverage ratio | 175.00% | |
Current fixed charge coverage ratio | 144.00% | |
Ferrellgas Partners LP [Member] | ||
Debt Instrument [Line Items] | ||
Number of quarters for required fixed charge coverage ratio | 4 | |
Required fixed charge coverage ratio | 175.00% | |
Maximum restricted payments | $ | $ 50 | |
Number of quarters for restricted payments | 16 | |
Dividends allowed | $ | $ 0 | |
Ferrellgas Partners LP [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Current fixed charge coverage ratio | 175.00% | |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Number of quarters for required fixed charge coverage ratio | 4 | |
Required fixed charge coverage ratio | 175.00% | |
Current fixed charge coverage ratio | 167.00% | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Fixed rate 10.00% Due 2025 | ||
Debt Instrument [Line Items] | ||
Senior secured leverage ratio | 5.5 | 5.5 |
Ferrellgas, L.P. [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured leverage ratio | 5.5 | 5.5 |
Partners' Deficit - Limited Par
Partners' Deficit - Limited Partner Units (Details) - shares | Jan. 31, 2021 | Jul. 31, 2020 |
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 - Ownership (
Partners' Deficit - Ownership (Details) - shares | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | |
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 | |
James E. Ferrell [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 4,763,475 | 4,763,475 | |
Ferrellgas Partners LP [Member] | Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Limited partner ownership interest | 23.40% | ||
Ferrell Companies [Member] | Ferrellgas Partners LP [Member] | |||
Capital Unit [Line Items] | |||
Limited partner ownership interest | 23.00% | ||
FCI Trading Corp. [Member] | Ferrellgas Partners LP [Member] | Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 195,686 | ||
Ferrell Propane, Inc. [Member] | Ferrellgas Partners LP [Member] | Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 51,204 | ||
JEF Capital Management [Member] | Ferrellgas Partners LP [Member] | James E. Ferrell [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 4,758,859 | ||
Ferrell Resources Holdings, Inc. [Member] | Ferrellgas Partners LP [Member] | James E. Ferrell [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 4,616 | ||
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | |||
Capital Unit [Line Items] | |||
General partner ownership interest | 1.00% | ||
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | |||
Capital Unit [Line Items] | |||
Limited partner ownership interest | 1.0101% | ||
General partner ownership interest | 1.0101% | 1.0101% |
Partners' Deficit - Paid Distri
Partners' Deficit - Paid Distributions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2020 | |
Limited Partners' Capital Account [Line Items] | ||||
Distributions paid | $ 157,000 | $ 1,000 | ||
Common Unitholders [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distributions paid | $ 0 | |||
Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distributions paid | 15,553,000 | 101,000 | ||
Ferrellgas, L.P. [Member] | Ferrellgas Inc., General Partner [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distributions paid | 157,000 | $ 158,000 | ||
Ferrellgas, L.P. [Member] | Ferrellgas Partners LP [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distributions paid | 15,396,000 | $ 15,496,000 | ||
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distributions paid | 15,396,000 | 100,000 | ||
Ferrellgas, L.P. [Member] | General Partner [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distributions paid | $ 157,000 | $ 1,000 |
Partners' Deficit - Contributio
Partners' Deficit - Contributions and AOCI (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | |
Capital Unit [Line Items] | ||||||
Contributions in connection with non-cash ESOP compensation charges | $ 762,000 | $ 708,000 | $ 630,000 | $ 795,000 | ||
Common Unitholders [Member] | ||||||
Capital Unit [Line Items] | ||||||
Contributions in connection with non-cash ESOP compensation charges | 746,000 | 694,000 | 618,000 | 779,000 | ||
General Partner [Member] | ||||||
Capital Unit [Line Items] | ||||||
Non-cash contribution | $ 30,000 | $ 28,000 | ||||
Contributions in connection with non-cash ESOP compensation charges | 8,000 | 7,000 | 6,000 | 8,000 | ||
Ferrellgas, L.P. [Member] | ||||||
Capital Unit [Line Items] | ||||||
Contributions in connection with non-cash ESOP compensation charges | 762,000 | 708,000 | 630,000 | 795,000 | ||
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | ||||||
Capital Unit [Line Items] | ||||||
Contributions in connection with non-cash ESOP compensation charges | 754,000 | 701,000 | 624,000 | 787,000 | ||
Ferrellgas, L.P. [Member] | General Partner [Member] | ||||||
Capital Unit [Line Items] | ||||||
Non-cash contribution | $ 0 | $ 14,000 | ||||
Contributions in connection with non-cash ESOP compensation charges | $ 8,000 | $ 7,000 | $ 6,000 | $ 8,000 | ||
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | ||||||
Capital Unit [Line Items] | ||||||
General partner ownership interest | 1.0101% | 1.0101% | ||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | ||||||
Capital Unit [Line Items] | ||||||
General partner ownership interest | 1.00% |
Revenue from contracts with c_3
Revenue from contracts with customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 553,560 | $ 510,833 | $ 854,454 | $ 804,047 | |
Contract assets and liabilities | |||||
Accounts receivable | 214,288 | 214,288 | $ 108,483 | ||
Contract assets | 9,647 | 9,647 | 7,079 | ||
Contract liabilities | |||||
Deferred revenue | $ 44,801 | 44,801 | 42,911 | ||
Deferred revenue recognized | $ 24,700 | ||||
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-02-01 | |||||
Contract liabilities | |||||
Remaining performance obligation recognition period | 1 year | 1 year | |||
Propane And Related Equipment [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 553,560 | 510,833 | $ 854,454 | 804,047 | |
Retail Sales To End Users [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 378,350 | 374,069 | 552,995 | 554,486 | |
Wholesale Sales To Resellers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 138,730 | 105,055 | 241,342 | 187,759 | |
Other Gas Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 11,354 | 6,123 | 15,146 | 16,387 | |
Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 25,126 | 25,586 | 44,971 | 45,415 | |
Ferrellgas, L.P. [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 553,560 | 510,833 | 854,454 | 804,047 | |
Contract assets and liabilities | |||||
Accounts receivable | 214,288 | 214,288 | 108,483 | ||
Contract assets | 9,647 | 9,647 | 7,079 | ||
Contract liabilities | |||||
Deferred revenue | $ 44,801 | 44,801 | $ 42,911 | ||
Deferred revenue recognized | $ 24,700 | ||||
Ferrellgas, L.P. [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-02-01 | |||||
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 | $ 553,560 | 510,833 | $ 854,454 | 804,047 | |
Ferrellgas, L.P. [Member] | Retail Sales To End Users [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 378,350 | 374,069 | 552,995 | 554,486 | |
Ferrellgas, L.P. [Member] | Wholesale Sales To Resellers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 138,730 | 105,055 | 241,342 | 187,759 | |
Ferrellgas, L.P. [Member] | Other Gas Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 11,354 | 6,123 | 15,146 | 16,387 | |
Ferrellgas, L.P. [Member] | Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 25,126 | $ 25,586 | $ 44,971 | $ 45,415 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | $ 34,433 | $ 3,112 |
Commodity derivatives propane swap liabilities | (313) | (5,425) |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 34,433 | 3,112 |
Commodity derivatives propane swap liabilities | (313) | (5,425) |
Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 34,433 | 3,112 |
Commodity derivatives propane swap liabilities | (313) | (5,425) |
Ferrellgas, L.P. [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 34,433 | 3,112 |
Commodity derivatives propane swap liabilities | $ (313) | $ (5,425) |
Fair Value Measurements - Other
Fair Value Measurements - Other Financial Instruments (Details) - Level 2 [Member] - USD ($) $ in Millions | Jan. 31, 2021 | Jul. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 2,409.8 | $ 2,177.1 |
Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 2,236.9 | $ 2,054.4 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Gain (loss) recognized due to ineffectiveness | $ 0 | $ 0 | |
Derivative Asset, Fair Value, Gross Asset | 34,433,000 | $ 3,112,000 | |
Derivative Liability, Fair Value, Gross Liability | 313,000 | 5,425,000 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 32,270,000 | 2,846,000 | |
Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | 209,000 | 5,029,000 | |
Other Assets, Net [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 2,163,000 | 266,000 | |
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | 104,000 | 396,000 | |
Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) recognized due to ineffectiveness | 0 | $ 0 | |
Derivative Asset, Fair Value, Gross Asset | 34,433,000 | 3,112,000 | |
Derivative Liability, Fair Value, Gross Liability | 313,000 | 5,425,000 | |
Ferrellgas, L.P. [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 32,270,000 | 2,846,000 | |
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | 209,000 | 5,029,000 | |
Ferrellgas, L.P. [Member] | Other Assets, Net [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 2,163,000 | 266,000 | |
Ferrellgas, L.P. [Member] | Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | $ 104,000 | $ 396,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Derivative Collateral (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | $ 20,857 | $ 15,831 |
Derivative Liability, Fair Value of Collateral | 41,869 | 510 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 19,410 | 14,398 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 39,774 | 510 |
Other Assets, Net [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 1,447 | 1,433 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 2,095 | |
Ferrellgas, L.P. [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 20,857 | 15,831 |
Derivative Liability, Fair Value of Collateral | 41,869 | 510 |
Ferrellgas, L.P. [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 19,410 | 14,398 |
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 39,774 | 510 |
Ferrellgas, L.P. [Member] | Other Assets, Net [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 1,447 | $ 1,433 |
Ferrellgas, L.P. [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | $ 2,095 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect on Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Derivative [Line Items] | ||||
Interest expense | $ (52,595) | $ (47,548) | $ (106,821) | $ (93,245) |
Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Interest expense | $ (46,522) | $ (38,690) | $ (93,050) | $ (75,567) |
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 | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivative | $ 36,957 | $ (11,212) | $ 42,724 | $ (24,839) |
Amount of gain (loss) reclassified from AOCI into income | 8,441 | (8,766) | 6,291 | (16,245) |
Commodity Derivatives Propane [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivative | 36,957 | (11,212) | 42,724 | (24,839) |
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | 8,441 | (8,766) | 6,291 | (16,245) |
Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivative | 36,957 | (11,212) | 42,724 | |
Amount of gain (loss) reclassified from AOCI into income | 8,441 | (8,766) | 6,291 | |
Ferrellgas, L.P. [Member] | Commodity Derivatives Propane [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivative | 36,957 | (11,212) | 42,724 | (24,839) |
Amount of gain (loss) reclassified from AOCI into income | (16,245) | |||
Ferrellgas, L.P. [Member] | Cost of Sales [Member] | Commodity Derivatives Propane [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | $ 8,441 | $ (8,766) | $ 6,291 | $ (16,245) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - AOCI Rollforward (Details) gal in Millions | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Jan. 31, 2021USD ($)gal | Jan. 31, 2020USD ($) | |
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ (1,246,096,000) | $ (1,191,384,000) | $ (1,208,268,000) | $ (1,138,938,000) |
Change in value of derivative | 36,957,000 | (11,212,000) | 42,724,000 | (24,839,000) |
Reclassification of (gains) losses on derivatives to earnings, net | (8,441,000) | 8,766,000 | (6,291,000) | 16,245,000 |
Partners' capital balance, ending | (1,152,827,000) | (1,144,675,000) | (1,152,827,000) | (1,144,675,000) |
Reclassification of net gain to earnings during next 12 months | 32,100,000 | |||
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 | 3.8 | |||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ (2,313,000) | (14,756,000) | ||
Change in value of derivative | 42,724,000 | (24,839,000) | ||
Reclassification of (gains) losses on derivatives to earnings, net | (6,291,000) | 16,245,000 | ||
Partners' capital balance, ending | 34,120,000 | (23,350,000) | 34,120,000 | (23,350,000) |
Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | (862,117,000) | (824,130,000) | (831,991,000) | (780,403,000) |
Change in value of derivative | 36,957,000 | (11,212,000) | 42,724,000 | (24,839,000) |
Reclassification of (gains) losses on derivatives to earnings, net | (8,441,000) | 8,766,000 | (6,291,000) | 16,245,000 |
Partners' capital balance, ending | (761,089,000) | (783,852,000) | (761,089,000) | (783,852,000) |
Reclassification of net gain to earnings during next 12 months | 32,100,000 | |||
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 | 3.8 | |||
Ferrellgas, L.P. [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ (2,313,000) | (14,756,000) | ||
Change in value of derivative | 42,724,000 | (24,839,000) | ||
Reclassification of (gains) losses on derivatives to earnings, net | (6,291,000) | 16,245,000 | ||
Partners' capital balance, ending | $ 34,120,000 | $ (23,350,000) | $ 34,120,000 | $ (23,350,000) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Credit Risk (Details) | Jan. 31, 2021USD ($) |
Derivative [Line Items] | |
Maximum loss due to credit risk | $ 0 |
Open derivative contracts with credit risk features | 0 |
Ferrellgas, L.P. [Member] | |
Derivative [Line Items] | |
Maximum loss due to credit risk | 0 |
Open derivative contracts with credit risk features | $ 0 |
Transactions With Related Par_3
Transactions With Related Parties (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2021USD ($)employee | Jan. 31, 2020USD ($) | Jan. 31, 2021USD ($)employee | Jan. 31, 2020USD ($) | Jan. 28, 2021USD ($) | |
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 | $ 70,655 | $ 73,084 | $ 131,635 | $ 136,555 | |
Ferrellgas Inc., General Partner [Member] | General and Administrative Expense [Member] | |||||
Related Party Transaction [Line Items] | |||||
Expenses reimbursed to related party | $ 10,375 | 7,476 | $ 17,094 | 13,963 | |
Ferrellgas, L.P. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Entity Number of Employees | employee | 0 | 0 | |||
Ferrellgas, L.P. [Member] | Ferrellgas Inc., General Partner [Member] | Operating Expense [Member] | |||||
Related Party Transaction [Line Items] | |||||
Expenses reimbursed to related party | $ 70,655 | 73,084 | $ 131,635 | 136,555 | |
Ferrellgas, L.P. [Member] | Ferrellgas Inc., General Partner [Member] | General and Administrative Expense [Member] | |||||
Related Party Transaction [Line Items] | |||||
Expenses reimbursed to related party | $ 10,375 | $ 7,476 | 17,094 | $ 13,963 | |
Ferrellgas, L.P. [Member] | Ferrellgas Partners LP [Member] | |||||
Related Party Transaction [Line Items] | |||||
Term loan | $ 19,900 | ||||
Interest rate, as a percent | 20.00% | ||||
Interest income | $ 300 | ||||
Ferrellgas Finance Corp. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Entity Number of Employees | employee | 0 | 0 | |||
Ferrellgas Partners Finance Corp. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Entity Number of Employees | employee | 0 | 0 |
Contingencies And Commitments (
Contingencies And Commitments (Details) | 1 Months Ended | 6 Months Ended |
Aug. 31, 2019USD ($)item | Jan. 31, 2021USD ($)item | |
Class Action Related To Cylinder Fill Level [Member] | ||
Loss Contingencies [Line Items] | ||
Settlement paid | $ | $ 6,250,000 | |
Number of claims dismissed | item | 11 | |
Number of cases | item | 24 | 13 |
Lawsuit Related To Sale Of Jamex Transfer Services [Member] | ||
Loss Contingencies [Line Items] | ||
Number of former officers | item | 2 | |
Ferrellgas Partners Finance Corp. [Member] | Fixed rate, 8.625%, due 2020 | ||
Loss Contingencies [Line Items] | ||
Potential liability as co-issuer and co-obligor | $ | $ 357,000,000 | |
Ferrellgas Partners Finance Corp. [Member] | Fixed rate, 6.5%, due 2021 | ||
Loss Contingencies [Line Items] | ||
Potential liability as co-issuer and co-obligor | $ | 500,000,000 | |
Ferrellgas Partners Finance Corp. [Member] | Fixed rate, 6.75%, due 2023 | ||
Loss Contingencies [Line Items] | ||
Potential liability as co-issuer and co-obligor | $ | 500,000,000 | |
Ferrellgas Partners Finance Corp. [Member] | Fixed rate, 6.75%, due 2022 | ||
Loss Contingencies [Line Items] | ||
Potential liability as co-issuer and co-obligor | $ | $ 475,000,000 | |
Ferrellgas, L.P. [Member] | Class Action Related To Cylinder Fill Level [Member] | ||
Loss Contingencies [Line Items] | ||
Settlement paid | $ | $ 6,250,000 | |
Number of claims dismissed | item | 11 | |
Number of cases | item | 24 | 13 |
Ferrellgas, L.P. [Member] | Lawsuit Related To Sale Of Jamex Transfer Services [Member] | ||
Loss Contingencies [Line Items] | ||
Number of former officers | item | 2 |
Net Earnings (Loss) Per Commo_3
Net Earnings (Loss) Per Common Unitholders' Interest (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | |
Earnings Per Share [Abstract] | ||||
Common unitholders' interest in net earnings (loss) | $ 62,634 | $ 47,725 | $ 17,033 | $ 2,834 |
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 | $ 0.64 | $ 0.49 | $ 0.18 | $ 0.03 |
Guarantor financial informati_3
Guarantor financial information (Details) - USD ($) $ in Millions | Jan. 31, 2021 | Jul. 31, 2020 | Jun. 30, 2015 |
Fixed rate, 6.75%, due 2023 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Aggregate principal amount | $ 500 | ||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% |
Ferrellgas, L.P. [Member] | Ferrellgas Finance Corp. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Ownership percentage | 100.00% | ||
Ferrellgas, L.P. [Member] | Fixed rate, 6.75%, due 2023 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Aggregate principal amount | $ 500 | $ 500 | |
Interest rate, as a percent | 6.75% | 6.75% | 6.75% |
Guarantor financial informati_4
Guarantor financial information - Balance Sheets (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 | Jul. 31, 2019 |
Current assets: | ||||
Cash and cash equivalents | $ 326,483 | $ 333,761 | $ 13,706 | $ 11,054 |
Accounts and notes receivable, net | 206,280 | 101,438 | ||
Inventories | 90,473 | 72,664 | ||
Prepaid expenses and other current assets | 72,914 | 35,944 | ||
Total current assets | 696,150 | 543,807 | ||
Property, plant and equipment, net | 587,870 | 591,042 | ||
Goodwill, net | 246,946 | 247,195 | ||
Intangible assets, net | 99,644 | 104,049 | ||
Operating lease, right-of-use assets | 97,249 | 107,349 | ||
Other assets, net | 91,159 | 74,748 | ||
Total assets | 1,819,018 | 1,668,190 | ||
Current liabilities: | ||||
Accounts payable | 79,224 | 33,944 | ||
Current portion of long-term debt | 501,865 | 859,095 | ||
Current operating lease liabilities | 27,895 | 29,345 | ||
Other current liabilities | 191,908 | 167,466 | ||
Total current liabilities | 800,892 | 1,089,850 | ||
Long-term debt | 1,650,410 | 1,646,396 | ||
Operating lease liabilities | 80,901 | 89,022 | ||
Other liabilities | 49,541 | 51,190 | ||
Partners' capital (deficit) | ||||
Accumulated other comprehensive income (loss) | 33,762 | (2,303) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (1,145,317) | (1,200,042) | ||
Total liabilities and partners' capital (deficit) | 1,819,018 | 1,668,190 | ||
Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 306,577 | 333,755 | 13,643 | 11,046 |
Accounts and notes receivable, net | 206,280 | 101,438 | ||
Inventories | 90,473 | 72,664 | ||
Prepaid expenses and other current assets | 73,106 | 35,897 | ||
Total current assets | 676,436 | 543,754 | ||
Property, plant and equipment, net | 587,870 | 591,042 | ||
Goodwill, net | 246,946 | 247,195 | ||
Intangible assets, net | 99,644 | 104,049 | ||
Operating lease, right-of-use assets | 97,249 | 107,349 | ||
Loan receivable - Ferrellgas Partners, L.P. | 20,151 | |||
Other assets, net | 91,159 | 74,748 | ||
Total assets | 1,819,455 | 1,668,137 | ||
Current liabilities: | ||||
Accounts payable | 79,224 | 33,944 | ||
Current portion of long-term debt | 501,865 | 502,095 | ||
Current operating lease liabilities | 27,895 | 29,345 | ||
Other current liabilities | 190,708 | 148,136 | ||
Total current liabilities | 799,692 | 713,520 | ||
Long-term debt | 1,650,410 | 1,646,396 | ||
Operating lease liabilities | 80,901 | 89,022 | ||
Other liabilities | 49,541 | 51,190 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | (795,209) | (829,678) | ||
Accumulated other comprehensive income (loss) | 34,120 | (2,313) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (761,089) | (831,991) | ||
Total liabilities and partners' capital (deficit) | 1,819,455 | 1,668,137 | ||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 300,436 | 332,244 | 13,642 | 11,045 |
Accounts and notes receivable, net | 5,837 | 11,879 | ||
Intercompany Receivables, Current | 169,668 | 69,980 | ||
Inventories | 90,473 | 72,664 | ||
Prepaid expenses and other current assets | 73,106 | 35,897 | ||
Total current assets | 639,520 | 522,664 | ||
Property, plant and equipment, net | 587,870 | 591,042 | ||
Goodwill, net | 246,946 | 247,195 | ||
Intangible assets, net | 99,644 | 104,049 | ||
Investment in Ferrellgas, L.P. | 39,143 | 37,662 | ||
Operating lease, right-of-use assets | 97,249 | 107,349 | ||
Loan receivable - Ferrellgas Partners, L.P. | 20,151 | |||
Other assets, net | 88,784 | 72,137 | ||
Total assets | 1,819,307 | 1,682,098 | ||
Current liabilities: | ||||
Accounts payable | 79,224 | 33,944 | ||
Current portion of long-term debt | 501,865 | 502,095 | ||
Current operating lease liabilities | 27,895 | 29,345 | ||
Other current liabilities | 190,560 | 162,097 | ||
Total current liabilities | 799,544 | 727,481 | ||
Long-term debt | 1,650,410 | 1,646,396 | ||
Operating lease liabilities | 80,901 | 89,022 | ||
Other liabilities | 49,541 | 51,190 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | (795,209) | (829,678) | ||
Accumulated other comprehensive income (loss) | 34,120 | (2,313) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (761,089) | (831,991) | ||
Total liabilities and partners' capital (deficit) | 1,819,307 | 1,682,098 | ||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [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 | ||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Accounts and notes receivable, net | 24 | |||
Total current assets | 24 | |||
Other assets, net | 2,255 | 2,255 | ||
Total assets | 2,255 | 2,279 | ||
Current liabilities: | ||||
Other current liabilities | (3) | |||
Total current liabilities | (3) | |||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | 2,258 | 2,279 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 2,258 | 2,279 | ||
Total liabilities and partners' capital (deficit) | 2,255 | 2,279 | ||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 6,140 | 1,510 | ||
Accounts and notes receivable, net | 200,443 | 89,535 | ||
Total current assets | 206,583 | 91,045 | ||
Other assets, net | 120 | 356 | ||
Total assets | 206,703 | 91,401 | ||
Current liabilities: | ||||
Intercompany Payables | 169,668 | 69,980 | ||
Other current liabilities | 151 | (13,961) | ||
Total current liabilities | 169,819 | 56,019 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | 36,884 | 35,382 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 36,884 | 35,382 | ||
Total liabilities and partners' capital (deficit) | 206,703 | 91,401 | ||
Ferrellgas, L.P. [Member] | Eliminations [Member] | ||||
Current assets: | ||||
Intercompany Receivables, Current | (169,668) | (69,980) | ||
Total current assets | (169,668) | (69,980) | ||
Investment in Ferrellgas, L.P. | (39,143) | (37,662) | ||
Total assets | (208,811) | (107,642) | ||
Current liabilities: | ||||
Intercompany Payables | (169,668) | (69,980) | ||
Total current liabilities | (169,668) | (69,980) | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | (39,143) | (37,662) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (39,143) | (37,662) | ||
Total liabilities and partners' capital (deficit) | $ (208,811) | $ (107,642) |
Guarantor financial informati_5
Guarantor financial information - Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | |
Revenues: | ||||||
Revenues | $ 553,560 | $ 510,833 | $ 854,454 | $ 804,047 | ||
Costs and expenses: | ||||||
Operating expense - personnel, vehicle, plant and other | 115,247 | 128,233 | 224,274 | 242,776 | ||
Operating expense - equipment lease expense | 6,862 | 8,261 | 13,692 | 16,649 | ||
Depreciation and amortization expense | 21,249 | 19,795 | 42,639 | 39,014 | ||
General and administrative expense | 20,475 | 14,192 | 33,555 | 23,887 | ||
Non-cash employee stock ownership plan compensation charge | 762 | 630 | 1,470 | 1,425 | ||
Loss on asset sales and disposals | 80 | 2,148 | 893 | 4,383 | ||
Operating income | 114,604 | 96,378 | 122,356 | 97,008 | ||
Interest expense | (52,595) | (47,548) | (106,821) | (93,245) | ||
Other income (expense), net | 3,508 | 76 | 3,616 | (56) | ||
Earnings (loss) before income taxes | 64,317 | 48,906 | 17,951 | 3,707 | ||
Income tax expense (benefit) | 326 | 115 | 413 | 633 | ||
Net earnings (loss) | 63,991 | $ (46,453) | 48,791 | $ (45,717) | 17,538 | 3,074 |
Other comprehensive income (loss) | 28,516 | 7,917 | (2,555) | (6,148) | 36,433 | (8,703) |
Comprehensive loss | 92,507 | 46,236 | 53,971 | (5,629) | ||
Propane [Member] | ||||||
Revenues: | ||||||
Revenues | 528,434 | 485,247 | 809,483 | 758,632 | ||
Costs and expenses: | ||||||
Cost of sales | 270,777 | 237,843 | 408,404 | 371,871 | ||
Other Revenues | ||||||
Revenues: | ||||||
Revenues | 25,126 | 25,586 | 44,971 | 45,415 | ||
Costs and expenses: | ||||||
Cost of sales | 3,504 | 3,353 | 7,171 | 7,034 | ||
Ferrellgas, L.P. [Member] | ||||||
Revenues: | ||||||
Revenues | 553,560 | 510,833 | 854,454 | 804,047 | ||
Costs and expenses: | ||||||
Operating expense - personnel, vehicle, plant and other | 115,247 | 128,233 | 224,274 | 242,776 | ||
Operating expense - equipment lease expense | 6,862 | 8,261 | 13,692 | 16,649 | ||
Depreciation and amortization expense | 21,249 | 19,795 | 42,639 | 39,014 | ||
General and administrative expense | 20,254 | 14,085 | 33,330 | 23,781 | ||
Non-cash employee stock ownership plan compensation charge | 762 | 630 | 1,470 | 1,425 | ||
Loss on asset sales and disposals | 80 | 2,148 | 893 | 4,383 | ||
Operating income | 114,825 | 96,485 | 122,581 | 97,114 | ||
Interest expense | (46,522) | (38,690) | (93,050) | (75,567) | ||
Other income (expense), net | 3,759 | 76 | 3,867 | (56) | ||
Earnings (loss) before income taxes | 72,062 | 57,871 | 33,398 | 21,491 | ||
Income tax expense (benefit) | 312 | 115 | 399 | 633 | ||
Net earnings (loss) | 71,750 | (38,751) | 57,756 | (36,898) | 32,999 | 20,858 |
Other comprehensive income (loss) | 28,516 | $ 7,917 | (2,555) | $ (6,148) | 36,433 | (8,703) |
Comprehensive loss | 100,266 | 55,201 | 69,432 | 12,155 | ||
Ferrellgas, L.P. [Member] | Propane [Member] | ||||||
Revenues: | ||||||
Revenues | 528,434 | 485,247 | 809,483 | 758,632 | ||
Costs and expenses: | ||||||
Cost of sales | 270,777 | 237,843 | 408,404 | 371,871 | ||
Ferrellgas, L.P. [Member] | Other Revenues | ||||||
Revenues: | ||||||
Revenues | 25,126 | 25,586 | 44,971 | 45,415 | ||
Costs and expenses: | ||||||
Cost of sales | 3,504 | 3,353 | 7,171 | 7,034 | ||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||||
Revenues: | ||||||
Revenues | 553,560 | 510,833 | 854,454 | 804,047 | ||
Costs and expenses: | ||||||
Operating expense - personnel, vehicle, plant and other | 115,247 | 128,233 | 224,274 | 242,776 | ||
Operating expense - equipment lease expense | 6,862 | 8,261 | 13,692 | 16,649 | ||
Depreciation and amortization expense | 21,249 | 19,684 | 42,639 | 38,791 | ||
General and administrative expense | 20,254 | 14,082 | 33,328 | 23,777 | ||
Non-cash employee stock ownership plan compensation charge | 762 | 630 | 1,470 | 1,425 | ||
Loss on asset sales and disposals | 80 | 2,148 | 893 | 4,383 | ||
Operating income | 114,825 | 96,599 | 122,583 | 97,341 | ||
Interest expense | (45,958) | (37,778) | (91,859) | (73,469) | ||
Other income (expense), net | 3,774 | 76 | 3,903 | (56) | ||
Earnings (loss) before income taxes | 72,641 | 58,897 | 34,627 | 23,816 | ||
Income tax expense (benefit) | 312 | 115 | 399 | 633 | ||
Equity in earnings (loss) of Ferrellgas, L.P. | (1,402) | (194) | (1,110) | (1,658) | ||
Net earnings (loss) | 70,927 | 58,588 | 33,118 | 21,525 | ||
Other comprehensive income (loss) | 28,516 | (2,555) | 36,433 | (8,703) | ||
Comprehensive loss | 99,443 | 56,033 | 69,551 | 12,822 | ||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | Propane [Member] | ||||||
Revenues: | ||||||
Revenues | 528,434 | 485,247 | 809,483 | 758,632 | ||
Costs and expenses: | ||||||
Cost of sales | 270,777 | 237,843 | 408,404 | 371,871 | ||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | Other Revenues | ||||||
Revenues: | ||||||
Revenues | 25,126 | 25,586 | 44,971 | 45,415 | ||
Costs and expenses: | ||||||
Cost of sales | 3,504 | 3,353 | 7,171 | 7,034 | ||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||||
Costs and expenses: | ||||||
General and administrative expense | 3 | 2 | 4 | |||
Operating income | (3) | (2) | (4) | |||
Earnings (loss) before income taxes | (3) | (2) | (4) | |||
Net earnings (loss) | (3) | (2) | (4) | |||
Comprehensive loss | (3) | (2) | (4) | |||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||
Costs and expenses: | ||||||
Other income (expense), net | (15) | (36) | ||||
Earnings (loss) before income taxes | (15) | (36) | ||||
Net earnings (loss) | (15) | (36) | ||||
Comprehensive loss | (15) | (36) | ||||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Costs and expenses: | ||||||
Operating expense - personnel, vehicle, plant and other | 2,437 | 1,050 | 3,174 | 1,935 | ||
Depreciation and amortization expense | 111 | 223 | ||||
Operating income | (2,437) | (1,161) | (3,174) | (2,158) | ||
Interest expense | (564) | (912) | (1,191) | (2,098) | ||
Other income (expense), net | 1,614 | 1,882 | 3,293 | 2,602 | ||
Earnings (loss) before income taxes | (1,387) | (191) | (1,072) | (1,654) | ||
Net earnings (loss) | (1,387) | (191) | (1,072) | (1,654) | ||
Comprehensive loss | (1,387) | (191) | (1,072) | (1,654) | ||
Ferrellgas, L.P. [Member] | Eliminations [Member] | ||||||
Costs and expenses: | ||||||
Operating expense - personnel, vehicle, plant and other | (2,437) | (1,050) | (3,174) | (1,935) | ||
Operating income | 2,437 | 1,050 | 3,174 | 1,935 | ||
Other income (expense), net | (1,614) | (1,882) | (3,293) | (2,602) | ||
Earnings (loss) before income taxes | 823 | (832) | (119) | (667) | ||
Equity in earnings (loss) of Ferrellgas, L.P. | 1,402 | 194 | 1,110 | 1,658 | ||
Net earnings (loss) | 2,225 | (638) | 991 | 991 | ||
Comprehensive loss | $ 2,225 | $ (638) | $ 991 | $ 991 |
Guarantor financial informati_6
Guarantor financial information - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jan. 31, 2021 | Jan. 31, 2020 | Jul. 31, 2020 | Jul. 31, 2019 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | $ 44,451 | $ 568 | ||
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | (6,400) | |||
Capital expenditures | (35,333) | (33,422) | ||
Proceeds from sale of assets | 3,144 | 1,659 | ||
Cash payments to construct assets in connection with future lease transactions | (30,307) | |||
Cash receipts in connection with leased vehicles | 19,929 | |||
Net cash provided by (used in) investing activities | (32,189) | (48,541) | ||
Cash flows from financing activities: | ||||
Cash paid for financing costs | (14,960) | (3,925) | ||
Payments on long-term debt | (1,120) | (972) | ||
Net additions to (reductions in) short-term borrowings | (3,000) | |||
Net additions to (reductions in) collateralized short-term borrowings | 59,000 | |||
Cash payments for principal portion of lease liability | (3,460) | (320) | ||
Cash paid for financing costs | (14,960) | (3,925) | ||
Net cash provided by (used in) financing activities | (19,540) | 50,625 | ||
Increase (decrease) in cash and cash equivalents | (7,278) | 2,652 | ||
Cash and cash equivalents | 326,483 | 13,706 | $ 333,761 | $ 11,054 |
Ferrellgas, L.P. [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 44,451 | 16,000 | ||
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | (6,400) | |||
Capital expenditures | (35,333) | (33,422) | ||
Proceeds from sale of assets | 3,144 | 1,659 | ||
Cash payments to construct assets in connection with future lease transactions | (30,307) | |||
Cash receipts in connection with leased vehicles | 19,929 | |||
Loan to Ferrellgas Partners, L.P. | (19,900) | |||
Net cash provided by (used in) investing activities | (52,089) | (48,541) | ||
Cash flows from financing activities: | ||||
Distributions | (15,654) | |||
Cash paid for financing costs | (14,960) | (3,916) | ||
Payments on long-term debt | (1,120) | (972) | ||
Net additions to (reductions in) short-term borrowings | (3,000) | |||
Net additions to (reductions in) collateralized short-term borrowings | 59,000 | |||
Cash payments for principal portion of lease liability | (3,460) | (320) | ||
Cash paid for financing costs | (14,960) | (3,916) | ||
Cash paid for financing costs and other | (4,236) | |||
Net cash provided by (used in) financing activities | (19,540) | 35,138 | ||
Increase (decrease) in cash and cash equivalents | (27,178) | 2,597 | ||
Cash and cash equivalents | 306,577 | 13,643 | 333,755 | 11,046 |
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 44,691 | 80,433 | ||
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | (6,400) | |||
Capital expenditures | (35,333) | (33,422) | ||
Proceeds from sale of assets | 3,144 | 1,659 | ||
Cash payments to construct assets in connection with future lease transactions | (30,307) | |||
Cash receipts in connection with leased vehicles | 19,929 | |||
Intercompany loan to affiliate | (4,870) | |||
Loan to Ferrellgas Partners, L.P. | (19,900) | (5,433) | ||
Net cash provided by (used in) investing activities | (56,959) | (53,974) | ||
Cash flows from financing activities: | ||||
Distributions | (15,654) | |||
Cash paid for financing costs | (14,960) | |||
Payments on long-term debt | (1,120) | (972) | ||
Net additions to (reductions in) short-term borrowings | (3,000) | |||
Cash payments for principal portion of lease liability | (3,460) | |||
Cash paid for financing costs | (14,960) | |||
Cash paid for financing costs and other | (4,236) | |||
Net cash provided by (used in) financing activities | (19,540) | (23,862) | ||
Increase (decrease) in cash and cash equivalents | (31,808) | 2,597 | ||
Cash and cash equivalents | 300,436 | 13,642 | 332,244 | 11,045 |
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (6) | (4) | ||
Cash flows from financing activities: | ||||
Net changes in advances with consolidated entities | 6 | 4 | ||
Net cash provided by (used in) financing activities | 6 | 4 | ||
Cash and cash equivalents | 1 | 1 | 1 | $ 1 |
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (9) | 512 | ||
Cash flows from financing activities: | ||||
Net changes in advances with consolidated entities | 9 | (512) | ||
Net cash provided by (used in) financing activities | 9 | (512) | ||
Ferrellgas, L.P. [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (4,856) | (5,941) | ||
Cash flows from investing activities: | ||||
Cash collected from securitization of accounts receivable | 422,498 | 416,325 | ||
Cash remitted for accounts receivable | (417,867) | (475,325) | ||
Net cash provided by (used in) investing activities | 4,631 | (59,000) | ||
Cash flows from financing activities: | ||||
Net additions to (reductions in) collateralized short-term borrowings | 59,000 | |||
Net changes in advances with consolidated entities | 4,855 | 5,941 | ||
Net cash provided by (used in) financing activities | 4,855 | 64,941 | ||
Increase (decrease) in cash and cash equivalents | 4,630 | |||
Cash and cash equivalents | 6,140 | $ 1,510 | ||
Ferrellgas, L.P. [Member] | Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 4,631 | (59,000) | ||
Cash flows from investing activities: | ||||
Cash collected from securitization of accounts receivable | (422,498) | (416,325) | ||
Cash remitted for accounts receivable | 417,867 | 475,325 | ||
Intercompany loan to affiliate | 4,870 | |||
Loan to Ferrellgas Partners, L.P. | 5,433 | |||
Net cash provided by (used in) investing activities | 239 | 64,433 | ||
Cash flows from financing activities: | ||||
Net changes in advances with consolidated entities | (4,870) | (5,433) | ||
Net cash provided by (used in) financing activities | $ (4,870) | $ (5,433) |
Condensed parent only debtor _2
Condensed parent only debtor in possession financial information - Balance Sheet (Details) - USD ($) $ in Thousands | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 | Jul. 31, 2019 |
ASSETS | ||||
Cash and cash equivalents | $ 326,483 | $ 333,761 | $ 13,706 | $ 11,054 |
Prepaid expenses and other current assets | 72,914 | 35,944 | ||
Total assets | 1,819,018 | 1,668,190 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Other current liabilities | 191,908 | 167,466 | ||
Total liabilities not subject to compromise | 2,581,744 | 2,876,458 | ||
Liabilities subject to compromise | 390,101 | |||
Liabilities, Total | 2,971,845 | 2,876,458 | ||
Partners' capital (deficit) | ||||
Partners' capital (deficit) | (1,145,317) | (1,200,042) | ||
Total liabilities and partners' capital (deficit) | 1,819,018 | 1,668,190 | ||
Debtor In Possession [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 19,906 | $ 6 | ||
Prepaid expenses and other current assets | 269 | |||
Total assets | 20,175 | |||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Other current liabilities | 1,661 | |||
Loan payable to Ferrellgas, L.P. | 19,900 | |||
Accrued interest payable | 251 | |||
Total liabilities not subject to compromise | 21,812 | |||
Liabilities subject to compromise | 390,101 | |||
Liabilities, Total | 411,913 | |||
Investment in Ferrellgas, L.P. | 753,579 | |||
Partners' capital (deficit) | ||||
Partners' capital (deficit) | (1,145,317) | |||
Total liabilities and partners' capital (deficit) | $ 20,175 |
Condensed parent only debtor _3
Condensed parent only debtor in possession financial information - Income Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2021 | Jan. 31, 2020 | |
Condensed Income Statements, Captions [Line Items] | ||||||
General and administrative expense | $ 20,475 | $ 14,192 | $ 33,555 | $ 23,887 | ||
Interest expense | 52,595 | 47,548 | 106,821 | 93,245 | ||
Reorganization expense - professional fees | 1,200 | 1,200 | ||||
Total expenses | (114,604) | (96,378) | (122,356) | (97,008) | ||
Loss before income taxes and equity in earnings of non-debtor entities | 64,317 | 48,906 | 17,951 | 3,707 | ||
Income tax expense (benefit) | 326 | 115 | 413 | 633 | ||
Net earnings (loss) | 63,991 | $ (46,453) | 48,791 | $ (45,717) | 17,538 | 3,074 |
Net earnings (loss) attributable to noncontrolling interest | 724 | 584 | 333 | 211 | ||
Net earnings (loss) | 63,267 | 48,207 | 17,205 | 2,863 | ||
Other comprehensive income (loss) | 28,516 | $ 7,917 | (2,555) | $ (6,148) | 36,433 | (8,703) |
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | 92,219 | $ 45,679 | 53,603 | $ (5,751) | ||
Debtor In Possession [Member] | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
General and administrative expense | 221 | 225 | ||||
Interest expense | 6,324 | 14,022 | ||||
Reorganization expense - professional fees | 1,200 | 1,200 | ||||
Total expenses | 7,745 | 15,447 | ||||
Loss before income taxes and equity in earnings of non-debtor entities | (7,745) | (15,447) | ||||
Income tax expense (benefit) | 14 | 14 | ||||
Equity in earnings (loss) of Ferrellgas, L.P. | 71,750 | 32,999 | ||||
Net earnings (loss) | 63,991 | 17,538 | ||||
Net earnings (loss) attributable to noncontrolling interest | 724 | 333 | ||||
Net earnings (loss) | 63,267 | 17,205 | ||||
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | $ 63,267 | $ 17,205 |
Condensed parent only debtor _4
Condensed parent only debtor in possession financial information - Cash flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | $ 44,451 | $ 568 |
Cash flows from investing activities: | ||
Net cash used in investing activities | (32,189) | (48,541) |
Cash flows from financing activities: | ||
Net cash provided by (used in) financing activities | (19,540) | 50,625 |
Increase (decrease) in cash and cash equivalents | (7,278) | 2,652 |
Cash and cash equivalents - beginning of year | 333,761 | 11,054 |
Cash, cash equivalents and restricted cash - end of year | 326,483 | $ 13,706 |
Debtor In Possession [Member] | ||
Cash flows from financing activities: | ||
Proceeds from loan from Ferrellgas, L.P. | 19,900 | |
Net cash provided by (used in) financing activities | 19,900 | |
Increase (decrease) in cash and cash equivalents | 19,900 | |
Cash and cash equivalents - beginning of year | 6 | |
Cash, cash equivalents and restricted cash - end of year | $ 19,906 |
Subsequent Events (Details)
Subsequent Events (Details) - Fixed rate, 8.625%, due 2020 - USD ($) $ in Millions | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2017 |
Subsequent Event [Line Items] | |||
Debt Instrument, Face Amount | $ 175 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.625% | 8.625% | 8.625% |