Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jan. 31, 2018 | Feb. 28, 2018 | |
Entity Registrant Name | FERRELLGAS PARTNERS L P | |
Entity Central Index Key | 922,358 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 97,152,665 | |
Trading Symbol | fgp | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Ferrellgas Partners Finance Corp. [Member] | ||
Entity Registrant Name | FERRELLGAS PARTNERS FINANCE CORP | |
Entity Central Index Key | 1,012,493 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Ferrellgas, L.P. [Member] | ||
Entity Registrant Name | FERRELLGAS L P | |
Entity Central Index Key | 922,359 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Ferrellgas Finance Corp. [Member] | ||
Entity Registrant Name | FERRELLGAS FINANCE CORP | |
Entity Central Index Key | 922,360 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 1,000 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jan. 31, 2018 | Jul. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 14,173,000 | $ 5,760,000 |
Accounts and notes receivable, net | 255,978,000 | 165,084,000 |
Inventories | 110,092,000 | 92,552,000 |
Assets held for sale | 52,200,000 | 0 |
Prepaid expenses and other current assets | 41,400,000 | 33,388,000 |
Total current assets | 473,843,000 | 296,784,000 |
Property, plant and equipment, net | 646,327,000 | 731,923,000 |
Goodwill, net | 246,098,000 | 256,103,000 |
Intangible assets, net | 243,079,000 | 251,102,000 |
Other assets, net | 77,712,000 | 74,057,000 |
Total assets | 1,687,059,000 | 1,609,969,000 |
Current liabilities: | ||
Accounts payable | 82,072,000 | 85,561,000 |
Short-term borrowings | 261,200,000 | 59,781,000 |
Collateralized note payable | 166,000,000 | 69,000,000 |
Other current liabilities | 140,510,000 | 126,224,000 |
Total current liabilities | 649,782,000 | 340,566,000 |
Long-term debt | 1,811,617,000 | 1,995,795,000 |
Other liabilities | 35,422,000 | 31,118,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | (762,046,000) | (701,188,000) |
General partner | (67,604,000) | (66,991,000) |
Accumulated other comprehensive income | 24,332,000 | 14,601,000 |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (805,318,000) | (753,578,000) |
Noncontrolling interest | (4,444,000) | (3,932,000) |
Total partners' capital (deficit) | (809,762,000) | (757,510,000) |
Total liabilities and partners' capital (deficit) | 1,687,059,000 | 1,609,969,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,000 | 1,000 |
Total assets | 1,000 | 1,000 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 25,330 | 25,055 |
Accumulated deficit | (25,330) | (25,055) |
Total stockholder's equity | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 14,171,000 | 5,701,000 |
Accounts and notes receivable, net | 255,978,000 | 165,084,000 |
Inventories | 110,092,000 | 92,552,000 |
Assets held for sale | 52,200,000 | 0 |
Prepaid expenses and other current assets | 41,393,000 | 33,426,000 |
Total current assets | 473,834,000 | 296,763,000 |
Property, plant and equipment, net | 646,327,000 | 731,923,000 |
Goodwill, net | 246,098,000 | 256,103,000 |
Intangible assets, net | 243,079,000 | 251,102,000 |
Other assets, net | 77,712,000 | 74,057,000 |
Total assets | 1,687,050,000 | 1,609,948,000 |
Current liabilities: | ||
Accounts payable | 82,072,000 | 85,561,000 |
Short-term borrowings | 261,200,000 | 59,781,000 |
Collateralized note payable | 166,000,000 | 69,000,000 |
Other current liabilities | 136,591,000 | 122,016,000 |
Total current liabilities | 645,863,000 | 336,358,000 |
Long-term debt | 1,462,973,000 | 1,649,270,000 |
Other liabilities | 35,422,000 | 31,118,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | (477,096,000) | (417,467,000) |
General partner | (4,705,000) | (4,095,000) |
Accumulated other comprehensive income | 24,593,000 | 14,764,000 |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (481,801,000) | (421,562,000) |
Total partners' capital (deficit) | (457,208,000) | (406,798,000) |
Total liabilities and partners' capital (deficit) | 1,687,050,000 | 1,609,948,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,100 | 1,100 |
Other Assets, Current | 0 | 1,500 |
Total assets | 1,100 | 2,600 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 71,052 | 67,336 |
Accumulated deficit | (70,952) | (65,736) |
Total stockholder's equity | $ 1,100 | $ 2,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 |
Accounts receivable pledged as collateral | $ 235,150 | $ 109,407 |
Intangible assets accumulated amortization | $ 452,283 | $ 436,428 |
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 97,152,665 |
General partner unitholder, units outstanding | 989,926 | 989,926 |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | $ 235,150 | $ 109,407 |
Intangible assets accumulated amortization | $ 452,283 | $ 436,428 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Revenues: | ||||
Propane and other gas liquids sales | $ 592,239,000 | $ 437,375,000 | $ 894,997,000 | $ 679,774,000 |
Midstream operations | 117,276,000 | 96,787,000 | 238,036,000 | 204,831,000 |
Other | 45,641,000 | 45,088,000 | 76,778,000 | 74,187,000 |
Total revenues | 755,156,000 | 579,250,000 | 1,209,811,000 | 958,792,000 |
Costs and expenses: | ||||
Cost of sales - propane and other gas liquids sales | 362,918,000 | 235,029,000 | 542,433,000 | 354,241,000 |
Cost of sales - midstream operations | 107,067,000 | 87,024,000 | 215,192,000 | 181,666,000 |
Cost of sales - other | 20,787,000 | 20,657,000 | 34,489,000 | 32,403,000 |
Operating expense | 123,716,000 | 113,076,000 | 234,178,000 | 218,162,000 |
Depreciation and amortization expense | 25,485,000 | 25,607,000 | 51,217,000 | 51,809,000 |
General and administrative expense | 14,891,000 | 12,279,000 | 28,055,000 | 26,548,000 |
Equipment lease expense | 6,954,000 | 7,416,000 | 13,695,000 | 14,765,000 |
Non-cash employee stock ownership plan compensation charge | 4,031,000 | 2,945,000 | 7,993,000 | 6,699,000 |
Asset Impairment Charges | 10,005,000 | 0 | 10,005,000 | 0 |
Loss on asset sales and disposals | 39,249,000 | 45,000 | 40,144,000 | 6,468,000 |
Operating income | 40,053,000 | 75,172,000 | 32,410,000 | 66,031,000 |
Interest expense | (42,673,000) | (36,819,000) | (83,480,000) | (72,247,000) |
Other income, net | 684,000 | 763,000 | 1,195,000 | 1,271,000 |
Earnings (loss) before income taxes | (1,936,000) | 39,116,000 | (49,875,000) | (4,945,000) |
Income tax expense (benefit) | (162,000) | 588,000 | 215,000 | (2,000) |
Net Earnings (Loss) | (1,774,000) | 38,528,000 | (50,090,000) | (4,943,000) |
Net earnings attributable to noncontrolling interest | 69,000 | 430,000 | (332,000) | 32,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | (1,843,000) | 38,098,000 | (49,758,000) | (4,975,000) |
Less: General partner's interest in net earnings | (19,000) | 381,000 | (498,000) | (50,000) |
Common unitholders' interest in net earnings (loss) | $ (1,824,000) | $ 37,717,000 | $ (49,260,000) | $ (4,925,000) |
Basic and diluted net earnings per common unitholders' interest | $ (0.02) | $ 0.39 | $ (0.51) | $ (0.05) |
Cash distributions declared per common unit | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.20 |
Ferrellgas Partners Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | $ 225 | $ 0 | $ 275 | $ 92 |
Net Earnings (Loss) | (225) | 0 | (275) | (92) |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 592,239,000 | 437,375,000 | 894,997,000 | 679,774,000 |
Midstream operations | 117,276,000 | 96,787,000 | 238,036,000 | 204,831,000 |
Other | 45,641,000 | 45,088,000 | 76,778,000 | 74,187,000 |
Total revenues | 755,156,000 | 579,250,000 | 1,209,811,000 | 958,792,000 |
Costs and expenses: | ||||
Cost of sales - propane and other gas liquids sales | 362,918,000 | 235,029,000 | 542,433,000 | 354,241,000 |
Cost of sales - midstream operations | 107,067,000 | 87,024,000 | 215,192,000 | 181,666,000 |
Cost of sales - other | 20,787,000 | 20,657,000 | 34,489,000 | 32,403,000 |
Operating expense | 123,716,000 | 113,076,000 | 234,178,000 | 218,162,000 |
Depreciation and amortization expense | 25,485,000 | 25,607,000 | 51,217,000 | 51,809,000 |
General and administrative expense | 14,890,000 | 12,278,000 | 28,054,000 | 26,547,000 |
Equipment lease expense | 6,954,000 | 7,416,000 | 13,695,000 | 14,765,000 |
Non-cash employee stock ownership plan compensation charge | 4,031,000 | 2,945,000 | 7,993,000 | 6,699,000 |
Asset Impairment Charges | 10,005,000 | 0 | 10,005,000 | 0 |
Loss on asset sales and disposals | 39,249,000 | 45,000 | 40,144,000 | 6,468,000 |
Operating income | 40,054,000 | 75,173,000 | 32,411,000 | 66,032,000 |
Interest expense | (34,058,000) | (32,748,000) | (66,254,000) | (64,146,000) |
Other income, net | 684,000 | 763,000 | 1,195,000 | 1,271,000 |
Earnings (loss) before income taxes | 6,680,000 | 43,188,000 | (32,648,000) | 3,157,000 |
Income tax expense (benefit) | (167,000) | 588,000 | 204,000 | (3,000) |
Net Earnings (Loss) | 6,847,000 | 42,600,000 | (32,852,000) | 3,160,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | 6,847,000 | 42,600,000 | (32,852,000) | 3,160,000 |
Ferrellgas Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 3,666 | 3,400 | 5,216 | 4,950 |
Net Earnings (Loss) | $ (3,666) | $ (3,400) | $ (5,216) | $ (4,950) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Net earnings (loss) | $ (1,774) | $ 38,528 | $ (50,090) | $ (4,943) |
Other comprehensive income (loss): | ||||
Change in value of risk management derivatives | 1,072 | 15,262 | 23,521 | 20,400 |
Reclassification of derivative gains and losses to earnings | (9,743) | 514 | (13,692) | 4,752 |
Other comprehensive income (loss) | (8,671) | 15,776 | 9,829 | 25,152 |
Comprehensive income | (10,445) | 54,304 | (40,261) | 20,209 |
Less: Comprehensive income attributable to noncontrolling interest | (19) | 590 | (234) | 286 |
Comprehensive income attributable to Ferrellgas Partners, LP | (10,426) | 53,714 | (40,027) | 19,923 |
Ferrellgas, L.P. [Member] | ||||
Net earnings (loss) | 6,847 | 42,600 | (32,852) | 3,160 |
Other comprehensive income (loss): | ||||
Change in value of risk management derivatives | 1,072 | 15,262 | 23,521 | 20,400 |
Reclassification of derivative gains and losses to earnings | (9,743) | 514 | (13,692) | 4,752 |
Other comprehensive income (loss) | (8,671) | 15,776 | 9,829 | 25,152 |
Comprehensive income | $ (1,824) | $ 58,376 | $ (23,023) | $ 28,312 |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Capital (Deficit) - 6 months ended Jan. 31, 2018 - USD ($) $ in Thousands | Total | Accumulated Other Comprehensive Income (Loss) | Total Ferrellgas Partners, L.P. Partners' Capital (Deficit) [Member] | Noncontrolling Interest [Member] | Common Unitholders [Member] | General Partner Unitholder [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member]Accumulated Other Comprehensive Income (Loss) | Ferrellgas, L.P. [Member]Common Unitholders [Member] | Ferrellgas, L.P. [Member]General Partner Unitholder [Member] |
Partners' capital balance (in units) at Jul. 31, 2017 | 97,152,700 | 989,900 | ||||||||
Partners' capital balance at Jul. 31, 2017 | $ (757,510) | $ 14,601 | $ (753,578) | $ (3,932) | $ (701,188) | $ (66,991) | $ (406,798) | $ 14,764 | $ (417,467) | $ (4,095) |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 7,993 | 0 | 7,914 | 79 | 7,833 | 81 | 7,993 | 0 | 7,914 | 79 |
Distributions | (19,984) | 0 | (19,627) | (357) | (19,431) | (196) | (35,380) | 0 | (35,023) | (357) |
Net loss | (50,090) | 0 | (49,758) | (332) | $ (49,260) | $ (498) | (32,852) | 0 | (32,520) | (332) |
Other comprehensive income (loss) | 9,829 | 9,731 | 9,731 | 98 | 9,829 | 9,829 | 0 | 0 | ||
Partners' capital balance (in units) at Jan. 31, 2018 | 97,152,700 | 989,900 | ||||||||
Partners' capital balance at Jan. 31, 2018 | $ (809,762) | $ 24,332 | $ (805,318) | $ (4,444) | $ (762,046) | $ (67,604) | $ (457,208) | $ 24,593 | $ (477,096) | $ (4,705) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 6 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | $ (50,090,000) | $ (4,943,000) |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 51,217,000 | 51,809,000 |
Non-cash employee stock ownership plan compensation charge | 7,993,000 | 6,699,000 |
Non-cash stock-based compensation charge | 0 | 3,298,000 |
Asset Impairment Charges | 10,005,000 | 0 |
Loss on Disposal of Assets and Asset Impairment Charges | 40,144,000 | 6,468,000 |
Unrealized Gain (Loss) on Derivatives | (91,000) | (1,862,000) |
Provision for doubtful accounts | 1,688,000 | (283,000) |
Deferred tax expense | 364,000 | 35,000 |
Other | 4,482,000 | 2,659,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (102,315,000) | (74,403,000) |
Inventories | (17,275,000) | (24,268,000) |
Prepaid expenses and other current assets | (4,682,000) | 7,060,000 |
Accounts payable | 11,510,000 | 40,444,000 |
Accrued interest expense | 304,000 | 1,916,000 |
Other current liabilities | 13,372,000 | 19,951,000 |
Other assets and liabilities | (2,920,000) | 4,757,000 |
Net cash provided by (used in) operating activities | (36,294,000) | 39,337,000 |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | (14,862,000) | 0 |
Capital expenditures | (35,693,000) | (19,768,000) |
Proceeds from sale of assets | 4,207,000 | 4,591,000 |
Other | 0 | (37,000) |
Net cash used in investing activities | (46,348,000) | (15,214,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (19,627,000) | (60,107,000) |
Proceeds from issuance of long-term debt | 23,580,000 | 204,444,000 |
Payments on long-term debt | (1,267,000) | (172,790,000) |
Net additions to (reductions in) short-term borrowings | (7,879,000) | (35,692,000) |
Net additions to collateralized short-term borrowings | 97,000,000 | 69,000,000 |
Cash paid for financing costs | (395,000) | (4,382,000) |
Proceeds from (Payments to) Noncontrolling Interests | (357,000) | 1,000,000 |
Payments for Repurchase of Common Stock | 0 | (15,851,000) |
Net cash provided by (used in) financing activities | 91,055,000 | (14,378,000) |
Net change in cash and cash equivalents | 8,413,000 | 9,745,000 |
Cash and cash equivalents - beginning of period | 5,760,000 | 4,965,000 |
Cash and cash equivalents - end of period | 14,173,000 | 14,710,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (275) | (92) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Net cash provided by (used in) operating activities | (275) | (92) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 275 | 92 |
Net cash provided by (used in) financing activities | 275 | 92 |
Net change in cash | 0 | 0 |
Cash - beginning of period | 1,000 | 1,000 |
Cash - end of period | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (32,852,000) | 3,160,000 |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 51,217,000 | 51,809,000 |
Non-cash employee stock ownership plan compensation charge | 7,993,000 | 6,699,000 |
Non-cash stock-based compensation charge | 0 | 3,298,000 |
Asset Impairment Charges | 10,005,000 | 0 |
Loss on Disposal of Assets and Asset Impairment Charges | 40,144,000 | 6,468,000 |
Unrealized Gain (Loss) on Derivatives | (91,000) | (1,862,000) |
Provision for doubtful accounts | 1,688,000 | (283,000) |
Deferred tax expense | 364,000 | 35,000 |
Other | 2,650,000 | 2,448,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (102,315,000) | (74,403,000) |
Inventories | (17,275,000) | (24,268,000) |
Prepaid expenses and other current assets | (4,637,000) | 6,924,000 |
Accounts payable | 11,510,000 | 40,444,000 |
Accrued interest expense | 304,000 | (12,000) |
Other current liabilities | 13,662,000 | 20,087,000 |
Other assets and liabilities | (3,208,000) | 4,757,000 |
Net cash provided by (used in) operating activities | (20,841,000) | 45,301,000 |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | (14,862,000) | 0 |
Capital expenditures | (35,693,000) | (19,768,000) |
Proceeds from sale of assets | 4,207,000 | 4,591,000 |
Other | 0 | (37,000) |
Net cash used in investing activities | (46,348,000) | (15,214,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (35,380,000) | (84,500,000) |
Contributions from partners | 0 | 167,640,000 |
Proceeds from issuance of long-term debt | 23,580,000 | 36,444,000 |
Payments on long-term debt | (1,267,000) | (172,790,000) |
Net additions to (reductions in) short-term borrowings | (7,879,000) | (35,692,000) |
Net additions to collateralized short-term borrowings | 97,000,000 | 69,000,000 |
Cash paid for financing costs | (395,000) | (1,422,000) |
Net cash provided by (used in) financing activities | 75,659,000 | (21,320,000) |
Net change in cash and cash equivalents | 8,470,000 | 8,767,000 |
Cash and cash equivalents - beginning of period | 5,701,000 | 4,890,000 |
Cash and cash equivalents - end of period | 14,171,000 | 13,657,000 |
Ferrellgas Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (5,216) | (4,950) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Prepaid expenses and other current assets | 1,500 | 1,500 |
Net cash provided by (used in) operating activities | (3,716) | (3,450) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 3,716 | 3,450 |
Net cash provided by (used in) financing activities | 3,716 | 3,450 |
Net change in cash | 0 | 0 |
Cash - beginning of period | 1,100 | 1,100 |
Cash - end of period | $ 1,100 | $ 1,100 |
Partnership Organization And Fo
Partnership Organization And Formation | 6 Months Ended |
Jan. 31, 2018 | |
Partnership Organization And Formation | Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed April 19, 1994 , and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of January 31, 2018 , Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner"), a wholly-owned subsidiary of Ferrell Companies, has retained an approximate 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is engaged in the following primary businesses: • Propane operations and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of crude oil logistics and water solutions. Crude oil logistics primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Water solutions generates income primarily through the operation of salt water disposal wells in the Eagle Ford shale region of south Texas. Due to seasonality, the results of operations for the six months ended January 31, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2018 . The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas' Annual Report on Form 10-K for fiscal 2017 . |
Ferrellgas Partners Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Ferrellgas, L.P. [Member] | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets, crude oil transportation and logistics related assets and salt water disposal wells in south Texas. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P. Ferrellgas, L.P. owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas, L.P. Ferrellgas, L.P. is engaged in the following primary businesses: • Propane operations and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas, L.P. serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of crude oil logistics and water solutions. Crude oil logistics primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Water solutions generates income primarily through the operation of salt water disposal wells in the Eagle Ford shale region of south Texas. Due to seasonality, the results of operations for the six months ended January 31, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2018 . The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10-K for fiscal 2017 . |
Ferrellgas Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended |
Jan. 31, 2018 | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) Assets held for sale: Assets held for sale represent rail cars that have met the criteria of “held for sale” accounting. During the second quarter of fiscal 2018, Ferrellgas committed to a plan to sell certain rail cars held by the Midstream operations segment. These assets were reclassified from Rail cars within "Property, plant and equipment, net" to "Assets held for sale" in the accompanying balance sheet as of January 31, 2018. Ferrellgas ceased depreciation on these assets during January 2018. Assets held for sale are recorded at the lower of the carrying amount or fair value less costs to sell. For further discussion of assets held for sale, see Note C - Supplemental financial statement information. (3) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas has completed the assessment of a significant number of its contracts with customers under the new guidance to determine the effect of the adoption of the new guidance. Although Ferrellgas has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) Assets held for sale: Assets held for sale represent rail cars that have met the criteria of “held for sale” accounting. During the second quarter of fiscal 2018, Ferrellgas, L.P. committed to a plan to sell certain rail cars held by the Midstream operations segment. These assets were reclassified from Rail cars within "Property, plant and equipment, net" to "Assets held for sale" in the accompanying balance sheet as of January 31, 2018. Ferrellgas, L.P. ceased depreciation on these assets during January 2018. Assets held for sale are recorded at the lower of the carrying amount or fair value less costs to sell. For further discussion of assets held for sale, see Note C - Supplemental financial statement information. (3) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas, L.P. has completed the assessment of a significant number of its contracts with customers under the new guidance to determine the effect of the adoption of the new guidance. Although Ferrellgas, L.P. has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 6 Months Ended |
Jan. 31, 2018 | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: January 31, 2018 July 31, 2017 Propane gas and related products $ 81,644 $ 67,049 Appliances, parts and supplies, and other 28,448 25,503 Inventories $ 110,092 $ 92,552 In addition to inventories on hand, Ferrellgas enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of January 31, 2018 , Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 81.9 million gallons of propane at fixed prices. Other assets, net consist of the following: January 31, 2018 July 31, 2017 Notes receivable, less current portion $ 36,371 $ 32,500 Other 41,341 41,557 Other assets, net $ 77,712 $ 74,057 Other current liabilities consist of the following: January 31, 2018 July 31, 2017 Accrued interest $ 18,975 $ 18,671 Customer deposits and advances 24,676 25,541 Other 96,859 82,012 Other current liabilities $ 140,510 $ 126,224 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, 2018 2017 2018 2017 Operating expense $ 54,613 $ 47,157 $ 97,928 $ 88,883 Depreciation and amortization expense 1,123 996 2,235 2,022 Equipment lease expense 6,296 6,652 12,364 13,318 Total shipping and handling expenses $ 62,032 $ 54,805 $ 112,527 $ 104,223 During the quarter ended January 31, 2018 , Ferrellgas committed to a plan to dispose of all of its rail cars utilized in the Midstream operations segment and as a result, reclassified 1,292 rail cars from "Property, plant and equipment, net" to "Assets held for sale" on our condensed consolidated balance sheets as of January 31, 2018 . For the three and six months ended January 31, 2018 , "Loss on asset sales and disposals" includes a loss of $35.5 million related to the write-down of these rail cars classified as "Assets held for sale". On February 20, 2018, Ferrellgas completed the sale of 1,072 of these rail cars and received approximately $47.0 million in cash. Proceeds from the transaction were used to reduce outstanding debt on Ferrellgas' secured credit facility. During the quarter ended January 31, 2018 , Ferrellgas completed the sale of Bridger Energy, LLC in the Midstream operations segment in exchange for an $8.5 million secured promissory note due in May 2020. For the three and six months ended January 31, 2018, "Loss on asset sales and disposals" includes a loss of $3.6 million related to this sale. "Loss on asset sales and disposals" during the three and six months ended January 31, 2018 and 2017 consists of: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Loss on assets held for sale $ 35,515 $ — $ 35,515 $ — Loss on sale of assets and other 3,734 45 4,629 6,468 Loss on asset sales and disposals $ 39,249 $ 45 $ 40,144 $ 6,468 Certain cash flow and significant non-cash activities are presented below: For the six months ended January 31, 2018 2017 Cash paid for: Interest $ 78,682 $ 69,572 Income taxes $ 12 $ 26 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,508 $ — Change in accruals for property, plant and equipment additions $ 47 $ (100 ) |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: January 31, 2018 July 31, 2017 Propane gas and related products $ 81,644 $ 67,049 Appliances, parts and supplies, and other 28,448 25,503 Inventories $ 110,092 $ 92,552 In addition to inventories on hand, Ferrellgas, L.P. enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of January 31, 2018 , Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 81.9 million gallons of propane at fixed prices. Other assets, net consist of the following: January 31, 2018 July 31, 2017 Notes receivable, less current portion $ 36,371 $ 32,500 Other 41,341 41,557 Other assets, net $ 77,712 $ 74,057 Other current liabilities consist of the following: January 31, 2018 July 31, 2017 Accrued interest $ 15,041 $ 14,737 Customer deposits and advances 24,676 25,541 Other 96,874 81,738 Other current liabilities $ 136,591 $ 122,016 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, 2018 2017 2018 2017 Operating expense $ 54,613 $ 47,157 $ 97,928 $ 88,883 Depreciation and amortization expense 1,123 996 2,235 2,022 Equipment lease expense 6,296 6,652 12,364 13,318 Total shipping and handling expenses $ 62,032 $ 54,805 $ 112,527 $ 104,223 During the quarter ended January 31, 2018 , Ferrellgas, L.P. committed to a plan to dispose of all of its rail cars utilized in the Midstream operations segment and as a result, reclassified 1,292 rail cars from "Property, plant and equipment, net" to "Assets held for sale" on our condensed consolidated balance sheets as of January 31, 2018 . For the three and six months ended January 31, 2018 , "Loss on asset sales and disposals" includes a loss of $35.5 million related to the write-down of these rail cars classified as "Assets held for sale". On February 20, 2018, Ferrellgas, L.P. completed the sale of 1,072 of these rail cars and received approximately $47.0 million in cash. Proceeds from the transaction were used to reduce outstanding debt on Ferrellgas L.P.'s secured credit facility. During the quarter ended January 31, 2018 , Ferrellgas, L.P. completed the sale of Bridger Energy, LLC in the Midstream operations segment in exchange for an $8.5 million secured promissory note due in May 2020. For the three and six months ended January 31, 2018, "Loss on asset sales and disposals" includes a loss of $3.6 million related to this sale. "Loss on asset sales and disposals" during the three and six months ended January 31, 2018 and 2017 consists of: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Loss on assets held for sale $ 35,515 $ — 35,515 — Loss on sale of assets and other 3,734 45 4,629 6,468 Loss on asset sales and disposals $ 39,249 $ 45 $ 40,144 $ 6,468 Certain cash flow and significant non-cash activities are presented below: For the six months ended January 31, 2018 2017 Cash paid for: Interest $ 63,286 $ 61,723 Income taxes $ 1 $ 25 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,508 $ — Change in accruals for property, plant and equipment additions $ 47 $ (100 ) |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 6 Months Ended |
Jan. 31, 2018 | |
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: January 31, 2018 July 31, 2017 Accounts receivable pledged as collateral $ 235,150 $ 109,407 Accounts receivable 13,596 47,346 Note receivable - current portion 10,000 10,000 Other 284 307 Less: Allowance for doubtful accounts (3,052 ) (1,976 ) Accounts and notes receivable, net $ 255,978 $ 165,084 Consolidated leverage ratio The consolidated leverage ratio is defined as the ratio of total debt of the operating partnership to trailing four quarters earnings before interest expense, income tax expense, depreciation and amortization expense ("EBITDA") (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas' secured credit facility and accounts receivable securitization facility. The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 Ferrellgas' consolidated leverage ratio was 6.96 x as of January 31, 2018 . See additional disclosure about Ferrellgas' financial covenants in Note E - Debt. Consolidated interest coverage ratio The consolidated interest coverage ratio is defined as the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas' secured credit facility and accounts receivable securitization facility. The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 Ferrellgas' consolidated interest coverage ratio was 2.14 x as of January 31, 2018 ; the margin allows for approximately $25.3 million of additional interest expense or approximately $44.3 million less EBITDA. See additional disclosure about Ferrellgas' financial covenants in Note E - Debt. This accounts receivable securitization facility matures on July 29, 2019 unless the secured credit facility matures or terminates at an earlier date. If Ferrellgas replaces the senior secured credit facility prior to the October 2018 maturity date, Ferrellgas will need to amend the accounts receivable securitization facility to modify the maturity date, or replace it with a new facility. Ferrellgas is working to renew or replace the accounts receivable securitization facility. Potential options include extending the current accounts receivable securitization facility, entering into a new accounts receivable securitization facility or securing alternative financing from a different source. Ferrellgas believes it is probable that it will be able to obtain sufficient capital to meet anticipated liquidity demands. At January 31, 2018 , $235.2 million of trade accounts receivable were pledged as collateral against $166.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2017 , $ 109.4 million of trade accounts receivable were pledged as collateral against $69.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from the operating partnership. The operating partnership does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of January 31, 2018 , Ferrellgas had received cash proceeds of $166.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2017 , Ferrellgas had received cash proceeds of $69.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 4.0% and 4.0% as of January 31, 2018 and July 31, 2017 , respectively. |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: January 31, 2018 July 31, 2017 Accounts receivable pledged as collateral $ 235,150 $ 109,407 Accounts receivable 13,596 47,346 Note receivable - current portion 10,000 10,000 Other 284 307 Less: Allowance for doubtful accounts (3,052 ) (1,976 ) Accounts and notes receivable, net $ 255,978 $ 165,084 Consolidated leverage ratio The consolidated leverage ratio is defined as the ratio of total debt of the operating partnership to trailing four quarters earnings before interest expense, income tax expense, depreciation and amortization expense ("EBITDA") (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas, L.P.'s secured credit facility and accounts receivable securitization facility. The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 Ferrellgas, L.P.'s consolidated leverage ratio was 6.96 x as of January 31, 2018 . See additional disclosure about Ferrellgas' financial covenants in Note E - Debt. Consolidated interest coverage ratio The consolidated interest coverage ratio is defined as the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas, L.P.'s secured credit facility and accounts receivable securitization facility. The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 Ferrellgas, L.P.'s consolidated interest coverage ratio was 2.14 x as of January 31, 2018 ; the margin allows for approximately $25.3 million of additional interest expense or approximately $44.3 million less EBITDA. See additional disclosure about Ferrellgas' financial covenants in Note E - Debt. This accounts receivable securitization facility matures on July 29, 2019 unless the secured credit facility matures or terminates at an earlier date. If Ferrellgas, L.P. replaces the senior secured credit facility prior to the October 2018 maturity date, Ferrellgas, L.P. will need to amend the accounts receivable securitization facility to modify the maturity date, or replace it with a new facility. Ferrellgas, L.P. is working to renew or replace the accounts receivable securitization facility. Potential options include extending the current accounts receivable securitization facility, entering into a new accounts receivable securitization facility or securing alternative financing from a different source. Ferrellgas, L.P. believes it is probable that it will be able to obtain sufficient capital to meet anticipated liquidity demands. At January 31, 2018 , $235.2 million of trade accounts receivable were pledged as collateral against $166.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2017 , $109.4 million of trade accounts receivable were pledged as collateral against $69.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of January 31, 2018 , Ferrellgas, L.P. had received cash proceeds of $166.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2017 , Ferrellgas, L.P. had received cash proceeds of $69.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 4.0% and 4.0% as of January 31, 2018 and July 31, 2017 , respectively. |
Debt
Debt | 6 Months Ended |
Jan. 31, 2018 | |
Debt | Debt Short-term borrowings Since October 31, 2017, Ferrellgas classified all of its secured credit facility borrowings as short-term because the facility matures in October 2018. Prior to October 31, 2017, Ferrellgas classified as short-term the portion of its secured credit facility borrowings that were used to fund working capital needs that management intended to pay down within the 12 month period following the balance sheet date. As of January 31, 2018 and July 31, 2017 , $261.2 million and $59.8 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Financial covenants The indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit Ferrellgas Partners' ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants are the consolidated fixed charge coverage ratio, as defined in the indenture governing the outstanding notes of Ferrellgas Partners, and the consolidated leverage ratio and consolidated interest coverage ratio, as defined in the secured credit facility and the accounts receivable securitization facility. Before a restricted payment (as defined in the secured credit facility and the operating partnership indentures) can be made by the operating partnership, the operating partnership must be in compliance with the consolidated leverage ratio and consolidated interest coverage ratio covenants under the secured credit facility and accounts receivable securitization facility and in compliance with the covenants under the operating partnership's indentures. If the operating partnership is unable to make restricted payments, Ferrellgas Partners will not have the ability to make semi-annual interest payments on its $357.0 million 8.625% unsecured senior notes due 2020 or distributions to Ferrellgas Partners common unitholders. If Ferrellgas Partners does not make interest payments on its unsecured notes, that would constitute an event of default which would permit the acceleration of the obligations underlying the Ferrellgas Partners indenture, including all outstanding principal owed. The accelerated obligations would become immediately due and payable, which would in turn trigger cross acceleration of other debt. If Ferrellgas' debt obligations are accelerated, Ferrellgas may be unable to borrow sufficient funds to refinance debt in which case unitholders and investors in our debt instruments could experience a partial or total loss of their investment. Before a restricted payment (as defined in the Ferrellgas Partners indenture) can be made by Ferrellgas Partners, Ferrellgas Partners must be in compliance with the consolidated fixed charge coverage ratio covenant under the Ferrellgas Partners indenture. If Ferrellgas Partners is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders. A breach of the consolidated leverage ratio covenant or the consolidated interest coverage ratio covenant under the secured credit facility and the accounts receivable securitization facility would result in an event of default under those facilities resulting in the operating partnership’s inability to obtain funds under those facilities and would give the lenders and receivables purchasers the right to accelerate the operating partnership's obligations under those facilities and to exercise remedies to collect the outstanding amounts under those facilities. If the lenders and receivables purchasers accelerated the operating partnership's obligations, that would constitute an event of default which would permit the acceleration of the obligations underlying the Ferrellgas Partners indenture, including all outstanding principal owed. The accelerated obligations would become immediately due and payable, which would in turn trigger cross acceleration of other debt. If Ferrellgas' debt obligations are accelerated, Ferrellgas may be unable to borrow sufficient funds to refinance debt in which case unitholders and investors in our debt instruments could experience a partial or total loss of their investment. Consolidated leverage ratio The consolidated leverage ratio is defined as the ratio of total debt of the operating partnership to trailing four quarters EBITDA (both as adjusted for certain, defined items) of the operating partnership, as detailed in Ferrellgas' secured credit facility and accounts receivable securitization facility. The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 Ferrellgas' consolidated leverage ratio was 6.96 x as of January 31, 2018 ; the margin allows for approximately $193.2 million of additional borrowing capacity or approximately $24.9 million less EBITDA. This covenant also restricts Ferrellgas' ability to make distribution payments as discussed above. Consolidated interest coverage ratio The consolidated interest coverage ratio is defined as the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas' secured credit facility and accounts receivable securitization facility. The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 Ferrellgas' consolidated interest coverage ratio was 2.14 x at January 31, 2018 ; the margin allows for approximately $25.3 million of additional interest expense or approximately $44.3 million less EBITDA. Consolidated fixed charge coverage ratio The indenture governing the outstanding notes of Ferrellgas Partners includes a consolidated fixed charge coverage ratio test for the incurrence of debt and the making of restricted payments. This covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas Partners be at least 1.75 x before a restricted payment (as defined in the indenture) can be made by Ferrellgas Partners. If this ratio were to drop below 1.75 x, the indenture allows Ferrellgas Partners to make restricted payments of up to $50.0 million in total over a 16 quarter period while below this ratio. As of January 31, 2018 , the ratio was 1.59 x. As a result, the $9.8 million distribution to be paid to common unitholders on March 16, 2018 will be taken from the $50.0 million restricted payment limitation, which after considering the $9.8 million deductions taken as a result of the distributions paid in September 2017 and December 2017, leaves $20.6 million for future restricted payments. Unless the indenture governing the outstanding notes is amended or refinanced, if our consolidated fixed charge coverage ratio does not improve to at least 1.75 x and we continue our current quarterly distribution rate of $0.10 per common unit, this covenant will not allow us to make common unit distributions for our quarter ending October 31, 2018 and beyond. Debt and interest expense reduction strategy Ferrellgas continues to execute on a strategy to further reduce its debt and interest expense. This strategy may include amending or refinancing existing debt agreements, additional asset sales, a reduction in Ferrellgas Partners' annual distribution rate or the issuance of equity. Ferrellgas believes any debt and interest expense reduction strategies would remain in effect until Ferrellgas' consolidated leverage ratio reaches 4.5x or a level Ferrellgas deems appropriate for its business. If Ferrellgas is unsuccessful with its strategy to further reduce debt and interest expense, is unsuccessful in renegotiating its secured credit facility, which matures in October 2018, or is unable to secure alternative liquidity sources, it may not have the liquidity to fund its operations after that maturity date. Failure to maintain compliance with these and other covenants in our agreements or failure to renew or replace liquidity available under the secured credit facility could have a material, adverse effect on Ferrellgas' operating capacity and cash flows and could further restrict Ferrellgas' ability to incur debt, pay interest on the notes or to make cash distributions to unitholders. An inability to pay interest on the notes could result in an event of default that would permit the acceleration of all of Ferrellgas' indebtedness. The accelerated debt would become immediately due and payable, which would in turn trigger cross-acceleration under other debt. If the payment of Ferrellgas' debt is accelerated, Ferrellgas' assets may be insufficient to repay such debt in full and Ferrellgas may be unable to borrow sufficient funds to refinance debt, in which case investors in common units and our debt instruments could experience a partial or total loss of their investment. As a result of the October 2018 maturity date of Ferrellgas' secured credit facility, the entire balance outstanding at January 31, 2018 has been classified as a current liability in the condensed consolidated balance sheet as of January 31, 2018. The absence of a plan to renew or refinance this debt would raise substantial doubt about Ferrellgas' ability to continue as a going concern. Ferrellgas is working to renew or replace the secured credit facility. Potential options include extending the current secured credit facility, entering into a new secured credit facility or securing alternative financing from a different source. Ferrellgas believes it is probable that it will be able to obtain sufficient capital to meet anticipated liquidity demands and, therefore, does not believe there is substantial doubt about our ability to continue as a going concern. Secured credit facility As of January 31, 2018 , Ferrellgas had total borrowings outstanding under its secured credit facility of $261.2 million , all of which was classified as short-term. Ferrellgas had $125.8 million of capacity under the secured credit facility as of January 31, 2018 . As of July 31, 2017 , Ferrellgas had total borrowings outstanding under its secured credit facility of $245.5 million , of which $185.7 million was classified as long-term debt. Ferrellgas had $190.3 million of capacity under the secured credit facility as of July 31, 2017 . However, the consolidated leverage ratio covenant under this facility limited additional borrowings to $67.5 million as of July 31, 2017 . Borrowings outstanding at January 31, 2018 and July 31, 2017 under the secured credit facility had weighted average interest rates of 6.5% and 6.0% , respectively. Letters of credit outstanding at January 31, 2018 totaled $188.0 million and were used to secure commodity hedges, product purchases, and insurance arrangements. Letters of credit outstanding at July 31, 2017 totaled $139.2 million and were used to secure commodity hedges, product purchases, and insurance arrangements. At January 31, 2018 , Ferrellgas had remaining letter of credit capacity of $12.0 million . At July 31, 2017 , Ferrellgas had remaining letter of credit capacity of $60.8 million . |
Ferrellgas, L.P. [Member] | |
Debt | Debt Short-term borrowings Since October 31, 2017, Ferrellgas, L.P. classified all of its secured credit facility borrowings as short-term because the facility matures in October 2018. Prior to October 31, 2017, Ferrellgas, L.P. classified as short-term the portion of its secured credit facility borrowings that were used to fund working capital needs that management intended to pay down within the 12 month period following the balance sheet date. As of January 31, 2018 and July 31, 2017 , $261.2 million and $59.8 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Financial covenants The agreements governing the operating partnership’s indebtedness contain various covenants that limit our ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. Our general partner believes that the most restrictive of these covenants are the consolidated leverage ratio and consolidated interest coverage ratio, as defined in our secured credit facility and our accounts receivable securitization facility. Before a restricted payment (as defined in the secured credit facility and the operating partnership indentures) can be made by the operating partnership, the operating partnership must be in compliance with the consolidated leverage ratio and consolidated interest coverage ratio covenants under the secured credit facility and accounts receivable securitization facility and in compliance with the covenants under the operating partnerships indentures. If the operating partnership is unable to make restricted payments, Ferrellgas Partners will not have the ability to make semi-annual interest payments on its $357.0 million 8.625% unsecured senior notes due 2020 or distributions to Ferrellgas Partners common unitholders. If Ferrellgas Partners does not make interest payments on its unsecured notes, that would constitute an event of default which would permit the acceleration of the obligations underlying the Ferrellgas Partners indenture, including all outstanding principal owed. The accelerated obligations would become immediately due and payable, which would in turn trigger cross acceleration of other debt. If Ferrellgas, L.P.'s debt obligations are accelerated, Ferrellgas, L.P. may be unable to borrow sufficient funds to refinance debt in which case Ferrellgas Partners' unitholders and investors in our debt instruments could experience a partial or total loss of their investment. A breach of the consolidated leverage ratio covenant or the consolidated interest coverage ratio covenant under the secured credit facility and the accounts receivable securitization facility would result in an event of default under those facilities resulting in the operating partnership’s inability to obtain funds under those facilities and would give the lenders and receivables purchasers the right to accelerate the operating partnership’s obligations under those facilities and to exercise remedies to collect the outstanding amounts under those facilities. If the lenders and receivables purchasers accelerated the operating partnership's obligations, that would constitute an event of default which would permit the acceleration of the obligations underlying the Ferrellgas Partners indenture, including all outstanding principal owed. The accelerated obligations would become immediately due and payable, which would in turn trigger cross acceleration of other debt. If Ferrellgas, L.P.'s debt obligations are accelerated, Ferrellgas, L.P. may be unable to borrow sufficient funds to refinance debt in which case Ferrellgas Partners unitholders and investors in our debt instruments could experience a partial or total loss of their investment. Consolidated leverage ratio The consolidated leverage ratio is defined as the ratio of total debt of the operating partnership to trailing four quarters EBITDA (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas, L.P.'s secured credit facility and accounts receivable securitization facility. The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 Ferrellgas, L.P.'s consolidated leverage ratio was 6.96 x as of January 31, 2018 ; the margin allows for approximately $193.2 million of additional borrowing capacity or approximately $24.9 million l ess EBITDA. This covenant also restricts Ferrellgas, L.P.'s ability to make payments to Ferrellgas Partners for purposes of funding distribution payments as discussed above. Consolidated interest coverage ratio The consolidated interest coverage ratio is defined as the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the operating partnership, as detailed in Ferrellgas' secured credit facility and accounts receivable securitization facility. The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 Ferrellgas, L.P.'s consolidated interest coverage ratio was 2.14 x at January 31, 2018 ; the margin allows for approximately $25.3 million of additional interest expense or approximately $44.3 million less EBITDA. Debt and interest expense reduction strategy Ferrellgas, L.P. continues to execute on a strategy to further reduce its debt and interest expense. This strategy may include amending or refinancing existing debt agreements, additional asset sales, a reduction in the operating partnership's funding of Ferrellgas Partners' annual distribution rate or the issuance of equity. Ferrellgas, L.P. believes any debt and interest expense reduction strategies would remain in effect until Ferrellgas, L.P.'s consolidated leverage ratio reaches 4.5x or a level Ferrellgas, L.P. deems appropriate for its business. If Ferrellgas, L.P. is unsuccessful with its strategy to further reduce debt and interest expense, or is unsuccessful in renegotiating its secured credit facility, which matures in October 2018, or is unable to secure alternative liquidity sources, it may not have the liquidity to fund its operations after that maturity date. Failure to maintain compliance with these and other covenants in our agreements or failure to renew or replace liquidity available under the secured credit facility could have a material, adverse effect on Ferrellgas, L.P.'s operating capacity and cash flows and could further restrict Ferrellgas, L.P.'s ability to incur debt, pay interest on the notes or to make cash distributions to its limited and general partners, which could result in an event of default that would permit the acceleration of all of Ferrellgas, L.P.'s indebtedness. The accelerated debt would become immediately due and payable, which would in turn trigger cross-acceleration under other debt. If the payment of Ferrellgas, L.P.'s debt is accelerated, Ferrellgas, L.P.'s assets may be insufficient to repay such debt in full and Ferrellgas, L.P. may be unable to borrow sufficient funds to refinance debt, in which case the limited and general partners and investors in our debt instruments could experience a partial or total loss of their investment. As a result of the October 2018 maturity date of Ferrellgas, L.P.'s secured credit facility, the entire balance outstanding at January 31, 2018 has been classified as a current liability in the condensed consolidated balance sheet as of January 31, 2018 . The absence of a plan to renew or refinance this debt would raise substantial doubt about Ferrellgas, L.P.'s ability to continue as a going concern. Ferrellgas, L.P. is working to renew or replace the secured credit facility. Potential options include extending the current secured credit facility, entering into a new secured credit facility or securing alternative financing from a different source. Ferrellgas, L.P. believes it is probable that it will be able to obtain sufficient capital to meet anticipated liquidity demands and, therefore, does not believe there is substantial doubt about our ability to continue as a going concern. Secured credit facility As of January 31, 2018 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $261.2 million , all of which was classified as short-term. Ferrellgas, L.P. had $125.8 million of capacity under the secured credit facility as of January 31, 2018 . As of July 31, 2017 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $245.5 million , of which $185.7 million was classified as long-term debt. Ferrellgas, L.P. had $190.3 million of capacity under our secured credit facility as of July 31, 2017 . However, the consolidated leverage ratio covenant under this facility limited additional borrowings to $67.5 million as of July 31, 2017 . Borrowings outstanding at January 31, 2018 and July 31, 2017 under the secured credit facility had weighted average interest rates of 6.5% and 6.0% , respectively. Letters of credit outstanding at January 31, 2018 totaled $188.0 million and were used to secure commodity hedges, product purchases, and insurance arrangements. Letters of credit outstanding at July 31, 2017 totaled $139.2 million and were used to secure commodity hedges, product purchases, and insurance arrangements. At January 31, 2018 , Ferrellgas, L.P. had remaining letter of credit capacity of $12.0 million . At July 31, 2017 Ferrellgas, L.P. had remaining letter of credit capacity of $60.8 million . |
Partners' Capital
Partners' Capital | 6 Months Ended |
Jan. 31, 2018 | |
Partners' Capital | Partners' deficit As of January 31, 2018 and July 31, 2017 , Ferrellgas Partners limited partner units, which are listed on the New York Stock Exchange under the symbol “FGP,” were beneficially owned by the following: January 31, 2018 July 31, 2017 Public common unitholders 69,612,939 69,612,939 Ferrell Companies (1) 22,529,361 22,529,361 FCI Trading Corp. (2) 195,686 195,686 Ferrell Propane, Inc. (3) 51,204 51,204 James E. Ferrell (4) 4,763,475 4,763,475 (1) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners' common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies' beneficial ownership to 23.4% at January 31, 2018 . (2) FCI Trading is an affiliate of the general partner and thus a related party. (3) Ferrell Propane is controlled by the general partner and thus a related party. (4) James E. Ferrell is the Interim Chief Executive Officer and President of the general partner; and is Chairman of the Board of Directors of the general partner and thus a related party. JEF Capital Management owns 4,758,859 of these common units and is wholly-owned by the James E. Ferrell Revocable Trust Two for which James E. Ferrell is the trustee and sole beneficiary. The remaining 4,616 common units are held by Ferrell Resources Holding, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. Partnership distributions paid Ferrellgas Partners has paid the following distributions: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Public common unitholders $ 6,962 $ 6,961 $ 13,923 $ 42,639 Ferrell Companies 2,253 2,253 4,506 13,799 FCI Trading Corp. 20 20 40 120 Ferrell Propane, Inc. 5 5 10 31 James E. Ferrell 476 476 952 2,917 General partner 98 98 196 601 $ 9,814 $ 9,813 $ 19,627 $ 60,107 On February 22, 2018 , Ferrellgas Partners declared a cash distribution of $0.10 per common unit for the three months ended January 31, 2018 , which is expected to be paid on March 16, 2018 . Included in this cash distribution are the following amounts to be paid to related parties: Ferrell Companies $ 2,253 FCI Trading Corp. 20 Ferrell Propane, Inc. 5 James E. Ferrell 476 General partner 98 See additional discussions about transactions with related parties in Note I – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note H – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and six months ended January 31, 2018 and 2017 . 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, 2018 , the general partner made non-cash contributions of $0.2 million to Ferrellgas to maintain its effective 2% general partner interest. During the six months ended January 31, 2017 , the general partner made cash contributions of $1.7 million and non-cash contributions of $0.2 million to Ferrellgas to maintain its effective 2% general partner interest. |
Ferrellgas, L.P. [Member] | |
Partners' Capital | Partners’ deficit Partnership distributions paid Ferrellgas, L.P. has paid the following distributions: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Ferrellgas Partners $ 25,210 $ 17,662 $ 35,023 $ 83,807 General partner 257 180 357 693 $ 25,467 $ 17,842 $ 35,380 $ 84,500 On February 22, 2018 , Ferrellgas, L.P. declared distributions for the three months ended January 31, 2018 to Ferrellgas Partners and the general partner of $9.8 million and $0.1 million , respectively, which are expected to be paid on March 16, 2018 . See additional discussions about transactions with related parties in Note I – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note H – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and six months ended January 31, 2018 and 2017 . General partner’s commitment to maintain its capital account Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest concurrent with the issuance of other additional equity. During the six months ended January 31, 2018 , the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During the six months ended January 31, 2017 , the general partner made cash contributions of $1.7 million and non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jan. 31, 2018 | |
Fair Value Measurements | Fair value measurements Derivative financial instruments The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of January 31, 2018 and July 31, 2017 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total January 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 25,725 $ — $ 25,725 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (2,423 ) $ — $ (2,423 ) Commodity derivatives $ — $ (1,417 ) $ — $ (1,417 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) Methodology The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. As discussed in Note C - Supplemental financial statement information, during the quarter ended January 31, 2018 , Ferrellgas committed to a plan to dispose of all of its rail cars in the Midstream operations segment. Ferrellgas measures long-lived assets held for sale at the lower of carrying amount or estimated fair value less estimated costs to sell. Ferrellgas recorded a loss on assets held for sale of $35.5 million during the three and six months ended January 31, 2018 to reduce the carrying amount of the rail cars to their estimated fair value less estimated costs to sell. At January 31, 2018, the estimated fair value less costs to sell was approximately $52.2 million . The fair value of the rail cars classified as assets held for sale is a Level 3 valuation based on the unobservable inputs used for this expected sale. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of various notes receivable, financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $32.1 million , or $4.3 million less than their carrying amount as of January 31, 2018 . The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At January 31, 2018 and July 31, 2017 , the estimated fair value of Ferrellgas’ long-term debt instruments was $1,728.3 million and $1,966.6 million , respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Ferrellgas, L.P. [Member] | |
Fair Value Measurements | Fair value measurements Derivative financial instruments 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, 2018 and July 31, 2017 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total January 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 25,725 $ — $ 25,725 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (2,423 ) $ — $ (2,423 ) Commodity derivatives $ — $ (1,417 ) $ — $ (1,417 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) Methodology The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. As discussed in Note C - Supplemental financial statement information, during the quarter ended January 31, 2018 , Ferrellgas, L.P. committed to a plan to dispose of all of its rail cars in the Midstream operations segment. Ferrellgas, L.P. measures long-lived assets held for sale at the lower of carrying amount or estimated fair value less estimated costs to sell. Ferrellgas, L.P. recorded a loss on assets held for sale of $35.5 million during the three and six months ended January 31, 2018 to reduce the carrying amount of the rail cars to their estimated fair value less estimated costs to sell. At January 31, 2018, the estimated fair value less costs to sell was approximately $52.2 million . The fair value of the rail cars classified as assets held for sale is a Level 3 valuation based on the unobservable inputs used for this expected sale. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of various notes receivable, financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $32.1 million , or $4.3 million less than their carrying amount as of January 31, 2018 . The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At January 31, 2018 and July 31, 2017 , the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,410.6 million and $1,645.3 million , respectively. Ferrellgas, L.P. estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas, L.P. has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jan. 31, 2018 | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the six months ended January 31, 2018 and 2017 , Ferrellgas did no t recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of January 31, 2018 and July 31, 2017 : January 31, 2018 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 18,188 Other current liabilities $ 1,417 Commodity derivatives-propane Other assets, net 7,537 Other liabilities — Interest rate swap agreements Prepaid expenses and other current assets — Other current liabilities 319 Interest rate swap agreements Other assets, net — Other liabilities 2,104 Total $ 25,725 Total $ 3,840 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 Ferrellgas' exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of January 31, 2018 and July 31, 2017 , respectively: January 31, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 3,018 Other current liabilities $ 12,201 Other assets, net 1,404 Other liabilities 5,216 $ 4,422 $ 17,417 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and six months ended January 31, 2018 and 2017 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the three months ended January 31, For the three months ended January 31, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 88 $ 328 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the six months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 226 $ 748 $ (4,550 ) $ (4,550 ) 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, 2018 and 2017 due to derivatives designated as cash flow hedging instruments: For the three months ended January 31, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 960 Cost of sales-propane and other gas liquids sales $ 9,886 $ — Interest rate swap agreements 112 Interest expense (143 ) — $ 1,072 $ 9,743 $ — For the three months ended January 31, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 14,699 Cost of sales-propane and other gas liquids sales $ 73 $ — Interest rate swap agreements 563 Interest expense (587 ) — $ 15,262 $ (514 ) $ — For the six months ended January 31, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,283 Cost of sales-propane and other gas liquids sales $ 14,018 $ — Interest rate swap agreements 238 Interest expense (326 ) — $ 23,521 $ 13,692 $ — For the six months ended January 31, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 19,572 Cost of sales-propane and other gas liquids sales $ (3,523 ) $ — Interest rate swap agreements 828 Interest expense (1,229 ) — $ 20,400 $ (4,752 ) $ — The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and six months ended January 31, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended January 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (2,080 ) Cost of sales - midstream operations For the three months ended January 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (1,007 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 489 Operating expense For the six months ended January 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the six months ended January 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (2,248 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,516 Operating expense The changes in derivatives included in AOCI for the six months ended January 31, 2018 and 2017 were as follows: For the six months ended January 31, Gains and losses on derivatives included in AOCI 2018 2017 Beginning balance $ 14,648 $ (9,815 ) Change in value of risk management commodity derivatives 23,283 19,572 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (14,018 ) 3,523 Change in value of risk management interest rate derivatives 238 828 Reclassification of losses on interest rate hedges to interest expense 326 1,229 Ending balance $ 24,477 $ 15,337 Ferrellgas expects to reclassify net gains related to the risk management commodity derivatives of approximately $16.8 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 sales exception. During the six months ended January 31, 2018 and 2017, 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, 2018 , Ferrellgas had financial derivative contracts covering 2.6 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parent guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at January 31, 2018 , the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas would incur is $ 7.5 million. From time to time Ferrellgas enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas' debt rating. There were no open derivative contracts with credit-risk-related contingent features as of January 31, 2018 . |
Ferrellgas, L.P. [Member] | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the six months ended January 31, 2018 and 2017 , Ferrellgas, L.P. did no t recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of January 31, 2018 and July 31, 2017 : January 31, 2018 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 18,188 Other current liabilities $ 1,417 Commodity derivatives-propane Other assets, net 7,537 Other liabilities — Interest rate swap agreements Prepaid expenses and other current assets — Other current liabilities 319 Interest rate swap agreements Other assets, net — Other liabilities 2,104 Total $ 25,725 Total $ 3,840 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 Ferrellgas, L.P.'s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas, L.P. for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of January 31, 2018 and July 31, 2017 , respectively: January 31, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 3,018 Other current liabilities $ 12,201 Other assets, net 1,404 Other liabilities 5,216 $ 4,422 $ 17,417 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 The following tables provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and six months ended January 31, 2018 and 2017 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the three months ended January 31, For the three months ended January 31, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 88 $ 328 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the six months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 226 $ 748 $ (4,550 ) $ (4,550 ) 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, 2018 and 2017 due to derivatives designated as cash flow hedging instruments: For the three months ended January 31, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 960 Cost of sales-propane and other gas liquids sales $ 9,886 $ — Interest rate swap agreements 112 Interest expense (143 ) — $ 1,072 $ 9,743 $ — For the three months ended January 31, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 14,699 Cost of sales-propane and other gas liquids sales $ 73 $ — Interest rate swap agreements 563 Interest expense (587 ) — $ 15,262 $ (514 ) $ — For the six months ended January 31, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,283 Cost of sales-propane and other gas liquids sales $ 14,018 $ — Interest rate swap agreements 238 Interest expense (326 ) — $ 23,521 $ 13,692 $ — For the six months ended January 31, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 19,572 Cost of sales-propane and other gas liquids sales $ (3,523 ) $ — Interest rate swap agreements 828 Interest expense (1,229 ) — $ 20,400 $ (4,752 ) $ — The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of operations for the three and six months ended January 31, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended January 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (2,080 ) Cost of sales - midstream operations For the three months ended January 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (1,007 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 489 Operating expense For the six months ended January 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the six months ended January 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (2,248 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,516 Operating expense The changes in derivatives included in AOCI for the six months ended January 31, 2018 and 2017 were as follows: For the six months ended January 31, Gains and losses on derivatives included in AOCI 2018 2017 Beginning balance $ 14,648 $ (9,815 ) Change in value of risk management commodity derivatives 23,283 19,572 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (14,018 ) 3,523 Change in value of risk management interest rate derivatives 238 828 Reclassification of losses on interest rate hedges to interest expense 326 1,229 Ending balance $ 24,477 $ 15,337 Ferrellgas, L.P. expects to reclassify net gains related to the risk management commodity derivatives of approximately $16.8 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 sales exception. During the six months ended January 31, 2018 and 2017 , 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, 2018 , Ferrellgas, L.P. had financial derivative contracts covering 2.6 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parent guarantees or cash. Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at January 31, 2018 , the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas, L.P. would incur is $ 7.5 million. From time to time Ferrellgas, L.P. enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.’s debt rating. There were no open derivative contracts with credit-risk-related contingent features as of January 31, 2018 . |
Transactions With Related Parti
Transactions With Related Parties | 6 Months Ended |
Jan. 31, 2018 | |
Transactions With Related Parties | Transactions with related parties Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by the general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Operating expense $ 65,291 $ 61,492 $ 122,642 $ 117,206 General and administrative expense $ 8,422 $ 8,217 $ 15,930 $ 16,800 See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit. |
Ferrellgas, L.P. [Member] | |
Transactions With Related Parties | Transactions with related parties Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.’s partnership agreement, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas, L.P. and all other necessary or appropriate expenses allocable to Ferrellgas, L.P. or otherwise reasonably incurred by the general partner in connection with operating Ferrellgas, L.P.’s business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Operating expense $ 65,291 $ 61,492 $ 122,642 $ 117,206 General and administrative expense $ 8,422 $ 8,217 $ 15,930 $ 16,800 See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit. |
Contingencies And Commitments
Contingencies And Commitments | 6 Months Ended |
Jan. 31, 2018 | |
Contingencies And Commitments | Contingencies and commitments Litigation Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas. Ferrellgas has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs remains pending. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas and several current and former officers and directors as defendants. Ferrellgas believes that it has defenses and will vigorously defend these cases. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions. Ferrellgas and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“Bridger”). The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. The Third-Party Defendants have filed motions to dismiss the third-party complaint for alleged lack of personal jurisdiction, failure to state claim, and forum non-conveniens. Ferrellgas is vigorously opposing these motions. |
Ferrellgas Partners Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The indenture governing the senior unsecured notes contains various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. As of January 31, 2018 , the Partnership is in compliance with all requirements, tests, limitations and covenants related to this debt agreement, except for the consolidated fixed charge coverage ratio. The indenture governing the outstanding notes of the Partnership includes a consolidated fixed charge coverage ratio test for the incurrence of debt and the making of restricted payments. This covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the Partnership be at least 1.75 x before a restricted payment (as defined in the indenture) can be made by the Partnership. If this ratio were to drop below 1.75 x, the indenture allows the Partnership to make restricted payments of up to $50.0 million in total over a 16 quarter period while below this ratio. As of January 31, 2018 , the ratio was 1.59 x. As a result, the $9.8 million distribution to be paid to common unitholders on March 16, 2018 will be taken from the $50.0 million restricted payment limitation, which after considering the $9.8 million deductions taken as a result of the distributions paid in September 2017 and December 2017, leaves $20.6 million for future restricted payments. Unless the indenture governing the outstanding notes is amended or refinanced, if the Partnership's consolidated fixed charge coverage ratio does not improve to at least 1.75 x and the Partnership continues its current quarterly distribution rate of $0.10 per common unit, this covenant will not allow the Partnership to make common unit distributions for the quarter ending October 31, 2018 and beyond. |
Ferrellgas, L.P. [Member] | |
Contingencies And Commitments | Contingencies and commitments Litigation Ferrellgas, L.P.’s operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas, L.P. can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas, L.P. is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas, L.P. Ferrellgas, L.P. has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas, L.P. and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs remains pending. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas, L.P. has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas, L.P. and several current and former officers and directors as defendants. Ferrellgas, L.P. believes that it has defenses and will vigorously defend these cases. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions. Ferrellgas, L.P. and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“Bridger”). The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas, L.P. transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. Ferrellgas, L.P. believes that Ferrellgas, L.P. and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas, L.P. believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas, L.P. Ferrellgas, L.P. intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas, L.P. filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. The Third-Party Defendants have filed motions to dismiss the third-party complaint for alleged lack of personal jurisdiction, failure to state claim, and forum non-conveniens. Ferrellgas, L.P. is vigorously opposing these motions. |
Ferrellgas Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The indentures governing the senior notes agreements contains various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. As of January 31, 2018 , the Partnership is in compliance with all requirements, tests, limitations and covenants related to these debt agreements. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 6 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Earning Per Common Unitholders' Interest | Net earnings (loss) per common unit Below is a calculation of the basic and diluted net earnings (loss) per common unit in the condensed consolidated statements of operations for the periods indicated. Ferrellgas calculates net earnings (loss) per common unit for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed according to the incentive distribution rights in the Ferrellgas partnership agreement. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % There was no dilutive effect resulting from this method based on basic and diluted net earnings (loss) per common unit for the three and six months ended January 31, 2018 or 2017 . In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, there are no dilutive securities in periods with net losses. For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 (in thousands, except per common unit amounts) Common unitholders’ interest in net earnings (loss) $ (1,824 ) $ 37,717 $ (49,260 ) $ (4,925 ) Weighted average common units outstanding - basic and diluted 97,152.7 97,152.7 97,152.7 97,305.1 Basic and diluted net earnings (loss) per common unit $ (0.02 ) $ 0.39 $ (0.51 ) $ (0.05 ) |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting | 6 Months Ended |
Jan. 31, 2018 | |
Segment Reporting Disclosure | Segment reporting Ferrellgas has two primary operations that result in two reportable operating segments: propane operations and related equipment sales and midstream operations. During the quarter ended January 31, 2018, Ferrellgas recorded a goodwill impairment of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. Following is a summary of segment information for the three and six months ended January 31, 2018 and 2017 : Three months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 637,880 $ 117,276 $ — $ 755,156 Direct costs (1) 507,386 114,929 12,214 634,529 Adjusted EBITDA $ 130,494 $ 2,347 $ (12,214 ) $ 120,627 Three months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 482,463 $ 96,787 $ — $ 579,250 Direct costs (1) 370,175 93,718 10,327 474,220 Adjusted EBITDA $ 112,288 $ 3,069 $ (10,327 ) $ 105,030 Six months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 971,775 $ 238,036 $ — $ 1,209,811 Direct costs (1) 810,715 228,830 23,423 1,062,968 Adjusted EBITDA $ 161,060 $ 9,206 $ (23,423 ) $ 146,843 Six months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 753,961 $ 204,831 $ — $ 958,792 Direct costs (1) 607,189 196,491 21,063 824,743 Adjusted EBITDA $ 146,772 $ 8,340 $ (21,063 ) $ 134,049 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees incurred related to a lawsuit", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net earnings (loss): Three months ended January 31, Six months ended January 31, 2018 2017 2018 2017 Net earnings (loss) attributable to Ferrellgas Partners, L.P. $ (1,843 ) $ 38,098 $ (49,758 ) $ (4,975 ) Income tax expense (benefit) (162 ) 588 215 (2 ) Interest expense 42,673 36,819 83,480 72,247 Depreciation and amortization expense 25,485 25,607 51,217 51,809 EBITDA 66,153 101,112 85,154 119,079 Non-cash employee stock ownership plan compensation charge 4,031 2,945 7,993 6,699 Non-cash stock-based compensation charge — 1,417 — 3,298 Asset impairments 10,005 — 10,005 — Loss on asset sales and disposals 39,249 45 40,144 6,468 Other income, net (684 ) (763 ) (1,195 ) (1,271 ) Severance costs — 490 1,663 1,959 Professional fees 2,118 — 2,118 — Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (314 ) (646 ) 1,293 (2,215 ) Net earnings (loss) attributable to noncontrolling interest 69 430 (332 ) 32 Adjusted EBITDA $ 120,627 $ 105,030 $ 146,843 $ 134,049 Following are total assets by segment: Assets January 31, 2018 July 31, 2017 Propane operations and related equipment sales $ 1,361,856 $ 1,194,905 Midstream operations 309,952 399,356 Corporate 15,251 15,708 Total consolidated assets $ 1,687,059 $ 1,609,969 Following are capital expenditures by segment: Six months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 12,016 $ 182 $ 1,245 $ 13,443 Growth 18,311 1,013 — 19,324 Total $ 30,327 $ 1,195 $ 1,245 $ 32,767 Six months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 5,551 $ 204 $ 1,484 $ 7,239 Growth 9,857 — — 9,857 Total $ 15,408 $ 204 $ 1,484 $ 17,096 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Disclosure | Segment reporting Ferrellgas, L.P. has two primary operations that result in two reportable operating segments: Propane operations and related equipment sales and Midstream operations. During the quarter ended January 31, 2018, Ferrellgas, L.P. recorded a goodwill impairment of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. Following is a summary of segment information for the three and six months ended January 31, 2018 and 2017 : Three months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 637,880 $ 117,276 $ — $ 755,156 Direct costs (1) 507,386 114,929 12,213 634,528 Adjusted EBITDA $ 130,494 $ 2,347 $ (12,213 ) $ 120,628 Three months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 482,463 $ 96,787 $ — $ 579,250 Direct costs (1) 370,175 93,718 10,326 474,219 Adjusted EBITDA $ 112,288 $ 3,069 $ (10,326 ) $ 105,031 Six months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 971,775 $ 238,036 $ — $ 1,209,811 Direct costs (1) 810,715 228,830 23,422 1,062,967 Adjusted EBITDA $ 161,060 $ 9,206 $ (23,422 ) $ 146,844 Six months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 753,961 $ 204,831 $ — $ 958,792 Direct costs (1) 607,189 196,490 21,063 824,742 Adjusted EBITDA $ 146,772 $ 8,341 $ (21,063 ) $ 134,050 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees incurred related to a lawsuit", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net earnings (loss): Three months ended January 31, Six months ended January 31, 2018 2017 2018 2017 Net earnings (loss) $ 6,847 $ 42,600 $ (32,852 ) $ 3,160 Income tax expense (benefit) (167 ) 588 204 (3 ) Interest expense 34,058 32,748 66,254 64,146 Depreciation and amortization expense 25,485 25,607 51,217 51,809 EBITDA 66,223 101,543 84,823 119,112 Non-cash employee stock ownership plan compensation charge 4,031 2,945 7,993 6,699 Non-cash stock-based compensation charge — 1,417 — 3,298 Asset impairments 10,005 — 10,005 — Loss on asset sales and disposals 39,249 45 40,144 6,468 Other income, net (684 ) (763 ) (1,195 ) (1,271 ) Severance costs — 490 1,663 1,959 Professional fees 2,118 — 2,118 — Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (314 ) (646 ) 1,293 (2,215 ) Adjusted EBITDA $ 120,628 $ 105,031 $ 146,844 $ 134,050 Following are total assets by segment: Assets January 31, 2018 July 31, 2017 Propane operations and related equipment sales $ 1,361,856 $ 1,194,905 Midstream operations 309,952 399,356 Corporate 15,242 15,687 Total consolidated assets $ 1,687,050 $ 1,609,948 Following are capital expenditures by segment: Six months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 12,016 $ 182 $ 1,245 $ 13,443 Growth 18,311 1,013 — 19,324 Total $ 30,327 $ 1,195 $ 1,245 $ 32,767 Six months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 5,551 $ 204 $ 1,484 $ 7,239 Growth 9,857 — — 9,857 Total $ 15,408 $ 204 $ 1,484 $ 17,096 |
Guarantor financial information
Guarantor financial information | 6 Months Ended |
Jan. 31, 2018 | |
Ferrellgas, L.P. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor financial information | Guarantor financial information The $500.0 million aggregate principal amount of 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are fully and unconditionally and jointly and severally guaranteed by all of Ferrellgas, L.P.’s 100% owned subsidiaries except: (i) Ferrellgas Finance Corp; (ii) certain special purposes subsidiaries formed for use in connection with our accounts receivable securitization; and (iii) foreign subsidiaries. Guarantees of these senior notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the assets of a guarantor or (b) all of the capital stock of such guarantor (including by way of merger or consolidation), in each case, to a person that is not Ferrellgas, L.P. or a restricted subsidiary of Ferrellgas, L.P., (ii) if Ferrellgas, L.P. designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon defeasance or discharge of the notes, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor. The guarantor financial information discloses in separate columns the financial position, results of operations and the cash flows of Ferrellgas, L.P. (Parent), Ferrellgas Finance Corp. (co-issuer), Ferrellgas, L.P.’s guarantor subsidiaries on a combined basis, and Ferrellgas, L.P.’s non-guarantor subsidiaries on a combined basis. The dates and the periods presented in the guarantor financial information are consistent with the periods presented in Ferrellgas, L.P.’s condensed consolidated financial statements. FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of January 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 13,954 $ 1 $ 216 $ — $ — $ 14,171 Accounts and notes receivable, net (3,004 ) — 23,832 235,150 — 255,978 Intercompany receivables 37,988 — — — (37,988 ) — Inventories 95,097 — 14,995 — — 110,092 Assets held for sale — — 52,200 — — 52,200 Prepaid expenses and other current assets 33,630 — 7,762 1 — 41,393 Total current assets 177,665 1 99,005 235,151 (37,988 ) 473,834 Property, plant and equipment, net 547,441 — 98,886 — — 646,327 Goodwill, net 246,098 — — — — 246,098 Intangible assets, net 127,316 — 115,763 — — 243,079 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (80,685 ) — — — 80,685 — Other assets, net 39,847 — 37,432 433 — 77,712 Total assets $ 1,507,682 $ 1 $ 351,086 $ 235,584 $ (407,303 ) $ 1,687,050 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 78,054 $ — $ 3,926 $ 92 $ — $ 82,072 Short-term borrowings 261,200 — — — — 261,200 Collateralized note payable — — — 166,000 — 166,000 Intercompany payables — — 44,259 (6,271 ) (37,988 ) — Other current liabilities 132,047 — 4,074 470 — 136,591 Total current liabilities 471,301 — 52,259 160,291 (37,988 ) 645,863 Long-term debt 1,462,936 — 450,037 — (450,000 ) 1,462,973 Other liabilities 30,653 — 4,769 — — 35,422 Contingencies and commitments Partners' capital (deficit): Partners' equity (481,801 ) 1 (155,979 ) 75,293 80,685 (481,801 ) Accumulated other comprehensive income 24,593 — — — — 24,593 Total partners' capital (deficit) (457,208 ) 1 (155,979 ) 75,293 80,685 (457,208 ) Total liabilities and partners' capital (deficit) $ 1,507,682 $ 1 $ 351,086 $ 235,584 $ (407,303 ) $ 1,687,050 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 5,327 $ 1 $ 373 $ — $ — $ 5,701 Accounts and notes receivable, net (3,132 ) — 58,618 109,598 — 165,084 Intercompany receivables 39,877 — — — (39,877 ) — Inventories 78,963 — 13,589 — — 92,552 Prepaid expenses and other current assets 26,106 — 7,314 6 — 33,426 Total current assets 147,141 1 79,894 109,604 (39,877 ) 296,763 Property, plant and equipment, net 537,582 — 194,341 — — 731,923 Goodwill, net 246,098 — 10,005 — — 256,103 Intangible assets, net 128,209 — 122,893 — — 251,102 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (53,915 ) — — — 53,915 — Other assets, net 35,862 — 37,618 577 — 74,057 Total assets $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 44,026 $ — $ 41,345 $ 190 $ — $ 85,561 Short-term borrowings 59,781 — — — — 59,781 Collateralized note payable — — — 69,000 — 69,000 Intercompany payables — — 41,645 (1,768 ) (39,877 ) — Other current liabilities 118,039 — 3,776 201 — 122,016 Total current liabilities 221,846 — 86,766 67,623 (39,877 ) 336,358 Long-term debt 1,649,139 — 450,131 — (450,000 ) 1,649,270 Other liabilities 26,790 — 4,300 28 — 31,118 Contingencies and commitments Partners' capital (deficit): Partners' equity (421,562 ) 1 (96,446 ) 42,530 53,915 (421,562 ) Accumulated other comprehensive income 14,764 — — — — 14,764 Total partners' capital (deficit) (406,798 ) 1 (96,446 ) 42,530 53,915 (406,798 ) Total liabilities and partners' capital (deficit) $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended January 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 592,275 $ — $ (36 ) $ — $ — $ 592,239 Midstream operations — — 117,276 — — 117,276 Other 22,707 — 22,934 — — 45,641 Total revenues 614,982 — 140,174 — — 755,156 Costs and expenses: Cost of sales - propane and other gas liquids sales 362,927 — (9 ) — — 362,918 Cost of sales - midstream operations — — 107,067 — — 107,067 Cost of sales - other 2,853 — 17,934 — — 20,787 Operating expense 114,096 — 9,795 1,833 (2,008 ) 123,716 Depreciation and amortization expense 18,521 — 6,893 71 — 25,485 General and administrative expense 13,833 3 1,054 — — 14,890 Equipment lease expense 6,862 — 92 — — 6,954 Non-cash employee stock ownership plan compensation charge 4,031 — — — — 4,031 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 555 — 38,694 — — 39,249 Operating income (loss) 91,304 (3 ) (51,351 ) (1,904 ) 2,008 40,054 Interest expense (21,212 ) — (11,739 ) (1,107 ) — (34,058 ) Other income (expense), net 408 — 276 2,008 (2,008 ) 684 Earnings (loss) before income taxes 70,500 (3 ) (62,814 ) (1,003 ) — 6,680 Income tax expense (benefit) 82 — (249 ) — — (167 ) Equity in earnings (loss) of subsidiary (63,571 ) — — — 63,571 — Net earnings (loss) 6,847 (3 ) (62,565 ) (1,003 ) 63,571 6,847 Other comprehensive loss (8,671 ) — — — — (8,671 ) Comprehensive income (loss) $ (1,824 ) $ (3 ) $ (62,565 ) $ (1,003 ) $ 63,571 $ (1,824 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended January 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 437,375 $ — $ — $ — $ — $ 437,375 Midstream operations — — 96,787 — — 96,787 Other 21,609 — 23,479 — — 45,088 Total revenues 458,984 — 120,266 — — 579,250 Costs and expenses: Cost of sales - propane and other gas liquids sales 235,029 — — — — 235,029 Cost of sales - midstream operations — — 87,024 — — 87,024 Cost of sales - other 2,571 — 18,086 — — 20,657 Operating expense 103,986 — 9,642 539 (1,091 ) 113,076 Depreciation and amortization expense 18,014 — 7,527 66 — 25,607 General and administrative expense 11,093 3 1,182 — — 12,278 Equipment lease expense 7,267 — 149 — — 7,416 Non-cash employee stock ownership plan compensation charge 2,945 — — — — 2,945 Loss on asset sales and disposals 73 — (28 ) — — 45 Operating income (loss) 78,006 (3 ) (3,316 ) (605 ) 1,091 75,173 Interest expense (21,089 ) — (11,002 ) (657 ) — (32,748 ) Other income (expense), net 304 — 459 1,091 (1,091 ) 763 Earnings (loss) before income taxes 57,221 (3 ) (13,859 ) (171 ) — 43,188 Income tax expense 103 — 485 — — 588 Equity in earnings (loss) of subsidiary (14,518 ) — — — 14,518 — Net earnings (loss) 42,600 (3 ) (14,344 ) (171 ) 14,518 42,600 Other comprehensive income 15,776 — — — — 15,776 Comprehensive income (loss) $ 58,376 $ (3 ) $ (14,344 ) $ (171 ) $ 14,518 $ 58,376 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the six months ended January 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 894,392 $ — $ 605 $ — $ — $ 894,997 Midstream operations — — 238,036 — — 238,036 Other 39,384 — 37,394 — — 76,778 Total revenues 933,776 — 276,035 — — 1,209,811 Costs and expenses: Cost of sales - propane and other gas liquids sales 541,746 — 687 — — 542,433 Cost of sales - midstream operations — — 215,192 — — 215,192 Cost of sales - other 5,562 — 28,927 — — 34,489 Operating expense 215,328 — 19,058 3,015 (3,223 ) 234,178 Depreciation and amortization expense 36,868 — 14,206 143 — 51,217 General and administrative expense 24,588 5 3,461 — — 28,054 Equipment lease expense 13,510 — 185 — — 13,695 Non-cash employee stock ownership plan compensation charge 7,993 — — — — 7,993 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 1,463 — 38,681 — — 40,144 Operating income (loss) 86,718 (5 ) (54,367 ) (3,158 ) 3,223 32,411 Interest expense (41,606 ) — (22,924 ) (1,724 ) — (66,254 ) Other income (expense), net 623 — 572 3,223 (3,223 ) 1,195 Earnings (loss) before income taxes 45,735 (5 ) (76,719 ) (1,659 ) — (32,648 ) Income tax expense 72 — 132 — — 204 Equity in earnings (loss) of subsidiary (78,515 ) — — — 78,515 — Net earnings (loss) (32,852 ) (5 ) (76,851 ) (1,659 ) 78,515 (32,852 ) Other comprehensive income 9,829 — — — — 9,829 Comprehensive income (loss) $ (23,023 ) $ (5 ) $ (76,851 ) $ (1,659 ) $ 78,515 $ (23,023 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the six months ended January 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 679,774 $ — $ — $ — $ — $ 679,774 Midstream operations — — 204,831 — — 204,831 Other 38,935 — 35,252 — — 74,187 Total revenues 718,709 — 240,083 — — 958,792 Costs and expenses: Cost of sales - propane and other gas liquids sales 354,241 — — — — 354,241 Cost of sales - midstream operations — — 181,666 — — 181,666 Cost of sales - other 5,001 — 27,402 — — 32,403 Operating expense 201,641 — 19,888 (1,566 ) (1,801 ) 218,162 Depreciation and amortization expense 36,291 — 15,399 119 — 51,809 General and administrative expense 23,956 5 2,586 — — 26,547 Equipment lease expense 14,477 — 288 — — 14,765 Non-cash employee stock ownership plan compensation charge 6,699 — — — — 6,699 Loss on asset sales and disposals 1,520 — 4,948 — — 6,468 Operating income (loss) 74,883 (5 ) (12,094 ) 1,447 1,801 66,032 Interest expense (41,441 ) — (21,675 ) (1,027 ) (3 ) (64,146 ) Other income (expense), net 257 — 1,014 1,798 (1,798 ) 1,271 Earnings (loss) before income taxes 33,699 (5 ) (32,755 ) 2,218 — 3,157 Income tax expense (benefit) 74 — (77 ) — — (3 ) Equity in earnings (loss) of subsidiary (30,465 ) — — — 30,465 — Net earnings (loss) 3,160 (5 ) (32,678 ) 2,218 30,465 3,160 Other comprehensive income 25,152 — — — — 25,152 Comprehensive income (loss) $ 28,312 $ (5 ) $ (32,678 ) $ 2,218 $ 30,465 $ 28,312 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the six months ended January 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ (57,734 ) $ (5 ) $ 13,335 $ 120,563 $ (97,000 ) $ (20,841 ) Cash flows from investing activities: Business acquisitions, net of cash acquired (14,862 ) — — — — (14,862 ) Capital expenditures (34,391 ) — (1,302 ) — — (35,693 ) Proceeds from sale of assets 4,207 — — — — 4,207 Cash collected for purchase of interest in accounts receivable — — — 574,783 (574,783 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (671,783 ) 671,783 — Net changes in advances with consolidated entities 132,748 — — — (132,748 ) — Net cash provided by (used in) investing activities 87,702 — (1,302 ) (97,000 ) (35,748 ) (46,348 ) Cash flows from financing activities: Distributions (35,380 ) — — — — (35,380 ) Proceeds from increase in long-term debt 23,580 — — — — 23,580 Payments on long-term debt (1,267 ) — — — — (1,267 ) Net reductions in short-term borrowings (7,879 ) — — — — (7,879 ) Net additions to collateralized short-term borrowings — — — 97,000 — 97,000 Net changes in advances with parent — 5 (12,190 ) (120,563 ) 132,748 — Cash paid for financing costs (395 ) — — — — (395 ) Net cash provided by (used in) financing activities (21,341 ) 5 (12,190 ) (23,563 ) 132,748 75,659 Increase (decrease) in cash and cash equivalents 8,627 — (157 ) — — 8,470 Cash and cash equivalents - beginning of year 5,327 1 373 — — 5,701 Cash and cash equivalents - end of year $ 13,954 $ 1 $ 216 $ — $ — $ 14,171 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the six months ended January 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 85,916 $ (5 ) $ (47,221 ) $ 75,611 $ (69,000 ) $ 45,301 Cash flows from investing activities: Capital expenditures (19,686 ) — (82 ) — — (19,768 ) Proceeds from sale of assets 4,591 — — — — 4,591 Cash collected for purchase of interest in accounts receivable — — — 469,600 (469,600 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (538,600 ) 538,600 — Net changes in advances with consolidated entities 28,408 — — — (28,408 ) — Other (37 ) — — — — (37 ) Net cash provided by (used in) investing activities 13,276 — (82 ) (69,000 ) 40,592 (15,214 ) Cash flows from financing activities: Distributions (84,500 ) — — — — (84,500 ) Contributions from Partners 167,640 — — — — 167,640 Proceeds from increase in long-term debt 36,444 — — — — 36,444 Payments on long-term debt (172,790 ) — — — — (172,790 ) Net reductions in short-term borrowings (35,692 ) — — — — (35,692 ) Net additions to collateralized short-term borrowings — — — 69,000 — 69,000 Net changes in advances with parent — 5 47,198 (75,611 ) 28,408 — Cash paid for financing costs (1,422 ) — — — — (1,422 ) Net cash provided by (used in) financing activities (90,320 ) 5 47,198 (6,611 ) 28,408 (21,320 ) Increase (decrease) in cash and cash equivalents 8,872 — (105 ) — — 8,767 Cash and cash equivalents - beginning of year 4,472 1 417 — — 4,890 Cash and cash equivalents - end of year $ 13,344 $ 1 $ 312 $ — $ — $ 13,657 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jan. 31, 2018 | |
Subsequent Events | Subsequent events Ferrellgas evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas' condensed consolidated financial statements were issued and concluded that, other than as discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. On February 20, 2018, Ferrellgas completed the sale of 1,072 rail cars utilized in the Midstream operations segment and received approximately $47.0 million in cash. Proceeds from the transaction were used to reduce outstanding debt on Ferrellgas' secured credit facility. See additional discussions on the completed rail car sale in Note C - Supplemental financial statement information. |
Ferrellgas, L.P. [Member] | |
Subsequent Events | Subsequent events Ferrellgas, L.P. evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas L.P.'s condensed consolidated financial statements were issued and concluded that, other than as discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. On February 20, 2018, Ferrellgas, L.P. completed the sale of 1,072 rail cars utilized in the Midstream operations segment and received approximately $47.0 million in cash. Proceeds from the transaction were used to reduce outstanding debt on Ferrellgas L.P.'s secured credit facility. See additional discussions on the completed rail car sale in Note C - Supplemental financial statement information. |
Summary Of Significant Accoun22
Summary Of Significant Accounting Policies (Policy) | 6 Months Ended |
Jan. 31, 2018 | |
Significant Accounting Policies [Line Items] | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Assets held for sale: Assets held for sale represent rail cars that have met the criteria of “held for sale” accounting. During the second quarter of fiscal 2018, Ferrellgas committed to a plan to sell certain rail cars held by the Midstream operations segment. These assets were reclassified from Rail cars within "Property, plant and equipment, net" to "Assets held for sale" in the accompanying balance sheet as of January 31, 2018. Ferrellgas ceased depreciation on these assets during January 2018. Assets held for sale are recorded at the lower of the carrying amount or fair value less costs to sell. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas has completed the assessment of a significant number of its contracts with customers under the new guidance to determine the effect of the adoption of the new guidance. Although Ferrellgas has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Assets held for sale: Assets held for sale represent rail cars that have met the criteria of “held for sale” accounting. During the second quarter of fiscal 2018, Ferrellgas, L.P. committed to a plan to sell certain rail cars held by the Midstream operations segment. These assets were reclassified from Rail cars within "Property, plant and equipment, net" to "Assets held for sale" in the accompanying balance sheet as of January 31, 2018. Ferrellgas, L.P. ceased depreciation on these assets during January 2018. Assets held for sale are recorded at the lower of the carrying amount or fair value less costs to sell. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas, L.P. has completed the assessment of a significant number of its contracts with customers under the new guidance to determine the effect of the adoption of the new guidance. Although Ferrellgas, L.P. has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Supplemental Financial Statem23
Supplemental Financial Statement Information (Tables) | 6 Months Ended |
Jan. 31, 2018 | |
Schedule of Inventories | Inventories consist of the following: January 31, 2018 July 31, 2017 Propane gas and related products $ 81,644 $ 67,049 Appliances, parts and supplies, and other 28,448 25,503 Inventories $ 110,092 $ 92,552 |
Other Assets Disclosure [Text Block] | Other assets, net consist of the following: January 31, 2018 July 31, 2017 Notes receivable, less current portion $ 36,371 $ 32,500 Other 41,341 41,557 Other assets, net $ 77,712 $ 74,057 |
Other Current Liabilities | Other current liabilities consist of the following: January 31, 2018 July 31, 2017 Accrued interest $ 18,975 $ 18,671 Customer deposits and advances 24,676 25,541 Other 96,859 82,012 Other current liabilities $ 140,510 $ 126,224 |
Shipping And Handling Expenses | 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, 2018 2017 2018 2017 Operating expense $ 54,613 $ 47,157 $ 97,928 $ 88,883 Depreciation and amortization expense 1,123 996 2,235 2,022 Equipment lease expense 6,296 6,652 12,364 13,318 Total shipping and handling expenses $ 62,032 $ 54,805 $ 112,527 $ 104,223 |
Loss on asset sales and disposals [Table Text Block] | "Loss on asset sales and disposals" during the three and six months ended January 31, 2018 and 2017 consists of: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Loss on assets held for sale $ 35,515 $ — $ 35,515 $ — Loss on sale of assets and other 3,734 45 4,629 6,468 Loss on asset sales and disposals $ 39,249 $ 45 $ 40,144 $ 6,468 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below: For the six months ended January 31, 2018 2017 Cash paid for: Interest $ 78,682 $ 69,572 Income taxes $ 12 $ 26 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,508 $ — Change in accruals for property, plant and equipment additions $ 47 $ (100 ) |
Ferrellgas, L.P. [Member] | |
Schedule of Inventories | Inventories consist of the following: January 31, 2018 July 31, 2017 Propane gas and related products $ 81,644 $ 67,049 Appliances, parts and supplies, and other 28,448 25,503 Inventories $ 110,092 $ 92,552 |
Other Assets Disclosure [Text Block] | Other assets, net consist of the following: January 31, 2018 July 31, 2017 Notes receivable, less current portion $ 36,371 $ 32,500 Other 41,341 41,557 Other assets, net $ 77,712 $ 74,057 |
Other Current Liabilities | Other current liabilities consist of the following: January 31, 2018 July 31, 2017 Accrued interest $ 15,041 $ 14,737 Customer deposits and advances 24,676 25,541 Other 96,874 81,738 Other current liabilities $ 136,591 $ 122,016 |
Shipping And Handling Expenses | 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, 2018 2017 2018 2017 Operating expense $ 54,613 $ 47,157 $ 97,928 $ 88,883 Depreciation and amortization expense 1,123 996 2,235 2,022 Equipment lease expense 6,296 6,652 12,364 13,318 Total shipping and handling expenses $ 62,032 $ 54,805 $ 112,527 $ 104,223 |
Loss on asset sales and disposals [Table Text Block] | "Loss on asset sales and disposals" during the three and six months ended January 31, 2018 and 2017 consists of: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Loss on assets held for sale $ 35,515 $ — 35,515 — Loss on sale of assets and other 3,734 45 4,629 6,468 Loss on asset sales and disposals $ 39,249 $ 45 $ 40,144 $ 6,468 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below: For the six months ended January 31, 2018 2017 Cash paid for: Interest $ 63,286 $ 61,723 Income taxes $ 1 $ 25 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,508 $ — Change in accruals for property, plant and equipment additions $ 47 $ (100 ) |
Accounts And Notes Receivable24
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 6 Months Ended |
Jan. 31, 2018 | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: January 31, 2018 July 31, 2017 Accounts receivable pledged as collateral $ 235,150 $ 109,407 Accounts receivable 13,596 47,346 Note receivable - current portion 10,000 10,000 Other 284 307 Less: Allowance for doubtful accounts (3,052 ) (1,976 ) Accounts and notes receivable, net $ 255,978 $ 165,084 |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: January 31, 2018 July 31, 2017 Accounts receivable pledged as collateral $ 235,150 $ 109,407 Accounts receivable 13,596 47,346 Note receivable - current portion 10,000 10,000 Other 284 307 Less: Allowance for doubtful accounts (3,052 ) (1,976 ) Accounts and notes receivable, net $ 255,978 $ 165,084 |
Accounts And Notes Receivable25
Accounts And Notes Receivable, Net And Accounts Receivable Securitization Accounts And Notes Receivable, Net Accounts Receivable Securitization (Maximum Leverage Ratio table) (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Maximum Leverage Ratio Table | The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 |
Ferrellgas, L.P. [Member] | |
Maximum Leverage Ratio Table | The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 |
Accounts And Notes Receivable26
Accounts And Notes Receivable, Net And Accounts Receivable Securitization Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Consolidated Interest Coverage Ratio) (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 |
Debt Debt (Tables)
Debt Debt (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Debt Instrument [Line Items] | |
Maximum Leverage Ratio Table | The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Maximum Leverage Ratio Table | The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 The current maximum consolidated leverage covenant ratios are as follows: Date Maximum consolidated leverage ratio January 31, 2018 7.75 April 30, 2018 7.75 July 31, 2018 & thereafter 5.50 |
Debt Debt (Consolidated Interes
Debt Debt (Consolidated Interest Coverage Ratio) (Tables) | 3 Months Ended |
Jan. 31, 2018 | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 The current minimum consolidated interest coverage ratios are as follows: Date Minimum consolidated interest coverage ratio January 31, 2018 1.75 April 30, 2018 1.75 July 31, 2018 & thereafter 2.50 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 6 Months Ended |
Jan. 31, 2018 | |
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | As of January 31, 2018 and July 31, 2017 , Ferrellgas Partners limited partner units, which are listed on the New York Stock Exchange under the symbol “FGP,” were beneficially owned by the following: January 31, 2018 July 31, 2017 Public common unitholders 69,612,939 69,612,939 Ferrell Companies (1) 22,529,361 22,529,361 FCI Trading Corp. (2) 195,686 195,686 Ferrell Propane, Inc. (3) 51,204 51,204 James E. Ferrell (4) 4,763,475 4,763,475 |
Cash distributions | Ferrellgas Partners has paid the following distributions: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Public common unitholders $ 6,962 $ 6,961 $ 13,923 $ 42,639 Ferrell Companies 2,253 2,253 4,506 13,799 FCI Trading Corp. 20 20 40 120 Ferrell Propane, Inc. 5 5 10 31 James E. Ferrell 476 476 952 2,917 General partner 98 98 196 601 $ 9,814 $ 9,813 $ 19,627 $ 60,107 |
Ferrellgas, L.P. [Member] | |
Cash distributions | Ferrellgas, L.P. has paid the following distributions: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Ferrellgas Partners $ 25,210 $ 17,662 $ 35,023 $ 83,807 General partner 257 180 357 693 $ 25,467 $ 17,842 $ 35,380 $ 84,500 |
Subsequent Event [Member] | |
Dividends expected to be paid to related parties | Included in this cash distribution are the following amounts to be paid to related parties: Ferrell Companies $ 2,253 FCI Trading Corp. 20 Ferrell Propane, Inc. 5 James E. Ferrell 476 General partner 98 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jan. 31, 2018 | |
Schedule of fair value assets and liabilities | The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of January 31, 2018 and July 31, 2017 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total January 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 25,725 $ — $ 25,725 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (2,423 ) $ — $ (2,423 ) Commodity derivatives $ — $ (1,417 ) $ — $ (1,417 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) |
Ferrellgas, L.P. [Member] | |
Schedule of fair value assets and liabilities | The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of January 31, 2018 and July 31, 2017 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total January 31, 2018: Assets: Derivative financial instruments: Commodity derivatives $ — $ 25,725 $ — $ 25,725 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (2,423 ) $ — $ (2,423 ) Commodity derivatives $ — $ (1,417 ) $ — $ (1,417 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) |
Derivative Instruments and He31
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jan. 31, 2018 | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of January 31, 2018 and July 31, 2017 : January 31, 2018 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 18,188 Other current liabilities $ 1,417 Commodity derivatives-propane Other assets, net 7,537 Other liabilities — Interest rate swap agreements Prepaid expenses and other current assets — Other current liabilities 319 Interest rate swap agreements Other assets, net — Other liabilities 2,104 Total $ 25,725 Total $ 3,840 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of January 31, 2018 and July 31, 2017 , respectively: January 31, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 3,018 Other current liabilities $ 12,201 Other assets, net 1,404 Other liabilities 5,216 $ 4,422 $ 17,417 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 |
Fair Value Hedge Derivative Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and six months ended January 31, 2018 and 2017 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the three months ended January 31, For the three months ended January 31, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 88 $ 328 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the six months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 226 $ 748 $ (4,550 ) $ (4,550 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income (loss) for the three and six months ended January 31, 2018 and 2017 due to derivatives designated as cash flow hedging instruments: For the three months ended January 31, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 960 Cost of sales-propane and other gas liquids sales $ 9,886 $ — Interest rate swap agreements 112 Interest expense (143 ) — $ 1,072 $ 9,743 $ — For the three months ended January 31, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 14,699 Cost of sales-propane and other gas liquids sales $ 73 $ — Interest rate swap agreements 563 Interest expense (587 ) — $ 15,262 $ (514 ) $ — For the six months ended January 31, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,283 Cost of sales-propane and other gas liquids sales $ 14,018 $ — Interest rate swap agreements 238 Interest expense (326 ) — $ 23,521 $ 13,692 $ — For the six months ended January 31, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 19,572 Cost of sales-propane and other gas liquids sales $ (3,523 ) $ — Interest rate swap agreements 828 Interest expense (1,229 ) — $ 20,400 $ (4,752 ) $ — |
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and six months ended January 31, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended January 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (2,080 ) Cost of sales - midstream operations For the three months ended January 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (1,007 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 489 Operating expense For the six months ended January 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the six months ended January 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (2,248 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,516 Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the six months ended January 31, 2018 and 2017 were as follows: For the six months ended January 31, Gains and losses on derivatives included in AOCI 2018 2017 Beginning balance $ 14,648 $ (9,815 ) Change in value of risk management commodity derivatives 23,283 19,572 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (14,018 ) 3,523 Change in value of risk management interest rate derivatives 238 828 Reclassification of losses on interest rate hedges to interest expense 326 1,229 Ending balance $ 24,477 $ 15,337 |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of January 31, 2018 and July 31, 2017 : January 31, 2018 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 18,188 Other current liabilities $ 1,417 Commodity derivatives-propane Other assets, net 7,537 Other liabilities — Interest rate swap agreements Prepaid expenses and other current assets — Other current liabilities 319 Interest rate swap agreements Other assets, net — Other liabilities 2,104 Total $ 25,725 Total $ 3,840 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of January 31, 2018 and July 31, 2017 , respectively: January 31, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 3,018 Other current liabilities $ 12,201 Other assets, net 1,404 Other liabilities 5,216 $ 4,422 $ 17,417 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 |
Fair Value Hedge Derivative Effect on Earnings | The following tables provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and six months ended January 31, 2018 and 2017 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the three months ended January 31, For the three months ended January 31, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 88 $ 328 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the six months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 226 $ 748 $ (4,550 ) $ (4,550 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income (loss) for the three and six months ended January 31, 2018 and 2017 due to derivatives designated as cash flow hedging instruments: For the three months ended January 31, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 960 Cost of sales-propane and other gas liquids sales $ 9,886 $ — Interest rate swap agreements 112 Interest expense (143 ) — $ 1,072 $ 9,743 $ — For the three months ended January 31, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 14,699 Cost of sales-propane and other gas liquids sales $ 73 $ — Interest rate swap agreements 563 Interest expense (587 ) — $ 15,262 $ (514 ) $ — For the six months ended January 31, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,283 Cost of sales-propane and other gas liquids sales $ 14,018 $ — Interest rate swap agreements 238 Interest expense (326 ) — $ 23,521 $ 13,692 $ — For the six months ended January 31, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 19,572 Cost of sales-propane and other gas liquids sales $ (3,523 ) $ — Interest rate swap agreements 828 Interest expense (1,229 ) — $ 20,400 $ (4,752 ) $ — |
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of operations for the three and six months ended January 31, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended January 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (2,080 ) Cost of sales - midstream operations For the three months ended January 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (1,007 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 489 Operating expense For the six months ended January 31, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the six months ended January 31, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (2,248 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,516 Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the six months ended January 31, 2018 and 2017 were as follows: For the six months ended January 31, Gains and losses on derivatives included in AOCI 2018 2017 Beginning balance $ 14,648 $ (9,815 ) Change in value of risk management commodity derivatives 23,283 19,572 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (14,018 ) 3,523 Change in value of risk management interest rate derivatives 238 828 Reclassification of losses on interest rate hedges to interest expense 326 1,229 Ending balance $ 24,477 $ 15,337 |
Transactions With Related Par32
Transactions With Related Parties (Tables) | 6 Months Ended |
Jan. 31, 2018 | |
Schedule of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Operating expense $ 65,291 $ 61,492 $ 122,642 $ 117,206 General and administrative expense $ 8,422 $ 8,217 $ 15,930 $ 16,800 |
Ferrellgas, L.P. [Member] | |
Schedule of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 Operating expense $ 65,291 $ 61,492 $ 122,642 $ 117,206 General and administrative expense $ 8,422 $ 8,217 $ 15,930 $ 16,800 |
Net Earnings (Loss) Per Commo33
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 6 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Distribution Allocation | In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % |
Schedule of Earnings Per Share | Additionally, there are no dilutive securities in periods with net losses. For the three months ended January 31, For the six months ended January 31, 2018 2017 2018 2017 (in thousands, except per common unit amounts) Common unitholders’ interest in net earnings (loss) $ (1,824 ) $ 37,717 $ (49,260 ) $ (4,925 ) Weighted average common units outstanding - basic and diluted 97,152.7 97,152.7 97,152.7 97,305.1 Basic and diluted net earnings (loss) per common unit $ (0.02 ) $ 0.39 $ (0.51 ) $ (0.05 ) |
Segment Reporting Segment Rep34
Segment Reporting Segment Reporting (Tables) | 6 Months Ended |
Jan. 31, 2018 | |
Segment Reporting Information | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net earnings (loss): Three months ended January 31, Six months ended January 31, 2018 2017 2018 2017 Net earnings (loss) attributable to Ferrellgas Partners, L.P. $ (1,843 ) $ 38,098 $ (49,758 ) $ (4,975 ) Income tax expense (benefit) (162 ) 588 215 (2 ) Interest expense 42,673 36,819 83,480 72,247 Depreciation and amortization expense 25,485 25,607 51,217 51,809 EBITDA 66,153 101,112 85,154 119,079 Non-cash employee stock ownership plan compensation charge 4,031 2,945 7,993 6,699 Non-cash stock-based compensation charge — 1,417 — 3,298 Asset impairments 10,005 — 10,005 — Loss on asset sales and disposals 39,249 45 40,144 6,468 Other income, net (684 ) (763 ) (1,195 ) (1,271 ) Severance costs — 490 1,663 1,959 Professional fees 2,118 — 2,118 — Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (314 ) (646 ) 1,293 (2,215 ) Net earnings (loss) attributable to noncontrolling interest 69 430 (332 ) 32 Adjusted EBITDA $ 120,627 $ 105,030 $ 146,843 $ 134,049 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets January 31, 2018 July 31, 2017 Propane operations and related equipment sales $ 1,361,856 $ 1,194,905 Midstream operations 309,952 399,356 Corporate 15,251 15,708 Total consolidated assets $ 1,687,059 $ 1,609,969 |
Profit Measure [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three and six months ended January 31, 2018 and 2017 : Three months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 637,880 $ 117,276 $ — $ 755,156 Direct costs (1) 507,386 114,929 12,214 634,529 Adjusted EBITDA $ 130,494 $ 2,347 $ (12,214 ) $ 120,627 Three months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 482,463 $ 96,787 $ — $ 579,250 Direct costs (1) 370,175 93,718 10,327 474,220 Adjusted EBITDA $ 112,288 $ 3,069 $ (10,327 ) $ 105,030 Six months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 971,775 $ 238,036 $ — $ 1,209,811 Direct costs (1) 810,715 228,830 23,423 1,062,968 Adjusted EBITDA $ 161,060 $ 9,206 $ (23,423 ) $ 146,843 Six months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 753,961 $ 204,831 $ — $ 958,792 Direct costs (1) 607,189 196,491 21,063 824,743 Adjusted EBITDA $ 146,772 $ 8,340 $ (21,063 ) $ 134,049 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees incurred related to a lawsuit", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". |
Capital Expenditures [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment: Six months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 12,016 $ 182 $ 1,245 $ 13,443 Growth 18,311 1,013 — 19,324 Total $ 30,327 $ 1,195 $ 1,245 $ 32,767 Six months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 5,551 $ 204 $ 1,484 $ 7,239 Growth 9,857 — — 9,857 Total $ 15,408 $ 204 $ 1,484 $ 17,096 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net earnings (loss): Three months ended January 31, Six months ended January 31, 2018 2017 2018 2017 Net earnings (loss) $ 6,847 $ 42,600 $ (32,852 ) $ 3,160 Income tax expense (benefit) (167 ) 588 204 (3 ) Interest expense 34,058 32,748 66,254 64,146 Depreciation and amortization expense 25,485 25,607 51,217 51,809 EBITDA 66,223 101,543 84,823 119,112 Non-cash employee stock ownership plan compensation charge 4,031 2,945 7,993 6,699 Non-cash stock-based compensation charge — 1,417 — 3,298 Asset impairments 10,005 — 10,005 — Loss on asset sales and disposals 39,249 45 40,144 6,468 Other income, net (684 ) (763 ) (1,195 ) (1,271 ) Severance costs — 490 1,663 1,959 Professional fees 2,118 — 2,118 — Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (314 ) (646 ) 1,293 (2,215 ) Adjusted EBITDA $ 120,628 $ 105,031 $ 146,844 $ 134,050 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets January 31, 2018 July 31, 2017 Propane operations and related equipment sales $ 1,361,856 $ 1,194,905 Midstream operations 309,952 399,356 Corporate 15,242 15,687 Total consolidated assets $ 1,687,050 $ 1,609,948 |
Ferrellgas, L.P. [Member] | Profit Measure [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three and six months ended January 31, 2018 and 2017 : Three months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 637,880 $ 117,276 $ — $ 755,156 Direct costs (1) 507,386 114,929 12,213 634,528 Adjusted EBITDA $ 130,494 $ 2,347 $ (12,213 ) $ 120,628 Three months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 482,463 $ 96,787 $ — $ 579,250 Direct costs (1) 370,175 93,718 10,326 474,219 Adjusted EBITDA $ 112,288 $ 3,069 $ (10,326 ) $ 105,031 Six months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 971,775 $ 238,036 $ — $ 1,209,811 Direct costs (1) 810,715 228,830 23,422 1,062,967 Adjusted EBITDA $ 161,060 $ 9,206 $ (23,422 ) $ 146,844 Six months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 753,961 $ 204,831 $ — $ 958,792 Direct costs (1) 607,189 196,490 21,063 824,742 Adjusted EBITDA $ 146,772 $ 8,341 $ (21,063 ) $ 134,050 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees incurred related to a lawsuit", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". |
Ferrellgas, L.P. [Member] | Capital Expenditures [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment: Six months ended January 31, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 12,016 $ 182 $ 1,245 $ 13,443 Growth 18,311 1,013 — 19,324 Total $ 30,327 $ 1,195 $ 1,245 $ 32,767 Six months ended January 31, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 5,551 $ 204 $ 1,484 $ 7,239 Growth 9,857 — — 9,857 Total $ 15,408 $ 204 $ 1,484 $ 17,096 |
Guarantor financial informati35
Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] | 6 Months Ended |
Jan. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Consolidated Balance Sheets | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of January 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 13,954 $ 1 $ 216 $ — $ — $ 14,171 Accounts and notes receivable, net (3,004 ) — 23,832 235,150 — 255,978 Intercompany receivables 37,988 — — — (37,988 ) — Inventories 95,097 — 14,995 — — 110,092 Assets held for sale — — 52,200 — — 52,200 Prepaid expenses and other current assets 33,630 — 7,762 1 — 41,393 Total current assets 177,665 1 99,005 235,151 (37,988 ) 473,834 Property, plant and equipment, net 547,441 — 98,886 — — 646,327 Goodwill, net 246,098 — — — — 246,098 Intangible assets, net 127,316 — 115,763 — — 243,079 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (80,685 ) — — — 80,685 — Other assets, net 39,847 — 37,432 433 — 77,712 Total assets $ 1,507,682 $ 1 $ 351,086 $ 235,584 $ (407,303 ) $ 1,687,050 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 78,054 $ — $ 3,926 $ 92 $ — $ 82,072 Short-term borrowings 261,200 — — — — 261,200 Collateralized note payable — — — 166,000 — 166,000 Intercompany payables — — 44,259 (6,271 ) (37,988 ) — Other current liabilities 132,047 — 4,074 470 — 136,591 Total current liabilities 471,301 — 52,259 160,291 (37,988 ) 645,863 Long-term debt 1,462,936 — 450,037 — (450,000 ) 1,462,973 Other liabilities 30,653 — 4,769 — — 35,422 Contingencies and commitments Partners' capital (deficit): Partners' equity (481,801 ) 1 (155,979 ) 75,293 80,685 (481,801 ) Accumulated other comprehensive income 24,593 — — — — 24,593 Total partners' capital (deficit) (457,208 ) 1 (155,979 ) 75,293 80,685 (457,208 ) Total liabilities and partners' capital (deficit) $ 1,507,682 $ 1 $ 351,086 $ 235,584 $ (407,303 ) $ 1,687,050 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 5,327 $ 1 $ 373 $ — $ — $ 5,701 Accounts and notes receivable, net (3,132 ) — 58,618 109,598 — 165,084 Intercompany receivables 39,877 — — — (39,877 ) — Inventories 78,963 — 13,589 — — 92,552 Prepaid expenses and other current assets 26,106 — 7,314 6 — 33,426 Total current assets 147,141 1 79,894 109,604 (39,877 ) 296,763 Property, plant and equipment, net 537,582 — 194,341 — — 731,923 Goodwill, net 246,098 — 10,005 — — 256,103 Intangible assets, net 128,209 — 122,893 — — 251,102 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (53,915 ) — — — 53,915 — Other assets, net 35,862 — 37,618 577 — 74,057 Total assets $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 44,026 $ — $ 41,345 $ 190 $ — $ 85,561 Short-term borrowings 59,781 — — — — 59,781 Collateralized note payable — — — 69,000 — 69,000 Intercompany payables — — 41,645 (1,768 ) (39,877 ) — Other current liabilities 118,039 — 3,776 201 — 122,016 Total current liabilities 221,846 — 86,766 67,623 (39,877 ) 336,358 Long-term debt 1,649,139 — 450,131 — (450,000 ) 1,649,270 Other liabilities 26,790 — 4,300 28 — 31,118 Contingencies and commitments Partners' capital (deficit): Partners' equity (421,562 ) 1 (96,446 ) 42,530 53,915 (421,562 ) Accumulated other comprehensive income 14,764 — — — — 14,764 Total partners' capital (deficit) (406,798 ) 1 (96,446 ) 42,530 53,915 (406,798 ) Total liabilities and partners' capital (deficit) $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 |
Condensed Consolidated Statements of Earnings | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended January 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 592,275 $ — $ (36 ) $ — $ — $ 592,239 Midstream operations — — 117,276 — — 117,276 Other 22,707 — 22,934 — — 45,641 Total revenues 614,982 — 140,174 — — 755,156 Costs and expenses: Cost of sales - propane and other gas liquids sales 362,927 — (9 ) — — 362,918 Cost of sales - midstream operations — — 107,067 — — 107,067 Cost of sales - other 2,853 — 17,934 — — 20,787 Operating expense 114,096 — 9,795 1,833 (2,008 ) 123,716 Depreciation and amortization expense 18,521 — 6,893 71 — 25,485 General and administrative expense 13,833 3 1,054 — — 14,890 Equipment lease expense 6,862 — 92 — — 6,954 Non-cash employee stock ownership plan compensation charge 4,031 — — — — 4,031 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 555 — 38,694 — — 39,249 Operating income (loss) 91,304 (3 ) (51,351 ) (1,904 ) 2,008 40,054 Interest expense (21,212 ) — (11,739 ) (1,107 ) — (34,058 ) Other income (expense), net 408 — 276 2,008 (2,008 ) 684 Earnings (loss) before income taxes 70,500 (3 ) (62,814 ) (1,003 ) — 6,680 Income tax expense (benefit) 82 — (249 ) — — (167 ) Equity in earnings (loss) of subsidiary (63,571 ) — — — 63,571 — Net earnings (loss) 6,847 (3 ) (62,565 ) (1,003 ) 63,571 6,847 Other comprehensive loss (8,671 ) — — — — (8,671 ) Comprehensive income (loss) $ (1,824 ) $ (3 ) $ (62,565 ) $ (1,003 ) $ 63,571 $ (1,824 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended January 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 437,375 $ — $ — $ — $ — $ 437,375 Midstream operations — — 96,787 — — 96,787 Other 21,609 — 23,479 — — 45,088 Total revenues 458,984 — 120,266 — — 579,250 Costs and expenses: Cost of sales - propane and other gas liquids sales 235,029 — — — — 235,029 Cost of sales - midstream operations — — 87,024 — — 87,024 Cost of sales - other 2,571 — 18,086 — — 20,657 Operating expense 103,986 — 9,642 539 (1,091 ) 113,076 Depreciation and amortization expense 18,014 — 7,527 66 — 25,607 General and administrative expense 11,093 3 1,182 — — 12,278 Equipment lease expense 7,267 — 149 — — 7,416 Non-cash employee stock ownership plan compensation charge 2,945 — — — — 2,945 Loss on asset sales and disposals 73 — (28 ) — — 45 Operating income (loss) 78,006 (3 ) (3,316 ) (605 ) 1,091 75,173 Interest expense (21,089 ) — (11,002 ) (657 ) — (32,748 ) Other income (expense), net 304 — 459 1,091 (1,091 ) 763 Earnings (loss) before income taxes 57,221 (3 ) (13,859 ) (171 ) — 43,188 Income tax expense 103 — 485 — — 588 Equity in earnings (loss) of subsidiary (14,518 ) — — — 14,518 — Net earnings (loss) 42,600 (3 ) (14,344 ) (171 ) 14,518 42,600 Other comprehensive income 15,776 — — — — 15,776 Comprehensive income (loss) $ 58,376 $ (3 ) $ (14,344 ) $ (171 ) $ 14,518 $ 58,376 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the six months ended January 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 894,392 $ — $ 605 $ — $ — $ 894,997 Midstream operations — — 238,036 — — 238,036 Other 39,384 — 37,394 — — 76,778 Total revenues 933,776 — 276,035 — — 1,209,811 Costs and expenses: Cost of sales - propane and other gas liquids sales 541,746 — 687 — — 542,433 Cost of sales - midstream operations — — 215,192 — — 215,192 Cost of sales - other 5,562 — 28,927 — — 34,489 Operating expense 215,328 — 19,058 3,015 (3,223 ) 234,178 Depreciation and amortization expense 36,868 — 14,206 143 — 51,217 General and administrative expense 24,588 5 3,461 — — 28,054 Equipment lease expense 13,510 — 185 — — 13,695 Non-cash employee stock ownership plan compensation charge 7,993 — — — — 7,993 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 1,463 — 38,681 — — 40,144 Operating income (loss) 86,718 (5 ) (54,367 ) (3,158 ) 3,223 32,411 Interest expense (41,606 ) — (22,924 ) (1,724 ) — (66,254 ) Other income (expense), net 623 — 572 3,223 (3,223 ) 1,195 Earnings (loss) before income taxes 45,735 (5 ) (76,719 ) (1,659 ) — (32,648 ) Income tax expense 72 — 132 — — 204 Equity in earnings (loss) of subsidiary (78,515 ) — — — 78,515 — Net earnings (loss) (32,852 ) (5 ) (76,851 ) (1,659 ) 78,515 (32,852 ) Other comprehensive income 9,829 — — — — 9,829 Comprehensive income (loss) $ (23,023 ) $ (5 ) $ (76,851 ) $ (1,659 ) $ 78,515 $ (23,023 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the six months ended January 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 679,774 $ — $ — $ — $ — $ 679,774 Midstream operations — — 204,831 — — 204,831 Other 38,935 — 35,252 — — 74,187 Total revenues 718,709 — 240,083 — — 958,792 Costs and expenses: Cost of sales - propane and other gas liquids sales 354,241 — — — — 354,241 Cost of sales - midstream operations — — 181,666 — — 181,666 Cost of sales - other 5,001 — 27,402 — — 32,403 Operating expense 201,641 — 19,888 (1,566 ) (1,801 ) 218,162 Depreciation and amortization expense 36,291 — 15,399 119 — 51,809 General and administrative expense 23,956 5 2,586 — — 26,547 Equipment lease expense 14,477 — 288 — — 14,765 Non-cash employee stock ownership plan compensation charge 6,699 — — — — 6,699 Loss on asset sales and disposals 1,520 — 4,948 — — 6,468 Operating income (loss) 74,883 (5 ) (12,094 ) 1,447 1,801 66,032 Interest expense (41,441 ) — (21,675 ) (1,027 ) (3 ) (64,146 ) Other income (expense), net 257 — 1,014 1,798 (1,798 ) 1,271 Earnings (loss) before income taxes 33,699 (5 ) (32,755 ) 2,218 — 3,157 Income tax expense (benefit) 74 — (77 ) — — (3 ) Equity in earnings (loss) of subsidiary (30,465 ) — — — 30,465 — Net earnings (loss) 3,160 (5 ) (32,678 ) 2,218 30,465 3,160 Other comprehensive income 25,152 — — — — 25,152 Comprehensive income (loss) $ 28,312 $ (5 ) $ (32,678 ) $ 2,218 $ 30,465 $ 28,312 |
Condensed Consolidated Statements of Cash Flows | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the six months ended January 31, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ (57,734 ) $ (5 ) $ 13,335 $ 120,563 $ (97,000 ) $ (20,841 ) Cash flows from investing activities: Business acquisitions, net of cash acquired (14,862 ) — — — — (14,862 ) Capital expenditures (34,391 ) — (1,302 ) — — (35,693 ) Proceeds from sale of assets 4,207 — — — — 4,207 Cash collected for purchase of interest in accounts receivable — — — 574,783 (574,783 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (671,783 ) 671,783 — Net changes in advances with consolidated entities 132,748 — — — (132,748 ) — Net cash provided by (used in) investing activities 87,702 — (1,302 ) (97,000 ) (35,748 ) (46,348 ) Cash flows from financing activities: Distributions (35,380 ) — — — — (35,380 ) Proceeds from increase in long-term debt 23,580 — — — — 23,580 Payments on long-term debt (1,267 ) — — — — (1,267 ) Net reductions in short-term borrowings (7,879 ) — — — — (7,879 ) Net additions to collateralized short-term borrowings — — — 97,000 — 97,000 Net changes in advances with parent — 5 (12,190 ) (120,563 ) 132,748 — Cash paid for financing costs (395 ) — — — — (395 ) Net cash provided by (used in) financing activities (21,341 ) 5 (12,190 ) (23,563 ) 132,748 75,659 Increase (decrease) in cash and cash equivalents 8,627 — (157 ) — — 8,470 Cash and cash equivalents - beginning of year 5,327 1 373 — — 5,701 Cash and cash equivalents - end of year $ 13,954 $ 1 $ 216 $ — $ — $ 14,171 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the six months ended January 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 85,916 $ (5 ) $ (47,221 ) $ 75,611 $ (69,000 ) $ 45,301 Cash flows from investing activities: Capital expenditures (19,686 ) — (82 ) — — (19,768 ) Proceeds from sale of assets 4,591 — — — — 4,591 Cash collected for purchase of interest in accounts receivable — — — 469,600 (469,600 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (538,600 ) 538,600 — Net changes in advances with consolidated entities 28,408 — — — (28,408 ) — Other (37 ) — — — — (37 ) Net cash provided by (used in) investing activities 13,276 — (82 ) (69,000 ) 40,592 (15,214 ) Cash flows from financing activities: Distributions (84,500 ) — — — — (84,500 ) Contributions from Partners 167,640 — — — — 167,640 Proceeds from increase in long-term debt 36,444 — — — — 36,444 Payments on long-term debt (172,790 ) — — — — (172,790 ) Net reductions in short-term borrowings (35,692 ) — — — — (35,692 ) Net additions to collateralized short-term borrowings — — — 69,000 — 69,000 Net changes in advances with parent — 5 47,198 (75,611 ) 28,408 — Cash paid for financing costs (1,422 ) — — — — (1,422 ) Net cash provided by (used in) financing activities (90,320 ) 5 47,198 (6,611 ) 28,408 (21,320 ) Increase (decrease) in cash and cash equivalents 8,872 — (105 ) — — 8,767 Cash and cash equivalents - beginning of year 4,472 1 417 — — 4,890 Cash and cash equivalents - end of year $ 13,344 $ 1 $ 312 $ — $ — $ 13,657 |
Partnership Organization And 36
Partnership Organization And Formation (Details) | 6 Months Ended | |
Jan. 31, 2018employeesubsidiaryshares | Jul. 31, 2017shares | |
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Number of entity subsidiaries | subsidiary | 2 | |
Equity interest in subsidiary | 100.00% | |
Number of states in which entity operates | 50 | |
Corporation formation date | Apr. 19, 1994 | |
Number of employees | 0 | |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock shares outstanding | shares | 1,000 | 1,000 |
Corporation formation date | Mar. 28, 1996 | |
Number of employees | 0 | |
Ferrellgas, L.P. [Member] | ||
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Equity interest in subsidiary | 100.00% | |
Number of states in which entity operates | 50 | |
Number of employees | 0 | |
Ferrellgas Finance Corp. [Member] | ||
Common stock shares outstanding | shares | 1,000 | 1,000 |
Corporation formation date | Jan. 16, 2003 | |
Number of employees | 0 | |
Ferrell Companies [Member] | ||
Common stock shares outstanding | shares | 22,800,000 | |
Operating Partnership [Member] | ||
General partner ownership interest | 1.00% | |
Ferrellgas [Member] | ||
General partner ownership interest | 2.00% |
Supplemental Financial Statem37
Supplemental Financial Statement Information (Narrative) (Details) $ in Thousands | Feb. 20, 2018USD ($) | Jan. 31, 2018USD ($)gal | Jan. 31, 2017USD ($) | Jan. 31, 2018USD ($)gal | Jan. 31, 2017USD ($) |
Number of rail cars held for sale | 1,292 | 1,292 | |||
Impairment of Long-Lived Assets to be Disposed of | $ 35,515 | $ 0 | $ 35,515 | $ 0 | |
Number of rail cars sold | 1,072 | ||||
Loss on sale of assets and other | $ 3,734 | 45 | $ 4,629 | 6,468 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 47,000 | ||||
Maximum term of supply procurement contracts | 36 months | ||||
Net procurement of fixed priced propane in gallons | gal | 81,900,000 | 81,900,000 | |||
Other Assets, Noncurrent | $ 8,500 | $ 8,500 | |||
Ferrellgas, L.P. [Member] | |||||
Number of rail cars held for sale | 1,292 | 1,292 | |||
Impairment of Long-Lived Assets to be Disposed of | $ 35,515 | 0 | $ 35,515 | 0 | |
Number of rail cars sold | 1,072 | ||||
Loss on sale of assets and other | $ 3,734 | $ 45 | $ 4,629 | $ 6,468 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 47,000 | ||||
Maximum term of supply procurement contracts | 36 months | ||||
Net procurement of fixed priced propane in gallons | gal | 81,900,000 | 81,900,000 | |||
Other Assets, Noncurrent | $ 8,500 | $ 8,500 | |||
Loss on asset sale [Member] | |||||
Loss on sale of assets and other | 3,600 | ||||
Loss on asset sale [Member] | Ferrellgas, L.P. [Member] | |||||
Loss on sale of assets and other | $ 3,600 |
Supplemental Financial Statem38
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 |
Propane gas and related products | $ 81,644 | $ 67,049 |
Appliances, parts and supplies | 28,448 | 25,503 |
Inventories | 110,092 | 92,552 |
Ferrellgas, L.P. [Member] | ||
Propane gas and related products | 81,644 | 67,049 |
Appliances, parts and supplies | 28,448 | 25,503 |
Inventories | $ 110,092 | $ 92,552 |
Supplemental Financial Statem39
Supplemental Financial Statement Information Supplemental Financial Statement Information (Other Assets) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 |
Accounts Receivable, Related Parties, Noncurrent | $ 36,371 | $ 32,500 |
Other Assets | 41,341 | 41,557 |
Other Assets, Noncurrent | 77,712 | 74,057 |
Ferrellgas, L.P. [Member] | ||
Accounts Receivable, Related Parties, Noncurrent | 36,371 | 32,500 |
Other Assets | 41,341 | 41,557 |
Other Assets, Noncurrent | $ 77,712 | $ 74,057 |
Supplemental Financial Statem40
Supplemental Financial Statement Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 |
Accrued interest | $ 18,975 | $ 18,671 |
Customer deposits and advances | 24,676 | 25,541 |
Other | 96,859 | 82,012 |
Other current liabilities | 140,510 | 126,224 |
Ferrellgas, L.P. [Member] | ||
Accrued interest | 15,041 | 14,737 |
Customer deposits and advances | 24,676 | 25,541 |
Other | 96,874 | 81,738 |
Other current liabilities | $ 136,591 | $ 122,016 |
Supplemental Financial Statem41
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | $ 62,032 | $ 54,805 | $ 112,527 | $ 104,223 |
Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 62,032 | 54,805 | 112,527 | 104,223 |
Operating Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 54,613 | 47,157 | 97,928 | 88,883 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 54,613 | 47,157 | 97,928 | 88,883 |
Depreciation And Amortization Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 1,123 | 996 | 2,235 | 2,022 |
Depreciation And Amortization Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 1,123 | 996 | 2,235 | 2,022 |
Equipment Lease Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 6,296 | 6,652 | 12,364 | 13,318 |
Equipment Lease Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | $ 6,296 | $ 6,652 | $ 12,364 | $ 13,318 |
Supplemental Financial Statem42
Supplemental Financial Statement Information Supplemental Financial Statement Information (Loss on asset sales and disposals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Loss on asset sales and disposals [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | $ 35,515 | $ 0 | $ 35,515 | $ 0 |
Loss on sale of assets and other | 3,734 | 45 | 4,629 | 6,468 |
Loss on asset sales and disposals | 39,249 | 45 | 40,144 | 6,468 |
Ferrellgas, L.P. [Member] | ||||
Loss on asset sales and disposals [Line Items] | ||||
Impairment of Long-Lived Assets to be Disposed of | 35,515 | 0 | 35,515 | 0 |
Loss on sale of assets and other | 3,734 | 45 | 4,629 | 6,468 |
Loss on asset sales and disposals | $ 39,249 | $ 45 | $ 40,144 | $ 6,468 |
Supplemental Financial Statem43
Supplemental Financial Statement Information Supplemental financial statement information (Significant Cash and Non-Cash Activities) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Interest Paid | $ 78,682 | $ 69,572 |
Income Taxes Paid | 12 | 26 |
Noncash Investing and Financing Items [Abstract] | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,508 | 0 |
Property, Plant and Equipment, Additions | 47 | (100) |
Ferrellgas, L.P. [Member] | ||
Interest Paid | 63,286 | 61,723 |
Income Taxes Paid | 1 | 25 |
Noncash Investing and Financing Items [Abstract] | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,508 | 0 |
Property, Plant and Equipment, Additions | $ 47 | $ (100) |
Accounts And Notes Receivable44
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Jan. 31, 2018 | Jul. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
current leverage ratio | 696.00% | ||
current consolidated interest coverage ratio | 214.00% | 214.00% | |
Debt Instrument, Covenant Compliance | 193.2 | 67.5 | |
Debt Instrument, Covenant Description | 24.9 | ||
Accounts receivable pledged as collateral | $ 235,150,000 | $ 235,150,000 | $ 109,407,000 |
Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
current leverage ratio | 696.00% | ||
current consolidated interest coverage ratio | 214.00% | 214.00% | |
Debt Instrument, Covenant Compliance | 193.2 | 67.5 | |
Debt Instrument, Covenant Description | 24.9 | ||
Accounts receivable pledged as collateral | $ 235,150,000 | $ 235,150,000 | $ 109,407,000 |
Accounts Receivable Securitization [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | 235,200,000 | 235,200,000 | 109,400,000 |
Collateralized notes payable | $ 166,000,000 | 166,000,000 | 69,000,000 |
Proceeds from accounts receivable securitization | 166,000,000 | 69,000,000 | |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 | |
Weighted average interest rate on borrowings under accounts receivable securitization | 4.00% | 4.00% | 4.00% |
Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | $ 235,200,000 | $ 235,200,000 | $ 109,400,000 |
Collateralized notes payable | $ 166,000,000 | 166,000,000 | 69,000,000 |
Proceeds from accounts receivable securitization | 166,000,000 | 69,000,000 | |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 | |
Weighted average interest rate on borrowings under accounts receivable securitization | 4.00% | 4.00% | 4.00% |
Interest Coverage Covenant [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt Instrument, Covenant Compliance | 25.3 | ||
Debt Instrument, Covenant Description | 44.3 | ||
Interest Coverage Covenant [Member] | Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Debt Instrument, Covenant Compliance | 25.3 | ||
Debt Instrument, Covenant Description | 44.3 |
Accounts And Notes Receivable45
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 |
Accounts receivable pledged as collateral | $ 235,150 | $ 109,407 |
Accounts receivable | 13,596 | 47,346 |
Notes Receivable, Related Parties, Current | 10,000 | 10,000 |
Other | 284 | 307 |
Less: Allowance for doubtful accounts | (3,052) | (1,976) |
Accounts and notes receivable, net | 255,978 | 165,084 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | 235,150 | 109,407 |
Accounts receivable | 13,596 | 47,346 |
Notes Receivable, Related Parties, Current | 10,000 | 10,000 |
Other | 284 | 307 |
Less: Allowance for doubtful accounts | (3,052) | (1,976) |
Accounts and notes receivable, net | $ 255,978 | $ 165,084 |
Accounts And Notes Receivable46
Accounts And Notes Receivable, Net And Accounts Receivable Securitization Accounts And Notes Receivcable, Net And Accounts Receivable Securitization (Maximum Leverage Ratio) (Details) - Maximum [Member] | 3 Months Ended | ||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | |
required total leverage ratio | 550.00% | 775.00% | 775.00% |
Ferrellgas, L.P. [Member] | |||
required total leverage ratio | 550.00% | 775.00% | 775.00% |
Accounts And Notes Receivable47
Accounts And Notes Receivable, Net And Accounts Receivable Securitization Accounts And Notes Receiable, Net And Accounts Receivable Securitization (Consolidated Interest Coverage Ratio) (Details) - Maximum [Member] | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
required consolidated interest coverage ratio | 250.00% | 175.00% | 175.00% |
Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
required consolidated interest coverage ratio | 250.00% | 175.00% | 175.00% |
Debt (Short-Term Borrowings Nar
Debt (Short-Term Borrowings Narrative) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 |
Short-term borrowings | $ 261,200 | $ 59,781 |
Ferrellgas, L.P. [Member] | ||
Short-term borrowings | $ 261,200 | $ 59,781 |
Debt Debt (Components of Long-T
Debt Debt (Components of Long-Term Debt) (Details) | 6 Months Ended |
Jan. 31, 2018USD ($) | |
Fixed Rate, 8.625%, Due 2020 [Member] | |
Schedule of Capitalization, Long-term Debt [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 8.625% |
Debt maturity year | 2,020 |
Fixed Rate, 8.625%, Due 2020 [Member] | Ferrellgas, L.P. [Member] | |
Schedule of Capitalization, Long-term Debt [Line Items] | |
Debt Instrument, Interest Rate, Stated Percentage | 8.625% |
Debt maturity year | 2,020 |
Maximum [Member] | Fixed Rate, 8.625%, Due 2020 [Member] | |
Schedule of Capitalization, Long-term Debt [Line Items] | |
Debt Instrument, Face Amount | $ 357,000,000 |
Maximum [Member] | Fixed Rate, 8.625%, Due 2020 [Member] | Ferrellgas, L.P. [Member] | |
Schedule of Capitalization, Long-term Debt [Line Items] | |
Debt Instrument, Face Amount | $ 357,000,000 |
Debt Debt (Maximum Leverage Rat
Debt Debt (Maximum Leverage Ratio Schedule) (Details) - Maximum [Member] | 3 Months Ended | ||
Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | |
Debt Instrument [Line Items] | |||
required total leverage ratio | 550.00% | 775.00% | 775.00% |
Ferrellgas, L.P. [Member] | |||
Debt Instrument [Line Items] | |||
required total leverage ratio | 550.00% | 775.00% | 775.00% |
Debt (Secured Credit Facility N
Debt (Secured Credit Facility Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Jul. 31, 2017 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Covenant Description | 24.9 | |
current leverage ratio | 696.00% | |
Debt Instrument, Covenant Compliance | 193.2 | 67.5 |
Available borrowing capacity | $ 125.8 | $ 190.3 |
Letters of credit outstanding | $ 188 | $ 139.2 |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Covenant Description | 24.9 | |
current leverage ratio | 696.00% | |
Debt Instrument, Covenant Compliance | 193.2 | 67.5 |
Available borrowing capacity | $ 125.8 | $ 190.3 |
Letters of credit outstanding | 188 | 139.2 |
Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total credit faciltiy borrowings outstanding | $ 261.2 | 245.5 |
Other Long-term Debt, Noncurrent | $ 185.7 | |
Weighted average interest rate on credit facility borrowings | 6.50% | 6.00% |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Total credit faciltiy borrowings outstanding | $ 261.2 | $ 245.5 |
Other Long-term Debt, Noncurrent | $ 185.7 | |
Weighted average interest rate on credit facility borrowings | 6.50% | 6.00% |
Letter Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | $ 12 | $ 60.8 |
Letter Of Credit [Member] | Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | $ 12 | $ 60.8 |
Debt Debt (Fixed Charge Coverag
Debt Debt (Fixed Charge Coverage Ratio) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jan. 31, 2018 | Oct. 31, 2017 | Jan. 31, 2018 | Jul. 31, 2017 | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | |||
Debt Instrument, Covenant Description | 24.9 | |||
Required fixed charge coverage ratio | 175.00% | |||
Current fixed charge coverage ratio | 159.00% | |||
Debt Instrument, Covenant Compliance | 193.2 | 67.5 | ||
Ferrellgas, L.P. [Member] | ||||
Debt Instrument, Covenant Description | 24.9 | |||
Debt Instrument, Covenant Compliance | 193.2 | 67.5 | ||
Subsequent Event [Member] | ||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | |||
Interest Coverage Covenant [Member] | ||||
Debt Instrument, Covenant Description | 44.3 | |||
Debt Instrument, Covenant Compliance | 25.3 | |||
Interest Coverage Covenant [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument, Covenant Description | 44.3 | |||
Debt Instrument, Covenant Compliance | 25.3 | |||
Fixed Charge Coverage Covenant [Member] | ||||
Debt Instrument, Covenant Description | 20.6 | |||
Debt Instrument, Restrictive Covenants | 50 | |||
Debt Instrument, Covenant Compliance | 9.8 | 9.8 |
Debt Debt (Consolidated Inter53
Debt Debt (Consolidated Interest Coverage Ratio) (Details) | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Apr. 30, 2018 | |
Debt Instrument, Covenant Description | 24.9 | |||
current consolidated interest coverage ratio | 214.00% | |||
Debt Instrument, Covenant Compliance | 193.2 | 67.5 | ||
Maximum [Member] | ||||
required consolidated interest coverage ratio | 175.00% | 250.00% | 175.00% | |
Ferrellgas, L.P. [Member] | ||||
Debt Instrument, Covenant Description | 24.9 | |||
current consolidated interest coverage ratio | 214.00% | |||
Debt Instrument, Covenant Compliance | 193.2 | 67.5 | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | ||||
required consolidated interest coverage ratio | 175.00% | 250.00% | 175.00% | |
Interest Coverage Covenant [Member] | ||||
Debt Instrument, Covenant Description | 44.3 | |||
Debt Instrument, Covenant Compliance | 25.3 | |||
Interest Coverage Covenant [Member] | Ferrellgas, L.P. [Member] | ||||
Debt Instrument, Covenant Description | 44.3 | |||
Debt Instrument, Covenant Compliance | 25.3 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 16, 2018 | Feb. 22, 2018 | Feb. 21, 2018 | Mar. 17, 2017 | Feb. 23, 2017 | Jan. 31, 2018 | Jan. 31, 2018 | Jan. 31, 2017 | Jul. 31, 2017 |
Capital Unit [Line Items] | |||||||||
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 97,152,665 | 97,152,665 | ||||||
Cash distributions declared per common unit | $ 0.10 | ||||||||
General partner ownership interest | 1.00% | ||||||||
Ferrellgas, L.P. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
General partner ownership interest | 1.00% | ||||||||
Contributions from partners | $ 0 | $ 167,640 | |||||||
JEF Capital Management [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Limited Partners' Capital Account, Units Outstanding | 4,758,859 | 4,758,859 | |||||||
Ferrell Resources Holdings, Inc. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Limited Partners' Capital Account, Units Outstanding | 4,616 | 4,616 | |||||||
FCI Trading Corp. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Limited Partners' Capital Account, Units Outstanding | 195,686 | 195,686 | 195,686 | ||||||
General Partner [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
General partner ownership interest | 2.00% | 2.00% | |||||||
Contributions from partners | $ 1,700 | ||||||||
Non-cash contributions | $ 200 | 200 | |||||||
General Partner [Member] | Ferrellgas, L.P. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
General partner ownership interest | 1.0101% | ||||||||
Contributions from partners | 1,700 | ||||||||
Non-cash contributions | $ 100 | $ 100 | |||||||
Ferrell Propane, Inc [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Limited Partners' Capital Account, Units Outstanding | 51,204 | 51,204 | 51,204 | ||||||
Ferrell Companies Beneficial Ownership [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Limited partner ownership interest | 23.40% | ||||||||
Ferrell Companies [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Limited partner ownership interest | 23.00% | ||||||||
Subsequent Event [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Cash distribution declaration date | Feb. 22, 2018 | ||||||||
Cash distributions declared per common unit | $ 0.10 | ||||||||
Distribution Made to Limited Partner, Distribution Date | Mar. 16, 2018 | ||||||||
Subsequent Event [Member] | Ferrellgas, L.P. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Cash distribution declaration date | Feb. 22, 2018 | ||||||||
Distribution Made to Limited Partner, Distribution Date | Mar. 16, 2018 | ||||||||
Subsequent Event [Member] | FCI Trading Corp. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 20 | ||||||||
Subsequent Event [Member] | Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 9,800 | ||||||||
Subsequent Event [Member] | General Partner [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 98 | ||||||||
Subsequent Event [Member] | General Partner [Member] | Ferrellgas, L.P. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 100 | ||||||||
Subsequent Event [Member] | Ferrell Propane, Inc [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 5 | ||||||||
Subsequent Event [Member] | Ferrell Companies [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,253 |
Partners' Capital (Distribution
Partners' Capital (Distributions Paid) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 9,814 | $ 9,813 | $ 19,627 | $ 60,107 |
Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 25,467 | 17,842 | 35,380 | 84,500 |
Public Common Unitholders [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 6,962 | 6,961 | 13,923 | 42,639 |
Ferrell Companies [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 2,253 | 2,253 | 4,506 | 13,799 |
FCI Trading Corp. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 20 | 20 | 40 | 120 |
Ferrell Propane, Inc [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 5 | 5 | 10 | 31 |
James E. Ferrell [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 476 | 476 | 952 | 2,917 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 25,210 | 17,662 | 35,023 | 83,807 |
General Partner [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 98 | 98 | 196 | 601 |
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 257 | $ 180 | $ 357 | $ 693 |
Partners' Capital (Distributi56
Partners' Capital (Distributions Expected To Be Paid To Related Parties) (Details) - Subsequent Event [Member] $ in Thousands | Feb. 22, 2018USD ($) |
Ferrell Companies [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,253 |
FCI Trading Corp. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 20 |
Ferrell Propane, Inc [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 5 |
James E. Ferrell [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 476 |
General Partner [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 98 |
Partners' Capital (Deficit) Par
Partners' Capital (Deficit) Partners' Capital (Limited Partner Units) (Details) - shares | Jan. 31, 2018 | Jul. 31, 2017 |
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 97,152,665 |
Public Common Unitholders [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 69,612,939 | 69,612,939 |
FCI Trading Corp. [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 195,686 | 195,686 |
Subsidiary of Common Parent [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 22,529,361 | 22,529,361 |
Ferrell Propane, Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 51,204 | 51,204 |
James E. Ferrell [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 4,763,475 | 4,763,475 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Jul. 31, 2017 | |
Impairment of Long-Lived Assets to be Disposed of | $ 35,515 | $ 0 | $ 35,515 | $ 0 | |
Property, Plant, and Equipment, Fair Value Disclosure | 52,200 | 52,200 | |||
Notes Receivable, Fair Value Disclosure | 32,100 | 32,100 | |||
Increase (Decrease) in Notes Receivables | 4,300 | ||||
Long-term Debt, Fair Value | 1,728,300 | 1,728,300 | $ 1,966,600 | ||
Ferrellgas, L.P. [Member] | |||||
Impairment of Long-Lived Assets to be Disposed of | 35,515 | $ 0 | 35,515 | $ 0 | |
Property, Plant, and Equipment, Fair Value Disclosure | 52,200 | 52,200 | |||
Notes Receivable, Fair Value Disclosure | 32,100 | 32,100 | |||
Increase (Decrease) in Notes Receivables | 4,300 | ||||
Long-term Debt, Fair Value | $ 1,410,600 | $ 1,410,600 | $ 1,645,300 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 |
Interest rate swap assets | $ 583 | |
Propane commodity derivative assets | $ 25,725 | 16,212 |
Interest rate swap liabilities | (2,423) | (707) |
Propane commodity derivative liabilities | (1,417) | (1,258) |
Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 583 | |
Propane commodity derivative assets | 25,725 | 16,212 |
Interest rate swap liabilities | (2,423) | (707) |
Propane commodity derivative liabilities | (1,417) | (1,258) |
Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swap assets | 0 | |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 0 | |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap assets | 583 | |
Propane commodity derivative assets | 25,725 | 16,212 |
Interest rate swap liabilities | (2,423) | (707) |
Propane commodity derivative liabilities | (1,417) | (1,258) |
Fair Value, Inputs, Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 583 | |
Propane commodity derivative assets | 25,725 | 16,212 |
Interest rate swap liabilities | (2,423) | (707) |
Propane commodity derivative liabilities | (1,417) | (1,258) |
Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swap assets | 0 | |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 0 | |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | $ 0 | $ 0 |
Derivative Instruments and He60
Derivative Instruments and Hedging Activities (Narrative) (Details) MMBbls in Millions | 6 Months Ended | |
Jan. 31, 2018USD ($)MMBbls | Jan. 31, 2017USD ($) | |
Reclassification of net gain to earnings during next 12 months | $ 16,800,000 | |
Description of Reclassification of Cash Flow Hedge Gain (Loss) | 0 | |
Number of barrels of propane covered by cash flow hedges | MMBbls | 2.6 | |
Derivative amount of credit risk | $ 7,500,000 | |
Derivative net liability position aggregate fair value | 0 | |
Gain or loss in earnings related to hedge ineffectiveness | 0 | $ 0 |
Reclassifications to earnings resulting from discontinuance of cash flow hedges | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Reclassification of net gain to earnings during next 12 months | $ 16,800,000 | |
Description of Reclassification of Cash Flow Hedge Gain (Loss) | 0 | |
Number of barrels of propane covered by cash flow hedges | MMBbls | 2.6 | |
Derivative amount of credit risk | $ 7,500,000 | |
Derivative net liability position aggregate fair value | 0 | |
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 |
Reclassifications to earnings resulting from discontinuance of cash flow hedges | $ 0 | $ 0 |
Derivative Instruments and He61
Derivative Instruments and Hedging Activities (Fair Value of Financial Derivatives Balance Sheet Locations) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | $ 25,725 | $ 16,212 |
Interest rate swap assets | 583 | |
Derivative assets, fair value | 25,725 | 16,795 |
Propane commodity derivative liabilities | 1,417 | 1,258 |
Interest rate swap liabilities | 2,423 | 707 |
Derivative liabilities, fair value | 3,840 | 1,965 |
Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 25,725 | 16,212 |
Interest rate swap assets | 583 | |
Derivative assets, fair value | 25,725 | 16,795 |
Propane commodity derivative liabilities | 1,417 | 1,258 |
Interest rate swap liabilities | 2,423 | 707 |
Derivative liabilities, fair value | 3,840 | 1,965 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 18,188 | 11,061 |
Interest rate swap assets | 0 | 583 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 18,188 | 11,061 |
Interest rate swap assets | 0 | 583 |
Other assets, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 7,537 | 4,413 |
Interest rate swap assets | 0 | 0 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 7,537 | 4,413 |
Interest rate swap assets | 0 | 0 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 1,417 | 415 |
Interest rate swap liabilities | 319 | 595 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 1,417 | 415 |
Interest rate swap liabilities | 319 | 595 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 0 | 15 |
Interest rate swap liabilities | 2,104 | 112 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 0 | 15 |
Interest rate swap liabilities | $ 2,104 | 112 |
Midstream - Crude Oil Logistics [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 738 | |
Midstream - Crude Oil Logistics [Member] | Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 738 | |
Midstream - Crude Oil Logistics [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 828 | |
Midstream - Crude Oil Logistics [Member] | Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 828 |
Derivative Instruments and He62
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Schedule of Derivative Collateral) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 |
Derivative Asset, Fair Value of Collateral | $ 4,422 | $ 3,409 |
Derivative Liability, Fair Value of Collateral | 17,417 | 10,802 |
Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 4,422 | 3,409 |
Derivative Liability, Fair Value of Collateral | 17,417 | 10,802 |
Other assets, net [Member] | ||
Derivative Asset, Fair Value of Collateral | 1,404 | 1,631 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 1,404 | 1,631 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Fair Value of Collateral | 3,018 | 1,778 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 3,018 | 1,778 |
Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 12,201 | 7,729 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | 12,201 | 7,729 |
Other Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 5,216 | 3,073 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | $ 5,216 | $ 3,073 |
Derivative Instruments and He63
Derivative Instruments and Hedging Activities (Fair Value Hedge Derivative Effect on Earnings) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Derivative, Gain (Loss) on Derivative, Net | $ 88 | $ 328 | $ 226 | $ 748 |
Interest expense recognized on fixed-rate debt | (2,275) | (2,275) | 4,550 | 4,550 |
Ferrellgas, L.P. [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | 88 | 328 | 226 | 748 |
Interest expense recognized on fixed-rate debt | $ (2,275) | $ (2,275) | $ 4,550 | $ 4,550 |
Derivative Instruments and He64
Derivative Instruments and Hedging Activities (Cash Flow Hedge Derivative Effect on Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Amount of gain (loss) recognized in AOCI | $ 1,072 | $ 15,262 | $ 23,521 | $ 20,400 |
Amount of gain (loss) reclassified from AOCI into income | 9,743 | (514) | 13,692 | (4,752) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | 1,072 | 15,262 | 23,521 | 20,400 |
Amount of gain (loss) reclassified from AOCI into income | 9,743 | (514) | 13,692 | (4,752) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Propane commodity derivatives [Member] | ||||
Amount of gain (loss) recognized in AOCI | 960 | 14,699 | 23,283 | 19,572 |
Amount of gain (loss) reclassified from AOCI into income | 14,018 | (3,523) | ||
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | 960 | 14,699 | 23,283 | 19,572 |
Amount of gain (loss) reclassified from AOCI into income | 14,018 | (3,523) | ||
Interest Rate Swap [Member] | ||||
Amount of gain (loss) recognized in AOCI | 112 | 563 | 238 | 828 |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | 112 | 563 | 238 | 828 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | 9,886 | 73 | 14,018 | (3,523) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | 9,886 | 73 | 14,018 | (3,523) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | (143) | (587) | (326) | (1,229) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | $ (143) | $ (587) | $ (326) | $ (1,229) |
Derivative Instruments and He65
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Derivatives Not Designated as Hedging Effect on Earnings) (Details) - Operating Expense [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Propane and related equipment sales [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 489 | $ 1,516 | ||
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 489 | 1,516 | ||
Midstream - Crude Oil Logistics [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (2,080) | (1,007) | $ (3,470) | (2,248) |
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (2,080) | $ (1,007) | $ (3,470) | $ (2,248) |
Derivative Instruments and He66
Derivative Instruments and Hedging Activities (Changes in Derivative Value Effect on Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | Jul. 31, 2017 | Jul. 31, 2016 | |
Beginning balance | $ 24,332 | $ 24,332 | $ 14,601 | |||
Change in value of risk management derivatives | 1,072 | $ 15,262 | 23,521 | $ 20,400 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (9,743) | 514 | (13,692) | 4,752 | ||
Ending balance | 24,332 | 24,332 | ||||
Ferrellgas, L.P. [Member] | ||||||
Beginning balance | 24,593 | 24,593 | 14,764 | |||
Change in value of risk management derivatives | 1,072 | 15,262 | 23,521 | 20,400 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (9,743) | 514 | (13,692) | 4,752 | ||
Ending balance | 24,593 | 24,593 | ||||
Propane commodity derivatives [Member] | ||||||
Change in value of risk management derivatives | 960 | 14,699 | 23,283 | 19,572 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (14,018) | 3,523 | ||||
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||||
Change in value of risk management derivatives | 960 | 14,699 | 23,283 | 19,572 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (14,018) | 3,523 | ||||
Interest Rate Swap [Member] | ||||||
Change in value of risk management derivatives | 112 | 563 | 238 | 828 | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 326 | 1,229 | ||||
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||||
Change in value of risk management derivatives | 112 | 563 | 238 | 828 | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 326 | 1,229 | ||||
Derivative [Member] | ||||||
Beginning balance | 24,477 | 15,337 | 24,477 | 15,337 | 14,648 | $ (9,815) |
Ending balance | 24,477 | 15,337 | 24,477 | 15,337 | ||
Derivative [Member] | Ferrellgas, L.P. [Member] | ||||||
Beginning balance | 24,477 | 15,337 | 24,477 | 15,337 | $ 14,648 | $ (9,815) |
Ending balance | $ 24,477 | $ 15,337 | $ 24,477 | $ 15,337 |
Transactions With Related Par67
Transactions With Related Parties (Narrative) (Details) | Jan. 31, 2018employee |
Number of employees | 0 |
Ferrellgas, L.P. [Member] | |
Number of employees | 0 |
Transactions With Related Par68
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Related Party Transaction [Line Items] | ||||
General and administrative expense | $ 14,891 | $ 12,279 | $ 28,055 | $ 26,548 |
Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expense | 14,890 | 12,278 | 28,054 | 26,547 |
Compensation And Benefits [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expense | 65,291 | 61,492 | 122,642 | 117,206 |
General and administrative expense | 8,422 | 8,217 | 15,930 | 16,800 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expense | 65,291 | 61,492 | 122,642 | 117,206 |
General and administrative expense | $ 8,422 | $ 8,217 | $ 15,930 | $ 16,800 |
Contingencies And Commitments (
Contingencies And Commitments (Narrative) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Jan. 31, 2018 | Jul. 31, 2017 | |
Required fixed charge coverage ratio | 175.00% | ||
Current fixed charge coverage ratio | 159.00% | ||
Debt Instrument, Covenant Compliance | 193.2 | 67.5 | |
Debt Instrument, Covenant Description | 24.9 | ||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | ||
Ferrellgas Partners Finance Corp. [Member] | |||
Required fixed charge coverage ratio | 175.00% | ||
Debt Instrument, Restrictive Covenants | 50 | ||
Current fixed charge coverage ratio | 159.00% | ||
Debt Instrument, Covenant Compliance | 9.8 | ||
Debt Instrument, Covenant Description | 20.6 | ||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | ||
Ferrellgas, L.P. [Member] | |||
Debt Instrument, Covenant Compliance | 193.2 | 67.5 | |
Debt Instrument, Covenant Description | 24.9 |
Net Earnings Per Common Unithol
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details) - USD ($) | 6 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Dilutive effect on earnings per share | $ 0 | $ 0 |
Net Earnings Per Common Unith71
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Earnings Distribution Allocation) (Details) | 6 Months Ended |
Jan. 31, 2018$ / shares | |
Upper Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.83 |
Upper Range [Member] | Common Stock [Member] | |
Allocated Distribution | 51.50% |
Upper Range [Member] | General Partner [Member] | |
Allocated Distribution | 48.50% |
Middle Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.64 |
Middle Range [Member] | Maximum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.82 |
Middle Range [Member] | Common Stock [Member] | |
Allocated Distribution | 76.80% |
Middle Range [Member] | General Partner [Member] | |
Allocated Distribution | 23.20% |
Lower Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.56 |
Lower Range [Member] | Maximum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.63 |
Lower Range [Member] | Common Stock [Member] | |
Allocated Distribution | 86.90% |
Lower Range [Member] | General Partner [Member] | |
Allocated Distribution | 13.10% |
Net Earnings (Loss) Per Commo72
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Common unitholders' interest in net earnings | $ (1,824) | $ 37,717 | $ (49,260) | $ (4,925) |
Weighted average common units outstanding - diluted | 97,152,700 | 97,152,700 | 97,152,700 | 97,305,100 |
Basic and diluted net earnings per common unitholders' interest | $ (0.02) | $ 0.39 | $ (0.51) | $ (0.05) |
Segment Reporting Segment Rep73
Segment Reporting Segment Reporting (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Goodwill [Line Items] | ||||
Asset Impairment Charges | $ 10,005 | $ 0 | $ 10,005 | $ 0 |
Ferrellgas, L.P. [Member] | ||||
Goodwill [Line Items] | ||||
Asset Impairment Charges | $ 10,005 | $ 0 | $ 10,005 | $ 0 |
Segment Reporting Segment Rep74
Segment Reporting Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Segment Reporting Information | ||||
Revenues | $ 755,156 | $ 579,250 | $ 1,209,811 | $ 958,792 |
Costs and Expenses | 634,529 | 474,220 | 1,062,968 | 824,743 |
Adjusted EBITDA | 120,627 | 105,030 | 146,843 | 134,049 |
Propane and related equipment sales [Member] | ||||
Segment Reporting Information | ||||
Revenues | 637,880 | 482,463 | 971,775 | 753,961 |
Costs and Expenses | 507,386 | 370,175 | 810,715 | 607,189 |
Adjusted EBITDA | 130,494 | 112,288 | 161,060 | 146,772 |
Midstream Operations [Member] | ||||
Segment Reporting Information | ||||
Revenues | 117,276 | 96,787 | 238,036 | 204,831 |
Costs and Expenses | 114,929 | 93,718 | 228,830 | 196,491 |
Adjusted EBITDA | 2,347 | 3,069 | 9,206 | 8,340 |
Corporate Segment [Member] | ||||
Segment Reporting Information | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 12,214 | 10,327 | 23,423 | 21,063 |
Adjusted EBITDA | (12,214) | (10,327) | (23,423) | (21,063) |
Ferrellgas, L.P. [Member] | ||||
Segment Reporting Information | ||||
Revenues | 755,156 | 579,250 | 1,209,811 | 958,792 |
Costs and Expenses | 634,528 | 474,219 | 1,062,967 | 824,742 |
Adjusted EBITDA | 120,628 | 105,031 | 146,844 | 134,050 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||||
Segment Reporting Information | ||||
Revenues | 637,880 | 482,463 | 971,775 | 753,961 |
Costs and Expenses | 507,386 | 370,175 | 810,715 | 607,189 |
Adjusted EBITDA | 130,494 | 112,288 | 161,060 | 146,772 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||||
Segment Reporting Information | ||||
Revenues | 117,276 | 96,787 | 238,036 | 204,831 |
Costs and Expenses | 114,929 | 93,718 | 228,830 | 196,490 |
Adjusted EBITDA | 2,347 | 3,069 | 9,206 | 8,341 |
Ferrellgas, L.P. [Member] | Corporate Segment [Member] | ||||
Segment Reporting Information | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 12,213 | 10,326 | 23,422 | 21,063 |
Adjusted EBITDA | $ (12,213) | $ (10,326) | $ (23,422) | $ (21,063) |
Segment Reporting Segment Rep75
Segment Reporting Segment Reporting (Reconciliation of Consolidated EBITDA to Consolidated Net Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ (1,843) | $ 38,098 | $ (49,758) | $ (4,975) |
Income tax expense (benefit) | (162) | 588 | 215 | (2) |
Interest Expense | 42,673 | 36,819 | 83,480 | 72,247 |
Depreciation and amortization expense | 25,485 | 25,607 | 51,217 | 51,809 |
EBITDA | 66,153 | 101,112 | 85,154 | 119,079 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 4,031 | 2,945 | 7,993 | 6,699 |
Non-cash stock-based compensation charge | 0 | 1,417 | 0 | 3,298 |
Asset Impairment Charges | 10,005 | 0 | 10,005 | 0 |
Loss on asset sales and disposals | 39,249 | 45 | 40,144 | 6,468 |
Other Nonoperating Income (Expense) | (684) | (763) | (1,195) | (1,271) |
Severance Costs | 0 | 490 | 1,663 | 1,959 |
Legal Fees | 2,118 | 0 | 2,118 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Gain | (314) | (646) | 1,293 | (2,215) |
Net earnings (loss) | (1,774) | 38,528 | (50,090) | (4,943) |
Adjusted EBITDA | 120,627 | 105,030 | 146,843 | 134,049 |
Noncontrolling Interest [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | 69 | 430 | (332) | 32 |
Ferrellgas, L.P. [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Income (Loss) Attributable to Parent | 6,847 | 42,600 | (32,852) | 3,160 |
Income tax expense (benefit) | (167) | 588 | 204 | (3) |
Interest Expense | 34,058 | 32,748 | 66,254 | 64,146 |
Depreciation and amortization expense | 25,485 | 25,607 | 51,217 | 51,809 |
EBITDA | 66,223 | 101,543 | 84,823 | 119,112 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 4,031 | 2,945 | 7,993 | 6,699 |
Non-cash stock-based compensation charge | 0 | 1,417 | 0 | 3,298 |
Asset Impairment Charges | 10,005 | 0 | 10,005 | 0 |
Loss on asset sales and disposals | 39,249 | 45 | 40,144 | 6,468 |
Other Nonoperating Income (Expense) | (684) | (763) | (1,195) | (1,271) |
Severance Costs | 0 | 490 | 1,663 | 1,959 |
Legal Fees | 2,118 | 0 | 2,118 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Gain | (314) | (646) | 1,293 | (2,215) |
Net earnings (loss) | 6,847 | 42,600 | (32,852) | 3,160 |
Adjusted EBITDA | $ 120,628 | $ 105,031 | 146,844 | $ 134,050 |
General Partner [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | (498) | |||
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | $ (332) |
Segment Reporting Segment Rep76
Segment Reporting Segment Reporting (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 1,687,059 | $ 1,609,969 |
Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,361,856 | 1,194,905 |
Midstream Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 309,952 | 399,356 |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 15,251 | 15,708 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,687,050 | 1,609,948 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,361,856 | 1,194,905 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 309,952 | 399,356 |
Ferrellgas, L.P. [Member] | Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 15,242 | $ 15,687 |
Segment Reporting Segment Rep77
Segment Reporting Segment Reporting (Schedule of Capital Expenditure Information, by Segment) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Segment Reporting Information | ||
Capital Expenditures | $ 32,767 | $ 17,096 |
Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 30,327 | 15,408 |
Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,245 | 1,484 |
Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,195 | 204 |
Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 13,443 | 7,239 |
Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 12,016 | 5,551 |
Maintenance Capital Expenditures [Member] | Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,245 | 1,484 |
Maintenance Capital Expenditures [Member] | Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 182 | 204 |
Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 19,324 | 9,857 |
Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 18,311 | 9,857 |
Growth Capital Expenditures [Member] | Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 0 |
Growth Capital Expenditures [Member] | Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,013 | 0 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 32,767 | 17,096 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 30,327 | 15,408 |
Ferrellgas, L.P. [Member] | Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,245 | 1,484 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,195 | 204 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 13,443 | 7,239 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 12,016 | 5,551 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,245 | 1,484 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 182 | 204 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 19,324 | 9,857 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 18,311 | 9,857 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 0 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | $ 1,013 | $ 0 |
Guarantor financial informati78
Guarantor financial information - Narrative (Details) - Ferrellgas, L.P. [Member] $ in Millions | 6 Months Ended |
Jan. 31, 2018USD ($) | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership interest in subsidiaries | 100.00% |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt issuance principal amount | $ 500 |
Debt interest rate | 6.75% |
Debt maturity year | 2,023 |
Guarantor financial informati79
Guarantor financial information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jan. 31, 2018 | Jul. 31, 2017 | Jan. 31, 2017 | Jul. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 14,173 | $ 5,760 | $ 14,710 | $ 4,965 |
Accounts and notes receivable | 255,978 | 165,084 | ||
Inventories | 110,092 | 92,552 | ||
Assets held for sale | 52,200 | 0 | ||
Prepaid expenses and other current assets | 41,400 | 33,388 | ||
Total current assets | 473,843 | 296,784 | ||
Property, plant and equipment, net | 646,327 | 731,923 | ||
Goodwill | 246,098 | 256,103 | ||
Intangible assets, net | 243,079 | 251,102 | ||
Other assets, net | 77,712 | 74,057 | ||
Total assets | 1,687,059 | 1,609,969 | ||
Current liabilities: | ||||
Accounts payable | 82,072 | 85,561 | ||
Short-term borrowings | 261,200 | 59,781 | ||
Collateralized note payable | 166,000 | 69,000 | ||
Other current liabilities | 140,510 | 126,224 | ||
Total current liabilities | 649,782 | 340,566 | ||
Long-term debt | 1,811,617 | 1,995,795 | ||
Other liabilities | 35,422 | 31,118 | ||
Contingencies and commitments | ||||
Partners' capital | ||||
Partners' equity | (805,318) | (753,578) | ||
Accumulated other comprehensive income (loss) | 24,332 | 14,601 | ||
Total partners' capital | (809,762) | (757,510) | ||
Total liabilities and partners' capital | 1,687,059 | 1,609,969 | ||
Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 14,171 | 5,701 | 13,657 | 4,890 |
Accounts and notes receivable | 255,978 | 165,084 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 110,092 | 92,552 | ||
Assets held for sale | 52,200 | 0 | ||
Prepaid expenses and other current assets | 41,393 | 33,426 | ||
Total current assets | 473,834 | 296,763 | ||
Property, plant and equipment, net | 646,327 | 731,923 | ||
Goodwill | 246,098 | 256,103 | ||
Intangible assets, net | 243,079 | 251,102 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 77,712 | 74,057 | ||
Total assets | 1,687,050 | 1,609,948 | ||
Current liabilities: | ||||
Accounts payable | 82,072 | 85,561 | ||
Short-term borrowings | 261,200 | 59,781 | ||
Collateralized note payable | 166,000 | 69,000 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 136,591 | 122,016 | ||
Total current liabilities | 645,863 | 336,358 | ||
Long-term debt | 1,462,973 | 1,649,270 | ||
Other liabilities | 35,422 | 31,118 | ||
Contingencies and commitments | ||||
Partners' capital | ||||
Partners' equity | (481,801) | (421,562) | ||
Accumulated other comprehensive income (loss) | 24,593 | 14,764 | ||
Total partners' capital | (457,208) | (406,798) | ||
Total liabilities and partners' capital | 1,687,050 | 1,609,948 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 13,954 | 5,327 | 13,344 | 4,472 |
Accounts and notes receivable | (3,004) | (3,132) | ||
Intercompany receivables | 37,988 | 39,877 | ||
Inventories | 95,097 | 78,963 | ||
Assets held for sale | 0 | |||
Prepaid expenses and other current assets | 33,630 | 26,106 | ||
Total current assets | 177,665 | 147,141 | ||
Property, plant and equipment, net | 547,441 | 537,582 | ||
Goodwill | 246,098 | 246,098 | ||
Intangible assets, net | 127,316 | 128,209 | ||
Intercompany receivables | 450,000 | 450,000 | ||
Investments in consolidated subsidiaries | (80,685) | (53,915) | ||
Other assets, net | 39,847 | 35,862 | ||
Total assets | 1,507,682 | 1,490,977 | ||
Current liabilities: | ||||
Accounts payable | 78,054 | 44,026 | ||
Short-term borrowings | 261,200 | 59,781 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 132,047 | 118,039 | ||
Total current liabilities | 471,301 | 221,846 | ||
Long-term debt | 1,462,936 | 1,649,139 | ||
Other liabilities | 30,653 | 26,790 | ||
Partners' capital | ||||
Partners' equity | (481,801) | (421,562) | ||
Accumulated other comprehensive income (loss) | 24,593 | 14,764 | ||
Total partners' capital | (457,208) | (406,798) | ||
Total liabilities and partners' capital | 1,507,682 | 1,490,977 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 216 | 373 | 312 | 417 |
Accounts and notes receivable | 23,832 | 58,618 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 14,995 | 13,589 | ||
Assets held for sale | 52,200 | |||
Prepaid expenses and other current assets | 7,762 | 7,314 | ||
Total current assets | 99,005 | 79,894 | ||
Property, plant and equipment, net | 98,886 | 194,341 | ||
Goodwill | 0 | 10,005 | ||
Intangible assets, net | 115,763 | 122,893 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 37,432 | 37,618 | ||
Total assets | 351,086 | 444,751 | ||
Current liabilities: | ||||
Accounts payable | 3,926 | 41,345 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 44,259 | 41,645 | ||
Other current liabilities | 4,074 | 3,776 | ||
Total current liabilities | 52,259 | 86,766 | ||
Long-term debt | 450,037 | 450,131 | ||
Other liabilities | 4,769 | 4,300 | ||
Partners' capital | ||||
Partners' equity | (155,979) | (96,446) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total partners' capital | (155,979) | (96,446) | ||
Total liabilities and partners' capital | 351,086 | 444,751 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and notes receivable | 235,150 | 109,598 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | |||
Prepaid expenses and other current assets | 1 | 6 | ||
Total current assets | 235,151 | 109,604 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 433 | 577 | ||
Total assets | 235,584 | 110,181 | ||
Current liabilities: | ||||
Accounts payable | 92 | 190 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 166,000 | 69,000 | ||
Intercompany Payables | (6,271) | (1,768) | ||
Other current liabilities | 470 | 201 | ||
Total current liabilities | 160,291 | 67,623 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 28 | ||
Partners' capital | ||||
Partners' equity | 75,293 | 42,530 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total partners' capital | 75,293 | 42,530 | ||
Total liabilities and partners' capital | 235,584 | 110,181 | ||
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Accounts and notes receivable | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | |||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 1 | 1 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Total assets | 1 | 1 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Partners' capital | ||||
Partners' equity | 1 | 1 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total partners' capital | 1 | 1 | ||
Total liabilities and partners' capital | 1 | 1 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts and notes receivable | 0 | 0 | ||
Intercompany receivables | (37,988) | (39,877) | ||
Inventories | 0 | 0 | ||
Assets held for sale | 0 | |||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (37,988) | (39,877) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | (450,000) | (450,000) | ||
Investments in consolidated subsidiaries | 80,685 | 53,915 | ||
Other assets, net | 0 | 0 | ||
Total assets | (407,303) | (435,962) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | (37,988) | (39,877) | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (37,988) | (39,877) | ||
Long-term debt | (450,000) | (450,000) | ||
Other liabilities | 0 | 0 | ||
Partners' capital | ||||
Partners' equity | 80,685 | 53,915 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total partners' capital | 80,685 | 53,915 | ||
Total liabilities and partners' capital | $ (407,303) | $ (435,962) |
Guarantor financial informati80
Guarantor financial information - Condensed Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Revenues: | ||||
Propane and other gas liquids sales | $ 592,239 | $ 437,375 | $ 894,997 | $ 679,774 |
Midstream operations | 117,276 | 96,787 | 238,036 | 204,831 |
Other | 45,641 | 45,088 | 76,778 | 74,187 |
Total revenues | 755,156 | 579,250 | 1,209,811 | 958,792 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 362,918 | 235,029 | 542,433 | 354,241 |
Cost of sales - midstream operations | 107,067 | 87,024 | 215,192 | 181,666 |
Cost of product sold - other | 20,787 | 20,657 | 34,489 | 32,403 |
Operating expense | 123,716 | 113,076 | 234,178 | 218,162 |
Depreciation and amortization expense | 25,485 | 25,607 | 51,217 | 51,809 |
General and administrative expense | 14,891 | 12,279 | 28,055 | 26,548 |
Equipment lease expense | 6,954 | 7,416 | 13,695 | 14,765 |
Non-cash employee stock ownership plan compensation charge | 4,031 | 2,945 | 7,993 | 6,699 |
Asset Impairment Charges | 10,005 | 0 | 10,005 | 0 |
Loss on disposal of assets | 39,249 | 45 | 40,144 | 6,468 |
Operating income (loss) | 40,053 | 75,172 | 32,410 | 66,031 |
Interest expense | (42,673) | (36,819) | (83,480) | (72,247) |
Other income (expense), net | 684 | 763 | 1,195 | 1,271 |
Earnings (loss) before income taxes | (1,936) | 39,116 | (49,875) | (4,945) |
Income tax expense (benefit) | (162) | 588 | 215 | (2) |
Net earnings (loss) | (1,774) | 38,528 | (50,090) | (4,943) |
Other comprehensive income (loss) | (8,671) | 15,776 | 9,829 | 25,152 |
Comprehensive income (loss) | (10,445) | 54,304 | (40,261) | 20,209 |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 592,239 | 437,375 | 894,997 | 679,774 |
Midstream operations | 117,276 | 96,787 | 238,036 | 204,831 |
Other | 45,641 | 45,088 | 76,778 | 74,187 |
Total revenues | 755,156 | 579,250 | 1,209,811 | 958,792 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 362,918 | 235,029 | 542,433 | 354,241 |
Cost of sales - midstream operations | 107,067 | 87,024 | 215,192 | 181,666 |
Cost of product sold - other | 20,787 | 20,657 | 34,489 | 32,403 |
Operating expense | 123,716 | 113,076 | 234,178 | 218,162 |
Depreciation and amortization expense | 25,485 | 25,607 | 51,217 | 51,809 |
General and administrative expense | 14,890 | 12,278 | 28,054 | 26,547 |
Equipment lease expense | 6,954 | 7,416 | 13,695 | 14,765 |
Non-cash employee stock ownership plan compensation charge | 4,031 | 2,945 | 7,993 | 6,699 |
Asset Impairment Charges | 10,005 | 0 | 10,005 | 0 |
Loss on disposal of assets | 39,249 | 45 | 40,144 | 6,468 |
Operating income (loss) | 40,054 | 75,173 | 32,411 | 66,032 |
Interest expense | (34,058) | (32,748) | (66,254) | (64,146) |
Other income (expense), net | 684 | 763 | 1,195 | 1,271 |
Earnings (loss) before income taxes | 6,680 | 43,188 | (32,648) | 3,157 |
Income tax expense (benefit) | (167) | 588 | 204 | (3) |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | 6,847 | 42,600 | (32,852) | 3,160 |
Other comprehensive income (loss) | (8,671) | 15,776 | 9,829 | 25,152 |
Comprehensive income (loss) | (1,824) | 58,376 | (23,023) | 28,312 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 592,275 | 437,375 | 894,392 | 679,774 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 22,707 | 21,609 | 39,384 | 38,935 |
Total revenues | 614,982 | 458,984 | 933,776 | 718,709 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 362,927 | 235,029 | 541,746 | 354,241 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 2,853 | 2,571 | 5,562 | 5,001 |
Operating expense | 114,096 | 103,986 | 215,328 | 201,641 |
Depreciation and amortization expense | 18,521 | 18,014 | 36,868 | 36,291 |
General and administrative expense | 13,833 | 11,093 | 24,588 | 23,956 |
Equipment lease expense | 6,862 | 7,267 | 13,510 | 14,477 |
Non-cash employee stock ownership plan compensation charge | 4,031 | 2,945 | 7,993 | 6,699 |
Asset Impairment Charges | 0 | 0 | ||
Loss on disposal of assets | 555 | 73 | 1,463 | 1,520 |
Operating income (loss) | 91,304 | 78,006 | 86,718 | 74,883 |
Interest expense | (21,212) | (21,089) | (41,606) | (41,441) |
Other income (expense), net | 408 | 304 | 623 | 257 |
Earnings (loss) before income taxes | 70,500 | 57,221 | 45,735 | 33,699 |
Income tax expense (benefit) | 82 | 103 | 72 | 74 |
Equity in earnings of subsidiary | (63,571) | (14,518) | (78,515) | (30,465) |
Net earnings (loss) | 6,847 | 42,600 | (32,852) | 3,160 |
Other comprehensive income (loss) | (8,671) | 15,776 | 9,829 | 25,152 |
Comprehensive income (loss) | (1,824) | 58,376 | (23,023) | 28,312 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | (36) | 0 | 605 | 0 |
Midstream operations | 117,276 | 96,787 | 238,036 | 204,831 |
Other | 22,934 | 23,479 | 37,394 | 35,252 |
Total revenues | 140,174 | 120,266 | 276,035 | 240,083 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | (9) | 0 | 687 | 0 |
Cost of sales - midstream operations | 107,067 | 87,024 | 215,192 | 181,666 |
Cost of product sold - other | 17,934 | 18,086 | 28,927 | 27,402 |
Operating expense | 9,795 | 9,642 | 19,058 | 19,888 |
Depreciation and amortization expense | 6,893 | 7,527 | 14,206 | 15,399 |
General and administrative expense | 1,054 | 1,182 | 3,461 | 2,586 |
Equipment lease expense | 92 | 149 | 185 | 288 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Asset Impairment Charges | 10,005 | 10,005 | ||
Loss on disposal of assets | 38,694 | (28) | 38,681 | 4,948 |
Operating income (loss) | (51,351) | (3,316) | (54,367) | (12,094) |
Interest expense | (11,739) | (11,002) | (22,924) | (21,675) |
Other income (expense), net | 276 | 459 | 572 | 1,014 |
Earnings (loss) before income taxes | (62,814) | (13,859) | (76,719) | (32,755) |
Income tax expense (benefit) | (249) | 485 | 132 | (77) |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | (62,565) | (14,344) | (76,851) | (32,678) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (62,565) | (14,344) | (76,851) | (32,678) |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 0 | 0 | 0 | 0 |
Operating expense | 1,833 | 539 | 3,015 | (1,566) |
Depreciation and amortization expense | 71 | 66 | 143 | 119 |
General and administrative expense | 0 | 0 | 0 | 0 |
Equipment lease expense | 0 | 0 | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Asset Impairment Charges | 0 | 0 | ||
Loss on disposal of assets | 0 | 0 | 0 | 0 |
Operating income (loss) | (1,904) | (605) | (3,158) | 1,447 |
Interest expense | (1,107) | (657) | (1,724) | (1,027) |
Other income (expense), net | 2,008 | 1,091 | 3,223 | 1,798 |
Earnings (loss) before income taxes | (1,003) | (171) | (1,659) | 2,218 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | (1,003) | (171) | (1,659) | 2,218 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (1,003) | (171) | (1,659) | 2,218 |
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 0 | 0 | 0 | 0 |
Operating expense | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
General and administrative expense | 3 | 3 | 5 | 5 |
Equipment lease expense | 0 | 0 | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Asset Impairment Charges | 0 | 0 | ||
Loss on disposal of assets | 0 | 0 | 0 | 0 |
Operating income (loss) | (3) | (3) | (5) | (5) |
Interest expense | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) before income taxes | (3) | (3) | (5) | (5) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | (3) | (3) | (5) | (5) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (3) | (3) | (5) | (5) |
Eliminations [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 0 | 0 | 0 | 0 |
Operating expense | (2,008) | (1,091) | (3,223) | (1,801) |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
General and administrative expense | 0 | 0 | 0 | 0 |
Equipment lease expense | 0 | 0 | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Asset Impairment Charges | 0 | 0 | ||
Loss on disposal of assets | 0 | 0 | 0 | 0 |
Operating income (loss) | 2,008 | 1,091 | 3,223 | 1,801 |
Interest expense | 0 | 0 | 0 | (3) |
Other income (expense), net | (2,008) | (1,091) | (3,223) | (1,798) |
Earnings (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 63,571 | 14,518 | 78,515 | 30,465 |
Net earnings (loss) | 63,571 | 14,518 | 78,515 | 30,465 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | $ 63,571 | $ 14,518 | $ 78,515 | $ 30,465 |
Guarantor financial informati81
Guarantor financial information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ (36,294) | $ 39,337 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (14,862) | 0 |
Capital expenditures | (35,693) | (19,768) |
Proceeds from sale of assets | 4,207 | 4,591 |
Net cash used in investing activities | (46,348) | (15,214) |
Cash flows from financing activities: | ||
Distributions | (19,627) | (60,107) |
Proceeds from increase in long-term debt | 23,580 | 204,444 |
Payments on long-term debt | (1,267) | (172,790) |
Net additions to (reductions in) short-term borrowings | (7,879) | (35,692) |
Net additions to collateralized short-term borrowings | (97,000) | (69,000) |
Cash paid for financing costs | (395) | (4,382) |
Net cash provided by (used in) financing activities | 91,055 | (14,378) |
Increase (decrease) in cash and cash equivalents | 8,413 | 9,745 |
Cash and cash equivalents - beginning of period | 5,760 | 4,965 |
Cash and cash equivalents - end of period | 14,173 | 14,710 |
Ferrellgas, L.P. [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (20,841) | 45,301 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (14,862) | 0 |
Capital expenditures | (35,693) | (19,768) |
Proceeds from sale of assets | 4,207 | 4,591 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 0 | 0 |
Other | (37) | |
Net cash used in investing activities | (46,348) | (15,214) |
Cash flows from financing activities: | ||
Distributions | (35,380) | (84,500) |
Contributions from partners | 0 | 167,640 |
Proceeds from increase in long-term debt | 23,580 | 36,444 |
Payments on long-term debt | (1,267) | (172,790) |
Net additions to (reductions in) short-term borrowings | (7,879) | (35,692) |
Net additions to collateralized short-term borrowings | (97,000) | (69,000) |
Net changes in advances with consolidated entities | 0 | 0 |
Cash paid for financing costs | (395) | (1,422) |
Net cash provided by (used in) financing activities | 75,659 | (21,320) |
Increase (decrease) in cash and cash equivalents | 8,470 | 8,767 |
Cash and cash equivalents - beginning of period | 5,701 | 4,890 |
Cash and cash equivalents - end of period | 14,171 | 13,657 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (57,734) | 85,916 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (14,862) | |
Capital expenditures | (34,391) | (19,686) |
Proceeds from sale of assets | 4,207 | 4,591 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 132,748 | 28,408 |
Other | (37) | |
Net cash used in investing activities | 87,702 | 13,276 |
Cash flows from financing activities: | ||
Distributions | (35,380) | (84,500) |
Contributions from partners | 167,640 | |
Proceeds from increase in long-term debt | 23,580 | 36,444 |
Payments on long-term debt | (1,267) | (172,790) |
Net additions to (reductions in) short-term borrowings | (7,879) | (35,692) |
Net additions to collateralized short-term borrowings | 0 | 0 |
Net changes in advances with consolidated entities | 0 | 0 |
Cash paid for financing costs | (395) | (1,422) |
Net cash provided by (used in) financing activities | (21,341) | (90,320) |
Increase (decrease) in cash and cash equivalents | 8,627 | 8,872 |
Cash and cash equivalents - beginning of period | 5,327 | 4,472 |
Cash and cash equivalents - end of period | 13,954 | 13,344 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 13,335 | (47,221) |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | (1,302) | (82) |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 0 | 0 |
Other | 0 | |
Net cash used in investing activities | (1,302) | (82) |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Contributions from partners | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net additions to collateralized short-term borrowings | 0 | 0 |
Net changes in advances with consolidated entities | (12,190) | 47,198 |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | (12,190) | 47,198 |
Increase (decrease) in cash and cash equivalents | (157) | (105) |
Cash and cash equivalents - beginning of period | 373 | 417 |
Cash and cash equivalents - end of period | 216 | 312 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 120,563 | 75,611 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | 574,783 | 469,600 |
Cash remitted to Ferrellgas, L.P for accounts receivable | (671,783) | (538,600) |
Intercompany loan to affiliate | 0 | 0 |
Other | 0 | |
Net cash used in investing activities | (97,000) | (69,000) |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Contributions from partners | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net additions to collateralized short-term borrowings | 97,000 | (69,000) |
Net changes in advances with consolidated entities | (120,563) | (75,611) |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | (23,563) | (6,611) |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (5) | (5) |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 0 | 0 |
Other | 0 | |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Contributions from partners | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net additions to collateralized short-term borrowings | 0 | 0 |
Net changes in advances with consolidated entities | 5 | 5 |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 5 | 5 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 1 | 1 |
Cash and cash equivalents - end of period | 1 | 1 |
Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (97,000) | (69,000) |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | (574,783) | (469,600) |
Cash remitted to Ferrellgas, L.P for accounts receivable | 671,783 | 538,600 |
Intercompany loan to affiliate | (132,748) | (28,408) |
Other | 0 | |
Net cash used in investing activities | (35,748) | 40,592 |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Contributions from partners | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net additions to collateralized short-term borrowings | 0 | 0 |
Net changes in advances with consolidated entities | 132,748 | 28,408 |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 132,748 | 28,408 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | $ 0 | $ 0 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Narrative) (Details) $ in Millions | Feb. 20, 2018USD ($) |
Number of rail cars sold | 1,072 |
Proceeds from Sale of Property, Plant, and Equipment | $ 47 |
Ferrellgas, L.P. [Member] | |
Number of rail cars sold | 1,072 |
Proceeds from Sale of Property, Plant, and Equipment | $ 47 |