Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Oct. 31, 2014 | Dec. 01, 2014 | |
Entity Registrant Name | 'FERRELLGAS PARTNERS L P | ' |
Entity Central Index Key | '0000922358 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Oct-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 82,717,620 |
Trading Symbol | 'fgp | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Ferrellgas Partners Finance Corp. [Member] | ' | ' |
Entity Registrant Name | 'FERRELLGAS PARTNERS FINANCE CORP | ' |
Entity Central Index Key | '0001012493 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Oct-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Ferrellgas, L.P. [Member] | ' | ' |
Entity Registrant Name | 'FERRELLGAS L P | ' |
Entity Central Index Key | '0000922359 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Oct-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Ferrellgas Finance Corp. [Member] | ' | ' |
Entity Registrant Name | 'FERRELLGAS FINANCE CORP | ' |
Entity Central Index Key | '0000922360 | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Oct-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 1,000 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
Current assets: | ' | ' |
Cash and cash equivalents | $9,869,000 | $8,289,000 |
Accounts and notes receivable, net | 180,556,000 | 178,602,000 |
Inventories | 177,558,000 | 145,969,000 |
Prepaid expenses and other current assets | 44,602,000 | 32,071,000 |
Total current assets | 412,585,000 | 364,931,000 |
Property, plant and equipment, net | 618,302,000 | 611,787,000 |
Goodwill | 285,658,000 | 273,210,000 |
Intangible assets, net | 316,634,000 | 276,171,000 |
Other assets, net | 47,256,000 | 46,171,000 |
Total assets | 1,680,435,000 | 1,572,270,000 |
Current liabilities: | ' | ' |
Accounts payable | 74,847,000 | 69,360,000 |
Short-term borrowings | 122,230,000 | 69,519,000 |
Collateralized note payable | 105,000,000 | 91,000,000 |
Other current liabilities | 147,649,000 | 125,161,000 |
Total current liabilities | 449,726,000 | 355,040,000 |
Long-term debt | 1,332,089,000 | 1,292,214,000 |
Other liabilities | 37,373,000 | 36,662,000 |
Contingencies and commitments | ' | ' |
Partners' capital (deficit) | ' | ' |
Common unitholders | -69,770,000 | -57,893,000 |
General partner unitholder | -60,775,000 | -60,654,000 |
Accumulated other comprehensive income | -8,692,000 | 6,181,000 |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | -139,237,000 | -112,366,000 |
Noncontrolling interest | 484,000 | 720,000 |
Total partners' capital (deficit) | -138,753,000 | -111,646,000 |
Total liabilities and partners' capital (deficit) | 1,680,435,000 | 1,572,270,000 |
Ferrellgas Partners Finance Corp. [Member] | ' | ' |
Current assets: | ' | ' |
Cash | 909 | 969 |
Total assets | 909 | 969 |
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 | 15,196 | 15,106 |
Accumulated deficit | -15,287 | -15,137 |
Total stockholder's equity | 909 | 969 |
Ferrellgas, L.P. [Member] | ' | ' |
Current assets: | ' | ' |
Cash and cash equivalents | 9,765,000 | 8,283,000 |
Accounts and notes receivable, net | 180,556,000 | 178,602,000 |
Inventories | 177,558,000 | 145,969,000 |
Prepaid expenses and other current assets | 44,558,000 | 32,079,000 |
Total current assets | 412,437,000 | 364,933,000 |
Property, plant and equipment, net | 618,302,000 | 611,787,000 |
Goodwill | 285,658,000 | 273,210,000 |
Intangible assets, net | 316,634,000 | 276,171,000 |
Other assets, net | 44,926,000 | 43,732,000 |
Total assets | 1,677,957,000 | 1,569,833,000 |
Current liabilities: | ' | ' |
Accounts payable | 74,847,000 | 69,360,000 |
Short-term borrowings | 122,230,000 | 69,519,000 |
Collateralized note payable | 105,000,000 | 91,000,000 |
Other current liabilities | 141,716,000 | 123,153,000 |
Total current liabilities | 443,793,000 | 353,032,000 |
Long-term debt | 1,150,089,000 | 1,110,214,000 |
Other liabilities | 37,373,000 | 36,662,000 |
Contingencies and commitments | ' | ' |
Partners' capital (deficit) | ' | ' |
Common unitholders | 54,910,000 | 63,024,000 |
General partner unitholder | 561,000 | 643,000 |
Accumulated other comprehensive income | -8,769,000 | 6,258,000 |
Total partners' capital (deficit) | 46,702,000 | 69,925,000 |
Total liabilities and partners' capital (deficit) | 1,677,957,000 | 1,569,833,000 |
Ferrellgas Finance Corp. [Member] | ' | ' |
Current assets: | ' | ' |
Cash | 990 | 1,100 |
Total assets | 990 | 1,100 |
Current liabilities: | ' | ' |
Contingencies and commitments | ' | ' |
STOCKHOLDER'S EQUITY | ' | ' |
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 49,209 | 49,159 |
Accumulated deficit | -49,219 | -49,059 |
Total stockholder's equity | $990 | $1,100 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable pledged as collateral | $161,715 | $159,003 |
Property, plant and equipment accumulated depreciation | 625,752 | 626,831 |
Intangible assets accumulated amortization | 378,105 | 370,108 |
Common unitholders, units outstanding | 82,711,820 | 81,228,237 |
General partner unitholder, units outstanding | 835,473 | 820,487 |
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 | 161,715 | 159,003 |
Property, plant and equipment accumulated depreciation | 625,752 | 626,831 |
Intangible assets accumulated amortization | $378,105 | $370,108 |
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_Ear
Consolidated Statements Of Earnings (USD $) | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Revenues: | ' | ' |
Propane and other gas liquids sales | $394,361,000 | $382,223,000 |
Other | 48,994,000 | 32,807,000 |
Total revenues | 443,355,000 | 415,030,000 |
Costs and expenses: | ' | ' |
Cost of product sold - propane and other gas liquids sales | 264,814,000 | 258,754,000 |
Cost of product sold - other | 23,860,000 | 13,346,000 |
Operating expense | 106,428,000 | 103,764,000 |
Depreciation and amortization expense | 23,309,000 | 20,215,000 |
General and administrative expense | 23,395,000 | 14,414,000 |
Equipment lease expense | 5,532,000 | 4,066,000 |
Non-cash employee stock ownership plan compensation charge | 4,374,000 | 3,043,000 |
Loss on disposal of assets | 961,000 | 357,000 |
Operating income | -9,318,000 | -2,929,000 |
Interest expense | -23,912,000 | -22,093,000 |
Loss on extinguishment of debt | 0 | -301,000 |
Other income, net | -449,000 | 216,000 |
Earnings before income taxes | -33,679,000 | -25,107,000 |
Income tax expense | -510,000 | -50,000 |
Net Loss | -33,169,000 | -25,057,000 |
Net earnings attributable to noncontrolling interest | -294,000 | -214,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | -32,875,000 | -24,843,000 |
Less: General partner's interest in net earnings | -329,000 | -248,000 |
Common unitholders' interest in net earnings | -32,546,000 | -24,595,000 |
Basic and diluted net earnings per common unitholders' interest | ($0.40) | ($0.31) |
Cash distributions declared per common unit | $0.50 | $0.50 |
Ferrellgas Partners Finance Corp. [Member] | ' | ' |
Costs and expenses: | ' | ' |
General and administrative expense | 150 | 50 |
Net Loss | -150 | -50 |
Ferrellgas, L.P. [Member] | ' | ' |
Revenues: | ' | ' |
Propane and other gas liquids sales | 394,361,000 | 382,223,000 |
Other | 48,994,000 | 32,807,000 |
Total revenues | 443,355,000 | 415,030,000 |
Costs and expenses: | ' | ' |
Cost of product sold - propane and other gas liquids sales | 264,814,000 | 258,754,000 |
Cost of product sold - other | 23,860,000 | 13,346,000 |
Operating expense | 106,431,000 | 103,889,000 |
Depreciation and amortization expense | 23,309,000 | 20,215,000 |
General and administrative expense | 23,395,000 | 14,414,000 |
Equipment lease expense | 5,532,000 | 4,066,000 |
Non-cash employee stock ownership plan compensation charge | 4,374,000 | 3,043,000 |
Loss on disposal of assets | 961,000 | 357,000 |
Operating income | -9,321,000 | -3,054,000 |
Interest expense | -19,878,000 | -18,049,000 |
Loss on extinguishment of debt | 0 | -301,000 |
Other income, net | -449,000 | 216,000 |
Earnings before income taxes | -29,648,000 | -21,188,000 |
Income tax expense | -511,000 | -50,000 |
Net Loss | -29,137,000 | -21,138,000 |
Ferrellgas Finance Corp. [Member] | ' | ' |
Costs and expenses: | ' | ' |
General and administrative expense | 160 | 50 |
Net Loss | ($160) | ($50) |
Consolidated_Statements_Of_Ear1
Consolidated Statements Of Earnings (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Operating Expense [Member] | ' | ' |
Non-cash stock and unit-based compensation | $3.50 | $0.80 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Non-cash stock and unit-based compensation | 3.5 | 0.8 |
General And Administrative Expense [Member] | ' | ' |
Non-cash stock and unit-based compensation | 12.6 | 3.6 |
General And Administrative Expense [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Non-cash stock and unit-based compensation | $12.60 | $3.60 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Net loss | ($33,169,000) | ($25,057,000) |
Other comprehensive income (loss): | ' | ' |
Change in value of risk management derivatives | -13,897,000 | 10,604,000 |
Reclassification of derivative gains and losses to earnings | -1,128,000 | -929,000 |
Foreign currency translation adjustment | -2,000 | -121,000 |
Other comprehensive income (loss) | -15,027,000 | 9,554,000 |
Comprehensive income | -48,196,000 | -15,503,000 |
Less: Comprehensive income attributable to noncontrolling interest | -448,000 | -118,000 |
Comprehensive income attributable to Ferrellgas Partners, LP | -47,748,000 | -15,385,000 |
Ferrellgas, L.P. [Member] | ' | ' |
Net loss | -29,137,000 | -21,138,000 |
Other comprehensive income (loss): | ' | ' |
Change in value of risk management derivatives | -13,897,000 | 10,604,000 |
Reclassification of derivative gains and losses to earnings | -1,128,000 | -929,000 |
Foreign currency translation adjustment | -2,000 | -121,000 |
Other comprehensive income (loss) | -15,027,000 | 9,554,000 |
Comprehensive income | ($44,164,000) | ($11,584,000) |
Consolidated_Statements_Of_Par
Consolidated Statements Of Partners' Capital (Deficit) (USD $) | 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] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] |
Accumulated Other Comprehensive Income (Loss) | Common Unitholders [Member] | General Partner Unitholder [Member] | ||||||||
Partners' capital balance at Jul. 31, 2014 | ($111,646,000) | $6,181,000 | ($112,366,000) | $720,000 | ($57,893,000) | ($60,654,000) | $69,925,000 | $6,258,000 | $63,024,000 | $643,000 |
Partners' capital balance (in units) at Jul. 31, 2014 | ' | ' | ' | ' | 81,228,200 | 820,500 | ' | ' | ' | ' |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 20,486,000 | ' | 20,279,000 | 207,000 | 20,077,000 | 202,000 | 20,486,000 | ' | 20,279,000 | 207,000 |
Distributions | -42,200,000 | ' | -41,774,000 | -426,000 | -41,356,000 | -418,000 | -42,200,000 | ' | -41,774,000 | -426,000 |
Issuance of common units in connection with acquisitions - units | ' | ' | ' | ' | 1,483,600 | 15,000 | ' | ' | ' | ' |
Issuance of common units in connection with acquisitions - value | 42,803,000 | ' | 42,372,000 | 431,000 | 41,948,000 | 424,000 | ' | ' | ' | ' |
Contributions from partners | ' | ' | ' | ' | ' | ' | 42,655,000 | ' | 42,224,000 | 431,000 |
Net loss | -33,169,000 | ' | -32,875,000 | -294,000 | -32,546,000 | -329,000 | -29,137,000 | ' | -28,843,000 | -294,000 |
Other comprehensive income | -15,027,000 | -14,873,000 | -14,873,000 | -154,000 | ' | ' | -15,027,000 | -15,027,000 | ' | ' |
Partners' capital balance at Oct. 31, 2014 | ($138,753,000) | ($8,692,000) | ($139,237,000) | $484,000 | ($69,770,000) | ($60,775,000) | $46,702,000 | ($8,769,000) | $54,910,000 | $561,000 |
Partners' capital balance (in units) at Oct. 31, 2014 | ' | ' | ' | ' | 82,711,800 | 835,500 | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Cash flows provided by (used in) operating activities: | ' | ' |
Net loss | ($33,169,000) | ($25,057,000) |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization expense | 23,309,000 | 20,215,000 |
Non-cash employee stock ownership plan compensation charge | 4,374,000 | 3,043,000 |
Non-cash stock-based compensation charge | 16,112,000 | 4,431,000 |
Loss on disposal of assets | 961,000 | 357,000 |
Non-cash loss on extinguishment of debt | 0 | 301,000 |
Change in fair value of contingent consideration | -1,800,000 | 0 |
Provision for doubtful accounts | 967,000 | 898,000 |
Deferred tax expense | 216,000 | 275,000 |
Other | 864,000 | 1,069,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ' | ' |
Accounts and notes receivable, net of securitization | -2,873,000 | -47,333,000 |
Inventories | -31,589,000 | -23,679,000 |
Prepaid expenses and other current assets | -17,142,000 | -11,956,000 |
Accounts payable | 5,141,000 | 37,175,000 |
Accrued interest expense | 20,070,000 | 4,960,000 |
Other current liabilities | -2,068,000 | 1,022,000 |
Other assets and liabilities | -2,779,000 | -133,000 |
Net cash provided by (used in) operating activities | -19,406,000 | -34,412,000 |
Cash flows provided by (used in) investing activities: | ' | ' |
Business acquisitions, net of cash acquired | -68,655,000 | -460,000 |
Capital expenditures | -17,562,000 | -13,267,000 |
Proceeds from sale of assets | 1,417,000 | 1,317,000 |
Other | 0 | -8,000 |
Net cash used in investing activities | -84,800,000 | -12,418,000 |
Cash flows provided by (used in) financing activities: | ' | ' |
Distributions | -41,774,000 | -39,935,000 |
Proceeds from issuance of long-term debt | 83,044,000 | 12,071,000 |
Payments on long-term debt | -44,388,000 | -1,684,000 |
Net additions to (reductions in) short-term borrowings | 52,711,000 | 65,029,000 |
Net additions to collateralized short-term borrowings | 14,000,000 | 15,000,000 |
Cash paid for financing costs | -182,000 | -1,257,000 |
Proceeds from (Payments to) Noncontrolling Interests | 5,000 | -408,000 |
Proceeds from exercise of common unit options | 0 | 106,000 |
Proceeds from Issuance of Common Limited Partners Units | 41,948,000 | 0 |
Contributions from partners | 424,000 | 0 |
Net cash provided by (used in) financing activities | 105,788,000 | 48,922,000 |
Effect of exchange rate changes on cash | -2,000 | -121,000 |
Net change in cash and cash equivalents | 1,580,000 | 1,971,000 |
Cash and cash equivalents - beginning of period | 8,289,000 | 6,464,000 |
Cash and cash equivalents - end of period | 9,869,000 | 8,435,000 |
Ferrellgas Partners Finance Corp. [Member] | ' | ' |
Cash flows provided by (used in) operating activities: | ' | ' |
Net loss | -150 | -50 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ' | ' |
Net cash provided by (used in) operating activities | -150 | -50 |
Cash flows provided by (used in) financing activities: | ' | ' |
Capital contribution | 90 | 50 |
Net cash provided by (used in) financing activities | 90 | 50 |
Net change in cash | -60 | 0 |
Cash - beginning of period | 969 | 969 |
Cash - end of period | 909 | 969 |
Ferrellgas, L.P. [Member] | ' | ' |
Cash flows provided by (used in) operating activities: | ' | ' |
Net loss | -29,137,000 | -21,138,000 |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization expense | 23,309,000 | 20,215,000 |
Non-cash employee stock ownership plan compensation charge | 4,374,000 | 3,043,000 |
Non-cash stock-based compensation charge | 16,112,000 | 4,431,000 |
Loss on disposal of assets | 961,000 | 357,000 |
Non-cash loss on extinguishment of debt | 0 | 301,000 |
Change in fair value of contingent consideration | -1,800,000 | 0 |
Provision for doubtful accounts | 967,000 | 898,000 |
Deferred tax expense | 216,000 | 275,000 |
Other | 754,000 | 949,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ' | ' |
Accounts and notes receivable, net of securitization | -2,873,000 | -47,333,000 |
Inventories | -31,589,000 | -23,679,000 |
Prepaid expenses and other current assets | -17,090,000 | -11,816,000 |
Accounts payable | 5,141,000 | 37,175,000 |
Accrued interest expense | 16,146,000 | 1,035,000 |
Other current liabilities | -2,069,000 | 1,023,000 |
Other assets and liabilities | -2,778,000 | -133,000 |
Net cash provided by (used in) operating activities | -19,356,000 | -34,397,000 |
Cash flows provided by (used in) investing activities: | ' | ' |
Business acquisitions, net of cash acquired | -68,655,000 | -460,000 |
Capital expenditures | -17,562,000 | -13,267,000 |
Proceeds from sale of assets | 1,417,000 | 1,317,000 |
Other | 0 | -8,000 |
Net cash used in investing activities | -84,800,000 | -12,418,000 |
Cash flows provided by (used in) financing activities: | ' | ' |
Distributions | -42,200,000 | -40,343,000 |
Proceeds from issuance of long-term debt | 83,044,000 | 12,071,000 |
Payments on long-term debt | -44,388,000 | -1,684,000 |
Net additions to (reductions in) short-term borrowings | 52,711,000 | 65,029,000 |
Net additions to collateralized short-term borrowings | 14,000,000 | 15,000,000 |
Cash paid for financing costs | -182,000 | -1,257,000 |
Contributions from partners | 42,655,000 | 0 |
Net cash provided by (used in) financing activities | 105,640,000 | 48,816,000 |
Effect of exchange rate changes on cash | -2,000 | -121,000 |
Net change in cash and cash equivalents | 1,482,000 | 1,880,000 |
Cash and cash equivalents - beginning of period | 8,283,000 | 6,307,000 |
Cash and cash equivalents - end of period | 9,765,000 | 8,187,000 |
Ferrellgas Finance Corp. [Member] | ' | ' |
Cash flows provided by (used in) operating activities: | ' | ' |
Net loss | -160 | -50 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ' | ' |
Net cash provided by (used in) operating activities | -160 | -50 |
Cash flows provided by (used in) financing activities: | ' | ' |
Capital contribution | 50 | 50 |
Net cash provided by (used in) financing activities | 50 | 50 |
Net change in cash | -110 | 0 |
Cash - beginning of period | 1,100 | 1,100 |
Cash - end of period | $990 | $1,100 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Cash Flows Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Payments of Stock Issuance Costs | $52 | $0 |
Partnership_Organization_And_F
Partnership Organization And Formation | 3 Months Ended | |
Oct. 31, 2014 | ||
Partnership Organization And Formation | ' | |
Partnership organization and formation | ||
Ferrellgas Partners, L.P. (“Ferrellgas Partners”) is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of October 31, 2014, Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner"), a wholly-owned subsidiary of Ferrell Companies, has retained a 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. | ||
Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. | ||
Ferrellgas is engaged in the following reportable business segment activities: | ||
• | Propane and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. | |
• | Midstream operations consists of eight salt water disposal wells in the Eagle Ford shale region of south Texas. Salt water disposal wells are a critical component of the oil and natural gas well drilling industry. Oil and natural gas wells generate significant volumes of salt water that is transported by truck to our disposal wells. | |
Due to seasonality, the results of operations for the three months ended October 31, 2014 and 2013 are not necessarily indicative of the results to be expected for a full fiscal year. | ||
The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas' Annual Report on Form 10-K for fiscal 2014. | ||
Ferrellgas Partners Finance Corp. [Member] | ' | |
Partnership Organization And Formation | ' | |
Formation | ||
Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”). | ||
The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. | ||
The Finance Corp. has nominal assets, does not conduct any operations and has no employees. | ||
Ferrellgas, L.P. [Member] | ' | |
Partnership Organization And Formation | ' | |
Partnership organization and formation | ||
Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets as well as salt water disposal wells in south Texas. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P. | ||
Ferrellgas, L.P. owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas, L.P. | ||
Ferrellgas, L.P. is engaged in the following reportable business segment activities: | ||
• | Propane and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas 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 eight salt water disposal wells in the Eagle Ford shale region of south Texas. Salt water disposal wells are a critical component of the oil and natural gas well drilling industry. Oil and natural gas wells generate significant volumes of salt water that is transported by truck to our disposal wells. | |
Due to seasonality, the results of operations for the three months ended October 31, 2014 and 2013 are not necessarily indicative of the results to be expected for a full fiscal year. | ||
The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10-K for fiscal 2014. | ||
Ferrellgas Finance Corp. [Member] | ' | |
Partnership Organization And Formation | ' | |
Formation | ||
Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). | ||
The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. | ||
The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 3 Months Ended | |||||||
Oct. 31, 2014 | ||||||||
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, assumptions used to value business combinations, fair values of derivative contracts and stock based compensation calculations. | ||||||||
(2) Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the three months ended October 31, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 2,978 | $ | 15,842 | ||||
Income taxes | $ | 260 | $ | — | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Change in accruals for property, plant and equipment additions | $ | 1,857 | $ | 1,244 | ||||
Ferrellgas, L.P. [Member] | ' | |||||||
Significant Accounting Policies [Line Items] | ' | |||||||
Summary Of Significant Accounting Policies | ' | |||||||
Summary of significant accounting policies | ||||||||
(1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, valuation methods used to value intangibles and goodwill in business combinations, allowance for doubtful accounts, fair value of reporting units, fair value of derivative contracts, and stock based compensation calculations. | ||||||||
(2) Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the three months ended October 31, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 2,978 | $ | 15,842 | ||||
Income taxes | $ | 260 | $ | — | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Change in accruals for property, plant and equipment additions | $ | 1,857 | $ | 1,244 | ||||
Supplemental_Financial_Stateme
Supplemental Financial Statement Information | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Supplemental Financial Statement Information | ' | ||||||||
Supplemental financial statement information | |||||||||
Inventories consist of the following: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Propane gas and related products | $ | 151,750 | $ | 121,111 | |||||
Appliances, parts and supplies | 25,808 | 24,858 | |||||||
Inventories | $ | 177,558 | $ | 145,969 | |||||
In addition to inventories on hand, Ferrellgas enters into contracts primarily to buy propane for supply procurement purposes with terms up to 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of October 31, 2014, Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 70.6 million gallons of propane at fixed prices. | |||||||||
Other current liabilities consist of the following: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Accrued interest | $ | 32,252 | $ | 12,182 | |||||
Accrued payroll | 16,747 | 37,120 | |||||||
Customer deposits and advances | 37,671 | 25,412 | |||||||
Other | 60,979 | 50,447 | |||||||
Other current liabilities | $ | 147,649 | $ | 125,161 | |||||
Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Operating expense | $ | 45,790 | $ | 45,978 | |||||
Depreciation and amortization expense | 1,449 | 1,415 | |||||||
Equipment lease expense | 4,866 | 3,627 | |||||||
$ | 52,105 | $ | 51,020 | ||||||
Ferrellgas, L.P. [Member] | ' | ||||||||
Supplemental Financial Statement Information | ' | ||||||||
Supplemental financial statement information | |||||||||
Inventories consist of the following: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Propane gas and related products | $ | 151,750 | $ | 121,111 | |||||
Appliances, parts and supplies | 25,808 | 24,858 | |||||||
Inventories | $ | 177,558 | $ | 145,969 | |||||
In addition to inventories on hand, Ferrellgas, L.P. enters into contracts primarily to buy propane for supply procurement purposes with terms up to 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of October 31, 2014, Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 70.6 million gallons of propane at fixed prices. | |||||||||
Other current liabilities consist of the following: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Accrued interest | $ | 26,322 | $ | 10,176 | |||||
Accrued payroll | 16,747 | 37,120 | |||||||
Customer deposits and advances | 37,671 | 25,412 | |||||||
Other | 60,976 | 50,445 | |||||||
Other current liabilities | $ | 141,716 | $ | 123,153 | |||||
Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Operating expense | $ | 45,790 | $ | 45,978 | |||||
Depreciation and amortization expense | 1,449 | 1,415 | |||||||
Equipment lease expense | 4,866 | 3,627 | |||||||
$ | 52,105 | $ | 51,020 | ||||||
Accounts_And_Notes_Receivable_
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 3 Months Ended | |||||||
Oct. 31, 2014 | ||||||||
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | ' | |||||||
Accounts and notes receivable, net and accounts receivable securitization | ||||||||
Accounts and notes receivable, net consist of the following: | ||||||||
October 31, 2014 | July 31, 2014 | |||||||
Accounts receivable pledged as collateral | $ | 161,715 | $ | 159,003 | ||||
Accounts receivable | 23,853 | 24,108 | ||||||
Other | 254 | 247 | ||||||
Less: Allowance for doubtful accounts | (5,266 | ) | (4,756 | ) | ||||
Accounts and notes receivable, net | $ | 180,556 | $ | 178,602 | ||||
At October 31, 2014, $161.7 million of trade accounts receivable were pledged as collateral against $105.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2014, $159.0 million of trade accounts receivable were pledged as collateral against $91.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from the operating partnership. The operating partnership does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. | ||||||||
As of October 31, 2014, the operating partnership had received cash proceeds of $105.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2014, the operating partnership had received cash proceeds of $91.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 2.1% and 2.1% as of October 31, 2014 and July 31, 2014, respectively. | ||||||||
Ferrellgas, L.P. [Member] | ' | |||||||
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | ' | |||||||
Accounts and notes receivable, net and accounts receivable securitization | ||||||||
Accounts and notes receivable, net consist of the following: | ||||||||
October 31, 2014 | July 31, 2014 | |||||||
Accounts receivable pledged as collateral | $ | 161,715 | $ | 159,003 | ||||
Accounts receivable | 23,853 | 24,108 | ||||||
Other | 254 | 247 | ||||||
Less: Allowance for doubtful accounts | (5,266 | ) | (4,756 | ) | ||||
Accounts and notes receivable, net | $ | 180,556 | $ | 178,602 | ||||
At October 31, 2014, $161.7 million of trade accounts receivable were pledged as collateral against $105.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2014, $159.0 million of trade accounts receivable were pledged as collateral against $91.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. | ||||||||
As of October 31, 2014, Ferrellgas, L.P. had received cash proceeds of $105.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2014, Ferrellgas, L.P. had received cash proceeds of $91.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 2.1% and 2.1% as of October 31, 2014 and July 31, 2014, respectively. |
Debt
Debt | 3 Months Ended |
Oct. 31, 2014 | |
Debt | ' |
Debt | |
Short-term borrowings | |
Ferrellgas classified a portion of its secured credit facility borrowings as short-term because it was used to fund working capital needs that management had intended to pay down within the 12 month period following each balance sheet date. As of October 31, 2014 and July 31, 2014, $122.2 million and $69.5 million, respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. | |
Secured credit facility | |
As of October 31, 2014, Ferrellgas had total borrowings outstanding under its secured credit facility of $286.4 million, of which $164.2 million was classified as long-term debt. As of July 31, 2014, Ferrellgas had total borrowings outstanding under its secured credit facility of $193.3 million, of which $123.8 million was classified as long-term debt. Additionally, Ferrellgas had $252.8 million and $350.4 million of available borrowing capacity under our secured credit facility as of October 31, 2014 and July 31, 2014, respectively. | |
Borrowings outstanding at October 31, 2014 and July 31, 2014 under the secured credit facilities had weighted average interest rates of 3.0% and 3.4%, respectively. | |
The obligations under the credit facility are secured by substantially all assets of the operating partnership, the general partner and certain subsidiaries of the operating partnership but specifically excluding (a) assets that are subject to the operating partnership’s accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interest in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of the operating partnership. | |
Letters of credit outstanding at October 31, 2014 totaled $60.8 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2014 totaled $56.3 million and were used primarily to secure insurance arrangements and, to a lesser extent, commodity hedges and product purchases. At October 31, 2014, Ferrellgas had remaining letter of credit capacity of $139.2 million. At July 31, 2014, Ferrellgas had remaining letter of credit capacity of $143.7 million. | |
Ferrellgas, L.P. [Member] | ' |
Debt | ' |
Debt | |
Short-term borrowings | |
Ferrellgas, L.P. classified a portion of its secured credit facility borrowings as short-term because it was used to fund working capital needs that management had intended to pay down within the 12 month period following each balance sheet date. As of October 31, 2014 and July 31, 2014, $122.2 million and $69.5 million, respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. | |
Secured credit facility | |
As of October 31, 2014, Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $286.4 million, of which $164.2 million was classified as long-term debt. As of July 31, 2014, Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $193.3 million, of which $123.8 million was classified as long-term debt. Additionally, Ferrellgas had $252.8 million and $350.4 million of available borrowing capacity under our secured credit facility as of October 31, 2014 and July 31, 2014, respectively. | |
Borrowings outstanding at October 31, 2014 and July 31, 2014 under the secured credit facilities had weighted average interest rates of 3.0% and 3.4%, respectively. | |
The obligations under this credit facility are secured by substantially all assets of Ferrellgas, L.P., the general partner and certain subsidiaries of Ferrellgas, L.P. but specifically excluding (a) assets that are subject to Ferrellgas, L.P.’s accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interest in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of Ferrellgas, L.P. | |
Letters of credit outstanding at October 31, 2014 totaled $60.8 million and were used primarily to secure insurance arrangements and to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2014 totaled $56.3 million and were used primarily to secure insurance arrangements and to a lesser extent, commodity hedges and product purchases. At October 31, 2014, Ferrellgas, L.P. had remaining letter of credit capacity of $139.2 million. At July 31, 2014 Ferrellgas, L.P. had remaining letter of credit capacity of $143.7 million. |
Partners_Capital
Partners' Capital | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Partners' Capital | ' | ||||||||
Partners' deficit | |||||||||
Partnership distributions paid | |||||||||
Ferrellgas Partners has paid the following distributions: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Public common unitholders | $ | 27,788 | $ | 26,498 | |||||
Ferrell Companies (1) | 11,265 | 10,735 | |||||||
FCI Trading Corp. (2) | 98 | 98 | |||||||
Ferrell Propane, Inc. (3) | 26 | 26 | |||||||
James E. Ferrell (4) | 2,179 | 2,179 | |||||||
General partner | 418 | 399 | |||||||
$ | 41,774 | $ | 39,935 | ||||||
(1) Ferrell Companies is the owner of the general partner and has an approximate 27.2% direct owner of Ferrellgas Partners' common units and thus a related party. | |||||||||
(2) FCI Trading Corp. is an affiliate of the general partner and thus a related party. | |||||||||
(3) Ferrell Propane, Inc. is controlled by the general partner and thus a related party. | |||||||||
(4) James E. Ferrell is the Chairman of the Board of Directors of the general partner and a related party. | |||||||||
On November 25, 2014, Ferrellgas Partners declared a cash distribution of $0.50 per common unit for the three months ended October 31, 2014, which is expected to be paid on December 15, 2014. Included in this cash distribution are the following amounts to be paid to related parties: | |||||||||
Ferrell Companies | $ | 11,265 | |||||||
FCI Trading Corp. | 98 | ||||||||
Ferrell Propane, Inc. | 26 | ||||||||
James E. Ferrell | 2,179 | ||||||||
General partner | 418 | ||||||||
See additional discussions about transactions with related parties in Note I – Transactions with related parties. | |||||||||
Common unit issuances | |||||||||
During September 2014, in a non-brokered registered direct offering, which units are subject to certain contractual transfer restrictions, Ferrellgas issued to Ferrell Companies, Inc. and the former owners of two salt water disposal wells from C&E Production, LLC ("C&E") and its affiliates an aggregate of 1.5 million common units for an aggregate purchase price of $42.0 million. Ferrellgas used these proceeds to pay down a portion of the borrowing under the secured credit facility used to fund the C&E salt water disposal wells acquisition as well as propane and related equipment sales acquisitions completed in fiscal 2014. | |||||||||
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 months ended October 31, 2014 and 2013. | |||||||||
General partner’s commitment to maintain its capital account | |||||||||
Ferrellgas’ partnership agreements allow the general partner to have an option to maintain its effective 2% general partner interest concurrent with the issuance of other additional equity. | |||||||||
During the three months ended October 31, 2014, the general partner made cash contributions of $0.9 million and non-cash contributions of $0.4 million to Ferrellgas to maintain its effective 2% general partner interest. | |||||||||
During the three months ended October 31, 2013, the general partner made non-cash contributions of $0.2 million to Ferrellgas to maintain its effective 2% general partner interest. | |||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||
Partners' Capital | ' | ||||||||
Partners’ capital | |||||||||
Partnership distributions paid | |||||||||
Ferrellgas, L.P. has paid the following distributions: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Ferrellgas Partners | $ | 41,774 | $ | 39,935 | |||||
General partner | 426 | 408 | |||||||
$ | 42,200 | $ | 40,343 | ||||||
On November 25, 2014, Ferrellgas, L.P. declared distributions for the three months ended October 31, 2014 to Ferrellgas Partners and the general partner of $49.6 million and $0.5 million, respectively, which are expected to be paid on December 15, 2014. | |||||||||
During three months ended October 31, 2014, Ferrellgas, L.P. received cash contributions of $42.2 million from Ferrellgas Partners. The proceeds were used to reduce outstanding indebtedness under Ferrellgas, L.P.’s secured credit facility. | |||||||||
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 months ended October 31, 2014 and 2013. | |||||||||
General partner’s commitment to maintain its capital account | |||||||||
Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest concurrent with the issuance of other additional equity. | |||||||||
During the three months ended October 31, 2014, the general partner made cash contributions of $0.4 million and non-cash contributions of $0.2 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. | |||||||||
During the three months ended October 31, 2013, the general partner made 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 | 3 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair value measurements | |||||||||||||||||
Derivative financial instruments and contingent consideration | |||||||||||||||||
The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of October 31, 2014 and July 31, 2014: | |||||||||||||||||
Asset (Liability) | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||||
October 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,138 | $ | — | $ | 2,138 | |||||||||
Propane commodity derivatives | $ | — | $ | 1,278 | $ | — | $ | 1,278 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (4,847 | ) | $ | — | $ | (4,847 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (8,241 | ) | $ | — | $ | (8,241 | ) | |||||||
Contingent consideration | $ | — | $ | — | $ | (4,600 | ) | $ | (4,600 | ) | |||||||
July 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,101 | $ | — | $ | 2,101 | |||||||||
Propane commodity derivatives | $ | — | $ | 7,006 | $ | — | $ | 7,006 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (5,075 | ) | $ | — | $ | (5,075 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (83 | ) | $ | — | $ | (83 | ) | |||||||
Contingent consideration | $ | — | $ | — | $ | (6,400 | ) | $ | (6,400 | ) | |||||||
The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended October 31, 2014: | |||||||||||||||||
Contingent consideration liability | |||||||||||||||||
Balance at July 31, 2014 | $ | 6,400 | |||||||||||||||
Increase in fair value related to accretion | 200 | ||||||||||||||||
Change in fair value included in earnings | (2,000 | ) | |||||||||||||||
Balance at October 31, 2014 | $ | 4,600 | |||||||||||||||
Quantitative information about Level 3 fair value measurements | |||||||||||||||||
Fair value at October 31, 2014 | Valuation technique | Unobservable input | Range | Weighted average | |||||||||||||
Contingent consideration liability | $ | 4,600 | Discounted cash flow | A. | Weighted average cost of capital (WACC) | N/A | 20 | % | |||||||||
B. | Probability of forecast | 10% - 75% | N/A | ||||||||||||||
The valuation of the contingent consideration is based on unobservable inputs such as Ferrellgas' weighted average cost of capital and the likelihood of the acquired company meeting earnings thresholds. As of October 31, 2014, fluctuations in these inputs could have the following effect (in thousands): | |||||||||||||||||
Increase/(decrease) | |||||||||||||||||
5% increase in WACC | 5% decrease in WACC | 10% increase in best earnings forecast probability | 10% decrease in best earnings forecast probability | ||||||||||||||
Change in the fair value of contingent consideration | $ | (350 | ) | $ | 360 | $ | 1,060 | $ | (1,090 | ) | |||||||
Methodolgy | |||||||||||||||||
The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. | |||||||||||||||||
The fair value of Ferrellgas' contingent consideration for the acquisition of Sable Environmental, LLC and Sable SWD 2, LLC (collectively, "Sable") is based upon our estimate of the likelihood that the target EBITDA metric will be met and exceeded and the amount by which it could be exceeded then discounting that value at a risk- and inflation-adjusted rate. The inputs to this model are the likelihood of meeting and exceeding the target EBITDA metric and discount rate. Management and the sellers prepared an operating forecast based on Sable's operating capacities, historical performance, and projected oil and water volumes and set a target EBITDA metric. Management then assessed the likelihood of this target EBITDA metric being achieved and exceeded and assigned probabilities to various potential outcomes. To determine the appropriate discount rate, management used observable inputs such as inflation rates, short and long-term yields for U.S. government securities and our nonperformance risk. Due to the significant unobservable inputs required in this measurement, management determined that the fair value measurement of the contingent consideration liability is level 3 in the fair value hierarchy. | |||||||||||||||||
Other financial instruments | |||||||||||||||||
The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At October 31, 2014 and July 31, 2014, the estimated fair value of Ferrellgas’ long-term debt instruments was $1,462.0 million and $1,408.2 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 and contingent consideration | |||||||||||||||||
The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of October 31, 2014 and July 31, 2014: | |||||||||||||||||
Asset (Liability) | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs | Unobservable Inputs (Level 3) | Total | ||||||||||||||
(Level 2) | |||||||||||||||||
October 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,138 | $ | — | $ | 2,138 | |||||||||
Propane commodity derivatives | $ | — | $ | 1,278 | $ | — | $ | 1,278 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (4,847 | ) | $ | — | $ | (4,847 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (8,241 | ) | $ | — | $ | (8,241 | ) | |||||||
Contingent consideration | $ | — | $ | — | $ | (4,600 | ) | $ | (4,600 | ) | |||||||
July 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,101 | $ | — | $ | 2,101 | |||||||||
Propane commodity derivatives | $ | — | $ | 7,006 | $ | — | $ | 7,006 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (5,075 | ) | $ | — | $ | (5,075 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (83 | ) | $ | — | $ | (83 | ) | |||||||
Contingent consideration | $ | — | $ | — | $ | (6,400 | ) | $ | (6,400 | ) | |||||||
The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended October 31, 2014: | |||||||||||||||||
Contingent consideration liability | |||||||||||||||||
Balance at July 31, 2014 | $ | 6,400 | |||||||||||||||
Increase in fair value related to accretion | 200 | ||||||||||||||||
Change in fair value included in earnings | (2,000 | ) | |||||||||||||||
Balance at October 31, 2014 | $ | 4,600 | |||||||||||||||
Quantitative information about Level 3 fair value measurements | |||||||||||||||||
Fair value at October 31, 2014 | Valuation technique | Unobservable input | Range | Weighted average | |||||||||||||
Contingent consideration liability | $ | 4,600 | Discounted cash flow | A. | Weighted average cost of capital (WACC) | N/A | 20 | % | |||||||||
B. | Probability of forecast | 10% - 75% | N/A | ||||||||||||||
The valuation of the contingent consideration is based on unobservable inputs such as Ferrellgas' weighted average cost of capital and the likelihood of the acquired company meeting earnings thresholds. As of October 31, 2014, fluctuations in these inputs could have the following effect (in thousands): | |||||||||||||||||
Increase/(decrease) | |||||||||||||||||
5% increase in WACC | 5% decrease in WACC | 10% increase in best earnings forecast probability | 10% decrease in best earnings forecast probability | ||||||||||||||
Change in the fair value of contingent consideration | $ | (350 | ) | $ | 360 | $ | 1,060 | $ | (1,090 | ) | |||||||
Methodology | |||||||||||||||||
The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. | |||||||||||||||||
The fair value of Ferrellgas L.P.'s contingent consideration for the acquisition of Sable Environmental, LLC and Sable SWD 2, LLC (collectively, "Sable") is based upon our estimate of the likelihood that the target EBITDA metric will be met and exceeded and the amount by which it could be exceeded then discounting that value at a risk- and inflation-adjusted rate. The inputs to this model are the likelihood of meeting and exceeding the target EBITDA metric and discount rate. Management and the sellers prepared an operating forecast based on Sable's operating capacities, historical performance, and projected oil and water volumes and set a target EBITDA metric. Management then assessed the likelihood of this target EBITDA metric being achieved and exceeded and assigned probabilities to various potential outcomes. To determine the appropriate discount rate, management used observable inputs such as inflation rates, short and long-term yields for U.S. government securities and our nonperformance risk. Due to the significant unobservable inputs required in this measurement, management determined that the fair value measurement of the contingent consideration liability is level 3 in the fair value hierarchy. | |||||||||||||||||
Other financial instruments | |||||||||||||||||
The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At October 31, 2014 and July 31, 2014, the estimated fair value of Ferrellgas L.P.’s long-term debt instruments was $1,272.7 million and $1,215.3 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. | |||||||||||||||||
Ferrellgas L.P. has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 3 Months Ended | ||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||
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. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. | |||||||||||||||||||
Derivative instruments and hedging activities | |||||||||||||||||||
During the three months ended October 31, 2014 and 2013, Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. | |||||||||||||||||||
The following tables provide a summary of fair value derivatives that were designated as hedging instruments in Ferrellgas’ condensed consolidated balance sheets as of October 31, 2014 and July 31, 2014: | |||||||||||||||||||
October 31, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 1,042 | Other current liabilities | $ | 6,229 | |||||||||||||
Propane commodity derivatives | Other assets, net | 236 | Other liabilities | 2,012 | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,138 | Other current liabilities | 407 | |||||||||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 4,440 | |||||||||||||||
Total | $ | 3,416 | Total | $ | 13,088 | ||||||||||||||
July 31, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 5,301 | Other current liabilities | $ | 83 | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,705 | Other liabilities | — | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,101 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 5,075 | |||||||||||||||
Total | $ | 9,107 | Total | $ | 5,158 | ||||||||||||||
Our exchange traded propane 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 to us if mark-to-market conditions improve or will be applied against our cash settlement when the contracts are settled. The following table provides a summary of cash margin deposit balances as of October 31, 2014 and July 31, 2014: | |||||||||||||||||||
October 31, 2014 | July 31, 2014 | ||||||||||||||||||
Description | Location | Amount | Location | Amount | |||||||||||||||
Margin Deposits | Prepaid expenses and other current assets | $ | 7,831 | Prepaid expenses and other current assets | $ | 156 | |||||||||||||
Other assets, net | 3,207 | Other assets, net | 189 | ||||||||||||||||
$ | 11,038 | $ | 345 | ||||||||||||||||
The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three months ended October 31, 2014 and 2013 due to derivatives designated as fair value hedging instruments: | |||||||||||||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the three months ended October 31, | For the three months ended October 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 457 | $ | 832 | $ | (2,275 | ) | $ | (5,365 | ) | ||||||||
The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income for the three months ended October 31, 2014 and 2013 due to the effective portion of derivatives designated as cash flow hedging instruments: | |||||||||||||||||||
For the three months ended October 31, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | (12,758 | ) | Cost of product sold- propane and other gas liquids sales | $ | (1,128 | ) | ||||||||||||
Interest rate swap agreements | (1,139 | ) | Interest expense | — | |||||||||||||||
$ | (13,897 | ) | $ | (1,128 | ) | ||||||||||||||
For the three months ended October 31, 2013 | |||||||||||||||||||
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 | ||||||||||||||||
Propane commodity derivatives | $ | 11,617 | Cost of product sold- propane and other gas liquids sales | $ | 929 | ||||||||||||||
Interest rate swap agreements | (1,013 | ) | Interest expense | — | |||||||||||||||
$ | 10,604 | $ | 929 | ||||||||||||||||
The changes in derivatives included in AOCI for the three months ended October 31, 2014 and 2013 were as follows: | |||||||||||||||||||
For the three months ended October 31, | |||||||||||||||||||
Gains and losses on derivatives included in AOCI | 2014 | 2013 | |||||||||||||||||
Beginning balance | $ | 6,483 | $ | 2,066 | |||||||||||||||
Change in value of risk management commodity derivatives | (12,758 | ) | 11,617 | ||||||||||||||||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales, net | (1,128 | ) | (929 | ) | |||||||||||||||
Change in value of risk management interest rate derivatives | (1,139 | ) | (1,013 | ) | |||||||||||||||
Ending balance | $ | (8,542 | ) | $ | 11,741 | ||||||||||||||
Ferrellgas expects to reclassify net losses of approximately $5.2 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sales exception. | |||||||||||||||||||
During the three months ended October 31, 2014 and 2013, Ferrellgas had no reclassifications to earnings resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. | |||||||||||||||||||
As of October 31, 2014, Ferrellgas had financial derivative contracts covering 2.5 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, parental guarantees or cash. Although Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties, the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas would incur if these counterparties that make up the concentration failed to perform according to the terms of their contracts was $0.8 million at October 31, 2014. | |||||||||||||||||||
Ferrellgas holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon the operating partnership’s debt rating. At October 31, 2014, a downgrade in the operating partnership’s debt rating would not trigger any further reduction in credit limit. There were no derivatives with credit-risk-related contingent features in a liability position on October 31, 2014 and Ferrellgas had no collateral posted in the normal course of business related to such derivatives. | |||||||||||||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||
Derivative instruments and hedging activities | |||||||||||||||||||
Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. | |||||||||||||||||||
Derivative instruments and hedging activities | |||||||||||||||||||
During the three months ended October 31, 2014 and 2013, Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. | |||||||||||||||||||
The following tables provide a summary of the fair value derivatives that were designated as hedging instruments in Ferrellgas, L.P.’s condensed consolidated balance sheets as of October 31, 2014 and July 31, 2014: | |||||||||||||||||||
October 31, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 1,042 | Other current liabilities | $ | 6,229 | |||||||||||||
Propane commodity derivatives | Other assets, net | 236 | Other liabilities | 2,012 | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,138 | Other current liabilities | 407 | |||||||||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 4,440 | |||||||||||||||
Total | $ | 3,416 | Total | $ | 13,088 | ||||||||||||||
July 31, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 5,301 | Other current liabilities | $ | 83 | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,705 | Other liabilities | — | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,101 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 5,075 | |||||||||||||||
Total | $ | 9,107 | Total | $ | 5,158 | ||||||||||||||
Our exchange traded propane 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 to us if mark-to-market conditions improve or will be applied against our cash settlement when the contracts are settled. The following table provides a summary of cash margin deposit balances as of October 31, 2014 and July 31, 2014: | |||||||||||||||||||
October 31, 2014 | July 31, 2014 | ||||||||||||||||||
Description | Location | Amount | Location | Amount | |||||||||||||||
Margin Deposits | Prepaid expenses and other current assets | $ | 7,831 | Prepaid expenses and other current assets | $ | 156 | |||||||||||||
Other assets, net | 3,207 | Other assets, net | 189 | ||||||||||||||||
$ | 11,038 | $ | 345 | ||||||||||||||||
The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of earnings for the three months ended October 31, 2014 and 2013 due to derivatives designated as fair value hedging instruments: | |||||||||||||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the three months ended October 31, | For the three months ended October 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 457 | $ | 832 | $ | (2,275 | ) | $ | (5,365 | ) | ||||||||
The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income for the three months ended October 31, 2014 and 2013 due to the effective portion of derivatives designated as cash flow hedging instruments: | |||||||||||||||||||
For the three months ended October 31, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | (12,758 | ) | Cost of product sold- propane and other gas liquids sales | $ | 1,128 | |||||||||||||
Interest rate swap agreements | (1,139 | ) | Interest expense | — | |||||||||||||||
$ | (13,897 | ) | $ | 1,128 | |||||||||||||||
For the three months ended October 31, 2013 | |||||||||||||||||||
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 | ||||||||||||||||
Propane commodity derivatives | $ | 11,617 | Cost of product sold- propane and other gas liquids sales | $ | 929 | ||||||||||||||
Interest rate swap agreements | (1,013 | ) | Interest expense | — | |||||||||||||||
$ | 10,604 | $ | 929 | ||||||||||||||||
The changes in derivatives included in AOCI for the three months ended October 31, 2014 and 2013 were as follows: | |||||||||||||||||||
For the three months ended October 31, | |||||||||||||||||||
Gains and losses on derivatives included in AOCI | 2014 | 2013 | |||||||||||||||||
Beginning balance | $ | 6,483 | $ | 2,066 | |||||||||||||||
Change in value of risk management commodity derivatives | (12,758 | ) | 11,617 | ||||||||||||||||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales, net | (1,128 | ) | (929 | ) | |||||||||||||||
Change in value of risk management interest rate derivatives | (1,139 | ) | (1,013 | ) | |||||||||||||||
Ending balance | $ | (8,542 | ) | $ | 11,741 | ||||||||||||||
Ferrellgas, L.P. expects to reclassify net losses of approximately $5.2 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sales exception. | |||||||||||||||||||
During the three months ended October 31, 2014 and 2013, Ferrellgas, L.P. had no reclassifications to earnings resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. | |||||||||||||||||||
As of October 31, 2014, Ferrellgas, L.P. had financial derivative contracts covering 2.5 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. | |||||||||||||||||||
Derivative financial instruments credit risk | |||||||||||||||||||
Ferrellgas, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parental guarantees or cash. Although Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties, 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 if these counterparties that make up the concentration failed to perform according to the terms of their contracts was $0.8 million at October 31, 2014. | |||||||||||||||||||
Ferrellgas, L.P. holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon the Ferrellgas, L.P.’s debt rating. At October 31, 2014, a downgrade in the Ferrellgas, L.P.’s debt rating would not trigger any further reduction in credit limit. There were no derivatives with credit-risk-related contingent features in a liability position on October 31, 2014 and Ferrellgas, L.P. had no posted collateral in the normal course of business related to such derivatives. |
Transactions_With_Related_Part
Transactions With Related Parties | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Transactions With Related Parties | ' | ||||||||
Transactions with related parties | |||||||||
Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of earnings as follows: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Operating expense | $ | 51,120 | $ | 48,158 | |||||
General and administrative expense | $ | 6,597 | $ | 5,901 | |||||
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 its general partner in connection with operating Ferrellgas, L.P.’s business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of earnings as follows: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Operating expense | $ | 51,120 | $ | 48,158 | |||||
General and administrative expense | $ | 6,597 | $ | 5,901 | |||||
See additional discussions about transactions with the general partner and related parties in Note F – Partners’ capital. |
Contingencies_And_Commitments
Contingencies And Commitments | 3 Months Ended | |
Oct. 31, 2014 | ||
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. 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. | ||
The Federal Trade Commission (“FTC”) initiated an investigation into certain practices related to the filling of portable propane cylinders. On March 27, 2014, the FTC filed an administrative complaint alleging that Ferrellgas and one of its competitors colluded in 2008 to persuade a customer to accept the cylinder fill reduction from 17 pounds to 15 pounds. The complaint does not seek monetary remedies. Ferrellgas reached a settlement with the FTC during the three months ended October 31, 2014 without any financial payment; the settlement has been approved by a vote of the Commission and is in a public comment period. | ||
Ferrellgas has also been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The complaints, filed on behalf of direct and indirect customers of our tank exchange business, reference the FTC complaint mentioned above. The lawsuits allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to retailers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. The lawsuits have been consolidated by a multidistrict litigation panel. We believe we have strong defenses to the claims and intend 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 also been named as a defendant in a putative class action lawsuit filed in the United States District Court in Kansas. The complaint was the subject of a motion to dismiss which was granted, in part, in August 2011. The surviving claims allege breach of contract and breach of the implied duty of good faith and fair dealing, both of which allegedly arise from the existence of an oral contract for continuous propane service. Ferrellgas believes the claims are without merit and intends to defend them vigorously. The case has not been certified for class treatment. Ferrellgas recently prevailed on an appeal before the Tenth Circuit Court of Appeals and the appellate court ordered the trial court to determine whether the case must be arbitrated. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to this putative class action lawsuit. | ||
Ferrellgas Partners Finance Corp. [Member] | ' | |
Contingencies And Commitments | ' | |
Contingencies and commitments | ||
The Finance Corp. serves as co-issuer and co-obligor for the Partnership's $182.0 million, 8.625% senior notes due 2020. | ||
Ferrellgas, L.P. [Member] | ' | |
Contingencies And Commitments | ' | |
Contingencies and commitments | ||
Litigation | ||
Ferrellgas, L.P.’s operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane. 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. | ||
The Federal Trade Commission (“FTC”) initiated an investigation into certain practices related to the filling of portable propane cylinders. On March 27, 2014, the FTC filed an administrative complaint alleging that Ferrellgas, L.P. and one of its competitors colluded in 2008 to persuade a customer to accept the cylinder fill reduction from 17 pounds to 15 pounds. The complaint does not seek monetary remedies. Ferrellgas, L.P. reached a settlement with the FTC during the three months ended October 31, 2014 without any financial payment; the settlement has been approved by a vote of the Commission and is in a public comment period. | ||
Ferrellgas L.P. has also been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The complaints, filed on behalf of direct and indirect customers of our tank exchange business, reference the FTC complaint mentioned above. The lawsuits allege that Ferrellgas L.P. and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to retailers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. The lawsuits have been consolidated by a multidistrict litigation panel. We believe we have strong defenses to the claims and intend 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 also been named as a defendant in a putative class action lawsuit filed in the United States District Court in Kansas. The complaint was the subject of a motion to dismiss which was granted, in part, in August 2011. The surviving claims allege breach of contract and breach of the implied duty of good faith and fair dealing, both of which allegedly arise from the existence of an oral contract for continuous propane service. Ferrellgas, L.P. believes the claims are without merit and intends to defend them vigorously. The case has not been certified for class treatment. Ferrellgas, L.P. recently prevailed on an appeal before the Tenth Circuit Court of Appeals and the appellate court ordered the trial court to determine whether the case must be arbitrated. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to this putative class action lawsuit. | ||
Ferrellgas Finance Corp. [Member] | ' | |
Contingencies And Commitments | ' | |
Contingencies and commitments | ||
The Finance Corp. serves as co-issuer and co-obligor for the following debt securities of the Partnership: | ||
• | $500.0 million, 6.50% senior notes due 2021; and | |
• | $475.0 million, 6.75% senior notes due 2022. |
Net_Earnings_Loss_Per_Common_U
Net Earnings (Loss) Per Common Unitholders' Interest | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Earning Per Common Unitholders' Interest | ' | ||||||||
Net loss per common unitholders’ interest | |||||||||
Below is a calculation of the basic and diluted net loss per common unitholders’ interest in the condensed consolidated statements of earnings for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net earnings (loss) per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: | |||||||||
Ratio of total distributions payable to: | |||||||||
Quarterly distribution per common unit | Common unitholder | General partner | |||||||
$0.56 to $0.63 | 86.9 | % | 13.1 | % | |||||
$0.64 to $0.82 | 76.8 | % | 23.2 | % | |||||
$0.83 and above | 51.5 | % | 48.5 | % | |||||
There was no dilutive effect resulting from this guidance on basic and diluted net earnings per common unitholders' interest for the three months ended October 31, 2014 and 2013. | |||||||||
In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, there are no dilutive securities in periods with net losses. | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands, except per unitholders' interest amounts) | |||||||||
Common unitholders’ interest in net loss | $ | (32,546 | ) | $ | (24,595 | ) | |||
Weighted average common units outstanding - basic | 82,179.70 | 79,075.80 | |||||||
Dilutive securities | — | — | |||||||
Weighted average common units outstanding - diluted | 82,179.70 | 79,075.80 | |||||||
Basic and diluted net loss per common unitholders’ interest | $ | (0.40 | ) | $ | (0.31 | ) |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting | 3 Months Ended | |||||||||||||||||
Oct. 31, 2014 | ||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||
Segment reporting | ||||||||||||||||||
During May 2014, Ferrellgas entered into a membership interest purchase agreement to acquire all of the issued and outstanding membership interests of Sable, a fluid logistics provider in the Eagle Ford shale region of south Texas. With this acquisition Ferrellgas established a new operating and reportable segment referred to as “Midstream Operations” in addition to the existing reportable segment of propane and related equipment sales. The chief operating decision maker evaluates the operating segments using an Adjusted EBITDA performance measure which is based on net loss before income tax benefit, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, loss on disposal of assets, other income (expense), net, change in fair value of contingent consideration and litigation accrual and related legal fees associated with a class action lawsuit. This performance measure is not a GAAP measure but the components are computed using amounts that are determined in accordance with GAAP. A reconciliation of this performance measure to net loss attributable to Ferrellgas Partners L.P., which is its nearest comparable GAAP measure, is included in the tables below. In management's evaluation of performance, certain costs, such as compensation for administrative staff and executive management, are not allocated by segment and, accordingly, the following reportable segment results do not include such unallocated costs. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies in Note B. | ||||||||||||||||||
Assets reported within a segment are those assets that can be identified to a segment and primarily consist of trade receivables, property, plant and equipment, inventories, identifiable intangible assets and goodwill. Cash, certain prepaid assets and other assets are not allocated to segments. Although Ferrellgas can and does identify long-lived assets such as property, plant and equipment and identifiable intangible assets to reportable segments, Ferrellgas does not allocate the related depreciation and amortization to the segment as management evaluates segment performance exclusive of these non-cash charges. | ||||||||||||||||||
The propane and related equipment sales segment primarily includes the distribution and sale of propane and related equipment and supplies with concentrations in the Midwest, Southeast, Southwest and Northwest regions of the United States. Sales from propane distribution are generated principally from transporting propane purchased from third parties to propane distribution locations and then to tanks on customers’ premises or to portable propane tanks delivered to nationwide and local retailers. Sales from portable tank exchanges, nationally branded under the name Blue Rhino, are generated through a network of independent and partnership-owned distribution outlets. | ||||||||||||||||||
Salt water disposal wells are a critical component of the oil and natural gas well drilling industry. Oil and gas wells generate significant volumes of salt water known as “flowback” and “production” water. Flowback is a water based solution that flows back to the surface during and after the completion of the hydraulic fracturing (“fracking”) process whereby large volumes of water, sand and chemicals are injected under high pressures into rock formations to stimulate production. Flowback contains clays, chemicals, dissolved metal ions, total dissolved solids and oil/condensate. Production water is salt water from underground formations that are brought to the surface during the normal course of oil or gas production. Because this water has been in contact with hydrocarbon-bearing formations, it contains some of the chemical characteristics of the formations and the hydrocarbons. In the oil and gas fields we service, these volumes of water are transported by truck away from the fields to salt water disposal wells where it is injected into underground geologic formations using high-pressure pumps. Revenue is derived from fees charged to customers to dispose of salt water at the disposal facilities and crude oil sales from the skimming oil process. | ||||||||||||||||||
Prior to the Sable acquisition in May 2014, Ferrellgas managed and evaluated its operations as a single reportable segment. As the current two reportable segment structure is the result of the Sable acquisition completed during May 2014, comparative historical segment information for fiscal 2014 is not provided. | ||||||||||||||||||
Following is a summary of segment information for the three months ended October 31, 2014. | ||||||||||||||||||
Three months ended October 31, 2014 | ||||||||||||||||||
Propane and related equipment sales | Midstream operations | Corporate and other | Total | |||||||||||||||
Segment revenues | $ | 435,439 | $ | 7,916 | $ | — | $ | 443,355 | ||||||||||
Direct costs (1) | 393,805 | 4,733 | 10,456 | 408,994 | ||||||||||||||
Adjusted EBITDA | $ | 41,634 | $ | 3,183 | $ | (10,456 | ) | $ | 34,361 | |||||||||
(1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration" and "litigation accrual and related legal fees associated with a class action lawsuit". | ||||||||||||||||||
Following is a reconciliation of Ferrellgas total segment performance measure to consolidated net loss: | ||||||||||||||||||
Three months ended October 31, | ||||||||||||||||||
2014 | ||||||||||||||||||
Net loss attributable to Ferrellgas Partners, L.P. | $ | (32,875 | ) | |||||||||||||||
Income tax benefit | (510 | ) | ||||||||||||||||
Interest expense | 23,912 | |||||||||||||||||
Depreciation and amortization expense | 23,309 | |||||||||||||||||
EBITDA | 13,836 | |||||||||||||||||
Non-cash employee stock ownership plan compensation charge | 4,374 | |||||||||||||||||
Non-cash stock-based compensation charge | 16,112 | |||||||||||||||||
Loss on disposal of assets | 961 | |||||||||||||||||
Other expense (income), net | 449 | |||||||||||||||||
Change in fair value of contingent consideration | (1,800 | ) | ||||||||||||||||
Litigation accrual and related legal fees associated with a class action lawsuit | 723 | |||||||||||||||||
Net loss attributable to noncontrolling interest | (294 | ) | ||||||||||||||||
Adjusted EBITDA | $ | 34,361 | ||||||||||||||||
Following are total assets by segment: | ||||||||||||||||||
October 31, | July 31, | |||||||||||||||||
2014 | 2014 | |||||||||||||||||
Assets | ||||||||||||||||||
Propane and related equipment sales | $ | 1,442,779 | $ | 1,400,603 | ||||||||||||||
Midstream operations | 201,344 | 136,116 | ||||||||||||||||
Corporate and unallocated | 36,312 | 35,551 | ||||||||||||||||
Total consolidated assets | $ | 1,680,435 | $ | 1,572,270 | ||||||||||||||
Following are capital expenditures by segment: | ||||||||||||||||||
Three months ended October 31, | ||||||||||||||||||
Propane and related equipment sales | Midstream operations | Corporate and other | Total | |||||||||||||||
Maintenance | $ | 4,576 | $ | 176 | $ | 304 | $ | 5,056 | ||||||||||
Growth | 11,069 | 857 | — | 11,926 | ||||||||||||||
Total | $ | 15,645 | $ | 1,033 | $ | 304 | $ | 16,982 | ||||||||||
Ferrellgas, L.P. [Member] | ' | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||
Segment reporting | ||||||||||||||||||
During May 2014, Ferrellgas L.P. entered into a membership interest purchase agreement to acquire all of the issued and outstanding membership interests of Sable, a fluid logistics provider in the Eagle Ford shale region of south Texas. With this acquisition Ferrellgas L.P. established a new operating and reportable segment referred to as “Midstream Operations” in addition to the existing reportable segment of propane and related equipment sales. The chief operating decision maker evaluates the operating segments using an Adjusted EBITDA performance measure which is based on net loss before income tax benefit, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, non-cash stock-based compensation charge, loss on disposal of assets, other income (expense), net, change in fair value of contingent consideration and litigation accrual and related legal fees associated with a class action lawsuit. This performance measure is not a GAAP measure, however, the components are computed using amounts that are determined in accordance with GAAP. A reconciliation of this performance measure to net loss, which is its nearest comparable GAAP measure, is included in the tables below. In management's evaluation of performance, certain costs, such as compensation for administrative staff and executive management, are not allocated by segment and, accordingly, the following reportable segment results do not include such unallocated costs. The accounting policies of the operating segments are otherwise the same as those described in the summary of significant accounting policies in Note B. | ||||||||||||||||||
Assets reported within a segment are those assets that can be identified to a segment and primarily consist of trade receivables, property, plant and equipment, inventories, identifiable intangible assets and goodwill. Cash, certain prepaid assets and other assets are not allocated to segments. Although Ferrellgas L.P. can and does identify long-lived assets such as property, plant and equipment and identifiable intangible assets to reportable segments, Ferrellgas L.P. does not allocate the related depreciation and amortization to the segment as management evaluates segment performance exclusive of these non-cash charges. | ||||||||||||||||||
The propane and related equipment sales segment primarily includes the distribution and sale of propane and related equipment and supplies with concentrations in the Midwest, Southeast, Southwest and Northwest regions of the United States. Sales from propane distribution are generated principally from transporting propane purchased from third parties to propane distribution locations and then to tanks on customers’ premises or to portable propane tanks delivered to nationwide and local retailers. Sales from portable tank exchanges, nationally branded under the name Blue Rhino, are generated through a network of independent and partnership-owned distribution outlets. | ||||||||||||||||||
Salt water disposal wells are a critical component of the oil and natural gas well drilling industry. Oil and gas wells generate significant volumes of salt water known as “flowback” and “production” water. Flowback is a water based solution that flows back to the surface during and after the completion of the hydraulic fracturing (“fracking”) process whereby large volumes of water, sand and chemicals are injected under high pressures into rock formations to stimulate production. Flowback contains clays, chemicals, dissolved metal ions, total dissolved solids and oil/condensate. Production water is salt water from underground formations that are brought to the surface during the normal course of oil or gas production. Because this water has been in contact with hydrocarbon-bearing formations, it contains some of the chemical characteristics of the formations and the hydrocarbons. In the oil and gas fields we service, these volumes of water are transported by truck away from the fields to salt water disposal wells where it is injected into underground geologic formations using high-pressure pumps. Revenue is derived from fees charged to customers to dispose of salt water at the disposal facilities and crude oil sales from the skimming oil process. | ||||||||||||||||||
Prior to the Sable acquisition in May 2014, Ferrellgas managed and evaluated its operations as a single reportable segment. As the current two reportable segment structure is the result of the Sable acquisition completed during May 2014, comparative historical segment information for fiscal 2013 are not provided. | ||||||||||||||||||
Following is a summary of segment information for the three months ended October 31, 2014. | ||||||||||||||||||
Three months ended October 31, 2014 | ||||||||||||||||||
Propane and related equipment sales | Midstream operations | Corporate and other | Total | |||||||||||||||
Segment revenues | $ | 435,439 | $ | 7,916 | $ | — | $ | 443,355 | ||||||||||
Direct costs (1) | 393,808 | 4,733 | 10,456 | 408,997 | ||||||||||||||
Adjusted EBITDA | $ | 41,631 | $ | 3,183 | $ | (10,456 | ) | $ | 34,358 | |||||||||
(1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration" and "litigation accrual and related legal fees associated with a class action lawsuit". | ||||||||||||||||||
Following is a reconciliation of our total segment performance measure to consolidated net earnings: | ||||||||||||||||||
Three months ended October 31, | ||||||||||||||||||
2014 | ||||||||||||||||||
Net loss | $ | (29,137 | ) | |||||||||||||||
Income tax benefit | (511 | ) | ||||||||||||||||
Interest expense | 19,878 | |||||||||||||||||
Depreciation and amortization expense | 23,309 | |||||||||||||||||
EBITDA | 13,539 | |||||||||||||||||
Non-cash employee stock ownership plan compensation charge | 4,374 | |||||||||||||||||
Non-cash stock-based compensation charge | 16,112 | |||||||||||||||||
Loss on disposal of assets | 961 | |||||||||||||||||
Other expense (income), net | 449 | |||||||||||||||||
Change in fair value of contingent consideration | (1,800 | ) | ||||||||||||||||
Litigation accrual and related legal fees associated with a class action lawsuit | 723 | |||||||||||||||||
Adjusted EBITDA | $ | 34,358 | ||||||||||||||||
Following are total assets by segment: | ||||||||||||||||||
October 31, | July 31, | |||||||||||||||||
2014 | 2014 | |||||||||||||||||
Assets | ||||||||||||||||||
Propane and related equipment sales | $ | 1,442,779 | $ | 1,400,603 | ||||||||||||||
Midstream operations | 201,344 | 136,116 | ||||||||||||||||
Corporate and unallocated | 33,834 | 33,114 | ||||||||||||||||
Total consolidated assets | $ | 1,677,957 | $ | 1,569,833 | ||||||||||||||
Following are capital expenditures by segment: | ||||||||||||||||||
Three months ended October 31, | ||||||||||||||||||
Propane and related equipment sales | Midstream operations | Corporate and other | Total | |||||||||||||||
Maintenance | $ | 4,576 | $ | 176 | $ | 304 | $ | 5,056 | ||||||||||
Growth | 11,069 | 857 | — | 11,926 | ||||||||||||||
Total | $ | 15,645 | $ | 1,033 | $ | 304 | $ | 16,982 | ||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Oct. 31, 2014 | |
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 there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. | |
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 there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended | |||||||
Oct. 31, 2014 | ||||||||
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, assumptions used to value business combinations, fair values of derivative contracts and stock based compensation calculations. | ||||||||
Cash equivalents | ' | |||||||
Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the three months ended October 31, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 2,978 | $ | 15,842 | ||||
Income taxes | $ | 260 | $ | — | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Change in accruals for property, plant and equipment additions | $ | 1,857 | $ | 1,244 | ||||
Ferrellgas, L.P. [Member] | ' | |||||||
Significant Accounting Policies [Line Items] | ' | |||||||
Accounting estimates | ' | |||||||
Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, valuation methods used to value intangibles and goodwill in business combinations, allowance for doubtful accounts, fair value of reporting units, fair value of derivative contracts, and stock based compensation calculations. | ||||||||
Cash equivalents | ' | |||||||
Supplemental cash flow information: For purposes of the condensed consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the three months ended October 31, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 2,978 | $ | 15,842 | ||||
Income taxes | $ | 260 | $ | — | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Change in accruals for property, plant and equipment additions | $ | 1,857 | $ | 1,244 | ||||
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||
Oct. 31, 2014 | ||||||||
Certain cash flow and significant non-cash activities | ' | |||||||
Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the three months ended October 31, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 2,978 | $ | 15,842 | ||||
Income taxes | $ | 260 | $ | — | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Change in accruals for property, plant and equipment additions | $ | 1,857 | $ | 1,244 | ||||
Ferrellgas, L.P. [Member] | ' | |||||||
Certain cash flow and significant non-cash activities | ' | |||||||
Certain cash flow and significant non-cash activities are presented below: | ||||||||
For the three months ended October 31, | ||||||||
2014 | 2013 | |||||||
CASH PAID FOR: | ||||||||
Interest | $ | 2,978 | $ | 15,842 | ||||
Income taxes | $ | 260 | $ | — | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||
Change in accruals for property, plant and equipment additions | $ | 1,857 | $ | 1,244 | ||||
Supplemental_Financial_Stateme1
Supplemental Financial Statement Information (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Schedule of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Propane gas and related products | $ | 151,750 | $ | 121,111 | |||||
Appliances, parts and supplies | 25,808 | 24,858 | |||||||
Inventories | $ | 177,558 | $ | 145,969 | |||||
Other Current Liabilities | ' | ||||||||
Other current liabilities consist of the following: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Accrued interest | $ | 32,252 | $ | 12,182 | |||||
Accrued payroll | 16,747 | 37,120 | |||||||
Customer deposits and advances | 37,671 | 25,412 | |||||||
Other | 60,979 | 50,447 | |||||||
Other current liabilities | $ | 147,649 | $ | 125,161 | |||||
Shipping And Handling Expenses | ' | ||||||||
Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Operating expense | $ | 45,790 | $ | 45,978 | |||||
Depreciation and amortization expense | 1,449 | 1,415 | |||||||
Equipment lease expense | 4,866 | 3,627 | |||||||
$ | 52,105 | $ | 51,020 | ||||||
Ferrellgas, L.P. [Member] | ' | ||||||||
Schedule of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Propane gas and related products | $ | 151,750 | $ | 121,111 | |||||
Appliances, parts and supplies | 25,808 | 24,858 | |||||||
Inventories | $ | 177,558 | $ | 145,969 | |||||
Other Current Liabilities | ' | ||||||||
Other current liabilities consist of the following: | |||||||||
October 31, 2014 | July 31, 2014 | ||||||||
Accrued interest | $ | 26,322 | $ | 10,176 | |||||
Accrued payroll | 16,747 | 37,120 | |||||||
Customer deposits and advances | 37,671 | 25,412 | |||||||
Other | 60,976 | 50,445 | |||||||
Other current liabilities | $ | 141,716 | $ | 123,153 | |||||
Shipping And Handling Expenses | ' | ||||||||
Shipping and handling expenses are classified in the following condensed consolidated statements of earnings line items: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Operating expense | $ | 45,790 | $ | 45,978 | |||||
Depreciation and amortization expense | 1,449 | 1,415 | |||||||
Equipment lease expense | 4,866 | 3,627 | |||||||
$ | 52,105 | $ | 51,020 | ||||||
Accounts_And_Notes_Receivable_1
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 3 Months Ended | |||||||
Oct. 31, 2014 | ||||||||
Accounts And Notes Receivable, Net | ' | |||||||
Accounts and notes receivable, net consist of the following: | ||||||||
October 31, 2014 | July 31, 2014 | |||||||
Accounts receivable pledged as collateral | $ | 161,715 | $ | 159,003 | ||||
Accounts receivable | 23,853 | 24,108 | ||||||
Other | 254 | 247 | ||||||
Less: Allowance for doubtful accounts | (5,266 | ) | (4,756 | ) | ||||
Accounts and notes receivable, net | $ | 180,556 | $ | 178,602 | ||||
Ferrellgas, L.P. [Member] | ' | |||||||
Accounts And Notes Receivable, Net | ' | |||||||
Accounts and notes receivable, net consist of the following: | ||||||||
October 31, 2014 | July 31, 2014 | |||||||
Accounts receivable pledged as collateral | $ | 161,715 | $ | 159,003 | ||||
Accounts receivable | 23,853 | 24,108 | ||||||
Other | 254 | 247 | ||||||
Less: Allowance for doubtful accounts | (5,266 | ) | (4,756 | ) | ||||
Accounts and notes receivable, net | $ | 180,556 | $ | 178,602 | ||||
Partners_Capital_Tables
Partners' Capital (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Cash distributions | ' | ||||||||
Ferrellgas Partners has paid the following distributions: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Public common unitholders | $ | 27,788 | $ | 26,498 | |||||
Ferrell Companies (1) | 11,265 | 10,735 | |||||||
FCI Trading Corp. (2) | 98 | 98 | |||||||
Ferrell Propane, Inc. (3) | 26 | 26 | |||||||
James E. Ferrell (4) | 2,179 | 2,179 | |||||||
General partner | 418 | 399 | |||||||
$ | 41,774 | $ | 39,935 | ||||||
Ferrellgas, L.P. [Member] | ' | ||||||||
Cash distributions | ' | ||||||||
Ferrellgas, L.P. has paid the following distributions: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Ferrellgas Partners | $ | 41,774 | $ | 39,935 | |||||
General partner | 426 | 408 | |||||||
$ | 42,200 | $ | 40,343 | ||||||
Subsequent Event [Member] | ' | ||||||||
Dividends expected to be paid to related parties | ' | ||||||||
Included in this cash distribution are the following amounts to be paid to related parties: | |||||||||
Ferrell Companies | $ | 11,265 | |||||||
FCI Trading Corp. | 98 | ||||||||
Ferrell Propane, Inc. | 26 | ||||||||
James E. Ferrell | 2,179 | ||||||||
General partner | 418 | ||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||
Schedule of fair value assets and liabilities | ' | ||||||||||||||||
The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of October 31, 2014 and July 31, 2014: | |||||||||||||||||
Asset (Liability) | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | Total | ||||||||||||||
October 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,138 | $ | — | $ | 2,138 | |||||||||
Propane commodity derivatives | $ | — | $ | 1,278 | $ | — | $ | 1,278 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (4,847 | ) | $ | — | $ | (4,847 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (8,241 | ) | $ | — | $ | (8,241 | ) | |||||||
Contingent consideration | $ | — | $ | — | $ | (4,600 | ) | $ | (4,600 | ) | |||||||
July 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,101 | $ | — | $ | 2,101 | |||||||||
Propane commodity derivatives | $ | — | $ | 7,006 | $ | — | $ | 7,006 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (5,075 | ) | $ | — | $ | (5,075 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (83 | ) | $ | — | $ | (83 | ) | |||||||
Contingent consideration | $ | — | $ | — | $ | (6,400 | ) | $ | (6,400 | ) | |||||||
Level 3 fair value rollforward | ' | ||||||||||||||||
The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended October 31, 2014: | |||||||||||||||||
Contingent consideration liability | |||||||||||||||||
Balance at July 31, 2014 | $ | 6,400 | |||||||||||||||
Increase in fair value related to accretion | 200 | ||||||||||||||||
Change in fair value included in earnings | (2,000 | ) | |||||||||||||||
Balance at October 31, 2014 | $ | 4,600 | |||||||||||||||
Quantitative information of unobservable inputs | ' | ||||||||||||||||
Quantitative information about Level 3 fair value measurements | |||||||||||||||||
Fair value at October 31, 2014 | Valuation technique | Unobservable input | Range | Weighted average | |||||||||||||
Contingent consideration liability | $ | 4,600 | Discounted cash flow | A. | Weighted average cost of capital (WACC) | N/A | 20 | % | |||||||||
B. | Probability of forecast | 10% - 75% | N/A | ||||||||||||||
Sensitivity of unobservable inputs | ' | ||||||||||||||||
As of October 31, 2014, fluctuations in these inputs could have the following effect (in thousands): | |||||||||||||||||
Increase/(decrease) | |||||||||||||||||
5% increase in WACC | 5% decrease in WACC | 10% increase in best earnings forecast probability | 10% decrease in best earnings forecast probability | ||||||||||||||
Change in the fair value of contingent consideration | $ | (350 | ) | $ | 360 | $ | 1,060 | $ | (1,090 | ) | |||||||
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 October 31, 2014 and July 31, 2014: | |||||||||||||||||
Asset (Liability) | |||||||||||||||||
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs | Unobservable Inputs (Level 3) | Total | ||||||||||||||
(Level 2) | |||||||||||||||||
October 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,138 | $ | — | $ | 2,138 | |||||||||
Propane commodity derivatives | $ | — | $ | 1,278 | $ | — | $ | 1,278 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (4,847 | ) | $ | — | $ | (4,847 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (8,241 | ) | $ | — | $ | (8,241 | ) | |||||||
Contingent consideration | $ | — | $ | — | $ | (4,600 | ) | $ | (4,600 | ) | |||||||
July 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | 2,101 | $ | — | $ | 2,101 | |||||||||
Propane commodity derivatives | $ | — | $ | 7,006 | $ | — | $ | 7,006 | |||||||||
Liabilities: | |||||||||||||||||
Derivative financial instruments: | |||||||||||||||||
Interest rate swap agreements | $ | — | $ | (5,075 | ) | $ | — | $ | (5,075 | ) | |||||||
Propane commodity derivatives | $ | — | $ | (83 | ) | $ | — | $ | (83 | ) | |||||||
Contingent consideration | $ | — | $ | — | $ | (6,400 | ) | $ | (6,400 | ) | |||||||
Level 3 fair value rollforward | ' | ||||||||||||||||
The following is a reconciliation of the opening and closing balances for the liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the period ended October 31, 2014: | |||||||||||||||||
Contingent consideration liability | |||||||||||||||||
Balance at July 31, 2014 | $ | 6,400 | |||||||||||||||
Increase in fair value related to accretion | 200 | ||||||||||||||||
Change in fair value included in earnings | (2,000 | ) | |||||||||||||||
Balance at October 31, 2014 | $ | 4,600 | |||||||||||||||
Quantitative information of unobservable inputs | ' | ||||||||||||||||
Quantitative information about Level 3 fair value measurements | |||||||||||||||||
Fair value at October 31, 2014 | Valuation technique | Unobservable input | Range | Weighted average | |||||||||||||
Contingent consideration liability | $ | 4,600 | Discounted cash flow | A. | Weighted average cost of capital (WACC) | N/A | 20 | % | |||||||||
B. | Probability of forecast | 10% - 75% | N/A | ||||||||||||||
Sensitivity of unobservable inputs | ' | ||||||||||||||||
As of October 31, 2014, fluctuations in these inputs could have the following effect (in thousands): | |||||||||||||||||
Increase/(decrease) | |||||||||||||||||
5% increase in WACC | 5% decrease in WACC | 10% increase in best earnings forecast probability | 10% decrease in best earnings forecast probability | ||||||||||||||
Change in the fair value of contingent consideration | $ | (350 | ) | $ | 360 | $ | 1,060 | $ | (1,090 | ) | |||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | ||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||
Fair Value of Financial Derivatives Balance Sheet Locations | ' | ||||||||||||||||||
The following tables provide a summary of fair value derivatives that were designated as hedging instruments in Ferrellgas’ condensed consolidated balance sheets as of October 31, 2014 and July 31, 2014: | |||||||||||||||||||
October 31, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 1,042 | Other current liabilities | $ | 6,229 | |||||||||||||
Propane commodity derivatives | Other assets, net | 236 | Other liabilities | 2,012 | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,138 | Other current liabilities | 407 | |||||||||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 4,440 | |||||||||||||||
Total | $ | 3,416 | Total | $ | 13,088 | ||||||||||||||
July 31, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 5,301 | Other current liabilities | $ | 83 | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,705 | Other liabilities | — | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,101 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 5,075 | |||||||||||||||
Total | $ | 9,107 | Total | $ | 5,158 | ||||||||||||||
Schedule of Derivative Collateral [Table Text Block] | ' | ||||||||||||||||||
The following table provides a summary of cash margin deposit balances as of October 31, 2014 and July 31, 2014: | |||||||||||||||||||
October 31, 2014 | July 31, 2014 | ||||||||||||||||||
Description | Location | Amount | Location | Amount | |||||||||||||||
Margin Deposits | Prepaid expenses and other current assets | $ | 7,831 | Prepaid expenses and other current assets | $ | 156 | |||||||||||||
Other assets, net | 3,207 | Other assets, net | 189 | ||||||||||||||||
$ | 11,038 | $ | 345 | ||||||||||||||||
Fair Value Hedge Derivative Effect on Earnings | ' | ||||||||||||||||||
The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three months ended October 31, 2014 and 2013 due to derivatives designated as fair value hedging instruments: | |||||||||||||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the three months ended October 31, | For the three months ended October 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 457 | $ | 832 | $ | (2,275 | ) | $ | (5,365 | ) | ||||||||
Cash Flow Hedge Derivative Effect on Comprehensive Income | ' | ||||||||||||||||||
The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income for the three months ended October 31, 2014 and 2013 due to the effective portion of derivatives designated as cash flow hedging instruments: | |||||||||||||||||||
For the three months ended October 31, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | (12,758 | ) | Cost of product sold- propane and other gas liquids sales | $ | (1,128 | ) | ||||||||||||
Interest rate swap agreements | (1,139 | ) | Interest expense | — | |||||||||||||||
$ | (13,897 | ) | $ | (1,128 | ) | ||||||||||||||
For the three months ended October 31, 2013 | |||||||||||||||||||
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 | ||||||||||||||||
Propane commodity derivatives | $ | 11,617 | Cost of product sold- propane and other gas liquids sales | $ | 929 | ||||||||||||||
Interest rate swap agreements | (1,013 | ) | Interest expense | — | |||||||||||||||
$ | 10,604 | $ | 929 | ||||||||||||||||
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The changes in derivatives included in AOCI for the three months ended October 31, 2014 and 2013 were as follows: | |||||||||||||||||||
For the three months ended October 31, | |||||||||||||||||||
Gains and losses on derivatives included in AOCI | 2014 | 2013 | |||||||||||||||||
Beginning balance | $ | 6,483 | $ | 2,066 | |||||||||||||||
Change in value of risk management commodity derivatives | (12,758 | ) | 11,617 | ||||||||||||||||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales, net | (1,128 | ) | (929 | ) | |||||||||||||||
Change in value of risk management interest rate derivatives | (1,139 | ) | (1,013 | ) | |||||||||||||||
Ending balance | $ | (8,542 | ) | $ | 11,741 | ||||||||||||||
Ferrellgas, L.P. [Member] | ' | ||||||||||||||||||
Fair Value of Financial Derivatives Balance Sheet Locations | ' | ||||||||||||||||||
The following tables provide a summary of the fair value derivatives that were designated as hedging instruments in Ferrellgas, L.P.’s condensed consolidated balance sheets as of October 31, 2014 and July 31, 2014: | |||||||||||||||||||
October 31, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 1,042 | Other current liabilities | $ | 6,229 | |||||||||||||
Propane commodity derivatives | Other assets, net | 236 | Other liabilities | 2,012 | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,138 | Other current liabilities | 407 | |||||||||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 4,440 | |||||||||||||||
Total | $ | 3,416 | Total | $ | 13,088 | ||||||||||||||
July 31, 2014 | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | |||||||||||||||
Propane commodity derivatives | Prepaid expenses and other current assets | $ | 5,301 | Other current liabilities | $ | 83 | |||||||||||||
Propane commodity derivatives | Other assets, net | 1,705 | Other liabilities | — | |||||||||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 2,101 | Other current liabilities | — | |||||||||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 5,075 | |||||||||||||||
Total | $ | 9,107 | Total | $ | 5,158 | ||||||||||||||
Schedule of Derivative Collateral [Table Text Block] | ' | ||||||||||||||||||
The following table provides a summary of cash margin deposit balances as of October 31, 2014 and July 31, 2014: | |||||||||||||||||||
October 31, 2014 | July 31, 2014 | ||||||||||||||||||
Description | Location | Amount | Location | Amount | |||||||||||||||
Margin Deposits | Prepaid expenses and other current assets | $ | 7,831 | Prepaid expenses and other current assets | $ | 156 | |||||||||||||
Other assets, net | 3,207 | Other assets, net | 189 | ||||||||||||||||
$ | 11,038 | $ | 345 | ||||||||||||||||
Fair Value Hedge Derivative Effect on Earnings | ' | ||||||||||||||||||
The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of earnings for the three months ended October 31, 2014 and 2013 due to derivatives designated as fair value hedging instruments: | |||||||||||||||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item) | ||||||||||||||||||
Derivative Instrument | Location of Gain Recognized on Derivative | For the three months ended October 31, | For the three months ended October 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Interest rate swap agreements | Interest expense | $ | 457 | $ | 832 | $ | (2,275 | ) | $ | (5,365 | ) | ||||||||
Cash Flow Hedge Derivative Effect on Comprehensive Income | ' | ||||||||||||||||||
The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income for the three months ended October 31, 2014 and 2013 due to the effective portion of derivatives designated as cash flow hedging instruments: | |||||||||||||||||||
For the three months ended October 31, 2014 | |||||||||||||||||||
Derivative Instrument | Amount of Gain (Loss) Recognized in AOCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||
Propane commodity derivatives | $ | (12,758 | ) | Cost of product sold- propane and other gas liquids sales | $ | 1,128 | |||||||||||||
Interest rate swap agreements | (1,139 | ) | Interest expense | — | |||||||||||||||
$ | (13,897 | ) | $ | 1,128 | |||||||||||||||
For the three months ended October 31, 2013 | |||||||||||||||||||
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 | ||||||||||||||||
Propane commodity derivatives | $ | 11,617 | Cost of product sold- propane and other gas liquids sales | $ | 929 | ||||||||||||||
Interest rate swap agreements | (1,013 | ) | Interest expense | — | |||||||||||||||
$ | 10,604 | $ | 929 | ||||||||||||||||
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | ' | ||||||||||||||||||
The changes in derivatives included in AOCI for the three months ended October 31, 2014 and 2013 were as follows: | |||||||||||||||||||
For the three months ended October 31, | |||||||||||||||||||
Gains and losses on derivatives included in AOCI | 2014 | 2013 | |||||||||||||||||
Beginning balance | $ | 6,483 | $ | 2,066 | |||||||||||||||
Change in value of risk management commodity derivatives | (12,758 | ) | 11,617 | ||||||||||||||||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales, net | (1,128 | ) | (929 | ) | |||||||||||||||
Change in value of risk management interest rate derivatives | (1,139 | ) | (1,013 | ) | |||||||||||||||
Ending balance | $ | (8,542 | ) | $ | 11,741 | ||||||||||||||
Transactions_With_Related_Part1
Transactions With Related Parties (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Schedule of Transactions With Related Parties | ' | ||||||||
These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of earnings as follows: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Operating expense | $ | 51,120 | $ | 48,158 | |||||
General and administrative expense | $ | 6,597 | $ | 5,901 | |||||
Ferrellgas, L.P. [Member] | ' | ||||||||
Schedule of Transactions With Related Parties | ' | ||||||||
These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of earnings as follows: | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
Operating expense | $ | 51,120 | $ | 48,158 | |||||
General and administrative expense | $ | 6,597 | $ | 5,901 | |||||
Net_Earnings_Loss_Per_Common_U1
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 3 Months Ended | ||||||||
Oct. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Distribution Allocation | ' | ||||||||
In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: | |||||||||
Ratio of total distributions payable to: | |||||||||
Quarterly distribution per common unit | Common unitholder | General partner | |||||||
$0.56 to $0.63 | 86.9 | % | 13.1 | % | |||||
$0.64 to $0.82 | 76.8 | % | 23.2 | % | |||||
$0.83 and above | 51.5 | % | 48.5 | % | |||||
Schedule of Earnings Per Share | ' | ||||||||
Additionally, there are no dilutive securities in periods with net losses. | |||||||||
For the three months ended October 31, | |||||||||
2014 | 2013 | ||||||||
(in thousands, except per unitholders' interest amounts) | |||||||||
Common unitholders’ interest in net loss | $ | (32,546 | ) | $ | (24,595 | ) | |||
Weighted average common units outstanding - basic | 82,179.70 | 79,075.80 | |||||||
Dilutive securities | — | — | |||||||
Weighted average common units outstanding - diluted | 82,179.70 | 79,075.80 | |||||||
Basic and diluted net loss per common unitholders’ interest | $ | (0.40 | ) | $ | (0.31 | ) |
Segment_Reporting_Segment_Repo1
Segment Reporting Segment Reporting (Tables) | 3 Months Ended | |||||||||||||||||
Oct. 31, 2014 | ||||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||||
Following is a reconciliation of Ferrellgas total segment performance measure to consolidated net loss: | ||||||||||||||||||
Three months ended October 31, | ||||||||||||||||||
2014 | ||||||||||||||||||
Net loss attributable to Ferrellgas Partners, L.P. | $ | (32,875 | ) | |||||||||||||||
Income tax benefit | (510 | ) | ||||||||||||||||
Interest expense | 23,912 | |||||||||||||||||
Depreciation and amortization expense | 23,309 | |||||||||||||||||
EBITDA | 13,836 | |||||||||||||||||
Non-cash employee stock ownership plan compensation charge | 4,374 | |||||||||||||||||
Non-cash stock-based compensation charge | 16,112 | |||||||||||||||||
Loss on disposal of assets | 961 | |||||||||||||||||
Other expense (income), net | 449 | |||||||||||||||||
Change in fair value of contingent consideration | (1,800 | ) | ||||||||||||||||
Litigation accrual and related legal fees associated with a class action lawsuit | 723 | |||||||||||||||||
Net loss attributable to noncontrolling interest | (294 | ) | ||||||||||||||||
Adjusted EBITDA | $ | 34,361 | ||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||||
Following are total assets by segment: | ||||||||||||||||||
October 31, | July 31, | |||||||||||||||||
2014 | 2014 | |||||||||||||||||
Assets | ||||||||||||||||||
Propane and related equipment sales | $ | 1,442,779 | $ | 1,400,603 | ||||||||||||||
Midstream operations | 201,344 | 136,116 | ||||||||||||||||
Corporate and unallocated | 36,312 | 35,551 | ||||||||||||||||
Total consolidated assets | $ | 1,680,435 | $ | 1,572,270 | ||||||||||||||
Profit Measure [Member] | ' | |||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||
Following is a summary of segment information for the three months ended October 31, 2014. | ||||||||||||||||||
Three months ended October 31, 2014 | ||||||||||||||||||
Propane and related equipment sales | Midstream operations | Corporate and other | Total | |||||||||||||||
Segment revenues | $ | 435,439 | $ | 7,916 | $ | — | $ | 443,355 | ||||||||||
Direct costs (1) | 393,805 | 4,733 | 10,456 | 408,994 | ||||||||||||||
Adjusted EBITDA | $ | 41,634 | $ | 3,183 | $ | (10,456 | ) | $ | 34,361 | |||||||||
(1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration" and "litigation accrual and related legal fees associated with a class action lawsuit". | ||||||||||||||||||
Capital Expenditures [Member] | ' | |||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||
Following are capital expenditures by segment: | ||||||||||||||||||
Three months ended October 31, | ||||||||||||||||||
Propane and related equipment sales | Midstream operations | Corporate and other | Total | |||||||||||||||
Maintenance | $ | 4,576 | $ | 176 | $ | 304 | $ | 5,056 | ||||||||||
Growth | 11,069 | 857 | — | 11,926 | ||||||||||||||
Total | $ | 15,645 | $ | 1,033 | $ | 304 | $ | 16,982 | ||||||||||
Ferrellgas, L.P. [Member] | ' | |||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | ' | |||||||||||||||||
Following is a reconciliation of our total segment performance measure to consolidated net earnings: | ||||||||||||||||||
Three months ended October 31, | ||||||||||||||||||
2014 | ||||||||||||||||||
Net loss | $ | (29,137 | ) | |||||||||||||||
Income tax benefit | (511 | ) | ||||||||||||||||
Interest expense | 19,878 | |||||||||||||||||
Depreciation and amortization expense | 23,309 | |||||||||||||||||
EBITDA | 13,539 | |||||||||||||||||
Non-cash employee stock ownership plan compensation charge | 4,374 | |||||||||||||||||
Non-cash stock-based compensation charge | 16,112 | |||||||||||||||||
Loss on disposal of assets | 961 | |||||||||||||||||
Other expense (income), net | 449 | |||||||||||||||||
Change in fair value of contingent consideration | (1,800 | ) | ||||||||||||||||
Litigation accrual and related legal fees associated with a class action lawsuit | 723 | |||||||||||||||||
Adjusted EBITDA | $ | 34,358 | ||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | ' | |||||||||||||||||
Following are total assets by segment: | ||||||||||||||||||
October 31, | July 31, | |||||||||||||||||
2014 | 2014 | |||||||||||||||||
Assets | ||||||||||||||||||
Propane and related equipment sales | $ | 1,442,779 | $ | 1,400,603 | ||||||||||||||
Midstream operations | 201,344 | 136,116 | ||||||||||||||||
Corporate and unallocated | 33,834 | 33,114 | ||||||||||||||||
Total consolidated assets | $ | 1,677,957 | $ | 1,569,833 | ||||||||||||||
Ferrellgas, L.P. [Member] | Profit Measure [Member] | ' | |||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||
Following is a summary of segment information for the three months ended October 31, 2014. | ||||||||||||||||||
Three months ended October 31, 2014 | ||||||||||||||||||
Propane and related equipment sales | Midstream operations | Corporate and other | Total | |||||||||||||||
Segment revenues | $ | 435,439 | $ | 7,916 | $ | — | $ | 443,355 | ||||||||||
Direct costs (1) | 393,808 | 4,733 | 10,456 | 408,997 | ||||||||||||||
Adjusted EBITDA | $ | 41,631 | $ | 3,183 | $ | (10,456 | ) | $ | 34,358 | |||||||||
(1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration" and "litigation accrual and related legal fees associated with a class action lawsuit". | ||||||||||||||||||
Ferrellgas, L.P. [Member] | Capital Expenditures [Member] | ' | |||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||
Following are capital expenditures by segment: | ||||||||||||||||||
Three months ended October 31, | ||||||||||||||||||
Propane and related equipment sales | Midstream operations | Corporate and other | Total | |||||||||||||||
Maintenance | $ | 4,576 | $ | 176 | $ | 304 | $ | 5,056 | ||||||||||
Growth | 11,069 | 857 | — | 11,926 | ||||||||||||||
Total | $ | 15,645 | $ | 1,033 | $ | 304 | $ | 16,982 | ||||||||||
Partnership_Organization_And_F1
Partnership Organization And Formation (Details) | 3 Months Ended | |
Oct. 31, 2014 | Jul. 31, 2014 | |
employee | ||
Limited partner interest | 99.00% | ' |
General partner ownership interest | 1.00% | ' |
Number of entity subsidiaries | 2 | ' |
Equity interest in subsidiary | 100.00% | ' |
Number of states in which entity operates | 50 | ' |
Number of employees | 0 | ' |
Ferrellgas Partners Finance Corp. [Member] | ' | ' |
Common stock shares outstanding | 1,000 | 1,000 |
Corporation formation date | 28-Mar-96 | ' |
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 | 1,000 | 1,000 |
Corporation formation date | 16-Jan-03 | ' |
Number of employees | 0 | ' |
Ferrell Companies [Member] | ' | ' |
Common stock shares outstanding | 22,800,000 | ' |
Operating Partnership [Member] | ' | ' |
General partner ownership interest | 1.00% | ' |
Ferrellgas [Member] | ' | ' |
General partner ownership interest | 2.00% | ' |
Midstream Operations [Member] | ' | ' |
Number of salt water wells | 8 | ' |
Midstream Operations [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Number of salt water wells | 8 | ' |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Significant Cash And Non-Cash Activities) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Cash Paid For [Abstract] | ' | ' |
Interest | $2,978 | $15,842 |
Income taxes | 260 | 0 |
Non-Cash Investing Activities [Abstract] | ' | ' |
Issuance of common units in connection with acquisitions | 42,803 | ' |
Change in accruals for property, plant and equipment additions | 1,857 | 1,244 |
Ferrellgas, L.P. [Member] | ' | ' |
Cash Paid For [Abstract] | ' | ' |
Interest | 2,978 | 15,842 |
Income taxes | 260 | 0 |
Non-Cash Investing Activities [Abstract] | ' | ' |
Change in accruals for property, plant and equipment additions | 1,857 | 1,244 |
Common Unitholders [Member] | ' | ' |
Non-Cash Investing Activities [Abstract] | ' | ' |
Issuance of common units in connection with acquisitions | $41,948 | ' |
Supplemental_Financial_Stateme2
Supplemental Financial Statement Information (Narrative) (Details) | 3 Months Ended |
Oct. 31, 2014 | |
gal | |
Maximum term of supply procurement contracts | '36 months |
Net procurement of fixed priced propane in gallons | 70,600,000 |
Ferrellgas, L.P. [Member] | ' |
Maximum term of supply procurement contracts | '36 months |
Net procurement of fixed priced propane in gallons | 70,600,000 |
Supplemental_Financial_Stateme3
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Propane gas and related products | $151,750 | $121,111 |
Appliances, parts and supplies | 25,808 | 24,858 |
Inventories | 177,558 | 145,969 |
Ferrellgas, L.P. [Member] | ' | ' |
Propane gas and related products | 151,750 | 121,111 |
Appliances, parts and supplies | 25,808 | 24,858 |
Inventories | $177,558 | $145,969 |
Supplemental_Financial_Stateme4
Supplemental Financial Statement Information (Other Current Liabilities) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued interest | $32,252 | $12,182 |
Accrued payroll | 16,747 | 37,120 |
Customer deposits and advances | 37,671 | 25,412 |
Other | 60,979 | 50,447 |
Other current liabilities | 147,649 | 125,161 |
Ferrellgas, L.P. [Member] | ' | ' |
Accrued interest | 26,322 | 10,176 |
Accrued payroll | 16,747 | 37,120 |
Customer deposits and advances | 37,671 | 25,412 |
Other | 60,976 | 50,445 |
Other current liabilities | $141,716 | $123,153 |
Supplemental_Financial_Stateme5
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Shipping and handling expenses | $52,105 | $51,020 |
Ferrellgas, L.P. [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Shipping and handling expenses | 52,105 | 51,020 |
Operating Expense [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Shipping and handling expenses | 45,790 | 45,978 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Shipping and handling expenses | 45,790 | 45,978 |
Depreciation And Amortization Expense [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Shipping and handling expenses | 1,449 | 1,415 |
Depreciation And Amortization Expense [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Shipping and handling expenses | 1,449 | 1,415 |
Equipment Lease Expense [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Shipping and handling expenses | 4,866 | 3,627 |
Equipment Lease Expense [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Shipping and handling expenses | $4,866 | $3,627 |
Accounts_And_Notes_Receivable_2
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2014 | Jul. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable pledged as collateral | $161,715,000 | $159,003,000 |
Ferrellgas, L.P. [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable pledged as collateral | 161,715,000 | 159,003,000 |
Accounts Receivable Securitization [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable pledged as collateral | 161,700,000 | 159,000,000 |
Collateralized notes payable | 105,000,000 | 91,000,000 |
Proceeds from accounts receivable securitization | 105,000,000 | 91,000,000 |
Available proceeds from additional trade accounts receivable | 0 | 0 |
Weighted average interest rate on borrowings under accounts receivable securitization | 2.10% | 2.10% |
Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable pledged as collateral | 161,700,000 | 159,000,000 |
Collateralized notes payable | 105,000,000 | 91,000,000 |
Proceeds from accounts receivable securitization | 105,000,000 | 91,000,000 |
Available proceeds from additional trade accounts receivable | $0 | $0 |
Weighted average interest rate on borrowings under accounts receivable securitization | 2.10% | 2.10% |
Accounts_And_Notes_Receivable_3
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts receivable pledged as collateral | $161,715 | $159,003 |
Accounts receivable | 23,853 | 24,108 |
Other | 254 | 247 |
Less: Allowance for doubtful accounts | -5,266 | -4,756 |
Accounts and notes receivable, net | 180,556 | 178,602 |
Ferrellgas, L.P. [Member] | ' | ' |
Accounts receivable pledged as collateral | 161,715 | 159,003 |
Accounts receivable | 23,853 | 24,108 |
Other | 254 | 247 |
Less: Allowance for doubtful accounts | -5,266 | -4,756 |
Accounts and notes receivable, net | $180,556 | $178,602 |
Debt_ShortTerm_Borrowings_Narr
Debt (Short-Term Borrowings Narrative) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Short-term borrowings | $122,230 | $69,519 |
Ferrellgas, L.P. [Member] | ' | ' |
Short-term borrowings | $122,230 | $69,519 |
Debt_Debt_Components_of_LongTe
Debt Debt (Components of Long-Term Debt) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Long-term debt | $1,332,089 | $1,292,214 |
Short-term borrowings | 122,230 | 69,519 |
Ferrellgas, L.P. [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Long-term debt | 1,150,089 | 1,110,214 |
Short-term borrowings | $122,230 | $69,519 |
Secured Credit Facility [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Debt weighted average interest rate | 3.00% | 3.40% |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Schedule of Capitalization, Long-term Debt [Line Items] | ' | ' |
Debt weighted average interest rate | 3.00% | 3.40% |
Debt_Senior_Notes_Narrative_De
Debt (Senior Notes Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Interest payments | $2,978 | $15,842 |
Ferrellgas, L.P. [Member] | ' | ' |
Interest payments | $2,978 | $15,842 |
Debt_Secured_Credit_Facility_N
Debt (Secured Credit Facility Narrative) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Letters of credit outstanding | $60.80 | $56.30 | ' |
Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Letters of credit outstanding | 60.8 | 56.3 | ' |
Secured Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total credit faciltiy borrowings outstanding | 286.4 | 193.3 | ' |
Amount of credit facility borrowings classified as long-term debt | 164.2 | 123.8 | ' |
Available borrowing capacity | 252.8 | ' | 350.4 |
Weighted average interest rate on credit facility borrowings | 3.00% | 3.40% | ' |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total credit faciltiy borrowings outstanding | 286.4 | 193.3 | ' |
Amount of credit facility borrowings classified as long-term debt | 164.2 | 123.8 | ' |
Available borrowing capacity | 252.8 | ' | 350.4 |
Weighted average interest rate on credit facility borrowings | 3.00% | 3.40% | ' |
Letter Of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Available borrowing capacity | 139.2 | 143.7 | ' |
Letter Of Credit [Member] | Ferrellgas, L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Available borrowing capacity | $139.20 | $143.70 | ' |
Partners_Capital_Narrative_Det
Partners' Capital (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||||||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Dec. 15, 2014 | Nov. 25, 2014 | Dec. 15, 2014 | Nov. 25, 2014 | Dec. 15, 2014 | Dec. 15, 2014 | Dec. 15, 2014 |
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas Partners [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas Partners [Member] | General Partner [Member] | General Partner [Member] | |||||||||
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | |||||||||||||||
Capital Unit [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited partner ownership interest | 27.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash distribution declaration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25-Nov-14 | ' | 25-Nov-14 | ' | ' | ' |
Cash distributions declared per common unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' |
Cash distributions to related parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $49,600,000 | $418,000 | $500,000 |
Cash distributions payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Dec-14 | ' | 15-Dec-14 | ' | ' | ' | ' |
General partner ownership interest | 1.00% | ' | 1.00% | ' | ' | 2.00% | ' | 1.01% | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions from partners | 424,000 | 0 | 42,655,000 | 0 | 42,200,000 | 900,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash contributions | ' | ' | ' | ' | ' | 400,000 | 200,000 | 200,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Treasury Stock Reissued | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Other | $42,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners_Capital_Distributions
Partners' Capital (Distributions Paid) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Limited Partners' Capital Account [Line Items] | ' | ' |
Distributions | $41,774 | $39,935 |
Ferrellgas, L.P. [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Distributions | 42,200 | 40,343 |
Public Common Unitholders [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Distributions | 27,788 | 26,498 |
Ferrell Companies [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Distributions | 11,265 | 10,735 |
FCI Trading Corp. [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Distributions | 98 | 98 |
Ferrell Propane, Inc. [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Distributions | 26 | 26 |
James E. Ferrell [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Distributions | 2,179 | 2,179 |
General Partner [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Distributions | 418 | 399 |
General Partner [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Distributions | 426 | 408 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Distributions | $41,774 | $39,935 |
Partners_Capital_Distributions1
Partners' Capital (Distributions Expected To Be Paid To Related Parties) (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Dec. 15, 2014 |
Ferrell Companies [Member] | ' |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | ' |
Cash distributions to related parties | $11,265 |
FCI Trading Corp. [Member] | ' |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | ' |
Cash distributions to related parties | 98 |
Ferrell Propane, Inc. [Member] | ' |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | ' |
Cash distributions to related parties | 26 |
James E. Ferrell [Member] | ' |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | ' |
Cash distributions to related parties | 2,179 |
General Partner [Member] | ' |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | ' |
Cash distributions to related parties | $418 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements (Narrative) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Millions, unless otherwise specified | ||
Long-term Debt, Fair Value | $1,462 | $1,408.20 |
Ferrellgas, L.P. [Member] | ' | ' |
Long-term Debt, Fair Value | $1,272.70 | $1,215.30 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Interest rate swap assets | $2,138 | $2,101 |
Propane commodity derivative assets | 1,278 | 7,006 |
Interest rate swap liabilities | -4,847 | -5,075 |
Propane commodity derivative liabilities | -8,241 | -83 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -4,600 | -6,400 |
Ferrellgas, L.P. [Member] | ' | ' |
Interest rate swap assets | 2,138 | 2,101 |
Propane commodity derivative assets | 1,278 | 7,006 |
Interest rate swap liabilities | -4,847 | -5,075 |
Propane commodity derivative liabilities | -8,241 | -83 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -4,600 | -6,400 |
Level 1 [Member] | ' | ' |
Interest rate swap assets | ' | ' |
Propane commodity derivative assets | ' | ' |
Interest rate swap liabilities | ' | ' |
Propane commodity derivative liabilities | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 |
Level 1 [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Interest rate swap assets | ' | ' |
Propane commodity derivative assets | ' | ' |
Interest rate swap liabilities | ' | ' |
Propane commodity derivative liabilities | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 |
Level 2 [Member] | ' | ' |
Interest rate swap assets | 2,138 | 2,101 |
Propane commodity derivative assets | 1,278 | 7,006 |
Interest rate swap liabilities | -4,847 | -5,075 |
Propane commodity derivative liabilities | -8,241 | -83 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 |
Level 2 [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Interest rate swap assets | 2,138 | 2,101 |
Propane commodity derivative assets | 1,278 | 7,006 |
Interest rate swap liabilities | -4,847 | -5,075 |
Propane commodity derivative liabilities | -8,241 | -83 |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | 0 | 0 |
Level 3 [Member] | ' | ' |
Interest rate swap assets | ' | ' |
Propane commodity derivative assets | ' | ' |
Interest rate swap liabilities | ' | ' |
Propane commodity derivative liabilities | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | -4,600 | -6,400 |
Level 3 [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Interest rate swap assets | ' | ' |
Propane commodity derivative assets | ' | ' |
Interest rate swap liabilities | ' | ' |
Propane commodity derivative liabilities | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | ($4,600) | ($6,400) |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Measurements (Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2014 |
In Thousands, unless otherwise specified | Accretion [Member] | Fair Value Change due to Unobservable Inputs [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | ||
Accretion [Member] | Fair Value Change due to Unobservable Inputs [Member] | |||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $4,600 | $6,400 | ' | ' | $4,600 | $6,400 | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | ' | ' | ($200) | $2,000 | ' | ' | $200 | ($2,000) |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Jul. 31, 2014 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $4,600 | $6,400 |
Fair Value Measurements, Valuation Techniques | 'Discounted cash flow | ' |
Weighted Average of Unobservable Input | 20.00% | ' |
Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range of Unobservable Inputs | 10.00% | ' |
Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range of Unobservable Inputs | 75.00% | ' |
Ferrellgas, L.P. [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | $4,600 | $6,400 |
Fair Value Measurements, Valuation Techniques | 'Discounted cash flow | ' |
Weighted Average of Unobservable Input | 20.00% | ' |
Ferrellgas, L.P. [Member] | Minimum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range of Unobservable Inputs | 10.00% | ' |
Ferrellgas, L.P. [Member] | Maximum [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Range of Unobservable Inputs | 75.00% | ' |
Fair_Value_Measurements_Fair_V3
Fair Value Measurements Fair Value Measurements (Sensitivity of Unobservable Inputs) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2014 |
5% increase, WACC [Member] | ' |
Sensitivity of Unobservable Inputs [Line Items] | ' |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | ($350) |
5% decrease, WACC [Member] | ' |
Sensitivity of Unobservable Inputs [Line Items] | ' |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 360 |
10% increase, earnings forecast [Member] | ' |
Sensitivity of Unobservable Inputs [Line Items] | ' |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 1,060 |
10% decrease, earnings forecast [Member] | ' |
Sensitivity of Unobservable Inputs [Line Items] | ' |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | -1,090 |
Ferrellgas, L.P. [Member] | 5% increase, WACC [Member] | ' |
Sensitivity of Unobservable Inputs [Line Items] | ' |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | -350 |
Ferrellgas, L.P. [Member] | 5% decrease, WACC [Member] | ' |
Sensitivity of Unobservable Inputs [Line Items] | ' |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 360 |
Ferrellgas, L.P. [Member] | 10% increase, earnings forecast [Member] | ' |
Sensitivity of Unobservable Inputs [Line Items] | ' |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 1,060 |
Ferrellgas, L.P. [Member] | 10% decrease, earnings forecast [Member] | ' |
Sensitivity of Unobservable Inputs [Line Items] | ' |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | ($1,090) |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
MMBbls | ||
Reclassification of net gain to earnings during next 12 months | $5,200,000 | ' |
Number of barrels of propane covered by cash flow hedges | 2,500,000 | ' |
Derivative amount of credit risk | 800,000 | ' |
Derivative net liability position aggregate fair value | 0 | ' |
Collateral already posted | 0 | ' |
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 |
Components of financial derivative contract gains or losses excluded from the assessment of hedge effectiveness | 0 | 0 |
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | 0 | 0 |
Ferrellgas, L.P. [Member] | ' | ' |
Reclassification of net gain to earnings during next 12 months | 5,200,000 | ' |
Number of barrels of propane covered by cash flow hedges | 2,500,000 | ' |
Derivative amount of credit risk | 800,000 | ' |
Derivative net liability position aggregate fair value | 0 | ' |
Collateral already posted | 0 | ' |
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 |
Components of financial derivative contract gains or losses excluded from the assessment of hedge effectiveness | 0 | 0 |
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | $0 | $0 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Fair Value of Financial Derivatives Balance Sheet Locations) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | $1,278 | $7,006 |
Interest rate swap assets | 2,138 | 2,101 |
Derivative assets, fair value | 3,416 | 9,107 |
Propane commodity derivative liabilities | 8,241 | 83 |
Interest rate swap liabilities | 4,847 | 5,075 |
Derivative liabilities, fair value | 13,088 | 5,158 |
Ferrellgas, L.P. [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | 1,278 | 7,006 |
Interest rate swap assets | 2,138 | 2,101 |
Derivative assets, fair value | 3,416 | 9,107 |
Propane commodity derivative liabilities | 8,241 | 83 |
Interest rate swap liabilities | 4,847 | 5,075 |
Derivative liabilities, fair value | 13,088 | 5,158 |
Prepaid Expenses and Other Current Assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | 1,042 | 5,301 |
Interest rate swap assets | 2,138 | 2,101 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | 1,042 | 5,301 |
Interest rate swap assets | 2,138 | 2,101 |
Other assets, net [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | 236 | 1,705 |
Interest rate swap assets | 0 | 0 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative assets | 236 | 1,705 |
Interest rate swap assets | 0 | 0 |
Other Current Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative liabilities | 6,229 | 83 |
Interest rate swap liabilities | 407 | 0 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative liabilities | 6,229 | 83 |
Interest rate swap liabilities | 407 | 0 |
Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative liabilities | 2,012 | 0 |
Interest rate swap liabilities | 4,440 | 5,075 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Propane commodity derivative liabilities | 2,012 | 0 |
Interest rate swap liabilities | $4,440 | $5,075 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Schedule of Derivative Collateral) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivative Asset, Fair Value of Collateral | $11,038 | $345 |
Ferrellgas, L.P. [Member] | ' | ' |
Derivative Asset, Fair Value of Collateral | 11,038 | 345 |
Other assets, net [Member] | ' | ' |
Derivative Asset, Fair Value of Collateral | 3,207 | 189 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Derivative Asset, Fair Value of Collateral | 3,207 | 189 |
Prepaid Expenses and Other Current Assets [Member] | ' | ' |
Derivative Asset, Fair Value of Collateral | 7,831 | 156 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Derivative Asset, Fair Value of Collateral | $7,831 | $156 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Fair Value Hedge Derivative Effect on Earnings) (Details) (Interest Rate Swap [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Gain (loss) recognized on derivative | $457 | $832 |
Interest expense recognized on fixed-rate debt | -2,275 | -5,365 |
Ferrellgas, L.P. [Member] | ' | ' |
Gain (loss) recognized on derivative | 457 | 832 |
Interest expense recognized on fixed-rate debt | ($2,275) | ($5,365) |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities (Cash Flow Hedge Derivative Effect on Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Amount of gain (loss) recognized in AOCI | ($13,897) | $10,604 |
Amount of gain (loss) reclassified from AOCI into income | -1,128 | 929 |
Ferrellgas, L.P. [Member] | ' | ' |
Amount of gain (loss) recognized in AOCI | -13,897 | 10,604 |
Amount of gain (loss) reclassified from AOCI into income | 1,128 | 929 |
Propane commodity derivatives [Member] | ' | ' |
Amount of gain (loss) recognized in AOCI | -12,758 | 11,617 |
Amount of gain (loss) reclassified from AOCI into income | 1,128 | 929 |
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Amount of gain (loss) recognized in AOCI | -12,758 | 11,617 |
Amount of gain (loss) reclassified from AOCI into income | 1,128 | 929 |
Interest Rate Swap [Member] | ' | ' |
Amount of gain (loss) recognized in AOCI | -1,139 | -1,013 |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Amount of gain (loss) recognized in AOCI | -1,139 | -1,013 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | ' | ' |
Amount of gain (loss) reclassified from AOCI into income | -1,128 | 929 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Amount of gain (loss) reclassified from AOCI into income | 1,128 | 929 |
Interest Expense [Member] | Interest Rate Swap [Member] | ' | ' |
Amount of gain (loss) reclassified from AOCI into income | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Amount of gain (loss) reclassified from AOCI into income | $0 | $0 |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities (Changes in Derivative Value Effect on Other Comprehensive Income Loss) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2014 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 | Oct. 31, 2014 | Jul. 31, 2014 | Oct. 31, 2013 | Jul. 31, 2013 |
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Propane commodity derivatives [Member] | Propane commodity derivatives [Member] | Propane commodity derivatives [Member] | Propane commodity derivatives [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | ||||
Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member] | |||||||||||||||
Beginning balance | ($8,692) | ' | $6,181 | ($8,769) | ' | $6,258 | ' | ' | ' | ' | ' | ' | ' | ' | ($8,542) | $6,483 | $11,741 | $2,066 | ($8,542) | $6,483 | $11,741 | $2,066 |
Change in value of risk management derivatives | -13,897 | 10,604 | ' | -13,897 | 10,604 | ' | -12,758 | 11,617 | -12,758 | 11,617 | -1,139 | -1,013 | -1,139 | -1,013 | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 1,128 | -929 | ' | -1,128 | -929 | ' | -1,128 | -929 | -1,128 | -929 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | ($8,692) | ' | $6,181 | ($8,769) | ' | $6,258 | ' | ' | ' | ' | ' | ' | ' | ' | ($8,542) | $6,483 | $11,741 | $2,066 | ($8,542) | $6,483 | $11,741 | $2,066 |
Transactions_With_Related_Part2
Transactions With Related Parties (Narrative) (Details) | Oct. 31, 2014 |
employee | |
Number of employees | 0 |
Ferrellgas, L.P. [Member] | ' |
Number of employees | 0 |
Transactions_With_Related_Part3
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) (USD $) | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' |
General and administrative expense | $23,395,000 | $14,414,000 |
Ferrellgas, L.P. [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
General and administrative expense | 23,395,000 | 14,414,000 |
Compensation And Benefits [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Operating expense | 51,120,000 | 48,158,000 |
General and administrative expense | 6,597,000 | 5,901,000 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Operating expense | 51,120,000 | 48,158,000 |
General and administrative expense | $6,597,000 | $5,901,000 |
Contingencies_And_Commitments_
Contingencies And Commitments (Narrative) (Details) (Senior Notes [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2014 |
Fixed Rate, 8.625%, Due 2020 [Member] | Ferrellgas Partners Finance Corp. [Member] | ' |
Debt principal amount | $182 |
Debt interest rate | 8.63% |
Debt maturity year | '2020 |
Fixed Rate, 6.50%, Due 2021 [Member] | Ferrellgas Finance Corp. [Member] | ' |
Debt principal amount | 500 |
Debt interest rate | 6.50% |
Debt maturity year | '2021 |
Fixed Rate, 6.75%, Due 2022 [Member] | Ferrellgas Finance Corp. [Member] | ' |
Debt principal amount | $475 |
Debt interest rate | 6.75% |
Debt maturity year | '2022 |
Net_Earnings_Per_Common_Unitho
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details) (USD $) | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Dilutive effect on earnings per share | $0 | $0 |
Net_Earnings_Per_Common_Unitho1
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Earnings Distribution Allocation) (Details) (USD $) | 3 Months Ended |
Oct. 31, 2014 | |
Common Stock [Member] | Lower Range [Member] | ' |
Allocated Distribution | 86.90% |
Common Stock [Member] | Middle Range [Member] | ' |
Allocated Distribution | 76.80% |
Common Stock [Member] | Upper Range [Member] | ' |
Allocated Distribution | 51.50% |
General Partner [Member] | Lower Range [Member] | ' |
Allocated Distribution | 13.10% |
General Partner [Member] | Middle Range [Member] | ' |
Allocated Distribution | 23.20% |
General Partner [Member] | Upper Range [Member] | ' |
Allocated Distribution | 48.50% |
Upper Range [Member] | Minimum [Member] | ' |
Earnings Per Share, Basic, Distributed | 0.83 |
Middle Range [Member] | Minimum [Member] | ' |
Earnings Per Share, Basic, Distributed | 0.64 |
Middle Range [Member] | Maximum [Member] | ' |
Earnings Per Share, Basic, Distributed | 0.82 |
Lower Range [Member] | Minimum [Member] | ' |
Earnings Per Share, Basic, Distributed | 0.56 |
Lower Range [Member] | Maximum [Member] | ' |
Earnings Per Share, Basic, Distributed | 0.63 |
Net_Earnings_Loss_Per_Common_U2
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule of Earnings Per Share) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2014 | Oct. 31, 2013 |
Common unitholders' interest in net earnings | ($32,546) | ($24,595) |
Weighted average common units outstanding - basic | 82,179,700 | 79,075,800 |
Dilutive securities | 0 | 0 |
Weighted average common units outstanding - diluted | 82,179,700 | 79,075,800 |
Basic and diluted net earnings per common unitholders' interest | ($0.40) | ($0.31) |
Segment_Reporting_Segment_Repo2
Segment Reporting Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2014 |
Segment Reporting Information [Line Items] | ' |
Revenues | $443,355 |
Costs and Expenses | 408,994 |
Adjusted EBITDA | 34,361 |
Propane and related equipment sales [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Revenues | 435,439 |
Costs and Expenses | 393,805 |
Adjusted EBITDA | 41,634 |
Midstream Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Revenues | 7,916 |
Costs and Expenses | 4,733 |
Adjusted EBITDA | 3,183 |
Corporate and Other [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Revenues | 0 |
Costs and Expenses | 10,456 |
Adjusted EBITDA | -10,456 |
Ferrellgas, L.P. [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Revenues | 443,355 |
Costs and Expenses | 408,997 |
Adjusted EBITDA | 34,358 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Revenues | 435,439 |
Costs and Expenses | 393,808 |
Adjusted EBITDA | 41,631 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Revenues | 7,916 |
Costs and Expenses | 4,733 |
Adjusted EBITDA | 3,183 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Revenues | 0 |
Costs and Expenses | 10,456 |
Adjusted EBITDA | ($10,456) |
Segment_Reporting_Segment_Repo3
Segment Reporting Segment Reporting (Reconciliation of Consolidated EBITDA to Consolidated Net Earnings) (Details) (USD $) | 3 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Net loss | ($33,169,000) | ($25,057,000) |
Net Income (Loss) Attributable to Parent | -32,875,000 | -24,843,000 |
Income tax expense | -510,000 | -50,000 |
Interest Expense | 23,912,000 | ' |
Depreciation and amortization expense | 23,309,000 | 20,215,000 |
EBITDA | 13,836,000 | ' |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 4,374,000 | 3,043,000 |
Non-cash stock-based compensation charge | 16,112,000 | 4,431,000 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 961,000 | ' |
Other Nonoperating Income (Expense) | 449,000 | ' |
Change in fair value of contingent consideration | -1,800,000 | 0 |
Estimated Litigation Liability | 723,000 | ' |
Net loss | -294,000 | -214,000 |
Adjusted EBITDA | 34,361,000 | ' |
Noncontrolling Interest [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Net loss | -294,000 | ' |
Ferrellgas, L.P. [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Net loss | -29,137,000 | -21,138,000 |
Income tax expense | -511,000 | -50,000 |
Interest Expense | 19,878,000 | ' |
Depreciation and amortization expense | 23,309,000 | 20,215,000 |
EBITDA | 13,539,000 | ' |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 4,374,000 | 3,043,000 |
Non-cash stock-based compensation charge | 16,112,000 | 4,431,000 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 961,000 | ' |
Other Nonoperating Income (Expense) | 449,000 | ' |
Change in fair value of contingent consideration | -1,800,000 | 0 |
Estimated Litigation Liability | 723,000 | ' |
Adjusted EBITDA | 34,358,000 | ' |
General Partner [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Net loss | -329,000 | ' |
General Partner [Member] | Ferrellgas, L.P. [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Net loss | -294,000 | ' |
General Partner [Member] | Ferrellgas, L.P. [Member] | Noncontrolling Interest [Member] | ' | ' |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ' | ' |
Net loss | ($294,000) | ' |
Segment_Reporting_Segment_Repo4
Segment Reporting Segment Reporting (Reconciliation of Assets from Segment to Consolidated) (Details) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $1,680,435,000 | $1,572,270,000 |
Propane and related equipment sales [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,442,779,000 | 1,400,603,000 |
Midstream Operations [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 201,344,000 | 136,116,000 |
Corporate and Other [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 36,312,000 | 35,551,000 |
Ferrellgas, L.P. [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,677,957,000 | 1,569,833,000 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 1,442,779,000 | 1,400,603,000 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | 201,344,000 | 136,116,000 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' |
Assets | $33,834,000 | $33,114,000 |
Segment_Reporting_Segment_Repo5
Segment Reporting Segment Reporting (Schedule of Capital Expenditure Information, by Segment) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2014 |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | $16,982 |
Propane and related equipment sales [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 15,645 |
Midstream Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 1,033 |
Corporate and Other [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 304 |
Maintenance Capital Expenditures [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 5,056 |
Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 4,576 |
Maintenance Capital Expenditures [Member] | Midstream Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 176 |
Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 304 |
Growth Capital Expenditures [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 11,926 |
Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 11,069 |
Growth Capital Expenditures [Member] | Midstream Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 857 |
Growth Capital Expenditures [Member] | Corporate and Other [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 0 |
Ferrellgas, L.P. [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 16,982 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 15,645 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 1,033 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 304 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 5,056 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 4,576 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 176 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 304 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 11,926 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 11,069 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | 857 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Corporate and Other [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Capital Expenditures | $0 |