Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Oct. 31, 2016 | Dec. 01, 2016 | |
Entity Registrant Name | FERRELLGAS PARTNERS L P | |
Entity Central Index Key | 922,358 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 97,152,665 | |
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 | 1,012,493 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
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 | 922,359 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
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 | 922,360 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
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, 2016 | Jul. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 12,639,000 | $ 4,965,000 |
Accounts and notes receivable, net | 148,283,000 | 149,583,000 |
Inventories | 100,296,000 | 90,594,000 |
Prepaid expenses and other current assets | 31,820,000 | 39,973,000 |
Total current assets | 293,038,000 | 285,115,000 |
Property, plant and equipment, net | 757,940,000 | 774,680,000 |
Goodwill, net | 256,103,000 | 256,103,000 |
Intangible assets, net | 272,031,000 | 280,185,000 |
Other assets, net | 88,103,000 | 87,223,000 |
Total assets | 1,667,215,000 | 1,683,306,000 |
Current liabilities: | ||
Accounts payable | 74,788,000 | 67,928,000 |
Short-term borrowings | 96,824,000 | 101,291,000 |
Collateralized note payable | 74,000,000 | 64,000,000 |
Other current liabilities | 170,527,000 | 128,958,000 |
Total current liabilities | 416,139,000 | 362,177,000 |
Long-term debt | 1,965,219,000 | 1,941,335,000 |
Other liabilities | 32,755,000 | 31,574,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | (673,516,000) | (570,754,000) |
General partner | (66,713,000) | (65,835,000) |
Accumulated other comprehensive income | (1,186,000) | (10,468,000) |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (741,415,000) | (647,057,000) |
Noncontrolling interest | (5,483,000) | (4,723,000) |
Total partners' capital (deficit) | (746,898,000) | (651,780,000) |
Total liabilities and partners' capital (deficit) | 1,667,215,000 | 1,683,306,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,000 | 1,000 |
Total assets | 1,000 | 1,000 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 19,839 | 19,747 |
Accumulated deficit | (19,839) | (19,747) |
Total stockholder's equity | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 12,565,000 | 4,890,000 |
Accounts and notes receivable, net | 148,283,000 | 149,583,000 |
Inventories | 100,296,000 | 90,594,000 |
Prepaid expenses and other current assets | 31,803,000 | 39,955,000 |
Total current assets | 292,947,000 | 285,022,000 |
Property, plant and equipment, net | 757,940,000 | 774,680,000 |
Goodwill, net | 256,103,000 | 256,103,000 |
Intangible assets, net | 272,031,000 | 280,185,000 |
Other assets, net | 88,103,000 | 87,223,000 |
Total assets | 1,667,124,000 | 1,683,213,000 |
Current liabilities: | ||
Accounts payable | 74,788,000 | 67,928,000 |
Short-term borrowings | 96,824,000 | 101,291,000 |
Collateralized note payable | 74,000,000 | 64,000,000 |
Other current liabilities | 164,597,000 | 126,952,000 |
Total current liabilities | 410,209,000 | 360,171,000 |
Long-term debt | 1,784,660,000 | 1,760,881,000 |
Other liabilities | 32,755,000 | 31,574,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | (553,831,000) | (454,222,000) |
General partner | (5,485,000) | (4,631,000) |
Accumulated other comprehensive income | (1,184,000) | (10,560,000) |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (559,316,000) | (458,853,000) |
Total partners' capital (deficit) | (560,500,000) | (469,413,000) |
Total liabilities and partners' capital (deficit) | 1,667,124,000 | 1,683,213,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash | 1,100 | 1,100 |
Other Assets, Current | 0 | 1,500 |
Total assets | 1,100 | 2,600 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 61,870 | 61,820 |
Accumulated deficit | (61,770) | (60,220) |
Total stockholder's equity | $ 1,100 | $ 2,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Accounts receivable pledged as collateral | $ 105,320 | $ 106,464 |
Intangible assets accumulated amortization | $ 412,425 | $ 404,271 |
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 98,002,665 |
General partner unitholder, units outstanding | 989,926 | 989,926 |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | $ 105,320 | $ 106,464 |
Intangible assets accumulated amortization | $ 412,425 | $ 404,271 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Revenues: | ||
Propane and other gas liquids sales | $ 242,399,000 | $ 245,301,000 |
Midstream operations | 108,044,000 | 193,670,000 |
Other | 29,099,000 | 32,175,000 |
Total revenues | 379,542,000 | 471,146,000 |
Costs and expenses: | ||
Cost of sales - propane and other gas liquids sales | 119,212,000 | 121,751,000 |
Cost of sales - midstream operations | 94,642,000 | 153,604,000 |
Cost of sales - other | 11,746,000 | 14,448,000 |
Operating expense | 105,086,000 | 116,199,000 |
Depreciation and amortization expense | 26,202,000 | 36,979,000 |
General and administrative expense | 14,269,000 | 19,144,000 |
Equipment lease expense | 7,349,000 | 7,032,000 |
Non-cash employee stock ownership plan compensation charge | 3,754,000 | 5,256,000 |
Goodwill impairment | 0 | 29,316,000 |
Loss on disposal of assets and other | 6,423,000 | 14,917,000 |
Operating loss | (9,141,000) | (47,500,000) |
Interest expense | (35,428,000) | (33,788,000) |
Other income, net | 508,000 | (122,000) |
Loss before income taxes | (44,061,000) | (81,410,000) |
Income tax benefit | (590,000) | (844,000) |
Net Earnings (Loss) | (43,471,000) | (80,566,000) |
Net earnings attributable to noncontrolling interest | (398,000) | (773,000) |
Net earnings attributable to Ferrellgas Partners, L.P. | (43,073,000) | (79,793,000) |
Less: General partner's interest in net earnings | (431,000) | (798,000) |
Common unitholders' interest in net earnings | $ (42,642,000) | $ (78,995,000) |
Basic and diluted net earnings per common unitholders' interest | $ (0.44) | $ (0.79) |
Cash distributions declared per common unit | $ 0.10 | $ 0.51 |
Ferrellgas Partners Finance Corp. [Member] | ||
Costs and expenses: | ||
General and administrative expense | $ 92 | $ 50 |
Net Earnings (Loss) | (92) | (50) |
Ferrellgas, L.P. [Member] | ||
Revenues: | ||
Propane and other gas liquids sales | 242,399,000 | 245,301,000 |
Midstream operations | 108,044,000 | 193,670,000 |
Other | 29,099,000 | 32,175,000 |
Total revenues | 379,542,000 | 471,146,000 |
Costs and expenses: | ||
Cost of sales - propane and other gas liquids sales | 119,212,000 | 121,751,000 |
Cost of sales - midstream operations | 94,642,000 | 153,604,000 |
Cost of sales - other | 11,746,000 | 14,448,000 |
Operating expense | 105,086,000 | 116,199,000 |
Depreciation and amortization expense | 26,202,000 | 36,979,000 |
General and administrative expense | 14,269,000 | 19,144,000 |
Equipment lease expense | 7,349,000 | 7,032,000 |
Non-cash employee stock ownership plan compensation charge | 3,754,000 | 5,256,000 |
Goodwill impairment | 0 | 29,316,000 |
Loss on disposal of assets and other | 6,423,000 | 14,917,000 |
Operating loss | (9,141,000) | (47,500,000) |
Interest expense | (31,398,000) | (29,758,000) |
Other income, net | 508,000 | (122,000) |
Loss before income taxes | (40,031,000) | (77,380,000) |
Income tax benefit | (591,000) | (844,000) |
Net Earnings (Loss) | (39,440,000) | (76,536,000) |
Net earnings attributable to Ferrellgas Partners, L.P. | (39,440,000) | (76,536,000) |
Ferrellgas Finance Corp. [Member] | ||
Costs and expenses: | ||
General and administrative expense | 1,550 | 3,050 |
Net Earnings (Loss) | $ (1,550) | $ (3,050) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Net loss | $ (43,471) | $ (80,566) |
Other comprehensive income (loss): | ||
Change in value of risk management derivatives | 5,138 | 384 |
Reclassification of derivative gains and losses to earnings | 4,238 | 8,226 |
Other comprehensive income (loss) | 9,376 | 8,610 |
Comprehensive income | (34,095) | (71,956) |
Less: Comprehensive income attributable to noncontrolling interest | (304) | (686) |
Comprehensive income attributable to Ferrellgas Partners, LP | (33,791) | (71,270) |
Ferrellgas, L.P. [Member] | ||
Net loss | (39,440) | (76,536) |
Other comprehensive income (loss): | ||
Change in value of risk management derivatives | 5,138 | 384 |
Reclassification of derivative gains and losses to earnings | 4,238 | 8,226 |
Other comprehensive income (loss) | 9,376 | 8,610 |
Comprehensive income | $ (30,064) | $ (67,926) |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Capital (Deficit) - 3 months ended Oct. 31, 2016 - USD ($) $ in Thousands | Total | Accumulated Other Comprehensive Income (Loss) | Total Ferrellgas Partners, L.P. Partners' Capital (Deficit) [Member] | Noncontrolling Interest [Member] | Common Unitholders [Member] | General Partner Unitholder [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member]Accumulated Other Comprehensive Income (Loss) | Ferrellgas, L.P. [Member]Common Unitholders [Member] | Ferrellgas, L.P. [Member]General Partner Unitholder [Member] |
Partners' capital balance (in units) at Jul. 31, 2016 | 98,002,700 | 989,900 | ||||||||
Partners' capital balance at Jul. 31, 2016 | $ (651,780) | $ (10,468) | $ (647,057) | $ (4,723) | $ (570,754) | $ (65,835) | $ (469,413) | $ (10,560) | $ (454,222) | $ (4,631) |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 5,635 | 5,578 | 57 | 5,522 | 56 | 5,635 | 0 | 5,578 | 57 | |
Distributions | (50,807) | (50,294) | (513) | (49,791) | (503) | (66,658) | 0 | (66,145) | (513) | |
Partners' Capital Account, Treasury Units, Purchased | (15,851) | (15,851) | 0 | $ (15,851) | $ 0 | |||||
Partners' Capital Account, Units, Treasury Units Purchased | (850,000) | 0 | ||||||||
Net loss | (43,471) | (43,073) | (398) | $ (42,642) | $ (431) | (39,440) | 0 | (39,042) | (398) | |
Other comprehensive income (loss) | 9,376 | 9,282 | 9,282 | 94 | 9,376 | 9,376 | 0 | 0 | ||
Partners' capital balance (in units) at Oct. 31, 2016 | 97,152,700 | 989,900 | ||||||||
Partners' capital balance at Oct. 31, 2016 | $ (746,898) | $ (1,186) | $ (741,415) | $ (5,483) | $ (673,516) | $ (66,713) | $ (560,500) | $ (1,184) | $ (553,831) | $ (5,485) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | $ (43,471,000) | $ (80,566,000) |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 26,202,000 | 36,979,000 |
Non-cash employee stock ownership plan compensation charge | 3,754,000 | 5,256,000 |
Non-cash stock-based compensation charge | 1,881,000 | 8,122,000 |
Goodwill impairment | 0 | 29,316,000 |
Loss on Disposal of Assets and Asset Impairment Charges | 6,423,000 | 14,917,000 |
Change in fair value of contingent consideration | 0 | (100,000) |
Provision for doubtful accounts | 9,000 | 952,000 |
Deferred tax expense | 143,000 | 280,000 |
Other | 1,302,000 | 1,409,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | 1,310,000 | 9,484,000 |
Inventories | (9,702,000) | 675,000 |
Prepaid expenses and other current assets | 8,032,000 | 5,997,000 |
Accounts payable | 7,049,000 | (20,139,000) |
Accrued interest expense | 28,495,000 | 28,600,000 |
Other current liabilities | 21,251,000 | (3,468,000) |
Other assets and liabilities | 1,872,000 | 3,134,000 |
Net cash provided by (used in) operating activities | 54,550,000 | 40,848,000 |
Cash flows provided by (used in) investing activities: | ||
Capital expenditures | (10,005,000) | (25,607,000) |
Proceeds from sale of assets | 2,279,000 | 3,575,000 |
Other | 0 | (14,000) |
Net cash used in investing activities | (7,726,000) | (22,046,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (50,294,000) | (51,963,000) |
Proceeds from issuance of long-term debt | 25,626,000 | 21,321,000 |
Payments on long-term debt | (2,261,000) | (4,380,000) |
Net additions to (reductions in) short-term borrowings | (4,467,000) | 20,072,000 |
Net additions to collateralized short-term borrowings | 10,000,000 | (2,000,000) |
Cash paid for financing costs | (1,390,000) | (142,000) |
Proceeds from (Payments to) Noncontrolling Interests | (513,000) | (500,000) |
Payments for Repurchase of Common Stock | (15,851,000) | 0 |
Contributions from partners | 0 | 30,000 |
Net cash provided by (used in) financing activities | (39,150,000) | (17,562,000) |
Net change in cash and cash equivalents | 7,674,000 | 1,240,000 |
Cash and cash equivalents - beginning of period | 4,965,000 | 7,652,000 |
Cash and cash equivalents - end of period | 12,639,000 | 8,892,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (92) | (50) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Net cash provided by (used in) operating activities | (92) | (50) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 92 | 50 |
Net cash provided by (used in) financing activities | 92 | 50 |
Net change in cash | 0 | 0 |
Cash - beginning of period | 1,000 | 1,000 |
Cash - end of period | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (39,440,000) | (76,536,000) |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 26,202,000 | 36,979,000 |
Non-cash employee stock ownership plan compensation charge | 3,754,000 | 5,256,000 |
Non-cash stock-based compensation charge | 1,881,000 | 8,122,000 |
Goodwill impairment | 0 | 29,316,000 |
Loss on Disposal of Assets and Asset Impairment Charges | 6,423,000 | 14,917,000 |
Change in fair value of contingent consideration | 0 | (100,000) |
Provision for doubtful accounts | 9,000 | 952,000 |
Deferred tax expense | 143,000 | 280,000 |
Other | 1,197,000 | 1,304,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | 1,310,000 | 9,200,000 |
Inventories | (9,702,000) | 675,000 |
Prepaid expenses and other current assets | 8,031,000 | 6,114,000 |
Accounts payable | 7,049,000 | (20,139,000) |
Accrued interest expense | 24,571,000 | 24,676,000 |
Other current liabilities | 21,251,000 | (1,504,000) |
Other assets and liabilities | 1,872,000 | 3,134,000 |
Net cash provided by (used in) operating activities | 54,551,000 | 42,646,000 |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | (10,005,000) | (25,607,000) |
Proceeds from sale of assets | 2,279,000 | 3,575,000 |
Other | 0 | (14,000) |
Net cash used in investing activities | (7,726,000) | (22,046,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (66,658,000) | (52,493,000) |
Proceeds from issuance of long-term debt | 25,626,000 | 21,321,000 |
Payments on long-term debt | (2,261,000) | (4,380,000) |
Net additions to (reductions in) short-term borrowings | (4,467,000) | 20,072,000 |
Net additions to collateralized short-term borrowings | 10,000,000 | (2,000,000) |
Cash paid for financing costs | (1,390,000) | (142,000) |
Contributions from partners | 0 | 30,000 |
Capital contribution | 30,000 | |
Net cash provided by (used in) financing activities | (39,150,000) | (17,592,000) |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | 7,675,000 | 3,008,000 |
Cash and cash equivalents - beginning of period | 4,890,000 | 5,600,000 |
Cash and cash equivalents - end of period | 12,565,000 | 8,608,000 |
Ferrellgas Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (1,550) | (3,050) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Prepaid expenses and other current assets | (1,500) | 0 |
Net cash provided by (used in) operating activities | (50) | (3,050) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 50 | 3,050 |
Net cash provided by (used in) financing activities | 50 | 3,050 |
Net change in cash | 0 | 0 |
Cash - beginning of period | 1,100 | 1,100 |
Cash - end of period | $ 1,100 | $ 1,100 |
Partnership Organization And Fo
Partnership Organization And Formation | 3 Months Ended |
Oct. 31, 2016 | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed April 19, 1994 , and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of October 31, 2016 , Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner"), a wholly-owned subsidiary of Ferrell Companies, has retained an approximate 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is engaged in the following primary businesses: • Propane 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 one reportable operating segment: crude oil logistics. The crude oil logistics segment ("Bridger") primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Bridger services include transportation through its operation of a fleet of trucks, tank trailers, railcars, pipeline injection stations and a barge. Bridger primarily operates in major oil and gas basins across the continental United States. Bridger also enters into crude oil purchase and sale arrangements. Due to seasonality, the results of operations for the three months ended October 31, 2016 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2017 . The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas' Annual Report on Form 10-K for fiscal 2016 . |
Ferrellgas Partners Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Ferrellgas, L.P. [Member] | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets, crude oil transportation and logistics related assets and salt water disposal wells in south Texas. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P. Ferrellgas, L.P. owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas, L.P. Ferrellgas, L.P. is engaged in the following primary businesses: • Propane and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas, L.P. serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of one reportable operating segment: crude oil logistics. The crude oil logistics segment ("Bridger") primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Bridger services include transportation through its operation of a fleet of trucks, tank trailers, railcars, pipeline injection terminals, and a barge. Bridger primarily operates in major oil and gas basins across the continental United States. Bridger also enters into crude oil purchase and sale arrangements. Due to seasonality, the results of operations for the three months ended October 31, 2016 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2017. The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10-K for fiscal 2016 . |
Ferrellgas Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Oct. 31, 2016 | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 and No. 2016-17 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control which amended certain aspects of the additional guidance in ASU 2015-02. We adopted ASU 2015-02 and ASU 2016-17 effective August 1, 2016. The adoption of these standards did not impact our consolidated financial statements . FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 and No. 2016-17 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control which amended certain aspects of the additional guidance in ASU 2015-02. We adopted ASU 2015-02 and ASU 2016-17 effective August 1, 2016. The adoption of these standards did not impact our consolidated financial statements . FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2016-02 on the consolidated financial statements. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Significant Transactions Signif
Significant Transactions Significant Transactions | 3 Months Ended |
Oct. 31, 2016 | |
Business Combination Disclosure [Text Block] | Significant transactions Termination of Bridger agreement with Jamex Marketing, LLC In connection with the closing of our acquisition of Bridger in June 2015, Bridger entered into a ten-year transportation and logistics agreement (the “Jamex TLA”) with Jamex pursuant to which Jamex would be responsible for certain payments to Bridger and also for sourcing crude oil volumes for Bridger’s largest customer at that time. As a result of concerns regarding the collectability of amounts owed to Bridger from Jamex under the Jamex TLA and certain other matters between Bridger and Jamex, Bridger, Jamex, Ferrellgas Partners, L.P. and certain other affiliated parties entered into a group of agreements that terminated the Jamex TLA, facilitated Ferrellgas purchasing certain Ferrellgas common units from Jamex, and established payment terms for certain amounts owed by Jamex to Bridger under the Jamex TLA. Consequently, Ferrellgas does not anticipate any material contribution to revenue or EBITDA from Jamex or Bridger's former largest customer in the future. On September 1, 2016, Bridger and Ferrellgas entered into a Termination, Settlement and Release Agreement (the “Jamex Termination Agreement”) with Jamex, certain of Jamex's affiliates, and James Ballengee (the owner of Jamex) pursuant to which: (1) Jamex agreed to execute and deliver a secured promissory note in favor of Bridger in original principal amount of $49.5 million (the "Jamex Secured Promissory Note") in satisfaction of all obligations owed to Bridger under the Jamex TLA; (2) Mr. Ballengee and Bacchus Capital Trading, LLC, an entity controlled by Mr. Ballengee, executed and delivered a joint guarantee of the Jamex Secured Promissory Note obligations up to a maximum aggregate amount of $20.0 million ; (3) The operating partnership agreed to provide Jamex with a $5.0 million revolving secured working capital facility evidenced by a revolving promissory note (the “Jamex Revolving Promissory Note” and, together with the Jamex Secured Promissory Note, the “Jamex Notes”); (4) The other Jamex entities agreed to execute and deliver a security agreement and a full guarantee of the obligations under the Jamex Notes; (5) Ferrellgas paid approximately $16.9 million to Jamex and in return received 0.9 million of Ferrellgas Partners' common units, which were cancelled upon receipt, and approximately 23 thousand barrels of crude oil; (6) The parties agreed to terminate the Jamex TLA and certain other commercial agreements and arrangements between them, and release any claims between or among them that may exist (other than those arising under the Jamex Termination Agreement or the other agreements entered into in connection with the Jamex Termination Agreement); and (7) Ferrellgas waived the remaining lockup provision applicable to Jamex under the Registration Rights Agreement dated June 24, 2015 to which Jamex is party. The Jamex Secured Promissory Note originally had an annual interest rate of 7% (which rate would be reduced under certain circumstances, including if Ferrellgas' quarterly distributions are less than $0.25 per common unit; accordingly, as a result of the distribution declared on November 22, 2016, the interest rate will decrease to 2.8% ), and contemplates quarterly amortizing principal payments, together with payments of accrued interest. The first payment, due December 17, 2016, will be an interest-only payment. The maturity date of the Jamex Secured Promissory Note will be December 17, 2021. Jamex will be allowed to prepay the Secured Promissory Note in whole or in part at any time. The Jamex Revolving Promissory Note, which provides Jamex with access to working capital liquidity to meet their unrelated and ongoing crude oil marketing and other business needs, has an annual interest rate of 0% (which rate would be increased in case of a default), and contains certain conditions precedent to the operating partnership’s obligation to make any advances thereunder. Each borrowing under the Jamex Revolving Promissory Note must be repaid within 10 days, and the ultimate maturity date of the Jamex Revolving Promissory Note is the earlier of September 1, 2021 and the date on which all obligations under the Jamex Secured Promissory Note are repaid. The Jamex Secured Promissory Note is guaranteed, pursuant to a Guaranty Agreement, jointly by James Ballengee and Bacchus Capital Trading, LLC, an entity controlled by Mr. Ballengee (up to a maximum aggregate amount of $20.0 million ), and each Note is fully guaranteed, pursuant to respective Guaranty Agreements, by the other Jamex entities. The obligations of Jamex and the other Jamex entities under the Notes are secured, pursuant to a Security Agreement, by a lien on certain of those entities’ assets, including common units, actively traded marketable securities and cash, which are held in a controlled account that can be seized by Ferrellgas in the event of default. During the year ended July 31, 2016, approximately 60% of Midstream Operations - Crude oil logistics' segment (Bridger) gross margin was generated from its largest customer and Jamex, that customer's supplier, under take-or-pay arrangements. Bridger’s largest customer during the fiscal year ended July 31, 2016 owned a refinery in Trainer, Pennsylvania. Bridger was party to an agreement with this customer under which Bridger provided logistics services to transport crude oil from the Bakken region in North Dakota to the Trainer refinery. That agreement had a minimum volume commitment and payment obligation from the refinery for logistics services associated with the delivery of 65 MBbls/d. However, if the quantity of crude oil delivered to the refinery dropped below 35 MBbls/d, the minimum volume commitment and payment obligation from the refinery would be suspended and Jamex would become responsible for payments to Bridger under the pay provisions of the Jamex TLA. During February 2016, Jamex ceased sourcing barrels for delivery to the refinery and since that time Bridger had been billing Jamex directly in accordance with the pay provisions of the Jamex TLA. During July 2016, Ferrellgas determined Jamex would not resume sourcing barrels for delivery to the refinery or be likely to continue to make payments under the pay provisions of the Jamex TLA. As a result, Ferrellgas negotiated a settlement with Jamex, and the Jamex TLA was terminated on September 1, 2016. While the agreement with the refinery owner was not terminated as a result of the execution and delivery of the Jamex Termination Agreement, Bridger has been unable to negotiate a revised transportation and logistics agreement with that customer; accordingly it is unlikely that Bridger will continue to make any deliveries under the existing agreement. Consequently, we do not anticipate any material contribution to revenue or gross margin from Jamex or Bridger's former largest customer in the future. |
Ferrellgas, L.P. [Member] | |
Business Combination Disclosure [Text Block] | Significant transactions Termination of Bridger agreement with Jamex Marketing, LLC In connection with the closing of our acquisition of Bridger in June 2015, Bridger entered into a ten-year transportation and logistics agreement (the “Jamex TLA”) with Jamex pursuant to which Jamex would be responsible for certain payments to Bridger and also for sourcing crude oil volumes for Bridger’s largest customer at that time. As a result of concerns regarding the collectability of amounts owed to Bridger from Jamex under the Jamex TLA and certain other matters between Bridger and Jamex, Bridger, Jamex, Ferrellgas Partners and certain other affiliated parties entered into a group of agreements that terminated the Jamex TLA, facilitated Ferrellgas Partners purchasing certain Ferrellgas Partners common units from Jamex, and established payment terms for certain amounts owed by Jamex to Bridger under the Jamex TLA. Consequently, Ferrellgas Partners does not anticipate any material contribution to revenue or EBITDA from Jamex or Bridger's former largest customer in the future. On September 1, 2016, Bridger and Ferrellgas Partners entered into a Termination, Settlement and Release Agreement (the “Jamex Termination Agreement”) with Jamex, certain of Jamex's affiliates, and James Ballengee (the owner of Jamex) pursuant to which: (1) Jamex agreed to execute and deliver a secured promissory note in favor of Bridger in original principal amount of $49.5 million (the "Jamex Secured Promissory Note") in satisfaction of all obligations owed to Bridger under the Jamex TLA; (2) Mr. Ballengee and Bacchus Capital Trading, LLC, an entity controlled by Mr. Ballengee, executed and delivered a joint guarantee of the Jamex Secured Promissory Note obligations up to a maximum aggregate amount of $20.0 million ; (3) The operating partnership agreed to provide Jamex with a $5.0 million revolving secured working capital facility evidenced by a revolving promissory note (the “Jamex Revolving Promissory Note” and, together with the Jamex Secured Promissory Note, the “Jamex Notes”); (4) The other Jamex entities agreed to execute and deliver a security agreement and a full guarantee of the obligations under the Jamex Notes; (5) Ferrellgas Partners paid approximately $16.9 million to Jamex and in return received 0.9 million of Ferrellgas Partners' common units, which were cancelled upon receipt, and approximately 23 thousand barrels of crude oil; (6) The parties agreed to terminate the Jamex TLA and certain other commercial agreements and arrangements between them, and release any claims between or among them that may exist (other than those arising under the Jamex Termination Agreement or the other agreements entered into in connection with the Jamex Termination Agreement); and (7) Ferrellgas Partners waived the remaining lockup provision applicable to Jamex under the Registration Rights Agreement dated June 24, 2015 to which Jamex is party. The Jamex Secured Promissory Note originally had an annual interest rate of 7% (which rate would be reduced under certain circumstances including if Ferrellgas Partners' quarterly distributions are less than $0.25 per common unit; accordingly, as a result of the distribution declared on November 22, 2016, the interest rate will decrease to 2.8% ), and contemplates quarterly amortizing principal payments, together with payments of accrued interest. The first payment, due December 17, 2016, will be an interest-only payment. The maturity date of the Jamex Secured Promissory Note will be December 17, 2021. Jamex will be allowed to prepay the Secured Promissory Note in whole or in part at any time. The Jamex Revolving Promissory Note, which provides Jamex with access to working capital liquidity to meet their unrelated and ongoing crude oil marketing and other business needs, has an annual interest rate of 0% (which rate would be increased in case of a default), and contains certain conditions precedent to the operating partnership’s obligation to make any advances thereunder. Each borrowing under the Jamex Revolving Promissory Note must be repaid within 10 days, and the ultimate maturity date of the Jamex Revolving Promissory Note is the earlier of September 1, 2021 and the date on which all obligations under the Jamex Secured Promissory Note are repaid. The Jamex Secured Promissory Note is guaranteed, pursuant to a Guaranty Agreement, jointly by James Ballengee and Bacchus Capital Trading, LLC, an entity controlled by Mr. Ballengee (up to a maximum aggregate amount of $20.0 million ), and each Note is fully guaranteed, pursuant to respective Guaranty Agreements, by the other Jamex entities. The obligations of Jamex and the other Jamex entities under the Notes are secured, pursuant to a Security Agreement, by a lien on certain of those entities’ assets, including common units, actively traded marketable securities and cash, which are held in a controlled account that can be seized by Ferrellgas, L.P. in the event of default. During the year ended July 31, 2016, approximately 60% of Midstream Operations - Crude oil logistics' segment (Bridger) gross margin was generated from its largest customer and Jamex, that customer's supplier, under take-or-pay arrangements. Bridger’s largest customer during the fiscal year ended July 31, 2016 owned a refinery in Trainer, Pennsylvania. Bridger was party to an agreement with this customer under which Bridger provided logistics services to transport crude oil from the Bakken region in North Dakota to the Trainer refinery. That agreement had a minimum volume commitment and payment obligation from the refinery for logistics services associated with the delivery of 65 MBbls/d. However, if the quantity of crude oil delivered to the refinery dropped below 35 MBbls/d, the minimum volume commitment and payment obligation from the refinery would be suspended and Jamex would become responsible for payments to Bridger under the pay provisions of the Jamex TLA. During February 2016, Jamex ceased sourcing barrels for delivery to the refinery and since that time Bridger had been billing Jamex directly in accordance with the pay provisions of the Jamex TLA. During July 2016, Ferrellgas, L.P. determined Jamex would not resume sourcing barrels for delivery to the refinery or be likely to continue to make payments under the pay provisions of the Jamex TLA. As a result, we negotiated a settlement with Jamex, and the Jamex TLA was terminated on September 1, 2016. While the agreement with the refinery owner was not terminated as a result of the execution and delivery of the Jamex Termination Agreement, Bridger has been unable to negotiate a revised transportation and logistics agreement with that customer; accordingly it is unlikely that Bridger will continue to make any deliveries under the existing agreement. Consequently, we do not anticipate any material contribution to revenue or gross margin from Jamex or Bridger's former largest customer in the future. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 3 Months Ended |
Oct. 31, 2016 | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: October 31, 2016 July 31, 2016 Propane gas and related products $ 68,336 $ 59,726 Crude oil 6,066 4,642 Appliances, parts and supplies 25,894 26,226 Inventories $ 100,296 $ 90,594 In addition to inventories on hand, Ferrellgas enters into contracts primarily to buy propane for supply procurement purposes with terms generally up to 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of October 31, 2016 , Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 93.4 million gallons of propane at fixed prices. Other assets, net consist of the following: October 31, 2016 July 31, 2016 Note receivable - Jamex $ 40,000 $ 39,760 Other 48,103 47,463 Other assets, net $ 88,103 $ 87,223 Other current liabilities consist of the following: October 31, 2016 July 31, 2016 Accrued interest $ 45,118 $ 16,623 Accrued payroll 25,738 13,438 Customer deposits and advances 40,238 27,391 Price risk management liabilities 8,030 18,401 Other 51,403 53,105 Other current liabilities $ 170,527 $ 128,958 Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended October 31, 2016 2015 Operating expense $ 41,810 $ 40,535 Depreciation and amortization expense 1,026 1,115 Equipment lease expense 6,666 6,429 $ 49,502 $ 48,079 Loss on asset sales and disposal consists of the following: For the three months ended October 31, 2016 2015 Loss on assets held for sale $ — $ 12,112 Loss on sale of assets held for sale — 1,259 Loss on sale of assets and other 6,423 1,546 Loss on asset sales and disposal $ 6,423 $ 14,917 Certain cash flow and significant non-cash activities are presented below: For the three months ended October 31, 2016 2015 Cash paid for: Interest $ 5,631 $ 3,780 Non-cash investing and financing activities: Change in accruals for property, plant and equipment additions $ (189 ) $ 1,727 |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: October 31, 2016 July 31, 2016 Propane gas and related products $ 68,336 $ 59,726 Crude oil 6,066 4,642 Appliances, parts and supplies 25,894 26,226 Inventories $ 100,296 $ 90,594 In addition to inventories on hand, Ferrellgas, L.P. enters into contracts primarily to buy propane for supply procurement purposes with terms generally up to 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of October 31, 2016 , Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 93.4 million gallons of propane at fixed prices. Other assets, net consist of the following: October 31, 2016 July 31, 2016 Note receivable - Jamex $ 40,000 $ 39,760 Other 48,103 47,463 Other assets, net $ 88,103 $ 87,223 Other current liabilities consist of the following: October 31, 2016 July 31, 2016 Accrued interest $ 39,188 $ 14,617 Accrued payroll 25,738 13,438 Customer deposits and advances 40,238 27,391 Price risk management liabilities 8,030 18,401 Other 51,403 53,105 Other current liabilities $ 164,597 $ 126,952 Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended October 31, 2016 2015 Operating expense $ 41,810 $ 40,535 Depreciation and amortization expense 1,026 1,115 Equipment lease expense 6,666 6,429 $ 49,502 $ 48,079 Loss on asset sales and disposal consists of the following: For the three months ended October 31, 2016 2015 Loss on assets held for sale $ — $ 12,112 Loss on sale of assets held for sale — 1,259 Loss on sale of assets and other 6,423 1,546 Loss on asset sales and disposal $ 6,423 $ 14,917 Certain cash flow and significant non-cash activities are presented below: For the three months ended October 31, 2016 2015 Cash paid for: Interest $ 5,630 $ 3,779 Non-cash investing and financing activities: Change in accruals for property, plant and equipment additions $ (189 ) $ 1,727 Contributions in connection with acquisitions $ — $ (284 ) |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 3 Months Ended |
Oct. 31, 2016 | |
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, 2016 July 31, 2016 Accounts receivable pledged as collateral $ 105,320 $ 106,464 Accounts receivable 37,515 43,148 Note receivable - Jamex, current portion 8,055 5,000 Other 170 38 Less: Allowance for doubtful accounts (2,777 ) (5,067 ) Accounts and notes receivable, net $ 148,283 $ 149,583 On September 27, 2016, Ferrellgas entered into a fourth amendment to its accounts receivable securitization facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 The leverage ratio is defined as the ratio of total debt of the operating partnership to trailing twelve month EBITDA of the operating partnership (adjusted for certain, defined items), as detailed in Ferrellgas' secured credit facility. Ferrellgas' leverage ratio was 5.81 x as of October 31, 2016. At October 31, 2016 , $105.3 million of trade accounts receivable were pledged as collateral against $74.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2016 , $ 106.5 million of trade accounts receivable were pledged as collateral against $64.0 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, 2016 , Ferrellgas had received cash proceeds of $74.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2016 , Ferrellgas had received cash proceeds of $64.0 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 2.7% and 3.0% as of October 31, 2016 and July 31, 2016 , 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, 2016 July 31, 2016 Accounts receivable pledged as collateral $ 105,320 $ 106,464 Accounts receivable 37,515 43,148 Note receivable - Jamex, current portion 8,055 5,000 Other 170 38 Less: Allowance for doubtful accounts (2,777 ) (5,067 ) Accounts and notes receivable, net $ 148,283 $ 149,583 On September 27, 2016, Ferrellgas, L.P. entered into a fourth amendment to its accounts receivable securitization facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 The leverage ratio is defined as the ratio of total debt of the operating partnership to trailing twelve month EBITDA of the operating partnership (adjusted for certain, defined items), as detailed in Ferrellgas, L.P.'s secured credit facility. Ferrellgas, L.P.'s leverage ratio was 5.81 x as of October 31, 2016. At October 31, 2016 , $105.3 million of trade accounts receivable were pledged as collateral against $74.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2016 , $106.5 million of trade accounts receivable were pledged as collateral against $64.0 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, 2016 , Ferrellgas, L.P. had received cash proceeds of $74.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. As of July 31, 2016 , Ferrellgas, L.P. had received cash proceeds of $64.0 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 2.7% and 3.0% as of October 31, 2016 and July 31, 2016 , respectively. |
Debt
Debt | 3 Months Ended |
Oct. 31, 2016 | |
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, 2016 and July 31, 2016 , $96.8 million and $101.3 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Secured credit facility On September 27, 2016, Ferrellgas entered into a fifth amendment to our secured credit facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 The leverage ratio is defined as the ratio of total debt of the operating partnership to trailing twelve month EBITDA of the operating partnership (adjusted for certain, defined items), as detailed in Ferrellgas' secured credit facility. Ferrellgas' leverage ratio was 5.81 x as of October 31, 2016 , which equates to headroom of $78.9 million or 4.0% . Because of this leverage ratio requirement Ferrellgas continues to execute on a strategy to reduce its debt. This strategy may include issuance of equity, issuance of debt not subject to its leverage ratio calculations, asset sales or a further reduction in Ferrellgas' annual distribution, which was reduced during the quarter ended October 31, 2016 from an annualized rate of $2.05 to $0.40 per common unit. We believe that any debt reducing actions taken would likely remain in effect until Ferrellgas' leverage ratio reaches 4.5x or a level that Ferrellgas deems appropriate for its business. However, if weather continues to remain unseasonably warm or our debt reduction initiatives are unsuccessful, Ferrellgas believes it is possible its leverage ratio will exceed 5.95 x at the end of the fiscal quarter ending January 31, 2017. As of October 31, 2016 , Ferrellgas had total borrowings outstanding under its secured credit facility of $415.0 million , of which $318.2 million was classified as long-term debt. Ferrellgas had $173.6 million of capacity under our secured credit facility as of October 31, 2016 . However, the leverage ratio covenant under this facility limits additional borrowings to $78.9 million as of October 31, 2016 . As of July 31, 2016 , Ferrellgas had total borrowings outstanding under its secured credit facility of $394.4 million , of which $293.1 million was classified as long-term debt. Ferrellgas had $219.3 million of capacity under our secured credit facility as of July 31, 2016 . However, the leverage ratio covenant under this facility limited additional borrowings to $8.1 million as of July 31, 2016 . Borrowings outstanding at October 31, 2016 and July 31, 2016 under the secured credit facility had weighted average interest rates of 4.1% and 3.7% , respectively. The obligations under this credit facility are secured by substantially all assets of Ferrellgas, the general partner and certain subsidiaries of Ferrellgas but specifically excluding (a) assets that are subject to Ferrellgas’ accounts receivable securitization facility, (b) the general partner’s equity interest in Ferrellgas Partners and (c) equity interests in certain unrestricted subsidiaries. Such obligations are also guaranteed by the general partner and certain subsidiaries of Ferrellgas. Letters of credit outstanding at October 31, 2016 totaled $111.4 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2016 totaled $86.3 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. At October 31, 2016 , Ferrellgas had remaining letter of credit capacity of $88.6 million . At July 31, 2016 , Ferrellgas had remaining letter of credit capacity of $113.7 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, 2016 and July 31, 2016 , $96.8 million and $101.3 million , respectively, were classified as short-term borrowings. For further discussion see the secured credit facility section below. Secured credit facility On September 27, 2016, Ferrellgas, L.P. entered into a fifth amendment to our secured credit facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 The leverage ratio is defined as the ratio of total debt of the operating partnership to trailing twelve month EBITDA of the operating partnership (adjusted for certain, defined items), as detailed in Ferrellgas, L.P.'s secured credit facility. Ferrellgas, L.P.'s leverage ratio was 5.81 x as of October 31, 2016 , which equates to headroom of $78.9 million or 4.0% . Because of this leverage ratio requirement Ferrellgas, L.P. continues to execute on a strategy to reduce its debt. This strategy may include issuance of equity, issuance of debt not subject to its leverage ratio calculations, asset sales or a further reduction in Ferrellgas Partners' annual distribution, which was reduced during the quarter ended October 31, 2016 from an annualized rate of $2.05 to $0.40 per common unit. We believe that any debt reducing actions taken would likely remain in effect until Ferrellgas, L.P.'s leverage ratio reaches 4.5x or a level that Ferrellgas, L.P. deems appropriate for its business. However, if weather continues to remain unseasonably warm or our debt reduction initiatives are unsuccessful, Ferrellgas, L.P. believes it is possible its leverage ratio will exceed 5.95 x at the end of the fiscal quarter ending January 31, 2017. As of October 31, 2016 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $415.0 million , of which $318.2 million was classified as long-term debt. Ferrellgas, L.P. had $173.6 million of capacity under our secured credit facility as of October 31, 2016 . However, the leverage ratio covenant under this facility limits additional borrowings to $78.9 million as of October 31, 2016 . As of July 31, 2016 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $394.4 million , of which $293.1 million was classified as long-term debt. Ferrellgas, L.P. had $219.3 million of capacity under our secured credit facility as of July 31, 2016 . However, the leverage ratio covenant under this facility limited additional borrowings to $8.1 million as of July 31, 2016 . Borrowings outstanding at October 31, 2016 and July 31, 2016 under the secured credit facility had weighted average interest rates of 4.1% and 3.7% , 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 interests 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, 2016 totaled $111.4 million and were used primarily to secure insurance arrangements and to a lesser extent, product purchases. Letters of credit outstanding at July 31, 2016 totaled $86.3 million and were used primarily to secure insurance arrangements and, to a lesser extent, product purchases. At October 31, 2016 , Ferrellgas, L.P. had remaining letter of credit capacity of $88.6 million . At July 31, 2016 Ferrellgas, L.P. had remaining letter of credit capacity of $113.7 million . |
Partners' Capital
Partners' Capital | 3 Months Ended |
Oct. 31, 2016 | |
Partners' Capital | Partners' deficit As of October 31, 2016 and July 31, 2016 , limited partner units were beneficially owned by the following: October 31, 2016 July 31, 2016 Public common unitholders (1) 69,612,939 70,462,939 Ferrell Companies (2) 22,529,361 22,529,361 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) 4,763,475 4,763,475 (1) These common units are listed on the New York Stock Exchange under the symbol “FGP.” (2) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners' common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies' beneficial ownership to 23.4% at October 31, 2016 . (3) FCI Trading is an affiliate of the general partner and thus a related party. (4) Ferrell Propane is controlled by the general partner and thus a related party. (5) James E. Ferrell is the Interim Chief Executive Officer and President of the general partner; and is Chairman of the Board of Directors of the general partner and thus a related party. JEF Capital Management owns 4,758,859 of these common units and is wholly-owned by the James E. Ferrell Revocable Trust Two for which James E. Ferrell is the trustee and sole beneficiary. The remaining 4,616 common units are held by Ferrell Resources Holding, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. Partnership distributions paid Ferrellgas Partners has paid the following distributions: For the three months ended October 31, 2016 2015 Public common unitholders $ 35,678 $ 37,330 Ferrell Companies 11,546 11,546 FCI Trading Corp. 100 100 Ferrell Propane, Inc. 26 26 James E. Ferrell 2,441 2,441 General partner 503 520 $ 50,294 $ 51,963 On November 22, 2016 , Ferrellgas Partners declared a cash distribution of $0.10 per common unit for the three months ended October 31, 2016 , which is expected to be paid on December 15, 2016 . Included in this cash distribution are the following amounts to be paid to related parties: Ferrell Companies $ 2,253 FCI Trading Corp. 20 Ferrell Propane, Inc. 5 James E. Ferrell 476 General partner 98 See additional discussions about transactions with related parties in Note J – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note I – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three months ended October 31, 2016 and 2015 . 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, 2016 , the general partner made non-cash contributions of $0.1 million to Ferrellgas to maintain its effective 2% general partner interest. During the three months ended October 31, 2015 , the general partner made non-cash contributions of $0.3 million to Ferrellgas to maintain its effective 2% general partner interest. |
Ferrellgas, L.P. [Member] | |
Partners' Capital | Partners’ deficit Partnership distributions paid Ferrellgas, L.P. has paid the following distributions: For the three months ended October 31, 2016 2015 Ferrellgas Partners $ 66,145 $ 51,963 General partner 513 530 $ 66,658 $ 52,493 On November 22, 2016 , Ferrellgas, L.P. declared distributions for the three months ended October 31, 2016 to Ferrellgas Partners and the general partner of $17.7 million and $0.2 million , respectively, which are expected to be paid on December 15, 2016 . See additional discussions about transactions with related parties in Note J – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note I – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three months ended October 31, 2016 and 2015 . 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, 2016 , the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During the three months ended October 31, 2015 , 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, 2016 | |
Fair Value Measurements | Fair value measurements Derivative financial instruments The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of October 31, 2016 and July 31, 2016 : 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, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 4,133 $ — $ 4,133 Commodity derivatives $ — $ 6,672 $ — $ 6,672 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (2,645 ) $ — $ (2,645 ) Commodity derivatives $ — $ (6,482 ) $ — $ (6,482 ) July 31, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 5,830 $ — $ 5,830 Commodity derivatives $ — $ 8,241 $ — $ 8,241 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,553 ) $ — $ (3,553 ) Commodity derivatives $ — $ (17,689 ) $ — $ (17,689 ) Methodology The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The carrying amount of the Jamex note receivable, a financial instrument classified in "Other assets, net" on the consolidated balance sheet, approximates fair value due to the market interest rate. At October 31, 2016 and July 31, 2016 , the estimated fair value of Ferrellgas’ long-term debt instruments was $1,979.9 million and $1,920.1 million , respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Ferrellgas, L.P. [Member] | |
Fair Value Measurements | Fair value measurements Derivative financial instruments The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of October 31, 2016 and July 31, 2016 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total October 31, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 4,133 $ — $ 4,133 Commodity derivatives $ — $ 6,672 $ — $ 6,672 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (2,645 ) $ — $ (2,645 ) Commodity derivatives $ — $ (6,482 ) $ — $ (6,482 ) July 31, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 5,830 $ — $ 5,830 Commodity derivatives $ — $ 8,241 $ — $ 8,241 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,553 ) $ — $ (3,553 ) Commodity derivatives $ — $ (17,689 ) $ — $ (17,689 ) Methodology The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The carrying amount of the Jamex note receivable, a financial instrument classified in "Other assets, net" on the consolidated balance sheet, approximates fair value due to the market interest rate. At October 31, 2016 and July 31, 2016 , the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,803.4 million and $1,736.2 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, L.P. has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Oct. 31, 2016 | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. All other commodity derivative instruments do not qualify or are not designated as cash flow hedges, therefore, the change in their fair value are recorded currently in earnings. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the three months ended October 31, 2016 and 2015, Ferrellgas did no t recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of October 31, 2016 and July 31, 2016 : October 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 2,458 Other current liabilities $ 3,820 Commodity derivatives-propane Other assets, net 3,738 Other liabilities 370 Interest rate swap agreements Prepaid expenses and other current assets 1,467 Other current liabilities 1,919 Interest rate swap agreements Other assets, net 2,666 Other liabilities 726 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 2,119 Commodity derivatives- crude oil Prepaid expenses and other current assets 476 Other current liabilities 173 Total $ 10,805 Total $ 9,127 July 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 2,263 Other current liabilities $ 10,184 Commodity derivatives-propane Other assets, net 3,056 Other liabilities 1,597 Interest rate swap agreements Prepaid expenses and other current assets 1,654 Other current liabilities 2,309 Interest rate swap agreements Other assets, net 4,176 Other liabilities 1,244 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,996 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,922 Other current liabilities 1,912 Total $ 14,071 Total $ 21,242 Ferrellgas' exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. The following tables provide a summary of cash margin balances as of October 31, 2016 and July 31, 2016 , respectively: October 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 3,298 Other current liabilities $ 747 Other assets, net 1,287 Other liabilities 2,696 $ 4,585 $ 3,443 July 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 8,252 Other current liabilities $ — Other assets, net 1,275 Other liabilities — $ 9,527 $ — The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three months ended October 31, 2016 and 2015 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, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 420 $ 537 $ (2,275 ) $ (2,275 ) The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive loss for the three months ended October 31, 2016 and 2015 due to derivatives designated as cash flow hedging instruments: For the three months ended October 31, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 4,873 Cost of sales-propane and other gas liquids sales $ (3,596 ) $ — Interest rate swap agreements 265 Interest expense (642 ) — $ 5,138 $ (4,238 ) $ — For the three months ended October 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,585 Cost of sales-propane and other gas liquids sales $ (7,449 ) $ — Interest rate swap agreements (1,201 ) Interest expense (777 ) — $ 384 $ (8,226 ) $ — The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three months ended October 31, 2016 and 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended October 31, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (1,241 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,027 Operating expense For the three months ended October 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ (1,038 ) Operating expense The changes in derivatives included in AOCI for the three months ended October 31, 2016 and 2015 were as follows: For the three months ended October 31, Gains and losses on derivatives included in AOCI 2016 2015 Beginning balance $ (9,815 ) $ (38,906 ) Change in value of risk management commodity derivatives 4,873 1,585 Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 3,596 7,449 Change in value of risk management interest rate derivatives 265 (1,201 ) Reclassification of gains and losses on interest rate hedges to interest expense 642 777 Ending balance $ (439 ) $ (30,296 ) Ferrellgas expects to reclassify net losses related to the risk management commodity derivatives of approximately $1.4 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, 2016 , 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, 2016 , Ferrellgas had financial derivative contracts covering 2.4 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. As of October 31, 2016 , Ferrellgas had financial derivative contracts covering 0.1 million barrels of diesel and 21 thousand barrels of unleaded gasoline related to fuel hedges in transportation of propane. As of October 31, 2016 , Ferrellgas had financial derivative contracts covering 0.2 million barrels of crude oil related to the hedging of crude oil line fill and inventory. Derivative financial instruments credit risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduce its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parental guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at October 31, 2016 , the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas would incur is $ 2.7 million. Ferrellgas holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas' debt rating. As of October 31, 2016 , a downgrade in Ferrellgas' debt rating could trigger a reduction in credit limit and would result in an additional collateral requirement of zero . There were no derivatives with credit-risk-related contingent features in a liability position on October 31, 2016 and Ferrellgas had posted no collateral 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. Of these, the propane commodity derivative instruments are designated as cash flow hedges. All other commodity derivative instruments do not qualify or are not designated as cash flow hedges, therefore, the change in their fair value are recorded currently in earnings. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activities During the three months ended October 31, 2016 and 2015, Ferrellgas, L.P. did no t recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of October 31, 2016 and July 31, 2016 : October 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 2,458 Other current liabilities $ 3,820 Commodity derivatives-propane Other assets, net 3,738 Other liabilities 370 Interest rate swap agreements Prepaid expenses and other current assets 1,467 Other current liabilities 1,919 Interest rate swap agreements Other assets, net 2,666 Other liabilities 726 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 2,119 Commodity derivatives- crude oil Prepaid expenses and other current assets 476 Other current liabilities 173 Total $ 10,805 Total $ 9,127 July 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 2,263 Other current liabilities $ 10,184 Commodity derivatives Other assets, net 3,056 Other liabilities 1,597 Interest rate swap agreements Prepaid expenses and other current assets 1,654 Other current liabilities 2,309 Interest rate swap agreements Other assets, net 4,176 Other liabilities 1,244 Derivatives not designated as hedging instruments Commodity derivatives - vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,996 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,922 Other current liabilities 1,912 Total $ 14,071 Total $ 21,242 Ferrellgas, L.P.'s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. The following tables provide a summary of cash margin balances as of October 31, 2016 and July 31, 2016 , respectively: October 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 3,298 Other current liabilities $ 747 Other assets, net 1,287 Other liabilities 2,696 $ 4,585 $ 3,443 July 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 8,252 Other current liabilities $ — Other assets, net 1,275 Other liabilities — $ 9,527 $ — The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and three months ended October 31, 2016 and 2015 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, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 420 $ 537 $ (2,275 ) $ (2,275 ) The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive loss for the three months ended October 31, 2016 and 2015 due to derivatives designated as cash flow hedging instruments: For the three months ended October 31, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 4,873 Cost of sales-propane and other gas liquids sales $ (3,596 ) $ — Interest rate swap agreements 265 Interest expense (642 ) — $ 5,138 $ (4,238 ) $ — For the three months ended October 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 1,585 Cost of sales-propane and other gas liquids sales $ (7,449 ) $ — Interest rate swap agreements (1,201 ) Interest expense (777 ) — $ 384 $ (8,226 ) $ — The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of operations for the three months ended October 31, 2016 and 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended October 31, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (1,241 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,027 Operating expense For the three months ended October 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ (1,038 ) Operating expense The changes in derivatives included in AOCI for the three months ended October 31, 2016 and 2015 were as follows: For the three months ended October 31, Gains and losses on derivatives included in AOCI 2016 2015 Beginning balance $ (9,815 ) $ (38,906 ) Change in value of risk management commodity derivatives 4,873 1,585 Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 3,596 7,449 Change in value of risk management interest rate derivatives 265 (1,201 ) Reclassification of gains and losses on interest rate hedges to interest expense 642 777 Ending balance $ (439 ) $ (30,296 ) Ferrellgas, L.P. expects to reclassify net losses related to the risk management commodity derivatives of approximately $1.4 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, 2016 and 2015 , 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, 2016 , Ferrellgas, L.P. had financial derivative contracts covering 2.4 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. As of October 31, 2016 , Ferrellgas, L.P. had financial derivative contracts covering 0.1 million barrels of diesel and 21 thousand barrels of unleaded gasoline related to fuel hedges in transportation of propane. As of October 31, 2016 , Ferrellgas, L.P. financial derivative contracts covering 0.2 million barrels of crude oil related to the hedging of crude oil line fill and inventory. Derivative financial instruments credit risk Ferrellgas, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parental guarantees or cash. Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at October 31, 2016 , the maximum amount of loss due to credit risk that, based upon the gross fair values of the derivative financial instruments, Ferrellgas, L.P. would incur is $ 2.7 million. Ferrellgas, L.P. holds certain derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.’s debt rating. As of October 31, 2016 , a downgrade in Ferrellgas, L.P.'s debt rating could trigger a reduction in credit limit and would result in an additional collateral requirement of zero . There were no derivatives with credit-risk-related contingent features in a liability position on October 31, 2016 and Ferrellgas, L.P. had posted no collateral in the normal course of business related to such derivatives. |
Transactions With Related Parti
Transactions With Related Parties | 3 Months Ended |
Oct. 31, 2016 | |
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 operations as follows: For the three months ended October 31, 2016 2015 Operating expense $ 55,714 $ 56,010 General and administrative expense $ 8,583 $ 7,093 See additional discussions about transactions with the general partner and related parties in Note G – 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 operations as follows: For the three months ended October 31, 2016 2015 Operating expense $ 55,714 $ 56,010 General and administrative expense $ 8,583 $ 7,093 See additional discussions about transactions with the general partner and related parties in Note G – Partners’ deficit. |
Contingencies And Commitments
Contingencies And Commitments | 3 Months Ended |
Oct. 31, 2016 | |
Contingencies And Commitments | Contingencies and commitments Litigation Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas. Ferrellgas has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Court has dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs have filed an appeal, which is pending. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. In addition, putative class action cases have been filed in California relating to residual propane remaining in the tank after use. Ferrellgas has prevailed at the trial court on a motion to dismiss those claims. It is uncertain whether plaintiffs will appeal; Ferrellgas intends to vigorously defend any such appeal. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. A derivative lawsuit with similar allegations has been filed in state court in Missouri naming Ferrellgas and several current and former officers and directors as defendants. Ferrellgas believes that it has defenses and will vigorously defend these cases. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative action. On October 21, 2016, Julio E. Rios II, an Executive Vice President of the general partner and the President and Chief Executive Officer of Bridger Logistics, LLC, and Jeremy H. Gamboa, also an Executive Vice President of the general partner and the Chief Operating Officer of Bridger Logistics, LLC both delivered notice of "good reason" for resignation to the general partner pursuant to their employment agreements alleging that the general partner had materially diminished their responsibilities and stating their intention to resign as a result if such purported material diminution is not cured within 30 days. On November 28, 2016, Mr. Rios and Mr. Gamboa each resigned from their positions, purportedly for "good reason" pursuant to their employment agreements. Each has indicated that they intend to make a claim for severance. The general partner denies that Mr. Rios and Mr. Gamboa had "good reason" to resign and has other defenses to their claims for severance. Ferrellgas does not believe a loss is probable or reasonably estimable at this time related to this matter. |
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 and crude oil. As a result, at any given time, Ferrellgas, L.P. can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas, L.P. is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas, L.P. Ferrellgas, L.P. has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits allege that Ferrellgas, L.P. and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Court has dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs have filed an appeal, which is pending. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. In addition, putative class action cases have been filed in California relating to residual propane remaining in the tank after use. Ferrellgas, L.P. has prevailed at the trial court on a motion to dismiss those claims. It is uncertain whether plaintiffs will appeal; Ferrellgas, L.P. intends to vigorously defend any such appeal. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas, L.P. has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. A derivative lawsuit with similar allegations has been filed in state court in Missouri naming Ferrellgas, L.P. and several current and former officers and directors as defendants. Ferrellgas, L.P. believes that it has defenses and will vigorously defend these cases. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative action. On October 21, 2016, Julio E. Rios II, an Executive Vice President of the general partner and the President and Chief Executive Officer of Bridger Logistics, LLC, and Jeremy H. Gamboa, also an Executive Vice President of the general partner and the Chief Operating Officer of Bridger Logistics, LLC both delivered notice of "good reason" for resignation to the general partner pursuant to their employment agreements alleging that the general partner had materially diminished their responsibilities and stating their intention to resign as a result if such purported material diminution is not cured within 30 days. On November 28, 2016, Mr. Rios and Mr. Gamboa each resigned from their positions, purportedly for "good reason" pursuant to their employment agreements. Each has indicated that they intend to make a claim for severance. The general partner denies that Mr. Rios and Mr. Gamboa had "good reason" to resign and has other defenses to their claims for severance. Ferrellgas, L.P. does not believe a loss is probable or reasonably estimable at this time related to this matter. |
Ferrellgas Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 3 Months Ended |
Oct. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Earning Per Common Unitholders' Interest | Net earnings per common unitholders’ interest Below is a calculation of the basic and diluted net earnings per common unitholders’ interest in the condensed consolidated statements of operations for the periods indicated. 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 according to the incentive distribution rights in the Ferrellgas partnership agreement. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % There was no dilutive effect resulting from this method based on basic and diluted net earnings per common unitholders' interest for the three months ended October 31, 2016 or 2015 . 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, 2016 2015 (in thousands, except per unitholders' interest amounts) Common unitholders’ interest in net loss $ (42,642 ) $ (78,995 ) Weighted average common units outstanding - basic 97,457.6 100,376.8 Dilutive securities — — Weighted average common units outstanding - diluted 97,457.6 100,376.8 Basic and diluted net loss per common unitholders’ interest $ (0.44 ) $ (0.79 ) |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting | 3 Months Ended |
Oct. 31, 2016 | |
Segment Reporting Disclosure | Segment reporting Following is a summary of segment information for the three months ended October 31, 2016 and 2015 : Three months ended October 31, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Eliminations Total Segment revenues $ 271,498 $ 106,327 $ 2,946 $ (1,229 ) $ 379,542 Direct costs (1) 237,014 101,556 13,831 (1,878 ) 350,523 Adjusted EBITDA $ 34,484 $ 4,771 $ (10,885 ) $ 649 $ 29,019 Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Eliminations Total Segment revenues $ 277,476 $ 189,373 $ 4,297 $ — $ 471,146 Direct costs (1) 241,877 164,570 15,800 — 422,247 Adjusted EBITDA $ 35,599 $ 24,803 $ (11,503 ) $ — $ 48,899 (1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net loss: Three months ended October 31, 2016 2015 Net loss attributable to Ferrellgas Partners, L.P. $ (43,073 ) $ (79,793 ) Income tax benefit (590 ) (844 ) Interest expense 35,428 33,788 Depreciation and amortization expense 26,202 36,979 EBITDA 17,967 (9,870 ) Non-cash employee stock ownership plan compensation charge 3,754 5,256 Non-cash stock-based compensation charge 1,881 8,122 Asset impairments — 29,316 Loss on asset sales and disposal 6,423 14,917 Other (income) expense, net (508 ) 122 Change in fair value of contingent consideration — (100 ) Severance costs 1,469 856 Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (1,569 ) 1,038 Acquisition and transition expenses — 15 Net loss attributable to noncontrolling interest (398 ) (773 ) Adjusted EBITDA $ 29,019 $ 48,899 Following are total assets by segment: Assets October 31, 2016 July 31, 2016 Propane and related equipment sales $ 1,255,584 $ 1,202,214 Midstream operations - crude oil logistics 228,708 275,303 Corporate and unallocated 182,923 205,789 Total consolidated assets $ 1,667,215 $ 1,683,306 Following are capital expenditures by segment: Three months ended October 31, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Total Capital expenditures: Maintenance $ 1,831 $ 127 $ 1,306 $ 3,264 Growth 5,414 — — 5,414 Total $ 7,245 $ 127 $ 1,306 $ 8,678 Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Total Capital expenditures: Maintenance $ 5,898 $ — $ 284 $ 6,182 Growth 8,615 3,303 6,401 18,319 Total $ 14,513 $ 3,303 $ 6,685 $ 24,501 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Disclosure | Segment reporting Following is a summary of segment information for the three months ended October 31, 2016 and 2015 : Three months ended October 31, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Eliminations Total Segment revenues $ 271,498 $ 106,327 $ 2,946 $ (1,229 ) $ 379,542 Direct costs (1) 237,014 101,556 13,831 (1,878 ) 350,523 Adjusted EBITDA $ 34,484 $ 4,771 $ (10,885 ) $ 649 $ 29,019 Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Eliminations Total Segment revenues $ 277,476 $ 189,373 $ 4,297 $ — $ 471,146 Direct costs (1) 241,877 164,570 15,800 — 422,247 Adjusted EBITDA $ 35,599 $ 24,803 $ (11,503 ) $ — $ 48,899 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net loss: Three months ended October 31, 2016 2015 Net loss $ (39,440 ) $ (76,536 ) Income tax benefit (591 ) (844 ) Interest expense 31,398 29,758 Depreciation and amortization expense 26,202 36,979 EBITDA 17,569 (10,643 ) Non-cash employee stock ownership plan compensation charge 3,754 5,256 Non-cash stock-based compensation charge 1,881 8,122 Goodwill impairment — 29,316 Loss on asset sales and disposal 6,423 14,917 Other (income) expense, net (508 ) 122 Change in fair value of contingent consideration — (100 ) Severance costs 1,469 856 Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (1,569 ) 1,038 Acquisition and transition expenses — 15 Adjusted EBITDA $ 29,019 $ 48,899 Following are total assets by segment: Assets October 31, 2016 July 31, 2016 Propane and related equipment sales $ 1,255,584 $ 1,202,214 Midstream operations - crude oil logistics 228,708 275,303 Corporate and unallocated 182,832 205,696 Total consolidated assets $ 1,667,124 $ 1,683,213 Following are capital expenditures by segment: Three months ended October 31, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Total Capital expenditures: Maintenance $ 1,831 $ 127 $ 1,306 $ 3,264 Growth 5,414 — — 5,414 Total $ 7,245 $ 127 $ 1,306 $ 8,678 Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Total Capital expenditures: Maintenance $ 5,898 $ — $ 284 $ 6,182 Growth 8,615 3,303 6,401 18,319 Total $ 14,513 $ 3,303 $ 6,685 $ 24,501 |
Guarantor financial information
Guarantor financial information | 3 Months Ended |
Oct. 31, 2016 | |
Ferrellgas, L.P. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor financial information | Guarantor financial information The $500.0 million aggregate principal amount of 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are fully and unconditionally and jointly and severally guaranteed by all of Ferrellgas, L.P.’s 100% owned subsidiaries except: i) Ferrellgas Finance Corp; ii) certain special purposes subsidiaries formed for use in connection with our accounts receivable securitization; and iii) foreign subsidiaries. Guarantees of these senior notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the assets of a guarantor or (b) all of the capital stock of such guarantor (including by way of merger or consolidation), in each case, to a person that is not Ferrellgas, L.P. or a restricted subsidiary of Ferrellgas, L.P., (ii) if Ferrellgas, L.P. designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon defeasance or discharge of the notes, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor. The guarantor financial information discloses in separate columns the financial position, results of operations and the cash flows of Ferrellgas, L.P. (Parent), Ferrellgas Finance Corp. (co-issuer), Ferrellgas L.P.’s guarantor subsidiaries on a combined basis, and Ferrellgas L.P.’s non-guarantor subsidiaries on a combined basis. The dates and the periods presented in the guarantor financial information are consistent with the periods presented in Ferrellgas, L.P.’s consolidated financial statements. FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of October 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 12,368 $ 1 $ 196 $ — $ — $ 12,565 Accounts and notes receivable (9,133 ) — 56,051 101,365 — 148,283 Intercompany receivables 21,421 — — — (21,421 ) — Inventories 79,814 — 20,482 — — 100,296 Prepaid expenses and other current assets 22,616 — 9,185 2 — 31,803 Total current assets 127,086 1 85,914 101,367 (21,421 ) 292,947 Property, plant and equipment, net 550,113 — 207,827 — — 757,940 Goodwill 246,098 — 10,005 — — 256,103 Intangible assets, net 137,625 — 134,406 — — 272,031 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries 1,890 — — — (1,890 ) — Other assets, net 38,168 — 49,282 653 — 88,103 Total assets $ 1,550,980 $ 1 $ 487,434 $ 102,020 $ (473,311 ) $ 1,667,124 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 41,161 $ — $ 33,627 $ — $ — $ 74,788 Short-term borrowings 96,824 — — — — 96,824 Collateralized note payable — — — 74,000 — 74,000 Intercompany payables — — 36,798 (15,377 ) (21,421 ) — Other current liabilities 161,172 — 3,293 132 — 164,597 Total current liabilities 299,157 — 73,718 58,755 (21,421 ) 410,209 Long-term debt 1,783,634 — 451,026 — (450,000 ) 1,784,660 Other liabilities 28,689 — 3,841 225 — 32,755 Contingencies and commitments Partners' capital (deficit): Partners' equity (559,316 ) 1 (40,504 ) 42,715 (2,212 ) (559,316 ) Accumulated other comprehensive income (loss) (1,184 ) — (647 ) 325 322 (1,184 ) Total partners' capital (deficit) (560,500 ) 1 (41,151 ) 43,040 (1,890 ) (560,500 ) Total liabilities and partners' capital (deficit) $ 1,550,980 $ 1 $ 487,434 $ 102,020 $ (473,311 ) $ 1,667,124 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 4,472 $ 1 $ 417 $ — $ — $ 4,890 Accounts and notes receivable (2,703 ) — 45,822 106,464 — 149,583 Intercompany receivables 34,089 — — — (34,089 ) — Inventories 71,422 — 19,172 — — 90,594 Prepaid expenses and other current assets 27,922 2 12,029 2 — 39,955 Total current assets 135,202 3 77,440 106,466 (34,089 ) 285,022 Property, plant and equipment, net 557,460 — 217,220 — — 774,680 Goodwill 246,098 — 10,005 — — 256,103 Intangible assets, net 141,794 — 138,391 — — 280,185 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries 3,630 — — — (3,630 ) — Other assets, net 37,742 — 49,016 465 — 87,223 Total assets $ 1,571,926 $ 3 $ 492,072 $ 106,931 $ (487,719 ) $ 1,683,213 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 33,781 $ — $ 34,147 $ — $ — $ 67,928 Short-term borrowings 101,291 — — — — 101,291 Collateralized note payable — — — 64,000 — 64,000 Intercompany payables — — 35,491 (1,402 ) (34,089 ) — Other current liabilities 119,048 — 7,754 150 — 126,952 Total current liabilities 254,120 — 77,392 62,748 (34,089 ) 360,171 Long-term debt 1,759,868 — 451,013 — (450,000 ) 1,760,881 Other liabilities 27,351 — 3,998 225 — 31,574 Contingencies and commitments Partners' capital (deficit): Partners' equity (458,853 ) 3 (39,684 ) 43,633 (3,952 ) (458,853 ) Accumulated other comprehensive income (loss) (10,560 ) — (647 ) 325 322 (10,560 ) Total partners' capital (deficit) (469,413 ) 3 (40,331 ) 43,958 (3,630 ) (469,413 ) Total liabilities and partners' capital (deficit) $ 1,571,926 $ 3 $ 492,072 $ 106,931 $ (487,719 ) $ 1,683,213 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended October 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 242,399 $ — $ — $ — $ — $ 242,399 Midstream operations — — 108,044 — — 108,044 Other 17,326 — 11,773 — — 29,099 Total revenues 259,725 — 119,817 — — 379,542 Costs and expenses: Cost of sales - propane and other gas liquids sales 119,212 — — — — 119,212 Cost of sales - midstream operations — — 94,642 — — 94,642 Cost of sales - other 2,430 — 9,316 — — 11,746 Operating expense 97,655 — 10,246 (2,105 ) (710 ) 105,086 Depreciation and amortization expense 18,277 — 7,872 53 — 26,202 General and administrative expense 12,863 2 1,404 — — 14,269 Equipment lease expense 7,210 — 139 — — 7,349 Non-cash employee stock ownership plan compensation charge 3,754 — — — — 3,754 Loss on asset sales and disposal 1,447 — 4,976 — — 6,423 Operating income (loss) (3,123 ) (2 ) (8,778 ) 2,052 710 (9,141 ) Interest expense (20,352 ) — (10,673 ) (370 ) (3 ) (31,398 ) Other income (expense), net (47 ) — 555 707 (707 ) 508 Earnings (loss) before income taxes (23,522 ) (2 ) (18,896 ) 2,389 — (40,031 ) Income tax benefit (29 ) — (562 ) — — (591 ) Equity in earnings of subsidiary (15,947 ) — — — 15,947 — Net earnings (loss) (39,440 ) (2 ) (18,334 ) 2,389 15,947 (39,440 ) Other comprehensive income 9,376 — — — — 9,376 Comprehensive income (loss) $ (30,064 ) $ (2 ) $ (18,334 ) $ 2,389 $ 15,947 $ (30,064 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended October 31, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 245,301 $ — $ — $ — $ — $ 245,301 Midstream operations — — 193,670 — — 193,670 Other 17,377 — 14,798 — — 32,175 Total revenues 262,678 — 208,468 — — 471,146 Costs and expenses: Cost of sales - propane and other gas liquids sales 121,748 — 3 — — 121,751 Cost of sales - midstream operations — — 153,604 — — 153,604 Cost of sales - other 2,538 — 11,910 — — 14,448 Operating expense 96,974 — 17,659 2,370 (804 ) 116,199 Depreciation and amortization expense 18,550 — 18,429 — — 36,979 General and administrative expense 17,429 3 1,712 — — 19,144 Equipment lease expense 6,882 — 150 — — 7,032 Non-cash employee stock ownership plan compensation charge 5,256 — — — — 5,256 Asset impairments — — 29,316 — — 29,316 Loss on asset sales and disposal 1,545 — 13,372 — — 14,917 Operating income (loss) (8,244 ) (3 ) (37,687 ) (2,370 ) 804 (47,500 ) Interest expense (18,521 ) — (10,688 ) (441 ) (108 ) (29,758 ) Other income (expense), net (122 ) — — 696 (696 ) (122 ) Loss before income taxes (26,887 ) (3 ) (48,375 ) (2,115 ) — (77,380 ) Income tax expense (benefit) 168 — (1,012 ) — — (844 ) Equity in earnings of subsidiary (49,481 ) — — — 49,481 — Net earnings (loss) (76,536 ) (3 ) (47,363 ) (2,115 ) 49,481 (76,536 ) Other comprehensive income 8,610 — — — — 8,610 Comprehensive income (loss) $ (67,926 ) $ (3 ) $ (47,363 ) $ (2,115 ) $ 49,481 $ (67,926 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the three months ended October 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 79,220 $ (2 ) $ (15,354 ) $ 687 $ (10,000 ) $ 54,551 Cash flows from investing activities: Capital expenditures (10,000 ) — (5 ) — — (10,005 ) Proceeds from sale of assets 2,279 — — — — 2,279 Cash collected for purchase of interest in accounts receivable — — — 183,939 (183,939 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (193,939 ) 193,939 — Net changes in advances with consolidated entities (14,453 ) — — — 14,453 — Net cash provided by (used in) investing activities (22,174 ) — (5 ) (10,000 ) 24,453 (7,726 ) Cash flows from financing activities: Distributions (66,658 ) — — — — (66,658 ) Proceeds from increase in long-term debt 25,626 — — — — 25,626 Reductions in long-term debt (2,261 ) — — — — (2,261 ) Net reductions in short-term borrowings (4,467 ) — — — — (4,467 ) Net additions to collateralized short-term borrowings — — — 10,000 — 10,000 Net changes in advances with parent — 2 15,138 (687 ) (14,453 ) — Cash paid for financing costs (1,390 ) — — — — (1,390 ) Net cash provided by (used in) financing activities (49,150 ) 2 15,138 9,313 (14,453 ) (39,150 ) Effect of exchange rate changes on cash — — — — — — Increase (decrease) in cash and cash equivalents 7,896 — (221 ) — — 7,675 Cash and cash equivalents - beginning of year 4,472 1 417 — — 4,890 Cash and cash equivalents - end of year $ 12,368 $ 1 $ 196 $ — $ — $ 12,565 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the three months ended October 31, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 12,807 $ (3 ) $ 22,041 $ 5,801 $ 2,000 $ 42,646 Cash flows from investing activities: Business acquisitions, net of cash acquired — — — — — — Capital expenditures (14,674 ) — (10,933 ) — — (25,607 ) Proceeds from sale of assets 1,013 — 2,562 — — 3,575 Cash collected for purchase of interest in accounts receivable — — — 186,280 (186,280 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (184,280 ) 184,280 — Net changes in advances with consolidated entities 16,908 — — — (16,908 ) — Other (14 ) — — — — (14 ) Net cash provided by (used in) investing activities 3,233 — (8,371 ) 2,000 (18,908 ) (22,046 ) Cash flows from financing activities: Distributions (52,493 ) — — — — (52,493 ) Contributions from Partners 30 — — — — 30 Proceeds from increase in long-term debt 21,321 — — — — 21,321 Reductions in long-term debt (4,380 ) — — — — (4,380 ) Net additions to short-term borrowings 20,072 — — — — 20,072 Net reductions in collateralized short-term borrowings — — — (2,000 ) — (2,000 ) Net changes in advances with parent — 3 (11,112 ) (5,799 ) 16,908 — Cash paid for financing costs (142 ) — — — — (142 ) Net cash provided by (used in) financing activities (15,592 ) 3 (11,112 ) (7,799 ) 16,908 (17,592 ) Effect of exchange rate changes on cash 2 — — (2 ) — — Increase in cash and cash equivalents 450 — 2,558 — — 3,008 Cash and cash equivalents - beginning of year 5,579 1 20 — — 5,600 Cash and cash equivalents - end of year $ 6,029 $ 1 $ 2,578 $ — $ — $ 8,608 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Oct. 31, 2016 | |
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 Accoun23
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Oct. 31, 2016 | |
Significant Accounting Policies [Line Items] | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 and No. 2016-17 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control which amended certain aspects of the additional guidance in ASU 2015-02. We adopted ASU 2015-02 and ASU 2016-17 effective August 1, 2016. The adoption of these standards did not impact our consolidated financial statements . FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Early application is not permitted. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is currently evaluating the newly issued guidance, including which transition approach will be applied and the estimated impact it will have on the consolidated financial statements. FASB Accounting Standard Update No. 2015-02 and No. 2016-17 In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis which provides additional guidance on the consolidation of limited partnerships and on the evaluation of variable interest entities. In October 2016, the FASB issued ASU 2016-17, Consolidation: Interests Held through Related Parties That Are Under Common Control which amended certain aspects of the additional guidance in ASU 2015-02. We adopted ASU 2015-02 and ASU 2016-17 effective August 1, 2016. The adoption of these standards did not impact our consolidated financial statements . FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. ASU 2015-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early adoption permitted. We do not expect the adoption of this ASU to have a material impact on the consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2016-02 on the consolidated financial statements. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Supplemental Financial Statem24
Supplemental Financial Statement Information (Tables) | 3 Months Ended |
Oct. 31, 2016 | |
Other Assets Disclosure [Text Block] | Other assets, net consist of the following: October 31, 2016 July 31, 2016 Note receivable - Jamex $ 40,000 $ 39,760 Other 48,103 47,463 Other assets, net $ 88,103 $ 87,223 |
Schedule of Inventories | Inventories consist of the following: October 31, 2016 July 31, 2016 Propane gas and related products $ 68,336 $ 59,726 Crude oil 6,066 4,642 Appliances, parts and supplies 25,894 26,226 Inventories $ 100,296 $ 90,594 |
Other Current Liabilities | Other current liabilities consist of the following: October 31, 2016 July 31, 2016 Accrued interest $ 45,118 $ 16,623 Accrued payroll 25,738 13,438 Customer deposits and advances 40,238 27,391 Price risk management liabilities 8,030 18,401 Other 51,403 53,105 Other current liabilities $ 170,527 $ 128,958 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended October 31, 2016 2015 Operating expense $ 41,810 $ 40,535 Depreciation and amortization expense 1,026 1,115 Equipment lease expense 6,666 6,429 $ 49,502 $ 48,079 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Loss on asset sales and disposal consists of the following: For the three months ended October 31, 2016 2015 Loss on assets held for sale $ — $ 12,112 Loss on sale of assets held for sale — 1,259 Loss on sale of assets and other 6,423 1,546 Loss on asset sales and disposal $ 6,423 $ 14,917 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below: For the three months ended October 31, 2016 2015 Cash paid for: Interest $ 5,631 $ 3,780 Non-cash investing and financing activities: Change in accruals for property, plant and equipment additions $ (189 ) $ 1,727 |
Ferrellgas, L.P. [Member] | |
Other Assets Disclosure [Text Block] | Other assets, net consist of the following: October 31, 2016 July 31, 2016 Note receivable - Jamex $ 40,000 $ 39,760 Other 48,103 47,463 Other assets, net $ 88,103 $ 87,223 |
Schedule of Inventories | Inventories consist of the following: October 31, 2016 July 31, 2016 Propane gas and related products $ 68,336 $ 59,726 Crude oil 6,066 4,642 Appliances, parts and supplies 25,894 26,226 Inventories $ 100,296 $ 90,594 |
Other Current Liabilities | Other current liabilities consist of the following: October 31, 2016 July 31, 2016 Accrued interest $ 39,188 $ 14,617 Accrued payroll 25,738 13,438 Customer deposits and advances 40,238 27,391 Price risk management liabilities 8,030 18,401 Other 51,403 53,105 Other current liabilities $ 164,597 $ 126,952 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended October 31, 2016 2015 Operating expense $ 41,810 $ 40,535 Depreciation and amortization expense 1,026 1,115 Equipment lease expense 6,666 6,429 $ 49,502 $ 48,079 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Loss on asset sales and disposal consists of the following: For the three months ended October 31, 2016 2015 Loss on assets held for sale $ — $ 12,112 Loss on sale of assets held for sale — 1,259 Loss on sale of assets and other 6,423 1,546 Loss on asset sales and disposal $ 6,423 $ 14,917 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below: For the three months ended October 31, 2016 2015 Cash paid for: Interest $ 5,630 $ 3,779 Non-cash investing and financing activities: Change in accruals for property, plant and equipment additions $ (189 ) $ 1,727 Contributions in connection with acquisitions $ — $ (284 ) |
Accounts And Notes Receivable25
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 3 Months Ended |
Oct. 31, 2016 | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: October 31, 2016 July 31, 2016 Accounts receivable pledged as collateral $ 105,320 $ 106,464 Accounts receivable 37,515 43,148 Note receivable - Jamex, current portion 8,055 5,000 Other 170 38 Less: Allowance for doubtful accounts (2,777 ) (5,067 ) Accounts and notes receivable, net $ 148,283 $ 149,583 |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: October 31, 2016 July 31, 2016 Accounts receivable pledged as collateral $ 105,320 $ 106,464 Accounts receivable 37,515 43,148 Note receivable - Jamex, current portion 8,055 5,000 Other 170 38 Less: Allowance for doubtful accounts (2,777 ) (5,067 ) Accounts and notes receivable, net $ 148,283 $ 149,583 |
Accounts And Notes Receivable26
Accounts And Notes Receivable, Net And Accounts Receivable Securitization Accounts And Notes Receivable, Net Accounts Receivable Securitization (Maximum Leverage Ratio table) (Tables) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2016 | Jul. 31, 2016 | |
Schedule of Long-term Debt Instruments [Table Text Block] | On September 27, 2016, Ferrellgas entered into a fourth amendment to its accounts receivable securitization facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 On September 27, 2016, Ferrellgas entered into a fifth amendment to our secured credit facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 | |
Ferrellgas, L.P. [Member] | ||
Schedule of Long-term Debt Instruments [Table Text Block] | On September 27, 2016, Ferrellgas, L.P. entered into a fourth amendment to its accounts receivable securitization facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 On September 27, 2016, Ferrellgas, L.P. entered into a fifth amendment to our secured credit facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 |
Debt Debt (Tables)
Debt Debt (Tables) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2016 | Jul. 31, 2016 | |
Debt Instrument [Line Items] | ||
Schedule of Long-term Debt Instruments [Table Text Block] | On September 27, 2016, Ferrellgas entered into a fourth amendment to its accounts receivable securitization facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 On September 27, 2016, Ferrellgas entered into a fifth amendment to our secured credit facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 | |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Schedule of Long-term Debt Instruments [Table Text Block] | On September 27, 2016, Ferrellgas, L.P. entered into a fourth amendment to its accounts receivable securitization facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 On September 27, 2016, Ferrellgas, L.P. entered into a fifth amendment to our secured credit facility to modify the maximum leverage ratio covenant as follows: Maximum leverage ratio Maximum leverage ratio Date (prior to amendments) (after amendments) October 31, 2016 5.50 6.05 January 31, 2017 5.50 5.95 April 30, 2017 5.50 5.95 July 31, 2017 5.50 6.05 October 31, 2017 5.50 5.95 January 31, 2018 5.50 5.95 April 30, 2018 & thereafter 5.50 5.50 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 3 Months Ended |
Oct. 31, 2016 | |
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | As of October 31, 2016 and July 31, 2016 , limited partner units were beneficially owned by the following: October 31, 2016 July 31, 2016 Public common unitholders (1) 69,612,939 70,462,939 Ferrell Companies (2) 22,529,361 22,529,361 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) 4,763,475 4,763,475 |
Cash distributions | Ferrellgas Partners has paid the following distributions: For the three months ended October 31, 2016 2015 Public common unitholders $ 35,678 $ 37,330 Ferrell Companies 11,546 11,546 FCI Trading Corp. 100 100 Ferrell Propane, Inc. 26 26 James E. Ferrell 2,441 2,441 General partner 503 520 $ 50,294 $ 51,963 |
Ferrellgas, L.P. [Member] | |
Cash distributions | Ferrellgas, L.P. has paid the following distributions: For the three months ended October 31, 2016 2015 Ferrellgas Partners $ 66,145 $ 51,963 General partner 513 530 $ 66,658 $ 52,493 |
Subsequent Event [Member] | |
Dividends expected to be paid to related parties | Included in this cash distribution are the following amounts to be paid to related parties: Ferrell Companies $ 2,253 FCI Trading Corp. 20 Ferrell Propane, Inc. 5 James E. Ferrell 476 General partner 98 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Oct. 31, 2016 | |
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, 2016 and July 31, 2016 : 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, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 4,133 $ — $ 4,133 Commodity derivatives $ — $ 6,672 $ — $ 6,672 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (2,645 ) $ — $ (2,645 ) Commodity derivatives $ — $ (6,482 ) $ — $ (6,482 ) July 31, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 5,830 $ — $ 5,830 Commodity derivatives $ — $ 8,241 $ — $ 8,241 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,553 ) $ — $ (3,553 ) Commodity derivatives $ — $ (17,689 ) $ — $ (17,689 ) |
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, 2016 and July 31, 2016 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total October 31, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 4,133 $ — $ 4,133 Commodity derivatives $ — $ 6,672 $ — $ 6,672 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (2,645 ) $ — $ (2,645 ) Commodity derivatives $ — $ (6,482 ) $ — $ (6,482 ) July 31, 2016: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 5,830 $ — $ 5,830 Commodity derivatives $ — $ 8,241 $ — $ 8,241 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,553 ) $ — $ (3,553 ) Commodity derivatives $ — $ (17,689 ) $ — $ (17,689 ) |
Derivative Instruments and He30
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Oct. 31, 2016 | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of October 31, 2016 and July 31, 2016 : October 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 2,458 Other current liabilities $ 3,820 Commodity derivatives-propane Other assets, net 3,738 Other liabilities 370 Interest rate swap agreements Prepaid expenses and other current assets 1,467 Other current liabilities 1,919 Interest rate swap agreements Other assets, net 2,666 Other liabilities 726 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 2,119 Commodity derivatives- crude oil Prepaid expenses and other current assets 476 Other current liabilities 173 Total $ 10,805 Total $ 9,127 July 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 2,263 Other current liabilities $ 10,184 Commodity derivatives-propane Other assets, net 3,056 Other liabilities 1,597 Interest rate swap agreements Prepaid expenses and other current assets 1,654 Other current liabilities 2,309 Interest rate swap agreements Other assets, net 4,176 Other liabilities 1,244 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,996 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,922 Other current liabilities 1,912 Total $ 14,071 Total $ 21,242 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of October 31, 2016 and July 31, 2016 , respectively: October 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 3,298 Other current liabilities $ 747 Other assets, net 1,287 Other liabilities 2,696 $ 4,585 $ 3,443 July 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 8,252 Other current liabilities $ — Other assets, net 1,275 Other liabilities — $ 9,527 $ — |
Fair Value Hedge Derivative Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three months ended October 31, 2016 and 2015 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, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 420 $ 537 $ (2,275 ) $ (2,275 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive loss for the three months ended October 31, 2016 and 2015 due to derivatives designated as cash flow hedging instruments: For the three months ended October 31, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 4,873 Cost of sales-propane and other gas liquids sales $ (3,596 ) $ — Interest rate swap agreements 265 Interest expense (642 ) — $ 5,138 $ (4,238 ) $ — For the three months ended October 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,585 Cost of sales-propane and other gas liquids sales $ (7,449 ) $ — Interest rate swap agreements (1,201 ) Interest expense (777 ) — $ 384 $ (8,226 ) $ — |
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three months ended October 31, 2016 and 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended October 31, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (1,241 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,027 Operating expense For the three months ended October 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ (1,038 ) Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the three months ended October 31, 2016 and 2015 were as follows: For the three months ended October 31, Gains and losses on derivatives included in AOCI 2016 2015 Beginning balance $ (9,815 ) $ (38,906 ) Change in value of risk management commodity derivatives 4,873 1,585 Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 3,596 7,449 Change in value of risk management interest rate derivatives 265 (1,201 ) Reclassification of gains and losses on interest rate hedges to interest expense 642 777 Ending balance $ (439 ) $ (30,296 ) |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of October 31, 2016 and July 31, 2016 : October 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 2,458 Other current liabilities $ 3,820 Commodity derivatives-propane Other assets, net 3,738 Other liabilities 370 Interest rate swap agreements Prepaid expenses and other current assets 1,467 Other current liabilities 1,919 Interest rate swap agreements Other assets, net 2,666 Other liabilities 726 Derivatives not designated as hedging instruments Commodity derivatives-vehicle fuel Prepaid expenses and other current assets — Other current liabilities 2,119 Commodity derivatives- crude oil Prepaid expenses and other current assets 476 Other current liabilities 173 Total $ 10,805 Total $ 9,127 July 31, 2016 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives Prepaid expenses and other current assets $ 2,263 Other current liabilities $ 10,184 Commodity derivatives Other assets, net 3,056 Other liabilities 1,597 Interest rate swap agreements Prepaid expenses and other current assets 1,654 Other current liabilities 2,309 Interest rate swap agreements Other assets, net 4,176 Other liabilities 1,244 Derivatives not designated as hedging instruments Commodity derivatives - vehicle fuel Prepaid expenses and other current assets — Other current liabilities 3,996 Commodity derivatives-crude oil Prepaid expenses and other current assets 2,922 Other current liabilities 1,912 Total $ 14,071 Total $ 21,242 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of October 31, 2016 and July 31, 2016 , respectively: October 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 3,298 Other current liabilities $ 747 Other assets, net 1,287 Other liabilities 2,696 $ 4,585 $ 3,443 July 31, 2016 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 8,252 Other current liabilities $ — Other assets, net 1,275 Other liabilities — $ 9,527 $ — |
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 operations for the three and three months ended October 31, 2016 and 2015 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, 2016 2015 2016 2015 Interest rate swap agreements Interest expense $ 420 $ 537 $ (2,275 ) $ (2,275 ) |
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 loss for the three months ended October 31, 2016 and 2015 due to derivatives designated as cash flow hedging instruments: For the three months ended October 31, 2016 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 4,873 Cost of sales-propane and other gas liquids sales $ (3,596 ) $ — Interest rate swap agreements 265 Interest expense (642 ) — $ 5,138 $ (4,238 ) $ — For the three months ended October 31, 2015 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCL into Income Amount of Gain (Loss) Reclassified from AOCL into Income Effective portion Ineffective portion Commodity derivatives $ 1,585 Cost of sales-propane and other gas liquids sales $ (7,449 ) $ — Interest rate swap agreements (1,201 ) Interest expense (777 ) — $ 384 $ (8,226 ) $ — |
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of operations for the three months ended October 31, 2016 and 2015 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended October 31, 2016 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (1,241 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,027 Operating expense For the three months ended October 31, 2015 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - vehicle fuel $ (1,038 ) Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the three months ended October 31, 2016 and 2015 were as follows: For the three months ended October 31, Gains and losses on derivatives included in AOCI 2016 2015 Beginning balance $ (9,815 ) $ (38,906 ) Change in value of risk management commodity derivatives 4,873 1,585 Reclassification of gains and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 3,596 7,449 Change in value of risk management interest rate derivatives 265 (1,201 ) Reclassification of gains and losses on interest rate hedges to interest expense 642 777 Ending balance $ (439 ) $ (30,296 ) |
Transactions With Related Par31
Transactions With Related Parties (Tables) | 3 Months Ended |
Oct. 31, 2016 | |
Schedule of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended October 31, 2016 2015 Operating expense $ 55,714 $ 56,010 General and administrative expense $ 8,583 $ 7,093 |
Ferrellgas, L.P. [Member] | |
Schedule of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended October 31, 2016 2015 Operating expense $ 55,714 $ 56,010 General and administrative expense $ 8,583 $ 7,093 |
Net Earnings (Loss) Per Commo32
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 3 Months Ended |
Oct. 31, 2016 | |
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, 2016 2015 (in thousands, except per unitholders' interest amounts) Common unitholders’ interest in net loss $ (42,642 ) $ (78,995 ) Weighted average common units outstanding - basic 97,457.6 100,376.8 Dilutive securities — — Weighted average common units outstanding - diluted 97,457.6 100,376.8 Basic and diluted net loss per common unitholders’ interest $ (0.44 ) $ (0.79 ) |
Segment Reporting Segment Rep33
Segment Reporting Segment Reporting (Tables) | 3 Months Ended |
Oct. 31, 2016 | |
Segment Reporting Information | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net loss: Three months ended October 31, 2016 2015 Net loss attributable to Ferrellgas Partners, L.P. $ (43,073 ) $ (79,793 ) Income tax benefit (590 ) (844 ) Interest expense 35,428 33,788 Depreciation and amortization expense 26,202 36,979 EBITDA 17,967 (9,870 ) Non-cash employee stock ownership plan compensation charge 3,754 5,256 Non-cash stock-based compensation charge 1,881 8,122 Asset impairments — 29,316 Loss on asset sales and disposal 6,423 14,917 Other (income) expense, net (508 ) 122 Change in fair value of contingent consideration — (100 ) Severance costs 1,469 856 Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (1,569 ) 1,038 Acquisition and transition expenses — 15 Net loss attributable to noncontrolling interest (398 ) (773 ) Adjusted EBITDA $ 29,019 $ 48,899 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets October 31, 2016 July 31, 2016 Propane and related equipment sales $ 1,255,584 $ 1,202,214 Midstream operations - crude oil logistics 228,708 275,303 Corporate and unallocated 182,923 205,789 Total consolidated assets $ 1,667,215 $ 1,683,306 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net loss: Three months ended October 31, 2016 2015 Net loss $ (39,440 ) $ (76,536 ) Income tax benefit (591 ) (844 ) Interest expense 31,398 29,758 Depreciation and amortization expense 26,202 36,979 EBITDA 17,569 (10,643 ) Non-cash employee stock ownership plan compensation charge 3,754 5,256 Non-cash stock-based compensation charge 1,881 8,122 Goodwill impairment — 29,316 Loss on asset sales and disposal 6,423 14,917 Other (income) expense, net (508 ) 122 Change in fair value of contingent consideration — (100 ) Severance costs 1,469 856 Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments (1,569 ) 1,038 Acquisition and transition expenses — 15 Adjusted EBITDA $ 29,019 $ 48,899 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets October 31, 2016 July 31, 2016 Propane and related equipment sales $ 1,255,584 $ 1,202,214 Midstream operations - crude oil logistics 228,708 275,303 Corporate and unallocated 182,832 205,696 Total consolidated assets $ 1,667,124 $ 1,683,213 |
Profit Measure [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three months ended October 31, 2016 and 2015 : Three months ended October 31, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Eliminations Total Segment revenues $ 271,498 $ 106,327 $ 2,946 $ (1,229 ) $ 379,542 Direct costs (1) 237,014 101,556 13,831 (1,878 ) 350,523 Adjusted EBITDA $ 34,484 $ 4,771 $ (10,885 ) $ 649 $ 29,019 Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Eliminations Total Segment revenues $ 277,476 $ 189,373 $ 4,297 $ — $ 471,146 Direct costs (1) 241,877 164,570 15,800 — 422,247 Adjusted EBITDA $ 35,599 $ 24,803 $ (11,503 ) $ — $ 48,899 (1) Direct costs are comprised of "cost of products sold-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". |
Profit Measure [Member] | Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three months ended October 31, 2016 and 2015 : Three months ended October 31, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Eliminations Total Segment revenues $ 271,498 $ 106,327 $ 2,946 $ (1,229 ) $ 379,542 Direct costs (1) 237,014 101,556 13,831 (1,878 ) 350,523 Adjusted EBITDA $ 34,484 $ 4,771 $ (10,885 ) $ 649 $ 29,019 Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Eliminations Total Segment revenues $ 277,476 $ 189,373 $ 4,297 $ — $ 471,146 Direct costs (1) 241,877 164,570 15,800 — 422,247 Adjusted EBITDA $ 35,599 $ 24,803 $ (11,503 ) $ — $ 48,899 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less "non-cash stock-based compensation charge", "change in fair value of contingent consideration", "severance charge", "litigation accrual and related legal fees associated with a class action lawsuit", "unrealized (non-cash) loss on changes in fair value of derivatives not designated as hedging instruments" and "acquisition and transition expenses". |
Capital Expenditures [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment: Three months ended October 31, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Total Capital expenditures: Maintenance $ 1,831 $ 127 $ 1,306 $ 3,264 Growth 5,414 — — 5,414 Total $ 7,245 $ 127 $ 1,306 $ 8,678 Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Total Capital expenditures: Maintenance $ 5,898 $ — $ 284 $ 6,182 Growth 8,615 3,303 6,401 18,319 Total $ 14,513 $ 3,303 $ 6,685 $ 24,501 |
Capital Expenditures [Member] | Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment: Three months ended October 31, 2016 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Total Capital expenditures: Maintenance $ 1,831 $ 127 $ 1,306 $ 3,264 Growth 5,414 — — 5,414 Total $ 7,245 $ 127 $ 1,306 $ 8,678 Three months ended October 31, 2015 Propane and related equipment sales Midstream operations - Crude oil logistics Corporate and other Total Capital expenditures: Maintenance $ 5,898 $ — $ 284 $ 6,182 Growth 8,615 3,303 6,401 18,319 Total $ 14,513 $ 3,303 $ 6,685 $ 24,501 |
Guarantor financial informati34
Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] | 3 Months Ended |
Oct. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Consolidated Balance Sheets | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of October 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 12,368 $ 1 $ 196 $ — $ — $ 12,565 Accounts and notes receivable (9,133 ) — 56,051 101,365 — 148,283 Intercompany receivables 21,421 — — — (21,421 ) — Inventories 79,814 — 20,482 — — 100,296 Prepaid expenses and other current assets 22,616 — 9,185 2 — 31,803 Total current assets 127,086 1 85,914 101,367 (21,421 ) 292,947 Property, plant and equipment, net 550,113 — 207,827 — — 757,940 Goodwill 246,098 — 10,005 — — 256,103 Intangible assets, net 137,625 — 134,406 — — 272,031 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries 1,890 — — — (1,890 ) — Other assets, net 38,168 — 49,282 653 — 88,103 Total assets $ 1,550,980 $ 1 $ 487,434 $ 102,020 $ (473,311 ) $ 1,667,124 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 41,161 $ — $ 33,627 $ — $ — $ 74,788 Short-term borrowings 96,824 — — — — 96,824 Collateralized note payable — — — 74,000 — 74,000 Intercompany payables — — 36,798 (15,377 ) (21,421 ) — Other current liabilities 161,172 — 3,293 132 — 164,597 Total current liabilities 299,157 — 73,718 58,755 (21,421 ) 410,209 Long-term debt 1,783,634 — 451,026 — (450,000 ) 1,784,660 Other liabilities 28,689 — 3,841 225 — 32,755 Contingencies and commitments Partners' capital (deficit): Partners' equity (559,316 ) 1 (40,504 ) 42,715 (2,212 ) (559,316 ) Accumulated other comprehensive income (loss) (1,184 ) — (647 ) 325 322 (1,184 ) Total partners' capital (deficit) (560,500 ) 1 (41,151 ) 43,040 (1,890 ) (560,500 ) Total liabilities and partners' capital (deficit) $ 1,550,980 $ 1 $ 487,434 $ 102,020 $ (473,311 ) $ 1,667,124 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 4,472 $ 1 $ 417 $ — $ — $ 4,890 Accounts and notes receivable (2,703 ) — 45,822 106,464 — 149,583 Intercompany receivables 34,089 — — — (34,089 ) — Inventories 71,422 — 19,172 — — 90,594 Prepaid expenses and other current assets 27,922 2 12,029 2 — 39,955 Total current assets 135,202 3 77,440 106,466 (34,089 ) 285,022 Property, plant and equipment, net 557,460 — 217,220 — — 774,680 Goodwill 246,098 — 10,005 — — 256,103 Intangible assets, net 141,794 — 138,391 — — 280,185 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries 3,630 — — — (3,630 ) — Other assets, net 37,742 — 49,016 465 — 87,223 Total assets $ 1,571,926 $ 3 $ 492,072 $ 106,931 $ (487,719 ) $ 1,683,213 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 33,781 $ — $ 34,147 $ — $ — $ 67,928 Short-term borrowings 101,291 — — — — 101,291 Collateralized note payable — — — 64,000 — 64,000 Intercompany payables — — 35,491 (1,402 ) (34,089 ) — Other current liabilities 119,048 — 7,754 150 — 126,952 Total current liabilities 254,120 — 77,392 62,748 (34,089 ) 360,171 Long-term debt 1,759,868 — 451,013 — (450,000 ) 1,760,881 Other liabilities 27,351 — 3,998 225 — 31,574 Contingencies and commitments Partners' capital (deficit): Partners' equity (458,853 ) 3 (39,684 ) 43,633 (3,952 ) (458,853 ) Accumulated other comprehensive income (loss) (10,560 ) — (647 ) 325 322 (10,560 ) Total partners' capital (deficit) (469,413 ) 3 (40,331 ) 43,958 (3,630 ) (469,413 ) Total liabilities and partners' capital (deficit) $ 1,571,926 $ 3 $ 492,072 $ 106,931 $ (487,719 ) $ 1,683,213 |
Condensed Consolidated Statements of Earnings | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended October 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 242,399 $ — $ — $ — $ — $ 242,399 Midstream operations — — 108,044 — — 108,044 Other 17,326 — 11,773 — — 29,099 Total revenues 259,725 — 119,817 — — 379,542 Costs and expenses: Cost of sales - propane and other gas liquids sales 119,212 — — — — 119,212 Cost of sales - midstream operations — — 94,642 — — 94,642 Cost of sales - other 2,430 — 9,316 — — 11,746 Operating expense 97,655 — 10,246 (2,105 ) (710 ) 105,086 Depreciation and amortization expense 18,277 — 7,872 53 — 26,202 General and administrative expense 12,863 2 1,404 — — 14,269 Equipment lease expense 7,210 — 139 — — 7,349 Non-cash employee stock ownership plan compensation charge 3,754 — — — — 3,754 Loss on asset sales and disposal 1,447 — 4,976 — — 6,423 Operating income (loss) (3,123 ) (2 ) (8,778 ) 2,052 710 (9,141 ) Interest expense (20,352 ) — (10,673 ) (370 ) (3 ) (31,398 ) Other income (expense), net (47 ) — 555 707 (707 ) 508 Earnings (loss) before income taxes (23,522 ) (2 ) (18,896 ) 2,389 — (40,031 ) Income tax benefit (29 ) — (562 ) — — (591 ) Equity in earnings of subsidiary (15,947 ) — — — 15,947 — Net earnings (loss) (39,440 ) (2 ) (18,334 ) 2,389 15,947 (39,440 ) Other comprehensive income 9,376 — — — — 9,376 Comprehensive income (loss) $ (30,064 ) $ (2 ) $ (18,334 ) $ 2,389 $ 15,947 $ (30,064 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended October 31, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 245,301 $ — $ — $ — $ — $ 245,301 Midstream operations — — 193,670 — — 193,670 Other 17,377 — 14,798 — — 32,175 Total revenues 262,678 — 208,468 — — 471,146 Costs and expenses: Cost of sales - propane and other gas liquids sales 121,748 — 3 — — 121,751 Cost of sales - midstream operations — — 153,604 — — 153,604 Cost of sales - other 2,538 — 11,910 — — 14,448 Operating expense 96,974 — 17,659 2,370 (804 ) 116,199 Depreciation and amortization expense 18,550 — 18,429 — — 36,979 General and administrative expense 17,429 3 1,712 — — 19,144 Equipment lease expense 6,882 — 150 — — 7,032 Non-cash employee stock ownership plan compensation charge 5,256 — — — — 5,256 Asset impairments — — 29,316 — — 29,316 Loss on asset sales and disposal 1,545 — 13,372 — — 14,917 Operating income (loss) (8,244 ) (3 ) (37,687 ) (2,370 ) 804 (47,500 ) Interest expense (18,521 ) — (10,688 ) (441 ) (108 ) (29,758 ) Other income (expense), net (122 ) — — 696 (696 ) (122 ) Loss before income taxes (26,887 ) (3 ) (48,375 ) (2,115 ) — (77,380 ) Income tax expense (benefit) 168 — (1,012 ) — — (844 ) Equity in earnings of subsidiary (49,481 ) — — — 49,481 — Net earnings (loss) (76,536 ) (3 ) (47,363 ) (2,115 ) 49,481 (76,536 ) Other comprehensive income 8,610 — — — — 8,610 Comprehensive income (loss) $ (67,926 ) $ (3 ) $ (47,363 ) $ (2,115 ) $ 49,481 $ (67,926 ) |
Condensed Consolidated Statements of Cash Flows | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the three months ended October 31, 2016 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 79,220 $ (2 ) $ (15,354 ) $ 687 $ (10,000 ) $ 54,551 Cash flows from investing activities: Capital expenditures (10,000 ) — (5 ) — — (10,005 ) Proceeds from sale of assets 2,279 — — — — 2,279 Cash collected for purchase of interest in accounts receivable — — — 183,939 (183,939 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (193,939 ) 193,939 — Net changes in advances with consolidated entities (14,453 ) — — — 14,453 — Net cash provided by (used in) investing activities (22,174 ) — (5 ) (10,000 ) 24,453 (7,726 ) Cash flows from financing activities: Distributions (66,658 ) — — — — (66,658 ) Proceeds from increase in long-term debt 25,626 — — — — 25,626 Reductions in long-term debt (2,261 ) — — — — (2,261 ) Net reductions in short-term borrowings (4,467 ) — — — — (4,467 ) Net additions to collateralized short-term borrowings — — — 10,000 — 10,000 Net changes in advances with parent — 2 15,138 (687 ) (14,453 ) — Cash paid for financing costs (1,390 ) — — — — (1,390 ) Net cash provided by (used in) financing activities (49,150 ) 2 15,138 9,313 (14,453 ) (39,150 ) Effect of exchange rate changes on cash — — — — — — Increase (decrease) in cash and cash equivalents 7,896 — (221 ) — — 7,675 Cash and cash equivalents - beginning of year 4,472 1 417 — — 4,890 Cash and cash equivalents - end of year $ 12,368 $ 1 $ 196 $ — $ — $ 12,565 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the three months ended October 31, 2015 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 12,807 $ (3 ) $ 22,041 $ 5,801 $ 2,000 $ 42,646 Cash flows from investing activities: Business acquisitions, net of cash acquired — — — — — — Capital expenditures (14,674 ) — (10,933 ) — — (25,607 ) Proceeds from sale of assets 1,013 — 2,562 — — 3,575 Cash collected for purchase of interest in accounts receivable — — — 186,280 (186,280 ) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (184,280 ) 184,280 — Net changes in advances with consolidated entities 16,908 — — — (16,908 ) — Other (14 ) — — — — (14 ) Net cash provided by (used in) investing activities 3,233 — (8,371 ) 2,000 (18,908 ) (22,046 ) Cash flows from financing activities: Distributions (52,493 ) — — — — (52,493 ) Contributions from Partners 30 — — — — 30 Proceeds from increase in long-term debt 21,321 — — — — 21,321 Reductions in long-term debt (4,380 ) — — — — (4,380 ) Net additions to short-term borrowings 20,072 — — — — 20,072 Net reductions in collateralized short-term borrowings — — — (2,000 ) — (2,000 ) Net changes in advances with parent — 3 (11,112 ) (5,799 ) 16,908 — Cash paid for financing costs (142 ) — — — — (142 ) Net cash provided by (used in) financing activities (15,592 ) 3 (11,112 ) (7,799 ) 16,908 (17,592 ) Effect of exchange rate changes on cash 2 — — (2 ) — — Increase in cash and cash equivalents 450 — 2,558 — — 3,008 Cash and cash equivalents - beginning of year 5,579 1 20 — — 5,600 Cash and cash equivalents - end of year $ 6,029 $ 1 $ 2,578 $ — $ — $ 8,608 |
Partnership Organization And 35
Partnership Organization And Formation (Details) | 3 Months Ended | |
Oct. 31, 2016employeesubsidiaryshares | Jul. 31, 2016shares | |
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Number of entity subsidiaries | subsidiary | 2 | |
Equity interest in subsidiary | 100.00% | |
Number of states in which entity operates | 50 | |
Corporation formation date | Apr. 19, 1994 | |
Number of employees | 0 | |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock shares outstanding | shares | 1,000 | 1,000 |
Corporation formation date | Mar. 28, 1996 | |
Number of employees | 0 | |
Ferrellgas, L.P. [Member] | ||
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Equity interest in subsidiary | 100.00% | |
Number of states in which entity operates | 50 | |
Number of employees | 0 | |
Ferrellgas Finance Corp. [Member] | ||
Common stock shares outstanding | shares | 1,000 | 1,000 |
Corporation formation date | Jan. 16, 2003 | |
Number of employees | 0 | |
Ferrell Companies [Member] | ||
Common stock shares outstanding | shares | 22,800,000 | |
Operating Partnership [Member] | ||
General partner ownership interest | 1.00% | |
Ferrellgas [Member] | ||
General partner ownership interest | 2.00% |
Significant Transactions (Detai
Significant Transactions (Details) | 3 Months Ended | |||
Jan. 31, 2017 | Oct. 31, 2016USD ($)sharesMMBbls | Oct. 31, 2015USD ($) | Jul. 31, 2016USD ($)shares | |
Payments for Repurchase of Common Stock | $ (15,851,000) | $ 0 | ||
Energy Related Inventory, Crude Oil and Natural Gas Liquids | 23,000 | |||
Promissory note description | 0.25 | |||
Notes Receivable, Related Parties, Current | $ 8,055,000 | $ 5,000,000 | ||
Limited Partners' Capital Account, Units Outstanding | shares | 97,152,665 | 98,002,665 | ||
Concentration Risk, Customer | 0.6 | |||
Long-term Purchase Commitment, Minimum Volume Required | MMBbls | 65 | |||
Oil and Gas Delivery Commitments and Contracts, Remaining Contractual Volume | MMBbls | 35 | |||
Jamex Marketing, LLC [Member] | ||||
Loans and Leases Receivable, Related Parties, Proceeds | $ 49,500,000 | |||
Notes Receivable, Related Parties | 20,000,000 | |||
Increase (Decrease) in Notes Receivable, Related Parties, Current | 5,000,000 | |||
Payments for Repurchase of Common Stock | $ 16,900,000 | |||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 900,000 | |||
Related Party Transaction, Rate | 2.80% | 7.00% | ||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 0 | |||
Loans and Leases Receivable, Related Parties, Description | 10 | |||
Ferrellgas, L.P. [Member] | ||||
Energy Related Inventory, Crude Oil and Natural Gas Liquids | $ 23,000 | |||
Promissory note description | 0.25 | |||
Notes Receivable, Related Parties, Current | $ 8,055,000 | $ 5,000,000 | ||
Concentration Risk, Customer | 0.6 | |||
Long-term Purchase Commitment, Minimum Volume Required | MMBbls | 65 | |||
Oil and Gas Delivery Commitments and Contracts, Remaining Contractual Volume | MMBbls | 35 | |||
Ferrellgas, L.P. [Member] | Jamex Marketing, LLC [Member] | ||||
Loans and Leases Receivable, Related Parties, Proceeds | $ 49,500,000 | |||
Notes Receivable, Related Parties | 20,000,000 | |||
Increase (Decrease) in Notes Receivable, Related Parties, Current | 5,000,000 | |||
Payments for Repurchase of Common Stock | $ 16,900,000 | |||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 900,000 | |||
Related Party Transaction, Rate | 2.80% | 7.00% | ||
Loans and Leases Receivable, Commitments, Fixed Rates | $ 0 | |||
Loans and Leases Receivable, Related Parties, Description | 10 |
Supplemental Financial Statem37
Supplemental Financial Statement Information (Narrative) (Details) gal in Millions | 3 Months Ended |
Oct. 31, 2016gal | |
Maximum term of supply procurement contracts | 36 months |
Net procurement of fixed priced propane in gallons | 93.4 |
Ferrellgas, L.P. [Member] | |
Maximum term of supply procurement contracts | 36 months |
Net procurement of fixed priced propane in gallons | 93.4 |
Supplemental Financial Statem38
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Propane gas and related products | $ 68,336 | $ 59,726 |
Energy Related Inventory, Petroleum | 6,066 | 4,642 |
Appliances, parts and supplies | 25,894 | 26,226 |
Inventories | 100,296 | 90,594 |
Ferrellgas, L.P. [Member] | ||
Propane gas and related products | 68,336 | 59,726 |
Energy Related Inventory, Petroleum | 6,066 | 4,642 |
Appliances, parts and supplies | 25,894 | 26,226 |
Inventories | $ 100,296 | $ 90,594 |
Supplemental Financial Statem39
Supplemental Financial Statement Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Accrued interest | $ 45,118 | $ 16,623 |
Accrued payroll | 25,738 | 13,438 |
Customer deposits and advances | 40,238 | 27,391 |
Price risk management liabilities | 8,030 | 18,401 |
Other | 51,403 | 53,105 |
Other current liabilities | 170,527 | 128,958 |
Ferrellgas, L.P. [Member] | ||
Accrued interest | 39,188 | 14,617 |
Accrued payroll | 25,738 | 13,438 |
Customer deposits and advances | 40,238 | 27,391 |
Price risk management liabilities | 8,030 | 18,401 |
Other | 51,403 | 53,105 |
Other current liabilities | $ 164,597 | $ 126,952 |
Supplemental Financial Statem40
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | $ 49,502 | $ 48,079 |
Ferrellgas, L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 49,502 | 48,079 |
Operating Expense [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 41,810 | 40,535 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 41,810 | 40,535 |
Depreciation And Amortization Expense [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 1,026 | 1,115 |
Depreciation And Amortization Expense [Member] | Ferrellgas, L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 1,026 | 1,115 |
Equipment Lease Expense [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | 6,666 | 6,429 |
Equipment Lease Expense [Member] | Ferrellgas, L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Shipping and handling expenses | $ 6,666 | $ 6,429 |
Supplemental Financial Statem41
Supplemental Financial Statement Information Supplemental financial statement information (Significant Cash and Non-Cash Activities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Interest Paid | $ 5,631 | $ 3,780 |
Noncash Investing and Financing Items [Abstract] | ||
Property, Plant and Equipment, Additions | (189) | 1,727 |
Ferrellgas, L.P. [Member] | ||
Interest Paid | 5,630 | 3,779 |
Noncash Investing and Financing Items [Abstract] | ||
Property, Plant and Equipment, Additions | (189) | 1,727 |
Common Unitholders [Member] | Assets [Member] | Ferrellgas, L.P. [Member] | ||
Noncash Investing and Financing Items [Abstract] | ||
Partners' Capital Account, Acquisitions | $ 0 | $ (284) |
Supplemental Financial Statem42
Supplemental Financial Statement Information Supplemental Financial Statement Information (Other Assets) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Accounts Receivable, Related Parties, Noncurrent | $ 40,000 | $ 39,800 |
Other Assets | 48,103 | 47,463 |
Other Assets, Noncurrent | 88,103 | 87,223 |
Ferrellgas, L.P. [Member] | ||
Accounts Receivable, Related Parties, Noncurrent | 40,000 | 39,800 |
Other Assets | 48,103 | 47,463 |
Other Assets, Noncurrent | $ 88,103 | $ 87,223 |
Supplemental Financial Statem43
Supplemental Financial Statement Information Supplemental Financial Statement Information (Loss on Asset Sales and Disposal) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Loss on Disposal of Assets and Asset Impairment Charges | $ 6,423 | $ 14,917 |
Impairment of Long-Lived Assets to be Disposed of | 0 | 12,112 |
Assets held for disposal [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 1,259 |
Assets held in use [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment | 6,423 | 1,546 |
Ferrellgas, L.P. [Member] | ||
Loss on Disposal of Assets and Asset Impairment Charges | 6,423 | 14,917 |
Impairment of Long-Lived Assets to be Disposed of | 0 | 12,112 |
Ferrellgas, L.P. [Member] | Assets held for disposal [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 1,259 |
Ferrellgas, L.P. [Member] | Assets held in use [Member] | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ 6,423 | $ 1,546 |
Accounts And Notes Receivable44
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Oct. 31, 2016 | Jul. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
current leverage ratio | 581.00% | |
Accounts receivable pledged as collateral | $ 105,320,000 | $ 106,464,000 |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
current leverage ratio | 581.00% | |
Accounts receivable pledged as collateral | $ 105,320,000 | 106,464,000 |
Accounts Receivable Securitization [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 105,300,000 | 106,500,000 |
Collateralized notes payable | 74,000,000 | 64,000,000 |
Proceeds from accounts receivable securitization | 74,000,000 | 64,000,000 |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 |
Weighted average interest rate on borrowings under accounts receivable securitization | 2.70% | 3.00% |
Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 105,300,000 | $ 106,500,000 |
Collateralized notes payable | 74,000,000 | 64,000,000 |
Proceeds from accounts receivable securitization | 74,000,000 | 64,000,000 |
Available proceeds from additional trade accounts receivable | $ 0 | $ 0 |
Weighted average interest rate on borrowings under accounts receivable securitization | 2.70% | 3.00% |
Accounts And Notes Receivable45
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Accounts receivable pledged as collateral | $ 105,320 | $ 106,464 |
Accounts receivable | 37,515 | 43,148 |
Notes Receivable, Related Parties, Current | 8,055 | 5,000 |
Other | 170 | 38 |
Less: Allowance for doubtful accounts | (2,777) | (5,067) |
Accounts and notes receivable, net | 148,283 | 149,583 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | 105,320 | 106,464 |
Accounts receivable | 37,515 | 43,148 |
Notes Receivable, Related Parties, Current | 8,055 | 5,000 |
Other | 170 | 38 |
Less: Allowance for doubtful accounts | (2,777) | (5,067) |
Accounts and notes receivable, net | $ 148,283 | $ 149,583 |
Accounts And Notes Receivable46
Accounts And Notes Receivable, Net And Accounts Receivable Securitization Accounts And Notes Receivcable, Net And Accounts Receivable Securitization (Maximum Leverage Ratio) (Details) | 3 Months Ended | ||||||
Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | |
Maximum [Member] | |||||||
required total leverage ratio | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | 595.00% | 605.00% |
Minimum [Member] | |||||||
required total leverage ratio | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% |
Ferrellgas, L.P. [Member] | Maximum [Member] | |||||||
required total leverage ratio | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | 595.00% | 605.00% |
Ferrellgas, L.P. [Member] | Minimum [Member] | |||||||
required total leverage ratio | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% |
Debt (Short-Term Borrowings Nar
Debt (Short-Term Borrowings Narrative) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Short-term borrowings | $ 96,824 | $ 101,291 |
Ferrellgas, L.P. [Member] | ||
Short-term borrowings | $ 96,824 | $ 101,291 |
Debt Debt (Components of Long-T
Debt Debt (Components of Long-Term Debt) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt | $ 1,965,219 | $ 1,941,335 |
Short-term borrowings | 96,824 | 101,291 |
Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Long-term debt | 1,784,660 | 1,760,881 |
Short-term borrowings | $ 96,824 | $ 101,291 |
Secured Credit Facility [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt weighted average interest rate | 4.10% | 3.70% |
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Debt weighted average interest rate | 4.10% | 3.70% |
Debt (Senior Notes Narrative) (
Debt (Senior Notes Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Interest payments | $ 5,631 | $ 3,780 |
Ferrellgas, L.P. [Member] | ||
Interest payments | $ 5,630 | $ 3,779 |
Debt (Secured Credit Facility N
Debt (Secured Credit Facility Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 22, 2016 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 |
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Covenant Description | 0.04 | |||||||||
current leverage ratio | 581.00% | |||||||||
Debt Instrument, Covenant Compliance | 78.9 | 8.1 | ||||||||
Available borrowing capacity | $ 173.6 | $ 219.3 | ||||||||
Letters of credit outstanding | $ 111.4 | $ 86.3 | ||||||||
Ferrellgas, L.P. [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Covenant Description | .04 | |||||||||
current leverage ratio | 581.00% | |||||||||
Debt Instrument, Covenant Compliance | 78.9 | 8.1 | ||||||||
Available borrowing capacity | $ 173.6 | $ 219.3 | ||||||||
Letters of credit outstanding | 111.4 | 86.3 | ||||||||
Secured Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total credit faciltiy borrowings outstanding | 415 | 394.4 | ||||||||
Other Long-term Debt, Noncurrent | $ 318.2 | $ 293.1 | ||||||||
Weighted average interest rate on credit facility borrowings | 4.10% | 3.70% | ||||||||
Secured Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total credit faciltiy borrowings outstanding | $ 415 | $ 394.4 | ||||||||
Other Long-term Debt, Noncurrent | $ 318.2 | $ 293.1 | ||||||||
Weighted average interest rate on credit facility borrowings | 4.10% | 3.70% | ||||||||
Letter Of Credit [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Available borrowing capacity | $ 88.6 | $ 113.7 | ||||||||
Letter Of Credit [Member] | Ferrellgas, L.P. [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Available borrowing capacity | $ 88.6 | $ 113.7 | ||||||||
Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
required total leverage ratio | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | |||
Minimum [Member] | Ferrellgas, L.P. [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
required total leverage ratio | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | |||
Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
required total leverage ratio | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | 595.00% | 605.00% | |||
Maximum [Member] | Ferrellgas, L.P. [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
required total leverage ratio | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | 595.00% | 605.00% | |||
Subsequent Event [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | $ 0.40 | $ 2.05 | |||||||
Subsequent Event [Member] | Ferrellgas, L.P. [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.40 | $ 2.05 |
Debt Debt (Maximum Leverage Rat
Debt Debt (Maximum Leverage Ratio Schedule) (Details) | 3 Months Ended | ||||||
Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | |
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
required total leverage ratio | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% |
Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
required total leverage ratio | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | 595.00% | 605.00% |
Ferrellgas, L.P. [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
required total leverage ratio | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% | 550.00% |
Ferrellgas, L.P. [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
required total leverage ratio | 550.00% | 595.00% | 595.00% | 605.00% | 595.00% | 595.00% | 605.00% |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 15, 2016 | Nov. 22, 2016 | Feb. 25, 2016 | Oct. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2017 | Jul. 31, 2016 |
Capital Unit [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 98,002,665 | |||||
General partner ownership interest | 1.00% | ||||||
Contributions from partners | $ 0 | $ 30 | |||||
Ferrellgas, L.P. [Member] | |||||||
Capital Unit [Line Items] | |||||||
General partner ownership interest | 1.00% | ||||||
Contributions from partners | $ 0 | 30 | |||||
JEF Capital Management [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 4,758,859 | ||||||
Ferrell Resources Holdings, Inc. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 4,616 | ||||||
FCI Trading Corp. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 195,686 | 195,686 | |||||
General Partner [Member] | |||||||
Capital Unit [Line Items] | |||||||
General partner ownership interest | 2.00% | ||||||
Non-cash contributions | $ 100 | 300 | |||||
General Partner [Member] | Ferrellgas, L.P. [Member] | |||||||
Capital Unit [Line Items] | |||||||
General partner ownership interest | 1.0101% | ||||||
Non-cash contributions | $ 100 | $ 100 | |||||
Ferrell Propane, Inc [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited Partners' Capital Account, Units Outstanding | 51,204 | 51,204 | |||||
Ferrell Companies Beneficial Ownership [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited partner ownership interest | 23.40% | ||||||
Ferrell Companies [Member] | |||||||
Capital Unit [Line Items] | |||||||
Limited partner ownership interest | 23.00% | ||||||
Subsequent Event [Member] | |||||||
Capital Unit [Line Items] | |||||||
Cash distribution declaration date | Nov. 22, 2016 | ||||||
Cash distributions declared per common unit | $ 0.10 | $ 0.40 | $ 2.05 | ||||
Cash distributions payment date | Dec. 15, 2016 | ||||||
Subsequent Event [Member] | Ferrellgas, L.P. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Cash distribution declaration date | Nov. 22, 2016 | ||||||
Cash distributions declared per common unit | $ 0.40 | $ 2.05 | |||||
Cash distributions payment date | Dec. 15, 2016 | ||||||
Subsequent Event [Member] | FCI Trading Corp. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 20 | ||||||
Subsequent Event [Member] | Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 17,700 | ||||||
Subsequent Event [Member] | General Partner [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 98 | ||||||
Subsequent Event [Member] | General Partner [Member] | Ferrellgas, L.P. [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 200 | ||||||
Subsequent Event [Member] | Ferrell Propane, Inc [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 5 | ||||||
Subsequent Event [Member] | Ferrell Companies [Member] | |||||||
Capital Unit [Line Items] | |||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,253 |
Partners' Capital (Distribution
Partners' Capital (Distributions Paid) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 50,294 | $ 51,963 |
Ferrellgas, L.P. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 66,658 | 52,493 |
Public Common Unitholders [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 35,678 | 37,330 |
Ferrell Companies [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 11,546 | 11,546 |
FCI Trading Corp. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 100 | 100 |
Ferrell Propane, Inc [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 26 | 26 |
James E. Ferrell [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 2,441 | 2,441 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 66,145 | 51,963 |
General Partner [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | 503 | 520 |
General Partner [Member] | Ferrellgas, L.P. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 513 | $ 530 |
Partners' Capital (Distributi54
Partners' Capital (Distributions Expected To Be Paid To Related Parties) (Details) - Subsequent Event [Member] $ in Thousands | Feb. 25, 2016USD ($) |
Ferrell Companies [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,253 |
FCI Trading Corp. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 20 |
Ferrell Propane, Inc [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 5 |
James E. Ferrell [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 476 |
General Partner [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 98 |
Partners' Capital (Deficit) Par
Partners' Capital (Deficit) Partners' Capital (Limited Partner Units) (Details) - shares | Oct. 31, 2016 | Jul. 31, 2016 |
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 98,002,665 |
Public Common Unitholders [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 69,612,939 | 70,462,939 |
FCI Trading Corp. [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 195,686 | 195,686 |
Subsidiary of Common Parent [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 22,529,361 | 22,529,361 |
Ferrell Propane, Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 51,204 | 51,204 |
James E. Ferrell [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 4,763,475 | 4,763,475 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | Oct. 31, 2016 | Jul. 31, 2016 |
Long-term Debt, Fair Value | $ 1,979.9 | $ 1,920.1 |
Ferrellgas, L.P. [Member] | ||
Long-term Debt, Fair Value | $ 1,803.4 | $ 1,736.2 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Interest rate swap assets | $ 4,133 | $ 5,830 |
Propane commodity derivative assets | 6,672 | 8,241 |
Interest rate swap liabilities | (2,645) | (3,553) |
Propane commodity derivative liabilities | (6,482) | (17,689) |
Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 4,133 | 5,830 |
Propane commodity derivative assets | 6,672 | 8,241 |
Interest rate swap liabilities | (2,645) | (3,553) |
Propane commodity derivative liabilities | (6,482) | (17,689) |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap assets | 4,133 | 5,830 |
Propane commodity derivative assets | 6,672 | 8,241 |
Interest rate swap liabilities | (2,645) | (3,553) |
Propane commodity derivative liabilities | (6,482) | (17,689) |
Fair Value, Inputs, Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 4,133 | 5,830 |
Propane commodity derivative assets | 6,672 | 8,241 |
Interest rate swap liabilities | (2,645) | (3,553) |
Propane commodity derivative liabilities | $ (6,482) | $ (17,689) |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities (Narrative) (Details) MMBbls in Thousands | 3 Months Ended | |
Oct. 31, 2016USD ($)MMBbls | Oct. 31, 2015USD ($) | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 |
Reclassification of net gain to earnings during next 12 months | $ 1,400,000 | |
Number of barrels of propane covered by cash flow hedges | MMBbls | 2,400 | |
Additional Collateral, Aggregate Fair Value | $ 0 | |
Derivative amount of credit risk | 2,700,000 | |
Derivative net liability position aggregate fair value | 0 | |
Collateral already posted | 0 | |
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 |
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Reclassification of net gain to earnings during next 12 months | $ 1,400,000 | |
Number of barrels of propane covered by cash flow hedges | MMBbls | 2,400 | |
Additional Collateral, Aggregate Fair Value | $ 0 | |
Derivative amount of credit risk | 2,700,000 | |
Derivative net liability position aggregate fair value | 0 | |
Collateral already posted | 0 | |
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 |
Reclassification of gain (loss) to earnings from discontinuance of cash flow hedges | $ 0 | 0 |
Diesel fuel [Member] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 100 | |
Diesel fuel [Member] | Ferrellgas, L.P. [Member] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 100 | |
Unleaded gasoline [Member] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 21 | |
Unleaded gasoline [Member] | Ferrellgas, L.P. [Member] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 21 | |
Crude Oil [Member] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 200 | |
Crude Oil [Member] | Ferrellgas, L.P. [Member] | ||
Number of barrels of propane covered by cash flow hedges | MMBbls | 200 | |
Propane commodity derivatives [Member] | Interest Expense [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | 0 |
Interest Rate Swap [Member] | Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 |
Derivative Instruments and He59
Derivative Instruments and Hedging Activities (Fair Value of Financial Derivatives Balance Sheet Locations) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | $ 6,672 | $ 8,241 |
Interest rate swap assets | 4,133 | 5,830 |
Derivative assets, fair value | 10,805 | 14,071 |
Propane commodity derivative liabilities | 6,482 | 17,689 |
Interest rate swap liabilities | 2,645 | 3,553 |
Derivative liabilities, fair value | 9,127 | 21,242 |
Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 6,672 | 8,241 |
Interest rate swap assets | 4,133 | 5,830 |
Derivative assets, fair value | 10,805 | 14,071 |
Propane commodity derivative liabilities | 6,482 | 17,689 |
Interest rate swap liabilities | 2,645 | 3,553 |
Derivative liabilities, fair value | 9,127 | 21,242 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 2,458 | 2,263 |
Interest rate swap assets | 1,467 | 1,654 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 2,458 | 2,263 |
Interest rate swap assets | 1,467 | 1,654 |
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 0 | 0 |
Other assets, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 3,738 | 3,056 |
Interest rate swap assets | 2,666 | 4,176 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 3,738 | 3,056 |
Interest rate swap assets | 2,666 | 4,176 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 3,820 | 10,184 |
Interest rate swap liabilities | 1,919 | 2,309 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 2,119 | 3,996 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 3,820 | 10,184 |
Interest rate swap liabilities | 1,919 | 2,309 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 2,119 | 3,996 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 370 | 1,597 |
Interest rate swap liabilities | 726 | 1,244 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 370 | 1,597 |
Interest rate swap liabilities | 726 | 1,244 |
Midstream - Crude Oil Logistics [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 476 | 2,922 |
Midstream - Crude Oil Logistics [Member] | Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 476 | 2,922 |
Midstream - Crude Oil Logistics [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 173 | 1,912 |
Midstream - Crude Oil Logistics [Member] | Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 173 | $ 1,912 |
Derivative Instruments and He60
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Schedule of Derivative Collateral) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Derivative Asset, Fair Value of Collateral | $ 4,585 | $ 9,527 |
Derivative Liability, Fair Value of Collateral | 3,443 | 0 |
Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 4,585 | 9,527 |
Derivative Liability, Fair Value of Collateral | 3,443 | 0 |
Other assets, net [Member] | ||
Derivative Asset, Fair Value of Collateral | 1,287 | 1,275 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 1,287 | 1,275 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Fair Value of Collateral | 3,298 | 8,252 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 3,298 | 8,252 |
Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 747 | 0 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | 747 | 0 |
Other Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 2,696 | 0 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | $ 2,696 | $ 0 |
Derivative Instruments and He61
Derivative Instruments and Hedging Activities (Fair Value Hedge Derivative Effect on Earnings) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Derivative, Gain (Loss) on Derivative, Net | $ 420 | $ 537 |
Interest expense recognized on fixed-rate debt | (2,275) | (2,275) |
Ferrellgas, L.P. [Member] | ||
Derivative, Gain (Loss) on Derivative, Net | 420 | 537 |
Interest expense recognized on fixed-rate debt | $ (2,275) | $ (2,275) |
Derivative Instruments and He62
Derivative Instruments and Hedging Activities (Cash Flow Hedge Derivative Effect on Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Amount of gain (loss) recognized in AOCI | $ 5,138 | $ 384 |
Amount of gain (loss) reclassified from AOCI into income | (4,238) | (8,226) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) recognized in AOCI | 5,138 | 384 |
Amount of gain (loss) reclassified from AOCI into income | (4,238) | (8,226) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Propane commodity derivatives [Member] | ||
Amount of gain (loss) recognized in AOCI | 4,873 | 1,585 |
Amount of gain (loss) reclassified from AOCI into income | (3,596) | (7,449) |
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) recognized in AOCI | 4,873 | 1,585 |
Amount of gain (loss) reclassified from AOCI into income | (3,596) | (7,449) |
Interest Rate Swap [Member] | ||
Amount of gain (loss) recognized in AOCI | 265 | (1,201) |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) recognized in AOCI | 265 | (1,201) |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | ||
Amount of gain (loss) reclassified from AOCI into income | (3,596) | (7,449) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) reclassified from AOCI into income | (3,596) | (7,449) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Interest Expense [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | ||
Amount of gain (loss) reclassified from AOCI into income | (642) | (777) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||
Amount of gain (loss) reclassified from AOCI into income | $ (642) | $ (777) |
Derivative Instruments and He63
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Derivatives Not Designated as Hedging Effect on Earnings) (Details) - Operating Expense [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Propane and related equipment sales [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 1,027 | $ (1,038) |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1,027 | $ (1,038) |
Midstream - Crude Oil Logistics [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (1,241) | |
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (1,241) |
Derivative Instruments and He64
Derivative Instruments and Hedging Activities (Changes in Derivative Value Effect on Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Oct. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2016 | Jul. 31, 2015 | |
Beginning balance | $ (1,186) | $ (10,468) | ||
Change in value of risk management derivatives | 5,138 | $ 384 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 4,238 | 8,226 | ||
Ending balance | (1,186) | |||
Ferrellgas, L.P. [Member] | ||||
Beginning balance | (1,184) | (10,560) | ||
Change in value of risk management derivatives | 5,138 | 384 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 4,238 | 8,226 | ||
Ending balance | (1,184) | |||
Propane commodity derivatives [Member] | ||||
Change in value of risk management derivatives | 4,873 | 1,585 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 3,596 | 7,449 | ||
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Change in value of risk management derivatives | 4,873 | 1,585 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | 3,596 | 7,449 | ||
Interest Rate Swap [Member] | ||||
Change in value of risk management derivatives | 265 | (1,201) | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 642 | 777 | ||
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Change in value of risk management derivatives | 265 | (1,201) | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 642 | 777 | ||
Derivative [Member] | ||||
Beginning balance | (439) | (30,296) | (9,815) | $ (38,906) |
Ending balance | (439) | (30,296) | ||
Derivative [Member] | Ferrellgas, L.P. [Member] | ||||
Beginning balance | (439) | (30,296) | $ (9,815) | $ (38,906) |
Ending balance | $ (439) | $ (30,296) |
Transactions With Related Par65
Transactions With Related Parties (Narrative) (Details) | Oct. 31, 2016employee |
Number of employees | 0 |
Ferrellgas, L.P. [Member] | |
Number of employees | 0 |
Transactions With Related Par66
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Related Party Transaction [Line Items] | ||
General and administrative expense | $ 14,269 | $ 19,144 |
Ferrellgas, L.P. [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expense | 14,269 | 19,144 |
Compensation And Benefits [Member] | ||
Related Party Transaction [Line Items] | ||
Operating expense | 55,714 | 56,010 |
General and administrative expense | 8,583 | 7,093 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | ||
Related Party Transaction [Line Items] | ||
Operating expense | 55,714 | 56,010 |
General and administrative expense | $ 8,583 | $ 7,093 |
Contingencies And Commitments (
Contingencies And Commitments (Narrative) (Details) - Senior Notes [Member] - Fixed Rate, 8.625%, Due 2020 [Member] - Ferrellgas Partners Finance Corp. [Member] $ in Millions | 3 Months Ended |
Oct. 31, 2016USD ($) | |
Debt principal amount | $ 182 |
Debt interest rate | 8.625% |
Debt maturity year | 2,020 |
Net Earnings Per Common Unithol
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details) - USD ($) | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Dilutive effect on earnings per share | $ 0 | $ 0 |
Net Earnings Per Common Unith69
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Earnings Distribution Allocation) (Details) | 3 Months Ended |
Oct. 31, 2016$ / shares | |
Upper Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.83 |
Upper Range [Member] | Common Stock [Member] | |
Allocated Distribution | 51.50% |
Upper Range [Member] | General Partner [Member] | |
Allocated Distribution | 48.50% |
Middle Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.64 |
Middle Range [Member] | Maximum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.82 |
Middle Range [Member] | Common Stock [Member] | |
Allocated Distribution | 76.80% |
Middle Range [Member] | General Partner [Member] | |
Allocated Distribution | 23.20% |
Lower Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.56 |
Lower Range [Member] | Maximum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.63 |
Lower Range [Member] | Common Stock [Member] | |
Allocated Distribution | 86.90% |
Lower Range [Member] | General Partner [Member] | |
Allocated Distribution | 13.10% |
Net Earnings (Loss) Per Commo70
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Common unitholders' interest in net earnings | $ (42,642) | $ (78,995) |
Weighted average common units outstanding - basic | 97,457,600 | 100,376,800 |
Dilutive securities | 0 | 0 |
Weighted average common units outstanding - diluted | 97,457,600 | 100,376,800 |
Basic and diluted net earnings per common unitholders' interest | $ (0.44) | $ (0.79) |
Segment Reporting Segment Rep71
Segment Reporting Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Segment Reporting Information | ||
Revenues | $ 379,542 | $ 471,146 |
Costs and Expenses | 350,523 | 422,247 |
Adjusted EBITDA | 29,019 | 48,899 |
Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Revenues | 271,498 | 277,476 |
Costs and Expenses | 237,014 | 241,877 |
Adjusted EBITDA | 34,484 | 35,599 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Revenues | 106,327 | 189,373 |
Costs and Expenses | 101,556 | 164,570 |
Adjusted EBITDA | 4,771 | 24,803 |
Corporate and Other [Member] | ||
Segment Reporting Information | ||
Revenues | 2,946 | 4,297 |
Costs and Expenses | 13,831 | 15,800 |
Adjusted EBITDA | (10,885) | (11,503) |
Intersegment Eliminations [Member] | ||
Segment Reporting Information | ||
Revenues | (1,229) | 0 |
Costs and Expenses | (1,878) | 0 |
Adjusted EBITDA | 649 | 0 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting Information | ||
Revenues | 379,542 | 471,146 |
Costs and Expenses | 350,523 | 422,247 |
Adjusted EBITDA | 29,019 | 48,899 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Revenues | 271,498 | 277,476 |
Costs and Expenses | 237,014 | 241,877 |
Adjusted EBITDA | 34,484 | 35,599 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Revenues | 106,327 | 189,373 |
Costs and Expenses | 101,556 | 164,570 |
Adjusted EBITDA | 4,771 | 24,803 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Revenues | 2,946 | 4,297 |
Costs and Expenses | 13,831 | 15,800 |
Adjusted EBITDA | (10,885) | (11,503) |
Ferrellgas, L.P. [Member] | Intersegment Eliminations [Member] | ||
Segment Reporting Information | ||
Revenues | (1,229) | 0 |
Costs and Expenses | (1,878) | 0 |
Adjusted EBITDA | $ 649 | $ 0 |
Segment Reporting Segment Rep72
Segment Reporting Segment Reporting (Reconciliation of Consolidated EBITDA to Consolidated Net Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net Income (Loss) Attributable to Parent | $ (43,073) | $ (79,793) |
Income tax benefit | (590) | (844) |
Interest Expense | 35,428 | 33,788 |
Depreciation and amortization expense | 26,202 | 36,979 |
EBITDA | 17,967 | (9,870) |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 3,754 | 5,256 |
Non-cash stock-based compensation charge | 1,881 | 8,122 |
Goodwill impairment | 0 | 29,316 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 6,423 | 14,917 |
Other Nonoperating Income (Expense) | (508) | 122 |
Change in fair value of contingent consideration | 0 | (100) |
Severance Costs | 1,469 | 856 |
Acquisition Costs, Period Cost | 0 | 15 |
Net earnings (loss) | (43,471) | (80,566) |
Adjusted EBITDA | 29,019 | 48,899 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | (1,569) | 1,038 |
Adjusted EBITDA | 4,771 | 24,803 |
Noncontrolling Interest [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net earnings (loss) | (398) | (773) |
Ferrellgas, L.P. [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net Income (Loss) Attributable to Parent | (39,440) | (76,536) |
Income tax benefit | (591) | (844) |
Interest Expense | 31,398 | 29,758 |
Depreciation and amortization expense | 26,202 | 36,979 |
EBITDA | 17,569 | (10,643) |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 3,754 | 5,256 |
Non-cash stock-based compensation charge | 1,881 | 8,122 |
Goodwill impairment | 0 | 29,316 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 6,423 | 14,917 |
Other Nonoperating Income (Expense) | (508) | 122 |
Change in fair value of contingent consideration | 0 | (100) |
Severance Costs | 1,469 | 856 |
Acquisition Costs, Period Cost | 0 | 15 |
Net earnings (loss) | (39,440) | (76,536) |
Adjusted EBITDA | 29,019 | 48,899 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | (1,569) | 1,038 |
Adjusted EBITDA | 4,771 | $ 24,803 |
General Partner [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net earnings (loss) | (431) | |
General Partner [Member] | Ferrellgas, L.P. [Member] | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Net earnings (loss) | $ (398) |
Segment Reporting Segment Rep73
Segment Reporting Segment Reporting (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 1,667,215 | $ 1,683,306 |
Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,255,584 | 1,202,214 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 228,708 | 275,303 |
Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 182,923 | 205,789 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,667,124 | 1,683,213 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,255,584 | 1,202,214 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 228,708 | 275,303 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 182,832 | $ 205,696 |
Segment Reporting Segment Rep74
Segment Reporting Segment Reporting (Schedule of Capital Expenditure Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Segment Reporting Information | ||
Capital Expenditures | $ 8,678 | $ 24,501 |
Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 7,245 | 14,513 |
Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 127 | 3,303 |
Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,306 | 6,685 |
Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 3,264 | 6,182 |
Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,831 | 5,898 |
Maintenance Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 127 | 0 |
Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,306 | 284 |
Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 5,414 | 18,319 |
Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 5,414 | 8,615 |
Growth Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 3,303 |
Growth Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 6,401 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 8,678 | 24,501 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 7,245 | 14,513 |
Ferrellgas, L.P. [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 127 | 3,303 |
Ferrellgas, L.P. [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,306 | 6,685 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 3,264 | 6,182 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,831 | 5,898 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 127 | 0 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,306 | 284 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 5,414 | 18,319 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 5,414 | 8,615 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream - Crude Oil Logistics [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 3,303 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Corporate and Other [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | $ 0 | $ 6,401 |
Guarantor financial informati75
Guarantor financial information - Narrative (Details) - Ferrellgas, L.P. [Member] $ in Millions | Oct. 31, 2016USD ($) |
Condensed Financial Statements, Captions [Line Items] | |
Ownership interest in subsidiaries | 100.00% |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt issuance principal amount | $ 500 |
Debt interest rate | 6.75% |
Guarantor financial informati76
Guarantor financial information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Oct. 31, 2016 | Jul. 31, 2016 | Oct. 31, 2015 | Jul. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 12,639 | $ 4,965 | $ 8,892 | $ 7,652 |
Accounts and notes receivable | 148,283 | 149,583 | ||
Inventories | 100,296 | 90,594 | ||
Prepaid expenses and other current assets | 31,820 | 39,973 | ||
Total current assets | 293,038 | 285,115 | ||
Property, plant and equipment, net | 757,940 | 774,680 | ||
Goodwill | 256,103 | 256,103 | ||
Intangible assets, net | 272,031 | 280,185 | ||
Other assets, net | 88,103 | 87,223 | ||
Total assets | 1,667,215 | 1,683,306 | ||
Current liabilities: | ||||
Accounts payable | 74,788 | 67,928 | ||
Short-term borrowings | 96,824 | 101,291 | ||
Collateralized note payable | 74,000 | 64,000 | ||
Other current liabilities | 170,527 | 128,958 | ||
Total current liabilities | 416,139 | 362,177 | ||
Long-term debt | 1,965,219 | 1,941,335 | ||
Other liabilities | 32,755 | 31,574 | ||
Contingencies and commitments | ||||
Partners' capital | ||||
Partners' equity | (741,415) | (647,057) | ||
Accumulated other comprehensive income (loss) | (1,186) | (10,468) | ||
Total partners' capital | (746,898) | (651,780) | ||
Total liabilities and partners' capital | 1,667,215 | 1,683,306 | ||
Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 12,565 | 4,890 | 8,608 | 5,600 |
Accounts and notes receivable | 148,283 | 149,583 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 100,296 | 90,594 | ||
Prepaid expenses and other current assets | 31,803 | 39,955 | ||
Total current assets | 292,947 | 285,022 | ||
Property, plant and equipment, net | 757,940 | 774,680 | ||
Goodwill | 256,103 | 256,103 | ||
Intangible assets, net | 272,031 | 280,185 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 88,103 | 87,223 | ||
Total assets | 1,667,124 | 1,683,213 | ||
Current liabilities: | ||||
Accounts payable | 74,788 | 67,928 | ||
Short-term borrowings | 96,824 | 101,291 | ||
Collateralized note payable | 74,000 | 64,000 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 164,597 | 126,952 | ||
Total current liabilities | 410,209 | 360,171 | ||
Long-term debt | 1,784,660 | 1,760,881 | ||
Other liabilities | 32,755 | 31,574 | ||
Contingencies and commitments | ||||
Partners' capital | ||||
Partners' equity | (559,316) | (458,853) | ||
Accumulated other comprehensive income (loss) | (1,184) | (10,560) | ||
Total partners' capital | (560,500) | (469,413) | ||
Total liabilities and partners' capital | 1,667,124 | 1,683,213 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 12,368 | 4,472 | 6,029 | 5,579 |
Accounts and notes receivable | (9,133) | (2,703) | ||
Intercompany receivables | 21,421 | 34,089 | ||
Inventories | 79,814 | 71,422 | ||
Prepaid expenses and other current assets | 22,616 | 27,922 | ||
Total current assets | 127,086 | 135,202 | ||
Property, plant and equipment, net | 550,113 | 557,460 | ||
Goodwill | 246,098 | 246,098 | ||
Intangible assets, net | 137,625 | 141,794 | ||
Intercompany receivables | 450,000 | 450,000 | ||
Investments in consolidated subsidiaries | 1,890 | 3,630 | ||
Other assets, net | 38,168 | 37,742 | ||
Total assets | 1,550,980 | 1,571,926 | ||
Current liabilities: | ||||
Accounts payable | 41,161 | 33,781 | ||
Short-term borrowings | 96,824 | 101,291 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 161,172 | 119,048 | ||
Total current liabilities | 299,157 | 254,120 | ||
Long-term debt | 1,783,634 | 1,759,868 | ||
Other liabilities | 28,689 | 27,351 | ||
Partners' capital | ||||
Partners' equity | (559,316) | (458,853) | ||
Accumulated other comprehensive income (loss) | (1,184) | (10,560) | ||
Total partners' capital | (560,500) | (469,413) | ||
Total liabilities and partners' capital | 1,550,980 | 1,571,926 | ||
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Accounts and notes receivable | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 2 | ||
Total current assets | 1 | 3 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Total assets | 1 | 3 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Partners' capital | ||||
Partners' equity | 1 | 3 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total partners' capital | 1 | 3 | ||
Total liabilities and partners' capital | 1 | 3 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 196 | 417 | 2,578 | 20 |
Accounts and notes receivable | 56,051 | 45,822 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 20,482 | 19,172 | ||
Prepaid expenses and other current assets | 9,185 | 12,029 | ||
Total current assets | 85,914 | 77,440 | ||
Property, plant and equipment, net | 207,827 | 217,220 | ||
Goodwill | 10,005 | 10,005 | ||
Intangible assets, net | 134,406 | 138,391 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 49,282 | 49,016 | ||
Total assets | 487,434 | 492,072 | ||
Current liabilities: | ||||
Accounts payable | 33,627 | 34,147 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 36,798 | 35,491 | ||
Other current liabilities | 3,293 | 7,754 | ||
Total current liabilities | 73,718 | 77,392 | ||
Long-term debt | 451,026 | 451,013 | ||
Other liabilities | 3,841 | 3,998 | ||
Partners' capital | ||||
Partners' equity | (40,504) | (39,684) | ||
Accumulated other comprehensive income (loss) | (647) | (647) | ||
Total partners' capital | (41,151) | (40,331) | ||
Total liabilities and partners' capital | 487,434 | 492,072 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and notes receivable | 101,365 | 106,464 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 2 | 2 | ||
Total current assets | 101,367 | 106,466 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 653 | 465 | ||
Total assets | 102,020 | 106,931 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 74,000 | 64,000 | ||
Intercompany Payables | (15,377) | (1,402) | ||
Other current liabilities | 132 | 150 | ||
Total current liabilities | 58,755 | 62,748 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 225 | 225 | ||
Partners' capital | ||||
Partners' equity | 42,715 | 43,633 | ||
Accumulated other comprehensive income (loss) | 325 | 325 | ||
Total partners' capital | 43,040 | 43,958 | ||
Total liabilities and partners' capital | 102,020 | 106,931 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts and notes receivable | 0 | 0 | ||
Intercompany receivables | (21,421) | (34,089) | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (21,421) | (34,089) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | (450,000) | (450,000) | ||
Investments in consolidated subsidiaries | (1,890) | (3,630) | ||
Other assets, net | 0 | 0 | ||
Total assets | (473,311) | (487,719) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | (21,421) | (34,089) | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (21,421) | (34,089) | ||
Long-term debt | (450,000) | (450,000) | ||
Other liabilities | 0 | 0 | ||
Partners' capital | ||||
Partners' equity | (2,212) | (3,952) | ||
Accumulated other comprehensive income (loss) | 322 | 322 | ||
Total partners' capital | (1,890) | (3,630) | ||
Total liabilities and partners' capital | $ (473,311) | $ (487,719) |
Guarantor financial informati77
Guarantor financial information - Condensed Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Revenues: | ||
Propane and other gas liquids sales | $ 242,399 | $ 245,301 |
Midstream operations | 108,044 | 193,670 |
Other | 29,099 | 32,175 |
Total revenues | 379,542 | 471,146 |
Costs and expenses: | ||
Cost of product sold - propane and other gas liquids sales | 119,212 | 121,751 |
Cost of sales - midstream operations | 94,642 | 153,604 |
Cost of product sold - other | 11,746 | 14,448 |
Operating expense | 105,086 | 116,199 |
Depreciation and amortization expense | 26,202 | 36,979 |
General and administrative expense | 14,269 | 19,144 |
Equipment lease expense | 7,349 | 7,032 |
Non-cash employee stock ownership plan compensation charge | 3,754 | 5,256 |
Goodwill impairment | 0 | 29,316 |
Loss on disposal of assets | 6,423 | 14,917 |
Operating income (loss) | (9,141) | (47,500) |
Interest expense | (35,428) | (33,788) |
Other income (expense), net | 508 | (122) |
Earnings (loss) before income taxes | (44,061) | (81,410) |
Income tax expense | (590) | (844) |
Net earnings (loss) | (43,471) | (80,566) |
Other comprehensive income (loss) | 9,376 | 8,610 |
Comprehensive income | (34,095) | (71,956) |
Ferrellgas, L.P. [Member] | ||
Revenues: | ||
Propane and other gas liquids sales | 242,399 | 245,301 |
Midstream operations | 108,044 | 193,670 |
Other | 29,099 | 32,175 |
Total revenues | 379,542 | 471,146 |
Costs and expenses: | ||
Cost of product sold - propane and other gas liquids sales | 119,212 | 121,751 |
Cost of sales - midstream operations | 94,642 | 153,604 |
Cost of product sold - other | 11,746 | 14,448 |
Operating expense | 105,086 | 116,199 |
Depreciation and amortization expense | 26,202 | 36,979 |
General and administrative expense | 14,269 | 19,144 |
Equipment lease expense | 7,349 | 7,032 |
Non-cash employee stock ownership plan compensation charge | 3,754 | 5,256 |
Asset Impairment Charges | 29,316 | |
Goodwill impairment | 0 | 29,316 |
Loss on disposal of assets | 6,423 | 14,917 |
Operating income (loss) | (9,141) | (47,500) |
Interest expense | (31,398) | (29,758) |
Other income (expense), net | 508 | (122) |
Earnings (loss) before income taxes | (40,031) | (77,380) |
Income tax expense | (591) | (844) |
Equity in earnings of subsidiary | 0 | 0 |
Net earnings (loss) | (39,440) | (76,536) |
Other comprehensive income (loss) | 9,376 | 8,610 |
Comprehensive income | (30,064) | (67,926) |
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||
Revenues: | ||
Propane and other gas liquids sales | 242,399 | 245,301 |
Midstream operations | 0 | 0 |
Other | 17,326 | 17,377 |
Total revenues | 259,725 | 262,678 |
Costs and expenses: | ||
Cost of product sold - propane and other gas liquids sales | 119,212 | 121,748 |
Cost of sales - midstream operations | 0 | 0 |
Cost of product sold - other | 2,430 | 2,538 |
Operating expense | 97,655 | 96,974 |
Depreciation and amortization expense | 18,277 | 18,550 |
General and administrative expense | 12,863 | 17,429 |
Equipment lease expense | 7,210 | 6,882 |
Non-cash employee stock ownership plan compensation charge | 3,754 | 5,256 |
Asset Impairment Charges | 0 | |
Loss on disposal of assets | 1,447 | 1,545 |
Operating income (loss) | (3,123) | (8,244) |
Interest expense | (20,352) | (18,521) |
Other income (expense), net | (47) | (122) |
Earnings (loss) before income taxes | (23,522) | (26,887) |
Income tax expense | (29) | 168 |
Equity in earnings of subsidiary | (15,947) | (49,481) |
Net earnings (loss) | (39,440) | (76,536) |
Other comprehensive income (loss) | 9,376 | 8,610 |
Comprehensive income | (30,064) | (67,926) |
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||
Revenues: | ||
Propane and other gas liquids sales | 0 | 0 |
Midstream operations | 0 | 0 |
Other | 0 | 0 |
Total revenues | 0 | 0 |
Costs and expenses: | ||
Cost of product sold - propane and other gas liquids sales | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 |
Cost of product sold - other | 0 | 0 |
Operating expense | 0 | 0 |
Depreciation and amortization expense | 0 | 0 |
General and administrative expense | 2 | 3 |
Equipment lease expense | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 |
Asset Impairment Charges | 0 | |
Loss on disposal of assets | 0 | 0 |
Operating income (loss) | (2) | (3) |
Interest expense | 0 | 0 |
Other income (expense), net | 0 | 0 |
Earnings (loss) before income taxes | (2) | (3) |
Income tax expense | 0 | 0 |
Equity in earnings of subsidiary | 0 | 0 |
Net earnings (loss) | (2) | (3) |
Other comprehensive income (loss) | 0 | 0 |
Comprehensive income | (2) | (3) |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Revenues: | ||
Propane and other gas liquids sales | 0 | 0 |
Midstream operations | 108,044 | 193,670 |
Other | 11,773 | 14,798 |
Total revenues | 119,817 | 208,468 |
Costs and expenses: | ||
Cost of product sold - propane and other gas liquids sales | 0 | 3 |
Cost of sales - midstream operations | 94,642 | 153,604 |
Cost of product sold - other | 9,316 | 11,910 |
Operating expense | 10,246 | 17,659 |
Depreciation and amortization expense | 7,872 | 18,429 |
General and administrative expense | 1,404 | 1,712 |
Equipment lease expense | 139 | 150 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 |
Asset Impairment Charges | 29,316 | |
Loss on disposal of assets | 4,976 | 13,372 |
Operating income (loss) | (8,778) | (37,687) |
Interest expense | (10,673) | (10,688) |
Other income (expense), net | 555 | 0 |
Earnings (loss) before income taxes | (18,896) | (48,375) |
Income tax expense | (562) | (1,012) |
Equity in earnings of subsidiary | 0 | 0 |
Net earnings (loss) | (18,334) | (47,363) |
Other comprehensive income (loss) | 0 | 0 |
Comprehensive income | (18,334) | (47,363) |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Revenues: | ||
Propane and other gas liquids sales | 0 | 0 |
Midstream operations | 0 | 0 |
Other | 0 | 0 |
Total revenues | 0 | 0 |
Costs and expenses: | ||
Cost of product sold - propane and other gas liquids sales | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 |
Cost of product sold - other | 0 | 0 |
Operating expense | (2,105) | 2,370 |
Depreciation and amortization expense | 53 | 0 |
General and administrative expense | 0 | 0 |
Equipment lease expense | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 |
Asset Impairment Charges | 0 | |
Loss on disposal of assets | 0 | 0 |
Operating income (loss) | 2,052 | (2,370) |
Interest expense | (370) | (441) |
Other income (expense), net | 707 | 696 |
Earnings (loss) before income taxes | 2,389 | (2,115) |
Income tax expense | 0 | 0 |
Equity in earnings of subsidiary | 0 | 0 |
Net earnings (loss) | 2,389 | (2,115) |
Other comprehensive income (loss) | 0 | 0 |
Comprehensive income | 2,389 | (2,115) |
Eliminations [Member] | ||
Revenues: | ||
Propane and other gas liquids sales | 0 | 0 |
Midstream operations | 0 | 0 |
Other | 0 | 0 |
Total revenues | 0 | 0 |
Costs and expenses: | ||
Cost of product sold - propane and other gas liquids sales | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 |
Cost of product sold - other | 0 | 0 |
Operating expense | (710) | (804) |
Depreciation and amortization expense | 0 | 0 |
General and administrative expense | 0 | 0 |
Equipment lease expense | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 |
Asset Impairment Charges | 0 | |
Loss on disposal of assets | 0 | 0 |
Operating income (loss) | 710 | 804 |
Interest expense | (3) | (108) |
Other income (expense), net | (707) | (696) |
Earnings (loss) before income taxes | 0 | 0 |
Income tax expense | 0 | 0 |
Equity in earnings of subsidiary | 15,947 | 49,481 |
Net earnings (loss) | 15,947 | 49,481 |
Other comprehensive income (loss) | 0 | 0 |
Comprehensive income | $ 15,947 | $ 49,481 |
Guarantor financial informati78
Guarantor financial information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2016 | Oct. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $ 54,550 | $ 40,848 |
Cash flows from investing activities: | ||
Capital expenditures | (10,005) | (25,607) |
Proceeds from sale of assets | 2,279 | 3,575 |
Net cash used in investing activities | (7,726) | (22,046) |
Cash flows from financing activities: | ||
Distributions | (50,294) | (51,963) |
Proceeds from increase in long-term debt | 25,626 | 21,321 |
Payments on long-term debt | (2,261) | (4,380) |
Net additions to (reductions in) short-term borrowings | (4,467) | 20,072 |
Net additions to collateralized short-term borrowings | 10,000 | (2,000) |
Cash paid for financing costs | (1,390) | (142) |
Net cash provided by (used in) financing activities | (39,150) | (17,562) |
Increase (decrease) in cash and cash equivalents | 7,674 | 1,240 |
Cash and cash equivalents - beginning of period | 4,965 | 7,652 |
Cash and cash equivalents - end of period | 12,639 | 8,892 |
Ferrellgas, L.P. [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 54,551 | 42,646 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | (10,005) | (25,607) |
Proceeds from sale of assets | 2,279 | 3,575 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 0 | 0 |
Other | (14) | |
Net cash used in investing activities | (7,726) | (22,046) |
Cash flows from financing activities: | ||
Distributions | (66,658) | (52,493) |
Capital contribution | 30 | |
Proceeds from increase in long-term debt | 25,626 | 21,321 |
Payments on long-term debt | (2,261) | (4,380) |
Net additions to (reductions in) short-term borrowings | (4,467) | 20,072 |
Net reductions to collateralized short-term borrowings | 10,000 | |
Net additions to collateralized short-term borrowings | 10,000 | (2,000) |
Net changes in advances with consolidated entities | 0 | 0 |
Cash paid for financing costs | (1,390) | (142) |
Net cash provided by (used in) financing activities | (39,150) | (17,592) |
Effect of exchange rate changes on cash | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 7,675 | 3,008 |
Cash and cash equivalents - beginning of period | 4,890 | 5,600 |
Cash and cash equivalents - end of period | 12,565 | 8,608 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 79,220 | 12,807 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | (10,000) | (14,674) |
Proceeds from sale of assets | 2,279 | 1,013 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | (14,453) | 16,908 |
Other | (14) | |
Net cash used in investing activities | (22,174) | 3,233 |
Cash flows from financing activities: | ||
Distributions | (66,658) | (52,493) |
Capital contribution | 30 | |
Proceeds from increase in long-term debt | 25,626 | 21,321 |
Payments on long-term debt | (2,261) | (4,380) |
Net additions to (reductions in) short-term borrowings | (4,467) | 20,072 |
Net reductions to collateralized short-term borrowings | 0 | |
Net additions to collateralized short-term borrowings | 0 | |
Net changes in advances with consolidated entities | 0 | 0 |
Cash paid for financing costs | (1,390) | (142) |
Net cash provided by (used in) financing activities | (49,150) | (15,592) |
Effect of exchange rate changes on cash | 0 | 2 |
Increase (decrease) in cash and cash equivalents | 7,896 | 450 |
Cash and cash equivalents - beginning of period | 4,472 | 5,579 |
Cash and cash equivalents - end of period | 12,368 | 6,029 |
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (2) | (3) |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 0 | 0 |
Other | 0 | |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Capital contribution | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net reductions to collateralized short-term borrowings | 0 | |
Net additions to collateralized short-term borrowings | 0 | |
Net changes in advances with consolidated entities | 2 | 3 |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 2 | 3 |
Effect of exchange rate changes on cash | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 1 | 1 |
Cash and cash equivalents - end of period | 1 | 1 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (15,354) | 22,041 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | (5) | (10,933) |
Proceeds from sale of assets | 0 | 2,562 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 0 | 0 |
Other | 0 | |
Net cash used in investing activities | (5) | (8,371) |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Capital contribution | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net reductions to collateralized short-term borrowings | 0 | |
Net additions to collateralized short-term borrowings | 0 | |
Net changes in advances with consolidated entities | 15,138 | (11,112) |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 15,138 | (11,112) |
Effect of exchange rate changes on cash | 0 | 0 |
Increase (decrease) in cash and cash equivalents | (221) | 2,558 |
Cash and cash equivalents - beginning of period | 417 | 20 |
Cash and cash equivalents - end of period | 196 | 2,578 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 687 | 5,801 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | 183,939 | 186,280 |
Cash remitted to Ferrellgas, L.P for accounts receivable | (193,939) | (184,280) |
Intercompany loan to affiliate | 0 | 0 |
Other | 0 | |
Net cash used in investing activities | (10,000) | 2,000 |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Capital contribution | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net reductions to collateralized short-term borrowings | 10,000 | |
Net additions to collateralized short-term borrowings | (2,000) | |
Net changes in advances with consolidated entities | (687) | (5,799) |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | 9,313 | (7,799) |
Effect of exchange rate changes on cash | 0 | (2) |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | (10,000) | 2,000 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | (183,939) | (186,280) |
Cash remitted to Ferrellgas, L.P for accounts receivable | 193,939 | 184,280 |
Intercompany loan to affiliate | 14,453 | (16,908) |
Other | 0 | |
Net cash used in investing activities | 24,453 | (18,908) |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Capital contribution | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net reductions to collateralized short-term borrowings | 0 | |
Net additions to collateralized short-term borrowings | 0 | |
Net changes in advances with consolidated entities | (14,453) | 16,908 |
Cash paid for financing costs | 0 | 0 |
Net cash provided by (used in) financing activities | (14,453) | 16,908 |
Effect of exchange rate changes on cash | 0 | 0 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | $ 0 | $ 0 |