Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 30, 2018 | May 31, 2018 | |
Entity Registrant Name | FERRELLGAS PARTNERS L P | |
Entity Central Index Key | 922,358 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 97,152,665 | |
Trading Symbol | fgp | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Ferrellgas Partners Finance Corp. [Member] | ||
Entity Registrant Name | FERRELLGAS PARTNERS FINANCE CORP | |
Entity Central Index Key | 1,012,493 | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 | Apr. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 | Apr. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 9,499,000 | $ 5,760,000 |
Accounts and notes receivable, net | 202,727,000 | 165,084,000 |
Inventories | 85,062,000 | 92,552,000 |
Prepaid expenses and other current assets | 44,090,000 | 33,388,000 |
Total current assets | 341,378,000 | 296,784,000 |
Property, plant and equipment, net | 637,688,000 | 731,923,000 |
Goodwill, net | 246,098,000 | 256,103,000 |
Intangible assets, net | 235,318,000 | 251,102,000 |
Other assets, net | 72,094,000 | 74,057,000 |
Total assets | 1,532,576,000 | 1,609,969,000 |
Current liabilities: | ||
Accounts payable | 52,472,000 | 85,561,000 |
Short-term borrowings | 0 | 59,781,000 |
Collateralized note payable | 104,000,000 | 69,000,000 |
Other current liabilities | 158,875,000 | 126,224,000 |
Total current liabilities | 315,347,000 | 340,566,000 |
Long-term debt | 1,995,608,000 | 1,995,795,000 |
Other liabilities | 34,225,000 | 31,118,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | (758,325,000) | (701,188,000) |
General partner | (67,568,000) | (66,991,000) |
Accumulated other comprehensive income | 17,672,000 | 14,601,000 |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (808,221,000) | (753,578,000) |
Noncontrolling interest | (4,383,000) | (3,932,000) |
Total partners' capital (deficit) | (812,604,000) | (757,510,000) |
Total liabilities and partners' capital (deficit) | 1,532,576,000 | 1,609,969,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
ASSETS | ||
Cash | 1,000 | 1,000 |
Current assets: | ||
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 | 27,170 | 25,055 |
Accumulated deficit | (27,170) | (25,055) |
Total stockholder's equity | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 9,491,000 | 5,701,000 |
Accounts and notes receivable, net | 202,727,000 | 165,084,000 |
Inventories | 85,062,000 | 92,552,000 |
Prepaid expenses and other current assets | 44,059,000 | 33,426,000 |
Total current assets | 341,339,000 | 296,763,000 |
Property, plant and equipment, net | 637,688,000 | 731,923,000 |
Goodwill, net | 246,098,000 | 256,103,000 |
Intangible assets, net | 235,318,000 | 251,102,000 |
Other assets, net | 72,094,000 | 74,057,000 |
Total assets | 1,532,537,000 | 1,609,948,000 |
Current liabilities: | ||
Accounts payable | 52,472,000 | 85,561,000 |
Short-term borrowings | 0 | 59,781,000 |
Collateralized note payable | 104,000,000 | 69,000,000 |
Other current liabilities | 147,243,000 | 122,016,000 |
Total current liabilities | 303,715,000 | 336,358,000 |
Long-term debt | 1,646,069,000 | 1,649,270,000 |
Other liabilities | 34,225,000 | 31,118,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Limited partner | (464,761,000) | (417,467,000) |
General partner | (4,577,000) | (4,095,000) |
Accumulated other comprehensive income | 17,866,000 | 14,764,000 |
Total Ferrellgas Partners, L.P. partners' capital (deficit) | (469,338,000) | (421,562,000) |
Total partners' capital (deficit) | (451,472,000) | (406,798,000) |
Total liabilities and partners' capital (deficit) | 1,532,537,000 | 1,609,948,000 |
Ferrellgas Finance Corp. [Member] | ||
ASSETS | ||
Cash | 1,100 | 1,100 |
Other Assets, Current | 0 | 1,500 |
Current assets: | ||
Total assets | 1,100 | 2,600 |
Current liabilities: | ||
Contingencies and commitments | ||
STOCKHOLDER'S EQUITY | ||
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid in capital | 71,052 | 67,336 |
Accumulated deficit | (70,952) | (65,736) |
Total stockholder's equity | $ 1,100 | $ 2,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Accounts receivable pledged as collateral | $ 182,486 | $ 109,407 |
Intangible assets accumulated amortization | $ 460,011 | $ 436,428 |
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 97,152,665 |
General partner unitholder, units outstanding | 989,926 | 989,926 |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | $ 182,486 | $ 109,407 |
Intangible assets accumulated amortization | $ 460,011 | $ 436,428 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements Of Earn
Consolidated Statements Of Earnings - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Revenues: | ||||
Propane and other gas liquids sales | $ 451,302,000 | $ 369,437,000 | $ 1,346,299,000 | $ 1,049,211,000 |
Midstream operations | 22,595,000 | 126,676,000 | 260,631,000 | 331,507,000 |
Other | 41,913,000 | 41,996,000 | 118,691,000 | 116,183,000 |
Total revenues | 515,810,000 | 538,109,000 | 1,725,621,000 | 1,496,901,000 |
Costs and expenses: | ||||
Cost of sales - propane and other gas liquids sales | 260,419,000 | 197,487,000 | 802,852,000 | 551,728,000 |
Cost of sales - midstream operations | 14,518,000 | 118,767,000 | 229,710,000 | 300,433,000 |
Cost of sales - other | 19,850,000 | 20,810,000 | 54,339,000 | 53,213,000 |
Operating expense | 116,579,000 | 104,773,000 | 350,757,000 | 322,935,000 |
Depreciation and amortization expense | 25,348,000 | 25,737,000 | 76,565,000 | 77,546,000 |
General and administrative expense | 11,678,000 | 9,978,000 | 39,733,000 | 36,526,000 |
Equipment lease expense | 7,133,000 | 7,270,000 | 20,828,000 | 22,035,000 |
Non-cash employee stock ownership plan compensation charge | 2,738,000 | 4,697,000 | 10,731,000 | 11,396,000 |
Asset Impairment Charges | 0 | 0 | 10,005,000 | 0 |
Loss on asset sales and disposals | 6,270,000 | 2,393,000 | 46,414,000 | 8,861,000 |
Operating income (loss) | 51,277,000 | 46,197,000 | 83,687,000 | 112,228,000 |
Interest expense | (40,375,000) | (39,860,000) | (123,855,000) | (112,107,000) |
Other income, net | 227,000 | 162,000 | 1,422,000 | 1,433,000 |
Earnings (loss) before income taxes | 11,129,000 | 6,499,000 | (38,746,000) | 1,554,000 |
Income tax expense (benefit) | 67,000 | (192,000) | 282,000 | (194,000) |
Net earnings (loss) | 11,062,000 | 6,691,000 | (39,028,000) | 1,748,000 |
Net earnings attributable to noncontrolling interest | 201,000 | 155,000 | (131,000) | 187,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | 10,861,000 | 6,536,000 | (38,897,000) | 1,561,000 |
Less: General partner's interest in net earnings | 109,000 | 66,000 | (389,000) | 16,000 |
Common unitholders' interest in net earnings (loss) | $ 10,752,000 | $ 6,470,000 | $ (38,508,000) | $ 1,545,000 |
Basic and diluted net earnings per common unitholders' interest | $ 0.11 | $ 0.07 | $ (0.40) | $ 0.02 |
Cash distributions declared per common unit | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
Ferrellgas Partners Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | $ 1,840 | $ 3,225 | $ 2,115 | $ 3,317 |
Net earnings (loss) | (1,840) | (3,225) | (2,115) | (3,317) |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 451,302,000 | 369,437,000 | 1,346,299,000 | 1,049,211,000 |
Midstream operations | 22,595,000 | 126,676,000 | 260,631,000 | 331,507,000 |
Other | 41,913,000 | 41,996,000 | 118,691,000 | 116,183,000 |
Total revenues | 515,810,000 | 538,109,000 | 1,725,621,000 | 1,496,901,000 |
Costs and expenses: | ||||
Cost of sales - propane and other gas liquids sales | 260,419,000 | 197,487,000 | 802,852,000 | 551,728,000 |
Cost of sales - midstream operations | 14,518,000 | 118,767,000 | 229,710,000 | 300,433,000 |
Cost of sales - other | 19,850,000 | 20,810,000 | 54,339,000 | 53,213,000 |
Operating expense | 116,579,000 | 104,773,000 | 350,757,000 | 322,935,000 |
Depreciation and amortization expense | 25,348,000 | 25,737,000 | 76,565,000 | 77,546,000 |
General and administrative expense | 11,546,000 | 9,869,000 | 39,600,000 | 36,416,000 |
Equipment lease expense | 7,133,000 | 7,270,000 | 20,828,000 | 22,035,000 |
Non-cash employee stock ownership plan compensation charge | 2,738,000 | 4,697,000 | 10,731,000 | 11,396,000 |
Asset Impairment Charges | 0 | 0 | 10,005,000 | 0 |
Loss on asset sales and disposals | 6,270,000 | 2,393,000 | 46,414,000 | 8,861,000 |
Operating income (loss) | 51,409,000 | 46,306,000 | 83,820,000 | 112,338,000 |
Interest expense | (31,739,000) | (31,270,000) | (97,993,000) | (95,416,000) |
Other income, net | 227,000 | 162,000 | 1,422,000 | 1,433,000 |
Earnings (loss) before income taxes | 19,897,000 | 15,198,000 | (12,751,000) | 18,355,000 |
Income tax expense (benefit) | 57,000 | (197,000) | 261,000 | (200,000) |
Net earnings (loss) | 19,840,000 | 15,395,000 | (13,012,000) | 18,555,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | 19,840,000 | 15,395,000 | (13,012,000) | 18,555,000 |
Ferrellgas Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 0 | 225 | 5,216 | 5,175 |
Net earnings (loss) | $ 0 | $ (225) | $ (5,216) | $ (5,175) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Net earnings (loss) | $ 11,062 | $ 6,691 | $ (39,028) | $ 1,748 |
Other comprehensive income (loss): | ||||
Change in value of risk management derivatives | (159) | (6,496) | 23,362 | 13,904 |
Reclassification of derivative gains and losses to earnings | (6,568) | (1,933) | (20,260) | 2,819 |
Other comprehensive income (loss) | (6,727) | (8,429) | 3,102 | 16,723 |
Comprehensive income (loss) | 4,335 | (1,738) | (35,926) | 18,471 |
Less: Comprehensive income attributable to noncontrolling interest | 134 | 70 | (100) | 356 |
Comprehensive income attributable to Ferrellgas Partners, LP | 4,201 | (1,808) | (35,826) | 18,115 |
Ferrellgas, L.P. [Member] | ||||
Net earnings (loss) | 19,840 | 15,395 | (13,012) | 18,555 |
Other comprehensive income (loss): | ||||
Change in value of risk management derivatives | (159) | (6,496) | 23,362 | 13,904 |
Reclassification of derivative gains and losses to earnings | (6,568) | (1,933) | (20,260) | 2,819 |
Other comprehensive income (loss) | (6,727) | (8,429) | 3,102 | 16,723 |
Comprehensive income (loss) | $ 13,113 | $ 6,966 | $ (9,910) | $ 35,278 |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Capital (Deficit) - 9 months ended Apr. 30, 2018 - USD ($) $ in Thousands | Total | Accumulated Other Comprehensive Income (Loss) | Total Ferrellgas Partners, L.P. Partners' Capital (Deficit) [Member] | Noncontrolling Interest [Member] | Common Unitholders [Member] | General Partner Unitholder [Member] | Ferrellgas, L.P. [Member] | Ferrellgas, L.P. [Member]Accumulated Other Comprehensive Income (Loss) | Ferrellgas, L.P. [Member]Common Unitholders [Member] | Ferrellgas, L.P. [Member]General Partner Unitholder [Member] |
Partners' capital balance (in units) at Jul. 31, 2017 | 97,152,700 | 989,900 | ||||||||
Partners' capital balance at Jul. 31, 2017 | $ (757,510) | $ 14,601 | $ (753,578) | $ (3,932) | $ (701,188) | $ (66,991) | $ (406,798) | $ 14,764 | $ (417,467) | $ (4,095) |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 10,731 | 0 | 10,623 | 108 | 10,517 | 106 | 10,731 | 0 | 10,623 | 108 |
Distributions | (29,899) | 0 | (29,440) | (459) | (29,146) | (294) | (45,495) | 0 | (45,036) | (459) |
Net loss | (39,028) | 0 | (38,897) | (131) | $ (38,508) | $ (389) | (13,012) | 0 | (12,881) | (131) |
Other comprehensive income (loss) | 3,102 | 3,071 | 3,071 | 31 | 3,102 | 3,102 | 0 | 0 | ||
Partners' capital balance (in units) at Apr. 30, 2018 | 97,152,700 | 989,900 | ||||||||
Partners' capital balance at Apr. 30, 2018 | $ (812,604) | $ 17,672 | $ (808,221) | $ (4,383) | $ (758,325) | $ (67,568) | $ (451,472) | $ 17,866 | $ (464,761) | $ (4,577) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | $ (39,028,000) | $ 1,748,000 |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 76,565,000 | 77,546,000 |
Non-cash employee stock ownership plan compensation charge | 10,731,000 | 11,396,000 |
Non-cash stock-based compensation charge | 0 | 3,298,000 |
Asset Impairment Charges | 10,005,000 | 0 |
Loss on asset sales and disposals | 46,414,000 | 8,861,000 |
Unrealized Gain on Derivatives | (91,000) | (3,888,000) |
Provision for doubtful accounts | 1,906,000 | 39,000 |
Deferred tax expense | 423,000 | 45,000 |
Other | 6,712,000 | 5,250,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (46,771,000) | (58,923,000) |
Inventories | 7,755,000 | (2,163,000) |
Prepaid expenses and other current assets | (4,070,000) | 12,115,000 |
Accounts payable | (18,429,000) | 18,830,000 |
Accrued interest expense | 31,915,000 | 34,054,000 |
Other current liabilities | (1,084,000) | 5,053,000 |
Other assets and liabilities | (4,642,000) | 5,070,000 |
Net cash provided by operating activities | 78,311,000 | 118,331,000 |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | (14,862,000) | (3,539,000) |
Capital expenditures | (58,961,000) | (35,412,000) |
Proceeds from sale of assets | 57,802,000 | 4,721,000 |
Other | 0 | (37,000) |
Net cash used in investing activities | (16,021,000) | (34,267,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (29,440,000) | (69,920,000) |
Proceeds from issuance of long-term debt | 23,580,000 | 220,354,000 |
Payments on long-term debt | (1,892,000) | (173,471,000) |
Net additions to (reductions in) short-term borrowings | (84,179,000) | (62,902,000) |
Net additions to collateralized short-term borrowings | 35,000,000 | 27,000,000 |
Cash paid for financing costs | (1,161,000) | (5,633,000) |
Proceeds from (Payments to) Noncontrolling Interests | (459,000) | 900,000 |
Payments for Repurchase of Common Stock | 0 | (15,851,000) |
Net cash used in financing activities | (58,551,000) | (79,523,000) |
Net change in cash and cash equivalents | 3,739,000 | 4,541,000 |
Cash and cash equivalents - beginning of period | 5,760,000 | 4,965,000 |
Cash and cash equivalents - end of period | 9,499,000 | 9,506,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (2,115) | (3,317) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Net cash provided by operating activities | (2,115) | (3,317) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 2,115 | 3,317 |
Net cash used in financing activities | 2,115 | 3,317 |
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) | (13,012,000) | 18,555,000 |
Reconciliation of net earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 76,565,000 | 77,546,000 |
Non-cash employee stock ownership plan compensation charge | 10,731,000 | 11,396,000 |
Non-cash stock-based compensation charge | 0 | 3,298,000 |
Asset Impairment Charges | 10,005,000 | 0 |
Loss on asset sales and disposals | 46,414,000 | 8,861,000 |
Unrealized Gain on Derivatives | (91,000) | (3,888,000) |
Provision for doubtful accounts | 1,906,000 | 39,000 |
Deferred tax expense | 423,000 | 45,000 |
Other | 3,987,000 | 4,147,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (46,771,000) | (58,923,000) |
Inventories | 7,755,000 | (2,163,000) |
Prepaid expenses and other current assets | (4,001,000) | 12,111,000 |
Accounts payable | (18,429,000) | 18,830,000 |
Accrued interest expense | 24,217,000 | 24,428,000 |
Other current liabilities | (809,000) | 5,047,000 |
Other assets and liabilities | (4,944,000) | 5,070,000 |
Net cash provided by operating activities | 93,946,000 | 124,399,000 |
Cash flows provided by (used in) investing activities: | ||
Business acquisitions, net of cash acquired | (14,862,000) | (3,539,000) |
Capital expenditures | (58,961,000) | (35,412,000) |
Proceeds from sale of assets | 57,802,000 | 4,721,000 |
Other | 0 | (37,000) |
Net cash used in investing activities | (16,021,000) | (34,267,000) |
Cash flows provided by (used in) financing activities: | ||
Distributions | (45,495,000) | (94,413,000) |
Contributions from partners | 0 | 167,640,000 |
Proceeds from issuance of long-term debt | 23,580,000 | 52,354,000 |
Payments on long-term debt | (1,892,000) | (173,471,000) |
Net additions to (reductions in) short-term borrowings | (84,179,000) | (62,902,000) |
Net additions to collateralized short-term borrowings | 35,000,000 | 27,000,000 |
Cash paid for financing costs | (1,149,000) | (2,064,000) |
Net cash used in financing activities | (74,135,000) | (85,856,000) |
Net change in cash and cash equivalents | 3,790,000 | 4,276,000 |
Cash and cash equivalents - beginning of period | 5,701,000 | 4,890,000 |
Cash and cash equivalents - end of period | 9,491,000 | 9,166,000 |
Ferrellgas Finance Corp. [Member] | ||
Cash flows provided by (used in) operating activities: | ||
Net earnings (loss) | (5,216) | (5,175) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Prepaid expenses and other current assets | 1,500 | 1,500 |
Net cash provided by operating activities | (3,716) | (3,675) |
Cash flows provided by (used in) financing activities: | ||
Capital contribution | 3,716 | 3,675 |
Net cash used in financing activities | 3,716 | 3,675 |
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 | 9 Months Ended |
Apr. 30, 2018 | |
Partnership Organization And Formation | Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed April 19, 1994 , and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of April 30, 2018 , Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner"), a wholly-owned subsidiary of Ferrell Companies, has retained an approximate 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is engaged in the following primary businesses: • Propane operations and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of crude oil logistics and water solutions. Crude oil logistics primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Water solutions generates income primarily through the operation of salt water disposal wells in the Eagle Ford shale region of south Texas. Due to seasonality, the results of operations for the nine months ended April 30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2018 . The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas' Annual Report on Form 10-K for fiscal 2017 . |
Ferrellgas Partners Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Ferrellgas, L.P. [Member] | |
Partnership Organization And Formation | Partnership organization and formation Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets, crude oil transportation and logistics related assets and salt water disposal wells in south Texas. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P. Ferrellgas, L.P. owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas, L.P. Ferrellgas, L.P. is engaged in the following primary businesses: • Propane operations and related equipment sales consists of the distribution of propane and related equipment and supplies. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas, L.P. serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. • Midstream operations consists of crude oil logistics and water solutions. Crude oil logistics primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Water solutions generates income primarily through the operation of salt water disposal wells in the Eagle Ford shale region of south Texas. Due to seasonality, the results of operations for the nine months ended April 30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2018 . The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10-K for fiscal 2017 . |
Ferrellgas Finance Corp. [Member] | |
Partnership Organization And Formation | Formation Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Apr. 30, 2018 | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas has completed the assessment of a significant number of its contracts with customers under the new guidance. Although Ferrellgas has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. Ferrellgas expects to utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard, effective August 1, 2018. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas, L.P. has completed the assessment of a significant number of its contracts with customers under the new guidance. Although Ferrellgas, L.P. has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. Ferrellgas, L.P. expects to utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard, effective August 1, 2018. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 9 Months Ended |
Apr. 30, 2018 | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: April 30, 2018 July 31, 2017 Propane gas and related products $ 58,142 $ 67,049 Appliances, parts and supplies, and other 26,920 25,503 Inventories $ 85,062 $ 92,552 In addition to inventories on hand, Ferrellgas enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2018 , Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 70.7 million gallons of propane at fixed prices. Other assets, net consist of the following: April 30, 2018 July 31, 2017 Notes receivable, less current portion $ 33,962 $ 32,500 Other 38,132 41,557 Other assets, net $ 72,094 $ 74,057 Other current liabilities consist of the following: April 30, 2018 July 31, 2017 Accrued interest $ 50,586 $ 18,671 Customer deposits and advances 18,956 25,541 Other 89,333 82,012 Other current liabilities $ 158,875 $ 126,224 Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Operating expense $ 48,351 $ 44,309 $ 146,279 $ 134,090 Depreciation and amortization expense 1,340 957 3,575 2,979 Equipment lease expense 6,507 6,564 18,872 19,882 Total shipping and handling expenses $ 56,198 $ 51,830 $ 168,726 $ 156,951 During the quarter ended January 31, 2018 , Ferrellgas committed to a plan to dispose of all of its rail cars utilized in the Midstream operations segment and recognized a loss on assets held for sale of $35.5 million . During the quarter ended April 30, 2018 , Ferrellgas completed the sale of all 1,292 rail cars and received approximately $51.3 million in cash. For the nine months ended April 30, 2018 , "Loss on asset sales and disposals" includes a loss of $36.8 million related to the sale of these rail cars. Proceeds from the transaction were used to reduce outstanding debt on Ferrellgas' secured credit facility. During the quarter ended January 31, 2018, Ferrellgas completed the sale of Bridger Energy, LLC, included in the Midstream operations segment, in exchange for an $8.5 million secured promissory note due in May 2020. For the nine months ended April 30, 2018 , "Loss on asset sales and disposals" includes a loss of $3.8 million related to this sale. "Loss on asset sales and disposals" during the three and nine months ended April 30, 2018 and 2017 consists of: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Loss on sale of assets classified as held for sale $ 1,237 $ — $ 36,752 $ — Loss on sale of assets and other 5,033 2,393 9,662 8,861 Loss on asset sales and disposals $ 6,270 $ 2,393 $ 46,414 $ 8,861 Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2018 2017 Cash paid (refunded) for: Interest $ 85,171 $ 73,276 Income taxes $ (458 ) $ 28 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,508 $ 856 Change in accruals for property, plant and equipment additions $ 386 $ (111 ) |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following: April 30, 2018 July 31, 2017 Propane gas and related products $ 58,142 $ 67,049 Appliances, parts and supplies, and other 26,920 25,503 Inventories $ 85,062 $ 92,552 In addition to inventories on hand, Ferrellgas, L.P. enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months . Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2018 , Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 70.7 million gallons of propane at fixed prices. Other assets, net consist of the following: April 30, 2018 July 31, 2017 Notes receivable, less current portion $ 33,962 $ 32,500 Other 38,132 41,557 Other assets, net $ 72,094 $ 74,057 Other current liabilities consist of the following: April 30, 2018 July 31, 2017 Accrued interest $ 38,954 $ 14,737 Customer deposits and advances 18,956 25,541 Other 89,333 81,738 Other current liabilities $ 147,243 $ 122,016 Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Operating expense $ 48,351 $ 44,309 $ 146,279 $ 134,090 Depreciation and amortization expense 1,340 957 3,575 2,979 Equipment lease expense 6,507 6,564 18,872 19,882 Total shipping and handling expenses $ 56,198 $ 51,830 $ 168,726 $ 156,951 During the quarter ended January 31, 2018 , Ferrellgas, L.P. committed to a plan to dispose of all of its rail cars utilized in the Midstream operations segment and recognized a loss on assets held for sale of $35.5 million . During the quarter ended April 30, 2018 , Ferrellgas, L.P. completed the sale of all 1,292 of these rail cars and received approximately $51.3 million in cash. For the nine months ended April 30, 2018 , "Loss on asset sales and disposals" includes a loss of $36.8 million related to the sale of these rail cars. Proceeds from the transaction were used to reduce outstanding debt on Ferrellgas L.P.'s secured credit facility. During the quarter ended January 31, 2018 , Ferrellgas, L.P. completed the sale of Bridger Energy, LLC, included in the Midstream operations segment, in exchange for an $8.5 million secured promissory note due in May 2020. For the nine months ended April 30, 2018 , "Loss on asset sales and disposals" includes a loss of $3.8 million related to this sale. "Loss on asset sales and disposals" during the three and nine months ended April 30, 2018 and 2017 consists of: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Loss on sale of assets classified as held for sale $ 1,237 $ — $ 36,752 $ — Loss on sale of assets and other 5,033 2,393 9,662 8,861 Loss on asset sales and disposals $ 6,270 $ 2,393 $ 46,414 $ 8,861 Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2018 2017 Cash paid (refunded) for: Interest $ 69,775 $ 67,314 Income taxes $ (479 ) $ 23 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,508 $ 856 Change in accruals for property, plant and equipment additions $ 386 $ (111 ) |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 9 Months Ended |
Apr. 30, 2018 | |
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization As discussed further in Note M - Subsequent events, on May 14, 2018, the operating partnership entered into an amendment which extended the maturity date of its accounts receivable securitization facility by three years and increased the maximum borrowing capacity from $225.0 million to $250.0 million . The accounts receivable securitization facility disclosures below pertain to the facility that was in place as of April 30, 2018. Accounts and notes receivable, net consist of the following: April 30, 2018 July 31, 2017 Accounts receivable pledged as collateral $ 182,486 $ 109,407 Accounts receivable 13,131 47,346 Note receivable - current portion 10,000 10,000 Other 232 307 Less: Allowance for doubtful accounts (3,122 ) (1,976 ) Accounts and notes receivable, net $ 202,727 $ 165,084 At April 30, 2018 , $182.5 million of trade accounts receivable were pledged as collateral against $104.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2017 , $ 109.4 million of trade accounts receivable were pledged as collateral against $69.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from the operating partnership. The operating partnership does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of April 30, 2018 , Ferrellgas had received cash proceeds of $104.0 million from trade accounts receivables securitized, with $19.0 million of remaining capacity to receive additional proceeds. As of July 31, 2017 , Ferrellgas had received cash proceeds of $69.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 4.2% and 4.0% as of April 30, 2018 and July 31, 2017 , respectively. |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization As discussed further in Note M - Subsequent events, on May 14, 2018, Ferrellgas, L.P. entered into an amendment which extended the maturity date of its accounts receivable securitization facility by three years and increased the maximum borrowing capacity from $225.0 million to $250.0 million. The accounts receivable securitization facility disclosures below pertain to the facility that was in place as of April 30, 2018. Accounts and notes receivable, net consist of the following: April 30, 2018 July 31, 2017 Accounts receivable pledged as collateral $ 182,486 $ 109,407 Accounts receivable 13,131 47,346 Note receivable - current portion 10,000 10,000 Other 232 307 Less: Allowance for doubtful accounts (3,122 ) (1,976 ) Accounts and notes receivable, net $ 202,727 $ 165,084 At April 30, 2018 , $182.5 million of trade accounts receivable were pledged as collateral against $104.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2017 , $109.4 million of trade accounts receivable were pledged as collateral against $69.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of April 30, 2018 , Ferrellgas, L.P. had received cash proceeds of $104.0 million from trade accounts receivables securitized, with $19.0 million of remaining capacity to receive additional proceeds. As of July 31, 2017 , Ferrellgas, L.P. had received cash proceeds of $69.0 million from trade accounts receivables securitized, with no remaining capacity to receive additional proceeds. Borrowings under the accounts receivable securitization facility had a weighted average interest rate of 4.2% and 4.0% as of April 30, 2018 and July 31, 2017 , respectively. |
Debt
Debt | 9 Months Ended |
Apr. 30, 2018 | |
Debt | Debt As discussed further in Note M - Subsequent events, on May 4, 2018, the operating partnership entered into a new $575.0 million senior secured credit facility, which replaced the $575.0 million secured credit facility that was scheduled to mature in October 2018. Credit facility disclosures below pertain to the secured credit facility that was in place as of April 30, 2018. Short-term borrowings Ferrellgas classifies as short-term the portion of its secured credit facility borrowings that were used to fund working capital needs and that management intends to pay down within the 12 month period following the balance sheet date. As of April 30, 2018, there were no amounts classified as short-term borrowings because all amounts outstanding were refinanced on May 4, 2018 under the five-year term loan discussed in Note M - Subsequent events. As of July 31, 2017 , $59.8 million was classified as short-term borrowings. For further discussion see the senior secured credit facility section below. Financial covenants The indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit Ferrellgas Partners' ability and its subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants is the consolidated fixed charge coverage ratio, as defined in the indenture governing the outstanding notes of Ferrellgas Partners. Consolidated fixed charge coverage ratio Before a restricted payment (as defined in the Ferrellgas Partners indenture) can be made by Ferrellgas Partners, Ferrellgas Partners must be in compliance with the consolidated fixed charge coverage ratio covenant under the Ferrellgas Partners indenture. If Ferrellgas Partners is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders. This covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas Partners be at least 1.75 x before a restricted payment (as defined in the indenture) can be made by Ferrellgas Partners. If this ratio were to drop below 1.75 x, the indenture allows Ferrellgas Partners to make restricted payments of up to $50.0 million in total over a 16 quarter period while below this ratio. As of April 30, 2018 , the ratio was 1.56 x. As a result, the $9.8 million distribution to be paid to common unitholders on June 14, 2018 will be taken from the $50.0 million restricted payment limitation, which after considering the $9.8 million deductions taken as a result of the distributions paid in September 2017, December 2017 and March 2018, leaves $10.8 million for future restricted payments. Unless the indenture governing the outstanding notes is amended or refinanced, if our consolidated fixed charge coverage ratio does not improve to at least 1.75 x and we continue our current quarterly distribution rate of $0.10 per common unit, this covenant will not allow us to make common unit distributions for our quarter ending October 31, 2018 and beyond. Ferrellgas Partners is presently considering potential solutions to cure the limitation on distributions under the consolidated fixed charge covenant ratio related to the outstanding unsecured bonds due in June 2020. The potential solutions, among others, include a refinancing or a transaction to exchange new bonds for some or all of the bonds due June 2020. Debt and interest expense reduction strategy Ferrellgas continues to execute on a strategy to further reduce its debt and interest expense. This strategy included amending our secured credit facility and accounts receivable securitization facility, as discussed in Note M - Subsequent events, as well as certain asset sales executed to date, and may include refinancing existing debt agreements, additional asset sales, a reduction in Ferrellgas Partners' annual distribution rate or the issuance of equity. Ferrellgas believes any debt and interest expense reduction strategies would remain in effect until Ferrellgas' consolidated leverage ratio reaches 4.5x or a level Ferrellgas deems appropriate for its business. Senior secured credit facility As of April 30, 2018 , Ferrellgas had total borrowings outstanding under its secured credit facility of $184.9 million , all of which was classified as long-term debt. Ferrellgas had $252.3 million of capacity under the secured credit facility as of April 30, 2018 . As of July 31, 2017 , Ferrellgas had total borrowings outstanding under its secured credit facility of $245.5 million , of which $185.7 million was classified as long-term debt. Ferrellgas had $190.3 million of capacity under the secured credit facility as of July 31, 2017 . Borrowings outstanding at April 30, 2018 and July 31, 2017 under the secured credit facility had weighted average interest rates of 6.7% and 6.0% , respectively. Letters of credit outstanding at April 30, 2018 totaled $111.8 million and were used to secure commodity hedges, product purchases, and insurance arrangements. Letters of credit outstanding at July 31, 2017 totaled $139.2 million and were used to secure commodity hedges, product purchases, and insurance arrangements. At April 30, 2018 , Ferrellgas had remaining letter of credit capacity of $88.2 million . At July 31, 2017 , Ferrellgas had remaining letter of credit capacity of $60.8 million . |
Ferrellgas, L.P. [Member] | |
Debt | Debt As discussed further in Note M - Subsequent events, on May 4, 2018, Ferrellgas, L.P. entered into a new $575.0 million senior secured credit facility, which replaced the $575.0 million secured credit facility that was scheduled to mature in October 2018. Credit facility disclosures below pertain to the secured credit facility that was in place as of April 30, 2018. Short-term borrowings Ferrellgas, L.P. classifies as short-term the portion of its secured credit facility borrowings that were used to fund working capital needs and that management intends to pay down within the 12 month period following the balance sheet date. As of April 30, 2018, there were no amounts classified as short-term borrowings because all amounts outstanding were refinanced on May 4, 2018 under the five-year term loan discussed in Note M - Subsequent events. As of July 31, 2017 , $59.8 million was classified as short-term borrowings. For further discussion see the senior secured credit facility section below. Debt and interest expense reduction strategy Ferrellgas, L.P. continues to execute on a strategy to further reduce its debt and interest expense. This strategy included amending our secured credit facility and accounts receivable securitization facility, as discussed in Note M - Subsequent events, as well as certain asset sales executed to date, and may include refinancing existing debt agreements, additional asset sales, a reduction in Ferrellgas Partners' annual distribution rate or the issuance of equity. Ferrellgas, L.P. believes any debt and interest expense reduction strategies would remain in effect until Ferrellgas, L.P.'s consolidated leverage ratio reaches 4.5x or a level Ferrellgas, L.P. deems appropriate for its business. Senior secured credit facility As of April 30, 2018 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $184.9 million , all of which was classified as long-term. Ferrellgas, L.P. had $252.3 million of capacity under the secured credit facility as of April 30, 2018 . As of July 31, 2017 , Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $245.5 million , of which $185.7 million was classified as long-term debt. Ferrellgas, L.P. had $190.3 million of capacity under our secured credit facility as of July 31, 2017 . Borrowings outstanding at April 30, 2018 and July 31, 2017 under the secured credit facility had weighted average interest rates of 6.7% and 6.0% , respectively. Letters of credit outstanding at April 30, 2018 totaled $111.8 million and were used to secure commodity hedges, product purchases, and insurance arrangements. Letters of credit outstanding at July 31, 2017 totaled $139.2 million and were used to secure commodity hedges, product purchases, and insurance arrangements. At April 30, 2018 , Ferrellgas, L.P. had remaining letter of credit capacity of $88.2 million . At July 31, 2017 , Ferrellgas, L.P. had remaining letter of credit capacity of $60.8 million . |
Partners' Capital
Partners' Capital | 9 Months Ended |
Apr. 30, 2018 | |
Partners' Capital | Partners' deficit As of April 30, 2018 and July 31, 2017 , Ferrellgas Partners limited partner units, which are listed on the New York Stock Exchange under the symbol “FGP,” were beneficially owned by the following: April 30, 2018 July 31, 2017 Public common unitholders 69,612,939 69,612,939 Ferrell Companies (1) 22,529,361 22,529,361 FCI Trading Corp. (2) 195,686 195,686 Ferrell Propane, Inc. (3) 51,204 51,204 James E. Ferrell (4) 4,763,475 4,763,475 (1) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners' common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies' beneficial ownership to 23.4% at April 30, 2018 . (2) FCI Trading is an affiliate of the general partner and thus a related party. (3) Ferrell Propane is controlled by the general partner and thus a related party. (4) James E. Ferrell is the Interim Chief Executive Officer and President of the general partner; and is Chairman of the Board of Directors of the general partner and thus a related party. JEF Capital Management owns 4,758,859 of these common units and is wholly-owned by the James E. Ferrell Revocable Trust Two for which James E. Ferrell is the trustee and sole beneficiary. The remaining 4,616 common units are held by Ferrell Resources Holding, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. Partnership distributions paid Ferrellgas Partners has paid the following distributions: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Public common unitholders $ 6,961 $ 6,961 $ 20,884 $ 49,600 Ferrell Companies 2,253 2,253 6,759 16,052 FCI Trading Corp. 20 20 60 140 Ferrell Propane, Inc. 5 5 15 36 James E. Ferrell 476 476 1,428 3,393 General partner 98 98 294 699 $ 9,813 $ 9,813 $ 29,440 $ 69,920 On May 24, 2018 , Ferrellgas Partners declared a cash distribution of $0.10 per common unit for the three months ended April 30, 2018 , which is expected to be paid on June 14, 2018 . Included in this cash distribution are the following amounts to be paid to related parties: Ferrell Companies $ 2,253 FCI Trading Corp. 20 Ferrell Propane, Inc. 5 James E. Ferrell 476 General partner 98 See additional discussions about transactions with related parties in Note I – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note H – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2018 and 2017 . General partner’s commitment to maintain its capital account Ferrellgas’ partnership agreements allow the general partner to have an option to maintain its effective 2% general partner interest concurrent with the issuance of other additional equity. During the nine months ended April 30, 2018 , the general partner made non-cash contributions of $0.2 million to Ferrellgas to maintain its effective 2% general partner interest. During the nine months ended April 30, 2017 , the general partner made cash contributions of $1.7 million and 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 April 30, For the nine months ended April 30, 2018 2017 2018 2017 Ferrellgas Partners $ 10,013 $ 9,813 $ 45,036 $ 93,620 General partner 102 100 459 793 $ 10,115 $ 9,913 $ 45,495 $ 94,413 On May 24, 2018 , Ferrellgas, L.P. declared distributions for the three months ended April 30, 2018 to Ferrellgas Partners and the general partner of $25.3 million and $0.3 million , respectively, which are expected to be paid on June 14, 2018 . See additional discussions about transactions with related parties in Note I – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note H – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2018 and 2017 . General partner’s commitment to maintain its capital account Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest concurrent with the issuance of other additional equity. During the nine months ended April 30, 2018 , the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During the nine months ended April 30, 2017 , the general partner made cash contributions of $1.7 million and non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2018 | |
Fair Value Measurements | Fair value measurements Derivative financial instruments The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2018 and July 31, 2017 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total April 30, 2018: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 41 $ — $ 41 Commodity derivatives $ — $ 19,750 $ — $ 19,750 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,222 ) $ — $ (3,222 ) Commodity derivatives $ — $ (2,239 ) $ — $ (2,239 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) Methodology The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of various note receivable financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $29.3 million , or $4.7 million less than their carrying amount as of April 30, 2018 . The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At April 30, 2018 and July 31, 2017 , the estimated fair value of Ferrellgas’ long-term debt instruments was $1,890.1 million and $1,966.6 million , respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Ferrellgas, L.P. [Member] | |
Fair Value Measurements | Fair value measurements Derivative financial instruments The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2018 and July 31, 2017 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total April 30, 2018: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 41 $ — $ 41 Commodity derivatives $ — $ 19,750 $ — $ 19,750 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,222 ) $ — $ (3,222 ) Commodity derivatives $ — $ (2,239 ) $ — $ (2,239 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) Methodology The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of various note receivable financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $29.3 million , or $4.7 million less than their carrying amount as of April 30, 2018 . The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At April 30, 2018 and July 31, 2017 , the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,560.8 million and $1,645.3 million , respectively. Ferrellgas, L.P. estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas, L.P. has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Apr. 30, 2018 | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments were neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the nine months ended April 30, 2018 and 2017 , Ferrellgas did no t recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2018 and July 31, 2017 : April 30, 2018 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 14,449 Other current liabilities $ 2,207 Commodity derivatives-propane Other assets, net 5,301 Other liabilities 32 Interest rate swap agreements Prepaid expenses and other current assets 41 Other current liabilities 738 Interest rate swap agreements Other assets, net — Other liabilities 2,484 Total $ 19,791 Total $ 5,461 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 Ferrellgas' exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of April 30, 2018 and July 31, 2017 , respectively: April 30, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,623 Other current liabilities $ 8,434 Other assets, net 1,405 Other liabilities 3,631 $ 3,028 $ 12,065 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 40 $ 323 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 266 $ 1,071 $ (6,825 ) $ (6,825 ) The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income (loss) for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (169 ) Cost of sales-propane and other gas liquids sales $ 6,628 $ — Interest rate swap agreements 10 Interest expense (60 ) — $ (159 ) $ 6,568 $ — For the three months ended April 30, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (6,642 ) Cost of sales-propane and other gas liquids sales $ 2,411 $ — Interest rate swap agreements 146 Interest expense (478 ) — $ (6,496 ) $ 1,933 $ — For the nine months ended April 30, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,114 Cost of sales-propane and other gas liquids sales $ 20,646 $ — Interest rate swap agreements 248 Interest expense (386 ) — $ 23,362 $ 20,260 $ — For the nine months ended April 30, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 12,930 Cost of sales-propane and other gas liquids sales $ (1,112 ) $ — Interest rate swap agreements 974 Interest expense (1,707 ) — $ 13,904 $ (2,819 ) $ — The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ — Cost of sales - midstream operations For the three months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 1,464 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (393 ) Operating expense For the nine months ended April 30, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the nine months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (784 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,123 Operating expense The changes in derivatives included in AOCI for the nine months ended April 30, 2018 and 2017 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2018 2017 Beginning balance $ 14,648 $ (9,815 ) Change in value of risk management commodity derivatives 23,114 12,930 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (20,646 ) 1,112 Change in value of risk management interest rate derivatives 248 974 Reclassification of losses on interest rate hedges to interest expense 386 1,707 Ending balance $ 17,750 $ 6,908 Ferrellgas expects to reclassify net gains related to the risk management commodity derivatives of approximately $12.2 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sales exception. During the nine months ended April 30, 2018 and 2017, Ferrellgas had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of April 30, 2018 , Ferrellgas had financial derivative contracts covering 2.3 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parent guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at April 30, 2018 , the maximum amount of loss due to credit risk that Ferrellgas would incur is $ 5.7 million, which is based upon the gross fair values of the derivative financial instruments. From time to time Ferrellgas enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas' debt rating. There were no open derivative contracts with credit-risk-related contingent features as of April 30, 2018 . |
Ferrellgas, L.P. [Member] | |
Derivative Instruments and Hedging Activities | Derivative instruments and hedging activities Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments were neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the nine months ended April 30, 2018 and 2017 , Ferrellgas, L.P. did no t recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of April 30, 2018 and July 31, 2017 : April 30, 2018 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 14,449 Other current liabilities $ 2,207 Commodity derivatives-propane Other assets, net 5,301 Other liabilities 32 Interest rate swap agreements Prepaid expenses and other current assets 41 Other current liabilities 738 Interest rate swap agreements Other assets, net — Other liabilities 2,484 Total $ 19,791 Total $ 5,461 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 Ferrellgas, L.P.'s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas, L.P. for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of April 30, 2018 and July 31, 2017 , respectively: April 30, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,623 Other current liabilities $ 8,434 Other assets, net 1,405 Other liabilities 3,631 $ 3,028 $ 12,065 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 The following tables provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 40 $ 323 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 266 $ 1,071 $ (6,825 ) $ (6,825 ) The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income (loss) for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (169 ) Cost of sales-propane and other gas liquids sales $ 6,628 $ — Interest rate swap agreements 10 Interest expense (60 ) — $ (159 ) $ 6,568 $ — For the three months ended April 30, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (6,642 ) Cost of sales-propane and other gas liquids sales $ 2,411 $ — Interest rate swap agreements 146 Interest expense (478 ) — $ (6,496 ) $ 1,933 $ — For the nine months ended April 30, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,114 Cost of sales-propane and other gas liquids sales $ 20,646 $ — Interest rate swap agreements 248 Interest expense (386 ) — $ 23,362 $ 20,260 $ — For the nine months ended April 30, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 12,930 Cost of sales-propane and other gas liquids sales $ (1,112 ) $ — Interest rate swap agreements 974 Interest expense (1,707 ) — $ 13,904 $ (2,819 ) $ — The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ — Cost of sales - midstream operations For the three months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 1,464 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (393 ) Operating expense For the nine months ended April 30, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the nine months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (784 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,123 Operating expense The changes in derivatives included in AOCI for the nine months ended April 30, 2018 and 2017 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2018 2017 Beginning balance $ 14,648 $ (9,815 ) Change in value of risk management commodity derivatives 23,114 12,930 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (20,646 ) 1,112 Change in value of risk management interest rate derivatives 248 974 Reclassification of losses on interest rate hedges to interest expense 386 1,707 Ending balance $ 17,750 $ 6,908 Ferrellgas, L.P. expects to reclassify net gains related to the risk management commodity derivatives of approximately $12.2 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sales exception. During the nine months ended April 30, 2018 and 2017 , Ferrellgas, L.P. had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of April 30, 2018 , Ferrellgas, L.P. had financial derivative contracts covering 2.3 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parent guarantees or cash. Ferrellgas, L.P. has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at April 30, 2018 , the maximum amount of loss due to credit risk that Ferrellgas, L.P. would incur is $ 5.7 million, which is based upon the gross fair values of the derivative financial instruments. From time to time Ferrellgas, L.P. enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.’s debt rating. There were no open derivative contracts with credit-risk-related contingent features as of April 30, 2018 . |
Transactions With Related Parti
Transactions With Related Parties | 9 Months Ended |
Apr. 30, 2018 | |
Transactions With Related Parties | Transactions with related parties Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by the general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Operating expense $ 58,842 $ 53,747 $ 181,484 $ 170,953 General and administrative expense $ 5,707 $ 6,913 $ 21,637 $ 23,713 See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit. |
Ferrellgas, L.P. [Member] | |
Transactions With Related Parties | Transactions with related parties Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.’s partnership agreement, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas, L.P. and all other necessary or appropriate expenses allocable to Ferrellgas, L.P. or otherwise reasonably incurred by the general partner in connection with operating Ferrellgas, L.P.’s business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Operating expense $ 58,842 $ 53,747 $ 181,484 $ 170,953 General and administrative expense $ 5,707 $ 6,913 $ 21,637 $ 23,713 See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit. |
Contingencies And Commitments
Contingencies And Commitments | 9 Months Ended |
Apr. 30, 2018 | |
Contingencies And Commitments | Contingencies and commitments Litigation Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and crude oil. As a result, at any given time, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas. Ferrellgas has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs remains pending. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas and several current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas believes that it has defenses and will vigorously defend these cases. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions. Ferrellgas and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“Bridger”). The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. The Third-Party Defendants have filed motions to dismiss the third-party complaint for alleged lack of personal jurisdiction, failure to state claim, and forum non-conveniens. Ferrellgas is vigorously opposing these motions. |
Ferrellgas Partners Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The indenture governing the senior unsecured notes contains various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. As of April 30, 2018 , the Partnership is in compliance with all requirements, tests, limitations and covenants related to this debt agreement, except for the consolidated fixed charge coverage ratio. The indenture governing the outstanding notes of the Partnership includes a consolidated fixed charge coverage ratio test for the incurrence of debt and the making of restricted payments. This covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the Partnership be at least 1.75 x before a restricted payment (as defined in the indenture) can be made by the Partnership. If this ratio were to drop below 1.75 x, the indenture allows the Partnership to make restricted payments of up to $50.0 million in total over a 16 quarter period while below this ratio. As of April 30, 2018 , the ratio was 1.56 x. As a result, the $9.8 million distribution to be paid to common unitholders on June 14, 2018 will be taken from the $50.0 million restricted payment limitation, which after considering the $9.8 million deductions taken as a result of the distributions paid in September 2017, December 2017 and March 2018, leaves $10.8 million for future restricted payments. Unless the indenture governing the outstanding notes is amended or refinanced, if the Partnership's consolidated fixed charge coverage ratio does not improve to at least 1.75 x and the Partnership continues its current quarterly distribution rate of $0.10 per common unit, this covenant will not allow the Partnership to make common unit distributions for the quarter ending October 31, 2018 and beyond. The Partnership is presently considering potential solutions to cure the limitation on distributions under the consolidated fixed charge covenant ratio related to the outstanding unsecured bonds due in June 2020. The potential solutions, among others, include a refinancing or a transaction to exchange new bonds for some or all of the bonds due June 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, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas, L.P. and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been consolidated into one case by a multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs remains pending. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas, L.P. has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas, L.P. and several current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas, L.P. believes that it has defenses and will vigorously defend these cases. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions. Ferrellgas, L.P. and Bridger Logistics, LLC, have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“Bridger”). The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas, L.P. transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. Ferrellgas, L.P. believes that Ferrellgas, L.P. and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas, L.P. believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas, L.P. Ferrellgas, L.P. intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas, L.P. filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. The Third-Party Defendants have filed motions to dismiss the third-party complaint for alleged lack of personal jurisdiction, failure to state claim, and forum non-conveniens. Ferrellgas, L.P. is vigorously opposing these motions. |
Ferrellgas Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The indentures governing the senior notes agreements contains various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. As of April 30, 2018 , the Partnership is in compliance with all requirements, tests, limitations and covenants related to these debt agreements. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 9 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Earning Per Common Unitholders' Interest | Net earnings (loss) per common unit Below is a calculation of the basic and diluted net earnings (loss) per common unit in the condensed consolidated statements of operations for the periods indicated. Ferrellgas calculates net earnings (loss) per common unit for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed according to the incentive distribution rights in the Ferrellgas partnership agreement. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % There was no dilutive effect resulting from this method based on basic and diluted net earnings (loss) per common unit for the three and nine months ended April 30, 2018 or 2017 . In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, there are no dilutive securities in periods with net losses. For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 (in thousands, except per common unit amounts) Common unitholders’ interest in net earnings (loss) $ 10,752 $ 6,470 $ (38,508 ) $ 1,545 Weighted average common units outstanding - basic and diluted 97,152.7 97,152.7 97,152.7 97,255.4 Basic and diluted net earnings (loss) per common unit $ 0.11 $ 0.07 $ (0.40 ) $ 0.02 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting | 9 Months Ended |
Apr. 30, 2018 | |
Segment Reporting Disclosure | Segment reporting Ferrellgas has two primary operations that result in two reportable operating segments: propane operations and related equipment sales and midstream operations. During the quarter ended January 31, 2018, Ferrellgas recorded a goodwill impairment of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. Following is a summary of segment information for the three and nine months ended April 30, 2018 and 2017 : Three months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 493,215 $ 22,595 $ — $ 515,810 Direct costs (1) 397,568 21,593 9,727 428,888 Adjusted EBITDA $ 95,647 $ 1,002 $ (9,727 ) $ 86,922 Three months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 411,433 $ 126,676 $ — $ 538,109 Direct costs (1) 324,442 127,223 9,654 461,319 Adjusted EBITDA $ 86,991 $ (547 ) $ (9,654 ) $ 76,790 Nine months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,464,990 $ 260,631 $ — $ 1,725,621 Direct costs (1) 1,208,283 250,423 33,150 1,491,856 Adjusted EBITDA $ 256,707 $ 10,208 $ (33,150 ) $ 233,765 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,165,394 $ 331,507 $ — $ 1,496,901 Direct costs (1) 931,631 323,714 30,717 1,286,062 Adjusted EBITDA $ 233,763 $ 7,793 $ (30,717 ) $ 210,839 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net earnings (loss): Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Net earnings (loss) attributable to Ferrellgas Partners, L.P. $ 10,861 $ 6,536 $ (38,897 ) $ 1,561 Income tax expense (benefit) 67 (192 ) 282 (194 ) Interest expense 40,375 39,860 123,855 112,107 Depreciation and amortization expense 25,348 25,737 76,565 77,546 EBITDA 76,651 71,941 161,805 191,020 Non-cash employee stock ownership plan compensation charge 2,738 4,697 10,731 11,396 Non-cash stock-based compensation charge — — — 3,298 Asset impairments — — 10,005 — Loss on asset sales and disposals 6,270 2,393 46,414 8,861 Other income, net (227 ) (162 ) (1,422 ) (1,433 ) Severance costs — — 1,663 1,959 Professional fees 1,289 — 3,407 — Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments — (2,234 ) 1,293 (4,449 ) Net earnings (loss) attributable to noncontrolling interest 201 155 (131 ) 187 Adjusted EBITDA $ 86,922 $ 76,790 $ 233,765 $ 210,839 Following are total assets by segment: Assets April 30, 2018 July 31, 2017 Propane operations and related equipment sales $ 1,274,360 $ 1,194,905 Midstream operations 244,523 399,356 Corporate 13,693 15,708 Total consolidated assets $ 1,532,576 $ 1,609,969 Following are capital expenditures by segment: Nine months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 17,556 $ 210 $ 1,492 $ 19,258 Growth 34,784 1,265 — 36,049 Total $ 52,340 $ 1,475 $ 1,492 $ 55,307 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 8,533 $ 241 $ 1,905 $ 10,679 Growth 21,246 — — 21,246 Total $ 29,779 $ 241 $ 1,905 $ 31,925 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Disclosure | Segment reporting Ferrellgas, L.P. has two primary operations that result in two reportable operating segments: Propane operations and related equipment sales and Midstream operations. During the quarter ended January 31, 2018, Ferrellgas, L.P. recorded a goodwill impairment of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. Following is a summary of segment information for the three and nine months ended April 30, 2018 and 2017 : Three months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 493,215 $ 22,595 $ — $ 515,810 Direct costs (1) 397,568 21,593 9,595 428,756 Adjusted EBITDA $ 95,647 $ 1,002 $ (9,595 ) $ 87,054 Three months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 411,433 $ 126,676 $ — $ 538,109 Direct costs (1) 324,442 127,223 9,545 461,210 Adjusted EBITDA $ 86,991 $ (547 ) $ (9,545 ) $ 76,899 Nine months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,464,990 $ 260,631 $ — $ 1,725,621 Direct costs (1) 1,208,283 250,423 33,017 1,491,723 Adjusted EBITDA $ 256,707 $ 10,208 $ (33,017 ) $ 233,898 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,165,394 $ 331,507 $ — $ 1,496,901 Direct costs (1) 931,631 323,714 30,607 1,285,952 Adjusted EBITDA $ 233,763 $ 7,793 $ (30,607 ) $ 210,949 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net earnings (loss): Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Net earnings (loss) $ 19,840 $ 15,395 $ (13,012 ) $ 18,555 Income tax expense (benefit) 57 (197 ) 261 (200 ) Interest expense 31,739 31,270 97,993 95,416 Depreciation and amortization expense 25,348 25,737 76,565 77,546 EBITDA 76,984 72,205 161,807 191,317 Non-cash employee stock ownership plan compensation charge 2,738 4,697 10,731 11,396 Non-cash stock-based compensation charge — — — 3,298 Asset impairments — — 10,005 — Loss on asset sales and disposals 6,270 2,393 46,414 8,861 Other income, net (227 ) (162 ) (1,422 ) (1,433 ) Severance costs — — 1,663 1,959 Professional fees 1,289 — 3,407 — Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments — (2,234 ) 1,293 (4,449 ) Adjusted EBITDA $ 87,054 $ 76,899 $ 233,898 $ 210,949 Following are total assets by segment: Assets April 30, 2018 July 31, 2017 Propane operations and related equipment sales $ 1,274,360 $ 1,194,905 Midstream operations 244,523 399,356 Corporate 13,654 15,687 Total consolidated assets $ 1,532,537 $ 1,609,948 Following are capital expenditures by segment: Nine months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 17,556 $ 210 $ 1,492 $ 19,258 Growth 34,784 1,265 — 36,049 Total $ 52,340 $ 1,475 $ 1,492 $ 55,307 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 8,533 $ 241 $ 1,905 $ 10,679 Growth 21,246 — — 21,246 Total $ 29,779 $ 241 $ 1,905 $ 31,925 |
Guarantor financial information
Guarantor financial information | 9 Months Ended |
Apr. 30, 2018 | |
Ferrellgas, L.P. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor financial information | Guarantor financial information The $500.0 million aggregate principal amount of 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are fully and unconditionally and jointly and severally guaranteed by all of Ferrellgas, L.P.’s 100% owned subsidiaries except: (i) Ferrellgas Finance Corp; (ii) certain special purposes subsidiaries formed for use in connection with our accounts receivable securitization; and (iii) foreign subsidiaries. Guarantees of these senior notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the assets of a guarantor or (b) all of the capital stock of such guarantor (including by way of merger or consolidation), in each case, to a person that is not Ferrellgas, L.P. or a restricted subsidiary of Ferrellgas, L.P., (ii) if Ferrellgas, L.P. designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon defeasance or discharge of the notes, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor. The guarantor financial information discloses in separate columns the financial position, results of operations and the cash flows of Ferrellgas, L.P. (Parent), Ferrellgas Finance Corp. (co-issuer), Ferrellgas, L.P.’s guarantor subsidiaries on a combined basis, and Ferrellgas, L.P.’s non-guarantor subsidiaries on a combined basis. The dates and the periods presented in the guarantor financial information are consistent with the periods presented in Ferrellgas, L.P.’s condensed consolidated financial statements. FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of April 30, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 9,126 $ 1 $ 364 $ — $ — $ 9,491 Accounts and notes receivable, net (3,346 ) — 23,493 182,580 — 202,727 Intercompany receivables 65,801 — — — (65,801 ) — Inventories 70,893 — 14,169 — — 85,062 Prepaid expenses and other current assets 31,167 — 12,890 2 — 44,059 Total current assets 173,641 1 50,916 182,582 (65,801 ) 341,339 Property, plant and equipment, net 552,551 — 85,137 — — 637,688 Goodwill, net 246,098 — — — — 246,098 Intangible assets, net 123,177 — 112,141 — — 235,318 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (164,031 ) — — — 164,031 — Other assets, net 36,744 — 34,987 363 — 72,094 Total assets $ 1,418,180 $ 1 $ 283,181 $ 182,945 $ (351,770 ) $ 1,532,537 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 50,164 $ — $ 2,221 $ 87 $ — $ 52,472 Short-term borrowings — — — — — — Collateralized note payable — — — 104,000 — 104,000 Intercompany payables — — 45,554 20,247 (65,801 ) — Other current liabilities 143,804 — 3,041 398 — 147,243 Total current liabilities 193,968 — 50,816 124,732 (65,801 ) 303,715 Long-term debt 1,646,069 — 450,000 — (450,000 ) 1,646,069 Other liabilities 29,615 — 4,610 — — 34,225 Contingencies and commitments Partners' capital (deficit): Partners' equity (469,338 ) 1 (222,245 ) 58,213 164,031 (469,338 ) Accumulated other comprehensive income 17,866 — — — — 17,866 Total partners' capital (deficit) (451,472 ) 1 (222,245 ) 58,213 164,031 (451,472 ) Total liabilities and partners' capital (deficit) $ 1,418,180 $ 1 $ 283,181 $ 182,945 $ (351,770 ) $ 1,532,537 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 5,327 $ 1 $ 373 $ — $ — $ 5,701 Accounts and notes receivable, net (3,132 ) — 58,618 109,598 — 165,084 Intercompany receivables 39,877 — — — (39,877 ) — Inventories 78,963 — 13,589 — — 92,552 Prepaid expenses and other current assets 26,106 — 7,314 6 — 33,426 Total current assets 147,141 1 79,894 109,604 (39,877 ) 296,763 Property, plant and equipment, net 537,582 — 194,341 — — 731,923 Goodwill, net 246,098 — 10,005 — — 256,103 Intangible assets, net 128,209 — 122,893 — — 251,102 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (53,915 ) — — — 53,915 — Other assets, net 35,862 — 37,618 577 — 74,057 Total assets $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 44,026 $ — $ 41,345 $ 190 $ — $ 85,561 Short-term borrowings 59,781 — — — — 59,781 Collateralized note payable — — — 69,000 — 69,000 Intercompany payables — — 41,645 (1,768 ) (39,877 ) — Other current liabilities 118,039 — 3,776 201 — 122,016 Total current liabilities 221,846 — 86,766 67,623 (39,877 ) 336,358 Long-term debt 1,649,139 — 450,131 — (450,000 ) 1,649,270 Other liabilities 26,790 — 4,300 28 — 31,118 Contingencies and commitments Partners' capital (deficit): Partners' equity (421,562 ) 1 (96,446 ) 42,530 53,915 (421,562 ) Accumulated other comprehensive income 14,764 — — — — 14,764 Total partners' capital (deficit) (406,798 ) 1 (96,446 ) 42,530 53,915 (406,798 ) Total liabilities and partners' capital (deficit) $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 451,212 $ — $ 90 $ — $ — $ 451,302 Midstream operations — — 22,595 — — 22,595 Other 19,701 — 22,212 — — 41,913 Total revenues 470,913 — 44,897 — — 515,810 Costs and expenses: Cost of sales - propane and other gas liquids sales 260,317 — 102 — — 260,419 Cost of sales - midstream operations — — 14,518 — — 14,518 Cost of sales - other 2,328 — 17,522 — — 19,850 Operating expense 108,291 — 9,262 1,459 (2,433 ) 116,579 Depreciation and amortization expense 19,105 — 6,171 72 — 25,348 General and administrative expense 10,460 — 1,086 — — 11,546 Equipment lease expense 7,045 — 88 — — 7,133 Non-cash employee stock ownership plan compensation charge 2,738 — — — — 2,738 Loss on asset sales and disposals 2,243 — 4,027 — — 6,270 Operating income (loss) 58,386 — (7,879 ) (1,531 ) 2,433 51,409 Interest expense (20,297 ) — (10,104 ) (1,338 ) — (31,739 ) Other income (expense), net (133 ) — 360 2,433 (2,433 ) 227 Earnings (loss) before income taxes 37,956 — (17,623 ) (436 ) — 19,897 Income tax expense (benefit) 102 — (45 ) — — 57 Equity in earnings (loss) of subsidiary (18,014 ) — — — 18,014 — Net earnings (loss) 19,840 — (17,578 ) (436 ) 18,014 19,840 Other comprehensive loss (6,727 ) — — — — (6,727 ) Comprehensive income (loss) $ 13,113 $ — $ (17,578 ) $ (436 ) $ 18,014 $ 13,113 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 369,437 $ — $ — $ — $ — $ 369,437 Midstream operations — — 126,676 — — 126,676 Other 17,850 — 24,146 — — 41,996 Total revenues 387,287 — 150,822 — — 538,109 Costs and expenses: Cost of sales - propane and other gas liquids sales 197,487 — — — — 197,487 Cost of sales - midstream operations — — 118,767 — — 118,767 Cost of sales - other 1,992 — 18,818 — — 20,810 Operating expense 96,264 — 8,594 1,315 (1,400 ) 104,773 Depreciation and amortization expense 18,261 — 7,418 58 — 25,737 General and administrative expense 8,930 — 939 — — 9,869 Equipment lease expense 7,108 — 162 — — 7,270 Non-cash employee stock ownership plan compensation charge 4,697 — — — — 4,697 Loss on asset sales and disposals 2,146 — 247 — — 2,393 Operating income (loss) 50,402 — (4,123 ) (1,373 ) 1,400 46,306 Interest expense (19,452 ) — (11,019 ) (799 ) — (31,270 ) Other income (expense), net (157 ) — 319 1,400 (1,400 ) 162 Earnings (loss) before income taxes 30,793 — (14,823 ) (772 ) — 15,198 Income tax expense (benefit) 97 — (294 ) — — (197 ) Equity in earnings (loss) of subsidiary (15,301 ) — — — 15,301 — Net earnings (loss) 15,395 — (14,529 ) (772 ) 15,301 15,395 Other comprehensive income (8,429 ) — — — — (8,429 ) Comprehensive income (loss) $ 6,966 $ — $ (14,529 ) $ (772 ) $ 15,301 $ 6,966 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,345,604 $ — $ 695 $ — $ — $ 1,346,299 Midstream operations — — 260,631 — — 260,631 Other 59,085 — 59,606 — — 118,691 Total revenues 1,404,689 — 320,932 — — 1,725,621 Costs and expenses: Cost of sales - propane and other gas liquids sales 802,063 — 789 — — 802,852 Cost of sales - midstream operations — — 229,710 — — 229,710 Cost of sales - other 7,890 — 46,449 — — 54,339 Operating expense 323,619 — 28,320 4,474 (5,656 ) 350,757 Depreciation and amortization expense 55,973 — 20,377 215 — 76,565 General and administrative expense 35,048 5 4,547 — — 39,600 Equipment lease expense 20,555 — 273 — — 20,828 Non-cash employee stock ownership plan compensation charge 10,731 — — — — 10,731 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 3,706 — 42,708 — — 46,414 Operating income (loss) 145,104 (5 ) (62,246 ) (4,689 ) 5,656 83,820 Interest expense (61,903 ) — (33,028 ) (3,062 ) — (97,993 ) Other income (expense), net 490 — 932 5,656 (5,656 ) 1,422 Earnings (loss) before income taxes 83,691 (5 ) (94,342 ) (2,095 ) — (12,751 ) Income tax expense 174 — 87 — — 261 Equity in earnings (loss) of subsidiary (96,529 ) — — — 96,529 — Net earnings (loss) (13,012 ) (5 ) (94,429 ) (2,095 ) 96,529 (13,012 ) Other comprehensive income 3,102 — — — — 3,102 Comprehensive income (loss) $ (9,910 ) $ (5 ) $ (94,429 ) $ (2,095 ) $ 96,529 $ (9,910 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,049,211 $ — $ — $ — $ — $ 1,049,211 Midstream operations — — 331,507 — — 331,507 Other 56,785 — 59,398 — — 116,183 Total revenues 1,105,996 — 390,905 — — 1,496,901 Costs and expenses: Cost of sales - propane and other gas liquids sales 551,728 — — — — 551,728 Cost of sales - midstream operations — — 300,433 — — 300,433 Cost of sales - other 6,993 — 46,220 — — 53,213 Operating expense 297,905 — 28,482 (251 ) (3,201 ) 322,935 Depreciation and amortization expense 54,552 — 22,817 177 — 77,546 General and administrative expense 32,886 5 3,525 — — 36,416 Equipment lease expense 21,585 — 450 — — 22,035 Non-cash employee stock ownership plan compensation charge 11,396 — — — — 11,396 Loss on asset sales and disposals 3,666 — 5,195 — — 8,861 Operating income (loss) 125,285 (5 ) (16,217 ) 74 3,201 112,338 Interest expense (60,893 ) — (32,694 ) (1,826 ) (3 ) (95,416 ) Other income (expense), net 100 — 1,333 3,198 (3,198 ) 1,433 Earnings (loss) before income taxes 64,492 (5 ) (47,578 ) 1,446 — 18,355 Income tax expense (benefit) 171 — (371 ) — — (200 ) Equity in earnings (loss) of subsidiary (45,766 ) — — — 45,766 — Net earnings (loss) 18,555 (5 ) (47,207 ) 1,446 45,766 18,555 Other comprehensive income 16,723 — — — — 16,723 Comprehensive income (loss) $ 35,278 $ (5 ) $ (47,207 ) $ 1,446 $ 45,766 $ 35,278 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 65,604 $ (5 ) $ (3,531 ) $ 66,878 $ (35,000 ) $ 93,946 Cash flows from investing activities: Business acquisitions, net of cash acquired (14,862 ) — — — — (14,862 ) Capital expenditures (57,158 ) — (1,803 ) — — (58,961 ) Proceeds from sale of assets 2,479 — 55,323 — — 57,802 Cash collected for purchase of interest in accounts receivable — — — 985,084 (985,084 ) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (1,020,084 ) 1,020,084 — Net changes in advances with consolidated entities 116,871 — — — (116,871 ) — Net cash provided by (used in) investing activities 47,330 — 53,520 (35,000 ) (81,871 ) (16,021 ) Cash flows from financing activities: Distributions (45,495 ) — — — — (45,495 ) Proceeds from increase in long-term debt 23,580 — — — — 23,580 Payments on long-term debt (1,892 ) — — — — (1,892 ) Net reductions in short-term borrowings (84,179 ) — — — — (84,179 ) Net additions to collateralized short-term borrowings — — — 35,000 — 35,000 Net changes in advances with parent — 5 (49,998 ) (66,878 ) 116,871 — Cash paid for financing costs (1,149 ) — — — — (1,149 ) Net cash provided by (used in) financing activities (109,135 ) 5 (49,998 ) (31,878 ) 116,871 (74,135 ) Increase (decrease) in cash and cash equivalents 3,799 — (9 ) — — 3,790 Cash and cash equivalents - beginning of year 5,327 1 373 — — 5,701 Cash and cash equivalents - end of year $ 9,126 $ 1 $ 364 $ — $ — $ 9,491 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 186,530 $ (5 ) $ (73,168 ) $ 38,042 $ (27,000 ) $ 124,399 Cash flows from investing activities: Business acquisitions, net of cash acquired (3,539 ) — — — — (3,539 ) Capital expenditures (35,116 ) — (296 ) — — (35,412 ) Proceeds from sale of assets 4,721 — — — — 4,721 Cash collected for purchase of interest in accounts receivable — — — 803,109 (803,109 ) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (830,109 ) 830,109 — Net changes in advances with consolidated entities (35,476 ) — — 244 35,232 — Other (37 ) — — — — (37 ) Net cash provided by (used in) investing activities (69,447 ) — (296 ) (26,756 ) 62,232 (34,267 ) Cash flows from financing activities: Distributions (94,413 ) — — — — (94,413 ) Contributions from Partners 167,640 — — — — 167,640 Proceeds from increase in long-term debt 52,354 — — — — 52,354 Payments on long-term debt (173,471 ) — — — — (173,471 ) Net reductions in short-term borrowings (62,902 ) — — — — (62,902 ) Net additions to collateralized short-term borrowings — — — 27,000 — 27,000 Net changes in advances with parent — 5 73,269 (38,042 ) (35,232 ) — Cash paid for financing costs (1,820 ) — — (244 ) — (2,064 ) Net cash provided by (used in) financing activities (112,612 ) 5 73,269 (11,286 ) (35,232 ) (85,856 ) Increase (decrease) in cash and cash equivalents 4,471 — (195 ) — — 4,276 Cash and cash equivalents - beginning of year 4,472 1 417 — — 4,890 Cash and cash equivalents - end of year $ 8,943 $ 1 $ 222 $ — $ — $ 9,166 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2018 | |
Subsequent Events | Subsequent events Ferrellgas evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas' condensed consolidated financial statements were issued and concluded that, other than as discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. New $575.0 million senior secured credit facility On May 4, 2018, the operating partnership entered into a new $575.0 million senior secured credit facility to replace its previous $575.0 million senior secured credit facility that was scheduled to mature in October 2018. This new facility consists of a $300.0 million revolving line of credit as well as a $275.0 million term loan, both priced at LIBOR + 5.75% and maturing May 4, 2023. The revolving line of credit includes a $125.0 million sublimit for the issuance of letters of credit. Borrowings under this facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness and acquisitions. At closing, the following transactions occurred: 1) the proceeds of the term loan were used to repay and terminate the operating partnership’s then existing credit facility, thus, no revolving credit loans were outstanding, 2) approximately $100 million of letters of credit were issued to replace the letters of credit under the operating partnership's then existing credit facility, and 3) the operating partnership held approximately $75 million of surplus cash. The term loan does not include any scheduled principal payments and the revolving credit facility does not have any scheduled commitment reductions before maturity; however, the credit facility requires prepayments pursuant to the following: 1) certain asset sales, 2) 50% of any excess cash flow, as defined in the credit agreement, in any fiscal year beginning with fiscal year 2019, 3) certain insurance proceeds, and 4) certain tax refunds. This new senior secured credit facility is secured with substantially all of the assets of the operating partnership and its subsidiaries, and Ferrellgas Partners’ and the general partner’s partnership interests in the operating partnership, and contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments. Amended accounts receivable securitization facility On May 14, 2018, the operating partnership entered into a seventh amendment to its accounts receivable securitization facility which extends the maturity date by three years, as well as increases the size of the facility from a maximum borrowing capacity of $225.0 million to $250.0 million at a discount rate of LIBOR plus 200 basis points. The amended accounts receivable securitization facility also includes provisions for the issuance of letters of credit with a $50.0 million sublimit. The facility continues to contain provisions where maximum purchase levels are reduced during periods of the year when working capital requirements are lower to efficiently reduce unused capacity fees. |
Ferrellgas, L.P. [Member] | |
Subsequent Events | Subsequent events Ferrellgas, L.P. evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas L.P.'s condensed consolidated financial statements were issued and concluded that, other than as discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. New $575.0 million senior secured credit facility On May 4, 2018, Ferrellgas, L.P. entered into a new $575.0 million senior secured credit facility to replace its previous $575.0 million senior secured credit facility that was scheduled to mature in October 2018. This new facility consists of a $300.0 million revolving line of credit as well as a $275.0 million term loan, both priced at LIBOR + 5.75% and maturing May 4, 2023. The revolving line of credit includes a $125.0 million sublimit for the issuance of letters of credit. Borrowings under this facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness and acquisitions. At closing, the following transactions occurred: 1) the proceeds of the term loan were used to repay and terminate Ferrellgas, L.P.’s then existing credit facility, thus, no revolving credit loans were outstanding, 2) approximately $100 million of letters of credit were issued to replace the letters of credit under the operating partnership's then existing credit facility, and 3) Ferrellgas, L.P. held approximately $75 million of surplus cash. The term loan does not include any scheduled principal payments and the revolving credit facility does not have any scheduled commitment reductions before maturity; however, the credit facility requires prepayments pursuant to the following: 1) certain asset sales, 2) 50% of any excess cash flow, as defined in the credit agreement, in any fiscal year beginning with fiscal year 2019, 3) certain insurance proceeds, and 4) certain tax refunds. This new senior secured credit facility is secured with substantially all of the assets of Ferrellgas, L.P. and its subsidiaries, and Ferrellgas Partners’ and the general partner’s partnership interests in Ferrellgas, L.P., and contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments. Amended accounts receivable securitization facility On May 14, 2018, Ferrellgas, L.P. entered into a seventh amendment to its accounts receivable securitization facility which extends the maturity date by three years, as well as increases the size of the facility from a maximum borrowing capacity of $225.0 million to $250.0 million at a discount rate of LIBOR plus 200 basis points. The amended accounts receivable securitization facility also includes provisions for the issuance of letters of credit with a $50.0 million sublimit. The facility continues to contain provisions where maximum purchase levels are reduced during periods of the year when working capital requirements are lower to efficiently reduce unused capacity fees. |
Summary Of Significant Accoun22
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Apr. 30, 2018 | |
Significant Accounting Policies [Line Items] | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas has completed the assessment of a significant number of its contracts with customers under the new guidance. Although Ferrellgas has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. Ferrellgas expects to utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard, effective August 1, 2018. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas, L.P. has completed the assessment of a significant number of its contracts with customers under the new guidance. Although Ferrellgas, L.P. has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. Ferrellgas, L.P. expects to utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard, effective August 1, 2018. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. FASB Accounting Standard Update No. 2016-02 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. FASB Accounting Standard Update No. 2017-12 In August 2017, the FASB issued ASU 2017-12, Financial Instruments - Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities which is intended to improve the financial reporting for hedging relationships to better portray the economic results of an entity's risk management activities in its financial statements. This standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Supplemental Financial Statem23
Supplemental Financial Statement Information (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Schedule of Inventories | Inventories consist of the following: April 30, 2018 July 31, 2017 Propane gas and related products $ 58,142 $ 67,049 Appliances, parts and supplies, and other 26,920 25,503 Inventories $ 85,062 $ 92,552 |
Other Assets Disclosure [Text Block] | Other assets, net consist of the following: April 30, 2018 July 31, 2017 Notes receivable, less current portion $ 33,962 $ 32,500 Other 38,132 41,557 Other assets, net $ 72,094 $ 74,057 |
Other Current Liabilities | Other current liabilities consist of the following: April 30, 2018 July 31, 2017 Accrued interest $ 50,586 $ 18,671 Customer deposits and advances 18,956 25,541 Other 89,333 82,012 Other current liabilities $ 158,875 $ 126,224 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Operating expense $ 48,351 $ 44,309 $ 146,279 $ 134,090 Depreciation and amortization expense 1,340 957 3,575 2,979 Equipment lease expense 6,507 6,564 18,872 19,882 Total shipping and handling expenses $ 56,198 $ 51,830 $ 168,726 $ 156,951 |
Loss on asset sales and disposals [Table Text Block] | "Loss on asset sales and disposals" during the three and nine months ended April 30, 2018 and 2017 consists of: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Loss on sale of assets classified as held for sale $ 1,237 $ — $ 36,752 $ — Loss on sale of assets and other 5,033 2,393 9,662 8,861 Loss on asset sales and disposals $ 6,270 $ 2,393 $ 46,414 $ 8,861 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2018 2017 Cash paid (refunded) for: Interest $ 85,171 $ 73,276 Income taxes $ (458 ) $ 28 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,508 $ 856 Change in accruals for property, plant and equipment additions $ 386 $ (111 ) |
Ferrellgas, L.P. [Member] | |
Schedule of Inventories | Inventories consist of the following: April 30, 2018 July 31, 2017 Propane gas and related products $ 58,142 $ 67,049 Appliances, parts and supplies, and other 26,920 25,503 Inventories $ 85,062 $ 92,552 |
Other Assets Disclosure [Text Block] | Other assets, net consist of the following: April 30, 2018 July 31, 2017 Notes receivable, less current portion $ 33,962 $ 32,500 Other 38,132 41,557 Other assets, net $ 72,094 $ 74,057 |
Other Current Liabilities | Other current liabilities consist of the following: April 30, 2018 July 31, 2017 Accrued interest $ 38,954 $ 14,737 Customer deposits and advances 18,956 25,541 Other 89,333 81,738 Other current liabilities $ 147,243 $ 122,016 |
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Operating expense $ 48,351 $ 44,309 $ 146,279 $ 134,090 Depreciation and amortization expense 1,340 957 3,575 2,979 Equipment lease expense 6,507 6,564 18,872 19,882 Total shipping and handling expenses $ 56,198 $ 51,830 $ 168,726 $ 156,951 |
Loss on asset sales and disposals [Table Text Block] | "Loss on asset sales and disposals" during the three and nine months ended April 30, 2018 and 2017 consists of: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Loss on sale of assets classified as held for sale $ 1,237 $ — $ 36,752 $ — Loss on sale of assets and other 5,033 2,393 9,662 8,861 Loss on asset sales and disposals $ 6,270 $ 2,393 $ 46,414 $ 8,861 |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2018 2017 Cash paid (refunded) for: Interest $ 69,775 $ 67,314 Income taxes $ (479 ) $ 23 Non-cash investing and financing activities: Liabilities incurred in connection with acquisitions $ 1,508 $ 856 Change in accruals for property, plant and equipment additions $ 386 $ (111 ) |
Accounts And Notes Receivable24
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: April 30, 2018 July 31, 2017 Accounts receivable pledged as collateral $ 182,486 $ 109,407 Accounts receivable 13,131 47,346 Note receivable - current portion 10,000 10,000 Other 232 307 Less: Allowance for doubtful accounts (3,122 ) (1,976 ) Accounts and notes receivable, net $ 202,727 $ 165,084 |
Ferrellgas, L.P. [Member] | |
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following: April 30, 2018 July 31, 2017 Accounts receivable pledged as collateral $ 182,486 $ 109,407 Accounts receivable 13,131 47,346 Note receivable - current portion 10,000 10,000 Other 232 307 Less: Allowance for doubtful accounts (3,122 ) (1,976 ) Accounts and notes receivable, net $ 202,727 $ 165,084 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | As of April 30, 2018 and July 31, 2017 , Ferrellgas Partners limited partner units, which are listed on the New York Stock Exchange under the symbol “FGP,” were beneficially owned by the following: April 30, 2018 July 31, 2017 Public common unitholders 69,612,939 69,612,939 Ferrell Companies (1) 22,529,361 22,529,361 FCI Trading Corp. (2) 195,686 195,686 Ferrell Propane, Inc. (3) 51,204 51,204 James E. Ferrell (4) 4,763,475 4,763,475 |
Cash distributions | Ferrellgas Partners has paid the following distributions: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Public common unitholders $ 6,961 $ 6,961 $ 20,884 $ 49,600 Ferrell Companies 2,253 2,253 6,759 16,052 FCI Trading Corp. 20 20 60 140 Ferrell Propane, Inc. 5 5 15 36 James E. Ferrell 476 476 1,428 3,393 General partner 98 98 294 699 $ 9,813 $ 9,813 $ 29,440 $ 69,920 |
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 |
Ferrellgas, L.P. [Member] | |
Cash distributions | Ferrellgas, L.P. has paid the following distributions: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Ferrellgas Partners $ 10,013 $ 9,813 $ 45,036 $ 93,620 General partner 102 100 459 793 $ 10,115 $ 9,913 $ 45,495 $ 94,413 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Schedule of fair value assets and liabilities | The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2018 and July 31, 2017 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Unobservable Inputs (Level 3) Total April 30, 2018: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 41 $ — $ 41 Commodity derivatives $ — $ 19,750 $ — $ 19,750 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,222 ) $ — $ (3,222 ) Commodity derivatives $ — $ (2,239 ) $ — $ (2,239 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) |
Ferrellgas, L.P. [Member] | |
Schedule of fair value assets and liabilities | The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2018 and July 31, 2017 : Asset (Liability) Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs Unobservable Inputs (Level 3) Total April 30, 2018: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 41 $ — $ 41 Commodity derivatives $ — $ 19,750 $ — $ 19,750 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (3,222 ) $ — $ (3,222 ) Commodity derivatives $ — $ (2,239 ) $ — $ (2,239 ) July 31, 2017: Assets: Derivative financial instruments: Interest rate swap agreements $ — $ 583 $ — $ 583 Commodity derivatives $ — $ 16,212 $ — $ 16,212 Liabilities: Derivative financial instruments: Interest rate swap agreements $ — $ (707 ) $ — $ (707 ) Commodity derivatives $ — $ (1,258 ) $ — $ (1,258 ) |
Derivative Instruments and He27
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2018 and July 31, 2017 : April 30, 2018 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 14,449 Other current liabilities $ 2,207 Commodity derivatives-propane Other assets, net 5,301 Other liabilities 32 Interest rate swap agreements Prepaid expenses and other current assets 41 Other current liabilities 738 Interest rate swap agreements Other assets, net — Other liabilities 2,484 Total $ 19,791 Total $ 5,461 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of April 30, 2018 and July 31, 2017 , respectively: April 30, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,623 Other current liabilities $ 8,434 Other assets, net 1,405 Other liabilities 3,631 $ 3,028 $ 12,065 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 |
Fair Value Hedge Derivative Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 40 $ 323 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 266 $ 1,071 $ (6,825 ) $ (6,825 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income (loss) for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (169 ) Cost of sales-propane and other gas liquids sales $ 6,628 $ — Interest rate swap agreements 10 Interest expense (60 ) — $ (159 ) $ 6,568 $ — For the three months ended April 30, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (6,642 ) Cost of sales-propane and other gas liquids sales $ 2,411 $ — Interest rate swap agreements 146 Interest expense (478 ) — $ (6,496 ) $ 1,933 $ — For the nine months ended April 30, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,114 Cost of sales-propane and other gas liquids sales $ 20,646 $ — Interest rate swap agreements 248 Interest expense (386 ) — $ 23,362 $ 20,260 $ — For the nine months ended April 30, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 12,930 Cost of sales-propane and other gas liquids sales $ (1,112 ) $ — Interest rate swap agreements 974 Interest expense (1,707 ) — $ 13,904 $ (2,819 ) $ — |
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ — Cost of sales - midstream operations For the three months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 1,464 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (393 ) Operating expense For the nine months ended April 30, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the nine months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (784 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,123 Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the nine months ended April 30, 2018 and 2017 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2018 2017 Beginning balance $ 14,648 $ (9,815 ) Change in value of risk management commodity derivatives 23,114 12,930 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (20,646 ) 1,112 Change in value of risk management interest rate derivatives 248 974 Reclassification of losses on interest rate hedges to interest expense 386 1,707 Ending balance $ 17,750 $ 6,908 |
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 April 30, 2018 and July 31, 2017 : April 30, 2018 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 14,449 Other current liabilities $ 2,207 Commodity derivatives-propane Other assets, net 5,301 Other liabilities 32 Interest rate swap agreements Prepaid expenses and other current assets 41 Other current liabilities 738 Interest rate swap agreements Other assets, net — Other liabilities 2,484 Total $ 19,791 Total $ 5,461 July 31, 2017 Asset Derivatives Liability Derivatives Derivative Instrument Location Fair value Location Fair value Derivatives designated as hedging instruments Commodity derivatives-propane Prepaid expenses and other current assets $ 11,061 Other current liabilities $ 415 Commodity derivatives-propane Other assets, net 4,413 Other liabilities 15 Interest rate swap agreements Prepaid expenses and other current assets 583 Other current liabilities 595 Interest rate swap agreements Other assets, net — Other liabilities 112 Derivatives not designated as hedging instruments Commodity derivatives-crude oil Prepaid expenses and other current assets 738 Other current liabilities 828 Total $ 16,795 Total $ 1,965 |
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of April 30, 2018 and July 31, 2017 , respectively: April 30, 2018 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,623 Other current liabilities $ 8,434 Other assets, net 1,405 Other liabilities 3,631 $ 3,028 $ 12,065 July 31, 2017 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expenses and other current assets $ 1,778 Other current liabilities $ 7,729 Other assets, net 1,631 Other liabilities 3,073 $ 3,409 $ 10,802 |
Fair Value Hedge Derivative Effect on Earnings | The following tables provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as fair value hedging instruments: Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the three months ended April 30, For the three months ended April 30, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 40 $ 323 $ (2,275 ) $ (2,275 ) Amount of Gain Recognized on Derivative Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) Derivative Instrument Location of Amounts Recognized on Derivative For the nine months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Interest rate swap agreements Interest expense $ 266 $ 1,071 $ (6,825 ) $ (6,825 ) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income (loss) for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (169 ) Cost of sales-propane and other gas liquids sales $ 6,628 $ — Interest rate swap agreements 10 Interest expense (60 ) — $ (159 ) $ 6,568 $ — For the three months ended April 30, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (6,642 ) Cost of sales-propane and other gas liquids sales $ 2,411 $ — Interest rate swap agreements 146 Interest expense (478 ) — $ (6,496 ) $ 1,933 $ — For the nine months ended April 30, 2018 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 23,114 Cost of sales-propane and other gas liquids sales $ 20,646 $ — Interest rate swap agreements 248 Interest expense (386 ) — $ 23,362 $ 20,260 $ — For the nine months ended April 30, 2017 Derivative Instrument Amount of Gain (Loss) Recognized in AOCI Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 12,930 Cost of sales-propane and other gas liquids sales $ (1,112 ) $ — Interest rate swap agreements 974 Interest expense (1,707 ) — $ 13,904 $ (2,819 ) $ — |
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments: For the three months ended April 30, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ — Cost of sales - midstream operations For the three months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ 1,464 Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ (393 ) Operating expense For the nine months ended April 30, 2018 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (3,470 ) Cost of sales - midstream operations For the nine months ended April 30, 2017 Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Income Location of Gain (Loss) Recognized in Income Commodity derivatives - crude oil $ (784 ) Cost of sales - midstream operations Commodity derivatives - vehicle fuel $ 1,123 Operating expense |
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the nine months ended April 30, 2018 and 2017 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2018 2017 Beginning balance $ 14,648 $ (9,815 ) Change in value of risk management commodity derivatives 23,114 12,930 Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net (20,646 ) 1,112 Change in value of risk management interest rate derivatives 248 974 Reclassification of losses on interest rate hedges to interest expense 386 1,707 Ending balance $ 17,750 $ 6,908 |
Transactions With Related Par28
Transactions With Related Parties (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Schedule of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of operations as follows: For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 Operating expense $ 58,842 $ 53,747 $ 181,484 $ 170,953 General and administrative expense $ 5,707 $ 6,913 $ 21,637 $ 23,713 |
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 April 30, For the nine months ended April 30, 2018 2017 2018 2017 Operating expense $ 58,842 $ 53,747 $ 181,484 $ 170,953 General and administrative expense $ 5,707 $ 6,913 $ 21,637 $ 23,713 |
Net Earnings (Loss) Per Commo29
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Distribution Allocation | In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows: Ratio of total distributions payable to: Quarterly distribution per common unit Common unitholder General partner $0.56 to $0.63 86.9 % 13.1 % $0.64 to $0.82 76.8 % 23.2 % $0.83 and above 51.5 % 48.5 % |
Schedule of Earnings Per Share | Additionally, there are no dilutive securities in periods with net losses. For the three months ended April 30, For the nine months ended April 30, 2018 2017 2018 2017 (in thousands, except per common unit amounts) Common unitholders’ interest in net earnings (loss) $ 10,752 $ 6,470 $ (38,508 ) $ 1,545 Weighted average common units outstanding - basic and diluted 97,152.7 97,152.7 97,152.7 97,255.4 Basic and diluted net earnings (loss) per common unit $ 0.11 $ 0.07 $ (0.40 ) $ 0.02 |
Segment Reporting Segment Rep30
Segment Reporting Segment Reporting (Tables) | 9 Months Ended |
Apr. 30, 2018 | |
Segment Reporting Information | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net earnings (loss): Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Net earnings (loss) attributable to Ferrellgas Partners, L.P. $ 10,861 $ 6,536 $ (38,897 ) $ 1,561 Income tax expense (benefit) 67 (192 ) 282 (194 ) Interest expense 40,375 39,860 123,855 112,107 Depreciation and amortization expense 25,348 25,737 76,565 77,546 EBITDA 76,651 71,941 161,805 191,020 Non-cash employee stock ownership plan compensation charge 2,738 4,697 10,731 11,396 Non-cash stock-based compensation charge — — — 3,298 Asset impairments — — 10,005 — Loss on asset sales and disposals 6,270 2,393 46,414 8,861 Other income, net (227 ) (162 ) (1,422 ) (1,433 ) Severance costs — — 1,663 1,959 Professional fees 1,289 — 3,407 — Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments — (2,234 ) 1,293 (4,449 ) Net earnings (loss) attributable to noncontrolling interest 201 155 (131 ) 187 Adjusted EBITDA $ 86,922 $ 76,790 $ 233,765 $ 210,839 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets April 30, 2018 July 31, 2017 Propane operations and related equipment sales $ 1,274,360 $ 1,194,905 Midstream operations 244,523 399,356 Corporate 13,693 15,708 Total consolidated assets $ 1,532,576 $ 1,609,969 |
Profit Measure [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three and nine months ended April 30, 2018 and 2017 : Three months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 493,215 $ 22,595 $ — $ 515,810 Direct costs (1) 397,568 21,593 9,727 428,888 Adjusted EBITDA $ 95,647 $ 1,002 $ (9,727 ) $ 86,922 Three months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 411,433 $ 126,676 $ — $ 538,109 Direct costs (1) 324,442 127,223 9,654 461,319 Adjusted EBITDA $ 86,991 $ (547 ) $ (9,654 ) $ 76,790 Nine months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,464,990 $ 260,631 $ — $ 1,725,621 Direct costs (1) 1,208,283 250,423 33,150 1,491,856 Adjusted EBITDA $ 256,707 $ 10,208 $ (33,150 ) $ 233,765 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,165,394 $ 331,507 $ — $ 1,496,901 Direct costs (1) 931,631 323,714 30,717 1,286,062 Adjusted EBITDA $ 233,763 $ 7,793 $ (30,717 ) $ 210,839 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". |
Capital Expenditures [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment: Nine months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 17,556 $ 210 $ 1,492 $ 19,258 Growth 34,784 1,265 — 36,049 Total $ 52,340 $ 1,475 $ 1,492 $ 55,307 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 8,533 $ 241 $ 1,905 $ 10,679 Growth 21,246 — — 21,246 Total $ 29,779 $ 241 $ 1,905 $ 31,925 |
Ferrellgas, L.P. [Member] | |
Segment Reporting Information | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net earnings (loss): Three months ended April 30, Nine months ended April 30, 2018 2017 2018 2017 Net earnings (loss) $ 19,840 $ 15,395 $ (13,012 ) $ 18,555 Income tax expense (benefit) 57 (197 ) 261 (200 ) Interest expense 31,739 31,270 97,993 95,416 Depreciation and amortization expense 25,348 25,737 76,565 77,546 EBITDA 76,984 72,205 161,807 191,317 Non-cash employee stock ownership plan compensation charge 2,738 4,697 10,731 11,396 Non-cash stock-based compensation charge — — — 3,298 Asset impairments — — 10,005 — Loss on asset sales and disposals 6,270 2,393 46,414 8,861 Other income, net (227 ) (162 ) (1,422 ) (1,433 ) Severance costs — — 1,663 1,959 Professional fees 1,289 — 3,407 — Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments — (2,234 ) 1,293 (4,449 ) Adjusted EBITDA $ 87,054 $ 76,899 $ 233,898 $ 210,949 |
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment: Assets April 30, 2018 July 31, 2017 Propane operations and related equipment sales $ 1,274,360 $ 1,194,905 Midstream operations 244,523 399,356 Corporate 13,654 15,687 Total consolidated assets $ 1,532,537 $ 1,609,948 |
Ferrellgas, L.P. [Member] | Profit Measure [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three and nine months ended April 30, 2018 and 2017 : Three months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 493,215 $ 22,595 $ — $ 515,810 Direct costs (1) 397,568 21,593 9,595 428,756 Adjusted EBITDA $ 95,647 $ 1,002 $ (9,595 ) $ 87,054 Three months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 411,433 $ 126,676 $ — $ 538,109 Direct costs (1) 324,442 127,223 9,545 461,210 Adjusted EBITDA $ 86,991 $ (547 ) $ (9,545 ) $ 76,899 Nine months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,464,990 $ 260,631 $ — $ 1,725,621 Direct costs (1) 1,208,283 250,423 33,017 1,491,723 Adjusted EBITDA $ 256,707 $ 10,208 $ (33,017 ) $ 233,898 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Segment revenues $ 1,165,394 $ 331,507 $ — $ 1,496,901 Direct costs (1) 931,631 323,714 30,607 1,285,952 Adjusted EBITDA $ 233,763 $ 7,793 $ (30,607 ) $ 210,949 (1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". |
Ferrellgas, L.P. [Member] | Capital Expenditures [Member] | |
Segment Reporting Information | |
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment: Nine months ended April 30, 2018 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 17,556 $ 210 $ 1,492 $ 19,258 Growth 34,784 1,265 — 36,049 Total $ 52,340 $ 1,475 $ 1,492 $ 55,307 Nine months ended April 30, 2017 Propane operations and related equipment sales Midstream operations Corporate Total Capital expenditures: Maintenance $ 8,533 $ 241 $ 1,905 $ 10,679 Growth 21,246 — — 21,246 Total $ 29,779 $ 241 $ 1,905 $ 31,925 |
Guarantor financial informati31
Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] | 9 Months Ended |
Apr. 30, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Consolidated Balance Sheets | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of April 30, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 9,126 $ 1 $ 364 $ — $ — $ 9,491 Accounts and notes receivable, net (3,346 ) — 23,493 182,580 — 202,727 Intercompany receivables 65,801 — — — (65,801 ) — Inventories 70,893 — 14,169 — — 85,062 Prepaid expenses and other current assets 31,167 — 12,890 2 — 44,059 Total current assets 173,641 1 50,916 182,582 (65,801 ) 341,339 Property, plant and equipment, net 552,551 — 85,137 — — 637,688 Goodwill, net 246,098 — — — — 246,098 Intangible assets, net 123,177 — 112,141 — — 235,318 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (164,031 ) — — — 164,031 — Other assets, net 36,744 — 34,987 363 — 72,094 Total assets $ 1,418,180 $ 1 $ 283,181 $ 182,945 $ (351,770 ) $ 1,532,537 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 50,164 $ — $ 2,221 $ 87 $ — $ 52,472 Short-term borrowings — — — — — — Collateralized note payable — — — 104,000 — 104,000 Intercompany payables — — 45,554 20,247 (65,801 ) — Other current liabilities 143,804 — 3,041 398 — 147,243 Total current liabilities 193,968 — 50,816 124,732 (65,801 ) 303,715 Long-term debt 1,646,069 — 450,000 — (450,000 ) 1,646,069 Other liabilities 29,615 — 4,610 — — 34,225 Contingencies and commitments Partners' capital (deficit): Partners' equity (469,338 ) 1 (222,245 ) 58,213 164,031 (469,338 ) Accumulated other comprehensive income 17,866 — — — — 17,866 Total partners' capital (deficit) (451,472 ) 1 (222,245 ) 58,213 164,031 (451,472 ) Total liabilities and partners' capital (deficit) $ 1,418,180 $ 1 $ 283,181 $ 182,945 $ (351,770 ) $ 1,532,537 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 5,327 $ 1 $ 373 $ — $ — $ 5,701 Accounts and notes receivable, net (3,132 ) — 58,618 109,598 — 165,084 Intercompany receivables 39,877 — — — (39,877 ) — Inventories 78,963 — 13,589 — — 92,552 Prepaid expenses and other current assets 26,106 — 7,314 6 — 33,426 Total current assets 147,141 1 79,894 109,604 (39,877 ) 296,763 Property, plant and equipment, net 537,582 — 194,341 — — 731,923 Goodwill, net 246,098 — 10,005 — — 256,103 Intangible assets, net 128,209 — 122,893 — — 251,102 Intercompany receivables 450,000 — — — (450,000 ) — Investments in consolidated subsidiaries (53,915 ) — — — 53,915 — Other assets, net 35,862 — 37,618 577 — 74,057 Total assets $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 44,026 $ — $ 41,345 $ 190 $ — $ 85,561 Short-term borrowings 59,781 — — — — 59,781 Collateralized note payable — — — 69,000 — 69,000 Intercompany payables — — 41,645 (1,768 ) (39,877 ) — Other current liabilities 118,039 — 3,776 201 — 122,016 Total current liabilities 221,846 — 86,766 67,623 (39,877 ) 336,358 Long-term debt 1,649,139 — 450,131 — (450,000 ) 1,649,270 Other liabilities 26,790 — 4,300 28 — 31,118 Contingencies and commitments Partners' capital (deficit): Partners' equity (421,562 ) 1 (96,446 ) 42,530 53,915 (421,562 ) Accumulated other comprehensive income 14,764 — — — — 14,764 Total partners' capital (deficit) (406,798 ) 1 (96,446 ) 42,530 53,915 (406,798 ) Total liabilities and partners' capital (deficit) $ 1,490,977 $ 1 $ 444,751 $ 110,181 $ (435,962 ) $ 1,609,948 |
Condensed Consolidated Statements of Earnings | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 451,212 $ — $ 90 $ — $ — $ 451,302 Midstream operations — — 22,595 — — 22,595 Other 19,701 — 22,212 — — 41,913 Total revenues 470,913 — 44,897 — — 515,810 Costs and expenses: Cost of sales - propane and other gas liquids sales 260,317 — 102 — — 260,419 Cost of sales - midstream operations — — 14,518 — — 14,518 Cost of sales - other 2,328 — 17,522 — — 19,850 Operating expense 108,291 — 9,262 1,459 (2,433 ) 116,579 Depreciation and amortization expense 19,105 — 6,171 72 — 25,348 General and administrative expense 10,460 — 1,086 — — 11,546 Equipment lease expense 7,045 — 88 — — 7,133 Non-cash employee stock ownership plan compensation charge 2,738 — — — — 2,738 Loss on asset sales and disposals 2,243 — 4,027 — — 6,270 Operating income (loss) 58,386 — (7,879 ) (1,531 ) 2,433 51,409 Interest expense (20,297 ) — (10,104 ) (1,338 ) — (31,739 ) Other income (expense), net (133 ) — 360 2,433 (2,433 ) 227 Earnings (loss) before income taxes 37,956 — (17,623 ) (436 ) — 19,897 Income tax expense (benefit) 102 — (45 ) — — 57 Equity in earnings (loss) of subsidiary (18,014 ) — — — 18,014 — Net earnings (loss) 19,840 — (17,578 ) (436 ) 18,014 19,840 Other comprehensive loss (6,727 ) — — — — (6,727 ) Comprehensive income (loss) $ 13,113 $ — $ (17,578 ) $ (436 ) $ 18,014 $ 13,113 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 369,437 $ — $ — $ — $ — $ 369,437 Midstream operations — — 126,676 — — 126,676 Other 17,850 — 24,146 — — 41,996 Total revenues 387,287 — 150,822 — — 538,109 Costs and expenses: Cost of sales - propane and other gas liquids sales 197,487 — — — — 197,487 Cost of sales - midstream operations — — 118,767 — — 118,767 Cost of sales - other 1,992 — 18,818 — — 20,810 Operating expense 96,264 — 8,594 1,315 (1,400 ) 104,773 Depreciation and amortization expense 18,261 — 7,418 58 — 25,737 General and administrative expense 8,930 — 939 — — 9,869 Equipment lease expense 7,108 — 162 — — 7,270 Non-cash employee stock ownership plan compensation charge 4,697 — — — — 4,697 Loss on asset sales and disposals 2,146 — 247 — — 2,393 Operating income (loss) 50,402 — (4,123 ) (1,373 ) 1,400 46,306 Interest expense (19,452 ) — (11,019 ) (799 ) — (31,270 ) Other income (expense), net (157 ) — 319 1,400 (1,400 ) 162 Earnings (loss) before income taxes 30,793 — (14,823 ) (772 ) — 15,198 Income tax expense (benefit) 97 — (294 ) — — (197 ) Equity in earnings (loss) of subsidiary (15,301 ) — — — 15,301 — Net earnings (loss) 15,395 — (14,529 ) (772 ) 15,301 15,395 Other comprehensive income (8,429 ) — — — — (8,429 ) Comprehensive income (loss) $ 6,966 $ — $ (14,529 ) $ (772 ) $ 15,301 $ 6,966 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,345,604 $ — $ 695 $ — $ — $ 1,346,299 Midstream operations — — 260,631 — — 260,631 Other 59,085 — 59,606 — — 118,691 Total revenues 1,404,689 — 320,932 — — 1,725,621 Costs and expenses: Cost of sales - propane and other gas liquids sales 802,063 — 789 — — 802,852 Cost of sales - midstream operations — — 229,710 — — 229,710 Cost of sales - other 7,890 — 46,449 — — 54,339 Operating expense 323,619 — 28,320 4,474 (5,656 ) 350,757 Depreciation and amortization expense 55,973 — 20,377 215 — 76,565 General and administrative expense 35,048 5 4,547 — — 39,600 Equipment lease expense 20,555 — 273 — — 20,828 Non-cash employee stock ownership plan compensation charge 10,731 — — — — 10,731 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 3,706 — 42,708 — — 46,414 Operating income (loss) 145,104 (5 ) (62,246 ) (4,689 ) 5,656 83,820 Interest expense (61,903 ) — (33,028 ) (3,062 ) — (97,993 ) Other income (expense), net 490 — 932 5,656 (5,656 ) 1,422 Earnings (loss) before income taxes 83,691 (5 ) (94,342 ) (2,095 ) — (12,751 ) Income tax expense 174 — 87 — — 261 Equity in earnings (loss) of subsidiary (96,529 ) — — — 96,529 — Net earnings (loss) (13,012 ) (5 ) (94,429 ) (2,095 ) 96,529 (13,012 ) Other comprehensive income 3,102 — — — — 3,102 Comprehensive income (loss) $ (9,910 ) $ (5 ) $ (94,429 ) $ (2,095 ) $ 96,529 $ (9,910 ) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,049,211 $ — $ — $ — $ — $ 1,049,211 Midstream operations — — 331,507 — — 331,507 Other 56,785 — 59,398 — — 116,183 Total revenues 1,105,996 — 390,905 — — 1,496,901 Costs and expenses: Cost of sales - propane and other gas liquids sales 551,728 — — — — 551,728 Cost of sales - midstream operations — — 300,433 — — 300,433 Cost of sales - other 6,993 — 46,220 — — 53,213 Operating expense 297,905 — 28,482 (251 ) (3,201 ) 322,935 Depreciation and amortization expense 54,552 — 22,817 177 — 77,546 General and administrative expense 32,886 5 3,525 — — 36,416 Equipment lease expense 21,585 — 450 — — 22,035 Non-cash employee stock ownership plan compensation charge 11,396 — — — — 11,396 Loss on asset sales and disposals 3,666 — 5,195 — — 8,861 Operating income (loss) 125,285 (5 ) (16,217 ) 74 3,201 112,338 Interest expense (60,893 ) — (32,694 ) (1,826 ) (3 ) (95,416 ) Other income (expense), net 100 — 1,333 3,198 (3,198 ) 1,433 Earnings (loss) before income taxes 64,492 (5 ) (47,578 ) 1,446 — 18,355 Income tax expense (benefit) 171 — (371 ) — — (200 ) Equity in earnings (loss) of subsidiary (45,766 ) — — — 45,766 — Net earnings (loss) 18,555 (5 ) (47,207 ) 1,446 45,766 18,555 Other comprehensive income 16,723 — — — — 16,723 Comprehensive income (loss) $ 35,278 $ (5 ) $ (47,207 ) $ 1,446 $ 45,766 $ 35,278 |
Condensed Consolidated Statements of Cash Flows | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2018 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 65,604 $ (5 ) $ (3,531 ) $ 66,878 $ (35,000 ) $ 93,946 Cash flows from investing activities: Business acquisitions, net of cash acquired (14,862 ) — — — — (14,862 ) Capital expenditures (57,158 ) — (1,803 ) — — (58,961 ) Proceeds from sale of assets 2,479 — 55,323 — — 57,802 Cash collected for purchase of interest in accounts receivable — — — 985,084 (985,084 ) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (1,020,084 ) 1,020,084 — Net changes in advances with consolidated entities 116,871 — — — (116,871 ) — Net cash provided by (used in) investing activities 47,330 — 53,520 (35,000 ) (81,871 ) (16,021 ) Cash flows from financing activities: Distributions (45,495 ) — — — — (45,495 ) Proceeds from increase in long-term debt 23,580 — — — — 23,580 Payments on long-term debt (1,892 ) — — — — (1,892 ) Net reductions in short-term borrowings (84,179 ) — — — — (84,179 ) Net additions to collateralized short-term borrowings — — — 35,000 — 35,000 Net changes in advances with parent — 5 (49,998 ) (66,878 ) 116,871 — Cash paid for financing costs (1,149 ) — — — — (1,149 ) Net cash provided by (used in) financing activities (109,135 ) 5 (49,998 ) (31,878 ) 116,871 (74,135 ) Increase (decrease) in cash and cash equivalents 3,799 — (9 ) — — 3,790 Cash and cash equivalents - beginning of year 5,327 1 373 — — 5,701 Cash and cash equivalents - end of year $ 9,126 $ 1 $ 364 $ — $ — $ 9,491 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2017 Ferrellgas, L.P. (Parent and Co-Issuer) Ferrellgas Finance Corp. (Co-Issuer) Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 186,530 $ (5 ) $ (73,168 ) $ 38,042 $ (27,000 ) $ 124,399 Cash flows from investing activities: Business acquisitions, net of cash acquired (3,539 ) — — — — (3,539 ) Capital expenditures (35,116 ) — (296 ) — — (35,412 ) Proceeds from sale of assets 4,721 — — — — 4,721 Cash collected for purchase of interest in accounts receivable — — — 803,109 (803,109 ) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (830,109 ) 830,109 — Net changes in advances with consolidated entities (35,476 ) — — 244 35,232 — Other (37 ) — — — — (37 ) Net cash provided by (used in) investing activities (69,447 ) — (296 ) (26,756 ) 62,232 (34,267 ) Cash flows from financing activities: Distributions (94,413 ) — — — — (94,413 ) Contributions from Partners 167,640 — — — — 167,640 Proceeds from increase in long-term debt 52,354 — — — — 52,354 Payments on long-term debt (173,471 ) — — — — (173,471 ) Net reductions in short-term borrowings (62,902 ) — — — — (62,902 ) Net additions to collateralized short-term borrowings — — — 27,000 — 27,000 Net changes in advances with parent — 5 73,269 (38,042 ) (35,232 ) — Cash paid for financing costs (1,820 ) — — (244 ) — (2,064 ) Net cash provided by (used in) financing activities (112,612 ) 5 73,269 (11,286 ) (35,232 ) (85,856 ) Increase (decrease) in cash and cash equivalents 4,471 — (195 ) — — 4,276 Cash and cash equivalents - beginning of year 4,472 1 417 — — 4,890 Cash and cash equivalents - end of year $ 8,943 $ 1 $ 222 $ — $ — $ 9,166 |
Partnership Organization And 32
Partnership Organization And Formation (Details) | 9 Months Ended | |
Apr. 30, 2018employeesubsidiaryshares | Jul. 31, 2017shares | |
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Number of entity subsidiaries | subsidiary | 2 | |
Equity interest in subsidiary | 100.00% | |
Number of states in which entity operates | 50 | |
Corporation formation date | Apr. 19, 1994 | |
Number of employees | 0 | |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock shares outstanding | shares | 1,000 | 1,000 |
Corporation formation date | Mar. 28, 1996 | |
Number of employees | 0 | |
Ferrellgas, L.P. [Member] | ||
Limited partner interest | 99.00% | |
General partner ownership interest | 1.00% | |
Equity interest in subsidiary | 100.00% | |
Number of states in which entity operates | 50 | |
Number of employees | 0 | |
Ferrellgas Finance Corp. [Member] | ||
Common stock shares outstanding | shares | 1,000 | 1,000 |
Corporation formation date | Jan. 16, 2003 | |
Number of employees | 0 | |
Ferrell Companies [Member] | ||
Common stock shares outstanding | shares | 22,800,000 | |
Operating Partnership [Member] | ||
General partner ownership interest | 1.00% | |
Ferrellgas [Member] | ||
General partner ownership interest | 2.00% |
Supplemental Financial Statem33
Supplemental Financial Statement Information (Narrative) (Details) $ in Thousands, gal in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018USD ($)gal | Apr. 30, 2017USD ($) | Apr. 30, 2018USD ($)gal | Apr. 30, 2017USD ($) | |
Loss on sale of assets and other | $ 5,033 | $ 2,393 | $ 9,662 | $ 8,861 |
Maximum term of supply procurement contracts | 36 months | |||
Net procurement of fixed priced propane in gallons | gal | 70.7 | 70.7 | ||
Ferrellgas, L.P. [Member] | ||||
Loss on sale of assets and other | $ 5,033 | $ 2,393 | $ 9,662 | $ 8,861 |
Maximum term of supply procurement contracts | 36 months | |||
Net procurement of fixed priced propane in gallons | gal | 70.7 | 70.7 | ||
Midstream - Crude Oil Logistics [Member] | ||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 35,500 | |||
Number of rail cars sold | 1,292 | 1,292 | ||
Loss on sale of assets and other | $ 3,800 | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 51,300 | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 36,800 | |||
Other Assets, Noncurrent | $ 8,500 | 8,500 | ||
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | ||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 35,500 | |||
Number of rail cars sold | 1,292 | 1,292 | ||
Loss on sale of assets and other | $ 3,800 | |||
Proceeds from Sale of Property, Plant, and Equipment | $ 51,300 | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 36,800 | |||
Other Assets, Noncurrent | $ 8,500 | $ 8,500 |
Supplemental Financial Statem34
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Propane gas and related products | $ 58,142 | $ 67,049 |
Appliances, parts and supplies | 26,920 | 25,503 |
Inventories | 85,062 | 92,552 |
Ferrellgas, L.P. [Member] | ||
Propane gas and related products | 58,142 | 67,049 |
Appliances, parts and supplies | 26,920 | 25,503 |
Inventories | $ 85,062 | $ 92,552 |
Supplemental Financial Statem35
Supplemental Financial Statement Information Supplemental Financial Statement Information (Other Assets) (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Accounts Receivable, Related Parties, Noncurrent | $ 33,962 | $ 32,500 |
Other Assets | 38,132 | 41,557 |
Other Assets, Noncurrent | 72,094 | 74,057 |
Ferrellgas, L.P. [Member] | ||
Accounts Receivable, Related Parties, Noncurrent | 33,962 | 32,500 |
Other Assets | 38,132 | 41,557 |
Other Assets, Noncurrent | $ 72,094 | $ 74,057 |
Supplemental Financial Statem36
Supplemental Financial Statement Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Accrued interest | $ 50,586 | $ 18,671 |
Customer deposits and advances | 18,956 | 25,541 |
Other | 89,333 | 82,012 |
Other current liabilities | 158,875 | 126,224 |
Ferrellgas, L.P. [Member] | ||
Accrued interest | 38,954 | 14,737 |
Customer deposits and advances | 18,956 | 25,541 |
Other | 89,333 | 81,738 |
Other current liabilities | $ 147,243 | $ 122,016 |
Supplemental Financial Statem37
Supplemental Financial Statement Information (Shipping And Handling Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | $ 56,198 | $ 51,830 | $ 168,726 | $ 156,951 |
Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 56,198 | 51,830 | 168,726 | 156,951 |
Operating Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 48,351 | 44,309 | 146,279 | 134,090 |
Operating Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 48,351 | 44,309 | 146,279 | 134,090 |
Depreciation And Amortization Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 1,340 | 957 | 3,575 | 2,979 |
Depreciation And Amortization Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 1,340 | 957 | 3,575 | 2,979 |
Equipment Lease Expense [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | 6,507 | 6,564 | 18,872 | 19,882 |
Equipment Lease Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Shipping and handling expenses | $ 6,507 | $ 6,564 | $ 18,872 | $ 19,882 |
Supplemental Financial Statem38
Supplemental Financial Statement Information Supplemental Financial Statement Information (Loss on asset sales and disposals) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Loss on asset sales and disposals [Line Items] | ||||
Loss on sale of assets classified as held for sale | $ 1,237 | $ 0 | $ 36,752 | $ 0 |
Loss on sale of assets and other | 5,033 | 2,393 | 9,662 | 8,861 |
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 |
Ferrellgas, L.P. [Member] | ||||
Loss on asset sales and disposals [Line Items] | ||||
Loss on sale of assets classified as held for sale | 1,237 | 0 | 36,752 | 0 |
Loss on sale of assets and other | 5,033 | 2,393 | 9,662 | 8,861 |
Loss on asset sales and disposals | $ 6,270 | $ 2,393 | $ 46,414 | $ 8,861 |
Supplemental Financial Statem39
Supplemental Financial Statement Information Supplemental financial statement information (Significant Cash and Non-Cash Activities) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Interest Paid | $ 85,171 | $ 73,276 |
Proceeds from Income Tax Refunds | (458) | |
Income Taxes Paid | 28 | |
Noncash Investing and Financing Items [Abstract] | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,508 | 856 |
Change In Capital Expenditures Incurred But Not Yet Paid | 386 | (111) |
Ferrellgas, L.P. [Member] | ||
Interest Paid | 69,775 | 67,314 |
Proceeds from Income Tax Refunds | (479) | |
Income Taxes Paid | 23 | |
Noncash Investing and Financing Items [Abstract] | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,508 | 856 |
Change In Capital Expenditures Incurred But Not Yet Paid | $ 386 | $ (111) |
Accounts And Notes Receivable40
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Apr. 30, 2018 | Jul. 31, 2017 | May 14, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | $ 182,486,000 | $ 109,407,000 | |
Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | 182,486,000 | 109,407,000 | |
Accounts Receivable Securitization [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | 182,500,000 | 109,400,000 | |
Collateralized notes payable | 104,000,000 | 69,000,000 | |
Proceeds from accounts receivable securitization | 104,000,000 | 69,000,000 | |
Available proceeds from additional trade accounts receivable | $ 19,000,000 | $ 0 | |
Weighted average interest rate on borrowings under accounts receivable securitization | 4.20% | 4.00% | |
Accounts Receivable Securitization [Member] | Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable pledged as collateral | $ 182,500,000 | $ 109,400,000 | |
Collateralized notes payable | 104,000,000 | 69,000,000 | |
Proceeds from accounts receivable securitization | 104,000,000 | 69,000,000 | |
Available proceeds from additional trade accounts receivable | $ 19,000,000 | $ 0 | |
Weighted average interest rate on borrowings under accounts receivable securitization | 4.20% | 4.00% | |
Asset-backed Securities, Securitized Loans and Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable Securitization Program, Maximum Capacity | $ 225,000,000 | ||
Asset-backed Securities, Securitized Loans and Receivables [Member] | Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable Securitization Program, Maximum Capacity | $ 225,000,000 | ||
Asset-backed Securities, Securitized Loans and Receivables [Member] | Subsequent Event [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable Securitization Program, Maximum Capacity | $ 250,000,000 | ||
Asset-backed Securities, Securitized Loans and Receivables [Member] | Subsequent Event [Member] | Ferrellgas, L.P. [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable Securitization Program, Maximum Capacity | $ 250,000,000 |
Accounts And Notes Receivable41
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Accounts receivable pledged as collateral | $ 182,486 | $ 109,407 |
Accounts receivable | 13,131 | 47,346 |
Notes Receivable, Related Parties, Current | 10,000 | 10,000 |
Other | 232 | 307 |
Less: Allowance for doubtful accounts | (3,122) | (1,976) |
Accounts and notes receivable, net | 202,727 | 165,084 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | 182,486 | 109,407 |
Accounts receivable | 13,131 | 47,346 |
Notes Receivable, Related Parties, Current | 10,000 | 10,000 |
Other | 232 | 307 |
Less: Allowance for doubtful accounts | (3,122) | (1,976) |
Accounts and notes receivable, net | $ 202,727 | $ 165,084 |
Debt (Short-Term Borrowings Nar
Debt (Short-Term Borrowings Narrative) (Details) - USD ($) | Apr. 30, 2018 | Jul. 31, 2017 |
Short-term borrowings | $ 0 | $ 59,781,000 |
Ferrellgas, L.P. [Member] | ||
Short-term borrowings | 0 | 59,781,000 |
Two Thousand and Eighteen Credit Facility [Member] | ||
Short-term borrowings | 0 | 59,800,000 |
Two Thousand and Eighteen Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Short-term borrowings | $ 0 | $ 59,800,000 |
Debt Debt (Components of Long-T
Debt Debt (Components of Long-Term Debt) (Details) - Secured Debt [Member] - USD ($) $ in Millions | May 04, 2018 | Apr. 30, 2018 |
Two Thousand and Twenty Three Credit Facility [Member] | Subsequent Event [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 575 | |
Two Thousand and Eighteen Credit Facility [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 575 | |
Ferrellgas, L.P. [Member] | Two Thousand and Twenty Three Credit Facility [Member] | Subsequent Event [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 575 | |
Ferrellgas, L.P. [Member] | Two Thousand and Eighteen Credit Facility [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 575 |
Debt (Secured Credit Facility N
Debt (Secured Credit Facility Narrative) (Details) - USD ($) $ in Millions | Apr. 30, 2018 | Jul. 31, 2017 |
Debt Instrument [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 111.8 | $ 139.2 |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | 252.3 | 190.3 |
Letters of Credit Outstanding, Amount | 111.8 | 139.2 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total credit faciltiy borrowings outstanding | 184.9 | 245.5 |
Other Long-term Debt, Noncurrent | $ 184.9 | $ 185.7 |
Weighted average interest rate on credit facility borrowings | 6.70% | 6.00% |
Secured Debt [Member] | Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Total credit faciltiy borrowings outstanding | $ 184.9 | $ 245.5 |
Other Long-term Debt, Noncurrent | $ 184.9 | $ 185.7 |
Weighted average interest rate on credit facility borrowings | 6.70% | 6.00% |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | $ 88.2 | $ 60.8 |
Letter of Credit [Member] | Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | 88.2 | 60.8 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Available borrowing capacity | $ 252.3 | $ 190.3 |
Debt Debt (Fixed Charge Coverag
Debt Debt (Fixed Charge Coverage Ratio) (Details) - $ / shares | May 24, 2018 | Apr. 30, 2018 | Apr. 30, 2018 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | ||
Required fixed charge coverage ratio | 175.00% | ||
Current fixed charge coverage ratio | 156.00% | ||
Subsequent Event [Member] | |||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | ||
Fixed Charge Coverage Covenant [Member] | |||
Debt Instrument, Covenant Description | 10.8 | ||
Debt Instrument, Restrictive Covenants | 50 | ||
Debt Instrument, Covenant Compliance | 9.8 |
Partners' Capital (Narrative) (
Partners' Capital (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 14, 2018 | May 24, 2018 | Apr. 30, 2018 | Apr. 30, 2018 | Apr. 30, 2017 | Jul. 31, 2017 |
Capital Unit [Line Items] | ||||||
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 97,152,665 | 97,152,665 | |||
Cash distributions declared per common unit | $ 0.10 | |||||
General partner ownership interest | 1.00% | |||||
Ferrellgas, L.P. [Member] | ||||||
Capital Unit [Line Items] | ||||||
General partner ownership interest | 1.00% | |||||
Contributions from partners | $ 0 | $ 167,640 | ||||
JEF Capital Management [Member] | ||||||
Capital Unit [Line Items] | ||||||
Limited Partners' Capital Account, Units Outstanding | 4,758,859 | 4,758,859 | ||||
Ferrell Resources Holdings, Inc. [Member] | ||||||
Capital Unit [Line Items] | ||||||
Limited Partners' Capital Account, Units Outstanding | 4,616 | 4,616 | ||||
FCI Trading Corp. [Member] | ||||||
Capital Unit [Line Items] | ||||||
Limited Partners' Capital Account, Units Outstanding | 195,686 | 195,686 | 195,686 | |||
General Partner [Member] | ||||||
Capital Unit [Line Items] | ||||||
General partner ownership interest | 2.00% | 2.00% | ||||
Contributions from partners | $ 1,700 | |||||
Non-cash contributions | $ 200 | $ 300 | ||||
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||||
Capital Unit [Line Items] | ||||||
General partner ownership interest | 1.0101% | 1.0101% | ||||
Contributions from partners | $ 1,700 | |||||
Non-cash contributions | $ 100 | $ 100 | ||||
Ferrell Propane, Inc [Member] | ||||||
Capital Unit [Line Items] | ||||||
Limited Partners' Capital Account, Units Outstanding | 51,204 | 51,204 | 51,204 | |||
Ferrell Companies Beneficial Ownership [Member] | ||||||
Capital Unit [Line Items] | ||||||
Limited partner ownership interest | 23.40% | |||||
Ferrell Companies [Member] | ||||||
Capital Unit [Line Items] | ||||||
Limited partner ownership interest | 23.00% | |||||
Subsequent Event [Member] | ||||||
Capital Unit [Line Items] | ||||||
Cash distribution declaration date | May 24, 2018 | |||||
Cash distributions declared per common unit | $ 0.10 | |||||
Distribution Made to Limited Partner, Distribution Date | Jun. 14, 2018 | |||||
Subsequent Event [Member] | Ferrellgas, L.P. [Member] | ||||||
Capital Unit [Line Items] | ||||||
Cash distribution declaration date | May 24, 2018 | |||||
Distribution Made to Limited Partner, Distribution Date | Jun. 14, 2018 | |||||
Subsequent Event [Member] | FCI Trading Corp. [Member] | ||||||
Capital Unit [Line Items] | ||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 20 | |||||
Subsequent Event [Member] | Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | ||||||
Capital Unit [Line Items] | ||||||
Distribution Made to Limited Partner, Cash Distributions Declared | 25,300 | |||||
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 | 300 | |||||
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 | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 9,813 | $ 9,813 | $ 29,440 | $ 69,920 |
Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 10,115 | 9,913 | 45,495 | 94,413 |
Public Common Unitholders [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 6,961 | 6,961 | 20,884 | 49,600 |
Ferrell Companies [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 2,253 | 2,253 | 6,759 | 16,052 |
FCI Trading Corp. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 20 | 20 | 60 | 140 |
Ferrell Propane, Inc [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 5 | 5 | 15 | 36 |
James E. Ferrell [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 476 | 476 | 1,428 | 3,393 |
Ferrellgas Partners [Member] | Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 10,013 | 9,813 | 45,036 | 93,620 |
General Partner [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | 98 | 98 | 294 | 699 |
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Distribution Made to Limited Partner, Cash Distributions Paid | $ 102 | $ 100 | $ 459 | $ 793 |
Partners' Capital (Distributi48
Partners' Capital (Distributions Expected To Be Paid To Related Parties) (Details) - Subsequent Event [Member] $ in Thousands | May 24, 2018USD ($) |
Ferrell Companies [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 2,253 |
FCI Trading Corp. [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 20 |
Ferrell Propane, Inc [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 5 |
James E. Ferrell [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | 476 |
General Partner [Member] | |
Distribution Expected To Be Made to Member or Limited Partner [Line Items] | |
Distribution Made to Limited Partner, Cash Distributions Declared | $ 98 |
Partners' Capital (Deficit) Par
Partners' Capital (Deficit) Partners' Capital (Limited Partner Units) (Details) - shares | Apr. 30, 2018 | Jul. 31, 2017 |
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 97,152,665 |
Public Common Unitholders [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 69,612,939 | 69,612,939 |
FCI Trading Corp. [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 195,686 | 195,686 |
Subsidiary of Common Parent [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 22,529,361 | 22,529,361 |
Ferrell Propane, Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 51,204 | 51,204 |
James E. Ferrell [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 4,763,475 | 4,763,475 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Apr. 30, 2018 | Jul. 31, 2017 | |
Notes Receivable, Fair Value Disclosure | $ 29.3 | |
Increase (Decrease) in Notes Receivables | 4.7 | |
Long-term Debt, Fair Value | 1,890.1 | $ 1,966.6 |
Ferrellgas, L.P. [Member] | ||
Notes Receivable, Fair Value Disclosure | 29.3 | |
Increase (Decrease) in Notes Receivables | 4.7 | |
Long-term Debt, Fair Value | $ 1,560.8 | $ 1,645.3 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Fair Value Hierarchy) (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Interest rate swap assets | $ 41 | $ 583 |
Propane commodity derivative assets | 19,750 | 16,212 |
Interest rate swap liabilities | (3,222) | (707) |
Propane commodity derivative liabilities | (2,239) | (1,258) |
Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 41 | 583 |
Propane commodity derivative assets | 19,750 | 16,212 |
Interest rate swap liabilities | (3,222) | (707) |
Propane commodity derivative liabilities | (2,239) | (1,258) |
Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swap assets | 0 | 0 |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 0 | 0 |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap assets | 41 | 583 |
Propane commodity derivative assets | 19,750 | 16,212 |
Interest rate swap liabilities | (3,222) | (707) |
Propane commodity derivative liabilities | (2,239) | (1,258) |
Fair Value, Inputs, Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 41 | 583 |
Propane commodity derivative assets | 19,750 | 16,212 |
Interest rate swap liabilities | (3,222) | (707) |
Propane commodity derivative liabilities | (2,239) | (1,258) |
Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swap assets | 0 | 0 |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | ||
Interest rate swap assets | 0 | 0 |
Propane commodity derivative assets | 0 | 0 |
Interest rate swap liabilities | 0 | 0 |
Propane commodity derivative liabilities | $ 0 | $ 0 |
Derivative Instruments and He52
Derivative Instruments and Hedging Activities (Narrative) (Details) MMBbls in Millions | 9 Months Ended | |
Apr. 30, 2018USD ($)MMBbls | Apr. 30, 2017USD ($) | |
Reclassification of net gain to earnings during next 12 months | $ 12,200,000 | |
Description of Reclassification of Cash Flow Hedge Gain (Loss) | 0 | |
Number of barrels of propane covered by cash flow hedges | MMBbls | 2.3 | |
Derivative amount of credit risk | $ 5,700,000 | |
Derivative net liability position aggregate fair value | 0 | |
Gain or loss in earnings related to hedge ineffectiveness | 0 | $ 0 |
Reclassifications to earnings resulting from discontinuance of cash flow hedges | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Reclassification of net gain to earnings during next 12 months | $ 12,200,000 | |
Description of Reclassification of Cash Flow Hedge Gain (Loss) | 0 | |
Number of barrels of propane covered by cash flow hedges | MMBbls | 2.3 | |
Derivative amount of credit risk | $ 5,700,000 | |
Derivative net liability position aggregate fair value | 0 | |
Gain or loss in earnings related to hedge ineffectiveness | 0 | 0 |
Reclassifications to earnings resulting from discontinuance of cash flow hedges | $ 0 | $ 0 |
Derivative Instruments and He53
Derivative Instruments and Hedging Activities (Fair Value of Financial Derivatives Balance Sheet Locations) (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | $ 19,750 | $ 16,212 |
Interest rate swap assets | 41 | 583 |
Derivative assets, fair value | 19,791 | 16,795 |
Propane commodity derivative liabilities | 2,239 | 1,258 |
Interest rate swap liabilities | 3,222 | 707 |
Derivative liabilities, fair value | 5,461 | 1,965 |
Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 19,750 | 16,212 |
Interest rate swap assets | 41 | 583 |
Derivative assets, fair value | 19,791 | 16,795 |
Propane commodity derivative liabilities | 2,239 | 1,258 |
Interest rate swap liabilities | 3,222 | 707 |
Derivative liabilities, fair value | 5,461 | 1,965 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 14,449 | 11,061 |
Interest rate swap assets | 41 | 583 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 14,449 | 11,061 |
Interest rate swap assets | 41 | 583 |
Other assets, net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 5,301 | 4,413 |
Interest rate swap assets | 0 | 0 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative assets | 5,301 | 4,413 |
Interest rate swap assets | 0 | 0 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 2,207 | 415 |
Interest rate swap liabilities | 738 | 595 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 2,207 | 415 |
Interest rate swap liabilities | 738 | 595 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 32 | 15 |
Interest rate swap liabilities | 2,484 | 112 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Propane commodity derivative liabilities | 32 | 15 |
Interest rate swap liabilities | $ 2,484 | 112 |
Midstream - Crude Oil Logistics [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 738 | |
Midstream - Crude Oil Logistics [Member] | Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net | 738 | |
Midstream - Crude Oil Logistics [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 828 | |
Midstream - Crude Oil Logistics [Member] | Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | $ 828 |
Derivative Instruments and He54
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Schedule of Derivative Collateral) (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Derivative Asset, Fair Value of Collateral | $ 3,028 | $ 3,409 |
Derivative Liability, Fair Value of Collateral | 12,065 | 10,802 |
Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 3,028 | 3,409 |
Derivative Liability, Fair Value of Collateral | 12,065 | 10,802 |
Other assets, net [Member] | ||
Derivative Asset, Fair Value of Collateral | 1,405 | 1,631 |
Other assets, net [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 1,405 | 1,631 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative Asset, Fair Value of Collateral | 1,623 | 1,778 |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Asset, Fair Value of Collateral | 1,623 | 1,778 |
Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 8,434 | 7,729 |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | 8,434 | 7,729 |
Other Liabilities [Member] | ||
Derivative Liability, Fair Value of Collateral | 3,631 | 3,073 |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | ||
Derivative Liability, Fair Value of Collateral | $ 3,631 | $ 3,073 |
Derivative Instruments and He55
Derivative Instruments and Hedging Activities (Fair Value Hedge Derivative Effect on Earnings) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Derivative, Gain (Loss) on Derivative, Net | $ 40 | $ 323 | $ 266 | $ 1,071 |
Interest expense recognized on fixed-rate debt | (2,275) | (2,275) | (6,825) | (6,825) |
Ferrellgas, L.P. [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | 40 | 323 | 266 | 1,071 |
Interest expense recognized on fixed-rate debt | $ (2,275) | $ (2,275) | $ (6,825) | $ (6,825) |
Derivative Instruments and He56
Derivative Instruments and Hedging Activities (Cash Flow Hedge Derivative Effect on Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Amount of gain (loss) recognized in AOCI | $ (159) | $ (6,496) | $ 23,362 | $ 13,904 |
Amount of gain (loss) reclassified from AOCI into income | 6,568 | 1,933 | 20,260 | (2,819) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | (159) | (6,496) | 23,362 | 13,904 |
Amount of gain (loss) reclassified from AOCI into income | 6,568 | 1,933 | 20,260 | (2,819) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Propane commodity derivatives [Member] | ||||
Amount of gain (loss) recognized in AOCI | (169) | (6,642) | 23,114 | 12,930 |
Amount of gain (loss) reclassified from AOCI into income | 20,646 | (1,112) | ||
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | (169) | (6,642) | 23,114 | 12,930 |
Amount of gain (loss) reclassified from AOCI into income | 20,646 | (1,112) | ||
Interest Rate Swap [Member] | ||||
Amount of gain (loss) recognized in AOCI | 10 | 146 | 248 | 974 |
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) recognized in AOCI | 10 | 146 | 248 | 974 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | 6,628 | 2,411 | 20,646 | (1,112) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Cost of Product Sold [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | 6,628 | 2,411 | 20,646 | (1,112) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | |||
Interest Expense [Member] | Interest Rate Swap [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | (60) | (478) | (386) | (1,707) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||
Amount of gain (loss) reclassified from AOCI into income | (60) | (478) | (386) | (1,707) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He57
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 | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Propane and related equipment sales [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (393) | $ 1,123 | ||
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (393) | 1,123 | ||
Midstream - Crude Oil Logistics [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | 1,464 | $ (3,470) | (784) |
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | $ 1,464 | $ (3,470) | $ (784) |
Derivative Instruments and He58
Derivative Instruments and Hedging Activities (Changes in Derivative Value Effect on Other Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | Jul. 31, 2017 | Jul. 31, 2016 | |
Beginning balance | $ 17,672 | $ 17,672 | $ 14,601 | |||
Change in value of risk management derivatives | (159) | $ (6,496) | 23,362 | $ 13,904 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (6,568) | (1,933) | (20,260) | 2,819 | ||
Ending balance | 17,672 | 17,672 | ||||
Ferrellgas, L.P. [Member] | ||||||
Beginning balance | 17,866 | 17,866 | 14,764 | |||
Change in value of risk management derivatives | (159) | (6,496) | 23,362 | 13,904 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (6,568) | (1,933) | (20,260) | 2,819 | ||
Ending balance | 17,866 | 17,866 | ||||
Propane commodity derivatives [Member] | ||||||
Change in value of risk management derivatives | (169) | (6,642) | 23,114 | 12,930 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (20,646) | 1,112 | ||||
Propane commodity derivatives [Member] | Ferrellgas, L.P. [Member] | ||||||
Change in value of risk management derivatives | (169) | (6,642) | 23,114 | 12,930 | ||
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales | (20,646) | 1,112 | ||||
Interest Rate Swap [Member] | ||||||
Change in value of risk management derivatives | 10 | 146 | 248 | 974 | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 386 | 1,707 | ||||
Interest Rate Swap [Member] | Ferrellgas, L.P. [Member] | ||||||
Change in value of risk management derivatives | 10 | 146 | 248 | 974 | ||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 386 | 1,707 | ||||
Derivative [Member] | ||||||
Beginning balance | 17,750 | 6,908 | 17,750 | 6,908 | 14,648 | $ (9,815) |
Ending balance | 17,750 | 6,908 | 17,750 | 6,908 | ||
Derivative [Member] | Ferrellgas, L.P. [Member] | ||||||
Beginning balance | 17,750 | 6,908 | 17,750 | 6,908 | $ 14,648 | $ (9,815) |
Ending balance | $ 17,750 | $ 6,908 | $ 17,750 | $ 6,908 |
Transactions With Related Par59
Transactions With Related Parties (Narrative) (Details) | Apr. 30, 2018employee |
Number of employees | 0 |
Ferrellgas, L.P. [Member] | |
Number of employees | 0 |
Transactions With Related Par60
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Related Party Transaction [Line Items] | ||||
General and administrative expense | $ 11,678 | $ 9,978 | $ 39,733 | $ 36,526 |
Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expense | 11,546 | 9,869 | 39,600 | 36,416 |
Compensation And Benefits [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expense | 58,842 | 53,747 | 181,484 | 170,953 |
General and administrative expense | 5,707 | 6,913 | 21,637 | 23,713 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expense | 58,842 | 53,747 | 181,484 | 170,953 |
General and administrative expense | $ 5,707 | $ 6,913 | $ 21,637 | $ 23,713 |
Contingencies And Commitments (
Contingencies And Commitments (Narrative) (Details) - $ / shares | 3 Months Ended | 9 Months Ended |
Apr. 30, 2018 | Apr. 30, 2018 | |
Required fixed charge coverage ratio | 175.00% | |
Current fixed charge coverage ratio | 156.00% | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | |
Ferrellgas Partners Finance Corp. [Member] | ||
Required fixed charge coverage ratio | 175.00% | |
Debt Instrument, Restrictive Covenants | 50 | |
Current fixed charge coverage ratio | 156.00% | |
Debt Instrument, Covenant Compliance | 9.8 | |
Debt Instrument, Covenant Description | 10.8 | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 |
Net Earnings Per Common Unithol
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details) - USD ($) | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Dilutive effect on earnings per share | $ 0 | $ 0 |
Net Earnings Per Common Unith63
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Earnings Distribution Allocation) (Details) | 9 Months Ended |
Apr. 30, 2018$ / shares | |
Upper Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.83 |
Upper Range [Member] | Common Stock [Member] | |
Allocated Distribution | 51.50% |
Upper Range [Member] | General Partner [Member] | |
Allocated Distribution | 48.50% |
Middle Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.64 |
Middle Range [Member] | Maximum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.82 |
Middle Range [Member] | Common Stock [Member] | |
Allocated Distribution | 76.80% |
Middle Range [Member] | General Partner [Member] | |
Allocated Distribution | 23.20% |
Lower Range [Member] | Minimum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.56 |
Lower Range [Member] | Maximum [Member] | |
Earnings Per Share, Basic, Distributed | $ 0.63 |
Lower Range [Member] | Common Stock [Member] | |
Allocated Distribution | 86.90% |
Lower Range [Member] | General Partner [Member] | |
Allocated Distribution | 13.10% |
Net Earnings (Loss) Per Commo64
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Common unitholders' interest in net earnings | $ 10,752 | $ 6,470 | $ (38,508) | $ 1,545 |
Weighted average common units outstanding - diluted | 97,152,700 | 97,152,700 | 97,152,700 | 97,255,400 |
Basic and diluted net earnings per common unitholders' interest | $ 0.11 | $ 0.07 | $ (0.40) | $ 0.02 |
Segment Reporting Segment Rep65
Segment Reporting Segment Reporting (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Goodwill [Line Items] | ||||
Asset Impairment Charges | $ 0 | $ 0 | $ 10,005 | $ 0 |
Ferrellgas, L.P. [Member] | ||||
Goodwill [Line Items] | ||||
Asset Impairment Charges | $ 0 | $ 0 | $ 10,005 | $ 0 |
Segment Reporting Segment Rep66
Segment Reporting Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Segment Reporting Information | ||||
Revenues | $ 515,810 | $ 538,109 | $ 1,725,621 | $ 1,496,901 |
Costs and Expenses | 428,888 | 461,319 | 1,491,856 | 1,286,062 |
Adjusted EBITDA | 86,922 | 76,790 | 233,765 | 210,839 |
Propane and related equipment sales [Member] | ||||
Segment Reporting Information | ||||
Revenues | 493,215 | 411,433 | 1,464,990 | 1,165,394 |
Costs and Expenses | 397,568 | 324,442 | 1,208,283 | 931,631 |
Adjusted EBITDA | 95,647 | 86,991 | 256,707 | 233,763 |
Midstream Operations [Member] | ||||
Segment Reporting Information | ||||
Revenues | 22,595 | 126,676 | 260,631 | 331,507 |
Costs and Expenses | 21,593 | 127,223 | 250,423 | 323,714 |
Adjusted EBITDA | 1,002 | (547) | 10,208 | 7,793 |
Corporate Segment [Member] | ||||
Segment Reporting Information | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 9,727 | 9,654 | 33,150 | 30,717 |
Adjusted EBITDA | (9,727) | (9,654) | (33,150) | (30,717) |
Ferrellgas, L.P. [Member] | ||||
Segment Reporting Information | ||||
Revenues | 515,810 | 538,109 | 1,725,621 | 1,496,901 |
Costs and Expenses | 428,756 | 461,210 | 1,491,723 | 1,285,952 |
Adjusted EBITDA | 87,054 | 76,899 | 233,898 | 210,949 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||||
Segment Reporting Information | ||||
Revenues | 493,215 | 411,433 | 1,464,990 | 1,165,394 |
Costs and Expenses | 397,568 | 324,442 | 1,208,283 | 931,631 |
Adjusted EBITDA | 95,647 | 86,991 | 256,707 | 233,763 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||||
Segment Reporting Information | ||||
Revenues | 22,595 | 126,676 | 260,631 | 331,507 |
Costs and Expenses | 21,593 | 127,223 | 250,423 | 323,714 |
Adjusted EBITDA | 1,002 | (547) | 10,208 | 7,793 |
Ferrellgas, L.P. [Member] | Corporate Segment [Member] | ||||
Segment Reporting Information | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 9,595 | 9,545 | 33,017 | 30,607 |
Adjusted EBITDA | $ (9,595) | $ (9,545) | $ (33,017) | $ (30,607) |
Segment Reporting Segment Rep67
Segment Reporting Segment Reporting (Reconciliation of Consolidated EBITDA to Consolidated Net Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 10,861 | $ 6,536 | $ (38,897) | $ 1,561 |
Income tax expense (benefit) | 67 | (192) | 282 | (194) |
Interest Expense | 40,375 | 39,860 | 123,855 | 112,107 |
Depreciation and amortization expense | 25,348 | 25,737 | 76,565 | 77,546 |
EBITDA | 76,651 | 71,941 | 161,805 | 191,020 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 2,738 | 4,697 | 10,731 | 11,396 |
Non-cash stock-based compensation charge | 0 | 0 | 0 | 3,298 |
Asset Impairment Charges | 0 | 0 | 10,005 | 0 |
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 |
Other Nonoperating Income (Expense) | (227) | (162) | (1,422) | (1,433) |
Severance Costs | 0 | 0 | 1,663 | 1,959 |
Legal Fees | 1,289 | 0 | 3,407 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Gain | 0 | (2,234) | (4,449) | |
Derivative Instruments Not Designated as Hedging Instruments, Loss | 1,293 | |||
Net earnings (loss) | 11,062 | 6,691 | (39,028) | 1,748 |
Adjusted EBITDA | 86,922 | 76,790 | 233,765 | 210,839 |
Noncontrolling Interest [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | 201 | 155 | (131) | 187 |
Ferrellgas, L.P. [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net Income (Loss) Attributable to Parent | 19,840 | 15,395 | (13,012) | 18,555 |
Income tax expense (benefit) | 57 | (197) | 261 | (200) |
Interest Expense | 31,739 | 31,270 | 97,993 | 95,416 |
Depreciation and amortization expense | 25,348 | 25,737 | 76,565 | 77,546 |
EBITDA | 76,984 | 72,205 | 161,807 | 191,317 |
Employee Stock Ownership Plan (ESOP), Compensation Expense | 2,738 | 4,697 | 10,731 | 11,396 |
Non-cash stock-based compensation charge | 0 | 0 | 0 | 3,298 |
Asset Impairment Charges | 0 | 0 | 10,005 | 0 |
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 |
Other Nonoperating Income (Expense) | (227) | (162) | (1,422) | (1,433) |
Severance Costs | 0 | 0 | 1,663 | 1,959 |
Legal Fees | 1,289 | 0 | 3,407 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Gain | 0 | (2,234) | (4,449) | |
Derivative Instruments Not Designated as Hedging Instruments, Loss | 1,293 | |||
Net earnings (loss) | 19,840 | 15,395 | (13,012) | 18,555 |
Adjusted EBITDA | $ 87,054 | $ 76,899 | 233,898 | $ 210,949 |
General Partner [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | (389) | |||
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||||
Net earnings (loss) | $ (131) |
Segment Reporting Segment Rep68
Segment Reporting Segment Reporting (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 1,532,576 | $ 1,609,969 |
Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,274,360 | 1,194,905 |
Midstream Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 244,523 | 399,356 |
Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 13,693 | 15,708 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,532,537 | 1,609,948 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 1,274,360 | 1,194,905 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | 244,523 | 399,356 |
Ferrellgas, L.P. [Member] | Corporate Segment [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Assets | $ 13,654 | $ 15,687 |
Segment Reporting Segment Rep69
Segment Reporting Segment Reporting (Schedule of Capital Expenditure Information, by Segment) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Segment Reporting Information | ||
Capital Expenditures | $ 55,307 | $ 31,925 |
Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 52,340 | 29,779 |
Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,492 | 1,905 |
Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,475 | 241 |
Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 19,258 | 10,679 |
Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 17,556 | 8,533 |
Maintenance Capital Expenditures [Member] | Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,492 | 1,905 |
Maintenance Capital Expenditures [Member] | Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 210 | 241 |
Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 36,049 | 21,246 |
Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 34,784 | 21,246 |
Growth Capital Expenditures [Member] | Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 0 |
Growth Capital Expenditures [Member] | Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,265 | 0 |
Ferrellgas, L.P. [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 55,307 | 31,925 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 52,340 | 29,779 |
Ferrellgas, L.P. [Member] | Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,492 | 1,905 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,475 | 241 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 19,258 | 10,679 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 17,556 | 8,533 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 1,492 | 1,905 |
Ferrellgas, L.P. [Member] | Maintenance Capital Expenditures [Member] | Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 210 | 241 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 36,049 | 21,246 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Propane and related equipment sales [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 34,784 | 21,246 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Corporate Segment [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | 0 | 0 |
Ferrellgas, L.P. [Member] | Growth Capital Expenditures [Member] | Midstream Operations [Member] | ||
Segment Reporting Information | ||
Capital Expenditures | $ 1,265 | $ 0 |
Guarantor financial informati70
Guarantor financial information - Narrative (Details) - Ferrellgas, L.P. [Member] $ in Millions | 9 Months Ended |
Apr. 30, 2018USD ($) | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership interest in subsidiaries | 100.00% |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt issuance principal amount | $ 500 |
Debt interest rate | 6.75% |
Debt maturity year | 2,023 |
Guarantor financial informati71
Guarantor financial information - Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Apr. 30, 2018 | Jul. 31, 2017 | Apr. 30, 2017 | Jul. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 9,499 | $ 5,760 | $ 9,506 | $ 4,965 |
Accounts and notes receivable | 202,727 | 165,084 | ||
Inventories | 85,062 | 92,552 | ||
Prepaid expenses and other current assets | 44,090 | 33,388 | ||
Total current assets | 341,378 | 296,784 | ||
Property, plant and equipment, net | 637,688 | 731,923 | ||
Goodwill | 246,098 | 256,103 | ||
Intangible assets, net | 235,318 | 251,102 | ||
Other assets, net | 72,094 | 74,057 | ||
Total assets | 1,532,576 | 1,609,969 | ||
Current liabilities: | ||||
Accounts payable | 52,472 | 85,561 | ||
Short-term borrowings | 0 | 59,781 | ||
Collateralized note payable | 104,000 | 69,000 | ||
Other current liabilities | 158,875 | 126,224 | ||
Total current liabilities | 315,347 | 340,566 | ||
Long-term debt | 1,995,608 | 1,995,795 | ||
Other liabilities | 34,225 | 31,118 | ||
Contingencies and commitments | ||||
Partners' capital | ||||
Partners' equity | (808,221) | (753,578) | ||
Accumulated other comprehensive income (loss) | 17,672 | 14,601 | ||
Total partners' capital (deficit) | (812,604) | (757,510) | ||
Total liabilities and partners' capital (deficit) | 1,532,576 | 1,609,969 | ||
Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 9,491 | 5,701 | 9,166 | 4,890 |
Accounts and notes receivable | 202,727 | 165,084 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 85,062 | 92,552 | ||
Prepaid expenses and other current assets | 44,059 | 33,426 | ||
Total current assets | 341,339 | 296,763 | ||
Property, plant and equipment, net | 637,688 | 731,923 | ||
Goodwill | 246,098 | 256,103 | ||
Intangible assets, net | 235,318 | 251,102 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 72,094 | 74,057 | ||
Total assets | 1,532,537 | 1,609,948 | ||
Current liabilities: | ||||
Accounts payable | 52,472 | 85,561 | ||
Short-term borrowings | 0 | 59,781 | ||
Collateralized note payable | 104,000 | 69,000 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 147,243 | 122,016 | ||
Total current liabilities | 303,715 | 336,358 | ||
Long-term debt | 1,646,069 | 1,649,270 | ||
Other liabilities | 34,225 | 31,118 | ||
Contingencies and commitments | ||||
Partners' capital | ||||
Partners' equity | (469,338) | (421,562) | ||
Accumulated other comprehensive income (loss) | 17,866 | 14,764 | ||
Total partners' capital (deficit) | (451,472) | (406,798) | ||
Total liabilities and partners' capital (deficit) | 1,532,537 | 1,609,948 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 9,126 | 5,327 | 8,943 | 4,472 |
Accounts and notes receivable | (3,346) | (3,132) | ||
Intercompany receivables | 65,801 | 39,877 | ||
Inventories | 70,893 | 78,963 | ||
Prepaid expenses and other current assets | 31,167 | 26,106 | ||
Total current assets | 173,641 | 147,141 | ||
Property, plant and equipment, net | 552,551 | 537,582 | ||
Goodwill | 246,098 | 246,098 | ||
Intangible assets, net | 123,177 | 128,209 | ||
Intercompany receivables | 450,000 | 450,000 | ||
Investments in consolidated subsidiaries | (164,031) | (53,915) | ||
Other assets, net | 36,744 | 35,862 | ||
Total assets | 1,418,180 | 1,490,977 | ||
Current liabilities: | ||||
Accounts payable | 50,164 | 44,026 | ||
Short-term borrowings | 0 | 59,781 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 143,804 | 118,039 | ||
Total current liabilities | 193,968 | 221,846 | ||
Long-term debt | 1,646,069 | 1,649,139 | ||
Other liabilities | 29,615 | 26,790 | ||
Partners' capital | ||||
Partners' equity | (469,338) | (421,562) | ||
Accumulated other comprehensive income (loss) | 17,866 | 14,764 | ||
Total partners' capital (deficit) | (451,472) | (406,798) | ||
Total liabilities and partners' capital (deficit) | 1,418,180 | 1,490,977 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 364 | 373 | 222 | 417 |
Accounts and notes receivable | 23,493 | 58,618 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 14,169 | 13,589 | ||
Prepaid expenses and other current assets | 12,890 | 7,314 | ||
Total current assets | 50,916 | 79,894 | ||
Property, plant and equipment, net | 85,137 | 194,341 | ||
Goodwill | 0 | 10,005 | ||
Intangible assets, net | 112,141 | 122,893 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 34,987 | 37,618 | ||
Total assets | 283,181 | 444,751 | ||
Current liabilities: | ||||
Accounts payable | 2,221 | 41,345 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 45,554 | 41,645 | ||
Other current liabilities | 3,041 | 3,776 | ||
Total current liabilities | 50,816 | 86,766 | ||
Long-term debt | 450,000 | 450,131 | ||
Other liabilities | 4,610 | 4,300 | ||
Partners' capital | ||||
Partners' equity | (222,245) | (96,446) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total partners' capital (deficit) | (222,245) | (96,446) | ||
Total liabilities and partners' capital (deficit) | 283,181 | 444,751 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and notes receivable | 182,580 | 109,598 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 2 | 6 | ||
Total current assets | 182,582 | 109,604 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 363 | 577 | ||
Total assets | 182,945 | 110,181 | ||
Current liabilities: | ||||
Accounts payable | 87 | 190 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 104,000 | 69,000 | ||
Intercompany Payables | 20,247 | (1,768) | ||
Other current liabilities | 398 | 201 | ||
Total current liabilities | 124,732 | 67,623 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 28 | ||
Partners' capital | ||||
Partners' equity | 58,213 | 42,530 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total partners' capital (deficit) | 58,213 | 42,530 | ||
Total liabilities and partners' capital (deficit) | 182,945 | 110,181 | ||
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Accounts and notes receivable | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 1 | 1 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Investments in consolidated subsidiaries | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Total assets | 1 | 1 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Partners' capital | ||||
Partners' equity | 1 | 1 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total partners' capital (deficit) | 1 | 1 | ||
Total liabilities and partners' capital (deficit) | 1 | 1 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Accounts and notes receivable | 0 | 0 | ||
Intercompany receivables | (65,801) | (39,877) | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (65,801) | (39,877) | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Intercompany receivables | (450,000) | (450,000) | ||
Investments in consolidated subsidiaries | 164,031 | 53,915 | ||
Other assets, net | 0 | 0 | ||
Total assets | (351,770) | (435,962) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Collateralized note payable | 0 | 0 | ||
Intercompany Payables | (65,801) | (39,877) | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (65,801) | (39,877) | ||
Long-term debt | (450,000) | (450,000) | ||
Other liabilities | 0 | 0 | ||
Partners' capital | ||||
Partners' equity | 164,031 | 53,915 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total partners' capital (deficit) | 164,031 | 53,915 | ||
Total liabilities and partners' capital (deficit) | $ (351,770) | $ (435,962) |
Guarantor financial informati72
Guarantor financial information - Condensed Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Revenues: | ||||
Propane and other gas liquids sales | $ 451,302 | $ 369,437 | $ 1,346,299 | $ 1,049,211 |
Midstream operations | 22,595 | 126,676 | 260,631 | 331,507 |
Other | 41,913 | 41,996 | 118,691 | 116,183 |
Total revenues | 515,810 | 538,109 | 1,725,621 | 1,496,901 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 260,419 | 197,487 | 802,852 | 551,728 |
Cost of sales - midstream operations | 14,518 | 118,767 | 229,710 | 300,433 |
Cost of product sold - other | 19,850 | 20,810 | 54,339 | 53,213 |
Operating expense | 116,579 | 104,773 | 350,757 | 322,935 |
Depreciation and amortization expense | 25,348 | 25,737 | 76,565 | 77,546 |
General and administrative expense | 11,678 | 9,978 | 39,733 | 36,526 |
Equipment lease expense | 7,133 | 7,270 | 20,828 | 22,035 |
Non-cash employee stock ownership plan compensation charge | 2,738 | 4,697 | 10,731 | 11,396 |
Asset Impairment Charges | 0 | 0 | 10,005 | 0 |
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 |
Operating income (loss) | 51,277 | 46,197 | 83,687 | 112,228 |
Interest expense | (40,375) | (39,860) | (123,855) | (112,107) |
Other income (expense), net | 227 | 162 | 1,422 | 1,433 |
Earnings (loss) before income taxes | 11,129 | 6,499 | (38,746) | 1,554 |
Income tax expense (benefit) | 67 | (192) | 282 | (194) |
Net earnings (loss) | 11,062 | 6,691 | (39,028) | 1,748 |
Other comprehensive income (loss) | (6,727) | (8,429) | 3,102 | 16,723 |
Comprehensive income (loss) | 4,335 | (1,738) | (35,926) | 18,471 |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 451,302 | 369,437 | 1,346,299 | 1,049,211 |
Midstream operations | 22,595 | 126,676 | 260,631 | 331,507 |
Other | 41,913 | 41,996 | 118,691 | 116,183 |
Total revenues | 515,810 | 538,109 | 1,725,621 | 1,496,901 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 260,419 | 197,487 | 802,852 | 551,728 |
Cost of sales - midstream operations | 14,518 | 118,767 | 229,710 | 300,433 |
Cost of product sold - other | 19,850 | 20,810 | 54,339 | 53,213 |
Operating expense | 116,579 | 104,773 | 350,757 | 322,935 |
Depreciation and amortization expense | 25,348 | 25,737 | 76,565 | 77,546 |
General and administrative expense | 11,546 | 9,869 | 39,600 | 36,416 |
Equipment lease expense | 7,133 | 7,270 | 20,828 | 22,035 |
Non-cash employee stock ownership plan compensation charge | 2,738 | 4,697 | 10,731 | 11,396 |
Asset Impairment Charges | 0 | 0 | 10,005 | 0 |
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 |
Operating income (loss) | 51,409 | 46,306 | 83,820 | 112,338 |
Interest expense | (31,739) | (31,270) | (97,993) | (95,416) |
Other income (expense), net | 227 | 162 | 1,422 | 1,433 |
Earnings (loss) before income taxes | 19,897 | 15,198 | (12,751) | 18,355 |
Income tax expense (benefit) | 57 | (197) | 261 | (200) |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | 19,840 | 15,395 | (13,012) | 18,555 |
Other comprehensive income (loss) | (6,727) | (8,429) | 3,102 | 16,723 |
Comprehensive income (loss) | 13,113 | 6,966 | (9,910) | 35,278 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 451,212 | 369,437 | 1,345,604 | 1,049,211 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 19,701 | 17,850 | 59,085 | 56,785 |
Total revenues | 470,913 | 387,287 | 1,404,689 | 1,105,996 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 260,317 | 197,487 | 802,063 | 551,728 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 2,328 | 1,992 | 7,890 | 6,993 |
Operating expense | 108,291 | 96,264 | 323,619 | 297,905 |
Depreciation and amortization expense | 19,105 | 18,261 | 55,973 | 54,552 |
General and administrative expense | 10,460 | 8,930 | 35,048 | 32,886 |
Equipment lease expense | 7,045 | 7,108 | 20,555 | 21,585 |
Non-cash employee stock ownership plan compensation charge | 2,738 | 4,697 | 10,731 | 11,396 |
Asset Impairment Charges | 0 | |||
Loss on asset sales and disposals | 2,243 | 2,146 | 3,706 | 3,666 |
Operating income (loss) | 58,386 | 50,402 | 145,104 | 125,285 |
Interest expense | (20,297) | (19,452) | (61,903) | (60,893) |
Other income (expense), net | (133) | (157) | 490 | 100 |
Earnings (loss) before income taxes | 37,956 | 30,793 | 83,691 | 64,492 |
Income tax expense (benefit) | 102 | 97 | 174 | 171 |
Equity in earnings of subsidiary | (18,014) | (15,301) | (96,529) | (45,766) |
Net earnings (loss) | 19,840 | 15,395 | (13,012) | 18,555 |
Other comprehensive income (loss) | (6,727) | (8,429) | 3,102 | 16,723 |
Comprehensive income (loss) | 13,113 | 6,966 | (9,910) | 35,278 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 90 | 0 | 695 | 0 |
Midstream operations | 22,595 | 126,676 | 260,631 | 331,507 |
Other | 22,212 | 24,146 | 59,606 | 59,398 |
Total revenues | 44,897 | 150,822 | 320,932 | 390,905 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 102 | 0 | 789 | 0 |
Cost of sales - midstream operations | 14,518 | 118,767 | 229,710 | 300,433 |
Cost of product sold - other | 17,522 | 18,818 | 46,449 | 46,220 |
Operating expense | 9,262 | 8,594 | 28,320 | 28,482 |
Depreciation and amortization expense | 6,171 | 7,418 | 20,377 | 22,817 |
General and administrative expense | 1,086 | 939 | 4,547 | 3,525 |
Equipment lease expense | 88 | 162 | 273 | 450 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Asset Impairment Charges | 10,005 | |||
Loss on asset sales and disposals | 4,027 | 247 | 42,708 | 5,195 |
Operating income (loss) | (7,879) | (4,123) | (62,246) | (16,217) |
Interest expense | (10,104) | (11,019) | (33,028) | (32,694) |
Other income (expense), net | 360 | 319 | 932 | 1,333 |
Earnings (loss) before income taxes | (17,623) | (14,823) | (94,342) | (47,578) |
Income tax expense (benefit) | (45) | (294) | 87 | (371) |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | (17,578) | (14,529) | (94,429) | (47,207) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (17,578) | (14,529) | (94,429) | (47,207) |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 0 | 0 | 0 | 0 |
Operating expense | 1,459 | 1,315 | 4,474 | (251) |
Depreciation and amortization expense | 72 | 58 | 215 | 177 |
General and administrative expense | 0 | 0 | 0 | 0 |
Equipment lease expense | 0 | 0 | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Asset Impairment Charges | 0 | |||
Loss on asset sales and disposals | 0 | 0 | 0 | 0 |
Operating income (loss) | (1,531) | (1,373) | (4,689) | 74 |
Interest expense | (1,338) | (799) | (3,062) | (1,826) |
Other income (expense), net | 2,433 | 1,400 | 5,656 | 3,198 |
Earnings (loss) before income taxes | (436) | (772) | (2,095) | 1,446 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | (436) | (772) | (2,095) | 1,446 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | (436) | (772) | (2,095) | 1,446 |
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 0 | 0 | 0 | 0 |
Operating expense | 0 | 0 | 0 | 0 |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
General and administrative expense | 0 | 0 | 5 | 5 |
Equipment lease expense | 0 | 0 | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Asset Impairment Charges | 0 | |||
Loss on asset sales and disposals | 0 | 0 | 0 | 0 |
Operating income (loss) | 0 | 0 | (5) | (5) |
Interest expense | 0 | 0 | 0 | 0 |
Other income (expense), net | 0 | 0 | 0 | 0 |
Earnings (loss) before income taxes | 0 | 0 | (5) | (5) |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 |
Net earnings (loss) | 0 | 0 | (5) | (5) |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 0 | 0 | (5) | (5) |
Eliminations [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Midstream operations | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 | 0 |
Costs and expenses: | ||||
Cost of product sold - propane and other gas liquids sales | 0 | 0 | 0 | 0 |
Cost of sales - midstream operations | 0 | 0 | 0 | 0 |
Cost of product sold - other | 0 | 0 | 0 | 0 |
Operating expense | (2,433) | (1,400) | (5,656) | (3,201) |
Depreciation and amortization expense | 0 | 0 | 0 | 0 |
General and administrative expense | 0 | 0 | 0 | 0 |
Equipment lease expense | 0 | 0 | 0 | 0 |
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | 0 |
Asset Impairment Charges | 0 | |||
Loss on asset sales and disposals | 0 | 0 | 0 | 0 |
Operating income (loss) | 2,433 | 1,400 | 5,656 | 3,201 |
Interest expense | 0 | 0 | 0 | (3) |
Other income (expense), net | (2,433) | (1,400) | (5,656) | (3,198) |
Earnings (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
Equity in earnings of subsidiary | 18,014 | 15,301 | 96,529 | 45,766 |
Net earnings (loss) | 18,014 | 15,301 | 96,529 | 45,766 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | $ 18,014 | $ 15,301 | $ 96,529 | $ 45,766 |
Guarantor financial informati73
Guarantor financial information - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | $ 78,311 | $ 118,331 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (14,862) | (3,539) |
Capital expenditures | (58,961) | (35,412) |
Proceeds from sale of assets | 57,802 | 4,721 |
Other | 0 | (37) |
Net cash used in investing activities | (16,021) | (34,267) |
Cash flows from financing activities: | ||
Distributions | (29,440) | (69,920) |
Proceeds from increase in long-term debt | 23,580 | 220,354 |
Payments on long-term debt | (1,892) | (173,471) |
Net additions to (reductions in) short-term borrowings | (84,179) | (62,902) |
Net additions to collateralized short-term borrowings | 35,000 | 27,000 |
Cash paid for financing costs | (1,161) | (5,633) |
Net cash used in financing activities | (58,551) | (79,523) |
Increase (decrease) in cash and cash equivalents | 3,739 | 4,541 |
Cash and cash equivalents - beginning of period | 5,760 | 4,965 |
Cash and cash equivalents - end of period | 9,499 | 9,506 |
Ferrellgas, L.P. [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 93,946 | 124,399 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (14,862) | (3,539) |
Capital expenditures | (58,961) | (35,412) |
Proceeds from sale of assets | 57,802 | 4,721 |
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 | (37) |
Net cash used in investing activities | (16,021) | (34,267) |
Cash flows from financing activities: | ||
Distributions | (45,495) | (94,413) |
Contributions from partners | 0 | 167,640 |
Proceeds from increase in long-term debt | 23,580 | 52,354 |
Payments on long-term debt | (1,892) | (173,471) |
Net additions to (reductions in) short-term borrowings | (84,179) | (62,902) |
Net additions to collateralized short-term borrowings | 35,000 | 27,000 |
Net changes in advances with consolidated entities | 0 | 0 |
Cash paid for financing costs | (1,149) | (2,064) |
Net cash used in financing activities | (74,135) | (85,856) |
Increase (decrease) in cash and cash equivalents | 3,790 | 4,276 |
Cash and cash equivalents - beginning of period | 5,701 | 4,890 |
Cash and cash equivalents - end of period | 9,491 | 9,166 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. (Parent and Co-Issuer) [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 65,604 | 186,530 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (14,862) | (3,539) |
Capital expenditures | (57,158) | (35,116) |
Proceeds from sale of assets | 2,479 | 4,721 |
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 | 116,871 | (35,476) |
Other | (37) | |
Net cash used in investing activities | 47,330 | (69,447) |
Cash flows from financing activities: | ||
Distributions | (45,495) | (94,413) |
Contributions from partners | 167,640 | |
Proceeds from increase in long-term debt | 23,580 | 52,354 |
Payments on long-term debt | (1,892) | (173,471) |
Net additions to (reductions in) short-term borrowings | (84,179) | (62,902) |
Net additions to collateralized short-term borrowings | 0 | 0 |
Net changes in advances with consolidated entities | 0 | 0 |
Cash paid for financing costs | (1,149) | (1,820) |
Net cash used in financing activities | (109,135) | (112,612) |
Increase (decrease) in cash and cash equivalents | 3,799 | 4,471 |
Cash and cash equivalents - beginning of period | 5,327 | 4,472 |
Cash and cash equivalents - end of period | 9,126 | 8,943 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (3,531) | (73,168) |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | (1,803) | (296) |
Proceeds from sale of assets | 55,323 | 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 | 53,520 | (296) |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Contributions from partners | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net additions to collateralized short-term borrowings | 0 | 0 |
Net changes in advances with consolidated entities | (49,998) | 73,269 |
Cash paid for financing costs | 0 | 0 |
Net cash used in financing activities | (49,998) | 73,269 |
Increase (decrease) in cash and cash equivalents | (9) | (195) |
Cash and cash equivalents - beginning of period | 373 | 417 |
Cash and cash equivalents - end of period | 364 | 222 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | 66,878 | 38,042 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | 985,084 | 803,109 |
Cash remitted to Ferrellgas, L.P for accounts receivable | (1,020,084) | (830,109) |
Intercompany loan to affiliate | 0 | 244 |
Other | 0 | |
Net cash used in investing activities | (35,000) | (26,756) |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Contributions from partners | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net additions to collateralized short-term borrowings | 35,000 | 27,000 |
Net changes in advances with consolidated entities | (66,878) | (38,042) |
Cash paid for financing costs | 0 | (244) |
Net cash used in financing activities | (31,878) | (11,286) |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Reportable Legal Entities [Member] | Ferrellgas Finance Corp. (Co-Issuer) [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (5) | (5) |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | 0 | 0 |
Cash remitted to Ferrellgas, L.P for accounts receivable | 0 | 0 |
Intercompany loan to affiliate | 0 | 0 |
Other | 0 | |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Contributions from partners | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net additions to collateralized short-term borrowings | 0 | 0 |
Net changes in advances with consolidated entities | 5 | 5 |
Cash paid for financing costs | 0 | 0 |
Net cash used in financing activities | 5 | 5 |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 1 | 1 |
Cash and cash equivalents - end of period | 1 | 1 |
Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by operating activities | (35,000) | (27,000) |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | 0 | 0 |
Capital expenditures | 0 | 0 |
Proceeds from sale of assets | 0 | 0 |
Cash collected for purchase of interest in accounts receivable | (985,084) | (803,109) |
Cash remitted to Ferrellgas, L.P for accounts receivable | 1,020,084 | 830,109 |
Intercompany loan to affiliate | (116,871) | 35,232 |
Other | 0 | |
Net cash used in investing activities | (81,871) | 62,232 |
Cash flows from financing activities: | ||
Distributions | 0 | 0 |
Contributions from partners | 0 | |
Proceeds from increase in long-term debt | 0 | 0 |
Payments on long-term debt | 0 | 0 |
Net additions to (reductions in) short-term borrowings | 0 | 0 |
Net additions to collateralized short-term borrowings | 0 | 0 |
Net changes in advances with consolidated entities | 116,871 | (35,232) |
Cash paid for financing costs | 0 | 0 |
Net cash used in financing activities | 116,871 | (35,232) |
Increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | $ 0 | $ 0 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Narrative) (Details) - USD ($) $ in Millions | May 14, 2018 | May 04, 2018 | Apr. 30, 2018 | Jul. 31, 2017 |
Letters of Credit Outstanding, Amount | $ 111.8 | $ 139.2 | ||
Subsequent Event [Member] | Secured Debt [Member] | ||||
Letters of Credit Outstanding, Amount | $ 100 | |||
Cash | 75 | |||
Ferrellgas, L.P. [Member] | ||||
Letters of Credit Outstanding, Amount | 111.8 | $ 139.2 | ||
Ferrellgas, L.P. [Member] | Subsequent Event [Member] | Secured Debt [Member] | ||||
Letters of Credit Outstanding, Amount | 100 | |||
Cash | 75 | |||
Two Thousand and Twenty Three Credit Facility [Member] | Subsequent Event [Member] | Secured Debt [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 575 | |||
Debt Instrument, Face Amount | $ 275 | |||
Debt Instrument, Basis Spread on Variable Rate | 5.75% | |||
Two Thousand and Twenty Three Credit Facility [Member] | Ferrellgas, L.P. [Member] | Subsequent Event [Member] | Secured Debt [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 575 | |||
Debt Instrument, Face Amount | $ 275 | |||
Debt Instrument, Basis Spread on Variable Rate | 5.75% | |||
Two Thousand and Eighteen Credit Facility [Member] | Secured Debt [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 575 | |||
Two Thousand and Eighteen Credit Facility [Member] | Ferrellgas, L.P. [Member] | Secured Debt [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 575 | |||
Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300 | |||
Revolving Credit Facility [Member] | Ferrellgas, L.P. [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 300 | |||
Letter of Credit [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 125 | |||
Letter of Credit [Member] | Ferrellgas, L.P. [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 125 | |||
Asset-backed Securities, Securitized Loans and Receivables [Member] | ||||
Accounts Receivable Securitization Program, Maximum Capacity | 225 | |||
Asset-backed Securities, Securitized Loans and Receivables [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Accounts Receivable Securitization Program, Maximum Capacity | $ 250 | |||
Asset-backed Securities, Securitized Loans and Receivables [Member] | Ferrellgas, L.P. [Member] | ||||
Accounts Receivable Securitization Program, Maximum Capacity | $ 225 | |||
Asset-backed Securities, Securitized Loans and Receivables [Member] | Ferrellgas, L.P. [Member] | Subsequent Event [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||
Accounts Receivable Securitization Program, Maximum Capacity | $ 250 |