Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 30, 2020 | May 31, 2020 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2020 | |
Entity Registrant Name | Ferrellgas Partners L P | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 97,152,665 | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000922358 | |
Amendment Flag | false | |
Ferrellgas Partners Finance Corp. [Member] | ||
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2020 | |
Entity Registrant Name | Ferrellgas Partners Finance Corp | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001012493 | |
Amendment Flag | false | |
Ferrellgas, L.P. [Member] | ||
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2020 | |
Entity Registrant Name | Ferrellgas L P | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000922359 | |
Amendment Flag | false | |
Ferrellgas Finance Corp. [Member] | ||
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2020 | |
Entity Registrant Name | Ferrellgas Finance Corp | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Current Fiscal Year End Date | --07-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000922360 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2020 | Jul. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 318,847,000 | $ 11,054,000 |
Accounts and notes receivable, net | 142,952,000 | 107,596,000 |
Inventories | 65,209,000 | 80,454,000 |
Prepaid expenses and other current assets | 47,223,000 | 42,275,000 |
Total current assets | 574,231,000 | 241,379,000 |
Prepaid expenses and other current assets | 47,223,000 | 42,275,000 |
Property, plant and equipment, net | 596,978,000 | 596,723,000 |
Goodwill, net | 247,195,000 | 247,195,000 |
Intangible assets, net | 103,966,000 | 108,557,000 |
Operating lease, right-of-use assets | 110,497,000 | |
Other assets, net | 87,472,000 | 69,105,000 |
Total assets | 1,720,339,000 | 1,262,959,000 |
Current liabilities: | ||
Accounts payable | 37,025,000 | 33,364,000 |
Short-term borrowings | 0 | 43,000,000 |
Collateralized note payable | 62,000,000 | |
Current portion of long-term debt | 359,050,000 | 631,756,000 |
Current operating lease liabilities | 31,914,000 | |
Other current liabilities | 174,823,000 | 138,237,000 |
Total current liabilities | 602,812,000 | 908,357,000 |
Long-term debt | 2,146,044,000 | 1,457,004,000 |
Operating lease liabilities | 76,133,000 | |
Other liabilities | 52,167,000 | 36,536,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Common unitholders | (1,057,859,000) | (1,046,245,000) |
General partner unitholder | (70,593,000) | (70,476,000) |
Accumulated other comprehensive income (loss) | (20,580,000) | (14,512,000) |
Total Ferrellgas Partners, L.P. partners' deficit | (1,149,032,000) | (1,131,233,000) |
Noncontrolling interest | (7,785,000) | (7,705,000) |
Total partners' capital (deficit) | (1,156,817,000) | (1,138,938,000) |
Total liabilities and partners' capital (deficit) | 1,720,339,000 | 1,262,959,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,000 | 1,000 |
Prepaid expenses and other current assets | 1,858 | |
Prepaid expenses and other current assets | 1,858 | |
Total assets | 1,000 | 2,858 |
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 | 35,146 | 33,027 |
Accumulated deficit | (35,146) | (31,169) |
Total stockholder's equity | 1,000 | 2,858 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 318,837,000 | 11,046,000 |
Accounts and notes receivable, net | 142,952,000 | 107,596,000 |
Inventories | 65,209,000 | 80,454,000 |
Prepaid expenses and other current assets | 47,175,000 | 42,157,000 |
Total current assets | 574,173,000 | 241,253,000 |
Prepaid expenses and other current assets | 47,175,000 | 42,157,000 |
Property, plant and equipment, net | 596,978,000 | 596,723,000 |
Goodwill, net | 247,195,000 | 247,195,000 |
Intangible assets, net | 103,966,000 | 108,557,000 |
Operating lease, right-of-use assets | 110,497,000 | |
Other assets, net | 87,472,000 | 69,105,000 |
Total assets | 1,720,281,000 | 1,262,833,000 |
Current liabilities: | ||
Accounts payable | 37,025,000 | 33,364,000 |
Short-term borrowings | 0 | 43,000,000 |
Collateralized note payable | 62,000,000 | |
Current portion of long-term debt | 2,050,000 | 277,029,000 |
Current operating lease liabilities | 31,914,000 | |
Other current liabilities | 163,191,000 | 134,303,000 |
Total current liabilities | 234,180,000 | 549,696,000 |
Long-term debt | 2,146,044,000 | 1,457,004,000 |
Operating lease liabilities | 76,133,000 | |
Other liabilities | 52,167,000 | 36,536,000 |
Contingencies and commitments | ||
Partners' capital (deficit) | ||
Common unitholders | (759,878,000) | (758,186,000) |
General partner unitholder | (7,587,000) | (7,570,000) |
Accumulated other comprehensive income (loss) | (20,778,000) | (14,647,000) |
Total Ferrellgas Partners, L.P. partners' deficit | (788,243,000) | (780,403,000) |
Total partners' capital (deficit) | (788,243,000) | (780,403,000) |
Total liabilities and partners' capital (deficit) | 1,720,281,000 | 1,262,833,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,100 | 1,100 |
Prepaid expenses and other current assets | 1,841 | |
Prepaid expenses and other current assets | 1,841 | |
Total assets | 1,100 | 2,941 |
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 | 82,687 | 78,518 |
Accumulated deficit | (82,587) | (76,577) |
Total stockholder's equity | $ 1,100 | $ 2,941 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Restricted cash | $ 141,318 | $ 0 |
Accounts receivable pledged as collateral | 134,443 | 106,145 |
Amortizable intangible assets, accumulated amortization | $ 421,040 | $ 414,210 |
Common unitholders, units outstanding | 97,152,665 | 97,152,665 |
General partner unitholder, units outstanding | 989,926 | 989,926 |
Ferrellgas Partners Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Restricted cash | $ 141,318 | $ 0 |
Accounts receivable pledged as collateral | 134,443 | 106,145 |
Amortizable intangible assets, accumulated amortization | $ 421,040 | $ 414,210 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 2,000 | 2,000 |
Common stock, shares issued | 1,000 | 1,000 |
Common stock, shares outstanding | 1,000 | 1,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Revenues: | ||||
Revenues | $ 412,130,000 | $ 479,625,000 | $ 1,216,177,000 | $ 1,405,311,000 |
Costs and expenses: | ||||
Operating expense - personnel, vehicle, plant and other | 121,558,000 | 119,991,000 | 364,334,000 | 351,541,000 |
Operating expense - equipment lease expense | 8,075,000 | 24,724,000 | ||
Equipment lease expense, preadoption | 8,319,000 | 24,597,000 | ||
Depreciation and amortization expense | 20,366,000 | 20,617,000 | 59,380,000 | 59,214,000 |
General and administrative expense | 12,560,000 | 11,516,000 | 36,447,000 | 42,037,000 |
Non-cash employee stock ownership plan compensation charge | 757,000 | (4,000) | 2,182,000 | 4,688,000 |
Loss on asset sales and disposals | 1,859,000 | 1,683,000 | 6,242,000 | 8,403,000 |
Operating income | 67,950,000 | 64,794,000 | 164,958,000 | 139,986,000 |
Interest expense | (45,703,000) | (44,162,000) | (138,948,000) | (132,931,000) |
Loss on extinguishment of debt | (37,399,000) | (37,399,000) | ||
Other income (expense), net | (158,000) | 251,000 | (214,000) | 356,000 |
Earnings (loss) before income taxes | (15,310,000) | 20,883,000 | (11,603,000) | 7,411,000 |
Income tax expense | 161,000 | 123,000 | 794,000 | 284,000 |
Net earnings (loss) | (15,471,000) | 20,760,000 | (12,397,000) | 7,127,000 |
Net earnings (loss) attributable to noncontrolling interest | (78,000) | 299,000 | 133,000 | 337,000 |
Net earnings (loss) | (15,393,000) | 20,461,000 | (12,530,000) | 6,790,000 |
Less: General partner's interest in net earnings (loss) | (154,000) | 205,000 | (125,000) | 68,000 |
Common unitholders' interest in net earnings ( loss) | $ (15,239,000) | $ 20,256,000 | $ (12,405,000) | $ 6,722,000 |
Basic and diluted net earnings (loss) per common unit | $ (0.16) | $ 0.21 | $ (0.13) | $ 0.07 |
Cash distributions declared or paid per unit | $ 0 | $ 0 | $ 0 | $ 0 |
Propane [Member] | ||||
Revenues: | ||||
Revenues | $ 391,745,000 | $ 459,556,000 | $ 1,150,377,000 | $ 1,344,634,000 |
Costs and expenses: | ||||
Cost of sales | 176,265,000 | 250,389,000 | 548,136,000 | 766,056,000 |
Other Revenues | ||||
Revenues: | ||||
Revenues | 20,385,000 | 20,069,000 | 65,800,000 | 60,677,000 |
Costs and expenses: | ||||
Cost of sales | 2,740,000 | 2,320,000 | 9,774,000 | 8,789,000 |
Ferrellgas Partners Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 3,087 | 1,725 | 3,977 | 3,666 |
Net earnings (loss) | (3,087) | (1,725) | (3,977) | (3,666) |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Revenues | 412,130,000 | 479,625,000 | 1,216,177,000 | 1,405,311,000 |
Costs and expenses: | ||||
Operating expense - personnel, vehicle, plant and other | 121,558,000 | 119,991,000 | 364,334,000 | 351,541,000 |
Operating expense - equipment lease expense | 8,075,000 | 24,724,000 | ||
Equipment lease expense, preadoption | 8,319,000 | 24,597,000 | ||
Depreciation and amortization expense | 20,366,000 | 20,617,000 | 59,380,000 | 59,214,000 |
General and administrative expense | 12,555,000 | 11,512,000 | 36,336,000 | 42,028,000 |
Non-cash employee stock ownership plan compensation charge | 757,000 | (4,000) | 2,182,000 | 4,688,000 |
Loss on asset sales and disposals | 1,859,000 | 1,683,000 | 6,242,000 | 8,403,000 |
Operating income | 67,955,000 | 64,798,000 | 165,069,000 | 139,995,000 |
Interest expense | (38,006,000) | (35,395,000) | (113,573,000) | (106,740,000) |
Loss on extinguishment of debt | (37,399,000) | (37,399,000) | ||
Other income (expense), net | (158,000) | 251,000 | (214,000) | 356,000 |
Earnings (loss) before income taxes | (7,608,000) | 29,654,000 | 13,883,000 | 33,611,000 |
Income tax expense | 112,000 | 100,000 | 745,000 | 254,000 |
Net earnings (loss) | (7,720,000) | 29,554,000 | 13,138,000 | 33,357,000 |
Ferrellgas, L.P. [Member] | Propane [Member] | ||||
Revenues: | ||||
Revenues | 391,745,000 | 459,556,000 | 1,150,377,000 | 1,344,634,000 |
Costs and expenses: | ||||
Cost of sales | 176,265,000 | 250,389,000 | 548,136,000 | 766,056,000 |
Ferrellgas, L.P. [Member] | Other Revenues | ||||
Revenues: | ||||
Revenues | 20,385,000 | 20,069,000 | 65,800,000 | 60,677,000 |
Costs and expenses: | ||||
Cost of sales | 2,740,000 | 2,320,000 | 9,774,000 | 8,789,000 |
Ferrellgas Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 2,104,000 | 225,000 | 6,010 | 5,625 |
Net earnings (loss) | $ (2,104,000) | $ (225,000) | $ (6,010) | $ (5,625) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Comprehensive income (loss): | ||||
Net earnings | $ (15,471) | $ 20,760 | $ (12,397) | $ 7,127 |
Other comprehensive income (loss): | ||||
Change in value on risk management derivatives | (11,501) | (36,340) | ||
Change in value on risk management derivatives, pre-adoption | 1,870 | (27,364) | ||
Reclassification of losses on derivatives to earnings, net | 14,073 | 30,318 | ||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 6,416 | 5,790 | ||
Pension liability adjustment | (109) | |||
Other comprehensive income (loss) | 2,572 | 8,286 | (6,131) | (21,574) |
Comprehensive income (loss) | (12,899) | 29,046 | (18,528) | (14,447) |
Less: comprehensive income attributable to noncontrolling interest | 26 | 382 | 148 | 119 |
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | (12,925) | 28,664 | (18,676) | (14,566) |
Ferrellgas, L.P. [Member] | ||||
Comprehensive income (loss): | ||||
Net earnings | (7,720) | 29,554 | 13,138 | 33,357 |
Other comprehensive income (loss): | ||||
Change in value on risk management derivatives | (11,501) | (36,340) | ||
Change in value on risk management derivatives, pre-adoption | 1,870 | (27,364) | ||
Reclassification of losses on derivatives to earnings, net | 14,073 | 30,318 | ||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 6,416 | 5,790 | ||
Pension liability adjustment | (109) | |||
Other comprehensive income (loss) | 2,572 | 8,286 | (6,131) | (21,574) |
Comprehensive income (loss) | (5,148) | 37,840 | 7,007 | 11,783 |
Comprehensive income (loss) attributable to Ferrellgas Partners, LP | $ (5,148) | $ 37,840 | $ 7,007 | $ 11,783 |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Deficit - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Jul. 31, 2019 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | $ (1,144,675) | $ (1,191,384) | $ (1,138,938) | $ (1,083,350) | $ (1,111,739) | $ (1,034,477) | $ (1,138,938) | $ (1,034,477) | |
Contributions in connection with non-cash ESOP compensation charges | 757 | 630 | 795 | (4) | 1,944 | 2,748 | |||
Cumulative adjustment for lease accounting standard | $ (1,375) | ||||||||
Distributions | (157) | (1) | (157) | (9,915) | |||||
Net earnings | (15,471) | 48,791 | (45,717) | 20,760 | 43,875 | (57,508) | (12,397) | 7,127 | |
Other comprehensive income (loss) | 2,572 | (2,555) | (6,148) | 8,286 | (17,273) | (12,587) | (6,131) | (21,574) | |
Partners' capital balance, ending | (1,156,817) | (1,144,675) | (1,191,384) | (1,054,308) | (1,083,350) | (1,111,739) | (1,156,817) | (1,054,308) | |
Accumulated Other Comprehensive Income (Loss) | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (23,126) | (20,598) | (14,512) | (9,049) | 8,050 | 20,510 | (14,512) | 20,510 | |
Other comprehensive income (loss) | 2,546 | (2,528) | (6,086) | 8,203 | (17,099) | (12,460) | |||
Partners' capital balance, ending | (20,580) | (23,126) | (20,598) | (846) | (9,049) | 8,050 | (20,580) | (846) | |
Parent [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (1,136,934) | (1,183,237) | (1,131,233) | (1,076,184) | (1,104,354) | (1,027,785) | (1,131,233) | (1,027,785) | |
Contributions in connection with non-cash ESOP compensation charges | 749 | 624 | 787 | (4) | 1,925 | 2,720 | |||
Cumulative adjustment for lease accounting standard | (1,361) | ||||||||
Distributions | (9,814) | (9,814) | |||||||
Net earnings | (15,393) | 48,207 | (45,344) | 20,461 | 43,344 | (57,015) | |||
Other comprehensive income (loss) | 2,546 | (2,528) | (6,086) | 8,203 | (17,099) | (12,460) | |||
Partners' capital balance, ending | (1,149,032) | (1,136,934) | (1,183,237) | (1,047,524) | (1,076,184) | (1,104,354) | (1,149,032) | (1,047,524) | |
Non-Controlling Interest [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (7,741) | (8,147) | (7,705) | (7,166) | (7,385) | (6,692) | (7,705) | (6,692) | |
Contributions in connection with non-cash ESOP compensation charges | 8 | 6 | 8 | 19 | 28 | ||||
Cumulative adjustment for lease accounting standard | (14) | ||||||||
Distributions | (157) | (1) | (157) | (101) | |||||
Net earnings | (78) | 584 | (373) | 299 | 531 | (493) | |||
Other comprehensive income (loss) | 26 | (27) | (62) | 83 | (174) | (127) | |||
Partners' capital balance, ending | $ (7,785) | $ (7,741) | $ (8,147) | $ (6,784) | $ (7,166) | $ (7,385) | $ (7,785) | $ (6,784) | |
Common Unitholders [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance (in shares) | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | |
Partners' capital balance, beginning | $ (1,043,361) | $ (1,091,704) | $ (1,046,245) | $ (997,154) | $ (1,041,971) | $ (978,503) | $ (1,046,245) | $ (978,503) | |
Contributions in connection with non-cash ESOP compensation charges | 741 | 618 | 779 | (4) | 1,906 | 2,693 | |||
Cumulative adjustment for lease accounting standard | (1,347) | ||||||||
Distributions | (9,716) | ||||||||
Net earnings | $ (15,239) | $ 47,725 | $ (44,891) | $ 20,256 | $ 42,911 | $ (56,445) | |||
Partners' capital balance (in shares) | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | |
Partners' capital balance, ending | $ (1,057,859) | $ (1,043,361) | $ (1,091,704) | $ (976,902) | $ (997,154) | $ (1,041,971) | $ (1,057,859) | $ (976,902) | |
General Partner [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance (in shares) | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | |
Partners' capital balance, beginning | $ (70,447) | $ (70,935) | $ (70,476) | $ (69,981) | $ (70,433) | $ (69,792) | $ (70,476) | $ (69,792) | |
Contributions in connection with non-cash ESOP compensation charges | 8 | 6 | 8 | 19 | 27 | ||||
Cumulative adjustment for lease accounting standard | (14) | ||||||||
Distributions | (98) | ||||||||
Net earnings | $ (154) | $ 482 | $ (453) | $ 205 | $ 433 | $ (570) | |||
Partners' capital balance (in shares) | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | |
Partners' capital balance, ending | $ (70,593) | $ (70,447) | $ (70,935) | $ (69,776) | $ (69,981) | $ (70,433) | $ (70,593) | $ (69,776) | |
Ferrellgas, L.P. [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (783,852) | (824,130) | (780,403) | (727,011) | (748,746) | (680,078) | (780,403) | (680,078) | |
Contributions in connection with non-cash ESOP compensation charges | 757 | 630 | 795 | (4) | 1,944 | 2,748 | |||
Cumulative adjustment for lease accounting standard | (1,375) | ||||||||
Distributions | (15,553) | (101) | (15,553) | (10,015) | (15,654) | (25,568) | |||
Net earnings | (7,720) | 57,756 | (36,898) | 29,554 | 52,617 | (48,814) | 13,138 | 33,357 | |
Other comprehensive income (loss) | 2,572 | (2,555) | (6,148) | 8,286 | (17,273) | (12,587) | (6,131) | (21,574) | |
Partners' capital balance, ending | (788,243) | (783,852) | (824,130) | (689,175) | (727,011) | (748,746) | (788,243) | (689,175) | |
Ferrellgas, L.P. [Member] | Accumulated Other Comprehensive Income (Loss) | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (23,350) | (20,795) | (14,647) | (9,127) | 8,146 | 20,733 | (14,647) | 20,733 | |
Other comprehensive income (loss) | 2,572 | (2,555) | (6,148) | 8,286 | (17,273) | (12,587) | |||
Partners' capital balance, ending | (20,778) | (23,350) | (20,795) | (841) | (9,127) | 8,146 | (20,778) | (841) | |
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (752,985) | (795,385) | (758,186) | (710,796) | (749,411) | (693,896) | (758,186) | (693,896) | |
Contributions in connection with non-cash ESOP compensation charges | 749 | 624 | 787 | (4) | 1,925 | 2,720 | |||
Cumulative adjustment for lease accounting standard | (1,361) | ||||||||
Distributions | (15,396) | (100) | (15,396) | (9,914) | |||||
Net earnings | (7,642) | 57,172 | (36,525) | 29,255 | 52,086 | (48,321) | |||
Partners' capital balance, ending | (759,878) | (752,985) | (795,385) | (681,545) | (710,796) | (749,411) | (759,878) | (681,545) | |
Ferrellgas, L.P. [Member] | General Partner [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (7,517) | (7,950) | (7,570) | (7,088) | (7,481) | (6,915) | (7,570) | (6,915) | |
Contributions in connection with non-cash ESOP compensation charges | 8 | 6 | 8 | 19 | 28 | ||||
Cumulative adjustment for lease accounting standard | $ (14) | ||||||||
Distributions | (157) | (1) | (157) | (101) | |||||
Net earnings | (78) | 584 | (373) | 299 | 531 | (493) | |||
Partners' capital balance, ending | $ (7,587) | $ (7,517) | $ (7,950) | $ (6,789) | $ (7,088) | $ (7,481) | $ (7,587) | $ (6,789) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Cash flows from operating activities: | ||
Net earnings | $ (12,397,000) | $ 7,127,000 |
Reconciliation of net earnings (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 59,380,000 | 59,214,000 |
Non-cash employee stock ownership plan compensation charge | 2,182,000 | 4,688,000 |
Loss on asset sales and disposals | 6,242,000 | 8,403,000 |
Loss on extinguishment of debt, noncash | 19,883,000 | |
Provision for doubtful accounts | 1,586,000 | 1,938,000 |
Deferred income tax expense (benefit) | 554,000 | 143,000 |
Other | 9,837,000 | 9,266,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (26,942,000) | (33,113,000) |
Inventories | 15,245,000 | 5,245,000 |
Prepaid expenses and other current assets | (6,634,000) | (5,584,000) |
Accounts payable | 4,236,000 | (5,713,000) |
Accrued interest expense | 32,708,000 | 30,216,000 |
Other current liabilities | (7,949,000) | (13,506,000) |
Other assets and liabilities | 363,000 | 2,453,000 |
Net cash provided by operating activities | 98,294,000 | 70,777,000 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (6,400,000) | (11,351,000) |
Capital expenditures | (57,251,000) | (94,660,000) |
Proceeds from sale of assets | 2,510,000 | 2,416,000 |
Cash payments to construct assets in connection with future lease transactions | (37,042,000) | |
Cash receipts in connection with leased vehicles | 21,995,000 | |
Net cash used in investing activities | (76,188,000) | (103,595,000) |
Cash flows from financing activities: | ||
Distributions | (9,814,000) | |
Proceeds from issuance of long-term debt | 703,750,000 | |
Reductions on long-term debt | (285,285,000) | (1,656,000) |
Net reductions in short-term borrowings | (43,000,000) | (32,800,000) |
Net additions to (reductions on) collateralized short-term borrowings | (62,000,000) | 4,000,000 |
Cash paid for financing costs and other | (27,620,000) | (531,000) |
Noncontrolling interest activity | (158,000) | (258,000) |
Net cash provided by (used in) financing activities | 285,687,000 | (41,059,000) |
Increase (decrease) in cash and cash equivalents | 307,793,000 | (73,877,000) |
Cash and cash equivalents - beginning of year | 11,054,000 | 119,311,000 |
Cash, cash equivalents and restricted cash - end of year | 318,847,000 | 45,434,000 |
Ferrellgas Partners Finance Corp. [Member] | ||
Cash flows from operating activities: | ||
Net earnings | (3,977) | (3,666) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Prepaid expenses and other current assets | 1,858 | 1,850 |
Net cash provided by operating activities | (2,119) | (1,816) |
Cash flows from financing activities: | ||
Capital contribution | 2,119 | 1,816 |
Net cash provided by (used in) financing activities | 2,119 | 1,816 |
Cash and cash equivalents - beginning of year | 1,000 | 1,000 |
Cash, cash equivalents and restricted cash - end of year | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | ||
Cash flows from operating activities: | ||
Net earnings | 13,138,000 | 33,357,000 |
Reconciliation of net earnings (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization expense | 59,380,000 | 59,214,000 |
Non-cash employee stock ownership plan compensation charge | 2,182,000 | 4,688,000 |
Loss on asset sales and disposals | 6,242,000 | 8,403,000 |
Loss on extinguishment of debt, noncash | 19,883,000 | |
Provision for doubtful accounts | 1,586,000 | 1,938,000 |
Deferred income tax expense (benefit) | 554,000 | 143,000 |
Other | 7,555,000 | 6,135,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Accounts and notes receivable, net of securitization | (26,942,000) | (33,113,000) |
Inventories | 15,245,000 | 5,245,000 |
Prepaid expenses and other current assets | (6,704,000) | (5,555,000) |
Accounts payable | 4,236,000 | (5,713,000) |
Accrued interest expense | 25,010,000 | 22,518,000 |
Other current liabilities | (7,949,000) | (13,506,000) |
Other assets and liabilities | 363,000 | 2,453,000 |
Net cash provided by operating activities | 113,779,000 | 86,207,000 |
Cash flows from investing activities: | ||
Business acquisitions, net of cash acquired | (6,400,000) | (11,351,000) |
Capital expenditures | (57,251,000) | (94,660,000) |
Proceeds from sale of assets | 2,510,000 | 2,416,000 |
Cash payments to construct assets in connection with future lease transactions | (37,042,000) | |
Cash receipts in connection with leased vehicles | 21,995,000 | |
Net cash used in investing activities | (76,188,000) | (103,595,000) |
Cash flows from financing activities: | ||
Distributions | (15,654,000) | (25,568,000) |
Proceeds from issuance of long-term debt | 703,750,000 | |
Reductions on long-term debt | (285,285,000) | (1,656,000) |
Net reductions in short-term borrowings | (43,000,000) | (32,800,000) |
Net additions to (reductions on) collateralized short-term borrowings | (62,000,000) | 4,000,000 |
Cash paid for financing costs and other | (27,611,000) | (531,000) |
Net cash provided by (used in) financing activities | 270,200,000 | (56,555,000) |
Increase (decrease) in cash and cash equivalents | 307,791,000 | (73,943,000) |
Cash and cash equivalents - beginning of year | 11,046,000 | 119,308,000 |
Cash, cash equivalents and restricted cash - end of year | 318,837,000 | 45,365,000 |
Ferrellgas Finance Corp. [Member] | ||
Cash flows from operating activities: | ||
Net earnings | (6,010) | (5,625) |
Changes in operating assets and liabilities, net of effects from business acquisitions: | ||
Prepaid expenses and other current assets | 1,841 | 1,500 |
Net cash provided by operating activities | (4,169) | (4,125) |
Cash flows from financing activities: | ||
Capital contribution | 4,169 | 4,125 |
Net cash provided by (used in) financing activities | 4,169 | 4,125 |
Cash and cash equivalents - beginning of year | 1,100 | 1,100 |
Cash, cash equivalents and restricted cash - end of year | $ 1,100 | $ 1,100 |
Partnership Organization And Fo
Partnership Organization And Formation | 9 Months Ended |
Apr. 30, 2020 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Partnership organization and formation Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed on April 19, 1994, and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of April 30, 2020, Ferrell Companies, Inc., a Kansas corporation ("Ferrell Companies"), beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc., a Delaware corporation and a wholly-owned subsidiary of Ferrell Companies, is the sole general partner of Ferrellgas Partners and one of three general partners of the operating partnership. Ferrellgas, Inc. has retained an approximate 1% general partner economic interest in Ferrellgas Partners and also holds an approximate 1% general partner economic interest in the operating partnership, representing an effective 2% general partner economic interest in Ferrellgas on a combined basis. As the sole general partner of Ferrellgas Partners, Ferrellgas, Inc. performs all management functions required by Ferrellgas Partners. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. On April 24, 2020, Ferrellgas Partners, the sole limited partner of the operating partnership, and Ferrellgas, Inc., the then-sole general partner of the operating partnership, amended and restated the partnership agreement of the operating partnership in order to, among other things, provide for the admission of two additional general partners. On April 27, 2020, Ferrellgas GP II, LLC and Ferrellgas GP III, LLC, each a Delaware limited liability company and a wholly-owned subsidiary of Ferrell Companies, were formed and subsequently admitted as additional general partners of the operating partnership. As the general partners of the operating partnership, Ferrellgas, Inc., Ferrellgas GP II, LLC and Ferrellgas GP III, LLC each have an equal vote and all general partner matters of the operating partnership are determined by the vote or consent of a majority of such entities. The general partners perform all management functions required by the operating partnership. The general partner interests held by Ferrellgas GP II, LLC and Ferrellgas GP III, LLC are strictly voting and non-economic. The term “general partner” (i) with respect to Ferrellgas Partners refers to Ferrellgas, Inc. and (ii) with respect to the operating partnership refers to (a) Ferrellgas, Inc., in the case of any economic general partner interest and (b) Ferrellgas, Inc., Ferrellgas GP II, LLC and Ferrellgas GP III, LLC, collectively, in the case of any voting general partner interest. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is primarily engaged in the retail distribution of propane and related equipment sales. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. Due to seasonality, the results of operations for the nine months ended April 30, 2020 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2020 (“fiscal 2020”). The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas’ Annual Report on Form 10‑K for the fiscal year ended July 31, 2019 (“fiscal 2019”). Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities in the normal course of business. Ferrellgas Partners has $357.0 million in unsecured notes due June 15, 2020 that are classified as current in the condensed consolidated financial statements. The ability of Ferrellgas Partners to restructure, refinance or otherwise satisfy these notes is uncertain considering the level of other outstanding indebtedness. Given these concerns, Ferrellgas Partners believes there is substantial doubt about the entity’s ability to continue as a going concern. Ferrellgas has engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in our ongoing process to address our upcoming debt maturities. The outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. Additionally, see Note F – Debt below for further discussion of the outstanding debt. |
Ferrellgas Partners Finance Corp. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Formation Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996, and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (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. Going Concern The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities in the normal course of business. As discussed in Note B – Contingencies and commitments, the Finance Corp serves as co-issuer and co-obligor for debt securities of the Partnership. The Partnership has $357.0 million aggregate principal amount of unsecured senior notes due June 15, 2020 that are classified as current in its consolidated financial statements. Additionally, Ferrellgas, L.P. has $500.0 million in unsecured notes due May 1, 2021, which will be reclassified from long-term to current during the fourth quarter of the fiscal year ending July 31, 2020. These obligations are only reported on the Partnership’s condensed consolidated balance sheet. The ability of the Partnership to restructure, refinance or otherwise satisfy these notes is uncertain considering the level of other outstanding indebtedness. Additionally, the Finance Corp. does not have sufficient cash reserves or the ability to generate sufficient future cash flows to satisfy its obligations as co-obligor of the debt securities of the Partnership. Given these concerns, the Finance Corp. believes there is substantial doubt about the entity’s ability to continue as a going concern. The Partnership has engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist with the Partnership’s ongoing process to address its upcoming debt maturities. The outcome of the Partnership’s debt reduction strategy continues to remain uncertain. |
Ferrellgas, L.P. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Partnership organization and formation Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets. Ferrellgas Partners, L.P. (“Ferrellgas Partners”), a publicly traded limited partnership, holds an approximate 99% limited partner interest in, and consolidates, Ferrellgas, L.P. Ferrellgas, Inc., a Delaware corporation and a wholly-owned subsidiary of Ferrell Companies, Inc., a Kansas corporation (“Ferrell Companies”), is the sole general partner of Ferrellgas Partners and one of three general partners of Ferrellgas, L.P. Ferrellgas, Inc. has retained an approximate 1% general partner economic interest in Ferrellgas Partners and also holds an approximate 1% general partner economic interest in Ferrellgas, L.P., representing an effective 2% general partner economic interest in Ferrellgas, L.P. on a combined basis. As the sole general partner of Ferrellgas Partners, Ferrellgas, Inc. performs all management functions required by Ferrellgas Partners. Ferrellgas Partners and Ferrellgas, L.P., collectively referred to as “Ferrellgas,” are governed by their respective partnership agreements. These agreements contain specific provisions for the allocation of net earnings and loss to each of the partners for purposes of maintaining the partner capital accounts. On April 24, 2020, Ferrellgas Partners, the sole limited partner of Ferrellgas, L.P., and Ferrellgas, Inc., the then-sole general partner of the Ferrellgas, L.P., amended and restated the partnership agreement of Ferrellgas, L.P. in order to, among other things, provide for the admission of two additional general partners. On April 27, 2020, Ferrellgas GP II, LLC and Ferrellgas GP III, LLC, each a Delaware limited liability company and a wholly-owned subsidiary of Ferrell Companies, were formed and subsequently admitted as additional general partners of Ferrellgas, L.P. As the general partners of Ferrellgas, L.P., Ferrellgas, Inc., Ferrellgas GP II, LLC and Ferrellgas GP III, LLC each have an equal vote and all general partner matters of Ferrellgas, L.P. are determined by the vote or consent of a majority of such entities. The general partners perform all management functions required by Ferrellgas, L.P. The general partner interests held by Ferrellgas GP II, LLC and Ferrellgas GP III, LLC are strictly voting and non-economic. Unless contractually provided for, creditors of Ferrellgas, L.P. have no recourse with regards to Ferrellgas Partners. The term “general partner” (i) with respect to Ferrellgas Partners refers to Ferrellgas, Inc. and (ii) with respect to Ferrellgas, L.P. refers to (a) Ferrellgas, Inc., in the case of any economic general partner interest and (b) Ferrellgas, Inc., Ferrellgas GP II, LLC and Ferrellgas GP III, LLC, collectively, in the case of any voting general partner interest. Ferrellgas, L.P. owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas, L.P. Ferrellgas, L.P. is primarily engaged in the retail distribution of propane and related equipment sales. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. Due to seasonality, the results of operations for the nine months ended April 30, 2020 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2020 (“fiscal 2020”). The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10‑Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10‑K for fiscal 2019 . Going Concern The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities in the normal course of business. Ferrellgas Partners has $357.0 million in unsecured notes due June 15, 2020 that are classified as current in its condensed consolidated financial statements. Ferrellgas Partners’ ability to restructure, refinance or otherwise satisfy these notes is directly impacted by the cash flows of Ferrellgas, L.P. The ability of Ferrellgas Partners to restructure or refinance these notes is uncertain considering the level of other outstanding indebtedness. Additionally, Ferrellgas, L.P. has $500.0 million in unsecured notes due May 1, 2021, which will be reclassified from long-term to current during the fourth quarter of fiscal 2020. Given these concerns, Ferrellgas, L.P., believes there is substantial doubt about the entity’s ability to continue as a going concern. Ferrellgas has engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist with its ongoing process to address its upcoming debt maturities. The outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. Additionally, see Note F – Debt below for further discussion of the outstanding debt. |
Ferrellgas Finance Corp. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Organization And Formation | A. Formation Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003, and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “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. Going Concern The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the continuity of operations, the realization of assets and the satisfaction of liabilities in the normal course of business. As discussed in Note B – Contingencies and commitments, the Finance Corp serves as co-issuer and co-obligor for debt securities of the Partnership. Ferrellgas Partners has $357.0 million aggregate principal amount of unsecured senior notes due June 15, 2020 that are classified as current in its consolidated financial statements. This obligation is only reported on the consolidated balance sheet of Ferrellgas Partners. The ability of Ferrellgas Partners to restructure, refinance or otherwise satisfy these notes is uncertain considering the level of other outstanding indebtedness. Additionally, the Partnership has $500.0 million in unsecured notes due May 1, 2021, which will be reclassified from long-term to current during the fourth quarter of fiscal 2020. The Finance Corp. does not have sufficient cash reserves or the ability to generate sufficient future cash flows to satisfy its obligations as co-obligor of the debt securities of the Partnership. Given these concerns, the Finance Corp. believes there is substantial doubt about the entity’s ability to continue as a going concern. The Partnership has engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist with the Partnership’s ongoing process to address its upcoming debt maturities. The outcome of the Partnership’s debt reduction strategy continues to remain uncertain. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 9 Months Ended |
Apr. 30, 2020 | |
Significant Accounting Policies | |
Summary Of Significant Accounting Policies | B. Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for 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. 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 became effective for Ferrellgas for its annual reporting period beginning August 1, 2019, including interim periods within that reporting period. Ferrellgas adopted the standard using the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, to continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas elected the short-term lease recognition exemption for all leases that qualify, meaning it does not recognize right-of-use assets (“ROU assets”) or lease liabilities for those leases. Ferrellgas also elected the practical expedient to not separate lease and non-lease components for its most significant leasing activity, which includes vehicle and real estate leases. Additionally, Ferrellgas elected the package of three practical expedients which allows entities to not reassess initial direct costs, lease classification for existing or expired leases, and lease definition for existing or expired contracts as of the effective date of August 1, 2019. Ferrellgas did not, however, elect the hindsight method practical expedient which would have allowed it to reassess lease terms and impairment. 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 plans to adopt the amended guidance effective August 1, 2020. Ferrellgas does not expect this adoption to have a material impact 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 became effective for Ferrellgas for its fiscal year beginning August 1, 2019, including interim periods within that reporting period. Ferrellgas applied ASU No. 2017-12 using a modified retrospective approach for cash flow hedges existing at the date of adoption and prospectively for the presentation and disclosure guidance. The adoption of this standard did not have a material impact on our consolidated financial statement s. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies | |
Summary Of Significant Accounting Policies | B. Summary of significant accounting policies (1) Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for 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. 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 became effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2019, including interim periods within that reporting period. Ferrellgas, L.P. adopted the standard using the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, to continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas, L.P. elected the short-term lease recognition exemption for all leases that qualify, meaning it does not recognize right-of-use assets (“ROU assets”) or lease liabilities for those leases. Ferrellgas, L.P. also elected the practical expedient to not separate lease and non-lease components for its most significant leasing activity, which includes vehicle and real estate leases. Additionally, Ferrellgas, L.P. elected the package of three practical expedients which allows entities to not reassess initial direct costs, lease classification for existing or expired leases, and lease definition for existing or expired contracts as of the effective date of August 1, 2019. Ferrellgas, L.P. did not, however, elect the hindsight method practical expedient which would have allowed it to reassess lease terms and impairment. 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. plans to adopt the amended guidance effective August 1, 2020. Ferrellgas, L.P. does not expect this adoption to have a material impact 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 became effective for Ferrellgas, L.P. for its fiscal year beginning August 1, 2019, including interim periods within that reporting period. Ferrellgas, L.P. applied ASU No. 2017-12 using a modified retrospective approach for cash flow hedges existing at the date of adoption and prospectively for the presentation and disclosure guidance. The adoption of this standard did not have a material impact on our consolidated financial statement s. . |
Leases
Leases | 9 Months Ended |
Apr. 30, 2020 | |
Leases | C. Leases Ferrellgas determines if an arrangement is a lease or contains a lease at inception. Ferrellgas leases certain transportation and computer equipment and real estate, predominantly through operating leases. Ferrellgas has an immaterial amount of leases in which it is the lessor. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the lease commencement date. Ferrellgas determines the lease term by assuming the exercise of renewal options that are reasonably certain. The lease term is used to determine whether a lease is finance or operating and is used to calculate rent expense. Additionally, the depreciable life of leased assets and leasehold improvements is limited by the expected lease term. Operating lease balances are classified as operating lease ROU assets, and current and long-term operating lease liabilities on Ferrellgas’ condensed consolidated balance sheet. Ferrellgas has an immaterial amount of finance leases that are included in “Other assets, net”, “Other current liabilities”, and “Other liabilities” on its condensed consolidated balance sheet. ROU assets represent Ferrellgas’ right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of Ferrellgas’ leases do not provide an implicit discount rate, Ferrellgas uses its incremental borrowing rate adjusted for the lease term to represent the rate it would have to pay to borrow on a collateralized basis based on the information available at the commencement date in determining the present value of lease payments. Ferrellgas’ lease terms may include options to extend or terminate the lease and it will adjust the life of the lease when it is reasonably certain that it will exercise these options. Ferrellgas has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Ferrellgas has variable lease components, including lease payments with payment escalation based on the Consumer Price Index, and other variable items, such as common area maintenance and taxes. Key assumptions include the discount rate, the impact of purchase options and renewal options on Ferrellgas’ lease term, as well as the assessment of residual value guarantees. Ferrellgas’ transportation equipment leases generally have purchase options. However, in most circumstances Ferrellgas is not certain if it will exercise the purchase option at lease inception. As circumstances dictate, it may instead return the existing equipment to the lessor and sign a new lease. Ferrellgas’ transportation equipment leases often contain residual value guarantees, but they are not reflected in Ferrellgas’ lease liabilities as its lease rates are such that residual value guarantees are not expected to be owed at the end of its leases. Ferrellgas’ real estate leases will often have an option to extend the lease, but it is typically not reasonably certain of exercising options to extend. As customer demand changes over time, Ferrellgas typically maintains the ability to move to more advantageous locations, relocate to other leased and owned locations, or discontinue service from particular locations. The following table provides the operating and financing ROU assets and lease liabilities as of April 30, 2020: Leases Classification April 30, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 110,497 Financing lease assets Other assets, net 24,495 Total leased assets $ 134,992 Liabilities Current Operating Current operating lease liabilities $ 31,914 Financing Other current liabilities 4,574 Noncurrent Operating Operating lease liabilities 76,133 Financing Other liabilities 20,250 Total leased liabilities $ 132,871 The following table provides the lease expenses for the three and nine months ended April 30, 2020: For the three months ended April 30, For the nine months ended April 30, Leases expense Classification 2020 2020 Operating lease expense Operating expenses - personnel, vehicle, plant and other $ 1,946 $ 5,351 Operating expense - equipment lease expense 7,602 23,365 Cost of sales - propane and other gas liquids sales 370 1,083 General and administrative expense 528 1,491 Total operating lease expense $ 10,446 $ 31,290 Short-term expense Operating expenses - personnel, vehicle, plant and other $ 1,512 $ 5,478 General and administrative expense 123 374 Total short-term expense $ 1,635 $ 5,852 Variable lease expense Operating expenses - personnel, vehicle, plant and other $ 751 $ 2,097 Operating expense - equipment lease expense 473 1,359 Total variable lease expense $ 1,224 $ 3,456 Finance lease expense: Amortization of leased assets Depreciation and amortization expense $ 754 $ 1,229 Interest on lease liabilities Interest expense 183 543 Total finance lease expense $ 937 $ 1,772 Total lease expense $ 14,242 $ 42,370 Minimum annual payments under existing operating and finance lease liabilities as of April 30, 2020 are as follows: Maturities of lease liabilities Operating leases Finance leases Total $ 10,771 $ 1,445 $ 12,216 36,228 6,492 42,720 27,079 5,871 32,950 20,987 4,503 25,490 17,536 3,985 21,521 Thereafter 33,074 8,261 41,335 Total lease payments $ 145,675 $ 30,557 $ 176,232 Less: Imputed interest 37,628 5,733 43,361 Present value of lease liabilities $ 108,047 $ 24,824 $ 132,871 The following table represents the weighted-average remaining lease term and discount rate as of April 30, 2020: As of April 30, 2020 Lease type Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases Finance leases Cash flow information is presented below: For the three months ended April 30, For the nine months ended April 30, 2020 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 10,457 $ 32,104 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 183 $ 543 Financing cash flows $ 650 $ 944 |
Ferrellgas, L.P. [Member] | |
Leases | C. Leases Ferrellgas, L.P. determines if an arrangement is a lease or contains a lease at inception. Ferrellgas, L.P. leases certain transportation and computer equipment and real estate, predominantly through operating leases. Ferrellgas, L.P. has an immaterial amount of leases in which it is the lessor. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the lease commencement date. Ferrellgas, L.P. determines the lease term by assuming the exercise of renewal options that are reasonably certain. The lease term is used to determine whether a lease is finance or operating and is used to calculate rent expense. Additionally, the depreciable life of leased assets and leasehold improvements is limited by the expected lease term. Operating lease balances are classified as operating lease ROU assets, and current and long-term operating lease liabilities on Ferrellgas, L.P.’s condensed consolidated balance sheet. Ferrellgas, L.P. has an immaterial amount of finance leases that are included in “Other assets, net”, “Other current liabilities”, and “Other liabilities” on its condensed consolidated balance sheet. ROU assets represent Ferrellgas, L.P.’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of Ferrellgas, L.P.’s leases do not provide an implicit discount rate, Ferrellgas, L.P. uses its incremental borrowing rate adjusted for the lease term to represent the rate it would have to pay to borrow on a collateralized basis based on the information available at the commencement date in determining the present value of lease payments. Ferrellgas, L.P.’s lease terms may include options to extend or terminate the lease and it will adjust the life of the lease when it is reasonably certain that it will exercise these options. Ferrellgas, L.P. has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Ferrellgas, L.P. has variable lease components, including lease payments with payment escalation based on the Consumer Price Index, and other variable items, such as common area maintenance and taxes. Key assumptions include the discount rate, the impact of purchase options and renewal options on Ferrellgas, L.P.’s lease term, as well as the assessment of residual value guarantees. Ferrellgas, L.P.’s transportation equipment leases generally have purchase options. However, in most circumstances Ferrellgas, L.P. is not certain if it will exercise the purchase option at lease inception. As circumstances dictate, it may instead return the existing equipment to the lessor and sign a new lease. Ferrellgas, L.P.’s transportation equipment leases often contain residual value guarantees, but they are not reflected in Ferrellgas, L.P.’s lease liabilities as its lease rates are such that residual value guarantees are not expected to be owed at the end of its leases. Ferrellgas, L.P.’s real estate leases will often have an option to extend the lease, but it is typically not reasonably certain of exercising options to extend. As customer demand changes over time, Ferrellgas, L.P. typically maintains the ability to move to more advantageous locations, relocate to other leased and owned locations, or discontinue service from particular locations. The following table provides the operating and financing ROU assets and lease liabilities as of April 30, 2020: Leases Classification April 30, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 110,497 Financing lease assets Other assets, net 24,495 Total leased assets $ 134,992 Liabilities Current Operating Current operating lease liabilities $ 31,914 Financing Other current liabilities 4,574 Noncurrent Operating Operating lease liabilities 76,133 Financing Other liabilities 20,250 Total leased liabilities $ 132,871 The following table provides the lease expenses for the three and nine months ended April 30, 2020: For the three months ended April 30, For the nine months ended April 30, Leases expense Classification 2020 2020 Operating lease expense Operating expenses - personnel, vehicle, plant and other $ 1,946 $ 5,351 Operating expense - equipment lease expense 7,602 23,365 Cost of sales - propane and other gas liquids sales 370 1,083 General and administrative expense 528 1,491 Total operating lease expense $ 10,446 $ 31,290 Short-term expense Operating expenses - personnel, vehicle, plant and other $ 1,512 $ 5,478 General and administrative expense 123 374 Total short-term expense $ 1,635 $ 5,852 Variable lease expense Operating expenses - personnel, vehicle, plant and other $ 751 $ 2,097 Operating expense - equipment lease expense 473 1,359 Total variable lease expense $ 1,224 $ 3,456 Finance lease expense: Amortization of leased assets Depreciation and amortization expense $ 754 $ 1,229 Interest on lease liabilities Interest expense 183 543 Total finance lease expense $ 937 $ 1,772 Total lease expense $ 14,242 $ 42,370 Minimum annual payments under existing operating and finance lease liabilities as of April 30, 2020 are as follows: Maturities of lease liabilities Operating leases Finance leases Total $ 10,771 $ 1,445 $ 12,216 36,228 6,492 42,720 27,079 5,871 32,950 20,987 4,503 25,490 17,536 3,985 21,521 Thereafter 33,074 8,261 41,335 Total lease payments $ 145,675 $ 30,557 $ 176,232 Less: Imputed interest 37,628 5,733 43,361 Present value of lease liabilities $ 108,047 $ 24,824 $ 132,871 The following table represents the weighted-average remaining lease term and discount rate as of April 30, 2020: As of April 30, 2020 Lease type Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases Finance leases Cash flow information is presented below: For the three months ended April 30, For the nine months ended April 30, 2020 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 10,457 $ 32,104 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 183 $ 543 Financing cash flows $ 650 $ 944 |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 9 Months Ended |
Apr. 30, 2020 | |
Supplemental Financial Statement Information [Line Items] | |
Supplemental Financial Statement Information | D. Supplemental financial statement information Inventories consist of the following: April 30, 2020 July 31, 2019 Propane gas and related products $ 49,114 $ 66,001 Appliances, parts and supplies, and other 16,095 14,453 Inventories $ 65,209 $ 80,454 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, 2020, Ferrellgas had committed, for supply procurement purposes, to deliver approximately 1.9 million gallons of propane at fixed prices, net of contracts to take delivery. Prepaid expenses and other current assets consist of the following: April 30, 2020 July 31, 2019 Broker margin deposit assets $ 27,233 $ 25,028 Other 19,990 17,247 Prepaid expenses and other current assets $ 47,223 $ 42,275 Other assets, net consist of the following: April 30, 2020 July 31, 2019 Notes receivable, less current portion $ 8,760 $ 16,216 Other 78,712 52,889 Other assets, net $ 87,472 $ 69,105 Other current liabilities consist of the following: April 30, 2020 July 31, 2019 Accrued interest $ 53,192 $ 20,484 Customer deposits and advances 23,785 24,686 Accrued payroll 27,999 17,356 Accrued insurance 12,519 18,524 Price risk management liabilities 18,378 14,198 Other 38,950 42,989 Other current liabilities $ 174,823 $ 138,237 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, 2020 2019 2020 2019 Operating expense - personnel, vehicle, plant and other $ 54,664 $ 54,753 $ 167,666 $ 162,474 Depreciation and amortization expense 2,007 1,934 5,883 4,396 Operating expense - equipment lease expense 8,308 7,784 23,934 23,172 $ 64,979 $ 64,471 $ 197,483 $ 190,042 Cash and cash equivalents consist of the following: April 30, 2020 July 31, 2019 Cash and cash equivalents $ 177,529 $ 11,054 Restricted cash (1) 141,318 — Cash, cash equivalents and restricted cash $ 318,847 $ 11,054 (1) The $141.3 million of restricted cash includes $123.8 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.0 million of additional pledged collateral. For additional discussion see Note F – Debt. Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2020 2019 Cash paid for: Interest $ 96,418 $ 93,465 Income taxes $ 50 $ 21 Non-cash investing and financing activities: Liability incurred in connection with Term Loan amendment $ 8,863 $ — Liabilities incurred in connection with acquisitions $ — $ 1,174 Change in accruals for property, plant and equipment additions $ 486 $ 1,202 Right-of-use assets arising from operating and finance lease liabilities $ 42,042 $ — Currently Ferrellgas finances the production of delivery trucks and computer equipment, prior to leasing these items from third parties. The cash paid to finance this activity is reported in the statement of cash flows as “Cash payments to construct assets in connection with future lease transactions”. The cash received from lessors to purchase these items from Ferrellgas followed by entry into a lease transaction is reported in the statement of cash flows as “Cash receipts in connection with leased vehicles”. |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information [Line Items] | |
Supplemental Financial Statement Information | D. Supplemental financial statement information Inventories consist of the following: April 30, 2020 July 31, 2019 Propane gas and related products $ 49,114 $ 66,001 Appliances, parts and supplies, and other 16,095 14,453 Inventories $ 65,209 $ 80,454 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, 2020, Ferrellgas, L.P. had committed, for supply procurement purposes, to deliver approximately 1.9 million gallons of propane at fixed prices, net of contracts to take delivery. Prepaid expenses and other current assets consist of the following: April 30, 2020 July 31, 2019 Broker margin deposit assets $ 27,233 $ 25,028 Other 19,942 17,129 Prepaid expenses and other current assets $ 47,175 $ 42,157 Other assets, net consist of the following: April 30, 2020 July 31, 2019 Notes receivable, less current portion $ 8,760 $ 16,216 Other 78,712 52,889 Other assets, net $ 87,472 $ 69,105 Other current liabilities consist of the following: April 30, 2020 July 31, 2019 Accrued interest $ 41,560 $ 16,550 Customer deposits and advances 23,785 24,686 Accrued payroll 27,999 17,356 Accrued insurance 12,519 18,524 Price risk management liabilities 18,378 14,198 Other 38,950 42,989 Other current liabilities $ 163,191 $ 134,303 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, 2020 2019 2020 2019 Operating expense - personnel, vehicle, plant and other $ 54,664 $ 54,753 $ 167,666 $ 162,474 Depreciation and amortization expense 2,007 1,934 5,883 4,396 Operating expense - equipment lease expense 8,308 7,784 23,934 23,172 $ 64,979 $ 64,471 $ 197,483 $ 190,042 Cash and cash equivalents consist of the following: April 30, 2020 July 31, 2019 Cash and cash equivalents $ 177,519 $ 11,046 Restricted cash (1) 141,318 — Cash, cash equivalents and restricted cash $ 318,837 $ 11,046 (1) The $141.3 million of restricted cash includes $123.8 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.0 million of additional pledged collateral. For additional discussion see Note F – Debt. Certain cash flow and significant non-cash activities are presented below: For the nine months ended April 30, 2020 2019 Cash paid for: Interest $ 81,023 $ 78,069 Income taxes $ 1 $ (9) Non-cash investing and financing activities: Liability incurred in connection with Term Loan amendment $ 8,863 $ — Liabilities incurred in connection with acquisitions $ — $ 1,174 Change in accruals for property, plant and equipment additions $ 486 $ 1,202 Right-of-use assets arising from operating and finance lease liabilities $ 42,042 $ — Currently Ferrellgas, L.P. finances the production of delivery trucks and computer equipment, prior to leasing these items from third parties. The cash paid to finance this activity is reported in the statement of cash flows as “Cash payments to construct assets in connection with future lease transactions”. The cash received from lessors to purchase these items from Ferrellgas, L.P. followed by entry into a lease transaction is reported in the statement of cash flows as “Cash receipts in connection with leased vehicles”. |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 9 Months Ended |
Apr. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts and notes receivable, net and accounts receivable securitization | E. Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: April 30, 2020 July 31, 2019 Accounts receivable pledged as collateral $ 134,443 $ 106,145 Accounts receivable not pledged as collateral (including other reserves) 564 1,218 Note receivable 10,461 2,660 Other 37 36 Less: Allowance for doubtful accounts (2,553) (2,463) Accounts and notes receivable, net $ 142,952 $ 107,596 At April 30, 2020, $134.4 million of trade accounts receivable were pledged as collateral, but Ferrellgas had no outstanding collateralized notes payable due to a commercial paper conduit. At July 31, 2019, $106.1 million of trade accounts receivable were pledged as collateral against $62.0 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, 2020, Ferrellgas had received no cash proceeds from trade accounts receivables securitized, with $91.0 million remaining capacity to receive additional proceeds or issue letters of credit. As of July 31, 2019, Ferrellgas had received cash proceeds of $62.0 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 5.5% as of July 31, 2019. The agreement governing the accounts receivable securitization facility (the “Purchase Agreement”) requires the operating partnership to maintain a fixed charge coverage ratio of not less than 1.00x and a senior secured leverage ratio of not greater than 3.00x. The operating partnership was in compliance with these financial ratio requirements as of April 30, 2020. However, if at any time the operating partnership is not in compliance with these financial ratio requirements, Ferrellgas will be unable to access the facility for working capital or other cash requirements and the facility may be terminated. On April 10, 2020, the operating partnership entered into a ninth amendment to the Purchase Agreement, which amended and restated the amortization event related to the senior secured leverage ratio of the operating partnership and the definition of “Consolidated Total Secured Debt” in the Purchase Agreement to, among other matters, provide that obligations with respect to cash collateralized letters of credit are excluded from Consolidated Total Secured Debt and, therefore, from the calculation of the senior secured leverage ratio, beginning with the fiscal quarter ended January 31, 2020. The ninth amendment also amended the Purchase Agreement to (i) increase the interest rate applicable margin by 0.5% to 2.5% (or 4.5% while an amortization event under the Purchase Agreement exists) and (ii) increase the interest rate floors for the alternate base rate and LIBOR from 0.0% to 1.0%. This facility matures in May 2021 and includes an option, at Ferrellgas’ request and consent, for the purchasers in their sole discretion to extend the facility for up to an additional three years. |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts and notes receivable, net and accounts receivable securitization | E. Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: April 30, 2020 July 31, 2019 Accounts receivable pledged as collateral $ 134,443 $ 106,145 Accounts receivable not pledged as collateral (including other reserves) 564 1,218 Note receivable 10,461 2,660 Other 37 36 Less: Allowance for doubtful accounts (2,553) (2,463) Accounts and notes receivable, net $ 142,952 $ 107,596 At April 30, 2020, $134.4 million of trade accounts receivable were pledged as collateral, but Ferrellgas, L.P. had no outstanding collateralized notes payable due to a commercial paper conduit. At July 31, 2019, $106.1 million of trade accounts receivable were pledged as collateral against $62.0 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, 2020, Ferrellgas, L.P. had received no cash proceeds from trade accounts receivables securitized, with $91.0 million remaining capacity to receive additional proceeds or issue letters of credit. As of July 31, 2019, Ferrellgas, L.P. had received cash proceeds of $62.0 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 5.5% as of July 31, 2019. The agreement governing the accounts receivable securitization facility (the “Purchase Agreement”) requires Ferrellgas, L.P. to maintain a fixed charge coverage ratio of not less than 1.00x and a senior secured leverage ratio of not greater than 3.00x. Ferrellgas, L.P. was in compliance with these financial ratio requirements as of April 30, 2020. However, if at any time Ferrellgas, L.P. is not in compliance with these financial ratio requirements, Ferrellgas, L.P. will be unable to access the facility for working capital or other cash requirements and the facility may be terminated. On April 10, 2020, Ferrellgas, L.P. entered into a ninth amendment to the Purchase Agreement, which amended and restated the amortization event related to the senior secured leverage ratio of Ferrellgas, L.P. and the definition of “Consolidated Total Secured Debt” in the Purchase Agreement to, among other matters, provide that obligations with respect to cash collateralized letters of credit are excluded from Consolidated Total Secured Debt and, therefore, from the calculation of the senior secured leverage ratio, beginning with the fiscal quarter ended January 31, 2020. The ninth amendment also amended the Purchase Agreement to (i) increase the interest rate applicable margin by 0.5% to 2.5% (or 4.5% while an amortization event under the Purchase Agreement exists) and (ii) increase the interest rate floors for the alternate base rate and LIBOR from 0.0% to 1.0%. This facility matures in May 2021 and includes an option, at Ferrellgas, L.P.’s request and consent, for the purchasers in their sole discretion to extend the facility for up to an additional three years. |
Debt
Debt | 9 Months Ended |
Apr. 30, 2020 | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | F . Debt Short-term borrowings Prior to April 30, 2020, Ferrellgas classified borrowings on the Revolving Facility portion of its Senior Secured Credit Facility (each, as defined below) as short-term because they were primarily used to fund working capital needs that management intended to pay down within the twelve month period following the balance sheet date. During the quarter ended April 30, 2020, Ferrellgas repaid all of the outstanding borrowings under its Senior Secured Credit Facility and terminated that facility, as discussed below. Accordingly, as of April 30, 2020, no amounts were classified as short-term borrowings. As of July 31, 2019, $43.0 million was classified as short-term borrowings. For further discussion see the “Senior secured notes due 2025 and senior secured credit facility” section below. Long-term debt Long-term debt consists of the following: April 30, 2020 July 31, 2019 Unsecured senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (2) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $1,107 and $1,633 at April 30, 2020 and July 31, 2019, respectively (3) 476,107 476,633 Fixed rate, 8.625%, due 2020, net of unamortized discount of $0 and $1,319 at April 30, 2020 and July 31, 2019, respectively (4) 357,000 355,681 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,719 at April 30, 2020 (5) 703,719 — Senior secured term loan Variable interest rate, Term Loan (6) — 275,000 Notes payable 9.5% and 10.7% weighted average interest rate at April 30, 2020 and July 31, 2019, respectively, due 2020 to 2029, net of unamortized discount of $483 and $711 at April 30, 2020 and July 31, 2019, respectively 4,552 5,962 Total debt, excluding unamortized debt issuance and other costs 2,541,378 2,113,276 Add: unamortized debt issuance and other costs 36,284 24,516 Less: current portion of long-term debt 359,050 631,756 Long-term debt $ 2,146,044 $ 1,457,004 (1) During November 2010, the operating partnership issued $500.0 million in aggregate principal amount of 6.50% senior notes due 2021. These notes are general unsecured senior obligations of the operating partnership and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021. (2) During June 2015, the operating partnership issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023. These notes are general unsecured senior obligations of the operating partnership and certain subsidiaries and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership and such subsidiaries, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of any subsidiary of the operating partnership that is not a guarantor of these notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. The operating partnership would incur prepayment penalties if it were to repay the notes prior to June 15, 2021. (3) During fiscal 2014, the operating partnership issued $475.0 million in aggregate principal amount of 6.75% senior notes due 2022, $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. These notes are general unsecured senior obligations of the operating partnership and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. The outstanding principal amount is due on January 15, 2022. (4) During January 2017, Ferrellgas Partners issued $175.0 million in aggregate principal amount of additional 8.625% unsecured senior notes due 2020, issued at 96% of par. Ferrellgas Partners contributed the net proceeds from the offering of approximately $166.1 million to the operating partnership, which used such amounts to repay borrowings under its previous senior secured credit facility. During April 2010, Ferrellgas Partners issued $280.0 million of these notes. During March 2011, Ferrellgas Partners redeemed $98.0 million of these notes. These notes are general unsecured senior obligations of Ferrellgas Partners and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas Partners, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership and its subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2020. (5) During April 2020, the operating partnership issued $700.0 million in aggregate principal amount of 10.00% senior secured first lien notes due 2025, $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. These notes are senior secured obligations of the operating partnership and the guarantors of such notes, including Ferrellgas Partners, the general partners of the operating partnership and certain subsidiaries of the operating partnership, and are (i) effectively senior to all existing senior unsecured indebtedness of the operating partnership and the guarantors, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas Receivables, LLC, a special purpose subsidiary that does not guarantee the notes. The senior notes bear interest from the date of issuance, payable semiannually in arrears on April 15 and October 15 of each year. The operating partnership would incur prepayment penalties if it were to repay the notes prior to April 15, 2024. The outstanding principal amount is due on April 15, 2025. (6) During April 2020, the operating partnership used a portion of the net proceeds from the offering of its senior secured first lien notes due 2025 to (i) repay all $283.9 million of outstanding borrowings under its Senior Secured Credit Facility, together with $3.1 million of accrued interest and a $17.5 million prepayment premium, (ii) cash collateralize all of the letters of credit outstanding under its Senior Secured Credit Facility and (iii) make a cash deposit of $11.5 million with the administrative agent under its Senior Secured Credit Facility, after which the facility was terminated. This repayment also resulted in $19.9 million of non-cash write-offs of capitalized debt costs. The prepayment premium payments and the non-cash write-offs of capitalized debt costs are classified as loss on extinguishment of debt on the condensed consolidated statement of operations. The scheduled principal payments on long-term debt are as follows: Scheduled Payment due by fiscal year principal payments 2020 $ 357,425 2021 501,975 2022 476,315 2023 500,879 2024 209 Thereafter 700,232 Total $ 2,537,035 Senior secured notes due 2025 and senior secured credit facility On April 16, 2020, the operating partnership issued $700.0 million in aggregate principal amount of 10.00% senior secured first lien notes due 2025, as discussed above. Ferrellgas utilized a portion of the net proceeds of that offering to repay all $283.9 million of the outstanding borrowings under its Senior Secured Credit Facility, together with $3.1 million of accrued interest and a $17.5 million prepayment premium and terminated that facility. Additionally, Ferrellgas used a portion of the net proceeds from that offering to cash collateralize all of the letters of credit outstanding under the Senior Secured Credit Facility and to make a cash deposit of $11.5 million with the administrative agent under the Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility. To the extent the cash deposit is not used to pay any such contingent obligations, it will be returned to the operating partnership in certain circumstances. The operating partnership intends to use the remaining net proceeds for general corporate purposes. As of April 30, 2020, as discussed above, the operating partnership had previously terminated its Senior Secured Credit Facility. As of July 31, 2019, the operating partnership had outstanding borrowings under its Senior Secured Credit Facility of $275.0 million under the term loan (the “Term Loan”) at an interest rate of 8.16%, which was then classified as current, and $43.0 million under the revolving line of credit (the “Revolving Facility”) at an interest rate of 9.47%, which was classified as short-term borrowings. As of July 31, 2019, the operating partnership had available borrowing capacity under the Revolving Facility of $155.1 million. Letters of credit outstanding at April 30, 2020 and July 31, 2019 totaled $120.2 million and $101.9 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At April 30, 2020, due to the termination of the Senior Secured Credit Facility, Ferrellgas did not have in place a credit facility providing for the issuance of letters of credit and had $123.8 million of restricted cash pledged as cash collateral for letters of credit outstanding. At July 31, 2019, Ferrellgas had remaining available letter of credit capacity under the Senior Secured Credit Facility of $23.1 million. Financial covenants The indenture governing the outstanding notes of Ferrellgas Partners and the indentures governing the outstanding notes of the operating partnership contain various covenants that limit Ferrellgas Partners’ ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants are the restricted payments covenants discussed below. Ferrellgas Partners, L.P., the master limited partnership The indenture governing the outstanding notes of Ferrellgas Partners due June 15, 2020 contains a covenant that restricts the ability of Ferrellgas Partners to make certain restricted payments, including distributions on its common units. Under this covenant, subject to the limited exception described below, Ferrellgas Partners may not make a restricted payment unless its consolidated fixed charge coverage ratio (defined in the indenture generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated interest expense, both as adjusted for certain, specified items) is at least 1.75x, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. As of April 30, 2020 , Ferrellgas Partners’ consolidated fixed charge coverage ratio was 1.35x. If the consolidated fixed charge coverage ratio is below 1.75x, Ferrellgas Partners may make restricted payments of up to $50.0 million in total over a sixteen quarter period. As a result of distributions paid to common unitholders in September 2017, December 2017, March 2018, June 2018, and September 2018, while this ratio was less than 1.75x, Ferrellgas Partners has used substantially all of its capacity under the limited exception and therefore is currently restricted by this covenant from making future restricted payments, including distributions to common unitholders. Accordingly, no distributions have been or will be paid to common unitholders for the three months ended April 30, 2020, and the general partner expects that this covenant will continue to prohibit Ferrellgas Partners from making common unit distributions, unless and until the outstanding notes of Ferrellgas Partners due 2020 are restructured, refinanced or otherwise satisfied. Ferrellgas, L.P., the operating partnership Similar to the indenture governing the outstanding notes of Ferrellgas Partners, the indentures governing the outstanding notes of the operating partnership contain covenants that restrict the ability of the operating partnership to make certain restricted payments, including distributions to Ferrellgas Partners. Under these covenants, in the indentures governing the operating partnership’s unsecured notes, subject to the limited exceptions described below, the operating partnership may not make a restricted payment unless its consolidated fixed charge coverage ratio (defined in the indentures generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated interest expense, both as adjusted for certain, specified items) is at least 1.75x on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. As of April 30, 2020, the operating partnership’s consolidated fixed charge coverage ratio was 1.67x. Under the covenants in the indentures governing the operating partnership’s unsecured notes, i f the consolidated fixed charge coverage ratio is below 1.75x, the operating partnership may still make restricted payments in limited amounts determined under the indentures governing the operating partnership’s notes. The distributions made by the operating partnership on June 15, 2019 and December 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due June 2020 were made from capacity under the limited exception to the ratio requirement under the indentures governing the operating partnership’s unsecured notes. The indenture governing the operating partnership’s senior secured first lien notes due 2025 contains a similar but, in some respects, a different restricted payments covenant. The covenant in the secured notes indenture provides for the same 1.75x consolidated fixed charge coverage ratio test as the unsecured notes indentures and a limited exception when that ratio is below 1.75x. In addition, the secured notes indenture also provides that, subject to a separate limited exception, described below, the operating partnership generally may not make a restricted payment unless the operating partnership’s consolidated leverage ratio (defined in the secured notes indenture generally to mean the ratio of consolidated total debt to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is no greater than 5.5x, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. The consolidated leverage ratio test applies regardless of whether the operating partnership’s consolidated fixed coverage ratio is at least 1.75x or below 1.75x. As of April 30, 2020, the operating partnership’s consolidated leverage ratio was substantially in excess of 5.5x. Additionally, the secured notes indenture provides for restricted payments under its limited exception to the consolidated fixed charge coverage ratio test that is less than the capacity available under the similar exception in the unsecured notes indentures. However, the secured notes indenture contains a separate exception to both the consolidated fixed charge coverage ratio test and the consolidated leverage ratio test that can be utilized to make certain specified restricted payments in a limited amount when the operating partnership does not meet either the consolidated fixed charge coverage ratio test or the consolidated leverage ratio test. This separate exception under the secured notes indenture currently has capacity for such specified restricted payments that is substantially the same as the capacity under the most restrictive of the operating partnership’s unsecured notes indentures. As described abov e, Ferrellgas Partners’ unsecured notes due 2020 mature on June 15, 2020, and the outstanding principal amount of those notes is due to be paid on that date, together with accrued interest to the maturity date. Although the operating partnership has some capacity to make distributions under the operating partnership’s unsecured and secured notes indentures, this capacity will not allow the operating partnership to make distributions to Ferrellgas Partners sufficient to pay the principal of and accrued interest on Ferrellgas Partners’ unsecured senior notes due 2020 due at the maturity of those notes. Additionally, the restrictions in these indentures currently limit the ability of the operating partnership to make distributions to Ferrellgas Partners to enable it to pay cash distributions to its unitholders. Debt and interest expense reduction strategy Ferrellgas continues to pursue a strategy to further reduce its debt and interest expense. Additional o pportunities include the generation of additional cash flows through accretive acquisitions, continued restructuring or refinancing of existing indebtedness, selling additional assets, maintaining the suspension of Ferrellgas’ common unit distributions, issuing equity or executing one or more debt exchanges. Ferrellgas expects to maintain its debt and interest expense reduction strategy until its consolidated leverage ratio reaches a level that it deems appropriate for its business. During fiscal 2019, Ferrellgas engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist us in our ongoing process to address our upcoming debt maturities . |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | F. Debt Short-term borrowings Prior to April 30, 2020, Ferrellgas, L.P. classified borrowings on the Revolving Facility portion of its Senior Secured Credit Facility (each, as defined below) as short-term because they were primarily used to fund working capital needs that management intended to pay down within the twelve month period following the balance sheet date. During the quarter ended April 30, 2020, Ferrellgas repaid all of the outstanding borrowings under its Senior Secured Credit Facility and terminated that facility, as discussed below. Accordingly, as of April 30, 2020, no amounts were classified as short-term borrowings. As of July 31, 2019, $43.0 million was classified as short-term borrowings. For further discussion see the “Senior secured notes due 2025 and senior secured credit facility” section below. Long-term debt Long-term debt consists of the following: April 30, 2020 July 31, 2019 Unsecured senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (2) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $1,107 and $1,633 at April 30, 2020 and July 31, 2019, respectively (3) 476,107 476,633 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,719 at April 30, 2020 (4) 703,719 — Senior secured term loan Variable interest rate, Term Loan (5) — 275,000 Notes payable 9.5% and 10.7% weighted average interest rate at April 30, 2020 and July 31, 2019, respectively, due 2020 to 2029, net of unamortized discount of $483 and $711 at April 30, 2020 and July 31, 2019, respectively 4,552 5,962 Total debt, excluding unamortized debt issuance and other costs 2,184,378 1,757,595 Add: unamortized debt issuance and other costs 36,284 23,562 Less: current portion of long-term debt 2,050 277,029 Long-term debt $ 2,146,044 $ 1,457,004 (1) During November 2010, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of 6.50% senior notes due 2021.These notes are general unsecured senior obligations of Ferrellgas, L.P. and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the Ferrellgas, L.P.’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021. (2) During June 2015, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023. These notes are general unsecured senior obligations of Ferrellgas, L.P. and certain subsidiaries and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P. and such subsidiaries, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of any subsidiary of Ferrellgas, L.P. that is not a guarantor of these notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to June 15, 2021. (3) During fiscal 2014 , Ferrellgas, L.P. issued $475.0 million in aggregate principal amount of 6.75% senior notes due 2022, $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. These notes are general unsecured senior obligations of Ferrellgas, L.P. and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas, L.P.’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. The outstanding principal amount is due on January 15, 2022. (4) During April 2020, Ferrellgas, L.P. issued $700.0 million in aggregate principal amount of 10.00% senior secured first lien notes due 2025, $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. These notes are senior secured obligations of Ferrellgas, L.P. and the guarantors of such notes, including Ferrellgas Partners, the general partners of Ferrellgas, L.P. and certain subsidiaries, and are (i) effectively senior to all existing senior unsecured indebtedness of Ferrellgas, L.P. and the guarantors, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas Receivables, LLC, a special purpose subsidiary that does not guarantee the notes. The senior notes bear interest from the date of issuance, payable semiannually in arrears on April 15 and October 15 of each year. The operating partnership would incur prepayment penalties if it were to repay the notes prior to April 15, 2024. The outstanding principal amount is due on April 15, 2025. (5) During April 2020, Ferrellgas, L.P. used a portion of the net proceeds from the offering of its senior secured first lien notes due 2025 to (i) repay all $283.9 million of outstanding borrowings under its Senior Secured Credit Facility, together with $3.1 million of accrued interest and a $17.5 million prepayment premium, (ii) cash collateralize all of the letters of credit outstanding under its Senior Secured Credit Facility and (iii) make a cash deposit of $11.5 million with the administrative agent under its Senior Secured Credit Facility, after which the facility was terminated. This repayment also resulted in $19.9 million of non-cash write-offs of capitalized debt costs. The prepayment premium payments and the non-cash write-offs of capitalized debt costs are classified as loss on extinguishment of debt on the condensed consolidated statement of operations. The scheduled principal payments on long-term debt are as follows: Payment due by fiscal year Scheduled 2020 $ 425 2021 501,975 2022 476,315 2023 500,879 2024 209 Thereafter 700,232 Total $ 2,180,035 Senior secured notes due 2025 and senior secured credit facility On April 16, 2020, Ferrellgas, L.P. issued $700.0 million in aggregate principal amount of 10.00% senior secured first lien notes due 2025, as discussed above. Ferrellgas, L.P. utilized a portion of the net proceeds of that offering to repay all $283.9 million of the outstanding borrowings under its Senior Secured Credit Facility, together with $3.1 million of accrued interest and a $17.5 million prepayment premium and terminated that facility. Additionally, Ferrellgas, L.P. used a portion of the net proceeds from that offering to cash collateralize all of the letters of credit outstanding under the Senior Secured Credit Facility and to make a cash deposit of $11.5 million with the administrative agent under the Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility. To the extent the cash deposit is not used to pay any such contingent obligations, it will be returned to Ferrellgas, L.P. in certain circumstances. Ferrellgas, L.P. intends to use the remaining net proceeds for general corporate purposes. As of April 30, 2020, as discussed above, Ferrellgas, L.P. had previously terminated its Senior Secured Credit Facility. As of July 31, 2019, Ferrellgas, L.P. had outstanding borrowings under its Senior Secured Credit Facility of $275.0 million under the term loan (the “Term Loan”) at an interest rate of 8.16%, which was then classified as current, and $43.0 million under the revolving line of credit (the “Revolving Facility”) at an interest rate of 9.47%, which was classified as short-term borrowings. As of July 31, 2019, Ferrellgas, L.P. had available borrowing capacity under the Revolving Facility of $155.1 million. Letters of credit outstanding at April 30, 2020 and July 31, 2019 totaled $120.2 million and $101.9 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At April 30, 2020, due to the termination of the Senior Secured Credit Facility Ferrellgas, L.P. did not have in place a credit facility providing for the issuance of letters of credit and had $123.8 million of restricted cash pledged as cash collateral for letters of credit outstanding. At July 31, 2019, Ferrellgas, L.P. had remaining available letter of credit capacity under the Senior Secured Credit Facility of $23.1 million. Financial covenants The indenture governing the outstanding notes of Ferrellgas Partners and the indentures governing the outstanding notes of Ferrellgas, L.P. contain various covenants that limit Ferrellgas Partners’ ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants are the restricted payments covenants discussed below. Similar to the indenture governing the outstanding notes of Ferrellgas Partners, the indentures governing the outstanding notes of Ferrellgas, L.P. contain covenants that restrict the ability of Ferrellgas, L.P. to make certain restricted payments, including distributions to Ferrellgas Partners. Under these covenants in the indentures governing Ferrellgas, L.P.’s unsecured notes, subject to the limited exceptions described below, Ferrellgas, L.P. may not make a restricted payment unless its consolidated fixed charge coverage ratio (defined in the indentures generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated interest expense, both as adjusted for certain, specified items) is at least 1.75x , on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. As of April 30, 2020, Ferrellgas, L.P.’s consolidated fixed charge coverage ratio was 1.67x. Under the covenants in the indentures governing Ferrellgas, L.P.’s unsecured notes, if the consolidated fixed charge coverage ratio is below 1.75x, Ferrellgas, L.P. may still make restricted payments in limited amounts determined under the indentures governing Ferrellgas, L.P.’s notes. The distributions made by Ferrellgas, L.P. on June 15, 2019 and December 15, 2019 for payment of interest on Ferrellgas Partners’ unsecured senior notes due June 2020 were made from capacity under the limited exception to the ratio requirement under the indentures governing Ferrellgas, L.P.’s unsecured notes. The indenture governing Ferrellgas, L.P.’s senior secured first lien notes due 2025 contains a similar but, in some respects, a different restricted payments covenant. The covenant in the secured notes indenture provides for the same 1.75x consolidated fixed charge coverage ratio test as the unsecured notes indentures and a limited exception when that ratio is below 1.75x. In addition, the secured notes indenture also provides that, subject to a separate limited exception, described below, Ferrellgas, L.P. generally may not make a restricted payment unless Ferrellgas, L.P.’s consolidated leverage ratio (defined in the secured notes indenture generally to mean the ratio of consolidated total debt to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is no greater than 5.5x, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. The consolidated leverage ratio test applies regardless of whether Ferrellgas, L.P.’s consolidated fixed coverage ratio is at least 1.75x or below 1.75x. As of April 30, 2020, Ferrellgas, L.P.’s consolidated leverage ratio was substantially in excess of 5.5x. Additionally, the secured notes indenture provides for restricted payments under its limited exception to the consolidated fixed charge coverage ratio test that is less than the capacity available under the similar exception in the unsecured notes indentures. However, the secured notes indenture contains a separate exception to both the consolidated fixed charge coverage ratio test and the consolidated leverage ratio test that can be utilized to make certain specified restricted payments in a limited amount when Ferrellgas, L.P. does not meet either the consolidated fixed charge coverage ratio test or the consolidated leverage ratio test. This separate exception under the secured notes indenture currently has capacity for such specified restricted payments that is substantially the same as the capacity under the most restrictive of Ferrellgas, L.P.’s unsecured notes indentures. As described above, Ferrellgas Partners’ unsecured notes due 2020 mature on June 15, 2020, and the outstanding principal amount of those notes is due to be paid on that date, together with accrued interest to the maturity date. Although Ferrellgas, L.P. has some capacity to make distributions under Ferrellgas, L.P.’s unsecured and secured notes indentures, this capacity will not allow Ferrellgas, L.P. to make distributions to Ferrellgas Partners sufficient to pay the principal of and accrued interest on Ferrellgas Partners’ unsecured senior notes due 2020 due at the maturity of those notes. Additionally, the restrictions in these indentures currently limit the ability of Ferrellgas, L.P. to make distributions to Ferrellgas Partners to enable it to pay cash distributions to its unitholders. Debt and interest expense reduction strategy Ferrellgas, L.P. continues to pursue a strategy to further reduce its debt and interest expense. Additional o pportunities include the generation of additional cash flows through accretive acquisitions, continued restructuring or refinancing of existing indebtedness, selling additional assets, maintaining the suspension of Ferrellgas Partners’ common unit distributions, issuing equity or executing one or more debt exchanges. Ferrellgas, L.P. expects to maintain its debt and interest expense reduction strategy until the consolidated leverage ratio reaches a level that it deems appropriate for its business. During fiscal 2019, Ferrellgas, L.P. engaged Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist with its ongoing process to address its upcoming debt maturities. |
Partners' deficit
Partners' deficit | 9 Months Ended |
Apr. 30, 2020 | |
Limited Partners' Capital Account [Line Items] | |
Partners' deficit | G. Partners’ deficit Ferrellgas Partners limited partner units, which are traded on the OTC Pink Market under the symbol “FGPR” as of April 30, 2020 and were listed on the New York Stock Exchange under the symbol “FGP,” as of July 31, 2019, were beneficially owned by the following: April 30, 2020 July 31, 2019 Public common unitholders (1) 69,612,939 69,612,939 Ferrell Companies (2) 22,529,361 22,529,361 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) 4,763,475 4,763,475 (1) These common units are traded on the OTC Pink Market under the symbol “FGPR” as of April 30, 2020. As of July 31, 2019 these common units were listed on the New York Stock Exchange under the symbol “FGP”. (2) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners’ common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies’ beneficial ownership to 23.4% at April 30, 2020. (3) FCI Trading is an affiliate of the general partner and thus a related party. (4) Ferrell Propane is controlled by the general partner and thus a related party. (5) James E. Ferrell is the Interim Chief Executive Officer and President of our general partner; and is the Chairman of the Board of Directors of our general partner and a related party. JEF Capital Management owns 4,758,859 of these common units and is owned by the James E. Ferrell Revocable Trust Two and other family trusts, all of which James E. Ferrell and/or his family members or their related entities are the trustees and beneficiaries. James E. Ferrell holds all voting common stock of JEF Capital Management. The remaining 4,616 common units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. Partnership distributions Ferrellgas Partners has recognized the following distributions: For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Public common unitholders $ — $ — $ — $ 6,962 Ferrell Companies — — — 2,253 FCI Trading Corp. — — — 20 Ferrell Propane, Inc. — — — 5 James E. Ferrell — — — 476 General partner — — — 98 $ — $ — $ — $ 9,814 Ferrellgas Partners paid cash distributions as detailed in the table above. Ferrellgas Partners did not declare a cash distribution related to the nine months ended April 30, 2020. Ferrellgas has not paid any cash distributions to our unitholders since the distribution paid in the first quarter of fiscal 2019 for the three months ended July 31, 2018. As discussed in Note F – Debt, Ferrellgas Partners was not permitted, pursuant to the consolidated fixed charge coverage ratio under its note indenture, to make restricted payments, including distributions to unitholders. See additional discussions about transactions with related parties in Note K – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note J – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2020 and 2019. General partner’s commitment to maintain its capital account Ferrellgas’ partnership agreements allow Ferrellgas, Inc. 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, 2020, Ferrellgas, Inc. made non-cash contributions of $44 thousand to Ferrellgas to maintain its effective 2% general partner interest. During the nine months ended April 30, 2019, Ferrellgas, Inc. made non-cash contributions of $0.1 million to Ferrellgas to maintain its effective 2% general partner interest. |
Ferrellgas, L.P. [Member] | |
Limited Partners' Capital Account [Line Items] | |
Partners' deficit | G. Partners’ deficit Partnership distributions Ferrellgas, L.P. has recognized the following distributions: For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Ferrellgas Partners $ — $ — $ 15,496 $ 25,310 General partner — — 158 258 — — $ 15,654 $ 25,568 See additional discussions about transactions with related parties in Note K – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note J – Derivative instruments and hedging activities for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2020 and 2019. General partner’s commitment to maintain its capital account Ferrellgas, L.P.’s partnership agreement allows Ferrellgas, Inc. 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, 2020, Ferrellgas, Inc. made non-cash contributions of $22 thousand to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During the nine months ended April 30, 2019, Ferrellgas, Inc. made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. |
Revenue from contracts with cus
Revenue from contracts with customers | 9 Months Ended |
Apr. 30, 2020 | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer [Text Block] | H. Revenue from contracts with customers Ferrellgas earns revenue from contracts with customers primarily through the distribution of propane, as well as through the sale of propane related equipment and supplies. Revenues from propane and other gas liquids sales are comprised of revenue earned from the delivery of propane to tanks on customers’ premises, from the delivery of propane filled cylinders to customers, or from the sale of portable propane tanks to nationwide and local retailers and end use customers. Other revenues primarily include sales of appliances and other materials as well as other fees charged to customers. Contracts with customers Ferrellgas’ contracts with customers are principally for the bulk delivery of propane to tanks, delivery of propane filled cylinders or the delivery of portable propane tanks to retailers. Ferrellgas sells propane to a wide variety of customers, including residential, industrial/commercial, portable tank exchange, agricultural, wholesale and others. Ferrellgas’ performance obligations in these contracts are generally limited to the delivery of propane, and therefore revenues from these contracts are earned at the time product is delivered, or in the case of some of Ferrellgas’ portable tank exchange retailers who have consignment agreements, at the time the tanks are sold to the end use customer. Payment is generally due within 30 days. Revenues from sales of propane are included in Propane and other gas liquids sales on the consolidated statements of operations. Typically, Ferrellgas bills customers upon delivery and payment is generally due within 30 days. With its residential customers, Ferrellgas offers customers the ability to spread their annual heating costs over a longer period, typically twelve months. Customers who opt to spread their heating costs over a longer period are referred to as “even-pay” customers. Ferrellgas charges other amounts to customers associated with the delivery of propane including hazardous materials fees and fuel surcharge fees. In some regions, Ferrellgas also sells appliances and related parts and fittings as well as other retail propane related services. Ferrellgas charges on an annual basis tank and equipment rental charges for customers that are using our equipment to store propane. Other revenues associated with deliveries of propane are earned at the time product is delivered. Revenues associated with sales of appliances and other materials or services are earned at the time of delivery or installation. Revenues associated with tank and equipment rentals are generally recognized on a straight-line basis over one year. Accounting estimates related to recognition of revenue require that Ferrellgas make estimates and assumptions about various factors including credits issued for completed sales, future returns and total consideration payable in instances where we have customer incentives payable to the customer. Disaggregation of revenue Ferrellgas disaggregates revenues based upon the type of customer and on the type of revenue. The following table presents retail propane revenues, wholesale propane revenues and other revenues. Retail revenues result from sales to end use customers, wholesale revenues result from sales to or through resellers and all other revenues include sales of appliances and other materials, other fees charged to customers and equipment rental charges. For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Retail - Sales to End Users $ 286,163 $ 350,151 $ 840,649 $ 983,742 Wholesale - Sales to Resellers 103,686 99,311 291,445 308,646 Other Gas Sales 1,896 10,094 18,283 52,246 Other 20,385 20,069 65,800 60,677 Propane and related equipment revenues $ 412,130 $ 479,625 $ 1,216,177 $ 1,405,311 Contract assets and liabilities Ferrellgas’ performance obligations are generally limited to the delivery of propane for our retail and wholesale contracts. Ferrellgas’ performance obligations with respect to sales of appliances and other materials and other revenues are limited to the delivery of the agreed upon good or service. Ferrellgas does not have material performance obligations that are delivered over time, thus all of our revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas offers “even pay” billing programs that can create customer deposits or advances, depending on whether Ferrellgas has delivered more propane than the customer has paid for or whether the customer has paid for more propane than what has been delivered. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. The advance or deposit is considered to be a contract asset or liability. Additionally, from time to time, we have customers that pay in advance for goods or services, and such amounts result in contract liabilities. Ferrellgas incurs incremental commissions directly related to the acquisition or renewal of customer contracts. The commissions are calculated and paid based upon the number of gallons sold to the acquired or renewed customer. The total amount of commissions that we incur is not material, and the commissions are expensed commensurate with the deliveries to which they relate; therefore, Ferrellgas does not capitalize these costs. The following table presents Ferrellgas Partners’ receivables, contract assets, and contract liabilities: April 30, 2020 July 31, 2019 Accounts receivable $ 129,704 $ 96,450 Contract assets $ 15,801 $ 13,609 Contract liabilities Deferred revenue (1) $ 32,149 $ 31,974 (1) Of the beginning balance of deferred revenue, $24.6 million was recognized as revenue during the nine months ended April 30, 2020. Remaining performance obligations Ferrellgas’ remaining performance obligations are generally limited to situations where its customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in Ferrellgas’ even pay billing programs and Ferrellgas expects that these balances will be recognized within a year or less as the customer takes delivery of propane. |
Ferrellgas, L.P. [Member] | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer [Text Block] | H. Revenue from contracts with customers Ferrellgas, L.P. earns revenue from contracts with customers primarily through the distribution of propane, as well as through the sale of propane related equipment and supplies. Revenues from propane and other gas liquids sales are comprised of revenue earned from the delivery of propane to tanks on customers’ premises, from the delivery of propane filled cylinders to customers, or from the sale of portable propane tanks to nationwide and local retailers and end use customers. Other revenues primarily include sales of appliances and other materials as well as other fees charged to customers. Contracts with customers Ferrellgas, L.P.’s contracts with customers are principally for the bulk delivery of propane to tanks, delivery of propane filled cylinders or the delivery of portable propane tanks to retailers. Ferrellgas, L.P. sells propane to a wide variety of customers, including residential, industrial/commercial, portable tank exchange, agricultural, wholesale and others. Ferrellgas, L.P.’s performance obligations in these contracts are generally limited to the delivery of propane, and therefore revenues from these contracts are earned at the time product is delivered or in the case of some of Ferrellgas, L.P.’s portable tank exchange retailers who have consignment agreements, at the time the tanks are sold to the end use customer. Payment is generally due within 30 days. Revenues from sales of propane are included in Propane and other gas liquids sales on the consolidated statements of operations. Typically, Ferrellgas, L.P. bills customers upon delivery and payment is generally due within 30 days. With its residential customers, Ferrellgas, L.P offers customers the ability to spread their annual heating costs over a longer period, typically twelve months. Customers who opt to spread their heating costs over a longer period are referred to as “even-pay” customers. Ferrellgas, L.P. charges other amounts to customers associated with the delivery of propane including hazardous materials fees and fuel surcharge fees. In some regions, Ferrellgas, L.P. also sells appliances and related parts and fittings as well as other retail propane related services. Ferrellgas, L.P. charges on an annual basis tank and equipment rental charges for customers that are using our equipment to store propane. Other revenues associated with deliveries of propane are earned at the time product is delivered. Revenues associated with sales of appliances and other materials or services are earned at the time of delivery or installation. Revenues associated with tank and equipment rentals are generally recognized on a straight-line basis over one year. Accounting estimates related to recognition of revenue require that Ferrellgas, L.P. make estimates and assumptions about various factors including credits issued for completed sales, future returns and total consideration payable in instances where we have customer incentives payable to the customer. Disaggregation of revenue Ferrellgas, L.P. disaggregates revenues based upon the type of customer and on the type of revenue. The following table presents retail propane revenues, wholesale propane revenues and other revenues. Retail revenues result from sales to end use customers, wholesale revenues result from sales to or through resellers and all other revenues include sales of appliances and other materials, other fees charged to customers and equipment rental charges. For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Retail - Sales to End Users $ 286,163 $ 350,151 $ 840,649 $ 983,742 Wholesale - Sales to Resellers 103,686 99,311 291,445 308,646 Other Gas Sales 1,896 10,094 18,283 52,246 Other 20,385 20,069 65,800 60,677 Propane and related equipment revenues $ 412,130 $ 479,625 $ 1,216,177 $ 1,405,311 Contract assets and liabilities Ferrellgas, L.P.’s performance obligations are generally limited to the delivery of propane for our retail and wholesale contracts. Ferrellgas, L.P.’s performance obligations with respect to sales of appliances and other materials and other revenues are limited to the delivery of the agreed upon good or service. Ferrellgas, L.P. does not have material performance obligations that are delivered over time, thus all of our revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas, L.P. offers “even pay” billing programs that can create customer deposits or advances, depending on whether Ferrellgas, L.P. has delivered more propane than the customer has paid for or whether the customer has paid for more propane than what has been delivered. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. The advance or deposit is considered to be a contract asset or liability. Additionally, from time to time, we have customers that pay in advance for goods or services, and such amounts result in contract liabilities. Ferrellgas, L.P. incurs incremental commissions directly related to the acquisition or renewal of customer contracts. The commissions are calculated and paid based upon the number of gallons sold to the acquired or renewed customer. The total amount of commissions that we incur is not material and the commissions are expensed commensurate with the deliveries to which they relate; therefore, Ferrellgas, L.P. does not capitalize these costs. The following table presents Ferrellgas, L.P.’s receivables, contract assets, and contract liabilities: April 30, 2020 July 31, 2019 Accounts receivable $ 129,704 $ 96,450 Contract assets $ 15,801 $ 13,609 Contract liabilities Deferred revenue (1) $ 32,149 $ 31,974 (1) Of the beginning balance of deferred revenue, $24.6 million was recognized as revenue during the nine months ended April 30, 2020. Remaining performance obligations Ferrellgas, L.P.’s remaining performance obligations are generally limited to situations where its customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in Ferrellgas, L.P.’s even pay billing programs and Ferrellgas, L.P. expects that these balances will be recognized within a year or less as the customer takes delivery of propane. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Apr. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | I. Fair value measurements Derivative financial instruments The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2020 and July 31, 2019: Asset (Liability) Quoted Prices in Active Markets for Identical Significant Other Assets and Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total April 30, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 244 $ — $ 244 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (21,022) $ — $ (21,022) July 31, 2019: Assets: Derivative financial instruments: Commodity derivatives $ — $ 1,259 $ — $ 1,259 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (16,015) $ — $ (16,015) Methodology The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of the note receivable classified in "Other assets, net" on the condensed consolidated balance sheets is approximately $8.6 million, or $0.2 million less than its carrying amount as of April 30, 2020. The estimated fair value of the note receivable was calculated using a discounted cash flow method which relied on significant unobservable inputs. At April 30, 2020, the estimated fair value of Ferrellgas’ long-term debt instruments, including the current portion of the 8.625% unsecured senior notes due 2020, was $2,106.2 million. At July 31, 2019, the estimated fair value of Ferrellgas’ long-term debt instruments, including the current portion of the 8.625% unsecured senior notes due 2020 and the Term Loan, which was then classified as current, was $1,824.6 million. 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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | I. Fair value measurements Derivative financial instruments The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2020 and July 31, 2019: Asset (Liability) Quoted Prices in Active Markets for Identical Significant Other Assets and Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total April 30, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 244 $ — $ 244 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (21,022) $ — $ (21,022) July 31, 2019: Assets: Derivative financial instruments: Commodity derivatives $ — $ 1,259 $ — $ 1,259 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (16,015) $ — $ (16,015) Methodology The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of the note receivable classified in "Other assets, net" on the condensed consolidated balance sheets is approximately $8.6 million, or $0.2 million less than its carrying amount as of April 30, 2020. The estimated fair value of the note receivable was calculated using a discounted cash flow method which relied on significant unobservable inputs. At April 30, 2020, the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,946.0 million. At July 31, 2019, the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments, including the Term Loan which was then classified as current, was $1,562.2 million. 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, 2020 | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | J. Derivative instruments and hedging activities Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Derivative instruments and hedging activity During the nine months ended April 30, 2020 and 2019, Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2020 and July 31, 2019: Final April 30, 2020 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 244 Other current liabilities $ 18,378 Commodity derivatives-propane Other assets, net — Other liabilities 2,644 Total $ 244 Total $ 21,022 Final July 31, 2019 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 910 Other current liabilities $ 14,198 Commodity derivatives-propane Other assets, net 349 Other liabilities 1,817 Total $ 1,259 Total $ 16,015 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, 2020 and July 31, 2019, respectively: April 30, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 27,233 Other current liabilities $ 3,279 Other assets, net 3,591 Other liabilities 317 $ 30,824 $ 3,596 July 31, 2019 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 25,028 Other current liabilities $ 1,217 Other assets, net 2,969 Other liabilities — $ 27,997 $ 1,217 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, 2020 and 2019 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2020 Amount of Gain (Loss) Amount of Gain Location of Gain (Loss) Reclassified from (Loss) Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (11,501) Cost of product sold- propane and other gas liquids sales $ (14,073) $ — $ (11,501) $ (14,073) $ — For the three months ended April 30, 2019 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,870 Cost of product sold- propane and other gas liquids sales $ (6,416) $ — $ 1,870 $ (6,416) $ — For the nine months ended April 30, 2020 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (36,340) Cost of sales-propane and other gas liquids sales $ (30,318) $ — $ (36,340) $ (30,318) $ — For the nine months ended April 30, 2019 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (27,364) Cost of sales-propane and other gas liquids sales $ (5,790) $ — $ (27,364) $ (5,790) $ — The changes in derivatives included in AOCI for the nine months ended April 30, 2020 and 2019 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2020 2019 Beginning balance $ (14,756) $ 20,560 Change in value of risk management commodity derivatives (36,340) (27,364) Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 30,318 5,790 Ending balance $ (20,778) $ (1,014) Ferrellgas expects to reclassify net losses related to the risk management commodity derivatives of approximately $18.1 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sale exception. During the nine months ended April 30, 2020 and 2019, 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, 2020, Ferrellgas had financial derivative contracts covering 2.6 million gallons of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduce its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parent guarantees or cash. From time to time, 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, 2020, the maximum amount of loss due to credit risk that Ferrellgas would incur is zero, 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, 2020. |
Ferrellgas, L.P. [Member] | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | J. Derivative instruments and hedging activities Ferrellgas, L.P. is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas, L.P. utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges. Derivative instruments and hedging activity During the nine months ended April 30, 2020 and 2019, Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of April 30, 2020 and July 31, 2019: Final April 30, 2020 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 244 Other current liabilities $ 18,378 Commodity derivatives-propane Other assets, net — Other liabilities 2,644 Total $ 244 Total $ 21,022 Final July 31, 2019 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 910 Other current liabilities $ 14,198 Commodity derivatives-propane Other assets, net 349 Other liabilities 1,817 Total $ 1,259 Total $ 16,015 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, 2020 and July 31, 2019, respectively: April 30, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 27,233 Other current liabilities $ 3,279 Other assets, net 3,591 Other liabilities 317 $ 30,824 $ 3,596 July 31, 2019 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 25,028 Other current liabilities $ 1,217 Other assets, net 2,969 Other liabilities — $ 27,997 $ 1,217 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, 2020 and 2019 due to derivatives designated as cash flow hedging instruments: For the three months ended April 30, 2020 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (11,501) Cost of product sold- propane and other gas liquids sales $ (14,073) $ — $ (11,501) $ (14,073) $ — For the three months ended April 30, 2019 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,870 Cost of product sold- propane and other gas liquids sales $ (6,416) $ — $ 1,870 $ (6,416) $ — For the nine months ended April 30, 2020 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (36,340) Cost of sales-propane and other gas liquids sales $ (30,318) $ — $ (36,340) $ (30,318) $ — For the nine months ended April 30, 2019 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (27,364) Cost of sales-propane and other gas liquids sales $ (5,790) $ — $ (27,364) $ (5,790) $ — The changes in derivatives included in AOCI for the nine months ended April 30, 2020 and 2019 were as follows: For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2020 2019 Beginning balance $ (14,756) $ 20,560 Change in value of risk management commodity derivatives (36,340) (27,364) Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 30,318 5,790 Ending balance $ (20,778) $ (1,014) Ferrellgas, L.P. expects to reclassify net losses related to the risk management commodity derivatives of approximately $18.1 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sale exception. During the nine months ended April 30, 2020 and 2019, 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, 2020, Ferrellgas, L.P. had financial derivative contracts covering 2.6 million gallons of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes reduce its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas, L.P. in the forms of letters of credit, parent guarantees or cash. From time to time, 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, 2020, the maximum amount of loss due to credit risk that Ferrellgas, L.P. would incur is zero, 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, 2020. |
Transactions With Related Parti
Transactions With Related Parties | 9 Months Ended |
Apr. 30, 2020 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | K. Transactions with related parties Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by 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, 2020 2019 2020 2019 Operating expense $ 67,241 $ 64,030 $ 203,796 $ 193,258 General and administrative expense $ 7,705 $ 5,872 $ 21,668 $ 19,196 See additional discussions about transactions with the general partner and related parties in Note G – Partners’ deficit. |
Ferrellgas, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | K. Transactions with related parties Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.’s partnership agreement, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas, L.P. and all other necessary or appropriate expenses allocable to Ferrellgas, L.P. or otherwise reasonably incurred by 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, 2020 2019 2020 2019 Operating expense $ 67,241 $ 64,030 $ 203,796 $ 193,258 General and administrative expense $ 7,705 $ 5,872 $ 21,668 $ 19,196 See additional discussions about transactions with the general partner and related parties in Note G – Partners’ deficit. |
Contingencies And Commitments
Contingencies And Commitments | 9 Months Ended |
Apr. 30, 2020 | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | L. Contingencies and commitments Litigation Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and, prior to the sales of midstream operations in fiscal 2018, crude oil. As a result, at any given time, Ferrellgas can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas. Ferrellgas has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been coordinated for pretrial purposes by the multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court of appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. Thereafter, in August 2019, Ferrellgas reached a settlement with the direct customers, pursuant to which it agreed to pay a total of $6.25 million to resolve all claims asserted by the putative direct purchaser class. With respect to the indirect customers, the district court exercised supplemental jurisdiction over the remaining state law claims, but then granted in part Ferrellgas’ pleadings-based motion and dismissed 11 of the 24 remaining state law claims. As a result, there are 13 remaining state law claims brought by a putative class of indirect customers. Ferrellgas believes it has strong defenses and intends to vigorously defend itself against these remaining claims. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas and Bridger Logistics, LLC (“Bridger”), have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed in or settled an arbitration against Jamex Transfer Services (“JTS”), previously named Bridger Transfer Services, a former subsidiary of Bridger. The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone as a result of the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas and that Bridger and Ferrellgas breached fiduciary duties owed to Eddystone as a creditor of JTS. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS for breach of contract. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damages, if ultimately owed to Eddystone, could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. On August 24, 2017, Ferrellgas filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, Ferrellgas entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. The lawsuit is in the discovery stage; as such, management does not currently believe a loss is probable or reasonably estimable at this time . |
Ferrellgas Partners Finance Corp. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | B. Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The Finance Corp. is liable as co-issuer and co-obligor for the $357.0 million aggregate principal amount of the Partnership’s unsecured senior notes due June 15, 2020, which obligation is not reported on the Finance Corp.’s consolidated balance sheet. |
Ferrellgas, L.P. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | L. Contingencies and commitments Litigation Ferrellgas, L.P.’s operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and, prior to the sales of midstream operations in fiscal 2018, crude oil. As a result, at any given time, Ferrellgas, L.P. can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, Ferrellgas, L.P. is not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on the consolidated financial condition, results of operations and cash flows of Ferrellgas, L.P. Ferrellgas, L.P. has been named as a defendant, along with a competitor, in putative class action lawsuits filed in multiple jurisdictions. The lawsuits, which were consolidated in the Western District of Missouri on October 16, 2014, allege that Ferrellgas and a competitor coordinated in 2008 to reduce the fill level in barbeque cylinders and combined to persuade a common customer to accept that fill reduction, resulting in increased cylinder costs to direct customers and end-user customers in violation of federal and certain state antitrust laws. The lawsuits seek treble damages, attorneys’ fees, injunctive relief and costs on behalf of the putative class. These lawsuits have been coordinated for pretrial purposes by the multidistrict litigation panel. The Federal Court for the Western District of Missouri initially dismissed all claims brought by direct and indirect customers other than state law claims of indirect customers under Wisconsin, Maine and Vermont law. The direct customer plaintiffs filed an appeal, which resulted in a reversal of the district court’s dismissal. We filed a petition for a writ of certiorari which was denied. An appeal by the indirect customer plaintiffs resulted in the court of appeals affirming the dismissal of the federal claims and remanding the case to the district court to decide whether to exercise supplemental jurisdiction over the remaining state law claims. Thereafter, in August 2019, Ferrellgas, L.P. reached a settlement with the direct customers, pursuant to which it agreed to pay a total of $6.25 million to resolve all claims asserted by the putative direct purchaser class. With respect to the indirect customers, the district court exercised supplemental jurisdiction over the remaining state law claims, but then granted in part Ferrellgas’ pleadings-based motion and dismissed 11 of the 24 remaining state law claims. As a result, there are 13 remaining state law claims brought by a putative class of indirect customers. Ferrellgas, L.P. believes it has strong defenses and intends to vigorously defend itself against these remaining claims. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas, L.P. and Bridger Logistics, LLC (“Bridger”), have been named, along with two former officers, in a lawsuit filed by Eddystone Rail Company ("Eddystone") on February 2, 2017 in the Eastern District of Pennsylvania (the "EDPA Lawsuit"). Eddystone indicated that it has prevailed in or settled an arbitration against Jamex Transfer Services (“JTS”), previously named Bridger Transfer Services, a former subsidiary of Bridger. The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone as a result of the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas and that Bridger and Ferrellgas breached fiduciary duties owed to Eddystone as a creditor of JTS. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS for breach of contract. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damages, if ultimately owed to Eddystone, could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. On August 24, 2017, Ferrellgas filed a third-party complaint against JTS, Jamex Transfer Holdings, and other related persons and entities (the "Third-Party Defendants"), asserting claims for breach of contract, indemnification of any losses in the EDPA Lawsuit, tortious interference with contract, and contribution. On June 25, 2018, Ferrellgas entered into an agreement with the Third-Party Defendants which, among other things, resulted in a dismissal of the claims against the Third-Party Defendants from the lawsuit. The lawsuit is in the discovery stage; as such, management does not currently believe a loss is probable or reasonably estimable at this time. |
Ferrellgas Finance Corp. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | B. Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The Finance Corp. is liable as co-issuer and co-obligor for (i) the $500 million aggregate principal amount of the Partnership’s unsecured senior notes due 2021, (ii) the $475 million aggregate principal amount of the Partnership’s unsecured senior notes due 2022, (iii) the $500 million aggregate principal amount of the Partnership’s unsecured senior notes due 2023, and (iv) the $700 million aggregate principal amount of the Partnership’s senior secured first lien notes due 2025, which obligations are not reported on the Finance Corp’s consolidated balance sheet. Additionally, the $500.0 million in unsecured notes due May 1, 2021, will be reclassified from long-term to current during the fourth quarter of fiscal 2020. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 9 Months Ended |
Apr. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Common Unitholders' Interest | M. Net earnings (loss) per common unit Ferrellgas Partners is currently restricted by its debt covenants from making distributions to common unitholders. See Note F – Debt – for details regarding these restrictions. 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. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, 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 on basic and diluted net earnings (loss) per common unit for the three and nine months ended April 30, 2020 or 2019. 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, 2020 2019 2020 2019 (in thousands, except per common unit amounts) Common unitholders’ interest in net earnings (loss) $ (15,239) $ 20,256 $ (12,405) $ 6,722 Weighted average common units outstanding (in thousands) 97,152.7 97,152.7 97,152.7 97,152.7 Basic and diluted net earnings (loss) per common unit $ (0.16) $ 0.21 $ (0.13) $ 0.07 |
Guarantor financial information
Guarantor financial information | 9 Months Ended |
Apr. 30, 2020 | |
Ferrellgas, L.P. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor financial information | M. Guarantor financial information The $500.0 million aggregate principal amount of 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, 2020 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 318,836 $ 1 $ — $ — $ — $ 318,837 Accounts and notes receivable, net 10,642 — 24 132,286 — 142,952 Intercompany receivables 99,362 — — — (99,362) — Inventories 65,209 — — — — 65,209 Prepaid expenses and other current assets 47,175 — — — — 47,175 Total current assets 541,224 1 24 132,286 (99,362) 574,173 Property, plant and equipment, net 596,978 — — — — 596,978 Goodwill, net 247,195 — — — — 247,195 Intangible assets, net 103,966 — — — — 103,966 Investments in consolidated subsidiaries 37,505 — — — (37,505) — Operating lease right-of-use assets 110,497 — — — — 110,497 Other assets, net 84,772 — 2,255 445 — 87,472 Total assets $ 1,722,137 $ 1 $ 2,279 $ 132,731 $ (136,867) $ 1,720,281 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 37,025 $ — $ — $ — $ — $ 37,025 Intercompany payables — — — 99,362 (99,362) — Current portion of long-term debt 2,050 — — — — 2,050 Current operating lease liabilities 31,914 — — 31,914 Other current liabilities 165,047 — 12 (1,868) — 163,191 Total current liabilities 236,036 — 12 97,494 (99,362) 234,180 Long-term debt 2,146,044 — — — — 2,146,044 Operating lease liabilities 76,133 — — — — 76,133 Other liabilities 52,167 — — — — 52,167 Contingencies and commitments Partners' capital (deficit): Partners' equity (767,465) 1 2,267 35,237 (37,505) (767,465) Accumulated other comprehensive loss (20,778) — — — — (20,778) Total partners' capital (deficit) (788,243) 1 2,267 35,237 (37,505) (788,243) Total liabilities and partners' capital (deficit) $ 1,722,137 $ 1 $ 2,279 $ 132,731 $ (136,867) $ 1,720,281 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 11,045 $ 1 $ — $ — $ — $ 11,046 Accounts and notes receivable, net (3,912) — 35 111,473 — 107,596 Intercompany receivables (5,650) — — — 5,650 — Inventories 80,454 — — — — 80,454 Prepaid expenses and other current assets 42,158 — (1) — — 42,157 Total current assets 124,095 1 34 111,473 5,650 241,253 Property, plant and equipment, net 596,724 — (1) — — 596,723 Goodwill, net 247,195 — — — — 247,195 Intangible assets, net 108,557 — — — — 108,557 Investments in consolidated subsidiaries 52,999 — — — (52,999) — Other assets, net 65,447 — 2,875 783 — 69,105 Total assets $ 1,195,017 $ 1 $ 2,908 $ 112,256 $ (47,349) $ 1,262,833 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 33,252 $ — $ — $ 112 $ — $ 33,364 Short-term borrowings 43,000 — — — — 43,000 Collateralized note payable — — — 62,000 — 62,000 Intercompany payables — — (192) (5,458) 5,650 — Current portion of long-term debt 277,029 — — — — 277,029 Other current liabilities 128,666 — 20 5,617 — 134,303 Total current liabilities 481,947 — (172) 62,271 5,650 549,696 Long-term debt 1,457,004 — — — — 1,457,004 Other liabilities 36,469 — 67 — — 36,536 Contingencies and commitments Partners' capital (deficit): Partners' equity (765,756) 1 3,013 49,985 (52,999) (765,756) Accumulated other comprehensive income (14,647) — — — — (14,647) Total partners' capital (deficit) (780,403) 1 3,013 49,985 (52,999) (780,403) Total liabilities and partners' capital (deficit) $ 1,195,017 $ 1 $ 2,908 $ 112,256 $ (47,349) $ 1,262,833 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2020 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 391,745 $ — $ — $ — $ — $ 391,745 Other 20,385 — — — — 20,385 Total revenues 412,130 — — — — 412,130 Costs and expenses: Cost of sales - propane and other gas liquids sales 176,265 — — — — 176,265 Cost of sales - other 2,740 — — — — 2,740 Operating expense - personnel, vehicle, plant and other 121,558 — — 1,314 (1,314) 121,558 Operating expense - equipment lease expense 8,075 — — — — 8,075 Depreciation and amortization expense 20,252 — — 114 — 20,366 General and administrative expense 12,555 — — — — 12,555 Non-cash employee stock ownership plan compensation charge 757 — — — — 757 Loss on asset sales and disposals 1,859 — — — — 1,859 Operating income (loss) 68,069 — — (1,428) 1,314 67,955 Interest expense (36,943) — — (1,063) — (38,006) Loss on extinguishment of debt (37,399) — — — — (37,399) Other income (expense), net (158) — — 1,351 (1,351) (158) Earnings (loss) before income taxes (6,431) — — (1,140) (37) (7,608) Income tax expense 112 — — — — 112 Equity in earnings (loss) of subsidiaries (1,140) — — — 1,140 — Net earnings (loss) (7,683) — — (1,140) 1,103 (7,720) Other comprehensive income 2,572 — — — — 2,572 Comprehensive income (loss) $ (5,111) $ — $ — $ (1,140) $ 1,103 $ (5,148) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 459,556 $ — $ — $ — $ — $ 459,556 Other 20,069 — — — — 20,069 Total revenues 479,625 — — — — 479,625 Costs and expenses: Cost of sales - propane and other gas liquids sales 250,389 — — — — 250,389 Cost of sales - other 2,320 — — — — 2,320 Operating expense - personnel, vehicle, plant and other 124,078 — (3) 968 (5,052) 119,991 Operating expense - equipment lease expense 8,319 — — — — 8,319 Depreciation and amortization expense 20,506 — — 111 — 20,617 General and administrative expense 11,511 1 — — — 11,512 Non-cash employee stock ownership plan compensation charge (4) — — — — (4) Loss on asset sales and disposals 1,683 — — — — 1,683 Operating income (loss) 60,823 (1) 3 (1,079) 5,052 64,798 Interest expense (34,206) — — (1,189) — (35,395) Other income (expense), net 278 — (27) 2,834 (2,834) 251 Earnings (loss) before income taxes 26,895 (1) (24) 566 2,218 29,654 Income tax expense (benefit) (49) — 149 — — 100 Equity in earnings (loss) of subsidiary 392 — — — (392) — Net earnings (loss) 27,336 (1) (173) 566 1,826 29,554 Other comprehensive loss 8,286 — — — — 8,286 Comprehensive income (loss) $ 35,622 $ (1) $ (173) $ 566 $ 1,826 $ 37,840 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2020 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,150,377 $ — $ — $ — $ — $ 1,150,377 Other 65,800 — — — — 65,800 Total revenues 1,216,177 — — — — 1,216,177 Costs and expenses: Cost of sales - propane and other gas liquids sales 548,136 — — — — 548,136 Cost of sales - other 9,774 — — — — 9,774 Operating expense - personnel, vehicle, plant and other 364,334 — — — — 364,334 Operating expense - equipment lease expense 24,724 — — 3,249 (3,249) 24,724 Depreciation and amortization expense 59,043 — — 337 — 59,380 General and administrative expense 36,332 4 — — — 36,336 Non-cash employee stock ownership plan compensation charge 2,182 — — — — 2,182 Loss on asset sales and disposals 6,242 — — — — 6,242 Operating income (loss) 165,410 (4) — (3,586) 3,249 165,069 Interest expense (110,412) — — (3,161) — (113,573) Loss on extinguishment of debt (37,399) — — — — (37,399) Other income (expense), net (214) — — 3,953 (3,953) (214) Earnings (loss) before income taxes 17,385 (4) — (2,794) (704) 13,883 Income tax expense 745 — — — — 745 Equity in earnings (loss) of subsidiary (2,798) — — — 2,798 — Net earnings (loss) 13,842 (4) — (2,794) 2,094 13,138 Other comprehensive loss (6,131) — — — — (6,131) Comprehensive income (loss) $ 7,711 $ (4) $ — $ (2,794) $ 2,094 $ 7,007 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,344,634 $ — $ — $ — $ — $ 1,344,634 Other 60,628 — 49 — — 60,677 Total revenues 1,405,262 — 49 — — 1,405,311 Costs and expenses: Cost of sales - propane and other gas liquids sales 766,056 — — — — 766,056 Cost of sales - other 8,675 — 114 — — 8,789 Operating expense - personnel, vehicle, plant and other 355,589 — 36 3,869 (7,953) 351,541 Operating expense - equipment lease expense 24,597 — — — — 24,597 Depreciation and amortization expense 58,880 — — 334 — 59,214 General and administrative expense 42,022 6 — — — 42,028 Non-cash employee stock ownership plan compensation charge 4,688 — — — — 4,688 Loss on asset sales and disposals 5,724 — 2,679 — — 8,403 Operating income (loss) 139,031 (6) (2,780) (4,203) 7,953 139,995 Interest expense (103,209) — (38) (3,493) — (106,740) Other income (expense), net 393 — (37) 7,953 (7,953) 356 Earnings (loss) before income taxes 36,215 (6) (2,855) 257 — 33,611 Income tax expense 105 — 149 — — 254 Equity in earnings (loss) of subsidiaries (2,753) — — — 2,753 — Net earnings (loss) 33,357 (6) (3,004) 257 2,753 33,357 Other comprehensive loss (21,574) — — — — (21,574) Comprehensive income (loss) $ 11,783 $ (6) $ (3,004) $ 257 $ 2,753 $ 11,783 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2020 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 60,132 $ (4) $ 513 $ (8,862) $ 62,000 $ 113,779 Cash flows from investing activities: Business acquisitions, net of cash acquired (6,400) — — — — (6,400) Capital expenditures (57,251) — — — — (57,251) Proceeds from sale of assets 2,510 — — — — 2,510 Cash collected for purchase of interest in accounts receivable — — — 685,640 (685,640) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (623,640) 623,640 — Intercompany loan to affiliate (8,353) — — — 8,353 — Cash payments to construct assets in connection with future lease transactions (37,042) — — — — (37,042) Cash receipts in connection with leased vehicles 21,995 — — — — 21,995 Net cash provided by (used in) investing activities (84,541) — — 62,000 (53,647) (76,188) Cash flows from financing activities: Distributions (15,654) — — — — (15,654) Proceeds from increase in long-term debt 703,750 — — — — 703,750 Reductions in long-term debt (285,285) — — — — (285,285) Net reductions to short-term borrowings (43,000) — — — — (43,000) Net additions to collateralized short-term borrowings — — — (62,000) — (62,000) Net changes in advances with consolidated entities — 4 (513) 8,862 (8,353) — Cash paid for financing costs and other (27,611) — — — — (27,611) Net cash provided by (used in) financing activities 332,200 4 (513) (53,138) (8,353) 270,200 Net change in cash and cash equivalents 307,791 — — — — 307,791 Cash and cash equivalents - beginning of year 11,045 1 — — — 11,046 Cash, cash equivalents and restricted cash - end of year $ 318,836 $ 1 $ — $ — $ — $ 318,837 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 111,008 $ (6) $ 24,589 $ (45,384) $ (4,000) $ 86,207 Cash flows from investing activities: Business acquisitions, net of cash acquired (11,351) — — — — (11,351) Capital expenditures (94,660) — — — — (94,660) Proceeds from sale of assets 2,416 — — — — 2,416 Cash collected for purchase of interest in accounts receivable — — — 1,052,947 (1,052,947) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (1,056,947) 1,056,947 — Intercompany loan to affiliate (20,638) — — — 20,638 — Other — — — — — — Net cash provided by (used in) investing activities (124,233) — — (4,000) 24,638 (103,595) Cash flows from financing activities: Distributions (25,568) — — — — (25,568) Reductions in long-term debt (1,656) — — — — (1,656) Net reductions in short-term borrowings (32,800) — — — — (32,800) Net additions to collateralized short-term borrowings — — — 4,000 — 4,000 Net changes in advances with consolidated entries — 6 (24,763) 45,395 (20,638) — Cash paid for financing costs (520) — — (11) — (531) Net cash provided by (used in) financing activities (60,544) 6 (24,763) 49,384 (20,638) (56,555) Net change in cash and cash equivalents (73,769) — (174) — — (73,943) Cash and cash equivalents - beginning of year 119,133 1 174 — — 119,308 Cash and cash equivalents - end of year $ 45,364 $ 1 $ — $ — $ — $ 45,365 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2020 | |
Subsequent Event [Line Items] | |
Subsequent Events | N. Subsequent events Ferrellgas evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas’ condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements . |
Ferrellgas, L.P. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | N. Subsequent events Ferrellgas, L.P. evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas, L.P.’s condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements . |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Apr. 30, 2020 | |
Significant Accounting Policies | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for 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 standards | (2) New accounting standards: 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 became effective for Ferrellgas for its annual reporting period beginning August 1, 2019, including interim periods within that reporting period. Ferrellgas adopted the standard using the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, to continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas elected the short-term lease recognition exemption for all leases that qualify, meaning it does not recognize right-of-use assets (“ROU assets”) or lease liabilities for those leases. Ferrellgas also elected the practical expedient to not separate lease and non-lease components for its most significant leasing activity, which includes vehicle and real estate leases. Additionally, Ferrellgas elected the package of three practical expedients which allows entities to not reassess initial direct costs, lease classification for existing or expired leases, and lease definition for existing or expired contracts as of the effective date of August 1, 2019. Ferrellgas did not, however, elect the hindsight method practical expedient which would have allowed it to reassess lease terms and impairment. 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 plans to adopt the amended guidance effective August 1, 2020. Ferrellgas does not expect this adoption to have a material impact 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 became effective for Ferrellgas for its fiscal year beginning August 1, 2019, including interim periods within that reporting period. Ferrellgas applied ASU No. 2017-12 using a modified retrospective approach for cash flow hedges existing at the date of adoption and prospectively for the presentation and disclosure guidance. The adoption of this standard did not have a material impact on our consolidated financial statement s. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies | |
Accounting estimates | Accounting estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for 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 standards | (2) New accounting standards: 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 became effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2019, including interim periods within that reporting period. Ferrellgas, L.P. adopted the standard using the transition relief option in ASU 2018-11, “Leases: Targeted Improvements” which, among other things, provides entities with an option to recognize the cumulative-effect adjustment from the modified retrospective application to the opening balance of retained earnings in the period of adoption and consequently, to continue to report comparative periods in compliance with the prior guidance (ASC 840). Ferrellgas, L.P. elected the short-term lease recognition exemption for all leases that qualify, meaning it does not recognize right-of-use assets (“ROU assets”) or lease liabilities for those leases. Ferrellgas, L.P. also elected the practical expedient to not separate lease and non-lease components for its most significant leasing activity, which includes vehicle and real estate leases. Additionally, Ferrellgas, L.P. elected the package of three practical expedients which allows entities to not reassess initial direct costs, lease classification for existing or expired leases, and lease definition for existing or expired contracts as of the effective date of August 1, 2019. Ferrellgas, L.P. did not, however, elect the hindsight method practical expedient which would have allowed it to reassess lease terms and impairment. 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. plans to adopt the amended guidance effective August 1, 2020. Ferrellgas, L.P. does not expect this adoption to have a material impact 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 became effective for Ferrellgas, L.P. for its fiscal year beginning August 1, 2019, including interim periods within that reporting period. Ferrellgas, L.P. applied ASU No. 2017-12 using a modified retrospective approach for cash flow hedges existing at the date of adoption and prospectively for the presentation and disclosure guidance. The adoption of this standard did not have a material impact on our consolidated financial statement s. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Schedule of Lease Assets and Liabilities | Leases Classification April 30, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 110,497 Financing lease assets Other assets, net 24,495 Total leased assets $ 134,992 Liabilities Current Operating Current operating lease liabilities $ 31,914 Financing Other current liabilities 4,574 Noncurrent Operating Operating lease liabilities 76,133 Financing Other liabilities 20,250 Total leased liabilities $ 132,871 |
Schedule of Lease Costs | For the three months ended April 30, For the nine months ended April 30, Leases expense Classification 2020 2020 Operating lease expense Operating expenses - personnel, vehicle, plant and other $ 1,946 $ 5,351 Operating expense - equipment lease expense 7,602 23,365 Cost of sales - propane and other gas liquids sales 370 1,083 General and administrative expense 528 1,491 Total operating lease expense $ 10,446 $ 31,290 Short-term expense Operating expenses - personnel, vehicle, plant and other $ 1,512 $ 5,478 General and administrative expense 123 374 Total short-term expense $ 1,635 $ 5,852 Variable lease expense Operating expenses - personnel, vehicle, plant and other $ 751 $ 2,097 Operating expense - equipment lease expense 473 1,359 Total variable lease expense $ 1,224 $ 3,456 Finance lease expense: Amortization of leased assets Depreciation and amortization expense $ 754 $ 1,229 Interest on lease liabilities Interest expense 183 543 Total finance lease expense $ 937 $ 1,772 Total lease expense $ 14,242 $ 42,370 |
Schedule of Minimum Annual Payments Under Existing Operating Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 10,771 $ 1,445 $ 12,216 36,228 6,492 42,720 27,079 5,871 32,950 20,987 4,503 25,490 17,536 3,985 21,521 Thereafter 33,074 8,261 41,335 Total lease payments $ 145,675 $ 30,557 $ 176,232 Less: Imputed interest 37,628 5,733 43,361 Present value of lease liabilities $ 108,047 $ 24,824 $ 132,871 |
Schedule of Minimum Annual Payments Under Existing Finance Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 10,771 $ 1,445 $ 12,216 36,228 6,492 42,720 27,079 5,871 32,950 20,987 4,503 25,490 17,536 3,985 21,521 Thereafter 33,074 8,261 41,335 Total lease payments $ 145,675 $ 30,557 $ 176,232 Less: Imputed interest 37,628 5,733 43,361 Present value of lease liabilities $ 108,047 $ 24,824 $ 132,871 |
Schedule of Operating and Finance Lease Assumptions | As of April 30, 2020 Lease type Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases Finance leases |
Schedule of Cash Flow Information | For the three months ended April 30, For the nine months ended April 30, 2020 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 10,457 $ 32,104 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 183 $ 543 Financing cash flows $ 650 $ 944 |
Ferrellgas, L.P. [Member] | |
Schedule of Lease Assets and Liabilities | Leases Classification April 30, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 110,497 Financing lease assets Other assets, net 24,495 Total leased assets $ 134,992 Liabilities Current Operating Current operating lease liabilities $ 31,914 Financing Other current liabilities 4,574 Noncurrent Operating Operating lease liabilities 76,133 Financing Other liabilities 20,250 Total leased liabilities $ 132,871 |
Schedule of Lease Costs | For the three months ended April 30, For the nine months ended April 30, Leases expense Classification 2020 2020 Operating lease expense Operating expenses - personnel, vehicle, plant and other $ 1,946 $ 5,351 Operating expense - equipment lease expense 7,602 23,365 Cost of sales - propane and other gas liquids sales 370 1,083 General and administrative expense 528 1,491 Total operating lease expense $ 10,446 $ 31,290 Short-term expense Operating expenses - personnel, vehicle, plant and other $ 1,512 $ 5,478 General and administrative expense 123 374 Total short-term expense $ 1,635 $ 5,852 Variable lease expense Operating expenses - personnel, vehicle, plant and other $ 751 $ 2,097 Operating expense - equipment lease expense 473 1,359 Total variable lease expense $ 1,224 $ 3,456 Finance lease expense: Amortization of leased assets Depreciation and amortization expense $ 754 $ 1,229 Interest on lease liabilities Interest expense 183 543 Total finance lease expense $ 937 $ 1,772 Total lease expense $ 14,242 $ 42,370 |
Schedule of Minimum Annual Payments Under Existing Operating Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 10,771 $ 1,445 $ 12,216 36,228 6,492 42,720 27,079 5,871 32,950 20,987 4,503 25,490 17,536 3,985 21,521 Thereafter 33,074 8,261 41,335 Total lease payments $ 145,675 $ 30,557 $ 176,232 Less: Imputed interest 37,628 5,733 43,361 Present value of lease liabilities $ 108,047 $ 24,824 $ 132,871 |
Schedule of Minimum Annual Payments Under Existing Finance Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 10,771 $ 1,445 $ 12,216 36,228 6,492 42,720 27,079 5,871 32,950 20,987 4,503 25,490 17,536 3,985 21,521 Thereafter 33,074 8,261 41,335 Total lease payments $ 145,675 $ 30,557 $ 176,232 Less: Imputed interest 37,628 5,733 43,361 Present value of lease liabilities $ 108,047 $ 24,824 $ 132,871 |
Schedule of Operating and Finance Lease Assumptions | As of April 30, 2020 Lease type Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases Finance leases |
Schedule of Cash Flow Information | For the three months ended April 30, For the nine months ended April 30, 2020 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 10,457 $ 32,104 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 183 $ 543 Financing cash flows $ 650 $ 944 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Supplemental Financial Statement Information [Line Items] | |
Schedule Of Inventories | April 30, 2020 July 31, 2019 Propane gas and related products $ 49,114 $ 66,001 Appliances, parts and supplies, and other 16,095 14,453 Inventories $ 65,209 $ 80,454 |
Prepaid Expenses and Other Current Assets | April 30, 2020 July 31, 2019 Broker margin deposit assets $ 27,233 $ 25,028 Other 19,990 17,247 Prepaid expenses and other current assets $ 47,223 $ 42,275 |
Other Assets | April 30, 2020 July 31, 2019 Notes receivable, less current portion $ 8,760 $ 16,216 Other 78,712 52,889 Other assets, net $ 87,472 $ 69,105 |
Other Current Liabilities | April 30, 2020 July 31, 2019 Accrued interest $ 53,192 $ 20,484 Customer deposits and advances 23,785 24,686 Accrued payroll 27,999 17,356 Accrued insurance 12,519 18,524 Price risk management liabilities 18,378 14,198 Other 38,950 42,989 Other current liabilities $ 174,823 $ 138,237 |
Shipping And Handling Expenses | For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Operating expense - personnel, vehicle, plant and other $ 54,664 $ 54,753 $ 167,666 $ 162,474 Depreciation and amortization expense 2,007 1,934 5,883 4,396 Operating expense - equipment lease expense 8,308 7,784 23,934 23,172 $ 64,979 $ 64,471 $ 197,483 $ 190,042 |
Cash and Cash Equivalents | April 30, 2020 July 31, 2019 Cash and cash equivalents $ 177,529 $ 11,054 Restricted cash (1) 141,318 — Cash, cash equivalents and restricted cash $ 318,847 $ 11,054 (1) The $141.3 million of restricted cash includes $123.8 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.0 million of additional pledged collateral. For additional discussion see Note F – Debt. |
Cash Flow Supplemental Disclosures | For the nine months ended April 30, 2020 2019 Cash paid for: Interest $ 96,418 $ 93,465 Income taxes $ 50 $ 21 Non-cash investing and financing activities: Liability incurred in connection with Term Loan amendment $ 8,863 $ — Liabilities incurred in connection with acquisitions $ — $ 1,174 Change in accruals for property, plant and equipment additions $ 486 $ 1,202 Right-of-use assets arising from operating and finance lease liabilities $ 42,042 $ — |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information [Line Items] | |
Schedule Of Inventories | April 30, 2020 July 31, 2019 Propane gas and related products $ 49,114 $ 66,001 Appliances, parts and supplies, and other 16,095 14,453 Inventories $ 65,209 $ 80,454 |
Prepaid Expenses and Other Current Assets | April 30, 2020 July 31, 2019 Broker margin deposit assets $ 27,233 $ 25,028 Other 19,942 17,129 Prepaid expenses and other current assets $ 47,175 $ 42,157 |
Other Assets | April 30, 2020 July 31, 2019 Notes receivable, less current portion $ 8,760 $ 16,216 Other 78,712 52,889 Other assets, net $ 87,472 $ 69,105 |
Other Current Liabilities | April 30, 2020 July 31, 2019 Accrued interest $ 41,560 $ 16,550 Customer deposits and advances 23,785 24,686 Accrued payroll 27,999 17,356 Accrued insurance 12,519 18,524 Price risk management liabilities 18,378 14,198 Other 38,950 42,989 Other current liabilities $ 163,191 $ 134,303 |
Shipping And Handling Expenses | For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Operating expense - personnel, vehicle, plant and other $ 54,664 $ 54,753 $ 167,666 $ 162,474 Depreciation and amortization expense 2,007 1,934 5,883 4,396 Operating expense - equipment lease expense 8,308 7,784 23,934 23,172 $ 64,979 $ 64,471 $ 197,483 $ 190,042 |
Cash and Cash Equivalents | April 30, 2020 July 31, 2019 Cash and cash equivalents $ 177,519 $ 11,046 Restricted cash (1) 141,318 — Cash, cash equivalents and restricted cash $ 318,837 $ 11,046 (1) The $141.3 million of restricted cash includes $123.8 million of pledged cash collateral for letters of credit outstanding, an $11.5 million cash deposit made with the administrative agent under the terminated Senior Secured Credit Facility, which may be used by the administrative agent to pay contingent obligations arising under the Financing Agreement that governed the Senior Secured Credit Facility, and $6.0 million of additional pledged collateral. For additional discussion see Note F – Debt. |
Cash Flow Supplemental Disclosures | For the nine months ended April 30, 2020 2019 Cash paid for: Interest $ 81,023 $ 78,069 Income taxes $ 1 $ (9) Non-cash investing and financing activities: Liability incurred in connection with Term Loan amendment $ 8,863 $ — Liabilities incurred in connection with acquisitions $ — $ 1,174 Change in accruals for property, plant and equipment additions $ 486 $ 1,202 Right-of-use assets arising from operating and finance lease liabilities $ 42,042 $ — |
Accounts And Notes Receivable_2
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts And Notes Receivable | April 30, 2020 July 31, 2019 Accounts receivable pledged as collateral $ 134,443 $ 106,145 Accounts receivable not pledged as collateral (including other reserves) 564 1,218 Note receivable 10,461 2,660 Other 37 36 Less: Allowance for doubtful accounts (2,553) (2,463) Accounts and notes receivable, net $ 142,952 $ 107,596 |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts And Notes Receivable | April 30, 2020 July 31, 2019 Accounts receivable pledged as collateral $ 134,443 $ 106,145 Accounts receivable not pledged as collateral (including other reserves) 564 1,218 Note receivable 10,461 2,660 Other 37 36 Less: Allowance for doubtful accounts (2,553) (2,463) Accounts and notes receivable, net $ 142,952 $ 107,596 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Debt Components | April 30, 2020 July 31, 2019 Unsecured senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (2) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $1,107 and $1,633 at April 30, 2020 and July 31, 2019, respectively (3) 476,107 476,633 Fixed rate, 8.625%, due 2020, net of unamortized discount of $0 and $1,319 at April 30, 2020 and July 31, 2019, respectively (4) 357,000 355,681 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,719 at April 30, 2020 (5) 703,719 — Senior secured term loan Variable interest rate, Term Loan (6) — 275,000 Notes payable 9.5% and 10.7% weighted average interest rate at April 30, 2020 and July 31, 2019, respectively, due 2020 to 2029, net of unamortized discount of $483 and $711 at April 30, 2020 and July 31, 2019, respectively 4,552 5,962 Total debt, excluding unamortized debt issuance and other costs 2,541,378 2,113,276 Add: unamortized debt issuance and other costs 36,284 24,516 Less: current portion of long-term debt 359,050 631,756 Long-term debt $ 2,146,044 $ 1,457,004 (1) During November 2010, the operating partnership issued $500.0 million in aggregate principal amount of 6.50% senior notes due 2021. These notes are general unsecured senior obligations of the operating partnership and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021. (2) During June 2015, the operating partnership issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023. These notes are general unsecured senior obligations of the operating partnership and certain subsidiaries and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership and such subsidiaries, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of any subsidiary of the operating partnership that is not a guarantor of these notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. The operating partnership would incur prepayment penalties if it were to repay the notes prior to June 15, 2021. (3) During fiscal 2014, the operating partnership issued $475.0 million in aggregate principal amount of 6.75% senior notes due 2022, $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. These notes are general unsecured senior obligations of the operating partnership and are (i) effectively junior to all existing and future senior secured indebtedness of the operating partnership, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. The outstanding principal amount is due on January 15, 2022. (4) During January 2017, Ferrellgas Partners issued $175.0 million in aggregate principal amount of additional 8.625% unsecured senior notes due 2020, issued at 96% of par. Ferrellgas Partners contributed the net proceeds from the offering of approximately $166.1 million to the operating partnership, which used such amounts to repay borrowings under its previous senior secured credit facility. During April 2010, Ferrellgas Partners issued $280.0 million of these notes. During March 2011, Ferrellgas Partners redeemed $98.0 million of these notes. These notes are general unsecured senior obligations of Ferrellgas Partners and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas Partners, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the operating partnership and its subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2020. (5) During April 2020, the operating partnership issued $700.0 million in aggregate principal amount of 10.00% senior secured first lien notes due 2025, $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. These notes are senior secured obligations of the operating partnership and the guarantors of such notes, including Ferrellgas Partners, the general partners of the operating partnership and certain subsidiaries of the operating partnership, and are (i) effectively senior to all existing senior unsecured indebtedness of the operating partnership and the guarantors, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas Receivables, LLC, a special purpose subsidiary that does not guarantee the notes. The senior notes bear interest from the date of issuance, payable semiannually in arrears on April 15 and October 15 of each year. The operating partnership would incur prepayment penalties if it were to repay the notes prior to April 15, 2024. The outstanding principal amount is due on April 15, 2025. (6) During April 2020, the operating partnership used a portion of the net proceeds from the offering of its senior secured first lien notes due 2025 to (i) repay all $283.9 million of outstanding borrowings under its Senior Secured Credit Facility, together with $3.1 million of accrued interest and a $17.5 million prepayment premium, (ii) cash collateralize all of the letters of credit outstanding under its Senior Secured Credit Facility and (iii) make a cash deposit of $11.5 million with the administrative agent under its Senior Secured Credit Facility, after which the facility was terminated. This repayment also resulted in $19.9 million of non-cash write-offs of capitalized debt costs. The prepayment premium payments and the non-cash write-offs of capitalized debt costs are classified as loss on extinguishment of debt on the condensed consolidated statement of operations. |
Scheduled Annual Principal Payments On Long-term Debt | Scheduled Payment due by fiscal year principal payments 2020 $ 357,425 2021 501,975 2022 476,315 2023 500,879 2024 209 Thereafter 700,232 Total $ 2,537,035 |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt Components | April 30, 2020 July 31, 2019 Unsecured senior notes Fixed rate, 6.50%, due 2021 (1) $ 500,000 $ 500,000 Fixed rate, 6.75%, due 2023 (2) 500,000 500,000 Fixed rate, 6.75%, due 2022, net of unamortized premium of $1,107 and $1,633 at April 30, 2020 and July 31, 2019, respectively (3) 476,107 476,633 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,719 at April 30, 2020 (4) 703,719 — Senior secured term loan Variable interest rate, Term Loan (5) — 275,000 Notes payable 9.5% and 10.7% weighted average interest rate at April 30, 2020 and July 31, 2019, respectively, due 2020 to 2029, net of unamortized discount of $483 and $711 at April 30, 2020 and July 31, 2019, respectively 4,552 5,962 Total debt, excluding unamortized debt issuance and other costs 2,184,378 1,757,595 Add: unamortized debt issuance and other costs 36,284 23,562 Less: current portion of long-term debt 2,050 277,029 Long-term debt $ 2,146,044 $ 1,457,004 (1) During November 2010, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of 6.50% senior notes due 2021.These notes are general unsecured senior obligations of Ferrellgas, L.P. and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of the Ferrellgas, L.P.’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on May 1 and November 1 of each year. The outstanding principal amount is due on May 1, 2021. (2) During June 2015, Ferrellgas, L.P. issued $500.0 million in aggregate principal amount of 6.75% senior notes due 2023. These notes are general unsecured senior obligations of Ferrellgas, L.P. and certain subsidiaries and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P. and such subsidiaries, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of any subsidiary of Ferrellgas, L.P. that is not a guarantor of these notes. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on June 15 and December 15 of each year. The outstanding principal amount is due on June 15, 2023. Ferrellgas, L.P. would incur prepayment penalties if it were to repay the notes prior to June 15, 2021. (3) During fiscal 2014 , Ferrellgas, L.P. issued $475.0 million in aggregate principal amount of 6.75% senior notes due 2022, $325.0 million of which was issued at par and $150.0 million of which was issued at 104% of par. These notes are general unsecured senior obligations of Ferrellgas, L.P. and are (i) effectively junior to all existing and future senior secured indebtedness of Ferrellgas, L.P., to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas, L.P.’s subsidiaries. The senior notes bear interest from the date of issuance, payable semi-annually in arrears on January 15 and July 15 of each year. The outstanding principal amount is due on January 15, 2022. (4) During April 2020, Ferrellgas, L.P. issued $700.0 million in aggregate principal amount of 10.00% senior secured first lien notes due 2025, $575.0 million of which was issued at par and $125.0 million of which was issued at 103% of par. These notes are senior secured obligations of Ferrellgas, L.P. and the guarantors of such notes, including Ferrellgas Partners, the general partners of Ferrellgas, L.P. and certain subsidiaries, and are (i) effectively senior to all existing senior unsecured indebtedness of Ferrellgas, L.P. and the guarantors, to the extent of the value of the assets securing such debt, and (ii) structurally subordinated to all existing and future indebtedness and obligations of Ferrellgas Receivables, LLC, a special purpose subsidiary that does not guarantee the notes. The senior notes bear interest from the date of issuance, payable semiannually in arrears on April 15 and October 15 of each year. The operating partnership would incur prepayment penalties if it were to repay the notes prior to April 15, 2024. The outstanding principal amount is due on April 15, 2025. (5) During April 2020, Ferrellgas, L.P. used a portion of the net proceeds from the offering of its senior secured first lien notes due 2025 to (i) repay all $283.9 million of outstanding borrowings under its Senior Secured Credit Facility, together with $3.1 million of accrued interest and a $17.5 million prepayment premium, (ii) cash collateralize all of the letters of credit outstanding under its Senior Secured Credit Facility and (iii) make a cash deposit of $11.5 million with the administrative agent under its Senior Secured Credit Facility, after which the facility was terminated. This repayment also resulted in $19.9 million of non-cash write-offs of capitalized debt costs. The prepayment premium payments and the non-cash write-offs of capitalized debt costs are classified as loss on extinguishment of debt on the condensed consolidated statement of operations. |
Scheduled Annual Principal Payments On Long-term Debt | Payment due by fiscal year Scheduled 2020 $ 425 2021 501,975 2022 476,315 2023 500,879 2024 209 Thereafter 700,232 Total $ 2,180,035 |
Partners' deficit (Tables)
Partners' deficit (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Limited Partners' Capital Account [Line Items] | |
Limited Partner Units | April 30, 2020 July 31, 2019 Public common unitholders (1) 69,612,939 69,612,939 Ferrell Companies (2) 22,529,361 22,529,361 FCI Trading Corp. (3) 195,686 195,686 Ferrell Propane, Inc. (4) 51,204 51,204 James E. Ferrell (5) 4,763,475 4,763,475 (1) These common units are traded on the OTC Pink Market under the symbol “FGPR” as of April 30, 2020. As of July 31, 2019 these common units were listed on the New York Stock Exchange under the symbol “FGP”. (2) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners’ common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies’ beneficial ownership to 23.4% at April 30, 2020. (3) FCI Trading is an affiliate of the general partner and thus a related party. (4) Ferrell Propane is controlled by the general partner and thus a related party. (5) James E. Ferrell is the Interim Chief Executive Officer and President of our general partner; and is the Chairman of the Board of Directors of our general partner and a related party. JEF Capital Management owns 4,758,859 of these common units and is owned by the James E. Ferrell Revocable Trust Two and other family trusts, all of which James E. Ferrell and/or his family members or their related entities are the trustees and beneficiaries. James E. Ferrell holds all voting common stock of JEF Capital Management. The remaining 4,616 common units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. |
Ferrellgas Recognized Cash Distributions | For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Public common unitholders $ — $ — $ — $ 6,962 Ferrell Companies — — — 2,253 FCI Trading Corp. — — — 20 Ferrell Propane, Inc. — — — 5 James E. Ferrell — — — 476 General partner — — — 98 $ — $ — $ — $ 9,814 |
Ferrellgas, L.P. [Member] | |
Limited Partners' Capital Account [Line Items] | |
Ferrellgas Recognized Cash Distributions | For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Ferrellgas Partners $ — $ — $ 15,496 $ 25,310 General partner — — 158 258 — — $ 15,654 $ 25,568 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Retail - Sales to End Users $ 286,163 $ 350,151 $ 840,649 $ 983,742 Wholesale - Sales to Resellers 103,686 99,311 291,445 308,646 Other Gas Sales 1,896 10,094 18,283 52,246 Other 20,385 20,069 65,800 60,677 Propane and related equipment revenues $ 412,130 $ 479,625 $ 1,216,177 $ 1,405,311 |
Contract with Customer, Asset and Liability [Table Text Block] | April 30, 2020 July 31, 2019 Accounts receivable $ 129,704 $ 96,450 Contract assets $ 15,801 $ 13,609 Contract liabilities Deferred revenue (1) $ 32,149 $ 31,974 (1) Of the beginning balance of deferred revenue, $24.6 million was recognized as revenue during the nine months ended April 30, 2020. |
Ferrellgas, L.P. [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Retail - Sales to End Users $ 286,163 $ 350,151 $ 840,649 $ 983,742 Wholesale - Sales to Resellers 103,686 99,311 291,445 308,646 Other Gas Sales 1,896 10,094 18,283 52,246 Other 20,385 20,069 65,800 60,677 Propane and related equipment revenues $ 412,130 $ 479,625 $ 1,216,177 $ 1,405,311 |
Contract with Customer, Asset and Liability [Table Text Block] | April 30, 2020 July 31, 2019 Accounts receivable $ 129,704 $ 96,450 Contract assets $ 15,801 $ 13,609 Contract liabilities Deferred revenue (1) $ 32,149 $ 31,974 (1) Of the beginning balance of deferred revenue, $24.6 million was recognized as revenue during the nine months ended April 30, 2020. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and Liabilities Fair Value Hierarchy | Asset (Liability) Quoted Prices in Active Markets for Identical Significant Other Assets and Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total April 30, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 244 $ — $ 244 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (21,022) $ — $ (21,022) July 31, 2019: Assets: Derivative financial instruments: Commodity derivatives $ — $ 1,259 $ — $ 1,259 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (16,015) $ — $ (16,015) |
Ferrellgas, L.P. [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets and Liabilities Fair Value Hierarchy | Asset (Liability) Quoted Prices in Active Markets for Identical Significant Other Assets and Liabilities Observable Inputs Unobservable Inputs (Level 1) (Level 2) (Level 3) Total April 30, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 244 $ — $ 244 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (21,022) $ — $ (21,022) July 31, 2019: Assets: Derivative financial instruments: Commodity derivatives $ — $ 1,259 $ — $ 1,259 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (16,015) $ — $ (16,015) |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Fair Value of Financial Derivatives Balance Sheet Locations | Final April 30, 2020 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 244 Other current liabilities $ 18,378 Commodity derivatives-propane Other assets, net — Other liabilities 2,644 Total $ 244 Total $ 21,022 Final July 31, 2019 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 910 Other current liabilities $ 14,198 Commodity derivatives-propane Other assets, net 349 Other liabilities 1,817 Total $ 1,259 Total $ 16,015 |
Offsetting Assets And Liabilities [Table Text Block] | April 30, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 27,233 Other current liabilities $ 3,279 Other assets, net 3,591 Other liabilities 317 $ 30,824 $ 3,596 July 31, 2019 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 25,028 Other current liabilities $ 1,217 Other assets, net 2,969 Other liabilities — $ 27,997 $ 1,217 |
Cash Flow Hedge Derivative Effect on Comprehensive Income | For the three months ended April 30, 2020 Amount of Gain (Loss) Amount of Gain Location of Gain (Loss) Reclassified from (Loss) Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (11,501) Cost of product sold- propane and other gas liquids sales $ (14,073) $ — $ (11,501) $ (14,073) $ — For the three months ended April 30, 2019 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,870 Cost of product sold- propane and other gas liquids sales $ (6,416) $ — $ 1,870 $ (6,416) $ — For the nine months ended April 30, 2020 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (36,340) Cost of sales-propane and other gas liquids sales $ (30,318) $ — $ (36,340) $ (30,318) $ — For the nine months ended April 30, 2019 Amount of Gain (Loss) Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Recognized in Reclassified from AOCI into Income Derivative Instrument AOCI AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (27,364) Cost of sales-propane and other gas liquids sales $ (5,790) $ — $ (27,364) $ (5,790) $ — |
Changes in Derivatives Included in Accumulated Other Comprehensive Income | For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2020 2019 Beginning balance $ (14,756) $ 20,560 Change in value of risk management commodity derivatives (36,340) (27,364) Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 30,318 5,790 Ending balance $ (20,778) $ (1,014) |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | Final April 30, 2020 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 244 Other current liabilities $ 18,378 Commodity derivatives-propane Other assets, net — Other liabilities 2,644 Total $ 244 Total $ 21,022 Final July 31, 2019 Maturity Asset Derivatives Liability Derivatives Derivative Instrument Date Location Fair value Location Fair value Derivatives designated as hedging instruments December 2021 Commodity derivatives-propane Prepaid expenses and other current assets $ 910 Other current liabilities $ 14,198 Commodity derivatives-propane Other assets, net 349 Other liabilities 1,817 Total $ 1,259 Total $ 16,015 |
Offsetting Assets And Liabilities [Table Text Block] | April 30, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 27,233 Other current liabilities $ 3,279 Other assets, net 3,591 Other liabilities 317 $ 30,824 $ 3,596 July 31, 2019 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 25,028 Other current liabilities $ 1,217 Other assets, net 2,969 Other liabilities — $ 27,997 $ 1,217 |
Cash Flow Hedge Derivative Effect on Comprehensive Income | For the three months ended April 30, 2020 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (11,501) Cost of product sold- propane and other gas liquids sales $ (14,073) $ — $ (11,501) $ (14,073) $ — For the three months ended April 30, 2019 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ 1,870 Cost of product sold- propane and other gas liquids sales $ (6,416) $ — $ 1,870 $ (6,416) $ — For the nine months ended April 30, 2020 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (36,340) Cost of sales-propane and other gas liquids sales $ (30,318) $ — $ (36,340) $ (30,318) $ — For the nine months ended April 30, 2019 Amount of Gain (Loss) Location of Gain (Loss) Reclassified from Amount of Gain (Loss) Reclassified from AOCI AOCI into Income Derivative Instrument Recognized in AOCI into Income Effective portion Ineffective portion Commodity derivatives $ (27,364) Cost of sales-propane and other gas liquids sales $ (5,790) $ — $ (27,364) $ (5,790) $ — |
Changes in Derivatives Included in Accumulated Other Comprehensive Income | For the nine months ended April 30, Gains and losses on derivatives included in AOCI 2020 2019 Beginning balance $ (14,756) $ 20,560 Change in value of risk management commodity derivatives (36,340) (27,364) Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 30,318 5,790 Ending balance $ (20,778) $ (1,014) |
Transactions With Related Par_2
Transactions With Related Parties (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Related Party Transaction [Line Items] | |
Allocation Of Transactions With Related Parties | For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Operating expense $ 67,241 $ 64,030 $ 203,796 $ 193,258 General and administrative expense $ 7,705 $ 5,872 $ 21,668 $ 19,196 |
Ferrellgas, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Allocation Of Transactions With Related Parties | For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 Operating expense $ 67,241 $ 64,030 $ 203,796 $ 193,258 General and administrative expense $ 7,705 $ 5,872 $ 21,668 $ 19,196 |
Net Earnings (Loss) Per Commo_2
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 9 Months Ended |
Apr. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Distribution Allocation | 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 % |
Basic And Diluted Net Earnings Per Common Unitholders' Interest | For the three months ended April 30, For the nine months ended April 30, 2020 2019 2020 2019 (in thousands, except per common unit amounts) Common unitholders’ interest in net earnings (loss) $ (15,239) $ 20,256 $ (12,405) $ 6,722 Weighted average common units outstanding (in thousands) 97,152.7 97,152.7 97,152.7 97,152.7 Basic and diluted net earnings (loss) per common unit $ (0.16) $ 0.21 $ (0.13) $ 0.07 |
Guarantor financial informati_2
Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] | 9 Months Ended |
Apr. 30, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Balance Sheet [Table Text Block] | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of April 30, 2020 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 318,836 $ 1 $ — $ — $ — $ 318,837 Accounts and notes receivable, net 10,642 — 24 132,286 — 142,952 Intercompany receivables 99,362 — — — (99,362) — Inventories 65,209 — — — — 65,209 Prepaid expenses and other current assets 47,175 — — — — 47,175 Total current assets 541,224 1 24 132,286 (99,362) 574,173 Property, plant and equipment, net 596,978 — — — — 596,978 Goodwill, net 247,195 — — — — 247,195 Intangible assets, net 103,966 — — — — 103,966 Investments in consolidated subsidiaries 37,505 — — — (37,505) — Operating lease right-of-use assets 110,497 — — — — 110,497 Other assets, net 84,772 — 2,255 445 — 87,472 Total assets $ 1,722,137 $ 1 $ 2,279 $ 132,731 $ (136,867) $ 1,720,281 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 37,025 $ — $ — $ — $ — $ 37,025 Intercompany payables — — — 99,362 (99,362) — Current portion of long-term debt 2,050 — — — — 2,050 Current operating lease liabilities 31,914 — — 31,914 Other current liabilities 165,047 — 12 (1,868) — 163,191 Total current liabilities 236,036 — 12 97,494 (99,362) 234,180 Long-term debt 2,146,044 — — — — 2,146,044 Operating lease liabilities 76,133 — — — — 76,133 Other liabilities 52,167 — — — — 52,167 Contingencies and commitments Partners' capital (deficit): Partners' equity (767,465) 1 2,267 35,237 (37,505) (767,465) Accumulated other comprehensive loss (20,778) — — — — (20,778) Total partners' capital (deficit) (788,243) 1 2,267 35,237 (37,505) (788,243) Total liabilities and partners' capital (deficit) $ 1,722,137 $ 1 $ 2,279 $ 132,731 $ (136,867) $ 1,720,281 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated ASSETS Current assets: Cash and cash equivalents $ 11,045 $ 1 $ — $ — $ — $ 11,046 Accounts and notes receivable, net (3,912) — 35 111,473 — 107,596 Intercompany receivables (5,650) — — — 5,650 — Inventories 80,454 — — — — 80,454 Prepaid expenses and other current assets 42,158 — (1) — — 42,157 Total current assets 124,095 1 34 111,473 5,650 241,253 Property, plant and equipment, net 596,724 — (1) — — 596,723 Goodwill, net 247,195 — — — — 247,195 Intangible assets, net 108,557 — — — — 108,557 Investments in consolidated subsidiaries 52,999 — — — (52,999) — Other assets, net 65,447 — 2,875 783 — 69,105 Total assets $ 1,195,017 $ 1 $ 2,908 $ 112,256 $ (47,349) $ 1,262,833 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 33,252 $ — $ — $ 112 $ — $ 33,364 Short-term borrowings 43,000 — — — — 43,000 Collateralized note payable — — — 62,000 — 62,000 Intercompany payables — — (192) (5,458) 5,650 — Current portion of long-term debt 277,029 — — — — 277,029 Other current liabilities 128,666 — 20 5,617 — 134,303 Total current liabilities 481,947 — (172) 62,271 5,650 549,696 Long-term debt 1,457,004 — — — — 1,457,004 Other liabilities 36,469 — 67 — — 36,536 Contingencies and commitments Partners' capital (deficit): Partners' equity (765,756) 1 3,013 49,985 (52,999) (765,756) Accumulated other comprehensive income (14,647) — — — — (14,647) Total partners' capital (deficit) (780,403) 1 3,013 49,985 (52,999) (780,403) Total liabilities and partners' capital (deficit) $ 1,195,017 $ 1 $ 2,908 $ 112,256 $ (47,349) $ 1,262,833 |
Condensed Income Statement [Table Text Block] | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2020 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 391,745 $ — $ — $ — $ — $ 391,745 Other 20,385 — — — — 20,385 Total revenues 412,130 — — — — 412,130 Costs and expenses: Cost of sales - propane and other gas liquids sales 176,265 — — — — 176,265 Cost of sales - other 2,740 — — — — 2,740 Operating expense - personnel, vehicle, plant and other 121,558 — — 1,314 (1,314) 121,558 Operating expense - equipment lease expense 8,075 — — — — 8,075 Depreciation and amortization expense 20,252 — — 114 — 20,366 General and administrative expense 12,555 — — — — 12,555 Non-cash employee stock ownership plan compensation charge 757 — — — — 757 Loss on asset sales and disposals 1,859 — — — — 1,859 Operating income (loss) 68,069 — — (1,428) 1,314 67,955 Interest expense (36,943) — — (1,063) — (38,006) Loss on extinguishment of debt (37,399) — — — — (37,399) Other income (expense), net (158) — — 1,351 (1,351) (158) Earnings (loss) before income taxes (6,431) — — (1,140) (37) (7,608) Income tax expense 112 — — — — 112 Equity in earnings (loss) of subsidiaries (1,140) — — — 1,140 — Net earnings (loss) (7,683) — — (1,140) 1,103 (7,720) Other comprehensive income 2,572 — — — — 2,572 Comprehensive income (loss) $ (5,111) $ — $ — $ (1,140) $ 1,103 $ (5,148) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the three months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 459,556 $ — $ — $ — $ — $ 459,556 Other 20,069 — — — — 20,069 Total revenues 479,625 — — — — 479,625 Costs and expenses: Cost of sales - propane and other gas liquids sales 250,389 — — — — 250,389 Cost of sales - other 2,320 — — — — 2,320 Operating expense - personnel, vehicle, plant and other 124,078 — (3) 968 (5,052) 119,991 Operating expense - equipment lease expense 8,319 — — — — 8,319 Depreciation and amortization expense 20,506 — — 111 — 20,617 General and administrative expense 11,511 1 — — — 11,512 Non-cash employee stock ownership plan compensation charge (4) — — — — (4) Loss on asset sales and disposals 1,683 — — — — 1,683 Operating income (loss) 60,823 (1) 3 (1,079) 5,052 64,798 Interest expense (34,206) — — (1,189) — (35,395) Other income (expense), net 278 — (27) 2,834 (2,834) 251 Earnings (loss) before income taxes 26,895 (1) (24) 566 2,218 29,654 Income tax expense (benefit) (49) — 149 — — 100 Equity in earnings (loss) of subsidiary 392 — — — (392) — Net earnings (loss) 27,336 (1) (173) 566 1,826 29,554 Other comprehensive loss 8,286 — — — — 8,286 Comprehensive income (loss) $ 35,622 $ (1) $ (173) $ 566 $ 1,826 $ 37,840 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2020 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,150,377 $ — $ — $ — $ — $ 1,150,377 Other 65,800 — — — — 65,800 Total revenues 1,216,177 — — — — 1,216,177 Costs and expenses: Cost of sales - propane and other gas liquids sales 548,136 — — — — 548,136 Cost of sales - other 9,774 — — — — 9,774 Operating expense - personnel, vehicle, plant and other 364,334 — — — — 364,334 Operating expense - equipment lease expense 24,724 — — 3,249 (3,249) 24,724 Depreciation and amortization expense 59,043 — — 337 — 59,380 General and administrative expense 36,332 4 — — — 36,336 Non-cash employee stock ownership plan compensation charge 2,182 — — — — 2,182 Loss on asset sales and disposals 6,242 — — — — 6,242 Operating income (loss) 165,410 (4) — (3,586) 3,249 165,069 Interest expense (110,412) — — (3,161) — (113,573) Loss on extinguishment of debt (37,399) — — — — (37,399) Other income (expense), net (214) — — 3,953 (3,953) (214) Earnings (loss) before income taxes 17,385 (4) — (2,794) (704) 13,883 Income tax expense 745 — — — — 745 Equity in earnings (loss) of subsidiary (2,798) — — — 2,798 — Net earnings (loss) 13,842 (4) — (2,794) 2,094 13,138 Other comprehensive loss (6,131) — — — — (6,131) Comprehensive income (loss) $ 7,711 $ (4) $ — $ (2,794) $ 2,094 $ 7,007 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the nine months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Revenues: Propane and other gas liquids sales $ 1,344,634 $ — $ — $ — $ — $ 1,344,634 Other 60,628 — 49 — — 60,677 Total revenues 1,405,262 — 49 — — 1,405,311 Costs and expenses: Cost of sales - propane and other gas liquids sales 766,056 — — — — 766,056 Cost of sales - other 8,675 — 114 — — 8,789 Operating expense - personnel, vehicle, plant and other 355,589 — 36 3,869 (7,953) 351,541 Operating expense - equipment lease expense 24,597 — — — — 24,597 Depreciation and amortization expense 58,880 — — 334 — 59,214 General and administrative expense 42,022 6 — — — 42,028 Non-cash employee stock ownership plan compensation charge 4,688 — — — — 4,688 Loss on asset sales and disposals 5,724 — 2,679 — — 8,403 Operating income (loss) 139,031 (6) (2,780) (4,203) 7,953 139,995 Interest expense (103,209) — (38) (3,493) — (106,740) Other income (expense), net 393 — (37) 7,953 (7,953) 356 Earnings (loss) before income taxes 36,215 (6) (2,855) 257 — 33,611 Income tax expense 105 — 149 — — 254 Equity in earnings (loss) of subsidiaries (2,753) — — — 2,753 — Net earnings (loss) 33,357 (6) (3,004) 257 2,753 33,357 Other comprehensive loss (21,574) — — — — (21,574) Comprehensive income (loss) $ 11,783 $ (6) $ (3,004) $ 257 $ 2,753 $ 11,783 |
Condensed Cash Flow Statement [Table Text Block] | FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2020 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 60,132 $ (4) $ 513 $ (8,862) $ 62,000 $ 113,779 Cash flows from investing activities: Business acquisitions, net of cash acquired (6,400) — — — — (6,400) Capital expenditures (57,251) — — — — (57,251) Proceeds from sale of assets 2,510 — — — — 2,510 Cash collected for purchase of interest in accounts receivable — — — 685,640 (685,640) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (623,640) 623,640 — Intercompany loan to affiliate (8,353) — — — 8,353 — Cash payments to construct assets in connection with future lease transactions (37,042) — — — — (37,042) Cash receipts in connection with leased vehicles 21,995 — — — — 21,995 Net cash provided by (used in) investing activities (84,541) — — 62,000 (53,647) (76,188) Cash flows from financing activities: Distributions (15,654) — — — — (15,654) Proceeds from increase in long-term debt 703,750 — — — — 703,750 Reductions in long-term debt (285,285) — — — — (285,285) Net reductions to short-term borrowings (43,000) — — — — (43,000) Net additions to collateralized short-term borrowings — — — (62,000) — (62,000) Net changes in advances with consolidated entities — 4 (513) 8,862 (8,353) — Cash paid for financing costs and other (27,611) — — — — (27,611) Net cash provided by (used in) financing activities 332,200 4 (513) (53,138) (8,353) 270,200 Net change in cash and cash equivalents 307,791 — — — — 307,791 Cash and cash equivalents - beginning of year 11,045 1 — — — 11,046 Cash, cash equivalents and restricted cash - end of year $ 318,836 $ 1 $ — $ — $ — $ 318,837 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the nine months ended April 30, 2019 Ferrellgas, L.P. Ferrellgas (Parent and Finance Corp. Guarantor Non-Guarantor Co-Issuer) (Co-Issuer) Subsidiaries Subsidiaries Eliminations Consolidated Cash flows from operating activities: Net cash provided by (used in) operating activities $ 111,008 $ (6) $ 24,589 $ (45,384) $ (4,000) $ 86,207 Cash flows from investing activities: Business acquisitions, net of cash acquired (11,351) — — — — (11,351) Capital expenditures (94,660) — — — — (94,660) Proceeds from sale of assets 2,416 — — — — 2,416 Cash collected for purchase of interest in accounts receivable — — — 1,052,947 (1,052,947) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (1,056,947) 1,056,947 — Intercompany loan to affiliate (20,638) — — — 20,638 — Other — — — — — — Net cash provided by (used in) investing activities (124,233) — — (4,000) 24,638 (103,595) Cash flows from financing activities: Distributions (25,568) — — — — (25,568) Reductions in long-term debt (1,656) — — — — (1,656) Net reductions in short-term borrowings (32,800) — — — — (32,800) Net additions to collateralized short-term borrowings — — — 4,000 — 4,000 Net changes in advances with consolidated entries — 6 (24,763) 45,395 (20,638) — Cash paid for financing costs (520) — — (11) — (531) Net cash provided by (used in) financing activities (60,544) 6 (24,763) 49,384 (20,638) (56,555) Net change in cash and cash equivalents (73,769) — (174) — — (73,943) Cash and cash equivalents - beginning of year 119,133 1 174 — — 119,308 Cash and cash equivalents - end of year $ 45,364 $ 1 $ — $ — $ — $ 45,365 |
Partnership Organization And _2
Partnership Organization And Formation (Details) $ in Millions | Apr. 24, 2020item | Apr. 30, 2020USD ($)employeeitemsubsidiaryshares | Apr. 30, 2019 | Jul. 31, 2019shares | Jan. 31, 2017USD ($) | Nov. 30, 2010USD ($) |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Number of subsidiaries | subsidiary | 2 | |||||
Number of states in which entity operates | 50 | |||||
Number of employees | employee | 0 | |||||
Fixed rate 8.625% Due 2020 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 357 | $ 175 | ||||
Fixed rate 6.5% Due 2021 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 500 | $ 500 | ||||
Ferrellgas, L.P. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Number of general partners | item | 3 | |||||
Ferrellgas Partners LP [Member] | Ferrellgas, L.P. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Limited partner interest | 99.00% | |||||
Ferrellgas Partners LP [Member] | Ferrellgas Partners Finance Corp. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Ownership Percentage | 100.00% | |||||
Ferrell Companies [Member] | Ferrellgas Partners LP [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Common stock shares outstanding | shares | 22,800,000 | |||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
General partner ownership interest | 2.00% | 2.00% | ||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
General partner ownership interest | 1.00% | |||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
General partner ownership interest | 1.0101% | 1.0101% | ||||
Ferrellgas, L.P. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Number of states in which entity operates | 50 | |||||
Number of employees | employee | 0 | |||||
Number of additional general partners | item | 2 | |||||
Ferrellgas, L.P. [Member] | Fixed rate 8.625% Due 2020 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 357 | |||||
Ferrellgas, L.P. [Member] | Fixed rate 6.5% Due 2021 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 500 | $ 500 | ||||
Ferrellgas, L.P. [Member] | Ferrellgas Finance Corp. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Ownership Percentage | 100.00% | |||||
Ferrellgas Partners Finance Corp. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Common stock shares outstanding | shares | 1,000 | 1,000 | ||||
Number of employees | employee | 0 | |||||
Ferrellgas Partners Finance Corp. [Member] | Fixed rate 8.625% Due 2020 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 357 | |||||
Ferrellgas Partners Finance Corp. [Member] | Fixed rate 6.5% Due 2021 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 500 | |||||
Ferrellgas Finance Corp. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Common stock shares outstanding | shares | 1,000 | 1,000 | ||||
Number of employees | employee | 0 | |||||
Ferrellgas Finance Corp. [Member] | Fixed rate 8.625% Due 2020 | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 357 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (New Accounting Standards) (Details) | Aug. 01, 2019 |
Significant Accounting Policies [Line Items] | |
Lease, Practical Expedient, Lessor Single Lease Component [true false] | true |
Lease, Practical Expedients, Package [true false] | true |
Lease, Practical Expedient, Use of Hindsight [true false] | false |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Lease, Practical Expedient, Lessor Single Lease Component [true false] | true |
Lease, Practical Expedients, Package [true false] | true |
Lease, Practical Expedient, Use of Hindsight [true false] | false |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) $ in Thousands | Apr. 30, 2020USD ($) |
Assets and Liabilities, Lessee [Abstract] | |
Operating Lease, Right-of-Use Asset | $ 110,497 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating Lease, Right-of-Use Asset |
Finance Lease, Right-of-Use Asset | $ 24,495 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent |
Total leased assets | $ 134,992 |
Operating Lease, Liability, Current | $ 31,914 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Operating Lease, Liability, Current |
Finance Lease, Liability, Current | $ 4,574 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current |
Operating Lease, Liability, Noncurrent | $ 76,133 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Operating Lease, Liability, Noncurrent |
Finance Lease, Liability, Noncurrent | $ 20,250 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent |
Total leased liabilities | $ 132,871 |
Ferrellgas, L.P. [Member] | |
Assets and Liabilities, Lessee [Abstract] | |
Operating Lease, Right-of-Use Asset | $ 110,497 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating Lease, Right-of-Use Asset |
Finance Lease, Right-of-Use Asset | $ 24,495 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent |
Total leased assets | $ 134,992 |
Operating Lease, Liability, Current | $ 31,914 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Operating Lease, Liability, Current |
Finance Lease, Liability, Current | $ 4,574 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current |
Operating Lease, Liability, Noncurrent | $ 76,133 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Operating Lease, Liability, Noncurrent |
Finance Lease, Liability, Noncurrent | $ 20,250 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent |
Total leased liabilities | $ 132,871 |
Leases - Lease Expenses (Detail
Leases - Lease Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Apr. 30, 2020 | Apr. 30, 2020 | |
Lease, Cost [Abstract] | ||
Operating lease expense | $ 10,446 | $ 31,290 |
Short-term expense | 1,635 | 5,852 |
Variable lease expense | 1,224 | 3,456 |
Total finance lease expense | 937 | 1,772 |
Total lease expense | 14,242 | 42,370 |
Operating expenses - personnel, vehicle, plant and other | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 1,946 | 5,351 |
Short-term expense | 1,512 | 5,478 |
Variable lease expense | 751 | 2,097 |
Operating expense - equipment lease expense | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 7,602 | 23,365 |
Variable lease expense | 473 | 1,359 |
Cost of Sales [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 370 | 1,083 |
General and Administrative Expense [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 528 | 1,491 |
Short-term expense | 123 | 374 |
Depreciation And Amortization Expense [Member] | ||
Lease, Cost [Abstract] | ||
Amortization of leased assets | 754 | 1,229 |
Interest Expense [Member] | ||
Lease, Cost [Abstract] | ||
Interest on lease liabilities | 183 | 543 |
Ferrellgas, L.P. [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 10,446 | 31,290 |
Short-term expense | 1,635 | 5,852 |
Variable lease expense | 1,224 | 3,456 |
Total finance lease expense | 937 | 1,772 |
Total lease expense | 14,242 | 42,370 |
Ferrellgas, L.P. [Member] | Operating expenses - personnel, vehicle, plant and other | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 1,946 | 5,351 |
Short-term expense | 1,512 | 5,478 |
Variable lease expense | 751 | 2,097 |
Ferrellgas, L.P. [Member] | Operating expense - equipment lease expense | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 7,602 | 23,365 |
Variable lease expense | 473 | 1,359 |
Ferrellgas, L.P. [Member] | Cost of Sales [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 370 | 1,083 |
Ferrellgas, L.P. [Member] | General and Administrative Expense [Member] | ||
Lease, Cost [Abstract] | ||
Operating lease expense | 528 | 1,491 |
Short-term expense | 123 | 374 |
Ferrellgas, L.P. [Member] | Depreciation And Amortization Expense [Member] | ||
Lease, Cost [Abstract] | ||
Amortization of leased assets | 754 | 1,229 |
Ferrellgas, L.P. [Member] | Interest Expense [Member] | ||
Lease, Cost [Abstract] | ||
Interest on lease liabilities | $ 183 | $ 543 |
Leases - Maturity (Details)
Leases - Maturity (Details) $ in Thousands | Apr. 30, 2020USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | $ 10,771 |
2021 | 36,228 |
2022 | 27,079 |
2023 | 20,987 |
2024 | 17,536 |
Thereafter | 33,074 |
Total lease payments, Operating Leases | 145,675 |
Less: Imputed interest | 37,628 |
Present value of lease liabilities, Operating Leases | 108,047 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2020 | 1,445 |
2021 | 6,492 |
2022 | 5,871 |
2023 | 4,503 |
2024 | 3,985 |
Thereafter | 8,261 |
Total lease payments, Finance Leases | 30,557 |
Less: Imputed interest | 5,733 |
Present value of lease liabilities, Finance Leases | 24,824 |
Operating And Finance Lease Liabilities Payments Due [Abstract] | |
2020 | 12,216 |
2021 | 42,720 |
2022 | 32,950 |
2023 | 25,490 |
2024 | 21,521 |
Thereafter | 41,335 |
Total lease payments | 176,232 |
Less: Imputed interest | 43,361 |
Present value of lease liabilities | 132,871 |
Ferrellgas, L.P. [Member] | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2020 | 10,771 |
2021 | 36,228 |
2022 | 27,079 |
2023 | 20,987 |
2024 | 17,536 |
Thereafter | 33,074 |
Total lease payments, Operating Leases | 145,675 |
Less: Imputed interest | 37,628 |
Present value of lease liabilities, Operating Leases | 108,047 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2020 | 1,445 |
2021 | 6,492 |
2022 | 5,871 |
2023 | 4,503 |
2024 | 3,985 |
Thereafter | 8,261 |
Total lease payments, Finance Leases | 30,557 |
Less: Imputed interest | 5,733 |
Present value of lease liabilities, Finance Leases | 24,824 |
Operating And Finance Lease Liabilities Payments Due [Abstract] | |
2020 | 12,216 |
2021 | 42,720 |
2022 | 32,950 |
2023 | 25,490 |
2024 | 21,521 |
Thereafter | 41,335 |
Total lease payments | 176,232 |
Less: Imputed interest | 43,361 |
Present value of lease liabilities | $ 132,871 |
Leases - Assumptions (Details)
Leases - Assumptions (Details) | Apr. 30, 2020 |
Lessee Disclosure [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 8 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 8.20% |
Finance Lease, Weighted Average Discount Rate, Percent | 7.60% |
Ferrellgas, L.P. [Member] | |
Lessee Disclosure [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 8 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 8.20% |
Finance Lease, Weighted Average Discount Rate, Percent | 7.60% |
Leases - Cash Flow (Details)
Leases - Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Apr. 30, 2020 | Apr. 30, 2020 | |
Operating cash flows, operating leases | $ 10,457 | $ 32,104 |
Operating cash flows, financing leases | 183 | 543 |
Financing cash flows, financing leases | 650 | 944 |
Ferrellgas, L.P. [Member] | ||
Operating cash flows, operating leases | 10,457 | 32,104 |
Operating cash flows, financing leases | 183 | 543 |
Financing cash flows, financing leases | $ 650 | $ 944 |
Supplemental Information - Inve
Supplemental Information - Inventories (Details) $ in Thousands, gal in Millions | 9 Months Ended | |
Apr. 30, 2020USD ($)gal | Jul. 31, 2019USD ($) | |
Supplemental Financial Statement Information [Line Items] | ||
Propane gas and related products | $ 49,114 | $ 66,001 |
Appliances, parts and supplies | 16,095 | 14,453 |
Inventories | $ 65,209 | 80,454 |
Supply procurement contract duration | 36 months | |
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 1.9 | |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Propane gas and related products | $ 49,114 | 66,001 |
Appliances, parts and supplies | 16,095 | 14,453 |
Inventories | $ 65,209 | $ 80,454 |
Supply procurement contract duration | 36 months | |
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 1.9 |
Supplemental Information - Prep
Supplemental Information - Prepaids and Other Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Supplemental Financial Statement Information [Line Items] | ||
Broker margin deposit assets | $ 27,233 | $ 25,028 |
Other assets, net | 19,990 | 17,247 |
Prepaid expenses and other current assets | 47,223 | 42,275 |
Notes receivable, less current portion | 8,760 | 16,216 |
Other | 78,712 | 52,889 |
Other assets, net | 87,472 | 69,105 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Broker margin deposit assets | 27,233 | 25,028 |
Other assets, net | 19,942 | 17,129 |
Prepaid expenses and other current assets | 47,175 | 42,157 |
Notes receivable, less current portion | 8,760 | 16,216 |
Other | 78,712 | 52,889 |
Other assets, net | $ 87,472 | $ 69,105 |
Supplemental Information - Othe
Supplemental Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Supplemental Financial Statement Information [Line Items] | ||
Accrued interest | $ 53,192 | $ 20,484 |
Customer deposits and advances | 23,785 | 24,686 |
Accrued payroll | 27,999 | 17,356 |
Accrued insurance | 12,519 | 18,524 |
Price risk management liabilities | 18,378 | 14,198 |
Other | 38,950 | 42,989 |
Other current liabilities | 174,823 | 138,237 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Accrued interest | 41,560 | 16,550 |
Customer deposits and advances | 23,785 | 24,686 |
Accrued payroll | 27,999 | 17,356 |
Accrued insurance | 12,519 | 18,524 |
Price risk management liabilities | 18,378 | 14,198 |
Other | 38,950 | 42,989 |
Other current liabilities | $ 163,191 | $ 134,303 |
Supplemental Information - Ship
Supplemental Information - Shipping and Handling (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense - personnel, vehicle, plant and other | $ 121,558 | $ 119,991 | $ 364,334 | $ 351,541 |
Depreciation and amortization expense | 20,366 | 20,617 | 59,380 | 59,214 |
Operating expense - equipment lease expense | 8,075 | 24,724 | ||
Equipment lease expense, preadoption | 8,319 | 24,597 | ||
Ferrellgas, L.P. [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense - personnel, vehicle, plant and other | 121,558 | 119,991 | 364,334 | 351,541 |
Depreciation and amortization expense | 20,366 | 20,617 | 59,380 | 59,214 |
Operating expense - equipment lease expense | 8,075 | 24,724 | ||
Equipment lease expense, preadoption | 8,319 | 24,597 | ||
Shipping and Handling [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense - personnel, vehicle, plant and other | 54,664 | 54,753 | 167,666 | 162,474 |
Depreciation and amortization expense | 2,007 | 1,934 | 5,883 | 4,396 |
Operating expense - equipment lease expense | 8,308 | 23,934 | ||
Equipment lease expense, preadoption | 7,784 | 23,172 | ||
Costs and Expenses, Total | 64,979 | 64,471 | 197,483 | 190,042 |
Shipping and Handling [Member] | Ferrellgas, L.P. [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Operating expense - personnel, vehicle, plant and other | 54,664 | 54,753 | 167,666 | 162,474 |
Depreciation and amortization expense | 2,007 | 1,934 | 5,883 | 4,396 |
Operating expense - equipment lease expense | 8,308 | 23,934 | ||
Equipment lease expense, preadoption | 7,784 | 23,172 | ||
Costs and Expenses, Total | $ 64,979 | $ 64,471 | $ 197,483 | $ 190,042 |
Supplemental Information - Cash
Supplemental Information - Cash (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Jul. 31, 2019 | Jul. 31, 2018 | |
Supplemental Financial Statement Information [Line Items] | ||||
Cash and cash equivalents | $ 177,529 | $ 11,054 | ||
Restricted Cash and Cash Equivalents, Total | 141,318 | |||
Cash pledged as collateral for letters of credit | 123,800 | |||
Cash deposit against contingencies | 11,500 | |||
Additional pledged collateral | 6,000 | |||
Cash and cash equivalents and restricted cash | 318,847 | $ 45,434 | 11,054 | $ 119,311 |
Cash paid for interest | 96,418 | 93,465 | ||
Income taxes | 50 | 21 | ||
Noncash Investing and Financing Items [Abstract] | ||||
Liability incurred in connection with Term Loan amendment | 8,863 | |||
Liabilities incurred in connection with acquisitions | 1,174 | |||
Change in accruals for property, plant and equipment additions | 486 | 1,202 | ||
Right-of-use assets arising from operating and finance lease liabilities | 42,042 | |||
Ferrellgas, L.P. [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Cash and cash equivalents | 177,519 | 11,046 | ||
Restricted Cash and Cash Equivalents, Total | 141,318 | |||
Cash pledged as collateral for letters of credit | 123,800 | |||
Cash deposit against contingencies | 11,500 | |||
Additional pledged collateral | 6,000 | |||
Cash and cash equivalents and restricted cash | 318,837 | 45,365 | $ 11,046 | $ 119,308 |
Cash paid for interest | 81,023 | 78,069 | ||
Income taxes | 1 | (9) | ||
Noncash Investing and Financing Items [Abstract] | ||||
Liability incurred in connection with Term Loan amendment | 8,863 | |||
Liabilities incurred in connection with acquisitions | 1,174 | |||
Change in accruals for property, plant and equipment additions | 486 | $ 1,202 | ||
Right-of-use assets arising from operating and finance lease liabilities | $ 42,042 |
Accounts And Notes Receivable_3
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 134,443 | $ 106,145 |
Accounts receivable, not pledged as collateral (including other reserves) | 564 | 1,218 |
Notes receivable, current portion | 10,461 | 2,660 |
Other | 37 | 36 |
Less: Allowance for doubtful accounts | (2,553) | (2,463) |
Accounts and notes receivable, net | 142,952 | 107,596 |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 134,443 | 106,145 |
Accounts receivable, not pledged as collateral (including other reserves) | 564 | 1,218 |
Notes receivable, current portion | 10,461 | 2,660 |
Other | 37 | 36 |
Less: Allowance for doubtful accounts | (2,553) | (2,463) |
Accounts and notes receivable, net | $ 142,952 | $ 107,596 |
Accounts And Notes Receivable_4
Accounts And Notes Receivable, Net And Accounts Receivable Securitization - Additional information (Details) | Apr. 10, 2020 | Apr. 09, 2020 | Apr. 30, 2020USD ($) | Jul. 31, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable pledged as collateral | $ 134,443,000 | $ 106,145,000 | ||
Required fixed charge coverage ratio | 175.00% | |||
Ferrellgas, L.P. [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts receivable pledged as collateral | $ 134,443,000 | 106,145,000 | ||
Required fixed charge coverage ratio | 175.00% | |||
Minimum [Member] | Ferrellgas, L.P. [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Senior secured leverage ratio | 5.5 | |||
Increase in interest rate (as a percent) | 0.50% | |||
Accounts Receivable Securitization Facility [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collateralized notes payable | $ 0 | 62,000,000 | ||
Receipts from accounts receivable securitization | 0 | 62,000,000 | ||
Capacity to receive additional proceeds | 91,000,000 | $ 0 | ||
Weighted average interest rate of debt | 5.50% | |||
Margin added to variable rate (as a percent) | 2.50% | |||
Increase in interest rate (as a percent) | 0.50% | |||
Accounts Receivable Securitization Facility [Member] | Ferrellgas, L.P. [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Collateralized notes payable | 0 | $ 62,000,000 | ||
Receipts from accounts receivable securitization | 0 | 62,000,000 | ||
Capacity to receive additional proceeds | $ 91,000,000 | $ 0 | ||
Weighted average interest rate of debt | 5.50% | |||
Required fixed charge coverage ratio | 100.00% | |||
Senior secured leverage ratio | 3 | |||
Margin added to variable rate (as a percent) | 2.50% | |||
Accounts Receivable Securitization Facility [Member] | Maximum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Senior secured leverage ratio | 3 | |||
Margin added to variable rate (as a percent) | 4.50% | |||
Agreement extension period | 3 years | |||
Accounts Receivable Securitization Facility [Member] | Maximum [Member] | Ferrellgas, L.P. [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Margin added to variable rate (as a percent) | 4.50% | |||
Accounts Receivable Securitization Facility [Member] | Minimum [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Required fixed charge coverage ratio | 100.00% | |||
Margin added to variable rate (as a percent) | 1.00% | 0.00% | ||
Accounts Receivable Securitization Facility [Member] | Minimum [Member] | Ferrellgas, L.P. [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Margin added to variable rate (as a percent) | 1.00% | 0.00% |
Debt - Short-Term Borrowings (D
Debt - Short-Term Borrowings (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 0 | $ 43,000 |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 0 | $ 43,000 |
Debt - Components Of Long-Term
Debt - Components Of Long-Term Debt (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total long-term debt | $ 2,541,378 | $ 2,113,276 |
Unamortized debt issuance expense | 36,284 | 24,516 |
Less: current portion of long-term debt | 359,050 | 631,756 |
Long-term debt | 2,146,044 | 1,457,004 |
Fixed rate 6.5% Due 2021 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Unsecured senior notes | 500,000 | 500,000 |
Fixed rate 6.75% Due 2023 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Unsecured senior notes | 500,000 | 500,000 |
Fixed rate 6.75% Due 2022 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Unsecured senior notes | 476,107 | 476,633 |
Fixed rate 8.625% Due 2020 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Unsecured senior notes | 357,000 | 355,681 |
Fixed rate 10.00% Due 2025 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior secured debt | 703,719 | |
Variable interest rate Term Loan Due 2023 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior secured debt | 275,000 | |
Notes payable Due 2020 to 2029 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Notes payable | 4,552 | 5,962 |
Ferrellgas, L.P. [Member] | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Total long-term debt | 2,184,378 | 1,757,595 |
Unamortized debt issuance expense | 36,284 | 23,562 |
Less: current portion of long-term debt | 2,050 | 277,029 |
Long-term debt | 2,146,044 | 1,457,004 |
Ferrellgas, L.P. [Member] | Fixed rate 6.5% Due 2021 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Unsecured senior notes | 500,000 | 500,000 |
Ferrellgas, L.P. [Member] | Fixed rate 6.75% Due 2023 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Unsecured senior notes | 500,000 | 500,000 |
Ferrellgas, L.P. [Member] | Fixed rate 6.75% Due 2022 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Unsecured senior notes | 476,107 | 476,633 |
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior secured debt | 703,719 | |
Ferrellgas, L.P. [Member] | Variable interest rate Term Loan Due 2023 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Senior secured debt | 275,000 | |
Ferrellgas, L.P. [Member] | Notes payable Due 2020 to 2029 | ||
Schedule of Capitalization, Long-term Debt [Line Items] | ||
Notes payable | $ 4,552 | $ 5,962 |
Debt - Long-Term Debt Activity
Debt - Long-Term Debt Activity (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2020 | Jan. 31, 2017 | Apr. 30, 2020 | Jul. 31, 2014 | Jul. 31, 2019 | Apr. 30, 2019 | Jun. 30, 2015 | Mar. 31, 2011 | Nov. 30, 2010 | Apr. 30, 2010 | |
Debt Instrument [Line Items] | ||||||||||
Short-term borrowings | $ 0 | $ 0 | $ 43,000 | |||||||
Capitalized financing cost | 8,863 | |||||||||
Cash deposit against contingencies | $ 11,500 | 11,500 | ||||||||
Non-cash write-offs of unamortized debt discount and related capitalized debt costs | $ 19,883 | |||||||||
Fixed rate 6.5% Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | 6.50% | ||||||
Aggregate principal amount | $ 500,000 | $ 500,000 | $ 500,000 | |||||||
Fixed rate 6.75% Due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | 6.75% | ||||||
Aggregate principal amount | $ 500,000 | |||||||||
Fixed rate 6.75% Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | 6.75% | ||||||
Unamortized premium | $ 1,107 | $ 1,107 | $ 1,633 | |||||||
Aggregate principal amount | $ 475,000 | |||||||||
Fixed rate 8.625% Due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | 8.625% | ||||||
Issuance price as percent of par | 96.00% | |||||||||
Unamortized discount | $ 0 | $ 0 | $ 1,319 | |||||||
Net proceeds | $ 166,100 | |||||||||
Aggregate principal amount | $ 357,000 | $ 175,000 | $ 357,000 | |||||||
Fixed rate 10.00% Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, as a percent | 10.00% | 10.00% | ||||||||
Unamortized premium | $ 3,719 | $ 3,719 | ||||||||
Aggregate principal amount | 700,000 | 700,000 | ||||||||
Notes payable Due 2020 to 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized discount | $ 483 | $ 483 | $ 711 | |||||||
Weighted average interest rate (as a percent) | 9.50% | 9.50% | 10.70% | |||||||
Aggregate principal amount | $ 280,000 | |||||||||
Amount redeemed | $ 98,000 | |||||||||
Senior Secured Credit Facility May 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding borrowing repaid | $ 283,900 | |||||||||
Accrued interest paid | 3,100 | |||||||||
Cash deposit against contingencies | 11,500 | $ 11,500 | ||||||||
Prepayment premium paid | 17,500 | |||||||||
Non-cash write-offs of unamortized debt discount and related capitalized debt costs | 19,900 | |||||||||
Variable interest Revolving Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short-term borrowings | $ 43,000 | |||||||||
Interest rate at period end | 9.47% | |||||||||
Debt Instrument Issued At Par [Member] | Fixed rate 6.75% Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 325,000 | |||||||||
Debt Instrument Issued At Par [Member] | Fixed rate 10.00% Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 575,000 | 575,000 | ||||||||
Debt Instrument Issued At Other Than Par [Member] | Fixed rate 6.75% Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance price as percent of par | 104.00% | |||||||||
Aggregate principal amount | $ 150,000 | |||||||||
Debt Instrument Issued At Other Than Par [Member] | Fixed rate 10.00% Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance price as percent of par | 103.00% | |||||||||
Aggregate principal amount | $ 125,000 | 125,000 | ||||||||
Ferrellgas, L.P. [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short-term borrowings | 0 | 0 | $ 43,000 | |||||||
Capitalized financing cost | 8,863 | |||||||||
Cash deposit against contingencies | $ 11,500 | 11,500 | ||||||||
Non-cash write-offs of unamortized debt discount and related capitalized debt costs | $ 19,883 | |||||||||
Ferrellgas, L.P. [Member] | Fixed rate 6.5% Due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | 6.50% | ||||||
Aggregate principal amount | $ 500,000 | $ 500,000 | $ 500,000 | |||||||
Ferrellgas, L.P. [Member] | Fixed rate 6.75% Due 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | 6.75% | ||||||
Aggregate principal amount | $ 500,000 | $ 500,000 | $ 500,000 | |||||||
Ferrellgas, L.P. [Member] | Fixed rate 6.75% Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | 6.75% | ||||||
Unamortized premium | $ 1,107 | $ 1,107 | $ 1,633 | |||||||
Aggregate principal amount | $ 475,000 | |||||||||
Ferrellgas, L.P. [Member] | Fixed rate 8.625% Due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 357,000 | $ 357,000 | ||||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate, as a percent | 10.00% | 10.00% | ||||||||
Unamortized premium | $ 3,719 | $ 3,719 | ||||||||
Aggregate principal amount | 700,000 | 700,000 | ||||||||
Ferrellgas, L.P. [Member] | Notes payable Due 2020 to 2029 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unamortized discount | $ 483 | $ 483 | $ 711 | |||||||
Weighted average interest rate (as a percent) | 9.50% | 9.50% | 10.70% | |||||||
Ferrellgas, L.P. [Member] | Senior Secured Credit Facility May 2018 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Outstanding borrowing repaid | $ 283,900 | |||||||||
Accrued interest paid | 3,100 | |||||||||
Cash deposit against contingencies | 11,500 | $ 11,500 | ||||||||
Prepayment premium paid | 17,500 | |||||||||
Non-cash write-offs of unamortized debt discount and related capitalized debt costs | 19,900 | |||||||||
Ferrellgas, L.P. [Member] | Variable interest Revolving Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Short-term borrowings | $ 43,000 | |||||||||
Interest rate at period end | 9.47% | |||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Par [Member] | Fixed rate 6.75% Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 325,000 | |||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Par [Member] | Fixed rate 10.00% Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount | $ 575,000 | 575,000 | ||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Other Than Par [Member] | Fixed rate 6.75% Due 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance price as percent of par | 104.00% | |||||||||
Aggregate principal amount | $ 150,000 | |||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Other Than Par [Member] | Fixed rate 10.00% Due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance price as percent of par | 103.00% | |||||||||
Aggregate principal amount | $ 125,000 | $ 125,000 |
Debt Maturities (Details)
Debt Maturities (Details) $ in Thousands | Apr. 30, 2020USD ($) |
Debt Instrument [Line Items] | |
Remainder of 2020 | $ 357,425 |
2021 | 501,975 |
2022 | 476,315 |
2023 | 500,879 |
2024 | 209 |
Thereafter | 700,232 |
Total long-term debt | 2,537,035 |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Remainder of 2020 | 425 |
2021 | 501,975 |
2022 | 476,315 |
2023 | 500,879 |
2024 | 209 |
Thereafter | 700,232 |
Total long-term debt | $ 2,180,035 |
Debt - Secured Senior Note and
Debt - Secured Senior Note and Credit Facility (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Apr. 30, 2020 | Jul. 31, 2019 | Jan. 31, 2017 | Jul. 31, 2014 | |
Debt Instrument [Line Items] | ||||
Cash deposit against contingencies | $ 11,500 | |||
Short-term borrowings | 0 | $ 43,000 | ||
Letters of credit outstanding | 120,200 | $ 101,900 | ||
Cash pledged as collateral for letters of credit | 123,800 | |||
Senior Secured Credit Facility May 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowing repaid | 283,900 | |||
Accrued interest paid | 3,100 | |||
Prepayment premium paid | 17,500 | |||
Cash deposit against contingencies | $ 11,500 | |||
Variable interest Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate at period end | 9.47% | |||
Short-term borrowings | $ 43,000 | |||
Available borrowing capacity | 155,100 | |||
Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Available borrowing capacity | 23,100 | |||
Variable interest rate Term Loan Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Term Loan, current | $ 275,000 | |||
Interest rate at period end | 8.16% | |||
Fixed rate 6.75% Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 475,000 | |||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | |
Fixed rate 8.625% Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 357,000 | $ 175,000 | ||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | |
Fixed rate 10.00% Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 700,000 | |||
Interest rate, as a percent | 10.00% | |||
Ferrellgas, L.P. [Member] | ||||
Debt Instrument [Line Items] | ||||
Cash deposit against contingencies | $ 11,500 | |||
Short-term borrowings | 0 | $ 43,000 | ||
Cash pledged as collateral for letters of credit | 123,800 | |||
Ferrellgas, L.P. [Member] | Senior Secured Credit Facility May 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowing repaid | 283,900 | |||
Accrued interest paid | 3,100 | |||
Prepayment premium paid | 17,500 | |||
Cash deposit against contingencies | 11,500 | |||
Ferrellgas, L.P. [Member] | Variable interest Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate at period end | 9.47% | |||
Short-term borrowings | $ 43,000 | |||
Available borrowing capacity | 155,100 | |||
Ferrellgas, L.P. [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Available borrowing capacity | 23,100 | |||
Letters of credit outstanding | 120,200 | 101,900 | ||
Cash pledged as collateral for letters of credit | $ 123,800 | |||
Ferrellgas, L.P. [Member] | Variable interest rate Term Loan Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Term Loan, current | $ 275,000 | |||
Interest rate at period end | 8.16% | |||
Ferrellgas, L.P. [Member] | Fixed rate 6.75% Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 475,000 | |||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | |
Ferrellgas, L.P. [Member] | Fixed rate 8.625% Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 357,000 | |||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 700,000 | |||
Interest rate, as a percent | 10.00% |
Debt - Covenants (Details)
Debt - Covenants (Details) $ in Millions | 3 Months Ended | 9 Months Ended |
Apr. 30, 2020USD ($) | Apr. 30, 2020USD ($)item | |
Debt Instrument [Line Items] | ||
Required fixed charge coverage ratio | 175.00% | |
Current fixed charge coverage ratio | 135.00% | |
Ferrellgas Partners LP [Member] | ||
Debt Instrument [Line Items] | ||
Number of quarters for required fixed charge coverage ratio | 4 | |
Required fixed charge coverage ratio | 175.00% | |
Maximum restricted payments | $ | $ 50 | |
Number of quarters for restricted payments | 16 | |
Dividends allowed | $ | $ 0 | |
Ferrellgas Partners LP [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Current fixed charge coverage ratio | 175.00% | |
Ferrellgas, L.P. [Member] | ||
Debt Instrument [Line Items] | ||
Number of quarters for required fixed charge coverage ratio | 4 | |
Required fixed charge coverage ratio | 175.00% | |
Current fixed charge coverage ratio | 167.00% | |
Ferrellgas, L.P. [Member] | Maximum [Member] | Fixed rate 10.00% Due 2025 | ||
Debt Instrument [Line Items] | ||
Senior secured leverage ratio | 5.5 | 5.5 |
Ferrellgas, L.P. [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured leverage ratio | 5.5 | 5.5 |
Partners' Deficit - Limited Par
Partners' Deficit - Limited Partner Units (Details) - shares | Apr. 30, 2020 | Jul. 31, 2019 |
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 97,152,665 | 97,152,665 |
Ferrell Companies [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 22,529,361 | 22,529,361 |
FCI Trading Corp. [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 195,686 | 195,686 |
Ferrell Propane, Inc. [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 51,204 | 51,204 |
James E. Ferrell [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 4,763,475 | 4,763,475 |
Public Common Unitholders [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 69,612,939 | 69,612,939 |
Partners' Deficit - Ownership (
Partners' Deficit - Ownership (Details) - shares | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Jul. 31, 2019 | |
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 97,152,665 | 97,152,665 | |
Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 22,529,361 | 22,529,361 | |
James E. Ferrell [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 4,763,475 | 4,763,475 | |
Ferrellgas Partners LP [Member] | Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Limited partner ownership interest | 23.40% | ||
Ferrell Companies [Member] | Ferrellgas Partners LP [Member] | |||
Capital Unit [Line Items] | |||
Limited partner ownership interest | 23.00% | ||
FCI Trading Corp. [Member] | Ferrellgas Partners LP [Member] | Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 195,686 | ||
Ferrell Propane, Inc. [Member] | Ferrellgas Partners LP [Member] | Ferrell Companies [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 51,204 | ||
JEF Capital Management [Member] | Ferrellgas Partners LP [Member] | James E. Ferrell [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 4,758,859 | ||
Ferrell Resources Holdings, Inc. [Member] | Ferrellgas Partners LP [Member] | James E. Ferrell [Member] | |||
Capital Unit [Line Items] | |||
Common unitholders, units outstanding | 4,616 | ||
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | |||
Capital Unit [Line Items] | |||
General partner ownership interest | 1.00% | ||
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | |||
Capital Unit [Line Items] | |||
Limited partner ownership interest | 1.0101% | ||
General partner ownership interest | 1.0101% | 1.0101% |
Partners' Deficit - Paid Distri
Partners' Deficit - Paid Distributions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jan. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | |
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | $ 157 | $ 1 | $ 157 | $ 9,915 | ||
Ferrellgas, L.P. [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 15,553 | 101 | 15,553 | 10,015 | $ 15,654 | $ 25,568 |
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 158 | 258 | ||||
Ferrellgas Partners LP [Member] | Ferrellgas, L.P. [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | $ 15,496 | 25,310 | ||||
Parent [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 9,814 | 9,814 | ||||
Parent [Member] | Ferrell Companies [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 2,253 | |||||
Parent [Member] | FCI Trading Corp. [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 20 | |||||
Parent [Member] | Ferrell Propane, Inc. [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 5 | |||||
Parent [Member] | James E. Ferrell [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 476 | |||||
Parent [Member] | Ferrellgas Inc., General Partner [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 98 | |||||
Common Unitholders [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 9,716 | |||||
Common Unitholders [Member] | Ferrellgas, L.P. [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 15,396 | 100 | 15,396 | 9,914 | ||
Public Common Unitholders [Member] | Parent [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | $ 6,962 | |||||
General Partner [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | 98 | |||||
General Partner [Member] | Ferrellgas, L.P. [Member] | ||||||
Limited Partners' Capital Account [Line Items] | ||||||
Distributions paid | $ 157 | $ 1 | $ 157 | $ 101 |
Partners' Deficit - Contributio
Partners' Deficit - Contributions and AOCI (Details) $ in Thousands, gal in Millions | 3 Months Ended | 9 Months Ended | |||||||
Apr. 30, 2020USD ($)sharesgal | Jan. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Apr. 30, 2019USD ($) | Jan. 31, 2019USD ($) | Oct. 31, 2018USD ($) | Apr. 30, 2020USD ($)sharesgal | Apr. 30, 2019USD ($) | Jul. 31, 2019shares | |
Capital Unit [Line Items] | |||||||||
Common unitholders, units outstanding | shares | 97,152,665 | 97,152,665 | 97,152,665 | ||||||
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 1.9 | 1.9 | |||||||
Contributions in connection with non-cash ESOP compensation charges | $ 757 | $ 630 | $ 795 | $ (4) | $ 1,944 | $ 2,748 | |||
Ferrellgas, L.P. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 1.9 | 1.9 | |||||||
Contributions in connection with non-cash ESOP compensation charges | $ 757 | 630 | 795 | (4) | 1,944 | 2,748 | |||
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Limited partner ownership interest | 1.0101% | ||||||||
General partner ownership interest | 1.0101% | 1.0101% | |||||||
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
General partner ownership interest | 1.00% | ||||||||
Ferrell Companies [Member] | Ferrellgas Partners LP [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Limited partner ownership interest | 23.00% | ||||||||
Ferrell Companies [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Common unitholders, units outstanding | shares | 22,529,361 | 22,529,361 | 22,529,361 | ||||||
Ferrell Companies [Member] | Ferrellgas Partners LP [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Limited partner ownership interest | 23.40% | ||||||||
Ferrell Companies [Member] | FCI Trading Corp. [Member] | Ferrellgas Partners LP [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Common unitholders, units outstanding | shares | 195,686 | 195,686 | |||||||
Ferrell Companies [Member] | Ferrell Propane, Inc. [Member] | Ferrellgas Partners LP [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Common unitholders, units outstanding | shares | 51,204 | 51,204 | |||||||
James E. Ferrell [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Common unitholders, units outstanding | shares | 4,763,475 | 4,763,475 | 4,763,475 | ||||||
James E. Ferrell [Member] | JEF Capital Management [Member] | Ferrellgas Partners LP [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Common unitholders, units outstanding | shares | 4,758,859 | 4,758,859 | |||||||
James E. Ferrell [Member] | Ferrell Resources Holdings, Inc. [Member] | Ferrellgas Partners LP [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Common unitholders, units outstanding | shares | 4,616 | 4,616 | |||||||
Common Unitholders [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Contributions in connection with non-cash ESOP compensation charges | $ 741 | 618 | 779 | (4) | 1,906 | 2,693 | |||
Common Unitholders [Member] | Ferrellgas, L.P. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Contributions in connection with non-cash ESOP compensation charges | 749 | 624 | 787 | $ (4) | 1,925 | 2,720 | |||
General Partner [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Non-cash contribution | $ 44 | $ 100 | |||||||
Contributions in connection with non-cash ESOP compensation charges | 8 | 6 | 8 | 19 | 27 | ||||
General Partner [Member] | Ferrellgas, L.P. [Member] | |||||||||
Capital Unit [Line Items] | |||||||||
Non-cash contribution | $ 22 | $ 100 | |||||||
Contributions in connection with non-cash ESOP compensation charges | $ 8 | $ 6 | $ 8 | $ 19 | $ 28 |
Revenue from contracts with c_3
Revenue from contracts with customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Jul. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||
Accounts receivable collection period | 30 days | ||||
Residential customer, annual cost spread period | 12 months | ||||
Rental income recognition period | 1 year | ||||
Revenues | $ 412,130 | $ 479,625 | $ 1,216,177 | $ 1,405,311 | |
Contract assets and liabilities | |||||
Accounts receivable | 129,704 | 129,704 | $ 96,450 | ||
Contract assets | 15,801 | 15,801 | 13,609 | ||
Contract liabilities | |||||
Deferred revenue | $ 32,149 | 32,149 | 31,974 | ||
Deferred revenue recognized | $ 24,600 | ||||
Maximum [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-05-01 | |||||
Contract liabilities | |||||
Remaining performance obligation recognition period | 1 year | 1 year | |||
Propane And Related Equipment [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 412,130 | $ 1,216,177 | |||
Retail Sales To End Users [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 286,163 | 840,649 | |||
Wholesale Sales To Resellers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 103,686 | 291,445 | |||
Other Gas Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,896 | 18,283 | |||
Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 20,385 | 20,069 | $ 65,800 | 60,677 | |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Propane And Related Equipment [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 479,625 | 1,405,311 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Retail Sales To End Users [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 350,151 | 983,742 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Wholesale Sales To Resellers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 99,311 | 308,646 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Gas Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 10,094 | 52,246 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 20,069 | 60,677 | |||
Ferrellgas, L.P. [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Accounts receivable collection period | 30 days | ||||
Residential customer, annual cost spread period | 12 months | ||||
Rental income recognition period | 1 year | ||||
Revenues | 412,130 | 479,625 | $ 1,216,177 | 1,405,311 | |
Contract assets and liabilities | |||||
Accounts receivable | 129,704 | 129,704 | 96,450 | ||
Contract assets | 15,801 | 15,801 | 13,609 | ||
Contract liabilities | |||||
Deferred revenue | $ 32,149 | 32,149 | $ 31,974 | ||
Deferred revenue recognized | $ 24,600 | ||||
Ferrellgas, L.P. [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-05-01 | |||||
Contract liabilities | |||||
Remaining performance obligation recognition period | 1 year | 1 year | |||
Ferrellgas, L.P. [Member] | Propane And Related Equipment [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 412,130 | $ 1,216,177 | |||
Ferrellgas, L.P. [Member] | Retail Sales To End Users [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 286,163 | 840,649 | |||
Ferrellgas, L.P. [Member] | Wholesale Sales To Resellers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 103,686 | 291,445 | |||
Ferrellgas, L.P. [Member] | Other Gas Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 1,896 | 18,283 | |||
Ferrellgas, L.P. [Member] | Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 20,385 | 20,069 | $ 65,800 | 60,677 | |
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 479,625 | 1,405,311 | |||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Propane And Related Equipment [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 479,625 | 1,405,311 | |||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Retail Sales To End Users [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 350,151 | 983,742 | |||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Wholesale Sales To Resellers [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 99,311 | 308,646 | |||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Gas Sales [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | 10,094 | 52,246 | |||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Revenues | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenues | $ 20,069 | $ 60,677 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | $ 244 | $ 1,259 |
Commodity derivatives propane swap liabilities | (21,022) | (16,015) |
Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 244 | 1,259 |
Commodity derivatives propane swap liabilities | (21,022) | (16,015) |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 244 | 1,259 |
Commodity derivatives propane swap liabilities | (21,022) | (16,015) |
Level 2 [Member] | Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 244 | 1,259 |
Commodity derivatives propane swap liabilities | $ (21,022) | $ (16,015) |
Fair Value Measurements - Other
Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions | Apr. 30, 2020 | Jul. 31, 2019 | Jan. 31, 2017 |
Fixed rate 8.625% Due 2020 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% |
Level 2 [Member] | Fixed rate 8.625% Due 2020 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt, fair value | $ 2,106.2 | $ 1,824.6 | |
Level 2 [Member] | Ferrellgas, L.P. [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt, fair value | 1,946 | $ 1,562.2 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes receivable, fair value | 8.6 | ||
Notes receivable, carrying amount in excess of fair value | 0.2 | ||
Fair Value, Inputs, Level 3 [Member] | Ferrellgas, L.P. [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Notes receivable, fair value | 8.6 | ||
Notes receivable, carrying amount in excess of fair value | $ 0.2 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Jul. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Gain (loss) recognized due to ineffectiveness | $ 0 | ||
Gain (loss) recognized due to ineffectiveness, pre-adoption | $ 0 | ||
Derivative Asset, Fair Value, Gross Asset | 244,000 | $ 1,259,000 | |
Derivative Liability, Fair Value, Gross Liability | 21,022,000 | 16,015,000 | |
Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) recognized due to ineffectiveness | 0 | ||
Gain (loss) recognized due to ineffectiveness, pre-adoption | $ 0 | ||
Derivative Asset, Fair Value, Gross Asset | 244,000 | 1,259,000 | |
Derivative Liability, Fair Value, Gross Liability | 21,022,000 | 16,015,000 | |
Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 244,000 | 910,000 | |
Prepaid Expenses and Other Current Assets [Member] | Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 244,000 | 910,000 | |
Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | 18,378,000 | 14,198,000 | |
Other Current Liabilities [Member] | Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | 18,378,000 | 14,198,000 | |
Other Assets, Net [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 349,000 | ||
Other Assets, Net [Member] | Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap assets | 349,000 | ||
Other Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | 2,644,000 | 1,817,000 | |
Other Liabilities [Member] | Ferrellgas, L.P. [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Commodity derivatives propane swap liabilities | $ 2,644,000 | $ 1,817,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Derivative Collateral (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | $ 30,824 | $ 27,997 |
Derivative Liability, Fair Value of Collateral | 3,596 | 1,217 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 27,233 | 25,028 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 3,279 | 1,217 |
Other Assets, Net [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 3,591 | 2,969 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 317 | |
Ferrellgas, L.P. [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 30,824 | 27,997 |
Derivative Liability, Fair Value of Collateral | 3,596 | 1,217 |
Ferrellgas, L.P. [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 27,233 | 25,028 |
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 3,279 | 1,217 |
Ferrellgas, L.P. [Member] | Other Assets, Net [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 3,591 | $ 2,969 |
Ferrellgas, L.P. [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | $ 317 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect on Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Derivative [Line Items] | ||||
Interest expense | $ (45,703) | $ (44,162) | $ (138,948) | $ (132,931) |
Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Interest expense | $ (38,006) | $ (35,395) | $ (113,573) | $ (106,740) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effect on Comprehensive Income and Change in FV (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivative | $ (11,501) | $ (36,340) | ||
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | $ 1,870 | $ (27,364) | ||
Amount of gain (loss) reclassified from AOCI into income | (14,073) | (30,318) | ||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (6,416) | (5,790) | ||
Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivative | (11,501) | (36,340) | ||
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | 1,870 | (27,364) | ||
Amount of gain (loss) reclassified from AOCI into income | (14,073) | (30,318) | ||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (6,416) | (5,790) | ||
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivative | (11,501) | |||
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | 1,870 | |||
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivative | (11,501) | (36,340) | ||
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | 1,870 | (27,364) | ||
Amount of gain (loss) reclassified from AOCI into income | (14,073) | (30,318) | ||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (6,416) | (5,790) | ||
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) recognized in AOCI on derivative | (36,340) | |||
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | (27,364) | |||
Amount of gain (loss) reclassified from AOCI into income | $ (30,318) | |||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | $ (5,790) | |||
Propane [Member] | Cost of Sales [Member] | Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Amount of gain (loss) reclassified from AOCI into income | $ (14,073) | |||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | $ (6,416) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - AOCI Rollforward (Details) gal in Millions | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020USD ($) | Apr. 30, 2019USD ($) | Apr. 30, 2020USD ($)gal | Apr. 30, 2019USD ($) | |
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ (1,144,675,000) | $ (1,083,350,000) | $ (1,138,938,000) | $ (1,034,477,000) |
Change in value of derivative | (11,501,000) | (36,340,000) | ||
Change in value of derivative, pre-adoption | 1,870,000 | (27,364,000) | ||
Reclassification of losses on derivatives to earnings, net | 14,073,000 | 30,318,000 | ||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 6,416,000 | 5,790,000 | ||
Partners' capital balance, ending | (1,156,817,000) | (1,054,308,000) | (1,156,817,000) | (1,054,308,000) |
Reclassification of net losses to earnings during next 12 months | 18,100,000 | |||
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | $ 0 | 0 | ||
Number of barrels of propane covered by cash flow hedges | gal | 2.6 | |||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ (14,756,000) | |||
Partners' capital balance, ending | (20,778,000) | (20,778,000) | ||
Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | 20,560,000 | |||
Partners' capital balance, ending | (1,014,000) | (1,014,000) | ||
Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | (783,852,000) | (727,011,000) | (780,403,000) | (680,078,000) |
Change in value of derivative | (11,501,000) | (36,340,000) | ||
Change in value of derivative, pre-adoption | 1,870,000 | (27,364,000) | ||
Reclassification of losses on derivatives to earnings, net | 14,073,000 | 30,318,000 | ||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 6,416,000 | 5,790,000 | ||
Partners' capital balance, ending | (788,243,000) | (689,175,000) | (788,243,000) | (689,175,000) |
Reclassification of net losses to earnings during next 12 months | 18,100,000 | |||
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | $ 0 | 0 | ||
Number of barrels of propane covered by cash flow hedges | gal | 2.6 | |||
Ferrellgas, L.P. [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ (14,756,000) | |||
Partners' capital balance, ending | $ (20,778,000) | (20,778,000) | ||
Ferrellgas, L.P. [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | 20,560,000 | |||
Partners' capital balance, ending | $ (1,014,000) | (1,014,000) | ||
Commodity Derivatives Propane [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Change in value of derivative | (36,340,000) | |||
Reclassification of losses on derivatives to earnings, net | 30,318,000 | |||
Commodity Derivatives Propane [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | ||||
Derivative [Line Items] | ||||
Change in value of derivative, pre-adoption | (27,364,000) | |||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 5,790,000 | |||
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Change in value of derivative | (36,340,000) | |||
Reclassification of losses on derivatives to earnings, net | $ 30,318,000 | |||
Commodity Derivatives Propane [Member] | Ferrellgas, L.P. [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | ||||
Derivative [Line Items] | ||||
Change in value of derivative, pre-adoption | (27,364,000) | |||
Reclassification of losses on derivatives to earnings, net, pre-adoption | $ 5,790,000 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Credit Risk (Details) | Apr. 30, 2020USD ($) |
Derivative [Line Items] | |
Maximum loss due to credit risk | $ 0 |
Open derivative contracts with credit risk features | 0 |
Ferrellgas, L.P. [Member] | |
Derivative [Line Items] | |
Maximum loss due to credit risk | 0 |
Open derivative contracts with credit risk features | $ 0 |
Transactions With Related Par_3
Transactions With Related Parties (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020USD ($)employee | Apr. 30, 2019USD ($) | Apr. 30, 2020USD ($)employee | Apr. 30, 2019USD ($) | |
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Ferrellgas Finance Corp. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Ferrellgas Partners Finance Corp. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Entity Number of Employees | employee | 0 | 0 | ||
Ferrellgas Inc., General Partner [Member] | Operating Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | $ | $ 67,241 | $ 64,030 | $ 203,796 | $ 193,258 |
Ferrellgas Inc., General Partner [Member] | Operating Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | $ | 67,241 | 64,030 | 203,796 | 193,258 |
Ferrellgas Inc., General Partner [Member] | General and Administrative Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | $ | 7,705 | 5,872 | 21,668 | 19,196 |
Ferrellgas Inc., General Partner [Member] | General and Administrative Expense [Member] | Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expenses reimbursed to related party | $ | $ 7,705 | $ 5,872 | $ 21,668 | $ 19,196 |
Contingencies And Commitments (
Contingencies And Commitments (Details) | 1 Months Ended | 9 Months Ended | ||||
Aug. 31, 2019USD ($)item | Apr. 30, 2020USD ($)item | Jan. 31, 2017USD ($) | Jun. 30, 2015USD ($) | Jul. 31, 2014USD ($) | Nov. 30, 2010USD ($) | |
Loss Contingencies [Line Items] | ||||||
Required fixed charge coverage ratio | 175.00% | |||||
Current fixed charge coverage ratio | 135.00% | |||||
Fixed rate 8.625% Due 2020 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | $ 357,000,000 | $ 175,000,000 | ||||
Fixed rate 6.5% Due 2021 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | 500,000,000 | $ 500,000,000 | ||||
Fixed rate 6.75% Due 2023 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | $ 500,000,000 | |||||
Fixed rate 6.75% Due 2022 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | $ 475,000,000 | |||||
Fixed rate 10.00% Due 2025 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | $ 700,000,000 | |||||
Class Action Related To Cylinder Fill Level [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Settlement paid | $ 6,250,000 | |||||
Number of claims dismissed | item | 11 | |||||
Number of cases | item | 24 | 13 | ||||
Lawsuit Related To Sale Of Jamex Transfer Services [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of former officers | item | 2 | |||||
Ferrellgas Partners Finance Corp. [Member] | Fixed rate 8.625% Due 2020 | ||||||
Loss Contingencies [Line Items] | ||||||
Potential liability as co-issuer and co-obligor | $ 357,000,000 | |||||
Aggregate principal amount | 357,000,000 | |||||
Ferrellgas Partners Finance Corp. [Member] | Fixed rate 6.5% Due 2021 | ||||||
Loss Contingencies [Line Items] | ||||||
Potential liability as co-issuer and co-obligor | 500,000,000 | |||||
Aggregate principal amount | 500,000,000 | |||||
Ferrellgas Partners Finance Corp. [Member] | Fixed rate 6.75% Due 2023 | ||||||
Loss Contingencies [Line Items] | ||||||
Potential liability as co-issuer and co-obligor | 500,000,000 | |||||
Ferrellgas Partners Finance Corp. [Member] | Fixed rate 6.75% Due 2022 | ||||||
Loss Contingencies [Line Items] | ||||||
Potential liability as co-issuer and co-obligor | 475,000,000 | |||||
Ferrellgas Partners Finance Corp. [Member] | Fixed rate 10.00% Due 2025 | ||||||
Loss Contingencies [Line Items] | ||||||
Potential liability as co-issuer and co-obligor | 700,000,000 | |||||
Ferrellgas Finance Corp. [Member] | Fixed rate 8.625% Due 2020 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | $ 357,000,000 | |||||
Ferrellgas, L.P. [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of quarters for required fixed charge coverage ratio | item | 4 | |||||
Required fixed charge coverage ratio | 175.00% | |||||
Current fixed charge coverage ratio | 167.00% | |||||
Ferrellgas, L.P. [Member] | Fixed rate 8.625% Due 2020 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | $ 357,000,000 | |||||
Ferrellgas, L.P. [Member] | Fixed rate 6.5% Due 2021 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | 500,000,000 | $ 500,000,000 | ||||
Ferrellgas, L.P. [Member] | Fixed rate 6.75% Due 2023 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | 500,000,000 | $ 500,000,000 | ||||
Ferrellgas, L.P. [Member] | Fixed rate 6.75% Due 2022 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | $ 475,000,000 | |||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | ||||||
Loss Contingencies [Line Items] | ||||||
Aggregate principal amount | $ 700,000,000 | |||||
Ferrellgas, L.P. [Member] | Class Action Related To Cylinder Fill Level [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Settlement paid | $ 6,250,000 | |||||
Number of claims dismissed | item | 11 | |||||
Number of cases | item | 24 | 13 | ||||
Ferrellgas, L.P. [Member] | Lawsuit Related To Sale Of Jamex Transfer Services [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Number of former officers | item | 2 |
Net Earnings (Loss) Per Commo_3
Net Earnings (Loss) Per Common Unitholders' Interest (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Earnings Distribution Allocation [Line Items] | ||||
Value of dilutive securities | $ 0 | $ 0 | ||
Common unitholders' interest in net earnings (loss) | $ (15,239,000) | $ 20,256,000 | $ (12,405,000) | $ 6,722,000 |
Weighted average common units outstanding, basic and diluted | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 |
Basic and diluted net earnings (loss) per common unit | $ (0.16) | $ 0.21 | $ (0.13) | $ 0.07 |
$0.56 to $0.63 | Common Unitholders [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 51.50% | |||
$0.56 to $0.63 | General Partner [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 48.50% | |||
$0.64 to $0.82 | Common Unitholders [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 76.80% | |||
$0.64 to $0.82 | General Partner [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 23.20% | |||
$0.83 and above | Common Unitholders [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 86.90% | |||
$0.83 and above | General Partner [Member] | ||||
Earnings Distribution Allocation [Line Items] | ||||
Ratio of total distributions payable | 13.10% | |||
Minimum [Member] | $0.56 to $0.63 | ||||
Earnings Distribution Allocation [Line Items] | ||||
Earnings Per Share, Basic, Distributed | $ 0.83 | |||
Minimum [Member] | $0.64 to $0.82 | ||||
Earnings Distribution Allocation [Line Items] | ||||
Earnings Per Share, Basic, Distributed | 0.64 | |||
Minimum [Member] | $0.83 and above | ||||
Earnings Distribution Allocation [Line Items] | ||||
Earnings Per Share, Basic, Distributed | 0.56 | |||
Maximum [Member] | $0.64 to $0.82 | ||||
Earnings Distribution Allocation [Line Items] | ||||
Earnings Per Share, Basic, Distributed | 0.82 | |||
Maximum [Member] | $0.83 and above | ||||
Earnings Distribution Allocation [Line Items] | ||||
Earnings Per Share, Basic, Distributed | $ 0.63 |
Guarantor financial informati_3
Guarantor financial information (Details) - USD ($) $ in Millions | Apr. 30, 2020 | Jul. 31, 2019 | Jun. 30, 2015 |
Ferrellgas Finance Corp. [Member] | Ferrellgas, L.P. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Ownership Percentage | 100.00% | ||
Fixed rate 6.75% Due 2023 | |||
Condensed Financial Statements, Captions [Line Items] | |||
Aggregate principal amount | $ 500 | ||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% |
Fixed rate 6.75% Due 2023 | Ferrellgas, L.P. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Aggregate principal amount | $ 500 | $ 500 | |
Interest rate, as a percent | 6.75% | 6.75% | 6.75% |
Guarantor financial informati_4
Guarantor financial information - Balance Sheets (Details) - USD ($) $ in Thousands | Apr. 30, 2020 | Jul. 31, 2019 | Apr. 30, 2019 | Jul. 31, 2018 |
Current assets: | ||||
Cash and cash equivalents | $ 318,847 | $ 11,054 | $ 45,434 | $ 119,311 |
Accounts and notes receivable, net | 142,952 | 107,596 | ||
Inventories | 65,209 | 80,454 | ||
Prepaid expenses and other current assets | 47,223 | 42,275 | ||
Total current assets | 574,231 | 241,379 | ||
Property, plant and equipment, net | 596,978 | 596,723 | ||
Goodwill, net | 247,195 | 247,195 | ||
Intangible assets, net | 103,966 | 108,557 | ||
Operating lease, right-of-use assets | 110,497 | |||
Other assets, net | 87,472 | 69,105 | ||
Total assets | 1,720,339 | 1,262,959 | ||
Current liabilities: | ||||
Accounts payable | 37,025 | 33,364 | ||
Short-term borrowings | 0 | 43,000 | ||
Collateralized note payable | 62,000 | |||
Current portion of long-term debt | 359,050 | 631,756 | ||
Current operating lease liabilities | 31,914 | |||
Other current liabilities | 174,823 | 138,237 | ||
Total current liabilities | 602,812 | 908,357 | ||
Long-term debt | 2,146,044 | 1,457,004 | ||
Operating lease liabilities | 76,133 | |||
Other liabilities | 52,167 | 36,536 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Accumulated other comprehensive income (loss) | (20,580) | (14,512) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (1,149,032) | (1,131,233) | ||
Total liabilities and partners' capital (deficit) | 1,720,339 | 1,262,959 | ||
Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 318,837 | 11,046 | 45,365 | 119,308 |
Accounts and notes receivable, net | 142,952 | 107,596 | ||
Inventories | 65,209 | 80,454 | ||
Prepaid expenses and other current assets | 47,175 | 42,157 | ||
Total current assets | 574,173 | 241,253 | ||
Property, plant and equipment, net | 596,978 | 596,723 | ||
Goodwill, net | 247,195 | 247,195 | ||
Intangible assets, net | 103,966 | 108,557 | ||
Operating lease, right-of-use assets | 110,497 | |||
Other assets, net | 87,472 | 69,105 | ||
Total assets | 1,720,281 | 1,262,833 | ||
Current liabilities: | ||||
Accounts payable | 37,025 | 33,364 | ||
Short-term borrowings | 0 | 43,000 | ||
Collateralized note payable | 62,000 | |||
Current portion of long-term debt | 2,050 | 277,029 | ||
Current operating lease liabilities | 31,914 | |||
Other current liabilities | 163,191 | 134,303 | ||
Total current liabilities | 234,180 | 549,696 | ||
Long-term debt | 2,146,044 | 1,457,004 | ||
Operating lease liabilities | 76,133 | |||
Other liabilities | 52,167 | 36,536 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | (767,465) | (765,756) | ||
Accumulated other comprehensive income (loss) | (20,778) | (14,647) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (788,243) | (780,403) | ||
Total liabilities and partners' capital (deficit) | 1,720,281 | 1,262,833 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 318,836 | 11,045 | 45,364 | 119,133 |
Accounts and notes receivable, net | 10,642 | (3,912) | ||
Intercompany Receivables, Current | 99,362 | (5,650) | ||
Inventories | 65,209 | 80,454 | ||
Prepaid expenses and other current assets | 47,175 | 42,158 | ||
Total current assets | 541,224 | 124,095 | ||
Property, plant and equipment, net | 596,978 | 596,724 | ||
Goodwill, net | 247,195 | 247,195 | ||
Intangible assets, net | 103,966 | 108,557 | ||
Investment in Ferrellgas, L.P. | 37,505 | 52,999 | ||
Operating lease, right-of-use assets | 110,497 | |||
Other assets, net | 84,772 | 65,447 | ||
Total assets | 1,722,137 | 1,195,017 | ||
Current liabilities: | ||||
Accounts payable | 37,025 | 33,252 | ||
Short-term borrowings | 43,000 | |||
Current portion of long-term debt | 2,050 | 277,029 | ||
Current operating lease liabilities | 31,914 | |||
Other current liabilities | 165,047 | 128,666 | ||
Total current liabilities | 236,036 | 481,947 | ||
Long-term debt | 2,146,044 | 1,457,004 | ||
Operating lease liabilities | 76,133 | |||
Other liabilities | 52,167 | 36,469 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | (767,465) | (765,756) | ||
Accumulated other comprehensive income (loss) | (20,778) | (14,647) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (788,243) | (780,403) | ||
Total liabilities and partners' capital (deficit) | 1,722,137 | 1,195,017 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Subsidiary Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 1 | $ 1 | 1 |
Total current assets | 1 | 1 | ||
Total assets | 1 | 1 | ||
Current liabilities: | ||||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | 1 | 1 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 1 | 1 | ||
Total liabilities and partners' capital (deficit) | 1 | 1 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | $ 174 | |||
Accounts and notes receivable, net | 24 | 35 | ||
Prepaid expenses and other current assets | (1) | |||
Total current assets | 24 | 34 | ||
Property, plant and equipment, net | (1) | |||
Other assets, net | 2,255 | 2,875 | ||
Total assets | 2,279 | 2,908 | ||
Current liabilities: | ||||
Intercompany Payables | (192) | |||
Other current liabilities | 12 | 20 | ||
Total current liabilities | 12 | (172) | ||
Other liabilities | 67 | |||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | 2,267 | 3,013 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 2,267 | 3,013 | ||
Total liabilities and partners' capital (deficit) | 2,279 | 2,908 | ||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Accounts and notes receivable, net | 132,286 | 111,473 | ||
Total current assets | 132,286 | 111,473 | ||
Other assets, net | 445 | 783 | ||
Total assets | 132,731 | 112,256 | ||
Current liabilities: | ||||
Accounts payable | 112 | |||
Collateralized note payable | 62,000 | |||
Intercompany Payables | 99,362 | (5,458) | ||
Other current liabilities | (1,868) | 5,617 | ||
Total current liabilities | 97,494 | 62,271 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | 35,237 | 49,985 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 35,237 | 49,985 | ||
Total liabilities and partners' capital (deficit) | 132,731 | 112,256 | ||
Eliminations [Member] | Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Intercompany Receivables, Current | (99,362) | 5,650 | ||
Total current assets | (99,362) | 5,650 | ||
Investment in Ferrellgas, L.P. | (37,505) | (52,999) | ||
Total assets | (136,867) | (47,349) | ||
Current liabilities: | ||||
Intercompany Payables | (99,362) | 5,650 | ||
Total current liabilities | (99,362) | 5,650 | ||
Contingencies and commitments | ||||
Partners' capital (deficit) | ||||
Partners' equity | (37,505) | (52,999) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (37,505) | (52,999) | ||
Total liabilities and partners' capital (deficit) | $ (136,867) | $ (47,349) |
Guarantor financial informati_5
Guarantor financial information - Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | |
Revenues: | ||||||||
Revenues | $ 412,130 | $ 479,625 | $ 1,216,177 | $ 1,405,311 | ||||
Costs and expenses: | ||||||||
Operating expense - personnel, vehicle, plant and other | 121,558 | 119,991 | 364,334 | 351,541 | ||||
Depreciation and amortization expense | 20,366 | 20,617 | 59,380 | 59,214 | ||||
General and administrative expense | 12,560 | 11,516 | 36,447 | 42,037 | ||||
Operating expense - equipment lease expense | 8,075 | 24,724 | ||||||
Equipment lease expense, preadoption | 8,319 | 24,597 | ||||||
Non-cash employee stock ownership plan compensation charge | 757 | (4) | 2,182 | 4,688 | ||||
Loss on extinguishment of debt | 37,399 | 37,399 | ||||||
Loss on asset sales and disposals | 1,859 | 1,683 | 6,242 | 8,403 | ||||
Operating Income (Loss) | 67,950 | 64,794 | 164,958 | 139,986 | ||||
Interest expense | (45,703) | (44,162) | (138,948) | (132,931) | ||||
Other income (expense), net | (158) | 251 | (214) | 356 | ||||
Earnings (loss) before income taxes | (15,310) | 20,883 | (11,603) | 7,411 | ||||
Income tax expense (benefit) | 161 | 123 | 794 | 284 | ||||
Net earnings (loss) | (15,471) | $ 48,791 | $ (45,717) | 20,760 | $ 43,875 | $ (57,508) | (12,397) | 7,127 |
Other comprehensive income (loss) | 2,572 | (2,555) | (6,148) | 8,286 | (17,273) | (12,587) | (6,131) | (21,574) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (12,899) | 29,046 | (18,528) | (14,447) | ||||
Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 391,745 | 459,556 | 1,150,377 | 1,344,634 | ||||
Costs and expenses: | ||||||||
Cost of sales | 176,265 | 250,389 | 548,136 | 766,056 | ||||
Other Revenues | ||||||||
Revenues: | ||||||||
Revenues | 20,385 | 20,069 | 65,800 | 60,677 | ||||
Costs and expenses: | ||||||||
Cost of sales | 2,740 | 2,320 | 9,774 | 8,789 | ||||
Ferrellgas, L.P. [Member] | ||||||||
Revenues: | ||||||||
Revenues | 412,130 | 479,625 | 1,216,177 | 1,405,311 | ||||
Costs and expenses: | ||||||||
Operating expense - personnel, vehicle, plant and other | 121,558 | 119,991 | 364,334 | 351,541 | ||||
Depreciation and amortization expense | 20,366 | 20,617 | 59,380 | 59,214 | ||||
General and administrative expense | 12,555 | 11,512 | 36,336 | 42,028 | ||||
Operating expense - equipment lease expense | 8,075 | 24,724 | ||||||
Equipment lease expense, preadoption | 8,319 | 24,597 | ||||||
Non-cash employee stock ownership plan compensation charge | 757 | (4) | 2,182 | 4,688 | ||||
Loss on extinguishment of debt | 37,399 | 37,399 | ||||||
Loss on asset sales and disposals | 1,859 | 1,683 | 6,242 | 8,403 | ||||
Operating Income (Loss) | 67,955 | 64,798 | 165,069 | 139,995 | ||||
Interest expense | (38,006) | (35,395) | (113,573) | (106,740) | ||||
Other income (expense), net | (158) | 251 | (214) | 356 | ||||
Earnings (loss) before income taxes | (7,608) | 29,654 | 13,883 | 33,611 | ||||
Income tax expense (benefit) | 112 | 100 | 745 | 254 | ||||
Net earnings (loss) | (7,720) | 57,756 | (36,898) | 29,554 | 52,617 | (48,814) | 13,138 | 33,357 |
Other comprehensive income (loss) | 2,572 | $ (2,555) | $ (6,148) | 8,286 | $ (17,273) | $ (12,587) | (6,131) | (21,574) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (5,148) | 37,840 | 7,007 | 11,783 | ||||
Ferrellgas, L.P. [Member] | Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 391,745 | 459,556 | 1,150,377 | 1,344,634 | ||||
Costs and expenses: | ||||||||
Cost of sales | 176,265 | 250,389 | 548,136 | 766,056 | ||||
Ferrellgas, L.P. [Member] | Other Revenues | ||||||||
Revenues: | ||||||||
Revenues | 20,385 | 20,069 | 65,800 | 60,677 | ||||
Costs and expenses: | ||||||||
Cost of sales | 2,740 | 2,320 | 9,774 | 8,789 | ||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | ||||||||
Revenues: | ||||||||
Revenues | 412,130 | 1,216,177 | ||||||
Costs and expenses: | ||||||||
Operating expense - personnel, vehicle, plant and other | 121,558 | 124,078 | 364,334 | 355,589 | ||||
Depreciation and amortization expense | 20,252 | 20,506 | 59,043 | 58,880 | ||||
General and administrative expense | 12,555 | 11,511 | 36,332 | 42,022 | ||||
Operating expense - equipment lease expense | 8,075 | 24,724 | ||||||
Equipment lease expense, preadoption | 8,319 | 24,597 | ||||||
Non-cash employee stock ownership plan compensation charge | 757 | (4) | 2,182 | 4,688 | ||||
Loss on extinguishment of debt | 37,399 | 37,399 | ||||||
Loss on asset sales and disposals | 1,859 | 1,683 | 6,242 | 5,724 | ||||
Operating Income (Loss) | 68,069 | 60,823 | 165,410 | 139,031 | ||||
Interest expense | (36,943) | (34,206) | (110,412) | (103,209) | ||||
Other income (expense), net | (158) | 278 | (214) | 393 | ||||
Earnings (loss) before income taxes | (6,431) | 26,895 | 17,385 | 36,215 | ||||
Income tax expense (benefit) | 112 | (49) | 745 | 105 | ||||
Equity in earnings (loss) of Ferrellgas, L.P. | (1,140) | 392 | (2,798) | (2,753) | ||||
Net earnings (loss) | (7,683) | 27,336 | 13,842 | 33,357 | ||||
Other comprehensive income (loss) | 2,572 | 8,286 | (6,131) | (21,574) | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (5,111) | 35,622 | 7,711 | 11,783 | ||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 391,745 | 1,150,377 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 176,265 | 548,136 | ||||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Other Revenues | ||||||||
Revenues: | ||||||||
Revenues | 20,385 | 65,800 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 2,740 | 9,774 | ||||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Subsidiary Issuer [Member] | ||||||||
Costs and expenses: | ||||||||
General and administrative expense | 1 | 4 | 6 | |||||
Operating Income (Loss) | (1) | (4) | (6) | |||||
Earnings (loss) before income taxes | (1) | (4) | (6) | |||||
Net earnings (loss) | (1) | (4) | (6) | |||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (1) | (4) | (6) | |||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | ||||||||
Costs and expenses: | ||||||||
Operating expense - personnel, vehicle, plant and other | (3) | 36 | ||||||
Loss on asset sales and disposals | 2,679 | |||||||
Operating Income (Loss) | 3 | (2,780) | ||||||
Interest expense | (38) | |||||||
Other income (expense), net | (27) | (37) | ||||||
Earnings (loss) before income taxes | (24) | (2,855) | ||||||
Income tax expense (benefit) | 149 | 149 | ||||||
Net earnings (loss) | (173) | (3,004) | ||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (173) | (3,004) | ||||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||
Costs and expenses: | ||||||||
Operating expense - personnel, vehicle, plant and other | 1,314 | 968 | 3,869 | |||||
Depreciation and amortization expense | 114 | 111 | 337 | 334 | ||||
Operating expense - equipment lease expense | 3,249 | |||||||
Operating Income (Loss) | (1,428) | (1,079) | (3,586) | (4,203) | ||||
Interest expense | (1,063) | (1,189) | (3,161) | (3,493) | ||||
Other income (expense), net | 1,351 | 2,834 | 3,953 | 7,953 | ||||
Earnings (loss) before income taxes | (1,140) | 566 | (2,794) | 257 | ||||
Net earnings (loss) | (1,140) | 566 | (2,794) | 257 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (1,140) | 566 | (2,794) | 257 | ||||
Eliminations [Member] | Ferrellgas, L.P. [Member] | ||||||||
Costs and expenses: | ||||||||
Operating expense - personnel, vehicle, plant and other | (1,314) | (5,052) | (7,953) | |||||
Operating expense - equipment lease expense | (3,249) | |||||||
Operating Income (Loss) | 1,314 | 5,052 | 3,249 | 7,953 | ||||
Other income (expense), net | (1,351) | (2,834) | (3,953) | (7,953) | ||||
Earnings (loss) before income taxes | (37) | 2,218 | (704) | |||||
Equity in earnings (loss) of Ferrellgas, L.P. | 1,140 | (392) | 2,798 | 2,753 | ||||
Net earnings (loss) | 1,103 | 1,826 | 2,094 | 2,753 | ||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 1,103 | 1,826 | $ 2,094 | 2,753 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Revenues | ||||||||
Revenues: | ||||||||
Revenues | 20,069 | 60,677 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member] | ||||||||
Revenues: | ||||||||
Revenues | 479,625 | 1,405,311 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member] | Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 459,556 | 1,344,634 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 250,389 | 766,056 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Ferrellgas, L.P. [Member] | Other Revenues | ||||||||
Revenues: | ||||||||
Revenues | 20,069 | 60,677 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 2,320 | 8,789 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | ||||||||
Revenues: | ||||||||
Revenues | 479,625 | 1,405,262 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Propane [Member] | ||||||||
Revenues: | ||||||||
Revenues | 459,556 | 1,344,634 | ||||||
Costs and expenses: | ||||||||
Cost of sales | 250,389 | 766,056 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | Other Revenues | ||||||||
Revenues: | ||||||||
Revenues | 20,069 | 60,628 | ||||||
Costs and expenses: | ||||||||
Cost of sales | $ 2,320 | 8,675 | ||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | ||||||||
Revenues: | ||||||||
Revenues | 49 | |||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | Other Revenues | ||||||||
Revenues: | ||||||||
Revenues | 49 | |||||||
Costs and expenses: | ||||||||
Cost of sales | $ 114 |
Guarantor financial informati_6
Guarantor financial information - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2020 | Apr. 30, 2019 | Jul. 31, 2019 | Jul. 31, 2018 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | $ 98,294 | $ 70,777 | |||
Cash flows from investing activities: | |||||
Business acquisitions, net of cash acquired | (6,400) | (11,351) | |||
Capital expenditures | (57,251) | (94,660) | |||
Proceeds from sale of assets | 2,510 | 2,416 | |||
Cash payments to construct assets in connection with future lease transactions | (37,042) | ||||
Cash receipts in connection with leased vehicles | 21,995 | ||||
Net cash used in investing activities | (76,188) | (103,595) | |||
Cash flows from financing activities: | |||||
Distributions | (9,814) | ||||
Proceeds from issuance of long-term debt | 703,750 | ||||
Reductions on long-term debt | (285,285) | (1,656) | |||
Net reductions in short-term borrowings | (43,000) | (32,800) | |||
Net additions to (reductions on) collateralized short-term borrowings | (62,000) | 4,000 | |||
Cash payments for principal portion of lease liability | $ (650) | (944) | |||
Cash paid for financing costs and other | (27,620) | (531) | |||
Net cash provided by (used in) financing activities | 285,687 | (41,059) | |||
Increase (decrease) in cash and cash equivalents | 307,793 | (73,877) | |||
Cash and cash equivalents | 318,847 | 318,847 | 45,434 | $ 11,054 | $ 119,311 |
Ferrellgas, L.P. [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 113,779 | 86,207 | |||
Cash flows from investing activities: | |||||
Business acquisitions, net of cash acquired | (6,400) | (11,351) | |||
Capital expenditures | (57,251) | (94,660) | |||
Proceeds from sale of assets | 2,510 | 2,416 | |||
Cash payments to construct assets in connection with future lease transactions | (37,042) | ||||
Cash receipts in connection with leased vehicles | 21,995 | ||||
Net cash used in investing activities | (76,188) | (103,595) | |||
Cash flows from financing activities: | |||||
Distributions | (15,654) | (25,568) | |||
Proceeds from issuance of long-term debt | 703,750 | ||||
Reductions on long-term debt | (285,285) | (1,656) | |||
Net reductions in short-term borrowings | (43,000) | (32,800) | |||
Net additions to (reductions on) collateralized short-term borrowings | (62,000) | 4,000 | |||
Cash payments for principal portion of lease liability | (650) | (944) | |||
Cash paid for financing costs and other | (27,611) | (531) | |||
Net cash provided by (used in) financing activities | 270,200 | (56,555) | |||
Increase (decrease) in cash and cash equivalents | 307,791 | (73,943) | |||
Cash and cash equivalents | 318,837 | 318,837 | 45,365 | 11,046 | 119,308 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Parent Company [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 60,132 | 111,008 | |||
Cash flows from investing activities: | |||||
Business acquisitions, net of cash acquired | (6,400) | (11,351) | |||
Capital expenditures | (57,251) | (94,660) | |||
Proceeds from sale of assets | 2,510 | 2,416 | |||
Cash payments to construct assets in connection with future lease transactions | (37,042) | ||||
Cash receipts in connection with leased vehicles | 21,995 | ||||
Intercompany loan to affiliate | (8,353) | (20,638) | |||
Net cash used in investing activities | (84,541) | (124,233) | |||
Cash flows from financing activities: | |||||
Distributions | (15,654) | (25,568) | |||
Proceeds from issuance of long-term debt | 703,750 | ||||
Reductions on long-term debt | (285,285) | (1,656) | |||
Net reductions in short-term borrowings | (43,000) | (32,800) | |||
Cash paid for financing costs and other | (27,611) | (520) | |||
Net cash provided by (used in) financing activities | 332,200 | (60,544) | |||
Increase (decrease) in cash and cash equivalents | 307,791 | (73,769) | |||
Cash and cash equivalents | 318,836 | 318,836 | 45,364 | 11,045 | 119,133 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Subsidiary Issuer [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | (4) | (6) | |||
Cash flows from financing activities: | |||||
Net changes in advances with consolidated entities | 4 | 6 | |||
Net cash provided by (used in) financing activities | 4 | 6 | |||
Cash and cash equivalents | $ 1 | 1 | 1 | $ 1 | 1 |
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Guarantor Subsidiaries [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 513 | 24,589 | |||
Cash flows from financing activities: | |||||
Net changes in advances with consolidated entities | (513) | (24,763) | |||
Net cash provided by (used in) financing activities | (513) | (24,763) | |||
Increase (decrease) in cash and cash equivalents | (174) | ||||
Cash and cash equivalents | $ 174 | ||||
Reportable Legal Entities [Member] | Ferrellgas, L.P. [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | (8,862) | (45,384) | |||
Cash flows from investing activities: | |||||
Cash collected from securitization of accounts receivable | 685,640 | 1,052,947 | |||
Cash remitted for accounts receivable | (623,640) | (1,056,947) | |||
Net cash used in investing activities | 62,000 | (4,000) | |||
Cash flows from financing activities: | |||||
Net additions to (reductions on) collateralized short-term borrowings | (62,000) | 4,000 | |||
Net changes in advances with consolidated entities | 8,862 | 45,395 | |||
Cash paid for financing costs and other | (11) | ||||
Net cash provided by (used in) financing activities | (53,138) | 49,384 | |||
Eliminations [Member] | Ferrellgas, L.P. [Member] | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 62,000 | (4,000) | |||
Cash flows from investing activities: | |||||
Cash collected from securitization of accounts receivable | (685,640) | (1,052,947) | |||
Cash remitted for accounts receivable | 623,640 | 1,056,947 | |||
Intercompany loan to affiliate | 8,353 | 20,638 | |||
Net cash used in investing activities | (53,647) | 24,638 | |||
Cash flows from financing activities: | |||||
Net changes in advances with consolidated entities | (8,353) | (20,638) | |||
Net cash provided by (used in) financing activities | $ (8,353) | $ (20,638) |