Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2020 | Aug. 31, 2020 | Jan. 31, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2020 | ||
Entity Registrant Name | Ferrellgas Partners L P | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 97,152,665 | ||
Entity Public Float | $ 24,544,217 | ||
Current Fiscal Year End Date | --07-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000922358 | ||
Amendment Flag | false | ||
Ferrellgas Partners Finance Corp. [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2020 | ||
Entity Registrant Name | FERRELLGAS PARTNERS FINANCE CORP | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
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 | FY | ||
Entity Central Index Key | 0001012493 | ||
Amendment Flag | false | ||
Ferrellgas, L.P. [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2020 | ||
Entity Registrant Name | FERRELLGAS L P | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
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 | FY | ||
Entity Central Index Key | 0000922359 | ||
Amendment Flag | false | ||
Ferrellgas Finance Corp. [Member] | |||
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2020 | ||
Entity Registrant Name | FERRELLGAS FINANCE CORP | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
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 | FY | ||
Entity Central Index Key | 0000922360 | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jul. 31, 2020 | Jul. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 333,761,000 | $ 11,054,000 |
Accounts and notes receivable, net | 101,438,000 | 107,596,000 |
Inventories | 72,664,000 | 80,454,000 |
Prepaid expenses and other current assets | 35,944,000 | 42,275,000 |
Total current assets | 543,807,000 | 241,379,000 |
Prepaid expenses and other current assets | 35,944,000 | 42,275,000 |
Property, plant and equipment, net | 591,042,000 | 596,723,000 |
Goodwill, net | 247,195,000 | 247,195,000 |
Intangible assets, net | 104,049,000 | 108,557,000 |
Operating lease, right-of-use assets | 107,349,000 | |
Other assets, net | 74,748,000 | 69,105,000 |
Total assets | 1,668,190,000 | 1,262,959,000 |
Current liabilities: | ||
Accounts payable | 33,944,000 | 33,364,000 |
Short-term borrowings | 0 | 43,000,000 |
Collateralized note payable | 62,000,000 | |
Current portion of long-term debt | 859,095,000 | 631,756,000 |
Current operating lease liabilities | 29,345,000 | |
Other current liabilities | 167,466,000 | 138,237,000 |
Total current liabilities | 1,089,850,000 | 908,357,000 |
Long-term debt | 1,646,396,000 | 1,457,004,000 |
Operating lease liabilities | 89,022,000 | |
Other liabilities | 51,190,000 | 36,536,000 |
Contingencies and commitments | 0 | 0 |
Partners' capital (deficit) | ||
Common unitholders | (1,126,452,000) | (1,046,245,000) |
General partner unitholder | (71,287,000) | (70,476,000) |
Accumulated other comprehensive income (loss) | (2,303,000) | (14,512,000) |
Total Ferrellgas Partners, L.P. partners' deficit | (1,200,042,000) | (1,131,233,000) |
Noncontrolling interest | (8,226,000) | (7,705,000) |
Total partners' capital (deficit) | (1,208,268,000) | (1,138,938,000) |
Total liabilities and partners' capital (deficit) | 1,668,190,000 | 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 | 1,850 | 1,858 |
Prepaid expenses and other current assets | 1,850 | 1,858 |
Total assets | 2,850 | 2,858 |
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 | 38,846 | 33,027 |
Accumulated deficit | (36,996) | (31,169) |
Total stockholder's equity | 2,850 | 2,858 |
Ferrellgas, L.P. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 333,755,000 | 11,046,000 |
Accounts and notes receivable, net | 101,438,000 | 107,596,000 |
Inventories | 72,664,000 | 80,454,000 |
Prepaid expenses and other current assets | 35,897,000 | 42,157,000 |
Total current assets | 543,754,000 | 241,253,000 |
Prepaid expenses and other current assets | 35,897,000 | 42,157,000 |
Property, plant and equipment, net | 591,042,000 | 596,723,000 |
Goodwill, net | 247,195,000 | 247,195,000 |
Intangible assets, net | 104,049,000 | 108,557,000 |
Operating lease, right-of-use assets | 107,349,000 | |
Other assets, net | 74,748,000 | 69,105,000 |
Total assets | 1,668,137,000 | 1,262,833,000 |
Investment in Ferrellgas, L.P. | 0 | 0 |
Current liabilities: | ||
Accounts payable | 33,944,000 | 33,364,000 |
Short-term borrowings | 0 | 43,000,000 |
Collateralized note payable | 62,000,000 | |
Current portion of long-term debt | 502,095,000 | 277,029,000 |
Current operating lease liabilities | 29,345,000 | |
Other current liabilities | 148,136,000 | 134,303,000 |
Total current liabilities | 713,520,000 | 549,696,000 |
Long-term debt | 1,646,396,000 | 1,457,004,000 |
Operating lease liabilities | 89,022,000 | |
Other liabilities | 51,190,000 | 36,536,000 |
Contingencies and commitments | 0 | 0 |
Partners' capital (deficit) | ||
Common unitholders | (821,462,000) | (758,186,000) |
General partner unitholder | (8,216,000) | (7,570,000) |
Accumulated other comprehensive income (loss) | (2,313,000) | (14,647,000) |
Total Ferrellgas Partners, L.P. partners' deficit | (831,991,000) | (780,403,000) |
Total partners' capital (deficit) | (831,991,000) | (780,403,000) |
Total liabilities and partners' capital (deficit) | 1,668,137,000 | 1,262,833,000 |
Ferrellgas Finance Corp. [Member] | ||
Current assets: | ||
Cash and cash equivalents | 1,100 | 1,100 |
Prepaid expenses and other current assets | 1,500 | 1,841 |
Prepaid expenses and other current assets | 1,500 | 1,841 |
Total assets | 2,600 | 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 | 84,187 | 78,518 |
Accumulated deficit | (82,587) | (76,577) |
Total stockholder's equity | $ 2,600 | $ 2,941 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jul. 31, 2020 | Jul. 31, 2019 |
Restricted cash | $ 95,759,000 | $ 0 |
Accounts receivable pledged as collateral | 103,703,000 | 106,145,000 |
Allowance for doubtful accounts | $ 14,124,000 | $ 2,463,000 |
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 | $ 95,759,000 | $ 0 |
Accounts receivable pledged as collateral | 103,703,000 | 106,145,000 |
Allowance for doubtful accounts | $ 14,124,000 | $ 2,463,000 |
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 ($) | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Revenues: | |||
Revenues | $ 1,497,826,000 | $ 1,684,392,000 | $ 2,073,142,000 |
Costs and expenses: | |||
Operating expense - personnel, vehicle, plant and other | 493,055,000 | 468,868,000 | 471,748,000 |
Operating expense - equipment lease expense | 33,017,000 | ||
Equipment lease expense, preadoption | 33,073,000 | 28,272,000 | |
Depreciation and amortization expense | 80,481,000 | 78,846,000 | 101,795,000 |
General and administrative expense | 45,752,000 | 59,994,000 | 54,401,000 |
Non-cash employee stock ownership plan compensation charge | 2,871,000 | 5,693,000 | 13,859,000 |
Asset impairments | 0 | 0 | 10,005,000 |
Loss on asset sales and disposals | 7,924,000 | 10,968,000 | 187,399,000 |
Operating income | 148,670,000 | 113,028,000 | (91,964,000) |
Interest expense | (192,962,000) | (177,619,000) | (168,467,000) |
Loss on extinguishment of debt | (37,399,000) | ||
Other income (expense), net | (460,000) | 369,000 | 928,000 |
Loss before income taxes | (82,151,000) | (64,222,000) | (259,503,000) |
Income tax expense (benefit) | 851,000 | 323,000 | (2,678,000) |
Net loss | (83,002,000) | (64,545,000) | (256,825,000) |
Net loss attributable to noncontrolling interest | (503,000) | (298,000) | (2,244,000) |
Net loss | (82,499,000) | (64,247,000) | (254,581,000) |
Less: General partner's interest in net loss | (825,000) | (642,000) | (2,546,000) |
Common unitholders' interest in net loss | $ (81,674,000) | $ (63,605,000) | $ (252,035,000) |
Basic and diluted net loss per common unit | $ (0.84) | $ (0.65) | $ (2.59) |
Cash distributions declared or paid per unit | $ 0.40 | ||
Propane [Member] | |||
Revenues: | |||
Revenues | $ 1,415,791,000 | $ 1,608,858,000 | $ 1,642,976,000 |
Costs and expenses: | |||
Cost of sales | 673,053,000 | 902,516,000 | 973,414,000 |
Midstream Operations [Member] | |||
Revenues: | |||
Revenues | 282,319,000 | ||
Costs and expenses: | |||
Cost of sales | 255,559,000 | ||
Other Revenues | |||
Revenues: | |||
Revenues | 82,035,000 | 75,534,000 | 147,847,000 |
Costs and expenses: | |||
Cost of sales | 13,003,000 | 11,406,000 | 68,654,000 |
Ferrellgas Partners Finance Corp. [Member] | |||
Costs and expenses: | |||
General and administrative expense | 5,827 | 3,999 | 2,115 |
Net loss | (5,827) | (3,999) | (2,115) |
Ferrellgas, L.P. [Member] | |||
Revenues: | |||
Revenues | 1,497,826,000 | 1,684,392,000 | 2,073,142,000 |
Costs and expenses: | |||
Operating expense - personnel, vehicle, plant and other | 493,055,000 | 468,868,000 | 471,748,000 |
Operating expense - equipment lease expense | 33,017,000 | ||
Equipment lease expense, preadoption | 33,073,000 | 28,272,000 | |
Depreciation and amortization expense | 80,481,000 | 78,846,000 | 101,795,000 |
General and administrative expense | 45,636,000 | 59,980,000 | 54,264,000 |
Non-cash employee stock ownership plan compensation charge | 2,871,000 | 5,693,000 | 13,859,000 |
Asset impairments | 10,005,000 | ||
Loss on asset sales and disposals | 7,924,000 | 10,968,000 | 187,399,000 |
Operating income | 148,786,000 | 113,042,000 | (91,827,000) |
Interest expense | (159,889,000) | (142,635,000) | (133,946,000) |
Loss on extinguishment of debt | (37,399,000) | ||
Other income (expense), net | (460,000) | 369,000 | 928,000 |
Loss before income taxes | (48,962,000) | (29,224,000) | (224,845,000) |
Income tax expense (benefit) | 802,000 | 293,000 | (2,699,000) |
Equity in earnings (loss) of Ferrellgas, L.P. | 0 | 0 | 0 |
Net loss | (49,764,000) | (29,517,000) | (222,146,000) |
Ferrellgas, L.P. [Member] | Propane [Member] | |||
Revenues: | |||
Revenues | 1,415,791,000 | 1,608,858,000 | 1,642,976,000 |
Costs and expenses: | |||
Cost of sales | 673,053,000 | 902,516,000 | 973,414,000 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | |||
Revenues: | |||
Revenues | 282,319,000 | ||
Costs and expenses: | |||
Cost of sales | 255,559,000 | ||
Ferrellgas, L.P. [Member] | Other Revenues | |||
Revenues: | |||
Revenues | 82,035,000 | 75,534,000 | 147,847,000 |
Costs and expenses: | |||
Cost of sales | 13,003,000 | 11,406,000 | 68,654,000 |
Ferrellgas Finance Corp. [Member] | |||
Costs and expenses: | |||
General and administrative expense | 6,010 | 5,625 | 5,216 |
Net loss | $ (6,010) | $ (5,625) | $ (5,216) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Comprehensive income (loss): | |||
Net loss | $ (83,002) | $ (64,545) | $ (256,825) |
Other comprehensive income (loss): | |||
Change in value on risk management derivatives | (22,872) | ||
Change in value on risk management derivatives, pre-adoption | (48,184) | 30,231 | |
Reclassification of losses on derivatives to earnings, net | 35,315 | ||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 12,868 | (24,319) | |
Pension liability adjustment | (109) | (64) | 57 |
Other comprehensive income (loss) | 12,334 | (35,380) | 5,969 |
Comprehensive loss | (70,668) | (99,925) | (250,856) |
Less: comprehensive loss attributable to noncontrolling interest | (378) | (656) | (2,184) |
Comprehensive loss attributable to Ferrellgas Partners, LP | (70,290) | (99,269) | (248,672) |
Ferrellgas, L.P. [Member] | |||
Comprehensive income (loss): | |||
Net loss | (49,764) | (29,517) | (222,146) |
Other comprehensive income (loss): | |||
Change in value on risk management derivatives | (22,872) | ||
Change in value on risk management derivatives, pre-adoption | (48,184) | 30,231 | |
Reclassification of losses on derivatives to earnings, net | 35,315 | ||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 12,868 | (24,319) | |
Pension liability adjustment | (109) | (64) | 57 |
Other comprehensive income (loss) | 12,334 | (35,380) | 5,969 |
Comprehensive loss | $ (37,430) | $ (64,897) | $ (216,177) |
Consolidated Statements Of Part
Consolidated Statements Of Partners' Deficit - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | $ (1,138,938,000) | $ (1,034,477,000) | $ (757,510,000) | $ (1,138,938,000) | $ (1,034,477,000) | $ (757,510,000) | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 2,871,000 | 5,693,000 | 13,859,000 | ||||||
Distributions | (158,000) | (10,229,000) | (39,970,000) | ||||||
Net loss | $ (70,605,000) | (45,717,000) | $ (217,797,000) | (48,316,000) | (83,002,000) | (64,545,000) | (256,825,000) | ||
Other comprehensive income (loss) | 12,334,000 | (35,380,000) | 5,969,000 | ||||||
Partners' capital balance, ending | (1,208,268,000) | $ (1,138,938,000) | (1,034,477,000) | (1,208,268,000) | (1,138,938,000) | (1,034,477,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (70,605,000) | (45,717,000) | (217,797,000) | (48,316,000) | (83,002,000) | (64,545,000) | (256,825,000) | ||
Accumulated Other Comprehensive Income (Loss) | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (14,512,000) | 20,510,000 | 14,601,000 | (14,512,000) | 20,510,000 | 14,601,000 | |||
Other comprehensive income (loss) | 12,209,000 | (35,022,000) | 5,909,000 | ||||||
Partners' capital balance, ending | (2,303,000) | (14,512,000) | 20,510,000 | (2,303,000) | (14,512,000) | 20,510,000 | |||
Parent [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (1,131,233,000) | (1,027,785,000) | (753,578,000) | (1,131,233,000) | (1,027,785,000) | (753,578,000) | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 2,842,000 | 5,635,000 | 13,719,000 | ||||||
Distributions | 0 | (9,814,000) | (39,254,000) | ||||||
Net loss | (82,499,000) | (64,247,000) | (254,581,000) | ||||||
Other comprehensive income (loss) | 12,209,000 | (35,022,000) | 5,909,000 | ||||||
Partners' capital balance, ending | (1,200,042,000) | (1,131,233,000) | (1,027,785,000) | (1,200,042,000) | (1,131,233,000) | (1,027,785,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (82,499,000) | (64,247,000) | (254,581,000) | ||||||
Non-Controlling Interest [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | $ (7,705,000) | $ (6,692,000) | $ (3,932,000) | (7,705,000) | (6,692,000) | (3,932,000) | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 29,000 | 58,000 | 140,000 | ||||||
Distributions | (158,000) | (415,000) | (716,000) | ||||||
Net loss | (503,000) | (298,000) | (2,244,000) | ||||||
Other comprehensive income (loss) | 125,000 | (358,000) | 60,000 | ||||||
Partners' capital balance, ending | $ (8,226,000) | $ (7,705,000) | $ (6,692,000) | (8,226,000) | (7,705,000) | (6,692,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | $ (503,000) | $ (298,000) | $ (2,244,000) | ||||||
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 | |||
Partners' capital balance, beginning | $ (1,046,245,000) | $ (978,503,000) | $ (701,188,000) | $ (1,046,245,000) | $ (978,503,000) | $ (701,188,000) | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 2,814,000 | 5,579,000 | 13,582,000 | ||||||
Distributions | (9,716,000) | (38,862,000) | |||||||
Net loss | $ (81,674,000) | $ (63,605,000) | $ (252,035,000) | ||||||
Partners' capital balance (in shares) | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | 97,152,700 | |||
Partners' capital balance, ending | $ (1,126,452,000) | $ (1,046,245,000) | $ (978,503,000) | $ (1,126,452,000) | $ (1,046,245,000) | $ (978,503,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | $ (81,674,000) | $ (63,605,000) | $ (252,035,000) | ||||||
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 | |||
Partners' capital balance, beginning | $ (70,476,000) | $ (69,792,000) | $ (66,991,000) | $ (70,476,000) | $ (69,792,000) | $ (66,991,000) | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 28,000 | 56,000 | 137,000 | ||||||
Distributions | (98,000) | (392,000) | |||||||
Net loss | $ (825,000) | $ (642,000) | $ (2,546,000) | ||||||
Partners' capital balance (in shares) | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | 989,900 | |||
Partners' capital balance, ending | $ (71,287,000) | $ (70,476,000) | $ (69,792,000) | $ (71,287,000) | $ (70,476,000) | $ (69,792,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (825,000) | (642,000) | (2,546,000) | ||||||
Ferrellgas Partners Finance Corp. [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net loss | (5,827) | (3,999) | (2,115) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' equity balance | $ 2,858 | $ 2,850 | $ 1,000 | 2,858 | 2,850 | 1,000 | |||
Capital contribution | 5,819 | 4,007 | 3,965 | ||||||
Net loss | (5,827) | (3,999) | (2,115) | ||||||
Stockholders' equity balance | $ 2,850 | $ 2,858 | $ 2,850 | $ 2,850 | $ 2,858 | $ 2,850 | |||
Ferrellgas Partners Finance Corp. [Member] | Common Stock [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' equity balance (in shares) | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |||
Stockholders' equity balance | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Stockholders' equity balance (in shares) | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |||
Stockholders' equity balance | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Ferrellgas Partners Finance Corp. [Member] | Additional Paid-in Capital [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net loss | 0 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' equity balance | 33,027 | 29,020 | 25,055 | 33,027 | 29,020 | 25,055 | |||
Capital contribution | 5,819 | 4,007 | 3,965 | ||||||
Net loss | 0 | 0 | 0 | ||||||
Stockholders' equity balance | 38,846 | 33,027 | 29,020 | 38,846 | 33,027 | 29,020 | |||
Ferrellgas Partners Finance Corp. [Member] | Accumulated deficit [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net loss | (5,827) | (3,999) | (2,115) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' equity balance | (31,169) | (27,170) | (25,055) | (31,169) | (27,170) | (25,055) | |||
Capital contribution | 0 | 0 | 0 | ||||||
Net loss | (5,827) | (3,999) | (2,115) | ||||||
Stockholders' equity balance | (36,996) | (31,169) | (27,170) | (36,996) | (31,169) | (27,170) | |||
Ferrellgas, L.P. [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (780,403,000) | (680,078,000) | (406,798,000) | (780,403,000) | (680,078,000) | (406,798,000) | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 2,871,000 | 5,693,000 | 13,859,000 | ||||||
Distributions | (15,654,000) | (41,121,000) | (70,962,000) | ||||||
Net loss | (62,902,000) | (36,898,000) | (62,874,000) | (48,814,000) | (209,134,000) | (39,699,000) | (49,764,000) | (29,517,000) | (222,146,000) |
Other comprehensive income (loss) | 12,334,000 | (35,380,000) | 5,969,000 | ||||||
Partners' capital balance, ending | (831,991,000) | (780,403,000) | (680,078,000) | (831,991,000) | (780,403,000) | (680,078,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (62,902,000) | (36,898,000) | (62,874,000) | (48,814,000) | (209,134,000) | (39,699,000) | (49,764,000) | (29,517,000) | (222,146,000) |
Ferrellgas, L.P. [Member] | Accumulated Other Comprehensive Income (Loss) | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (14,647,000) | 20,733,000 | 14,764,000 | (14,647,000) | 20,733,000 | 14,764,000 | |||
Other comprehensive income (loss) | 12,334,000 | (35,380,000) | 5,969,000 | ||||||
Partners' capital balance, ending | (2,313,000) | (14,647,000) | 20,733,000 | (2,313,000) | (14,647,000) | 20,733,000 | |||
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (758,186,000) | (693,896,000) | (417,467,000) | (758,186,000) | (693,896,000) | (417,467,000) | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 2,842,000 | 5,635,000 | 13,719,000 | ||||||
Distributions | (15,496,000) | (40,706,000) | (70,246,000) | ||||||
Net loss | (49,261,000) | (29,219,000) | (219,902,000) | ||||||
Partners' capital balance, ending | (821,462,000) | (758,186,000) | (693,896,000) | (821,462,000) | (758,186,000) | (693,896,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (49,261,000) | (29,219,000) | (219,902,000) | ||||||
Ferrellgas, L.P. [Member] | General Partner [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (7,570,000) | (6,915,000) | (4,095,000) | (7,570,000) | (6,915,000) | (4,095,000) | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 29,000 | 58,000 | 140,000 | ||||||
Distributions | (158,000) | (415,000) | (716,000) | ||||||
Net loss | (503,000) | (298,000) | (2,244,000) | ||||||
Partners' capital balance, ending | (8,216,000) | (7,570,000) | (6,915,000) | (8,216,000) | (7,570,000) | (6,915,000) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss | (503,000) | (298,000) | (2,244,000) | ||||||
Ferrellgas Finance Corp. [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net loss | (6,010) | (5,625) | (5,216) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' equity balance | $ 2,941 | $ 2,600 | $ 2,600 | 2,941 | 2,600 | 2,600 | |||
Capital contribution | 5,669 | 5,966 | 5,216 | ||||||
Net loss | (6,010) | (5,625) | (5,216) | ||||||
Stockholders' equity balance | $ 2,600 | $ 2,941 | $ 2,600 | $ 2,600 | $ 2,941 | $ 2,600 | |||
Ferrellgas Finance Corp. [Member] | Common Stock [Member] | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' equity balance (in shares) | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |||
Stockholders' equity balance | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Stockholders' equity balance (in shares) | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |||
Stockholders' equity balance | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Ferrellgas Finance Corp. [Member] | Additional Paid-in Capital [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net loss | 0 | 0 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' equity balance | 78,518 | 72,552 | 67,336 | 78,518 | 72,552 | 67,336 | |||
Capital contribution | 5,669 | 5,966 | 5,216 | ||||||
Net loss | 0 | 0 | 0 | ||||||
Stockholders' equity balance | 84,187 | 78,518 | 72,552 | 84,187 | 78,518 | 72,552 | |||
Ferrellgas Finance Corp. [Member] | Accumulated deficit [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Net loss | (6,010) | (5,625) | (5,216) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' equity balance | (76,577) | $ (70,952) | $ (65,736) | (76,577) | (70,952) | (65,736) | |||
Capital contribution | 0 | 0 | 0 | ||||||
Net loss | (6,010) | (5,625) | (5,216) | ||||||
Stockholders' equity balance | $ (82,587) | (76,577) | $ (70,952) | (82,587) | (76,577) | $ (70,952) | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (1,375,000) | (1,375,000) | |||||||
Partners' capital balance, ending | (1,375,000) | (1,375,000) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Parent [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (1,361,000) | (1,361,000) | |||||||
Partners' capital balance, ending | (1,361,000) | (1,361,000) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Non-Controlling Interest [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (14,000) | (14,000) | |||||||
Partners' capital balance, ending | (14,000) | (14,000) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Unitholders [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (1,347,000) | (1,347,000) | |||||||
Partners' capital balance, ending | (1,347,000) | (1,347,000) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | General Partner [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (14,000) | (14,000) | |||||||
Partners' capital balance, ending | (14,000) | (14,000) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Ferrellgas, L.P. [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (1,375,000) | (1,375,000) | |||||||
Partners' capital balance, ending | (1,375,000) | (1,375,000) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Ferrellgas, L.P. [Member] | Common Unitholders [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | (1,361,000) | (1,361,000) | |||||||
Partners' capital balance, ending | (1,361,000) | (1,361,000) | |||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Ferrellgas, L.P. [Member] | General Partner [Member] | |||||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||||
Partners' capital balance, beginning | $ (14,000) | $ (14,000) | |||||||
Partners' capital balance, ending | $ (14,000) | $ (14,000) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (83,002,000) | $ (64,545,000) | $ (256,825,000) |
Reconciliation of net loss to net cash provided by operating activities: | |||
Depreciation and amortization expense | 80,481,000 | 78,846,000 | 101,795,000 |
Non-cash employee stock ownership plan compensation charge | 2,871,000 | 5,693,000 | 13,859,000 |
Asset impairments | 0 | 0 | 10,005,000 |
Loss on asset sales and disposals | 7,924,000 | 10,968,000 | 187,399,000 |
Loss on extinguishment of debt, noncash | 19,883,000 | 0 | 0 |
Unrealized gain on derivative instruments | 0 | 0 | (91,000) |
Provision for doubtful accounts | 18,604,000 | 1,525,000 | 1,778,000 |
Deferred income tax expense (benefit) | 554,000 | 143,000 | (3,818,000) |
Exit costs associated with contracts | 0 | 0 | 11,804,000 |
Other | 12,583,000 | 12,696,000 | 9,997,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Accounts and notes receivable, net of securitization | (121,000) | 19,433,000 | 18,629,000 |
Inventories | 7,790,000 | 3,211,000 | (1,231,000) |
Prepaid expenses and other current assets | 7,446,000 | (26,508,000) | (3,013,000) |
Accounts payable | 1,223,000 | (13,338,000) | (24,189,000) |
Accrued interest expense | 33,357,000 | (1,738,000) | 3,551,000 |
Other current liabilities | (3,430,000) | (12,076,000) | 7,248,000 |
Other assets and liabilities | 6,679,000 | 765,000 | (2,750,000) |
Net cash provided by operating activities | 112,842,000 | 15,075,000 | 74,148,000 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (10,195,000) | (13,551,000) | (18,141,000) |
Capital expenditures | (70,455,000) | (108,822,000) | (84,919,000) |
Proceeds from sale of assets | 4,472,000 | 5,699,000 | 152,587,000 |
Cash payments to construct assets in connection with future lease transactions | (37,042,000) | (9,934,000) | 0 |
Cash receipts in connection with leased vehicles | 41,924,000 | 862,000 | 0 |
Other | 0 | 1,419,000 | 0 |
Net cash provided by (used in) investing activities | (71,296,000) | (124,327,000) | 49,527,000 |
Cash flows from financing activities: | |||
Distributions | 0 | (9,814,000) | (39,254,000) |
Proceeds from issuance of long-term debt | 703,750,000 | 0 | 323,680,000 |
Payments on long-term debt | (285,857,000) | (2,428,000) | (212,920,000) |
Net additions to (reductions in) short-term borrowings | (43,000,000) | 10,200,000 | (51,379,000) |
Net additions to (reductions in) collateralized short-term borrowings | (62,000,000) | 4,000,000 | (11,000,000) |
Cash paid for financing costs and other | (29,458,000) | (548,000) | (18,535,000) |
Noncontrolling interest activity | (158,000) | (415,000) | (716,000) |
Cash payments for principal portion of lease liability | (2,116,000) | 0 | 0 |
Net cash provided by (used in) financing activities | 281,161,000 | 995,000 | (10,124,000) |
Increase (decrease) in cash and cash equivalents | 322,707,000 | (108,257,000) | 113,551,000 |
Cash and cash equivalents - beginning of year | 11,054,000 | 119,311,000 | 5,760,000 |
Cash, cash equivalents and restricted cash - end of year | 333,761,000 | 11,054,000 | 119,311,000 |
Ferrellgas Partners Finance Corp. [Member] | |||
Cash flows from operating activities: | |||
Net loss | (5,827) | (3,999) | (2,115) |
Reconciliation of net loss to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | 0 | 0 | 0 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Prepaid expenses and other current assets | 8 | (8) | (1,850) |
Net cash provided by operating activities | (5,819) | (4,007) | (3,965) |
Cash flows from financing activities: | |||
Capital contribution | 5,819 | 4,007 | 3,965 |
Net cash provided by (used in) financing activities | 5,819 | 4,007 | 3,965 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of year | 1,000 | 1,000 | 1,000 |
Cash, cash equivalents and restricted cash - end of year | 1,000 | 1,000 | 1,000 |
Ferrellgas, L.P. [Member] | |||
Cash flows from operating activities: | |||
Net loss | (49,764,000) | (29,517,000) | (222,146,000) |
Reconciliation of net loss to net cash provided by operating activities: | |||
Depreciation and amortization expense | 80,481,000 | 78,846,000 | 101,795,000 |
Non-cash employee stock ownership plan compensation charge | 2,871,000 | 5,693,000 | 13,859,000 |
Asset impairments | 10,005,000 | ||
Loss on asset sales and disposals | 7,924,000 | 10,968,000 | 187,399,000 |
Loss on extinguishment of debt, noncash | 19,883,000 | ||
Unrealized gain on derivative instruments | 0 | 0 | (91,000) |
Provision for doubtful accounts | 18,604,000 | 1,525,000 | 1,778,000 |
Deferred income tax expense (benefit) | 554,000 | 143,000 | (3,818,000) |
Exit costs associated with contracts | 11,804,000 | ||
Other | 11,301,000 | 8,505,000 | 6,266,000 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Accounts and notes receivable, net of securitization | (121,000) | 19,433,000 | 18,629,000 |
Inventories | 7,790,000 | 3,211,000 | (1,231,000) |
Prepaid expenses and other current assets | 7,375,000 | (26,458,000) | (2,942,000) |
Accounts payable | 1,223,000 | (13,338,000) | (24,189,000) |
Accrued interest expense | 17,961,000 | (1,738,000) | 3,551,000 |
Other current liabilities | (3,430,000) | (12,076,000) | 7,235,000 |
Other assets and liabilities | 5,679,000 | 765,000 | (2,750,000) |
Net cash provided by operating activities | 128,331,000 | 45,962,000 | 105,154,000 |
Cash flows from investing activities: | |||
Business acquisitions, net of cash acquired | (10,195,000) | (13,551,000) | (18,141,000) |
Capital expenditures | (70,455,000) | (108,822,000) | (84,919,000) |
Proceeds from sale of assets | 4,472,000 | 5,699,000 | 152,587,000 |
Cash payments to construct assets in connection with future lease transactions | (37,042,000) | (9,934,000) | |
Cash receipts in connection with leased vehicles | 41,924,000 | 862,000 | |
Other | 1,419,000 | ||
Net cash provided by (used in) investing activities | (71,296,000) | (124,327,000) | 49,527,000 |
Cash flows from financing activities: | |||
Distributions | (15,654,000) | (41,121,000) | (70,962,000) |
Proceeds from issuance of long-term debt | 703,750,000 | 323,680,000 | |
Payments on long-term debt | (285,857,000) | (2,428,000) | (212,920,000) |
Net additions to (reductions in) short-term borrowings | (43,000,000) | 10,200,000 | (51,379,000) |
Net additions to (reductions in) collateralized short-term borrowings | (62,000,000) | 4,000,000 | (11,000,000) |
Cash paid for financing costs and other | (29,449,000) | (548,000) | (18,493,000) |
Net changes in advances with consolidated entities | 0 | 0 | 0 |
Cash payments for principal portion of lease liability | (2,116,000) | ||
Net cash provided by (used in) financing activities | 265,674,000 | (29,897,000) | (41,074,000) |
Increase (decrease) in cash and cash equivalents | 322,709,000 | (108,262,000) | 113,607,000 |
Cash and cash equivalents - beginning of year | 11,046,000 | 119,308,000 | 5,701,000 |
Cash, cash equivalents and restricted cash - end of year | 333,755,000 | 11,046,000 | 119,308,000 |
Ferrellgas Finance Corp. [Member] | |||
Cash flows from operating activities: | |||
Net loss | (6,010) | (5,625) | (5,216) |
Reconciliation of net loss to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | 0 | 0 | 0 |
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||
Prepaid expenses and other current assets | 341 | (341) | 0 |
Net cash provided by operating activities | (5,669) | (5,966) | (5,216) |
Cash flows from financing activities: | |||
Capital contribution | 5,669 | 5,966 | 5,216 |
Net cash provided by (used in) financing activities | 5,669 | 5,966 | 5,216 |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of year | 1,100 | 1,100 | 1,100 |
Cash, cash equivalents and restricted cash - end of year | $ 1,100 | $ 1,100 | $ 1,100 |
Partnership Organization And Fo
Partnership Organization And Formation | 12 Months Ended |
Jul. 31, 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 July 31, 2020, Ferrell Companies Inc., a Kansas corporation (“Ferrell Companies”), beneficially owns 22.8 million of Ferrellgas Partners’ outstanding 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 any 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. Going Concern The accompanying 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, which Ferrellgas Partners failed to repay, that are classified as current in the consolidated financial statements. Additionally, Ferrellgas, L.P. has $500.0 million in unsecured notes due May 1, 2021, that are also classified as current in the 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. Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in its ongoing process to reduce existing debt and address its debt maturities. The outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. Additionally, see Note I – 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 Partnership contributed $1,000 to the Finance Corp. on April 8, 1996 in exchange for 1,000 shares of common stock. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. Going Concern The accompanying 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. 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, which the Partnership failed to repay, that are classified as current in its consolidated financial statements. These obligations are only reported on the Partnership’s 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, we believe there is substantial doubt about the Finance Corp’s ability to continue as a going concern. 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 reduce existing debt and address its 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, L.P. serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico. Going Concern The accompanying 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, L.P. has $500.0 million in unsecured notes due May 1, 2021, that are classified as current in its consolidated financial statements. Additionally, Ferrellgas Partners has $357.0 million in unsecured notes due June 15, 2020, which Ferrellgas Partners failed to repay, that are classified as current in its 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. Given these concerns, Ferrellgas Partners believes there is substantial doubt about Ferrellgas, L.P.’s ability to continue as a going concern. Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in its ongoing process to reduce existing debt and address its debt maturities. The outcome of Ferrellgas’ debt reduction strategy continues to remain uncertain. Additionally, see Note I – Debt below for further discussion of the outstanding deb |
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 Partnership contributed $1,000 to the Finance Corp. on January 24, 2003 in exchange for 1,000 shares of common stock. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. Going Concern The accompanying 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. As discussed in Note B – Contingencies and commitments, the Finance Corp serves as co-issuer and co-obligor for debt securities of the Partnership. T he Partnership has $500.0 million in unsecured notes due May 1, 2021, which are classified as current in its consolidated financial statements. This obligation is only reported on the consolidated balance sheet of the Partnership. The ability of the Partnership to restructure, refinance or otherwise satisfy these notes is uncertain considering the level of other outstanding indebtedness. 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, we believe there is substantial doubt about the Finance Corp’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 in the Partnership’s ongoing process to reduce existing debt and address its debt maturities. The outcome of the Partnership’s debt reduction strategy continues to remain uncertain . |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 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 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, determination of incremental borrowing rate used to measure right-of-use asset and lease liability, fair values of derivative contracts and stock-based compensation calculations. (2) Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas Partners, its wholly-owned subsidiary, Ferrellgas Partners Finance Corp., and the operating partnership, its majority-owned subsidiary, after elimination of all intercompany accounts and transactions. We have determined that the operating partnership is a variable interest entity for whom Ferrellgas Partners has no ability through voting rights or similar rights to make decisions and thus does not have the power to direct the activities of the operating partnership that most significantly impact economic performance. However, we have determined that the accounts of Ferrellgas Partners’ majority-owned subsidiary should be included because Ferrellgas Partners is most closely associated with the operations of the operating partnership due to the fact that Ferrellgas Partners has the obligation to absorb the losses of and the right to receive benefits from the operating partnership that are significant to the operating partnership and substantially all the assets and liabilities of Ferrellgas Partners consist of the operating partnership. The operating partnership includes the accounts of its wholly-owned subsidiaries. The general partner’s approximate 1% general partner interest in the operating partnership is accounted for as a noncontrolling interest. The wholly-owned consolidated subsidiary of the operating partnership, Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), is a special purpose entity that has agreements with the operating partnership to securitize, on an ongoing basis, a portion of its trade accounts receivable. Certain prior-year amounts have been reclassified to conform to the current-year presentation. (3) Fair value measurements: Ferrellgas measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. · Level 1: Quoted prices in active markets for identical assets or liabilities. · Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. · Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. (4) Accounts receivable : Accounts receivable are reported on the consolidated balance sheets at the gross outstanding amount adjusted for an allowance for doubtful accounts. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. Provisions for uncollectible accounts are established based upon our collection experience and the assessment of the collectability of specific amounts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. (5) Accounts receivable securitization : Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas has agreements to securitize, on an ongoing basis, substantially all of its trade accounts receivable. (6) Inventories : Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods. (7) Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, using its best estimates based on reasonable and supportable assumptions and projections, tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets or asset groups might not be recoverable. The recoverability tests for property, plant and equipment are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. (8) Goodwill: Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas tests goodwill for impairment annually during the second quarter or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. Ferrellgas has determined that it has two reporting units for goodwill impairment testing purposes. As of July 31, 2020, one of these reporting units contains goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, the reporting unit’s goodwill is impaired. The amount of impairment would be equal to the lesser of the excess of reporting unit carrying value over its fair value and the reporting unit’s recorded amount of goodwill. Ferrellgas completed its most recent annual goodwill impairment test on January 31, 2020 and did not incur an impairment loss. (9) Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets and non-compete agreements, permits, favorable lease arrangements and patented technology are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets or asset groups might not be recoverable. Ferrellgas tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. The recoverability tests for definite-lived intangible assets are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. (10) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas’ overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgas’ risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas’ risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas’ positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas’ gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas’ risk management activities may include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. Ferrellgas enters into these financial derivative instruments primarily with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. All of Ferrellgas’ financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas’ financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated as a hedge of a specific underlying exposure, and that designation as well as the risk management objectives and strategies for undertaking the hedge transaction are documented. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas’ risk relating to adverse fluctuations in propane prices. Ferrellgas formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities”, or “Other liabilities” on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities”, or “Other liabilities” on the consolidated balance sheets with changes in fair value reported in “Operating expense” on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas’ fixed rate debt, while increases in interest rates subject Ferrellgas to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as “Prepaid expenses and other current assets”, “Other assets, net”, Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of operations. Ferrellgas may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statements of operations when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statement of operations as they occur. (11) Revenue recognition: Revenues from Ferrellgas’ propane operations and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year. Prior to the dispositions in 2018 which constituted Ferrellgas’ Midstream operations segment, revenues included crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, storage and salt water disposal. These revenues were recognized upon completion of the related service or delivery of product. (12) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense – personnel, vehicle, plant and other” in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology under operating leases by Ferrellgas are classified within “Operating expense – equipment lease expense.” Delivery vehicles and distribution technology under finance leases by Ferrellgas are classified within “Depreciation and amortization expense.” See Note F – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. (13) Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas’ customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas’ portable propane tanks. “Cost of sales - midstream operations” includes all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and the costs of salt water disposal. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. (14) Operating expense: “Operating expense – personnel, vehicle, plant and other” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses. (15) General and administrative expense: “General and administrative expense” primarily includes personnel and incentive expense related to executives and employees, as well as other overhead expenses related to centralized corporate functions. (16) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas stock-compensation plans; however, in accordance with Ferrellgas’ partnership agreements, all Ferrellgas employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas. As a result, Ferrellgas incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2020, 2019 and 2018, the portion of the total non-cash compensation charge relating to the ICPs was zero. During fiscal 2020 there were no plan-based awards granted under the ICP and all outstanding stock appreciation rights (“SARs”) are currently valued at zero. Ferrell Companies is authorized to issue up to 9.25 million SARs that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. (17) Income taxes: Ferrellgas Partners is a publicly-traded master limited partnership with one subsidiary that is a taxable corporation. The operating partnership is a limited partnership with three subsidiaries that are taxable corporations. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore subject to Federal income tax unless a qualifying income test is satisfied. If this qualifying income test is satisfied, the publicly-traded partnership will be treated as a partnership for Federal income tax purposes. Based on Ferrellgas’ calculations, Ferrellgas Partners satisfies the qualifying income test. As a result, except for the taxable corporations, Ferrellgas Partners’ earnings or losses for Federal income tax purposes are included in the tax returns of the individual partners, Ferrellgas Partners’ unitholders. Accordingly, the accompanying consolidated financial statements of Ferrellgas Partners reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Ferrellgas Partners unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas Partners’ partnership agreement and differences between Ferrellgas Partners’ financial reporting fiscal year end and its calendar tax year end. Income tax expense (benefit) consisted of the following: For the year ended July 31, 2020 2019 2018 Current expense $ 297 $ 180 $ 1,140 Deferred expense (benefit) 554 143 (3,818) Income tax expense (benefit) $ 851 $ 323 $ (2,678) Deferred taxes consisted of the following: July 31, 2020 2019 Deferred tax assets (included in Other assets, net) $ 4 $ 631 Deferred tax liabilities (included in Other liabilities) (3) (76) Net deferred tax asset $ 1 $ 555 (18) Sales taxes: Ferrellgas accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations. (19) Net loss per common unitholders’ interest: Net loss per common unitholders’ interest is computed by dividing “Net loss attributable to Ferrellgas Partners, L.P.,” after deducting the general partner’s approximate 1% interest, by the weighted average number of outstanding common units and the dilutive effect, if any, of outstanding unit options. See Note Q – Net loss per common unitholders’ interest – for further discussion about these calculations. (20) Loss contingencies: In the normal course of business, Ferrellgas is involved in various claims and legal proceedings. Ferrellgas records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred. (21) 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 adopted 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 statements. . |
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 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, determination of incremental borrowing rate used to measure right-of-use asset and lease liability, fair values of derivative contracts and stock-based compensation calculations. (2) Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas, L.P. and its subsidiaries after elimination of all intercompany accounts and transactions. Ferrellgas, L.P. consolidates the following wholly-owned entities: Bridger Logistics, LLC, Sable Environmental, LLC, Sable SWD 2, LLC, Blue Rhino Global Sourcing, Inc., Blue Rhino Canada, Inc., Ferrellgas Real Estate, Inc., Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), a special purpose entity that has agreements with Ferrellgas, L.P. to securitize, on an ongoing basis, a portion of its trade accounts receivable. Certain prior-year amounts have been reclassified to conform to the current-year presentation. (3) Fair value measurements: Ferrellgas, L.P. measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. · Level 1: Quoted prices in active markets for identical assets or liabilities. · Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. · Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. (4) Accounts receivable : Accounts receivable are reported on the consolidated balance sheets at the gross outstanding amount adjusted for an allowance for doubtful accounts. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. Provisions for uncollectible accounts are established based upon our collection experience and the assessment of the collectability of specific amounts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. (5) Accounts receivable securitization: Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas, L.P. has agreements to securitize, on an ongoing basis, substantially all of its trade accounts receivable. (6) Inventories: Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods. (7) Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas, L.P. capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, L.P., using its best estimates based on reasonable and supportable assumptions and projections, tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets or asset groups might not be recoverable. The recoverability tests for property, plant and equipment are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas, L.P. management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. (8) Goodwill: Ferrellgas, L.P. records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas, L.P. tests goodwill for impairment annually during the second quarter or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. Ferrellgas, L.P. has determined that it has two reporting units for goodwill impairment testing purposes. As of July 31, 2020, one of these reporting units contains goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, the reporting unit’s goodwill is impaired. The amount of impairment would be equal to the lesser of the excess of reporting unit carrying value over its fair value and the reporting unit’s recorded amount of goodwill. Ferrellgas, L.P. completed its most recent annual goodwill impairment test on January 31, 2020 and did not incur an impairment loss. (9) Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets and non-compete agreements, permits, favorable lease arrangements and patented technology are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas, L.P. tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets or asset groups might not be recoverable. Ferrellgas, L.P. tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. The recoverability tests for definite-lived intangible assets are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas, L.P. management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. (10) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas, L.P.’s overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgas, L.P.’s risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas, L.P attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas, L.P.’s risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas, L.P.’s risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas, L.P.’s positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas, L.P.’s gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. These propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas, L.P.’s risk management activities may include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. Ferrellgas, L.P. enters into these financial derivative instruments primarily with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. All of Ferrellgas, L.P.’s financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas, L.P. also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas, L.P.’s financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas, L.P. makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated as a hedge of a specific underlying exposure and that designation, as well as the risk management objectives and strategies for undertaking the hedge transaction are documented. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas, L.P.’s risk relating to adverse fluctuations in propane prices. Ferrellgas, L.P. formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or “Other liabilities” on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities”, or “Other liabilities” on the consolidated balance sheets with changes in fair value reported in “Operating expense” on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas, L.P. to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas, L.P.’s fixed rate debt, while increases in interest rates subject Ferrellgas, L.P. to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas, L.P. may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as “Prepaid expenses and other current assets”, “Other assets, net”, Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of operations. Ferrellgas, L.P. may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of operations when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statements of operations as they occur. (11) Revenue recognition: Revenues from Ferrellgas, L.P.’s propane operations and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas, L.P. determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas, L.P. offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas, L.P. recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year. Prior to the dispositions in 2018 which constituted Ferrellgas, L.P.’s Midstream operations segment, revenues included crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, storage and salt water disposal. These revenues were recognized upon completion of the related service or delivery of product. (12) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense – personnel, vehicle, plant and other” in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas, L.P. owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology under operating leases by Ferrellgas, L.P. are classified within “Operating expense – equipment lease expense.” Delivery vehicles and distribution technology under finance leases by Ferrellgas, L.P. are classified within “Depreciation and amortization expense.” See Note F – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. (13) Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas, L.P.’s customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas, L.P.’s portable propane tanks. “Cost of sales - midstream operations” includes all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and the costs of salt water disposal. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. (14) Operating expense: “Operating expense – personnel, vehicle, plant and other” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses. (15) General and administrative expense: “ General and administrative expense” primarily includes personnel and incentive expense related to executives and employees, as well as other overhead expenses related to centralized corporate functions. (16) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas, L.P. stock-compensation plans; however, in accordance with Ferrellgas, L.P.’s partnership agreements, all Ferrellgas, L.P. employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas, L.P. As a result, Ferrellgas, L.P. incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2020, 2019 and 2018, the portion of the total non-cash compensation charge relating to the ICPs was zero. During fiscal 2020 there were no plan-based awards granted under the ICP and all outstanding stock appreciation rights (“SARs”) are currently valued at zero. Ferrell Companies is authorized to issue up to 9.25 million SARs that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. (17) Income taxes: Ferrellgas, L.P. is a limited partnership and owns three subsidiaries that are taxable corporations. As a result, except for the taxable corporations, Ferrellgas, L.P.’s earnings or losses for federal income tax purposes are included in the tax returns of the individual partners. Accordingly, the accompanying consolidated financial statements of Ferrellgas, L.P. reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to partners as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas, L.P.’s partnership agreement and differences between Ferrellgas, L.P.’s financial reporting fiscal year end and limited partners tax year end. Income tax expense (benefit) consisted of the following: For the year ended July 31, 2020 2019 2018 Current expense $ 248 $ 150 $ 1,119 Deferred expense (benefit) 554 143 (3,818) Income tax expense (benefit) $ 802 $ 293 $ (2,699) Deferred taxes consisted of the following: July 31, 2020 2019 Deferred tax assets (included in Other assets, net) $ 4 $ 631 Deferred tax liabilities (included in Other liabilities) (3) (76) Net deferred tax asset $ 1 $ 555 (18) Sales taxes: Ferrellgas, L.P. accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations. (19) Loss contingencies: In the normal course of business, Ferrellgas, L.P. is involved in various claims and legal proceedings. Ferrellgas, L.P. records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred. (20) 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 adopted 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 statements. . |
Leases
Leases | 12 Months Ended |
Jul. 31, 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’ consolidated balance sheet. Ferrellgas classifies finance leases in “Other assets, net”, “Other current liabilities”, and “Other liabilities” on the 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 July 31, 2020: Leases Classification July 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 107,349 Financing lease assets Other assets, net 41,426 Total leased assets $ 148,775 Liabilities Current Operating Current operating lease liabilities $ 29,345 Financing Other current liabilities 6,955 Noncurrent Operating Operating lease liabilities 89,022 Financing Other liabilities 33,473 Total leased liabilities $ 158,795 The following table provides the lease expenses for the twelve months ended July 31, 2020: Leases expense Classification For the year ended July 31, 2020 Operating lease expense Operating expense - personnel, vehicle, plant and other $ 7,450 Operating expense - equipment lease expense 30,994 Cost of sales - propane and other gas liquids sales 1,553 General and administrative expense 1,490 Total operating lease expense $ 41,487 Short-term expense Operating expense - personnel, vehicle, plant and other $ 7,188 General and administrative expense 502 Total short-term expense $ 7,690 Variable lease expense Operating expense - personnel, vehicle, plant and other $ 2,883 Operating expense - equipment lease expense 1,642 Total variable lease expense $ 4,525 Finance lease expense: Amortization of leased assets Depreciation and amortization expense $ 2,613 Interest on lease liabilities Interest expense 1,060 Total finance lease expense $ 3,673 Total lease expense (a) $ 57,375 (a) As of July 31, 2020 Ferrellgas has also recognized $0.5 million of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to the various Midstream dispositions described in Note D – Acquisitions, dispositions and other significant transactions, and for which Ferrellgas does not anticipate any future economic benefit. Minimum annual payments under existing operating and finance lease liabilities as of July 31, 2020 are as follows: Maturities of lease liabilities Operating leases Finance leases Total $ 34,686 $ 10,205 $ 44,891 27,006 9,580 36,586 35,712 7,646 43,358 17,999 7,076 25,075 12,701 7,085 19,786 Thereafter 21,396 10,453 31,849 Total lease payments $ 149,500 $ 52,045 $ 201,545 Less: Imputed interest 31,133 11,617 42,750 Present value of lease liabilities $ 118,367 $ 40,428 $ 158,795 The following table represents the weighted-average remaining lease term and discount rate as of July 31, 2020: As of July 31, 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 year ended July 31, 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 41,636 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 1,060 Financing cash flows $ 2,116 Prior to the adoption of ASC 842 – Leases, the following was disclosed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2019. Ferrellgas’ contractual operating lease commitments and buyout obligations were as follows: Future minimum rental and buyout amounts by fiscal year 2020 2021 2022 2023 2024 Thereafter Operating lease obligations $ 44,392 $ 36,134 $ 26,312 $ 20,432 $ 17,196 $ 17,414 Operating lease buyouts $ 3,073 $ 4,371 $ 6,421 $ 3,527 $ 1,238 $ 14,433 Rental expense under these leases totaled $53.8 million and $50.7 million for fiscal 2019 and 2018, respectively. Prior to the adoption of ASC 842 – Leases, the following was disclosed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2019. This cease use liability was reported under ASC 420 – Exit or disposal cost obligations previously and is now reported under ASC 842 – Leases . The prior year table is included below for comparative purposes: Contract exit costs July 31, 2018 $ 11,804 Accretion 448 Cash payments and other (802) July 31, 2019 $ 11,450 |
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 consolidated balance sheet. Ferrellgas, L.P. classifies finance leases in “Other assets, net”, “Other current liabilities”, and “Other liabilities” on its 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 July 31, 2020: Leases Classification July 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 107,349 Financing lease assets Other assets, net 41,426 Total leased assets $ 148,775 Liabilities Current Operating Current operating lease liabilities $ 29,345 Financing Other current liabilities 6,955 Noncurrent Operating Operating lease liabilities 89,022 Financing Other liabilities 33,473 Total leased liabilities $ 158,795 The following table provides the lease expenses for the twelve months ended July 31, 2020: Leases expense Classification For the year ended July 31, 2020 Operating lease expense Operating expense - personnel, vehicle, plant and other $ 7,450 Operating expense - equipment lease expense 30,994 Cost of sales - propane and other gas liquids sales 1,553 General and administrative expense 1,490 Total operating lease expense $ 41,487 Short-term expense Operating expense - personnel, vehicle, plant and other $ 7,188 General and administrative expense 502 Total short-term expense $ 7,690 Variable lease expense Operating expense - personnel, vehicle, plant and other $ 2,883 Operating expense - equipment lease expense 1,642 Total variable lease expense $ 4,525 Finance lease expense: Amortization of leased assets Depreciation and amortization expense $ 2,613 Interest on lease liabilities Interest expense 1,060 Total finance lease expense $ 3,673 Total lease expense (a) $ 57,375 (a) As of July 31, 2020 Ferrellgas, L.P. has also recognized $0.5 million of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to the various Midstream dispositions described in Note D – Acquisitions, dispositions and other significant transactions, and for which Ferrellgas, L.P. does not anticipate any future economic benefit. Minimum annual payments under existing operating and finance lease liabilities as of July 31, 2020 are as follows: Maturities of lease liabilities Operating leases Finance leases Total $ 34,686 $ 10,205 $ 44,891 27,006 9,580 36,586 35,712 7,646 43,358 17,999 7,076 25,075 12,701 7,085 19,786 Thereafter 21,396 10,453 31,849 Total lease payments $ 149,500 $ 52,045 $ 201,545 Less: Imputed interest 31,133 11,617 42,750 Present value of lease liabilities $ 118,367 $ 40,428 $ 158,795 The following table represents the weighted-average remaining lease term and discount rate as of July 31, 2020: As of July 31, 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 year ended July 31, 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 41,636 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 1,060 Financing cash flows $ 2,116 Prior to the adoption of ASC 842 – Leases, the following was disclosed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2019. Ferrellgas, L.P.’s contractual operating lease commitments and buyout obligations were as follows: Future minimum rental and buyout amounts by fiscal year 2020 2021 2022 2023 2024 Thereafter Operating lease obligations $ 44,392 $ 36,134 $ 26,312 $ 20,432 $ 17,196 $ 17,414 Operating lease buyouts $ 3,073 $ 4,371 $ 6,421 $ 3,527 $ 1,238 $ 14,433 Rental expense under these leases totaled $53.8 million and $50.7 million for fiscal 2019 and 2018, respectively. Prior to the adoption of ASC 842 – Leases, the following was disclosed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2019. This cease use liability was reported under ASC 420 – Exit or disposal cost obligations previously and is now reported under ASC 842 – Leases . The prior year table is included below for comparative purposes: Contract exit costs July 31, 2018 $ 11,804 Accretion 448 Cash payments and other (802) July 31, 2019 $ 11,450 |
Acquisitions, dispositions and
Acquisitions, dispositions and other significant transactions | 12 Months Ended |
Jul. 31, 2020 | |
Business Acquisition [Line Items] | |
Business Combinations | D. Acquisitions, dispositions and other significant transactions Acquisitions Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of operations from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgas’ balance sheets or results of operations. Propane operations and related equipment sales During fiscal 2020, Ferrellgas acquired propane distribution assets, primarily of independent distributors, with an aggregate value of $11.2 million in the following transactions: · Golden State Propane, Inc., based in California, acquired in August 2019; · C.F. Van Duzer Gas Services, Inc., based in New York, acquired in October 2019; · Lee Propane of Pennington Gap, Inc., based in Virginia, acquired in June 2020; During fiscal 2019, Ferrellgas acquired propane distribution assets, primarily of independent distributors, with an aggregate value of $15.2 million in the following transactions: · Salathe Gas Co., based in Louisiana, acquired September 2018; · North Star Exchange, Inc., based in Indiana, acquired October 2018; · Wylie LP Gas Inc., based in Texas, acquired October 2018; · Co-op Butane Inc., based in Louisiana, acquired in December 2018; · American Propane, based in Oklahoma, acquired January 2019; · Reliable Propane Inc., based in Missouri, acquired in February 2019; · AAA Propane, Inc., based in Colorado, acquired in June 2019. During fiscal 2018, Ferrellgas acquired propane distribution assets with an aggregate value of $20.6 million in the following transactions: · Lindsey Propane LLC, based in Tennessee, acquired August 2017; · Sevier County Propane, based in Tennessee, acquired August 2017; · Service Plus Propane, Inc., based in Virginia, acquired September 2017; · Tapper Propane, Inc., based in Michigan, acquired November 2017; and · Diamond Propane LLC, based in New York, acquired June 2018. These acquisitions were funded as follows on their dates of acquisition: For the year ended July 31, 2020 2019 2018 Cash payments, net of cash acquired $ 10,195 $ 13,551 $ 18,141 Issuance of liabilities and other costs and considerations 975 1,650 2,426 Aggregate fair value of transactions $ 11,170 $ 15,201 $ 20,567 The aggregate fair values, for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: For the year ended July 31, 2020 2019 2018 Working capital $ — $ 31 $ 758 Customer tanks, buildings, land and other 6,598 11,560 10,022 Goodwill — 1,410 — Customer lists 738 1,272 7,758 Non-compete agreements 3,834 928 2,029 Aggregate fair value of net assets acquired $ 11,170 $ 15,201 $ 20,567 The estimated fair values and useful lives of assets acquired during fiscal 2020 are based on a preliminary valuation and are subject to final valuation adjustments. Ferrellgas intends to continue its analysis of the net assets of these transactions to determine the final allocation of the total purchase price to the various assets and liabilities acquired. The estimated fair values and useful lives of assets acquired during fiscal 2019 and 2018 are based on internal valuations and included only minor adjustments during the 12 month period after the date of acquisition. Due to the immateriality of these adjustments, Ferrellgas did not retrospectively adjust the consolidated statements of operations for those measurement period adjustments. Dispositions Propane operations and related equipment sales During July 2018, Ferrellgas completed the sale of a group of assets encompassing an immaterial reporting unit within our Propane operations segment for approximately $26.6 million in cash. For the year ended July 31, 2018, “Loss on asset sales and disposals” includes a loss of $15.2 million related to this sale. The assets sold consist primarily of working capital and equipment. Midstream operations During July 2018, Ferrellgas completed the sale of a subsidiary and a group of assets within the Midstream operations segment for approximately $57.0 million in cash. The subsidiary sold was Bridger Environmental LLC, which encompasses all saltwater disposal activities previously operated by Ferrellgas. The group of assets sold includes all assets, excluding working capital, associated with the crude oil trucking operations previously operated by Ferrellgas. Additionally, the sale included two crude oil injection terminals. In separate transactions, the remaining assets of the Bridger Terminal business were sold to various parties. The largest of these assets, the Swan Ranch Terminal, was sold for $8.0 million in cash. For the year ended July 31, 2018, “Loss on asset sales and disposals” includes a loss of $120.2 million related to these sales. Additionally, during fiscal 2018, Ferrellgas sold all 1,292 rail cars utilized in the Midstream operations segment for approximately $51.3 million in cash. For the year ended July 31, 2018, “Loss on asset sales and disposals” includes a loss of $36.8 million related to the sale of these rail cars. Proceeds from the transaction were used to reduce outstanding debt on Ferrellgas’ previous senior secured credit facility. During fiscal 2018, Ferrellgas completed the sale of Bridger Energy, LLC, included in the Midstream operations segment, in exchange for an $8.5 million secured promissory note due in May 2020 which was fully paid on February 20, 2019. For the year ended July 31, 2018, “Loss on asset sales and disposals” includes a loss of $4.0 million related to this sale. The combined results from operations of these various Midstream dispositions in our Consolidated Statements of Operations includes losses before income taxes for the year ended July 31, 2018 of $55.4 million. The combined losses before income taxes attributable to Ferrellgas Partners, L.P. for the year ended July 31, 2018 was $54.8 million. “Loss on asset sales and disposals” consists of: For the year ended July 31, 2020 2019 2018 Loss on sale of: Propane-related accessories reporting unit $ — $ — $ 15,194 Midstream trucking, water disposal & terminal assets — 2,679 120,240 Midstream railcars — — 36,762 Bridger Energy — — 4,002 Other 7,924 8,289 11,201 Loss on asset sales and disposals $ 7,924 $ 10,968 $ 187,399 |
Ferrellgas, L.P. [Member] | |
Business Acquisition [Line Items] | |
Business Combinations | D. Acquisitions, dispositions and other significant transactions Acquisitions Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of operations from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgas, L.P.’s balance sheets or results of operations. Propane operations and related equipment sales During fiscal 2020, Ferrellgas acquired propane distribution assets, primarily of independent distributors, with an aggregate value of $11.2 million in the following transactions: · Golden State Propane, Inc., based in California, acquired in August 2019; · C.F. Van Duzer Gas Services, Inc., based in New York, acquired in October 2019; · Lee Propane of Pennington Gap, Inc., based in Virginia, acquired in June 2020; During fiscal 2019, Ferrellgas acquired propane distribution assets, primarily of independent distributors, with an aggregate value of $15.2 million in the following transactions: · Salathe Gas Co., based in Louisiana, acquired September 2018; · North Star Exchange, Inc., based in Indiana, acquired October 2018; · Wylie LP Gas Inc., based in Texas, acquired October 2018; · Co-op Butane Inc., based in Louisiana, acquired in December 2018; · American Propane, based in Oklahoma, acquired January 2019; · Reliable Propane Inc., based in Missouri, acquired in February 2019; · AAA Propane, Inc., based in Colorado, acquired in June 2019. During fiscal 2018, Ferrellgas, L.P. acquired propane distribution assets with an aggregate value of $20.6 million in the following transactions: · Lindsey Propane LLC, based in Tennessee, acquired August 2017; · Sevier County Propane, based in Tennessee, acquired August 2017; · Service Plus Propane, Inc., based in Virginia, acquired September 2017; · Tapper Propane, Inc., based in Michigan, acquired November 2017; and · Diamond Propane LLC, based in New York, acquired June 2018. These acquisitions were funded as follows on their dates of acquisition: For the year ended July 31, 2020 2019 2018 Cash payments, net of cash acquired $ 10,195 $ 13,551 $ 18,141 Issuance of liabilities and other costs and considerations 975 1,650 2,426 Aggregate fair value of transactions $ 11,170 $ 15,201 $ 20,567 The aggregate fair values, for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period: For the year ended July 31, 2020 2019 2018 Working capital $ — $ 31 $ 758 Customer tanks, buildings, land and other 6,598 11,560 10,022 Goodwill — 1,410 — Customer lists 738 1,272 7,758 Non-compete agreements 3,834 928 2,029 Aggregate fair value of net assets acquired $ 11,170 $ 15,201 $ 20,567 The estimated fair values and useful lives of assets acquired during fiscal 2020 are based on a preliminary valuation and are subject to final valuation adjustments. Ferrellgas, L.P. intends to continue its analysis of the net assets of these transactions to determine the final allocation of the total purchase price to the various assets and liabilities acquired. The estimated fair values and useful lives of assets acquired during fiscal 2019 and 2018 are based on internal valuations and included only minor adjustments during the 12 month period after the date of acquisition. Due to the immateriality of these adjustments, Ferrellgas, L.P. did not retrospectively adjust the consolidated statements of operations for those measurement period adjustments. Dispositions Propane operations and related equipment sales During July 2018, Ferrellgas, L.P. completed the sale of a group of assets encompassing an immaterial reporting unit within our Propane operations segment for approximately $26.6 million in cash. For the year ended July 31, 2018, “Loss on asset sales and disposals” includes a loss of $15.2 million related to this sale. The assets sold consist primarily of working capital and equipment. Midstream operations During July 2018, Ferrellgas, L.P. completed the sale of a subsidiary and a group of assets within the Midstream operations segment for approximately $57.0 million in cash. The subsidiary sold was Bridger Environmental LLC, which encompasses all saltwater disposal activities previously operated by Ferrellgas Partners. The group of assets sold includes all assets, excluding working capital, associated with the crude oil trucking operations previously operated by Ferrellgas Partners. Additionally, the sale included two crude oil injection terminals. In separate transactions, the remaining assets of the Bridger Terminal business were sold to various parties. The largest of these assets, the Swan Ranch Terminal, was sold for $8.0 million in cash. For the year ended July 31, 2018, “Loss on asset sales and disposals” includes a loss of $120.2 million related to these sales. Additionally, during fiscal 2018, Ferrellgas, L.P. sold all 1,292 rail cars utilized in the Midstream operations segment for approximately $51.3 million in cash. For the year ended July 31, 2018, “Loss on asset sales and disposals” includes a loss of $36.8 million related to the sale of these rail cars. Proceeds from the transaction were used to reduce outstanding debt on Ferrellgas, L.P.’s previous senior secured credit facility. During fiscal 2018, Ferrellgas, L.P. completed the sale of Bridger Energy, LLC, included in the Midstream operations segment, in exchange for an $8.5 million secured promissory note due in May 2020 which was fully paid on February 20, 2019. For the year ended July 31, 2018, “Loss on asset sales and disposals” includes a loss of $4.0 million related to this sale. The combined results from operations of these various Midstream dispositions in our Consolidated Statements of Operations includes losses before income taxes for the year ended July 31, 2018 of $55.4 million. The combined losses before income taxes attributable to Ferrellgas for the year ended July 31, 201 8 was $54.8 million. “Loss on asset sales and disposals” consists of: For the year ended July 31, 2020 2019 2018 Loss on sale of: Propane-related accessories reporting unit $ — $ — $ 15,194 Midstream trucking, water disposal & terminal assets — 2,679 120,240 Midstream railcars — — 36,762 Bridger Energy — — 4,002 Other 7,924 8,289 11,201 Loss on asset sales and disposals $ 7,924 $ 10,968 $ 187,399 |
Quarterly Distributions Of Avai
Quarterly Distributions Of Available Cash | 12 Months Ended |
Jul. 31, 2020 | |
Earnings Distribution Allocation [Line Items] | |
Quarterly Distributions Of Available Cash | E. Quarterly distribution of available cash To the extent it is not precluded from doing so by a debt covenant or other restriction, Ferrellgas Partners makes quarterly cash distributions of all of its “available cash.” Available cash is defined in the partnership agreement of Ferrellgas Partners as, generally, the sum of its consolidated cash receipts less consolidated cash disbursements and net changes in reserves established by the general partner for future requirements. Reserves are retained in order to provide for the proper conduct of Ferrellgas Partners’ business, or to provide funds for distributions with respect to any one or more of the next four fiscal quarters. Distributions are made within 45 days after the end of each fiscal quarter ending October, January, April and July to holders of record on the applicable record date. Currently, Ferrellgas Partners is not permitted, pursuant to the restricted payments covenant under its indenture, to make restricted payments, including distributions to common unitholders. See Note I – Debt for further discussion. Any distributions by Ferrellgas Partners in an amount equal to 100% of its available cash, as defined in its partnership agreement, will be made to the common unitholders and the general partner. Additionally, the payment of incentive distributions to the holders of incentive distribution rights will be made to the extent that certain target levels of cash distributions are achieved. |
Ferrellgas, L.P. [Member] | |
Earnings Distribution Allocation [Line Items] | |
Quarterly Distributions Of Available Cash | E. Quarterly distribution of available cash To the extent it is not precluded from doing so by a debt covenant or other restriction, Ferrellgas, L.P. makes quarterly cash distributions of all of its “available cash.” Available cash is defined in the partnership agreement of Ferrellgas, L.P. as, generally, the sum of its consolidated cash receipts less consolidated cash disbursements and net changes in reserves established by the general partner for future requirements. Reserves are retained in order to provide for the proper conduct of Ferrellgas, L.P.’s business, or to provide funds for distributions with respect to any one or more of the next four fiscal quarters. Distributions are made within 45 days after the end of each fiscal quarter ending October, January, April and July. Any distributions by Ferrellgas, L.P. in an amount equal to 100% of its available cash, as defined in its partnership agreement, will be made approximately 99% to Ferrellgas Partners and approximately 1% to the general partner. See Note I – Debt for additional disclosures related to Ferrellgas, L.P.’s inability to make quarterly cash distributions. |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 12 Months Ended |
Jul. 31, 2020 | |
Supplemental Financial Statement Information [Line Items] | |
Supplemental Financial Statement Information | F. Supplemental financial statement information Inventories consist of the following: July 31, 2020 July 31, 2019 Propane gas and related products $ 58,733 $ 66,001 Appliances, parts and supplies, and other 13,931 14,453 Inventories $ 72,664 $ 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 July 31, 2020, Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 1.0 million gallons of propane at fixed prices. Property, plant and equipment, net consist of the following: Estimated useful lives July 31, 2020 July 31, 2019 Land Indefinite $ 39,585 $ 35,165 Land improvements 2-20 14,998 14,149 Buildings and improvements 20 88,349 86,444 Vehicles, including transport trailers 8-20 105,184 111,283 Bulk equipment and district facilities 5-30 111,019 109,751 Tanks, cylinders and customer equipment 2-30 784,466 779,827 Computer and office equipment 2-5 112,582 111,838 Construction in progress n/a 6,889 7,061 1,263,072 1,255,518 Less: accumulated depreciation 672,030 658,795 Property, plant and equipment, net $ 591,042 $ 596,723 Depreciation expense totaled $64.5 million, $60.7 million and $67.1 million for fiscal 2020, 2019 and 2018, respectively. Prepaid expenses and other current assets consist of the following: July 31, 2020 July 31, 2019 Broker margin deposit assets $ 14,398 $ 25,028 Other 21,546 17,247 Prepaid expenses and other current assets $ 35,944 $ 42,275 Other assets, net consist of the following: July 31, 2020 July 31, 2019 Notes receivable, less current portion and allowance $ 5,330 $ 16,216 Finance lease right-of-use assets 41,426 — Other 27,992 52,889 Other assets, net $ 74,748 $ 69,105 Other current liabilities consist of the following: July 31, 2020 July 31, 2019 Accrued interest $ 53,841 $ 20,484 Customer deposits and advances 32,257 24,686 Accrued payroll 18,375 17,356 Accrued insurance 14,796 18,524 Price risk management liabilities 5,029 14,198 Other 43,168 42,989 Other current liabilities $ 167,466 $ 138,237 Shipping and handling expenses are classified in the following consolidated statements of operations line items: For the year ended July 31, 2020 2019 2018 Operating expense - personnel, vehicle, plant and other $ 219,598 $ 215,780 $ 195,646 Depreciation and amortization expense 9,857 6,375 4,947 Operating expense - equipment lease expense 32,518 30,759 25,765 $ 261,973 $ 252,914 $ 226,358 Cash and cash equivalents consist of the following: July 31, 2020 July 31, 2019 Cash and cash equivalents $ 238,002 $ 11,054 Restricted cash (1) 95,759 — Cash, cash equivalents and restricted cash $ 333,761 $ 11,054 (1) The $95.8 million of restricted cash includes $78.2 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 $6.1 million of additional pledged collateral. For additional discussion see Note I – Debt. For purposes of the consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2020 2019 2018 Cash paid (refunded) for: Interest $ 147,402 $ 166,897 $ 159,271 Income taxes $ 289 $ 141 $ (291) Non-cash investing and financing activities: Liability incurred in connection with Term Loan amendment $ 8,863 $ — — Liabilities incurred in connection with acquisitions $ 975 $ 1,650 $ 1,993 Change in accruals for property, plant and equipment additions $ 216 $ 1,132 $ 264 Lease liabilities arising from operating right-of-use assets $ 14,938 $ — $ — Lease liabilities arising from finance right-of-use assets $ 45,455 $ — $ — |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information [Line Items] | |
Supplemental Financial Statement Information | F. Supplemental financial statement information Inventories consist of the following: July 31, 2020 July 31, 2019 Propane gas and related products $ 58,733 $ 66,001 Appliances, parts and supplies, and other 13,931 14,453 Inventories $ 72,664 $ 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 July 31, 2020, Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 1.0 million gallons of propane at fixed prices. Property, plant and equipment, net consist of the following: Estimated useful lives July 31, 2020 July 31, 2019 Land Indefinite $ 39,585 $ 35,165 Land improvements 2-20 14,998 14,149 Buildings and improvements 20 88,349 86,444 Vehicles, including transport trailers 8-20 105,184 111,283 Bulk equipment and district facilities 5-30 111,019 109,751 Tanks, cylinders and customer equipment 2-30 784,466 779,827 Computer and office equipment 2-5 112,582 111,838 Construction in progress n/a 6,889 7,061 1,263,072 1,255,518 Less: accumulated depreciation 672,030 658,795 Property, plant and equipment, net $ 591,042 $ 596,723 Depreciation expense totaled $64.5 million, $60.7 million and $67.1 million for fiscal 2020, 2019 and 2018, respectively. Prepaid expenses and other current assets consist of the following: July 31, 2020 July 31, 2019 Broker margin deposit assets $ 14,398 $ 25,028 Other 21,499 17,129 Prepaid expenses and other current assets $ 35,897 $ 42,157 Other assets, net consist of the following: July 31, 2020 July 31, 2019 Notes receivable, less current portion and allowance $ 5,330 $ 16,216 Finance lease right-of-use assets 41,426 — Other 27,992 52,889 Other assets, net $ 74,748 $ 69,105 Other current liabilities consist of the following: July 31, 2020 July 31, 2019 Accrued interest $ 34,511 $ 16,550 Customer deposits and advances 32,257 24,686 Accrued payroll 18,375 17,356 Accrued insurance 14,796 18,524 Price risk management liabilities 5,029 14,198 Other 43,168 42,989 Other current liabilities $ 148,136 $ 134,303 Shipping and handling expenses are classified in the following consolidated statements of operations line items: For the year ended July 31, 2020 2019 2018 Operating expense - personnel, vehicle, plant and other $ 219,598 $ 215,780 $ 195,646 Depreciation and amortization expense 9,857 6,375 4,947 Operating expense - equipment lease expense 32,518 30,759 25,765 $ 261,973 $ 252,914 $ 226,358 Cash and cash equivalents consist of the following: July 31, 2020 July 31, 2019 Cash and cash equivalents $ 237,996 $ 11,046 Restricted cash (1) 95,759 — Cash, cash equivalents and restricted cash $ 333,755 $ 11,046 (1) The $95.8 million of restricted cash includes $78.2 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 $6.1 million of additional pledged collateral. For additional discussion see Note I – Debt. For purposes of the consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below: For the year ended July 31, 2020 2019 2018 Cash paid (refunded) for: Interest $ 132,006 $ 136,106 $ 128,479 Income taxes $ 241 $ 111 $ (311) Non-cash investing and financing activities: Liability incurred in connection with Term Loan amendment $ 8,863 $ — $ — Liabilities incurred in connection with acquisitions $ 975 $ 1,650 $ 1,993 Change in accruals for property, plant and equipment additions $ 216 $ 1,132 $ 264 Lease liabilities arising from operating right-of-use assets $ 14,938 $ — $ — Lease liabilities arising from finance right-of-use assets $ 45,455 $ — $ — |
Accounts And Notes Receivable,
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | 12 Months Ended |
Jul. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts and notes receivable, net and accounts receivable securitization | G. Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: July 31, 2020 July 31, 2019 Accounts receivable pledged as collateral $ 103,703 $ 106,145 Accounts receivable not pledged as collateral (including other reserves) (825) 1,218 Note receivable 12,648 2,660 Other 36 36 Less: Allowance for doubtful accounts (14,124) (2,463) Accounts and notes receivable, net $ 101,438 $ 107,596 At July 31, 2020, $103.7 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 July 31, 2020, Ferrellgas had received no cash proceeds from trade accounts receivables securitized, with $11.0 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. As discussed previously, on June 25, 2018, Ferrellgas and Mr. Ballengee entered into an Omnibus Agreement (the “Omnibus Agreement”) that, among other things, included an executed unsecured promissory note in favor of the operating partnership with an original principal amount of $18.3 million (the “Revised Jamex Promissory Note”). On July 1, 2020, Mr. Ballengee defaulted on the Revised Jamex Promissory Note by failing to make the first payment in the amount of $2.5 million. As a result, as of July 31, 2020, Ferrellgas recorded a bad debt reserve against $17.3 million of the Revised Jamex Promissory Note and is pursuing collections from Mr. Ballengee. As of July 31, 2020, $12.5 million was classified as current notes receivable, all of which is reserved. 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 July 31, 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 | G. Accounts and notes receivable, net and accounts receivable securitization Accounts and notes receivable, net consist of the following: July 31, 2020 July 31, 2019 Accounts receivable pledged as collateral $ 103,703 $ 106,145 Accounts receivable not pledged as collateral (including other reserves) (825) 1,218 Note receivable 12,648 2,660 Other 36 36 Less: Allowance for doubtful accounts (14,124) (2,463) Accounts and notes receivable, net $ 101,438 $ 107,596 At July 31, 2020, $103.7 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 July 31, 2020, Ferrellgas, L.P. had received no cash proceeds from trade accounts receivables securitized, with $11.0 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. As discussed previously, on June 25, 2018, Ferrellgas, L.P. and Mr. Ballengee entered into an Omnibus Agreement (the “Omnibus Agreement”) that, among other things, included an executed unsecured promissory note in favor of the operating partnership with an original principal amount of $18.3 million (the “Revised Jamex Promissory Note”). On July 1, 2020, Mr. Ballengee defaulted on the Revised Jamex Promissory Note by failing to make the first payment in the amount of $2.5 million. As a result, as of July 31, 2020, Ferrellgas, L.P. recorded a bad debt reserve against $17.3 million of the Revised Jamex Promissory Note and is pursuing collections from Mr. Ballengee. As of July 31, 2020, $12.5 million was classified as current notes receivable, all of which is reserved. 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 July 31, 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. |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 12 Months Ended |
Jul. 31, 2020 | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Goodwill And Intangible Assets, Net | H. Goodwill and intangible assets, net Goodwill and intangible assets, net consist of the following: July 31, 2020 July 31, 2019 Gross Carrying Accumulated Gross Carrying Accumulated Amount Amortization Net Amount Amortization Net Goodwill, net $ 247,195 $ — $ 247,195 $ 247,195 $ — $ 247,195 Intangible assets, net Amortized intangible assets Customer related $ 446,486 $ (397,843) $ 48,643 $ 442,652 $ (390,052) $ 52,600 Non-compete agreements 26,319 (21,934) 4,385 25,582 (20,645) 4,937 Other 3,513 (3,513) — 3,513 (3,513) — 476,318 (423,290) 53,028 471,747 (414,210) 57,537 Unamortized intangible assets Trade names & trademarks 51,021 — 51,021 51,020 — 51,020 Total intangible assets, net $ 527,339 $ (423,290) $ 104,049 $ 522,767 $ (414,210) $ 108,557 Changes in the carrying amount of goodwill are as follows: Propane operations and related equipment sales Balance July 31, 2018 $ 246,098 Acquisitions 1,410 Other (313) Balance July 31, 2019 247,195 Acquisitions — Other — Balance July 31, 2020 $ 247,195 Customer related intangible assets have estimated lives of 15 years and non-compete agreements and other intangible assets have estimated lives ranging from five to 10 years. Ferrellgas intends to utilize all acquired trademarks and trade names and does not believe there are any legal, regulatory, contractual, competitive, economical or other factors that would limit their useful lives. Therefore, trademarks and trade names have indefinite useful lives. Customer related intangibles carry a weighted average life of 15 years, and non-compete agreements and other intangibles carry a weighted average life of ten years. Aggregate amortization expense related to intangible assets, net: For the year ended July 31, 2020 $ 9,079 2019 14,581 2018 31,345 Estimated amortization expense: For the year ended July 31, 2021 $ 8,711 2022 7,322 2023 6,995 2024 6,720 2025 4,719 |
Ferrellgas, L.P. [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Goodwill And Intangible Assets, Net | H. Goodwill and intangible assets, net Goodwill and intangible assets, net consist of the following: July 31, 2020 July 31, 2019 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Goodwill, net $ 247,195 $ — $ 247,195 $ 247,195 $ — $ 247,195 Intangible assets, net Amortized intangible assets Customer related $ 446,486 $ (397,843) $ 48,643 $ 442,652 $ (390,052) $ 52,600 Non-compete agreements 26,319 (21,934) 4,385 25,582 (20,645) 4,937 Other 3,513 (3,513) — 3,513 (3,513) — 476,318 (423,290) 53,028 471,747 (414,210) 57,537 Unamortized intangible assets Trade names & trademarks 51,021 — 51,021 51,020 — 51,020 Total intangible assets, net $ 527,339 $ (423,290) $ 104,049 $ 522,767 $ (414,210) $ 108,557 Changes in the carrying amount of goodwill are as follows: Propane operations and related equipment sales Balance July 31, 2018 $ 246,098 Acquisitions 1,410 Other (313) Balance July 31, 2019 247,195 Acquisitions — Other — Balance July 31, 2020 $ 247,195 Customer related intangible assets have estimated lives of 15 years and non-compete agreements and other intangible assets have estimated lives ranging from five to 10 years. Ferrellgas, L.P. intends to utilize all acquired trademarks and trade names and does not believe there are any legal, regulatory, contractual, competitive, economical or other factors that would limit their useful lives. Therefore, trademarks and trade names have indefinite useful lives. Customer related intangibles carry a weighted average life of 15 years and non-compete agreements and other intangibles carry a weighted average life of ten years. Aggregate amortization expense related to intangible assets, net: For the year ended July 31, 2020 $ 9,079 2019 14,581 2018 31,345 Estimated amortization expense: For the year ended July 31, 2021 $ 8,711 2022 7,322 2023 6,995 2024 6,720 2025 4,719 |
Debt
Debt | 12 Months Ended |
Jul. 31, 2020 | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | I. 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 July 31, 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: July 31, 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 $937 and $1,633 at July 31, 2020 and 2019, respectively (3) 475,937 476,633 Fixed rate, 8.625%, due 2020, net of unamortized discount of $0 and $1,319 at July 31, 2020 and 2019, respectively (4) 357,000 355,681 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,573 at July 31, 2020 (5) 703,573 — Senior secured term loan Variable interest rate, Term Loan (6) — 275,000 Notes payable 9.4% and 10.7% weighted average interest rate at July 31, 2020 and 2019, respectively, due 2020 to 2029, net of unamortized discount of $537 and $711 at July 31, 2020 and 2019, respectively 4,564 5,962 Total debt, excluding unamortized debt issuance and other costs 2,541,074 2,113,276 Unamortized debt issuance and other costs (35,583) (24,516) Less: current portion of long-term debt 859,095 631,756 Long-term debt $ 1,646,396 $ 1,457,004 (1) During November 2010, the operating partnership issued $500.0 million 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 aggregate principal amount of 6.75% senior notes due 2023. 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 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 June 15, 2023. The operating partnership would incur prepayment penalties if it were to repay the notes prior to June 2021. (3) During fiscal 2014, the operating partnership issued $475.0 million 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 January 15, 2022. (4) During January 2017, Ferrellgas Partners issued $175.0 million 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 unsecured 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 was due on June 15, 2020 but has not been repaid. (5) During April 2020, the operating partnership issued $700.0 million 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 consolidated statement of operations. The scheduled annual principal payments on long-term debt are as follows: Scheduled Payment due by fiscal year principal payments 2021 (a) $ 859,120 2022 476,435 2023 500,999 2024 329 2025 700,199 Thereafter 19 Total $ 2,537,101 (a) Includes the Ferrellgas Partners Notes, which matured on June 15, 2020 but have not yet been repaid. Senior secured notes due 2025 and senior secured credit facility On April 16, 2020, the operating partnership issued $700.0 million aggregate principal amount of 10.00% senior secured first lien notes due 2025. 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 July 31, 2020, the operating partnership had previously terminated its Senior Secured Credit Facility in connection with the issuance of the senior secured first lien notes due 2025. The operating partnership has not entered into a new credit facility as of July 31, 2020. 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 July 31, 2020 and 2019 totaled $126.0 million and $101.9 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At July 31, 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 $78.2 million of restricted cash pledged as cash collateral for letters of credit outstanding. During the quarter ended July 31, 2020, Ferrellgas also issued letters of credit of $50.0 million by utilizing our liquidity available on the accounts receivable securitization facility. At July 31, 2019, Ferrellgas had remaining available letter of credit capacity under the Senior Secured Credit Facility of $23.1 million. Ferrellgas incurred commitment fees of $0.5 million, $1.0 million and $0.7 million in fiscal 2020, 2019 and 2018, respectively. Forbearance Agreement with respect to Ferrellgas Partners’ 8.625% Unsecured Senior Notes due June 15, 2020 On June 7, 2020, Ferrellgas Partners and additional Ferrellgas entities entered into a Forbearance Agreement (the “Forbearance Agreement”) with the beneficial owners (or nominees, investment managers, advisors or subadvisors for the beneficial owners, collectively referred to as the “Forbearing Noteholders”) of approximately 77% of the aggregate principal amount of Ferrellgas Partners’ 8.625% unsecured senior notes due June 15, 2020, pursuant to which the Forbearing Noteholders agreed to forbear from exercising any default-related rights and remedies with respect to the Ferrellgas Partners Notes and to direct the trustee thereunder not to take any remedial action. The forbearance period under the Forbearance Agreement expired on August 15, 2020. Following the expiration of the forbearance period, discussions with representatives of the Forbearing Noteholders have continued. Financial covenants The indenture governing the outstanding notes of Ferrellgas Partners and the agreements governing the operating partnership’s indebtedness contain various covenants that limit Ferrellgas Partners’ ability and the ability of specified subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants are the restricted payments covenants in the indenture governing the outstanding notes of Ferrellgas Partners and the indentures governing the outstanding notes of the operating partnership, which are 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. Ferrellgas Partners continues to comply with the restrictive covenants with respect to the $357.0 million aggregate principal amount of its unsecured senior notes due June 15, 2020 as it continues to negotiate with the Forbearing Noteholders. 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 July 31, 2020, Ferrellgas Partners’ consolidated fixed charge coverage ratio was 1.40x. 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 July 31, 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. While there can be no assurance of success, as part of our debt and interest expense reduction strategy, we are presently considering potential solutions to address the upcoming maturity of the outstanding notes of Ferrellgas Partners due 2020. The potential solutions include, among others, restructuring, refinancing or a transaction to exchange new notes for some or all of these notes. 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 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 July 31, 2020, the operating partnership’s consolidated fixed charge coverage ratio was 1.70x . Under the covenants in the indentures governing the operating partnership’s unsecured notes, if 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 unsecured 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 this 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 July 31, 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 above, Ferrellgas Partners’ unsecured notes due 2020 matured on June 15, 2020, and the outstanding principal amount of those notes was 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 that was 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 reduce its debt and interest expense. Opportunities 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, to assist in its ongoing process to reduce existing debt and address its debt maturities. |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | I. 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 July 31, 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: July 31, 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 $937 and $1,633 at July 31, 2020 and 2019, respectively (3) 475,937 476,633 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,573 at July 31, 2020 (4) 703,573 — Senior secured term loan Variable interest rate, Term Loan (5) — 275,000 Notes payable 9.4% and 10.7% weighted average interest rate at July 31, 2020 and July 31, 2019, respectively, due 2020 to 2029, net of unamortized discount of $537 and $711 at July 31, 2020 and July 31, 2019, respectively 4,564 5,962 Total debt, excluding unamortized debt issuance and other costs 2,184,074 1,757,595 Unamortized debt issuance and other costs (35,583) (23,562) Less: current portion of long-term debt 502,095 277,029 Long-term debt $ 1,646,396 $ 1,457,004 (1) During November 2010, Ferrellgas, L.P. issued $500.0 million 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 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 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 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 consolidated statement of operations. The scheduled annual principal payments on long-term debt are as follows: Payment due by fiscal year Scheduled 2021 $ 502,120 2022 476,435 2023 500,999 2024 329 2025 700,199 Thereafter 19 Total $ 2,180,101 Senior secured credit facilities due 2025 and senior secured credit facility On April 16, 2020, Ferrellgas, L.P. issued $700.0 million 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 July 31, 2020, Ferrellgas, L.P. had previously terminated its Senior Secured Credit Facility in connection with the issuance of the senior secured first lien notes due 2025. Ferrellgas, L.P. has not entered into a new credit facility as of July 31, 2020. As of July 31, 2019, Ferrellgas, L.P. had 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 July 31, 2020 and July 31, 2019 totaled $126.0 million and $101.9 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At July 31, 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 $78.2 million of restricted cash pledged as cash collateral for letters of credit outstanding. During the quarter ended July 31, 2020, Ferrellgas, L.P. also issued letters of credit of $50.0 million by utilizing our liquidity available on the accounts receivable securitization facility. At July 31, 2019, Ferrellgas, L.P. had remaining available letter of credit capacity under the Senior Secured Credit Facility of $23.1 million. Ferrellgas incurred commitment fees of $0.5 million, $1.0 million, and $0.7 million in fiscal 2020, 2019, and 2018, respectively. Forbearance Agreement with respect to Ferrellgas Partners’ 8.625% Unsecured Senior Notes due June 15, 2020 On June 7, 2020, Ferrellgas Partners and additional Ferrellgas entities entered into a Forbearance Agreement (the “Forbearance Agreement”) with the beneficial owners (or nominees, investment managers, advisors or subadvisors for the beneficial owners, collectively referred to as the “Forbearing Noteholders”) of approximately 77% of the aggregate principal amount of Ferrellgas Partners’ 8.625% unsecured senior notes due June 15, 2020, pursuant to which the Forbearing Noteholders agreed to forbear from exercising any default-related rights and remedies with respect to the Ferrellgas Partners Notes and to direct the trustee thereunder not to take any remedial action. The forbearance period under the Forbearance Agreement expired on August 15, 2020. Following the expiration of the forbearance period, discussions with representatives of the Forbearing Noteholders have continued. 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 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, subject to the limited exception 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 July 31, 2020, the operating partnership’s consolidated fixed charge coverage ratio was 1.70 x. 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 unsecured 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 this 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 July 31, 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 matured on June 15, 2020, and the outstanding principal amount of those notes was 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. Ferrellgas Partners continues to comply with restrictive covenants with respect to the $357.0 million aggregate principal amount of its unsecured senior notes due June 15, 2020 as Ferrellgas Partners continues to negotiate with the Forbearing Noteholders. Debt and interest expense reduction strategy Ferrellgas, L.P. continues to pursue a strategy to reduce its debt and interest expense. Opportunities include the generation of additional cash flows organically or through accretive acquisitions, restructuring or refinancing 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 our debt and interest expense reduction strategy until the consolidated leverage ratio reaches a level that we deem appropriate for our business. During fiscal 2019, Moelis & Company LLC as its financial advisor and the law firm of Squire Patton Boggs LLP to assist in its ongoing process to reduce existing debt and address its debt maturities. |
Partners' deficit
Partners' deficit | 12 Months Ended |
Jul. 31, 2020 | |
Limited Partners' Capital Account [Line Items] | |
Partners' deficit | J. Partners’ deficit As of July 31, 2020 and 2019, limited partner units were beneficially owned by the following: July 31, 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 July 31, 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 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’ total beneficial ownership to 23.4%. (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 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. Together these limited partner units represent Ferrellgas Partners’ limited partners’ interest and an effective 98% economic interest in Ferrellgas Partners, exclusive of the general partner’s incentive distribution rights. The general partner has an effective 2% interest in Ferrellgas Partners, excluding incentive distribution rights. Since ongoing distributions have not yet reached the levels required to commence payment of incentive distribution rights to the general partner, distributions to the partners from operations or interim capital transactions will generally be made in accordance with the above percentages. In liquidation, allocations and distributions will be made in accordance with each common unitholder’s positive capital account. The common units of Ferrellgas Partners represent limited partner interests in Ferrellgas Partners, which give the holders thereof the right to participate in distributions made by Ferrellgas Partners and to exercise the other rights or privileges available to such holders under the Fourth Amended and Restated Agreement of Limited Partnership of Ferrellgas Partners, L.P. dated February 18, 2003, as amended (the “Partnership Agreement”). Under the terms of the Partnership Agreement, holders of common units have limited voting rights on matters affecting the business of Ferrellgas Partners. Generally, persons owning 20% or more of Ferrellgas Partners’ outstanding common units cannot vote; however, this limitation does not apply to those common units owned by the general partner or its “affiliates,” as such term is defined in the Partnership Agreement. The Partnership Agreement allows the general partner to issue an unlimited number of additional Ferrellgas general and limited partner interests of Ferrellgas Partners for such consideration and on such terms and conditions as shall be established by the general partner without the approval of any unitholders. Partnership distributions Ferrellgas Partners has recognized the following distributions: For the year ended July 31, 2020 2019 2018 Public common unitholders $ — $ 6,962 $ 27,846 Ferrell Companies — 2,253 9,012 FCI Trading Corp. — 20 80 Ferrell Propane, Inc. — 5 20 James E. Ferrell — 476 1,904 General partner — 98 392 $ — $ 9,814 $ 39,254 Ferrellgas Partners paid cash distributions as detailed in the table above. Ferrellgas Partners did not declare a cash distribution related to the three months ended October 31, 2019, the three months ended January 31, 2020, the three months ended April 30, 2020, or the three months ended July 31, 2020. As discussed in Note I – Debt, Ferrellgas Partners was not permitted, pursuant to the consolidated fixed charge coverage ratio under its indenture, to make restricted payments, including distributions to unitholders. Accumulated other comprehensive income (loss)(“AOCI”) See Note M – Derivative instruments and hedging activities – for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the years ended July 31, 2020 and 2019. General partner’s commitment to maintain its capital account Ferrellgas’ partnership agreements allow the general partner to have an option to maintain its effective 2% general partner interest concurrent with the issuance of other additional equity. During fiscal 2020, the general partner made non-cash contributions of $57 thousand to Ferrellgas to maintain its effective 2% general partner interest. During fiscal 2019, the general partner 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 | J. Partners’ deficit Partnership distributions: Ferrellgas, L.P. has recognized the following distributions: For the year ended July 31, 2020 2019 2018 Ferrellgas Partners $ 15,496 $ 40,706 $ 70,246 General partner 158 415 716 See additional discussions about transactions with related parties in Note N – Transactions with related parties. Accumulated other comprehensive income (loss)(“AOCI”) See Note M – Derivative instruments and hedging activities – for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the years ended July 31, 2020 and 2019. General partner’s commitment to maintain its capital account Ferrellgas, L.P.’s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest concurrent with the issuance of other additional equity. During fiscal 2020, the general partner made non-cash contributions of $29 thousand to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During fiscal 2019, the general partner 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 | 12 Months Ended |
Jul. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Revenue from Contract with Customer [Text Block] | K. 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 year ended July 31, 2020 2019 2018 Retail - Sales to End Users $ 964,087 $ 1,128,991 $ 1,082,046 Wholesale - Sales to Resellers 430,435 419,349 448,943 Other Gas Sales 21,269 60,518 111,987 Other 82,035 75,534 147,847 Propane and related equipment revenues $ 1,497,826 $ 1,684,392 $ 1,790,823 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 the opening and closing balances of our receivables, contract assets, and contract liabilities: July 31, 2020 July 31, 2019 Accounts receivable $ 108,483 $ 96,450 Contract assets $ 7,079 $ 13,609 Contract liabilities Deferred revenue (1) $ 42,911 $ 31,974 (1) Of the beginning balance of deferred revenue, $29.8 million was recognized as revenue during the year ended July 31, 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] | K. 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 year ended July 31, 2020 2019 2018 Retail - Sales to End Users $ 964,087 $ 1,128,991 $ 1,082,046 Wholesale - Sales to Resellers 430,435 419,349 448,943 Other Gas Sales 21,269 60,518 111,987 Other 82,035 75,534 147,847 Propane and related equipment revenues $ 1,497,826 $ 1,684,392 $ 1,790,823 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 the opening and closing balances of our receivables, contract assets, and contract liabilities: July 31, 2020 July 31, 2019 Accounts receivable $ 108,483 $ 96,450 Contract assets $ 7,079 $ 13,609 Contract liabilities Deferred revenue (1) $ 42,911 $ 31,974 (1) Of the beginning balance of deferred revenue, $29.8 million was recognized as revenue during the year ended July 31, 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 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 | 12 Months Ended |
Jul. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurements | L. 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 July 31, 2020 and 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 July 31, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 3,112 $ — $ 3,112 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (5,425) $ — $ (5,425) 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. At July 31, 2020 and July 31, 2019, the estimated fair value of Ferrellgas’ long-term debt instruments was $2,177.1 million and $1,824.6 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of Ferrellgas’ 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 | L. 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 July 31, 2020 and 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 July 31, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 3,112 $ — $ 3,112 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (5,425) $ — $ (5,425) 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. At July 31, 2020 and July 31, 2019, the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $2,054.4 million and $1,562.2 million, respectively. Ferrellgas, L.P. estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas, L.P. has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Jul. 31, 2020 | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | M. 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 year ended July 31, 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 within Ferrellgas’ consolidated balance sheets as of July 31, 2020 and 2019: Final July 31, 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 $ 2,846 Other current liabilities $ 5,029 Commodity derivatives-propane Other assets, net 266 Other liabilities 396 Total $ 3,112 Total $ 5,425 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 July 31, 2020 and July 31, 2019, respectively: July 31, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 14,398 Other current liabilities $ 510 Other assets, net 1,433 Other liabilities — $ 15,831 $ 510 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 During fiscal 2018, Ferrellgas terminated the interest rate swaps that were designated as a fair value hedging instrument and cash flow hedging instrument. Upon termination, Ferrellgas paid the counterparty $4.2 million. Since the interest rate swap designated as a fair value hedging instrument that was terminated involves a hedge of an interest-bearing liability, the senior notes due May 1, 2021, Ferrellgas capitalized the fair value of the hedge at termination of $4.2 million and will amortize the balance on a straight-line basis to interest expense over the remaining useful life of the hedged item, the 2021 Notes. The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2020, 2019 and 2018 due to derivatives designated as fair value hedging instruments: Amount of Interest Expense Amount of Gain Recognized on Recognized on Fixed-Rated Debt Location of Gain Derivative (Related Hedged Item) Recognized on For the year ended July 31, For the year ended July 31, Derivative Instrument Derivative 2020 2019 2018 2020 2019 2018 Interest rate swap agreements Interest expense $ — $ — $ 266 $ — $ — $ (6,825) The following tables provide a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2020, 2019 and 2018 due to derivatives designated as cash flow hedging instruments: For the year ended July 31, 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 $ (22,872) Cost of product sold- propane and other gas liquids sales $ (35,315) $ — $ (22,872) $ (35,315) $ — For the year ended July 31, 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 $ (48,184) Cost of product sold- propane and other gas liquids sales $ (12,868) $ — $ (48,184) $ (12,868) $ — For the year ended July 31, 2018 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 $ 30,231 Cost of sales-propane and other gas liquids sales $ 24,714 $ — Interest rate swap agreements — (395) — $ 30,231 $ 24,319 $ — The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2020, 2019 and 2018 due to the change in fair value of derivatives not designated as hedging instruments. There was no effect for the years ended July 31, 2020 and 2019. For the year ended July 31, 2018 Amount of Gain (Loss) Location of Gain (Loss) Derivatives Not Designated as Hedging Instruments Recognized in Income Reclassified in Income Commodity derivatives - crude oil $ (3,470) Cost of sales - midstream operations The changes in derivatives included in AOCI for the years ended July 31, 2020, 2019 and 2018 were as follows: For the year ended July 31, Gains and losses on derivatives included in AOCI 2020 2019 2018 Beginning balance $ (14,756) $ 20,560 $ 14,648 Change in value of risk management commodity derivatives (22,872) (48,184) 30,231 Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 35,315 12,868 (24,714) Reclassification of losses on interest rate hedges to interest expense — — 395 Ending balance $ (2,313) $ (14,756) $ 20,560 Ferrellgas expects to reclassify net losses of approximately $2.2 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sale exception. During the years ended July 31, 2020, 2019 and 2018, Ferrellgas had no reclassifications to operations resulting from 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 July 31, 2020, Ferrellgas had financial derivative contracts covering 4.0 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative financial instruments credit risk Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduce its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parental guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at July 31, 2020, the maximum amount of loss due to credit risk that Ferrellgas would incur, based upon the gross fair values of the derivative financial instruments, is zero. 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 July 31, 2020. |
Ferrellgas, L.P. [Member] | |
Derivative [Line Items] | |
Derivative Instruments and Hedging Activities | M. 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 year ended July 31, 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 within Ferrellgas, L.P.’s consolidated balance sheets as of July 31, 2020 and 2019: Final July 31, 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 $ 2,846 Other current liabilities $ 5,029 Commodity derivatives-propane Other assets, net 266 Other liabilities 396 Total $ 3,112 Total $ 5,425 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 July 31, 2020 and July 31, 2019, respectively: July 31, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 14,398 Other current liabilities $ 510 Other assets, net 1,433 Other liabilities — $ 15,831 $ 510 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 During fiscal 2018, Ferrellgas, L.P. terminated the interest rate swaps that were designated as a fair value hedging instrument and cash flow hedging instrument. Upon termination, Ferrellgas, L.P. paid the counterparty $4.2 million. Since the interest rate swap designated as a fair value hedging instrument that was terminated involves a hedge of an interest-bearing liability, the senior notes due May 1, 2021, Ferrellgas, L.P. capitalized the fair value of the hedge at termination of $4.2 million and will amortize the balance on a straight-line basis to interest expense over the remaining useful life of the hedged item, the 2021 Notes. The following table provides a summary of the effect on Ferrellgas, L.P.’s consolidated statements of comprehensive income for the years ended July 31, 2020, 2019 and 2018 due to derivatives designated as fair value hedging instruments: Amount of Interest Expense Location of Gain Amount of Gain Recognized on Recognized on Fixed-Rated Debt Recognized on Derivative (Related Hedged Item) Derivative Instrument Derivative For the year ended July 31, For the year ended July 31, 2020 2019 2018 2020 2019 2018 Interest rate swap agreements Interest expense $ — $ — $ 266 $ — $ — $ (6,825) The following tables provide a summary of the effect on Ferrellgas, L.P.’s consolidated statements of comprehensive income for the years ended July 31, 2020, 2019 and 2018 due to derivatives designated as cash flow hedging instruments: For the year ended July 31, 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 $ (22,872) Cost of product sold- propane and other gas liquids sales $ (35,315) $ — $ (22,872) $ (35,315) $ — For the year ended July 31, 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 $ (48,184) Cost of product sold- propane and other gas liquids sales $ (12,868) $ — $ (48,184) $ (12,868) $ — For the year ended July 31, 2018 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 $ 30,231 Cost of sales-propane and other gas liquids sales $ 24,714 $ — Interest rate swap agreements — (395) $ 30,231 $ 24,319 $ — The following table provides a summary of the effect on Ferrellgas, L.P.’s consolidated statements of comprehensive income for the years ended July 31, 2020, 2019 and 2018 due to the change in fair value of derivatives not designated as hedging instruments. There was no effect for the years ended July 31, 2020 and 2019. For the year ended July 31, 2018 Amount of Gain (Loss) Location of Gain (Loss) Derivatives Not Designated as Hedging Instruments Recognized in Income Reclassified in Income Commodity derivatives - crude oil $ (3,470) Cost of sales - midstream operations The changes in derivatives included in AOCI for the years ended July 31, 2020, 2019 and 2018 were as follows: For the year ended July 31, Gains and losses on derivatives included in AOCI 2020 2019 2018 Beginning balance $ (14,756) $ 20,560 $ 14,648 Change in value of risk management commodity derivatives (22,872) (48,184) 30,231 Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 35,315 12,868 (24,714) Reclassification of losses on interest rate hedges to interest expense — — 395 Ending balance $ (2,313) $ (14,756) $ 20,560 Ferrellgas, L.P. expects to reclassify net losses of approximately $2.2 million to earnings during the next 12 months. These net losses are expected to be offset by increased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sale exception. During the years ended July 31, 2020, 2019 and 2018, 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 July 31, 2020, Ferrellgas, L.P. had financial derivative contracts covering 4.0 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane. Derivative Financial Instruments Credit Risk Ferrellgas, L.P. is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas, L.P.’s counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas, L.P. maintains credit policies with regard to its counterparties that it believes 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. 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 July 31, 2020, the maximum amount of loss due to credit risk that Ferrellgas, L.P. would incur, based upon the gross fair values of the derivative financial instruments, is zero. 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 July 31, 2020. |
Transactions With Related Parti
Transactions With Related Parties | 12 Months Ended |
Jul. 31, 2020 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | N. Transactions with related parties Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the consolidated statements of operations as follows: For the year ended July 31, 2020 2019 2018 Operating expense $ 260,427 $ 256,190 $ 243,407 General and administrative expense $ 29,859 $ 25,368 $ 28,282 See additional discussions about transactions with the general partner and related parties in Note J – Partners’ deficit. |
Ferrellgas, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | N. Transactions with related parties Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.’s partnership agreement, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas, L.P., and all other necessary or appropriate expenses allocable to Ferrellgas, L.P. or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas, L.P.’s business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the consolidated statements of operations as follows: For the year ended July 31, 2020 2019 2018 Operating expense $ 260,427 $ 256,190 $ 243,407 General and administrative expense $ 29,859 $ 25,368 $ 28,282 See additional discussions about transactions with the general partner and related parties in Note J – Partners’ deficit. |
Contingencies And Commitments
Contingencies And Commitments | 12 Months Ended |
Jul. 31, 2020 | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | O. 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. Long-term debt-related commitments Ferrellgas has long and short-term payment obligations under agreements such as the indentures governing its senior notes. See Note I – Debt – for a description of these debt obligations and a schedule of future maturities. |
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 million aggregate principal amount of the Partnership’s unsecured senior notes due June 15, 2020, which the Partnership failed to repay, and which obligation is only reported on the Partnership’s consolidated balance sheet . |
Ferrellgas, L.P. [Member] | |
Loss Contingencies [Line Items] | |
Contingencies And Commitments | O. 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. Long-term debt-related commitments Ferrellgas, L.P. has long and short-term payment obligations under agreements such as the indentures governing its senior notes. See Note I – Debt – for a description of these debt obligations and a schedule of future maturities. |
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, and (iii) the $500 million aggregate principal amount of the Partnership’s unsecured senior notes due 2023, which obligations are only reported on the Partnership’s consolidated balance sheet. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Jul. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Benefits | P. Employee benefits Ferrellgas has no employees and is managed and controlled by its general partner. Ferrellgas assumes all liabilities, which include specific liabilities related to the following employee benefit plans for the benefit of the officers and employees of the general partner. Ferrell Companies makes contributions to the employee stock ownership trust (the “Trust”), which causes a portion of the shares of Ferrell Companies owned by the Trust to be allocated to employees’ accounts over time. The allocation of Ferrell Companies’ shares to employee accounts causes a non-cash compensation charge to be incurred by Ferrellgas, equivalent to the fair value of such shares allocated. This non-cash compensation charge is reported separately in Ferrellgas’ consolidated statements of operations and thus is excluded from operating and general and administrative expenses. The non-cash compensation charges were $2.9 million, $5.7 million and $13.9 million during fiscal 2020, 2019 and 2018, respectively. Ferrellgas is not obligated to fund or make contributions to the Trust. The general partner and its parent, Ferrell Companies, have a defined contribution 401(k) investment plan which covers substantially all employees. The plan, which qualifies under section 401(k) of the Internal Revenue Code, also provides for matching contributions under a cash or deferred arrangement based upon participant salaries and employee contributions to the plan. Matching contributions for fiscal 2020, 2019 and 2018 were $4.8 million, $4.6 million and $3.7 million, respectively. The general partner terminated its defined benefit plan on December 15, 2018 and distributed account balances to participants in the form of lump sum payments or annuity contracts in September, 2019. The defined benefit plan trust account was closed and all remaining funds were rolled into the Ferrell Companies, Inc. Employee Stock Ownership Trust as a plan contribution in December 2019. Prior to termination, this plan provided participants who were covered under a previously terminated plan with a guaranteed retirement benefit at least equal to the benefit they would have received under the prior terminated plan. Until July 31, 1999, benefits under the terminated plan were determined by years of credited service and salary levels. As of July 31, 1999, years of credited service and salary levels were frozen. The general partner’s prior funding policy for this plan was to contribute amounts deductible for Federal income tax purposes and invest the plan assets primarily in corporate stocks and bonds, U.S. Treasury bonds and short-term cash investments. During fiscal 2020, 2019 and 2018, other comprehensive income and other liabilities were adjusted by $(0.1) million, $(0.1) million and $0.1 million, respectively. |
Ferrellgas, L.P. [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Benefits | P. Employee benefits Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Ferrellgas, L.P. assumes all liabilities, which include specific liabilities related to the following employee benefit plans for the benefit of the officers and employees of the general partner. Ferrell Companies makes contributions to the employee stock ownership trust (the “Trust”), which causes a portion of the shares of Ferrell Companies owned by the Trust to be allocated to employees’ accounts over time. The allocation of Ferrell Companies’ shares to employee accounts causes a non-cash compensation charge to be incurred by Ferrellgas, L.P., equivalent to the fair value of such shares allocated. This non-cash compensation charge is reported separately in Ferrellgas, L.P.’s consolidated statements of operations and thus is excluded from operating and general and administrative expenses. The non-cash compensation charges were $2.9 million, $5.7 million and $13.9 million during fiscal 2020, 2019 and 2018, respectively. Ferrellgas, L.P. is not obligated to fund or make contributions to the Trust. The general partner and its parent, Ferrell Companies, have a defined contribution 401(k) investment plan which covers substantially all employees. The plan, which qualifies under section 401(k) of the Internal Revenue Code, also provides for matching contributions under a cash or deferred arrangement based upon participant salaries and employee contributions to the plan. Matching contributions for fiscal 2020, 2019 and 2018 were $4.8 million, $4.6 million and $3.7 million, respectively. The general partner terminated its defined benefit plan on December 15, 2018 and distributed account balances to participants in the form of lump sum payments or annuity contracts in September, 2019. The defined benefit plan trust account was closed and all remaining funds were rolled into the Ferrell Companies, Inc. Employee Stock Ownership Trust as a plan contribution in December 2019. Prior to termination, this plan provided participants who were covered under a previously terminated plan with a guaranteed retirement benefit at least equal to the benefit they would have received under the prior terminated plan. Until July 31, 1999, benefits under the terminated plan were determined by years of credited service and salary levels. As of July 31, 1999, years of credited service and salary levels were frozen. The general partner’s prior funding policy for this plan was to contribute amounts deductible for Federal income tax purposes and invest the plan assets primarily in corporate stocks and bonds, U.S. Treasury bonds and short-term cash investments. During fiscal 2020, 2019 and 2018, other comprehensive income and other liabilities were adjusted by $(0.1) million, $(0.1) million and $0.1 million, respectively. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Unitholders' Interest | 12 Months Ended |
Jul. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Common Unitholders' Interest | Q. Net loss per common unitholders’ interest Ferrellgas Partners is currently restricted by its debt covenants from making distributions to common unitholders. See Note I – Debt – for details regarding these restrictions. Below is a calculation of the basic and diluted net loss per common unitholders’ interest in the 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 loss per common unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. Due to the seasonality of Ferrellgas’ business, the dilutive effect of the two-class method typically impacts only the three months ended 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 not a dilutive effect resulting from this guidance on basic and diluted net earnings per common unitholders’ interest for fiscal 2020, 2019 and 2018. 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, in periods with net losses, there are no dilutive securities. For the year ended July 31, 2020 2019 2018 Common unitholders’ interest in net loss $ (81,674) $ (63,605) $ (252,035) Weighted average common units outstanding (in thousands) 97,152.7 97,152.7 97,152.7 Basic and diluted net loss per common unit $ (0.84) $ (0.65) $ (2.59) |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2020 | |
Ferrellgas Partners Finance Corp. [Member] | |
Income Tax Disclosure [Line Items] | |
Income Taxes | Income taxes Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $7,606 associated with the net operating loss carryforward of $36,221 generated during and prior to fiscal 2020, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2020, 2019 or 2018, and there is no net deferred tax asset as of July 31, 2020 and 2019. The net operating loss carryforwards generated during and after fiscal 2018 are carried forward indefinitely, but are limited to 80% of the taxable income in any one period. The net operating losses generated prior to July 31, 2018 are subject to prior tax law and will expire at various dates through July 31, 2037 . |
Ferrellgas Finance Corp. [Member] | |
Income Tax Disclosure [Line Items] | |
Income Taxes | Income taxes Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $17,426 associated with the net operating loss carryforward of $82,979 generated prior to fiscal 2020, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2020, 2019 or 2018, and there is no net deferred tax asset as of July 31, 2020 and 2019. The net operating loss carryforwards generated during and after fiscal 2018 are carried forward indefinitely, but are limited to 80% of the taxable income in any one period. The net operating losses generated prior to July 31, 2018 are still subject to prior tax law and will expire at various dates through July 31, 2037. |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Jul. 31, 2020 | |
Interim Period, Costs Not Allocable [Line Items] | |
Quarterly Data | R. Quarterly data (unaudited) The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas considers necessary for a fair presentation. Due to the seasonality of the propane distribution business, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales, Net earnings (loss) attributable to Ferrellgas Partners and common unitholders’ interest in net earnings (loss) are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. The sum of basic and diluted net earnings (loss) per common unitholders’ interest by quarter may not equal the basic and diluted net earnings (loss) per common unitholders’ interest for the year due to variations in the weighted average units outstanding used in computing such amounts. For the year ended July 31, 2020 First quarter Second quarter Third quarter Fourth quarter Revenues $ 293,214 $ 510,833 $ 412,130 $ 281,649 Gross margin from propane and other gas liquids sales (a) 139,357 247,404 215,480 140,497 Net earnings (loss) (b) (45,717) 48,791 (15,471) (70,605) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (45,344) 48,207 (15,393) (69,969) Common unitholders’ interest in net earnings (loss) (44,891) 47,725 (15,239) (69,269) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.46) $ 0.49 $ (0.16) $ (0.71) For the year ended July 31, 2019 First quarter Second quarter Third quarter Fourth quarter Revenues $ 352,309 $ 573,377 $ 479,625 $ 279,081 Gross margin from propane and other gas liquids sales (a) 130,830 238,581 209,167 127,764 Net earnings (loss) (57,508) 43,875 20,760 (71,672) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (57,015) 43,344 20,461 (71,037) Common unitholders’ interest in net earnings (loss) (56,445) 42,911 20,256 (70,327) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.58) $ 0.44 $ 0.21 $ (0.72) For the year ended July 31, 2018 First quarter Second quarter Third quarter Fourth quarter Revenues $ 454,655 $ 755,156 $ 515,810 $ 347,521 Gross margin from propane and other gas liquids sales (a) 123,243 229,321 190,883 126,115 Gross margin from midstream operations (c) 12,635 10,209 8,077 (4,161) Net earnings (loss) (d) (48,316) (1,774) 11,062 (217,797) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (47,915) (1,843) 10,861 (215,684) Common unitholders’ interest in net earnings (loss) (47,436) (1,824) 10,752 (213,527) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.49) $ (0.02) $ 0.11 $ (2.20) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Includes loss on extinguishment of debt of $37.4 million in the third quarter of fiscal 2020. (c) Gross margin from “Midstream operations” represents “Revenues - midstream operations” less “Cost of sales - midstream operations.” (d) Includes asset impairment charges of $10.0 million in the second quarter of fiscal 2018. |
Ferrellgas, L.P. [Member] | |
Interim Period, Costs Not Allocable [Line Items] | |
Quarterly Data | Q. Quarterly data (unaudited) The following summarized unaudited quarterly data includes all adjustments (consisting only of normal recurring adjustments, with the exception of those items indicated below), which Ferrellgas, L.P. considers necessary for a fair presentation. Due to the seasonality of the propane distribution business, first and fourth quarter Revenues, gross margin from propane and other gas liquids sales and Net earnings are consistently less than the second and third quarter results. Other factors affecting the results of operations include competitive conditions, demand for product, timing of acquisitions, variations in the weather and fluctuations in propane prices. For the year ended July 31, 2020 First quarter Second quarter Third quarter Fourth quarter Revenues $ 293,214 $ 510,833 $ 412,130 $ 281,649 Gross margin from propane and other gas liquids sales (a) 139,357 247,404 215,480 140,497 Net earnings (loss) (b) $ (36,898) $ 57,756 $ (7,720) $ (62,902) For the year ended July 31, 2019 First quarter Second quarter Third quarter Fourth quarter Revenues $ 352,309 $ 573,377 $ 479,625 $ 279,081 Gross margin from propane and other gas liquids sales (a) 130,830 238,581 209,167 127,764 Net earnings (loss) $ (48,814) $ 52,617 $ 29,554 $ (62,874) For the year ended July 31, 2018 First quarter Second quarter Third quarter Fourth quarter Revenues $ 454,655 $ 755,156 $ 515,810 $ 347,521 Gross margin from propane and other gas liquids sales (a) 123,243 229,321 190,883 126,115 Gross margin from midstream operations (c) 12,635 10,209 8,077 (4,161) Net earnings (loss) (d) $ (39,699) $ 6,847 $ 19,840 $ (209,134) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Includes loss on extinguishment of debt of $37.4 million in the third quarter of fiscal 2020. (c) Gross margin from “Midstream operations” represents “Revenues - midstream operations” less “Cost of sales - midstream operations.” (d) Includes asset impairment charges of $10.0 million in the second quarter of fiscal 2018. |
Guarantor financial information
Guarantor financial information | 12 Months Ended |
Jul. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor financial information | Schedule 1 FERRELLGAS PARTNERS, L.P. July 31, 2020 2019 ASSETS Cash and cash equivalents $ 6 $ 8 Prepaid expenses and other current assets 22 57 Total assets $ 28 $ 65 LIABILITIES AND PARTNERS’ DEFICIT Current portion of long-term debt $ 357,000 $ 354,727 Other current liabilities 19,305 3,873 Investment in Ferrellgas, L.P. 823,765 772,698 Partners’ deficit Common unitholders (97,152,665 units outstanding at 2020 and 2019) (1,126,452) (1,046,245) General partner unitholder (989,926 units outstanding at 2020 and 2019) (71,287) (70,476) Accumulated other comprehensive income loss (2,303) (14,512) Total Ferrellgas Partners, L.P. partners’ deficit (1,200,042) (1,131,233) Total liabilities and partners’ deficit $ 28 $ 65 FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2020 2019 2018 Equity in loss of Ferrellgas, L.P. $ (49,261) $ (29,219) $ (219,902) Operating, general and administrative expense 116 14 137 Operating loss (49,377) (29,233) (220,039) Interest expense (33,073) (34,984) (34,521) Income tax expense 49 30 21 Net loss $ (82,499) $ (64,247) $ (254,581) FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2020 2019 2018 Cash flows from operating activities: Net loss attributable to Ferrellgas Partners, L.P. $ (82,499) $ (64,247) $ (254,581) Reconciliation of net loss to net cash used in operating activities: Other 17,749 4,141 3,673 Equity in loss of Ferrellgas, L.P. 49,261 29,219 219,902 Net cash used in operating activities (15,489) (30,887) (31,006) Cash flows from investing activities: Distributions received from Ferrellgas, L.P. 15,496 40,706 70,246 Cash contributed to Ferrellgas, L.P. — — — Net cash provided by (used in) investing activities 15,496 40,706 70,246 Cash flows from financing activities: Distributions paid to common and general partner unitholders — (9,814) (39,254) Cash paid for financing costs (9) — (42) Net cash provided by (used in) financing activities (9) (9,814) (39,296) Decrease in cash and cash equivalents (2) 5 (56) Cash and cash equivalents - beginning of year 8 3 59 Cash and cash equivalents - end of year $ 6 $ 8 $ 3 |
Ferrellgas, L.P. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Guarantor financial information | R. Guarantor financial information The $500.0 million aggregate principal amount of registered 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are fully and unconditionally and jointly and severally guaranteed by all of Ferrellgas, L.P.’s 100% owned subsidiaries except: (i) Ferrellgas Finance Corp; (ii) certain special purposes subsidiaries formed for use in connection with our accounts receivable securitization; and (iii) foreign subsidiaries. Guarantees of these senior notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the assets of a guarantor or (b) all of the capital stock of such guarantor (including by way of merger or consolidation), in each case, to a person that is not Ferrellgas, L.P. or a restricted subsidiary of Ferrellgas, L.P., (ii) if Ferrellgas, L.P. designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon defeasance or discharge of the notes, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor. The guarantor financial information discloses in separate columns the financial position, results of operations and the cash flows of Ferrellgas, L.P. (Parent), Ferrellgas Finance Corp. (co-issuer), Ferrellgas, L.P.’s guarantor subsidiaries on a combined basis, and Ferrellgas, L.P.’s non-guarantor subsidiaries on a combined basis. The dates and the periods presented in the guarantor financial information are consistent with the periods presented in Ferrellgas, L.P.’s consolidated financial statements. FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS (in thousands) As of July 31, 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 $ 332,244 $ 1 $ — $ 1,510 $ — $ 333,755 Accounts and notes receivable, net 11,879 — 24 89,535 — 101,438 Intercompany receivables 69,980 — — — (69,980) — Inventories 72,664 — — — — 72,664 Prepaid expenses and other current assets 35,897 — — — — 35,897 Total current assets 522,664 1 24 91,045 (69,980) 543,754 Property, plant and equipment, net 591,042 — — — — 591,042 Goodwill, net 247,195 — — — — 247,195 Intangible assets, net 104,049 — — — — 104,049 Investments in consolidated subsidiaries 37,662 — — — (37,662) — Operating lease right-of-use assets 107,349 — — — — 107,349 Other assets, net 72,137 — 2,255 356 — 74,748 Total assets $ 1,682,098 $ 1 $ 2,279 $ 91,401 $ (107,642) $ 1,668,137 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 33,944 $ — $ — $ — $ — $ 33,944 Intercompany payables — — — 69,980 (69,980) — Current portion of long-term debt 502,095 — — — — 502,095 Current operating lease liabilities 29,345 — — — — 29,345 Other current liabilities 162,097 — — (13,961) — 148,136 Total current liabilities 727,481 — — 56,019 (69,980) 713,520 Long-term debt 1,646,396 — — — — 1,646,396 Operating lease liabilities 89,022 — — — — 89,022 Other liabilities 51,190 — — — — 51,190 Contingencies and commitments Partners' capital (deficit): Partners' equity (829,678) 1 2,279 35,382 (37,662) (829,678) Accumulated other comprehensive loss (2,313) — — — — (2,313) Total partners' capital (deficit) (831,991) 1 2,279 35,382 (37,662) (831,991) Total liabilities and partners' capital (deficit) $ 1,682,098 $ 1 $ 2,279 $ 91,401 $ (107,642) $ 1,668,137 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 year ended July 31, 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 $ 1,415,791 $ — $ — $ — $ — $ 1,415,791 Other 82,035 — — — — 82,035 Total revenues 1,497,826 — — — — 1,497,826 Costs and expenses: Cost of sales - propane and other gas liquids sales 673,053 — — — — 673,053 Cost of sales - other 13,003 — — — — 13,003 Operating expense - personnel, vehicle, plant and other 493,055 — — 3,950 (3,950) 493,055 Operating expense - equipment lease expense 33,017 — — — — 33,017 Depreciation and amortization expense 80,025 — — 456 — 80,481 General and administrative expense 45,630 6 — — — 45,636 Non-cash employee stock ownership plan compensation charge 2,871 — — — — 2,871 Loss on asset sales and disposals 7,924 — — — — 7,924 Operating income (loss) 149,248 (6) — (4,406) 3,950 148,786 Interest expense (156,286) — — (3,603) — (159,889) Loss on extinguishment of debt (37,399) — — — — (37,399) Other income (expense), net (360) — (100) 5,671 (5,671) (460) Earnings (loss) before income taxes (44,797) (6) (100) (2,338) (1,721) (48,962) Income tax expense 802 — — — — 802 Equity in earnings (loss) of subsidiary (2,444) — — — 2,444 — Net earnings (loss) (48,043) (6) (100) (2,338) 723 (49,764) Other comprehensive loss 12,334 — — — — 12,334 Comprehensive income (loss) $ (35,709) $ (6) $ (100) $ (2,338) $ 723 $ (37,430) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 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 $ 1,608,858 $ — $ — $ — $ — $ 1,608,858 Other 75,485 — 49 — — 75,534 Total revenues 1,684,343 — 49 — — 1,684,392 Costs and expenses: Cost of sales - propane and other gas liquids sales 902,516 — — — — 902,516 Cost of sales - other 11,292 — 114 — — 11,406 Operating expense - personnel, vehicle, plant and other 469,652 — 37 3,589 (4,410) 468,868 Operating expense - equipment lease expense 33,073 — — — — 33,073 Depreciation and amortization expense 78,400 — — 446 — 78,846 General and administrative expense 59,974 6 — — — 59,980 Non-cash employee stock ownership plan compensation charge 5,693 — — — — 5,693 Loss on asset sales and disposals 8,289 — 2,679 — — 10,968 Operating income (loss) 115,454 (6) (2,781) (4,035) 4,410 113,042 Interest expense (132,929) — (38) (9,668) — (142,635) Other income (expense), net 428 — (59) 4,410 (4,410) 369 Earnings (loss) before income taxes (17,047) (6) (2,878) (9,293) — (29,224) Income tax expense (benefit) 105 — 188 — — 293 Equity in earnings (loss) of subsidiary (12,365) — — — 12,365 — Net earnings (loss) (29,517) (6) (3,066) (9,293) 12,365 (29,517) Other comprehensive loss (35,380) — — — — (35,380) Comprehensive income (loss) $ (64,897) $ (6) $ (3,066) $ (9,293) $ 12,365 $ (64,897) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2018 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 $ 1,642,155 $ — $ 821 $ — $ — $ 1,642,976 Midstream operations — — 282,319 — — 282,319 Other 72,954 — 74,893 — — 147,847 Total revenues 1,715,109 — 358,033 — — 2,073,142 Costs and expenses: Cost of sales - propane and other gas liquids sales 972,467 — 947 — — 973,414 Cost of sales - midstream operations — — 255,559 — — 255,559 Cost of sales - other 10,111 — 58,543 — — 68,654 Operating expense - personnel, vehicle, plant and other 436,962 — 37,617 4,755 (7,586) 471,748 Operating expense - equipment lease expense 27,939 — 333 — — 28,272 Depreciation and amortization expense 75,163 — 26,317 315 — 101,795 General and administrative expense 48,337 5 5,922 — — 54,264 Non-cash employee stock ownership plan compensation charge 13,859 — — — — 13,859 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 8,978 — 178,421 — — 187,399 Operating income (loss) 121,293 (5) (215,631) (5,070) 7,586 (91,827) Interest expense (86,646) — (43,247) (4,053) — (133,946) Other income (expense), net (234) — 1,162 7,586 (7,586) 928 Earnings (loss) before income taxes 34,413 (5) (257,716) (1,537) — (224,845) Income tax expense 222 — (2,921) — — (2,699) Equity in earnings (loss) of subsidiaries (256,337) — — — 256,337 — Net earnings (loss) (222,146) (5) (254,795) (1,537) 256,337 (222,146) Other comprehensive loss 5,969 — — — — 5,969 Comprehensive income (loss) $ (216,177) $ (5) $ (254,795) $ (1,537) $ 256,337 $ (216,177) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 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 $ 75,882 $ (6) $ 425 $ (11,480) $ 63,510 $ 128,331 Cash flows from investing activities: Business acquisitions, net of cash acquired (10,195) — — — — (10,195) Capital expenditures (70,455) — — — — (70,455) Proceeds from sale of assets 4,472 — — — — 4,472 Cash collected for purchase of interest in accounts receivable — — — 841,142 (841,142) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (777,632) 777,632 — Intercompany loan to affiliate (11,061) — — — 11,061 — Cash payments to construct assets in connection with future lease transactions (37,042) — — — — (37,042) Cash receipts in connection with leased vehicles 41,924 — — — — 41,924 Net cash provided by (used in) investing activities (82,357) — — 63,510 (52,449) (71,296) Cash flows from financing activities: Distributions (15,654) — — — — (15,654) Proceeds from increase in long-term debt 703,750 — — — — 703,750 Payments on long-term debt (285,857) — — — — (285,857) Net reductions to short-term borrowings (43,000) — — — — (43,000) Net reduction in collateralized short-term borrowings — — — (62,000) — (62,000) Net changes in advances with consolidated entities — 6 (425) 11,480 (11,061) — Cash paid for financing costs (29,449) — — — — (29,449) Cash payments for principal portion of finance lease liability (2,116) — — — — (2,116) Net cash provided by (used in) financing activities 327,674 6 (425) (50,520) (11,061) 265,674 Net change in cash and cash equivalents 321,199 — — 1,510 — 322,709 Cash and cash equivalents - beginning of year 11,045 1 — — — 11,046 Cash, cash equivalents and restricted cash - end of year $ 332,244 $ 1 $ — $ 1,510 $ — $ 333,755 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 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 $ 25,796 $ (6) $ 24,889 $ (717) $ (4,000) $ 45,962 Cash flows from investing activities: Business acquisitions, net of cash acquired (13,551) — — — — (13,551) Capital expenditures (108,822) — — — — (108,822) Proceeds from sale of assets 5,699 — — — — 5,699 Cash collected for purchase of interest in accounts receivable — — — 1,258,050 (1,258,050) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (1,262,050) 1,262,050 — Net changes in advances with consolidated entities — — — — — — Intercompany loan to affiliate 24,328 — — — (24,328) — Cash payment to construct assets in connection with future lease transactions (9,934) — — — — (9,934) Cash receipts in connection with leased vehicles 862 — — — — 862 Other 1,419 — — — — 1,419 Net cash provided by (used in) investing activities (99,999) — — (4,000) (20,328) (124,327) Cash flows from financing activities: Distributions (41,121) — — — — (41,121) Payments on long-term debt (2,428) — — — — (2,428) Net additions in short-term borrowings 10,200 — — — — 10,200 Net additions to collateralized short-term borrowings — — — 4,000 — 4,000 Net changes in advances with consolidated entries — 6 (25,063) 729 24,328 — Cash paid for financing costs (536) — — (12) — (548) Net cash provided by (used in) financing activities (33,885) 6 (25,063) 4,717 24,328 (29,897) Net change in cash and cash equivalents (108,088) — (174) — — (108,262) Cash and cash equivalents - beginning of year 119,133 1 174 — — 119,308 Cash and cash equivalents - end of year $ 11,045 $ 1 $ — $ — $ — $ 11,046 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2018 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 $ 139,294 $ (5) $ (48,708) $ 3,573 $ 11,000 $ 105,154 Cash flows from investing activities: Business acquisitions, net of cash acquired (18,141) — — — — (18,141) Capital expenditures (81,114) — (3,805) — — (84,919) Proceeds from sale of assets 7,327 — 145,260 — — 152,587 Cash collected for purchase of interest in accounts receivable — — — 1,226,211 (1,226,211) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (1,215,211) 1,215,211 — Net changes in advances with consolidated entities 96,514 — — — (96,514) — Net cash provided by (used in) investing activities 4,586 — 141,455 11,000 (107,514) 49,527 Cash flows from financing activities: Distributions (70,962) — — — — (70,962) Proceeds from increase of long-term debt 323,680 — — — — 323,680 Payments on long-term debt (212,920) — — — — (212,920) Net reductions to short-term borrowings (51,379) — — — — (51,379) Net additions in collateralized short-term borrowings — — — (11,000) — (11,000) Net changes in advances with parent — 5 (92,946) (3,573) 96,514 — Cash paid for financing costs (18,493) — — — — (18,493) Net cash provided by (used in) financing activities (30,074) 5 (92,946) (14,573) 96,514 (41,074) Net change in cash and cash equivalents 113,806 — (199) — — 113,607 Cash and cash equivalents - beginning of year 5,327 1 373 — — 5,701 Cash and cash equivalents - end of year $ 119,133 $ 1 $ 174 $ — $ — $ 119,308 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2020 | |
Subsequent Event [Line Items] | |
Subsequent Events | S. Subsequent events Ferrellgas has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas’ consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Ferrellgas Partners Finance Corp. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | Subsequent events The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’s consolidated financial statements were issued, and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Ferrellgas, L.P. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | S. Subsequent events Ferrellgas, L.P. has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas, L.P.’s consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Ferrellgas Finance Corp. [Member] | |
Subsequent Event [Line Items] | |
Subsequent Events | Subsequent events The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’s consolidated financial statements were issued, and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its financial statements. |
Schedule I Parent Only Balance
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows | 12 Months Ended |
Jul. 31, 2020 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Guarantor financial information | Schedule 1 FERRELLGAS PARTNERS, L.P. July 31, 2020 2019 ASSETS Cash and cash equivalents $ 6 $ 8 Prepaid expenses and other current assets 22 57 Total assets $ 28 $ 65 LIABILITIES AND PARTNERS’ DEFICIT Current portion of long-term debt $ 357,000 $ 354,727 Other current liabilities 19,305 3,873 Investment in Ferrellgas, L.P. 823,765 772,698 Partners’ deficit Common unitholders (97,152,665 units outstanding at 2020 and 2019) (1,126,452) (1,046,245) General partner unitholder (989,926 units outstanding at 2020 and 2019) (71,287) (70,476) Accumulated other comprehensive income loss (2,303) (14,512) Total Ferrellgas Partners, L.P. partners’ deficit (1,200,042) (1,131,233) Total liabilities and partners’ deficit $ 28 $ 65 FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2020 2019 2018 Equity in loss of Ferrellgas, L.P. $ (49,261) $ (29,219) $ (219,902) Operating, general and administrative expense 116 14 137 Operating loss (49,377) (29,233) (220,039) Interest expense (33,073) (34,984) (34,521) Income tax expense 49 30 21 Net loss $ (82,499) $ (64,247) $ (254,581) FERRELLGAS PARTNERS, L.P. PARENT ONLY STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2020 2019 2018 Cash flows from operating activities: Net loss attributable to Ferrellgas Partners, L.P. $ (82,499) $ (64,247) $ (254,581) Reconciliation of net loss to net cash used in operating activities: Other 17,749 4,141 3,673 Equity in loss of Ferrellgas, L.P. 49,261 29,219 219,902 Net cash used in operating activities (15,489) (30,887) (31,006) Cash flows from investing activities: Distributions received from Ferrellgas, L.P. 15,496 40,706 70,246 Cash contributed to Ferrellgas, L.P. — — — Net cash provided by (used in) investing activities 15,496 40,706 70,246 Cash flows from financing activities: Distributions paid to common and general partner unitholders — (9,814) (39,254) Cash paid for financing costs (9) — (42) Net cash provided by (used in) financing activities (9) (9,814) (39,296) Decrease in cash and cash equivalents (2) 5 (56) Cash and cash equivalents - beginning of year 8 3 59 Cash and cash equivalents - end of year $ 6 $ 8 $ 3 |
Schedule II Valuation And Quali
Schedule II Valuation And Qualifying Accounts | 12 Months Ended |
Jul. 31, 2020 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule II Valuation And Qualifying Accounts | FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance beginning cost and at end Description of period expenses Other of period Year ended July 31, 2020 Allowance for doubtful accounts $ 2,463 $ 2,279 $ 9,382 (1) $ 14,124 Year ended July 31, 2019 Allowance for doubtful accounts $ 2,455 $ 1,525 $ (1,517) (1) $ 2,463 Year ended July 31, 2018 Allowance for doubtful accounts $ 1,976 $ 1,778 $ (1,299) (1) $ 2,455 (1) Uncollectible accounts written off, net of recoveries. As discussed previously, on June 25, 2018, Ferrellgas and Mr. Ballengee entered into an Omnibus Agreement (the “Omnibus Agreement”) that, among other things, included an executed unsecured promissory note in favor of the operating partnership with an original principal amount of $18.3 million (the “Revised Jamex Promissory Note”). On July 1, 2020, Mr. Ballengee defaulted on the Revised Jamex Promissory Note by failing to make the first payment in the amount of $2.5 million. As a result, as of July 31, 2020, Ferrellgas recorded a bad debt reserve against $17.3 million of the Revised Jamex Promissory Note and is pursuing collections from Mr. Ballengee. As of July 31, 2020, $12.5 million was classified as current notes receivable, all of which is reserved. |
Ferrellgas, L.P. [Member] | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |
Schedule II Valuation And Qualifying Accounts | FERRELLGAS, L.P. AND SUBSIDIARIES VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance beginning cost and at end Description of period expenses Other of period Year ended July 31, 2020 Allowance for doubtful accounts $ 2,463 $ 2,279 $ 9,382 $ 14,124 Year ended July 31, 2019 Allowance for doubtful accounts $ 2,455 $ 1,525 $ (1,517) $ 2,463 Year ended July 31, 2018 Allowance for doubtful accounts $ 1,976 $ 1,778 $ (1,299) $ 2,455 (1) Uncollectible accounts written off, net of recoveries. As discussed previously, on June 25, 2018, Ferrellgas and Mr. Ballengee entered into an Omnibus Agreement (the “Omnibus Agreement”) that, among other things, included an executed unsecured promissory note in favor of the operating partnership with an original principal amount of $18.3 million (the “Revised Jamex Promissory Note”). On July 1, 2020, Mr. Ballengee defaulted on the Revised Jamex Promissory Note by failing to make the first payment in the amount of $2.5 million. As a result, as of July 31, 2020, Ferrellgas recorded a bad debt reserve against $17.3 million of the Revised Jamex Promissory Note and is pursuing collections from Mr. Ballengee. As of July 31, 2020, $12.5 million was classified as current notes receivable, all of which is reserved. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Jul. 31, 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 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, determination of incremental borrowing rate used to measure right-of-use asset and lease liability, fair values of derivative contracts and stock-based compensation calculations. |
Principles of consolidation | Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas Partners, its wholly-owned subsidiary, Ferrellgas Partners Finance Corp., and the operating partnership, its majority-owned subsidiary, after elimination of all intercompany accounts and transactions. We have determined that the operating partnership is a variable interest entity for whom Ferrellgas Partners has no ability through voting rights or similar rights to make decisions and thus does not have the power to direct the activities of the operating partnership that most significantly impact economic performance. However, we have determined that the accounts of Ferrellgas Partners’ majority-owned subsidiary should be included because Ferrellgas Partners is most closely associated with the operations of the operating partnership due to the fact that Ferrellgas Partners has the obligation to absorb the losses of and the right to receive benefits from the operating partnership that are significant to the operating partnership and substantially all the assets and liabilities of Ferrellgas Partners consist of the operating partnership. The operating partnership includes the accounts of its wholly-owned subsidiaries. The general partner’s approximate 1% general partner interest in the operating partnership is accounted for as a noncontrolling interest. The wholly-owned consolidated subsidiary of the operating partnership, Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), is a special purpose entity that has agreements with the operating partnership to securitize, on an ongoing basis, a portion of its trade accounts receivable. Certain prior-year amounts have been reclassified to conform to the current-year presentation. |
Fair value measurements | Fair value measurements: Ferrellgas measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. · Level 1: Quoted prices in active markets for identical assets or liabilities. · Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Accounts receivable | Accounts receivable : Accounts receivable are reported on the consolidated balance sheets at the gross outstanding amount adjusted for an allowance for doubtful accounts. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. Provisions for uncollectible accounts are established based upon our collection experience and the assessment of the collectability of specific amounts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. |
Accounts receivable securitization | Accounts receivable securitization : Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas has agreements to securitize, on an ongoing basis, substantially all of its trade accounts receivable. |
Inventories | Inventories : Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, using its best estimates based on reasonable and supportable assumptions and projections, tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets or asset groups might not be recoverable. The recoverability tests for property, plant and equipment are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. |
Goodwill | Goodwill: Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas tests goodwill for impairment annually during the second quarter or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. Ferrellgas has determined that it has two reporting units for goodwill impairment testing purposes. As of July 31, 2020, one of these reporting units contains goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, the reporting unit’s goodwill is impaired. The amount of impairment would be equal to the lesser of the excess of reporting unit carrying value over its fair value and the reporting unit’s recorded amount of goodwill. Ferrellgas completed its most recent annual goodwill impairment test on January 31, 2020 and did not incur an impairment loss. |
Intangible assets | Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets and non-compete agreements, permits, favorable lease arrangements and patented technology are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets or asset groups might not be recoverable. Ferrellgas tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. The recoverability tests for definite-lived intangible assets are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. |
Derivative instruments and hedging activities | Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas’ overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgas’ risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas’ risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas’ positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas’ gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas’ risk management activities may include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. Ferrellgas enters into these financial derivative instruments primarily with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. All of Ferrellgas’ financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas’ financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated as a hedge of a specific underlying exposure, and that designation as well as the risk management objectives and strategies for undertaking the hedge transaction are documented. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas’ risk relating to adverse fluctuations in propane prices. Ferrellgas formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities”, or “Other liabilities” on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities”, or “Other liabilities” on the consolidated balance sheets with changes in fair value reported in “Operating expense” on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas’ fixed rate debt, while increases in interest rates subject Ferrellgas to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as “Prepaid expenses and other current assets”, “Other assets, net”, Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of operations. Ferrellgas may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statements of operations when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statement of operations as they occur. |
Revenue recognition | Revenue recognition: Revenues from Ferrellgas’ propane operations and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year. Prior to the dispositions in 2018 which constituted Ferrellgas’ Midstream operations segment, revenues included crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, storage and salt water disposal. These revenues were recognized upon completion of the related service or delivery of product. |
Shipping and handling expenses and cost of sales | Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense – personnel, vehicle, plant and other” in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology under operating leases by Ferrellgas are classified within “Operating expense – equipment lease expense.” Delivery vehicles and distribution technology under finance leases by Ferrellgas are classified within “Depreciation and amortization expense.” See Note F – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. (13) Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas’ customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas’ portable propane tanks. “Cost of sales - midstream operations” includes all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and the costs of salt water disposal. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. |
Operating expenses | Operating expense: “Operating expense – personnel, vehicle, plant and other” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses. |
General and administrative expenses | General and administrative expense: “General and administrative expense” primarily includes personnel and incentive expense related to executives and employees, as well as other overhead expenses related to centralized corporate functions. |
Stock-based and unit option plans | (16) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas stock-compensation plans; however, in accordance with Ferrellgas’ partnership agreements, all Ferrellgas employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas. As a result, Ferrellgas incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2020, 2019 and 2018, the portion of the total non-cash compensation charge relating to the ICPs was zero. During fiscal 2020 there were no plan-based awards granted under the ICP and all outstanding stock appreciation rights (“SARs”) are currently valued at zero. Ferrell Companies is authorized to issue up to 9.25 million SARs that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. |
Income taxes | Income taxes: Ferrellgas Partners is a publicly-traded master limited partnership with one subsidiary that is a taxable corporation. The operating partnership is a limited partnership with three subsidiaries that are taxable corporations. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore subject to Federal income tax unless a qualifying income test is satisfied. If this qualifying income test is satisfied, the publicly-traded partnership will be treated as a partnership for Federal income tax purposes. Based on Ferrellgas’ calculations, Ferrellgas Partners satisfies the qualifying income test. As a result, except for the taxable corporations, Ferrellgas Partners’ earnings or losses for Federal income tax purposes are included in the tax returns of the individual partners, Ferrellgas Partners’ unitholders. Accordingly, the accompanying consolidated financial statements of Ferrellgas Partners reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Ferrellgas Partners unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas Partners’ partnership agreement and differences between Ferrellgas Partners’ financial reporting fiscal year end and its calendar tax year end. Income tax expense (benefit) consisted of the following: For the year ended July 31, 2020 2019 2018 Current expense $ 297 $ 180 $ 1,140 Deferred expense (benefit) 554 143 (3,818) Income tax expense (benefit) $ 851 $ 323 $ (2,678) Deferred taxes consisted of the following: July 31, 2020 2019 Deferred tax assets (included in Other assets, net) $ 4 $ 631 Deferred tax liabilities (included in Other liabilities) (3) (76) Net deferred tax asset $ 1 $ 555 |
Sales taxes | Sales taxes: Ferrellgas accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations. |
Net earnings (loss) per common unitholders' interest | Net loss per common unitholders’ interest: Net loss per common unitholders’ interest is computed by dividing “Net loss attributable to Ferrellgas Partners, L.P.,” after deducting the general partner’s approximate 1% interest, by the weighted average number of outstanding common units and the dilutive effect, if any, of outstanding unit options. See Note Q – Net loss per common unitholders’ interest – for further discussion about these calculations. |
Loss contingencies | Loss contingencies: In the normal course of business, Ferrellgas is involved in various claims and legal proceedings. Ferrellgas records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred. |
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 adopted 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 statements. . |
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 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, determination of incremental borrowing rate used to measure right-of-use asset and lease liability, fair values of derivative contracts and stock-based compensation calculations. |
Principles of consolidation | (1) Principles of consolidation: The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas, L.P. and its subsidiaries after elimination of all intercompany accounts and transactions. Ferrellgas, L.P. consolidates the following wholly-owned entities: Bridger Logistics, LLC, Sable Environmental, LLC, Sable SWD 2, LLC, Blue Rhino Global Sourcing, Inc., Blue Rhino Canada, Inc., Ferrellgas Real Estate, Inc., Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC (“Ferrellgas Receivables”), a special purpose entity that has agreements with Ferrellgas, L.P. to securitize, on an ongoing basis, a portion of its trade accounts receivable. Certain prior-year amounts have been reclassified to conform to the current-year presentation. |
Fair value measurements | (1) Fair value measurements: Ferrellgas, L.P. measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability. The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. · Level 1: Quoted prices in active markets for identical assets or liabilities. · Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. · Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. |
Accounts receivable | (1) Accounts receivable : Accounts receivable are reported on the consolidated balance sheets at the gross outstanding amount adjusted for an allowance for doubtful accounts. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. Provisions for uncollectible accounts are established based upon our collection experience and the assessment of the collectability of specific amounts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible. |
Accounts receivable securitization | Accounts receivable securitization: Through its wholly-owned and consolidated subsidiary Ferrellgas Receivables, Ferrellgas, L.P. has agreements to securitize, on an ongoing basis, substantially all of its trade accounts receivable. |
Inventories | Inventories: Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods. |
Property, plant and equipment | Property, plant and equipment: Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas, L.P. capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from two to 30 years. Ferrellgas, L.P., using its best estimates based on reasonable and supportable assumptions and projections, tests long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of its assets or asset groups might not be recoverable. The recoverability tests for property, plant and equipment are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas, L.P. management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. |
Goodwill | (1) Goodwill: Ferrellgas, L.P. records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Ferrellgas, L.P. tests goodwill for impairment annually during the second quarter or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. Ferrellgas, L.P. has determined that it has two reporting units for goodwill impairment testing purposes. As of July 31, 2020, one of these reporting units contains goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of each reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to those reporting units as of the date of the evaluation on a specific identification basis. To the extent a reporting unit’s carrying value exceeds its fair value, the reporting unit’s goodwill is impaired. The amount of impairment would be equal to the lesser of the excess of reporting unit carrying value over its fair value and the reporting unit’s recorded amount of goodwill. Ferrellgas, L.P. completed its most recent annual goodwill impairment test on January 31, 2020 and did not incur an impairment loss. |
Intangible assets | (1) Intangible assets: Intangible assets with finite useful lives, consisting primarily of customer related assets and non-compete agreements, permits, favorable lease arrangements and patented technology are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from two to 15 years. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas, L.P. tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets or asset groups might not be recoverable. Ferrellgas, L.P. tests indefinite-lived intangible assets for impairment annually on January 31 or more frequently if circumstances dictate. The recoverability tests for definite-lived intangible assets are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on Ferrellgas, L.P. management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group. |
Derivative instruments and hedging activities | (1) Derivative instruments and hedging activities: Commodity and Transportation Fuel Price Risk. Ferrellgas, L.P.’s overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane, gasoline and diesel prices. Ferrellgas, L.P.’s risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas, L.P attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. Additionally, from time to time Ferrellgas, L.P.’s risk management activities attempt to mitigate price risks related to the purchase of gasoline and diesel fuel for use in the transport of propane from retail fueling stations through the use of financial derivative instruments. Ferrellgas, L.P.’s risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas, L.P.’s positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas, L.P.’s gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. These propane related financial derivatives are designated as cash flow hedges. The gasoline and diesel related financial derivatives have not historically been formally designated and documented as a hedge of exposure to fluctuations in the market price of fuel. Ferrellgas, L.P.’s risk management activities may include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. Ferrellgas, L.P. enters into these financial derivative instruments primarily with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. All of Ferrellgas, L.P.’s financial derivative instruments are reported on the consolidated balance sheets at fair value. Ferrellgas, L.P. also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas, L.P.’s financial statements until settled. On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas, L.P. makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated as a hedge of a specific underlying exposure and that designation, as well as the risk management objectives and strategies for undertaking the hedge transaction are documented. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas, L.P.’s risk relating to adverse fluctuations in propane prices. Ferrellgas, L.P. formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of product sold - propane and other gas liquids sales” in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or “Other liabilities” on the consolidated balance sheets with changes in fair value reported in other comprehensive income. Financial instruments not formally designated and documented as a hedge of a specific underlying exposure are recorded at fair value as “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities”, or “Other liabilities” on the consolidated balance sheets with changes in fair value reported in “Operating expense” on the consolidated statements of operations. Interest Rate Risk. Fluctuations in interest rates subject Ferrellgas, L.P. to interest rate risk. Decreases in interest rates increase the fair value of Ferrellgas, L.P.’s fixed rate debt, while increases in interest rates subject Ferrellgas, L.P. to the risk of increased interest expense related to its variable rate borrowings. Ferrellgas, L.P. may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as “Prepaid expenses and other current assets”, “Other assets, net”, Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of operations. Ferrellgas, L.P. may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets”, “Other assets, net”, “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of operations when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statements of operations as they occur. |
Revenue recognition | (1) Revenue recognition: Revenues from Ferrellgas, L.P.’s propane operations and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Ferrellgas, L.P. determines accounts receivable allowances based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas, L.P. offers “even pay” billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment is recognized at the time of delivery or installation. Ferrellgas, L.P. recognizes shipping and handling revenues and expenses for sales of propane, appliances and equipment at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year. Prior to the dispositions in 2018 which constituted Ferrellgas, L.P.’s Midstream operations segment, revenues included crude oil sales, pipeline tariffs, trucking fees, rail throughput fees, pipeline management services, leasing, throughput, storage and salt water disposal. These revenues were recognized upon completion of the related service or delivery of product. |
Shipping and handling expenses and cost of sales | (1) Shipping and handling expenses: Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense – personnel, vehicle, plant and other” in the consolidated statements of operations. Depreciation expenses on delivery vehicles Ferrellgas, L.P. owns are classified within “Depreciation and amortization expense.” Delivery vehicles and distribution technology under operating leases by Ferrellgas, L.P. are classified within “Operating expense – equipment lease expense.” Delivery vehicles and distribution technology under finance leases by Ferrellgas, L.P. are classified within “Depreciation and amortization expense.” See Note F – Supplemental financial statement information – for the financial statement presentation of shipping and handling expenses. (2) Cost of sales: “Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas, L.P.’s customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas, L.P.’s portable propane tanks. “Cost of sales - midstream operations” includes all costs incurred to purchase and transport crude oil, including the costs of terminaling and transporting crude oil prior to delivery to customers and the costs of salt water disposal. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment. |
Operating expenses | Operating expense: “ Operating expense – personnel, vehicle, plant and other ” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses. |
General and administrative expenses | General and administrative expense: “ General and administrative expense” primarily includes personnel and incentive expense related to executives and employees, as well as other overhead expenses related to centralized corporate functions. |
Stock-based and unit option plans | (1) Stock-based plans: Ferrell Companies, Inc. Incentive Compensation Plans (“ICPs”) The ICPs are not Ferrellgas, L.P. stock-compensation plans; however, in accordance with Ferrellgas, L.P.’s partnership agreements, all Ferrellgas, L.P. employee-related costs incurred by Ferrell Companies are allocated to Ferrellgas, L.P. As a result, Ferrellgas, L.P. incurs a non-cash compensation charge from Ferrell Companies. During the years ended July 31, 2020, 2019 and 2018, the portion of the total non-cash compensation charge relating to the ICPs was zero. During fiscal 2020 there were no plan-based awards granted under the ICP and all outstanding stock appreciation rights (“SARs”) are currently valued at zero. Ferrell Companies is authorized to issue up to 9.25 million SARs that are based on shares of Ferrell Companies common stock. The SARs were established by Ferrell Companies to allow upper-middle and senior level managers as well as directors of the general partner to participate in the equity growth of Ferrell Companies. The SARs awards vest ratably over periods ranging from zero to 10 years or 100% upon a change of control of Ferrell Companies, or upon the death, disability or retirement at the age of 65 of the participant. All awards expire 10 years from the date of issuance. The fair value of each award is estimated on each balance sheet date using a binomial valuation model. |
Income taxes | (1) Income taxes: Ferrellgas, L.P. is a limited partnership and owns three subsidiaries that are taxable corporations. As a result, except for the taxable corporations, Ferrellgas, L.P.’s earnings or losses for federal income tax purposes are included in the tax returns of the individual partners. Accordingly, the accompanying consolidated financial statements of Ferrellgas, L.P. reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to partners as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas, L.P.’s partnership agreement and differences between Ferrellgas, L.P.’s financial reporting fiscal year end and limited partners tax year end. Income tax expense (benefit) consisted of the following: For the year ended July 31, 2020 2019 2018 Current expense $ 248 $ 150 $ 1,119 Deferred expense (benefit) 554 143 (3,818) Income tax expense (benefit) $ 802 $ 293 $ (2,699) Deferred taxes consisted of the following: July 31, 2020 2019 Deferred tax assets (included in Other assets, net) $ 4 $ 631 Deferred tax liabilities (included in Other liabilities) (3) (76) Net deferred tax asset $ 1 $ 555 |
Sales taxes | Sales taxes: Ferrellgas, L.P. accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations. |
Loss contingencies | Loss contingencies: In the normal course of business, Ferrellgas, L.P. is involved in various claims and legal proceedings. Ferrellgas, L.P. records a liability for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred. |
New accounting standards | (1) 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 adopted 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 statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Significant Accounting Policies [Line Items] | |
Summary Of Income Tax Expense | For the year ended July 31, 2020 2019 2018 Current expense $ 297 $ 180 $ 1,140 Deferred expense (benefit) 554 143 (3,818) Income tax expense (benefit) $ 851 $ 323 $ (2,678) |
Deferred Tax Assets And Liabilities | July 31, 2020 2019 Deferred tax assets (included in Other assets, net) $ 4 $ 631 Deferred tax liabilities (included in Other liabilities) (3) (76) Net deferred tax asset $ 1 $ 555 |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Summary Of Income Tax Expense | For the year ended July 31, 2020 2019 2018 Current expense $ 248 $ 150 $ 1,119 Deferred expense (benefit) 554 143 (3,818) Income tax expense (benefit) $ 802 $ 293 $ (2,699) |
Deferred Tax Assets And Liabilities | July 31, 2020 2019 Deferred tax assets (included in Other assets, net) $ 4 $ 631 Deferred tax liabilities (included in Other liabilities) (3) (76) Net deferred tax asset $ 1 $ 555 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Schedule of Lease Assets and Liabilities | Leases Classification July 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 107,349 Financing lease assets Other assets, net 41,426 Total leased assets $ 148,775 Liabilities Current Operating Current operating lease liabilities $ 29,345 Financing Other current liabilities 6,955 Noncurrent Operating Operating lease liabilities 89,022 Financing Other liabilities 33,473 Total leased liabilities $ 158,795 |
Schedule of Lease Costs | Leases expense Classification For the year ended July 31, 2020 Operating lease expense Operating expense - personnel, vehicle, plant and other $ 7,450 Operating expense - equipment lease expense 30,994 Cost of sales - propane and other gas liquids sales 1,553 General and administrative expense 1,490 Total operating lease expense $ 41,487 Short-term expense Operating expense - personnel, vehicle, plant and other $ 7,188 General and administrative expense 502 Total short-term expense $ 7,690 Variable lease expense Operating expense - personnel, vehicle, plant and other $ 2,883 Operating expense - equipment lease expense 1,642 Total variable lease expense $ 4,525 Finance lease expense: Amortization of leased assets Depreciation and amortization expense $ 2,613 Interest on lease liabilities Interest expense 1,060 Total finance lease expense $ 3,673 Total lease expense (a) $ 57,375 (a) As of July 31, 2020 Ferrellgas has also recognized $0.5 million of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to the various Midstream dispositions described in Note D – Acquisitions, dispositions and other significant transactions, and for which Ferrellgas does not anticipate any future economic benefit. |
Schedule of Minimum Annual Payments Under Existing Operating Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 34,686 $ 10,205 $ 44,891 27,006 9,580 36,586 35,712 7,646 43,358 17,999 7,076 25,075 12,701 7,085 19,786 Thereafter 21,396 10,453 31,849 Total lease payments $ 149,500 $ 52,045 $ 201,545 Less: Imputed interest 31,133 11,617 42,750 Present value of lease liabilities $ 118,367 $ 40,428 $ 158,795 |
Schedule of Minimum Annual Payments Under Existing Finance Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 34,686 $ 10,205 $ 44,891 27,006 9,580 36,586 35,712 7,646 43,358 17,999 7,076 25,075 12,701 7,085 19,786 Thereafter 21,396 10,453 31,849 Total lease payments $ 149,500 $ 52,045 $ 201,545 Less: Imputed interest 31,133 11,617 42,750 Present value of lease liabilities $ 118,367 $ 40,428 $ 158,795 |
Schedule of Operating and Finance Lease Assumptions | As of July 31, 2020 Lease type Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases Finance leases |
Schedule of Cash Flow Information | For the year ended July 31, 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 41,636 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 1,060 Financing cash flows $ 2,116 |
Schedule of Comparative Information ASC840 | Future minimum rental and buyout amounts by fiscal year 2020 2021 2022 2023 2024 Thereafter Operating lease obligations $ 44,392 $ 36,134 $ 26,312 $ 20,432 $ 17,196 $ 17,414 Operating lease buyouts $ 3,073 $ 4,371 $ 6,421 $ 3,527 $ 1,238 $ 14,433 Contract exit costs July 31, 2018 $ 11,804 Accretion 448 Cash payments and other (802) July 31, 2019 $ 11,450 Future minimum rental and buyout amounts by fiscal year 2020 2021 2022 2023 2024 Thereafter Operating lease obligations $ 44,392 $ 36,134 $ 26,312 $ 20,432 $ 17,196 $ 17,414 Operating lease buyouts $ 3,073 $ 4,371 $ 6,421 $ 3,527 $ 1,238 $ 14,433 Future minimum rental and buyout amounts by fiscal year 2020 2021 2022 2023 2024 Thereafter Operating lease obligations $ 44,392 $ 36,134 $ 26,312 $ 20,432 $ 17,196 $ 17,414 Operating lease buyouts $ 3,073 $ 4,371 $ 6,421 $ 3,527 $ 1,238 $ 14,433 Contract exit costs July 31, 2018 $ 11,804 Accretion 448 Cash payments and other (802) July 31, 2019 $ 11,450 Future minimum rental and buyout amounts by fiscal year 2020 2021 2022 2023 2024 Thereafter Operating lease obligations $ 44,392 $ 36,134 $ 26,312 $ 20,432 $ 17,196 $ 17,414 Operating lease buyouts $ 3,073 $ 4,371 $ 6,421 $ 3,527 $ 1,238 $ 14,433 Contract exit costs July 31, 2018 $ 11,804 Accretion 448 Cash payments and other (802) July 31, 2019 $ 11,450 |
Ferrellgas, L.P. [Member] | |
Schedule of Lease Assets and Liabilities | Leases Classification July 31, 2020 Assets Operating lease assets Operating lease right-of-use assets $ 107,349 Financing lease assets Other assets, net 41,426 Total leased assets $ 148,775 Liabilities Current Operating Current operating lease liabilities $ 29,345 Financing Other current liabilities 6,955 Noncurrent Operating Operating lease liabilities 89,022 Financing Other liabilities 33,473 Total leased liabilities $ 158,795 |
Schedule of Lease Costs | Leases expense Classification For the year ended July 31, 2020 Operating lease expense Operating expense - personnel, vehicle, plant and other $ 7,450 Operating expense - equipment lease expense 30,994 Cost of sales - propane and other gas liquids sales 1,553 General and administrative expense 1,490 Total operating lease expense $ 41,487 Short-term expense Operating expense - personnel, vehicle, plant and other $ 7,188 General and administrative expense 502 Total short-term expense $ 7,690 Variable lease expense Operating expense - personnel, vehicle, plant and other $ 2,883 Operating expense - equipment lease expense 1,642 Total variable lease expense $ 4,525 Finance lease expense: Amortization of leased assets Depreciation and amortization expense $ 2,613 Interest on lease liabilities Interest expense 1,060 Total finance lease expense $ 3,673 Total lease expense (a) $ 57,375 (a) As of July 31, 2020 Ferrellgas, L.P. has also recognized $0.5 million of expense related to the accretion of lease exit costs associated with a crude oil storage agreement that is no longer being utilized, primarily due to the various Midstream dispositions described in Note D – Acquisitions, dispositions and other significant transactions, and for which Ferrellgas, L.P. does not anticipate any future economic benefit. |
Schedule of Minimum Annual Payments Under Existing Operating Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 34,686 $ 10,205 $ 44,891 27,006 9,580 36,586 35,712 7,646 43,358 17,999 7,076 25,075 12,701 7,085 19,786 Thereafter 21,396 10,453 31,849 Total lease payments $ 149,500 $ 52,045 $ 201,545 Less: Imputed interest 31,133 11,617 42,750 Present value of lease liabilities $ 118,367 $ 40,428 $ 158,795 |
Schedule of Minimum Annual Payments Under Existing Finance Leases | Maturities of lease liabilities Operating leases Finance leases Total $ 34,686 $ 10,205 $ 44,891 27,006 9,580 36,586 35,712 7,646 43,358 17,999 7,076 25,075 12,701 7,085 19,786 Thereafter 21,396 10,453 31,849 Total lease payments $ 149,500 $ 52,045 $ 201,545 Less: Imputed interest 31,133 11,617 42,750 Present value of lease liabilities $ 118,367 $ 40,428 $ 158,795 |
Schedule of Operating and Finance Lease Assumptions | As of July 31, 2020 Lease type Weighted-average remaining lease term (years) Weighted-average discount rate Operating leases Finance leases |
Schedule of Cash Flow Information | For the year ended July 31, 2020 Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows $ 41,636 Cash paid for amounts included in the measurement of lease liabilities for financing leases: Operating cash flows $ 1,060 Financing cash flows $ 2,116 |
Schedule of Comparative Information ASC840 | Future minimum rental and buyout amounts by fiscal year 2020 2021 2022 2023 2024 Thereafter Operating lease obligations $ 44,392 $ 36,134 $ 26,312 $ 20,432 $ 17,196 $ 17,414 Operating lease buyouts $ 3,073 $ 4,371 $ 6,421 $ 3,527 $ 1,238 $ 14,433 Contract exit costs July 31, 2018 $ 11,804 Accretion 448 Cash payments and other (802) July 31, 2019 $ 11,450 Future minimum rental and buyout amounts by fiscal year 2020 2021 2022 2023 2024 Thereafter Operating lease obligations $ 44,392 $ 36,134 $ 26,312 $ 20,432 $ 17,196 $ 17,414 Operating lease buyouts $ 3,073 $ 4,371 $ 6,421 $ 3,527 $ 1,238 $ 14,433 Contract exit costs July 31, 2018 $ 11,804 Accretion 448 Cash payments and other (802) July 31, 2019 $ 11,450 |
Acquisitions, dispositions an_2
Acquisitions, dispositions and other significant transactions (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Business Acquisition [Line Items] | |
Schedule of Loss on Assets Sales and Disposals | For the year ended July 31, 2020 2019 2018 Loss on sale of: Propane-related accessories reporting unit $ — $ — $ 15,194 Midstream trucking, water disposal & terminal assets — 2,679 120,240 Midstream railcars — — 36,762 Bridger Energy — — 4,002 Other 7,924 8,289 11,201 Loss on asset sales and disposals $ 7,924 $ 10,968 $ 187,399 |
Ferrellgas, L.P. [Member] | |
Business Acquisition [Line Items] | |
Schedule of Loss on Assets Sales and Disposals | For the year ended July 31, 2020 2019 2018 Loss on sale of: Propane-related accessories reporting unit $ — $ — $ 15,194 Midstream trucking, water disposal & terminal assets — 2,679 120,240 Midstream railcars — — 36,762 Bridger Energy — — 4,002 Other 7,924 8,289 11,201 Loss on asset sales and disposals $ 7,924 $ 10,968 $ 187,399 |
Propane and related equipment sales [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Funding Of Acquisitions | For the year ended July 31, 2020 2019 2018 Cash payments, net of cash acquired $ 10,195 $ 13,551 $ 18,141 Issuance of liabilities and other costs and considerations 975 1,650 2,426 Aggregate fair value of transactions $ 11,170 $ 15,201 $ 20,567 |
Aggregate Fair Value Of Transaction | For the year ended July 31, 2020 2019 2018 Working capital $ — $ 31 $ 758 Customer tanks, buildings, land and other 6,598 11,560 10,022 Goodwill — 1,410 — Customer lists 738 1,272 7,758 Non-compete agreements 3,834 928 2,029 Aggregate fair value of net assets acquired $ 11,170 $ 15,201 $ 20,567 |
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | |
Business Acquisition [Line Items] | |
Schedule Of Funding Of Acquisitions | For the year ended July 31, 2020 2019 2018 Cash payments, net of cash acquired $ 10,195 $ 13,551 $ 18,141 Issuance of liabilities and other costs and considerations 975 1,650 2,426 Aggregate fair value of transactions $ 11,170 $ 15,201 $ 20,567 |
Aggregate Fair Value Of Transaction | For the year ended July 31, 2020 2019 2018 Working capital $ — $ 31 $ 758 Customer tanks, buildings, land and other 6,598 11,560 10,022 Goodwill — 1,410 — Customer lists 738 1,272 7,758 Non-compete agreements 3,834 928 2,029 Aggregate fair value of net assets acquired $ 11,170 $ 15,201 $ 20,567 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Supplemental Financial Statement Information [Line Items] | |
Schedule Of Inventories | July 31, 2020 July 31, 2019 Propane gas and related products $ 58,733 $ 66,001 Appliances, parts and supplies, and other 13,931 14,453 Inventories $ 72,664 $ 80,454 |
Property, Plant And Equipment | Estimated useful lives July 31, 2020 July 31, 2019 Land Indefinite $ 39,585 $ 35,165 Land improvements 2-20 14,998 14,149 Buildings and improvements 20 88,349 86,444 Vehicles, including transport trailers 8-20 105,184 111,283 Bulk equipment and district facilities 5-30 111,019 109,751 Tanks, cylinders and customer equipment 2-30 784,466 779,827 Computer and office equipment 2-5 112,582 111,838 Construction in progress n/a 6,889 7,061 1,263,072 1,255,518 Less: accumulated depreciation 672,030 658,795 Property, plant and equipment, net $ 591,042 $ 596,723 |
Prepaid Expenses and Other Current Assets | July 31, 2020 July 31, 2019 Broker margin deposit assets $ 14,398 $ 25,028 Other 21,546 17,247 Prepaid expenses and other current assets $ 35,944 $ 42,275 |
Other Assets | July 31, 2020 July 31, 2019 Notes receivable, less current portion and allowance $ 5,330 $ 16,216 Finance lease right-of-use assets 41,426 — Other 27,992 52,889 Other assets, net $ 74,748 $ 69,105 |
Other Current Liabilities | July 31, 2020 July 31, 2019 Accrued interest $ 53,841 $ 20,484 Customer deposits and advances 32,257 24,686 Accrued payroll 18,375 17,356 Accrued insurance 14,796 18,524 Price risk management liabilities 5,029 14,198 Other 43,168 42,989 Other current liabilities $ 167,466 $ 138,237 |
Shipping And Handling Expenses | For the year ended July 31, 2020 2019 2018 Operating expense - personnel, vehicle, plant and other $ 219,598 $ 215,780 $ 195,646 Depreciation and amortization expense 9,857 6,375 4,947 Operating expense - equipment lease expense 32,518 30,759 25,765 $ 261,973 $ 252,914 $ 226,358 |
Cash and Cash Equivalents | July 31, 2020 July 31, 2019 Cash and cash equivalents $ 238,002 $ 11,054 Restricted cash (1) 95,759 — Cash, cash equivalents and restricted cash $ 333,761 $ 11,054 (1) The $95.8 million of restricted cash includes $78.2 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 $6.1 million of additional pledged collateral. For additional discussion see Note I – Debt. |
Cash Flow Supplemental Disclosures | For the year ended July 31, 2020 2019 2018 Cash paid (refunded) for: Interest $ 147,402 $ 166,897 $ 159,271 Income taxes $ 289 $ 141 $ (291) Non-cash investing and financing activities: Liability incurred in connection with Term Loan amendment $ 8,863 $ — — Liabilities incurred in connection with acquisitions $ 975 $ 1,650 $ 1,993 Change in accruals for property, plant and equipment additions $ 216 $ 1,132 $ 264 Lease liabilities arising from operating right-of-use assets $ 14,938 $ — $ — Lease liabilities arising from finance right-of-use assets $ 45,455 $ — $ — |
Ferrellgas, L.P. [Member] | |
Supplemental Financial Statement Information [Line Items] | |
Schedule Of Inventories | July 31, 2020 July 31, 2019 Propane gas and related products $ 58,733 $ 66,001 Appliances, parts and supplies, and other 13,931 14,453 Inventories $ 72,664 $ 80,454 |
Property, Plant And Equipment | Estimated useful lives July 31, 2020 July 31, 2019 Land Indefinite $ 39,585 $ 35,165 Land improvements 2-20 14,998 14,149 Buildings and improvements 20 88,349 86,444 Vehicles, including transport trailers 8-20 105,184 111,283 Bulk equipment and district facilities 5-30 111,019 109,751 Tanks, cylinders and customer equipment 2-30 784,466 779,827 Computer and office equipment 2-5 112,582 111,838 Construction in progress n/a 6,889 7,061 1,263,072 1,255,518 Less: accumulated depreciation 672,030 658,795 Property, plant and equipment, net $ 591,042 $ 596,723 |
Prepaid Expenses and Other Current Assets | July 31, 2020 July 31, 2019 Broker margin deposit assets $ 14,398 $ 25,028 Other 21,499 17,129 Prepaid expenses and other current assets $ 35,897 $ 42,157 |
Other Assets | July 31, 2020 July 31, 2019 Notes receivable, less current portion and allowance $ 5,330 $ 16,216 Finance lease right-of-use assets 41,426 — Other 27,992 52,889 Other assets, net $ 74,748 $ 69,105 |
Other Current Liabilities | July 31, 2020 July 31, 2019 Accrued interest $ 34,511 $ 16,550 Customer deposits and advances 32,257 24,686 Accrued payroll 18,375 17,356 Accrued insurance 14,796 18,524 Price risk management liabilities 5,029 14,198 Other 43,168 42,989 Other current liabilities $ 148,136 $ 134,303 |
Shipping And Handling Expenses | For the year ended July 31, 2020 2019 2018 Operating expense - personnel, vehicle, plant and other $ 219,598 $ 215,780 $ 195,646 Depreciation and amortization expense 9,857 6,375 4,947 Operating expense - equipment lease expense 32,518 30,759 25,765 $ 261,973 $ 252,914 $ 226,358 |
Cash and Cash Equivalents | July 31, 2020 July 31, 2019 Cash and cash equivalents $ 237,996 $ 11,046 Restricted cash (1) 95,759 — Cash, cash equivalents and restricted cash $ 333,755 $ 11,046 (1) The $95.8 million of restricted cash includes $78.2 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 $6.1 million of additional pledged collateral. For additional discussion see Note I – Debt. |
Cash Flow Supplemental Disclosures | For the year ended July 31, 2020 2019 2018 Cash paid (refunded) for: Interest $ 132,006 $ 136,106 $ 128,479 Income taxes $ 241 $ 111 $ (311) Non-cash investing and financing activities: Liability incurred in connection with Term Loan amendment $ 8,863 $ — $ — Liabilities incurred in connection with acquisitions $ 975 $ 1,650 $ 1,993 Change in accruals for property, plant and equipment additions $ 216 $ 1,132 $ 264 Lease liabilities arising from operating right-of-use assets $ 14,938 $ — $ — Lease liabilities arising from finance right-of-use assets $ 45,455 $ — $ — |
Accounts And Notes Receivable_2
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts And Notes Receivable | July 31, 2020 July 31, 2019 Accounts receivable pledged as collateral $ 103,703 $ 106,145 Accounts receivable not pledged as collateral (including other reserves) (825) 1,218 Note receivable 12,648 2,660 Other 36 36 Less: Allowance for doubtful accounts (14,124) (2,463) Accounts and notes receivable, net $ 101,438 $ 107,596 |
Ferrellgas, L.P. [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Accounts And Notes Receivable | July 31, 2020 July 31, 2019 Accounts receivable pledged as collateral $ 103,703 $ 106,145 Accounts receivable not pledged as collateral (including other reserves) (825) 1,218 Note receivable 12,648 2,660 Other 36 36 Less: Allowance for doubtful accounts (14,124) (2,463) Accounts and notes receivable, net $ 101,438 $ 107,596 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets, Net (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Goodwill And Intangible Assets, Net | July 31, 2020 July 31, 2019 Gross Carrying Accumulated Gross Carrying Accumulated Amount Amortization Net Amount Amortization Net Goodwill, net $ 247,195 $ — $ 247,195 $ 247,195 $ — $ 247,195 Intangible assets, net Amortized intangible assets Customer related $ 446,486 $ (397,843) $ 48,643 $ 442,652 $ (390,052) $ 52,600 Non-compete agreements 26,319 (21,934) 4,385 25,582 (20,645) 4,937 Other 3,513 (3,513) — 3,513 (3,513) — 476,318 (423,290) 53,028 471,747 (414,210) 57,537 Unamortized intangible assets Trade names & trademarks 51,021 — 51,021 51,020 — 51,020 Total intangible assets, net $ 527,339 $ (423,290) $ 104,049 $ 522,767 $ (414,210) $ 108,557 |
Schedule of Goodwill Rollforward | Propane operations and related equipment sales Balance July 31, 2018 $ 246,098 Acquisitions 1,410 Other (313) Balance July 31, 2019 247,195 Acquisitions — Other — Balance July 31, 2020 $ 247,195 |
Schedule Of Aggregate Amortization Expense | For the year ended July 31, 2020 $ 9,079 2019 14,581 2018 31,345 |
Schedule Of Estimated Amortization Expense | For the year ended July 31, 2021 $ 8,711 2022 7,322 2023 6,995 2024 6,720 2025 4,719 |
Ferrellgas, L.P. [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Goodwill And Intangible Assets, Net | July 31, 2020 July 31, 2019 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Net Amount Amortization Net Goodwill, net $ 247,195 $ — $ 247,195 $ 247,195 $ — $ 247,195 Intangible assets, net Amortized intangible assets Customer related $ 446,486 $ (397,843) $ 48,643 $ 442,652 $ (390,052) $ 52,600 Non-compete agreements 26,319 (21,934) 4,385 25,582 (20,645) 4,937 Other 3,513 (3,513) — 3,513 (3,513) — 476,318 (423,290) 53,028 471,747 (414,210) 57,537 Unamortized intangible assets Trade names & trademarks 51,021 — 51,021 51,020 — 51,020 Total intangible assets, net $ 527,339 $ (423,290) $ 104,049 $ 522,767 $ (414,210) $ 108,557 |
Schedule of Goodwill Rollforward | Propane operations and related equipment sales Balance July 31, 2018 $ 246,098 Acquisitions 1,410 Other (313) Balance July 31, 2019 247,195 Acquisitions — Other — Balance July 31, 2020 $ 247,195 |
Schedule Of Aggregate Amortization Expense | For the year ended July 31, 2020 $ 9,079 2019 14,581 2018 31,345 |
Schedule Of Estimated Amortization Expense | For the year ended July 31, 2021 $ 8,711 2022 7,322 2023 6,995 2024 6,720 2025 4,719 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Debt Components | July 31, 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 $937 and $1,633 at July 31, 2020 and 2019, respectively (3) 475,937 476,633 Fixed rate, 8.625%, due 2020, net of unamortized discount of $0 and $1,319 at July 31, 2020 and 2019, respectively (4) 357,000 355,681 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,573 at July 31, 2020 (5) 703,573 — Senior secured term loan Variable interest rate, Term Loan (6) — 275,000 Notes payable 9.4% and 10.7% weighted average interest rate at July 31, 2020 and 2019, respectively, due 2020 to 2029, net of unamortized discount of $537 and $711 at July 31, 2020 and 2019, respectively 4,564 5,962 Total debt, excluding unamortized debt issuance and other costs 2,541,074 2,113,276 Unamortized debt issuance and other costs (35,583) (24,516) Less: current portion of long-term debt 859,095 631,756 Long-term debt $ 1,646,396 $ 1,457,004 (1) During November 2010, the operating partnership issued $500.0 million 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 aggregate principal amount of 6.75% senior notes due 2023. 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 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 June 15, 2023. The operating partnership would incur prepayment penalties if it were to repay the notes prior to June 2021. (3) During fiscal 2014, the operating partnership issued $475.0 million 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 January 15, 2022. (4) During January 2017, Ferrellgas Partners issued $175.0 million 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 unsecured 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 was due on June 15, 2020 but has not been repaid. (5) During April 2020, the operating partnership issued $700.0 million 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 consolidated statement of operations. |
Scheduled Annual Principal Payments On Long-term Debt | Scheduled Payment due by fiscal year principal payments 2021 (a) $ 859,120 2022 476,435 2023 500,999 2024 329 2025 700,199 Thereafter 19 Total $ 2,537,101 (a) Includes the Ferrellgas Partners Notes, which matured on June 15, 2020 but have not yet been repaid. |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
Schedule of Debt Components | July 31, 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 $937 and $1,633 at July 31, 2020 and 2019, respectively (3) 475,937 476,633 Secured senior notes Fixed rate, 10.00%, due 2025, net of unamortized premium of $3,573 at July 31, 2020 (4) 703,573 — Senior secured term loan Variable interest rate, Term Loan (5) — 275,000 Notes payable 9.4% and 10.7% weighted average interest rate at July 31, 2020 and July 31, 2019, respectively, due 2020 to 2029, net of unamortized discount of $537 and $711 at July 31, 2020 and July 31, 2019, respectively 4,564 5,962 Total debt, excluding unamortized debt issuance and other costs 2,184,074 1,757,595 Unamortized debt issuance and other costs (35,583) (23,562) Less: current portion of long-term debt 502,095 277,029 Long-term debt $ 1,646,396 $ 1,457,004 (1) During November 2010, Ferrellgas, L.P. issued $500.0 million 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 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 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 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 consolidated statement of operations. |
Scheduled Annual Principal Payments On Long-term Debt | Payment due by fiscal year Scheduled 2021 $ 502,120 2022 476,435 2023 500,999 2024 329 2025 700,199 Thereafter 19 Total $ 2,180,101 |
Partners' deficit (Tables)
Partners' deficit (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Limited Partners' Capital Account [Line Items] | |
Limited Partner Units | July 31, 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 July 31, 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 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’ total beneficial ownership to 23.4%. (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 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 year ended July 31, 2020 2019 2018 Public common unitholders $ — $ 6,962 $ 27,846 Ferrell Companies — 2,253 9,012 FCI Trading Corp. — 20 80 Ferrell Propane, Inc. — 5 20 James E. Ferrell — 476 1,904 General partner — 98 392 $ — $ 9,814 $ 39,254 |
Ferrellgas, L.P. [Member] | |
Limited Partners' Capital Account [Line Items] | |
Ferrellgas Recognized Cash Distributions | For the year ended July 31, 2020 2019 2018 Ferrellgas Partners $ 15,496 $ 40,706 $ 70,246 General partner 158 415 716 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | For the year ended July 31, 2020 2019 2018 Retail - Sales to End Users $ 964,087 $ 1,128,991 $ 1,082,046 Wholesale - Sales to Resellers 430,435 419,349 448,943 Other Gas Sales 21,269 60,518 111,987 Other 82,035 75,534 147,847 Propane and related equipment revenues $ 1,497,826 $ 1,684,392 $ 1,790,823 |
Contract with Customer, Asset and Liability [Table Text Block] | July 31, 2020 July 31, 2019 Accounts receivable $ 108,483 $ 96,450 Contract assets $ 7,079 $ 13,609 Contract liabilities Deferred revenue (1) $ 42,911 $ 31,974 (1) Of the beginning balance of deferred revenue, $29.8 million was recognized as revenue during the year ended July 31, 2020. |
Ferrellgas, L.P. [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue [Table Text Block] | For the year ended July 31, 2020 2019 2018 Retail - Sales to End Users $ 964,087 $ 1,128,991 $ 1,082,046 Wholesale - Sales to Resellers 430,435 419,349 448,943 Other Gas Sales 21,269 60,518 111,987 Other 82,035 75,534 147,847 Propane and related equipment revenues $ 1,497,826 $ 1,684,392 $ 1,790,823 |
Contract with Customer, Asset and Liability [Table Text Block] | July 31, 2020 July 31, 2019 Accounts receivable $ 108,483 $ 96,450 Contract assets $ 7,079 $ 13,609 Contract liabilities Deferred revenue (1) $ 42,911 $ 31,974 (1) Of the beginning balance of deferred revenue, $29.8 million was recognized as revenue during the year ended July 31, 2020. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Jul. 31, 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 July 31, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 3,112 $ — $ 3,112 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (5,425) $ — $ (5,425) 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 July 31, 2020: Assets: Derivative financial instruments: Commodity derivatives $ — $ 3,112 $ — $ 3,112 Liabilities: Derivative financial instruments: Commodity derivatives $ — $ (5,425) $ — $ (5,425) 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) | 12 Months Ended |
Jul. 31, 2020 | |
Fair Value of Financial Derivatives Balance Sheet Locations | Final July 31, 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 $ 2,846 Other current liabilities $ 5,029 Commodity derivatives-propane Other assets, net 266 Other liabilities 396 Total $ 3,112 Total $ 5,425 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] | July 31, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 14,398 Other current liabilities $ 510 Other assets, net 1,433 Other liabilities — $ 15,831 $ 510 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 |
Fair Value Hedge Derivative Effect on Earnings | Amount of Interest Expense Amount of Gain Recognized on Recognized on Fixed-Rated Debt Location of Gain Derivative (Related Hedged Item) Recognized on For the year ended July 31, For the year ended July 31, Derivative Instrument Derivative 2020 2019 2018 2020 2019 2018 Interest rate swap agreements Interest expense $ — $ — $ 266 $ — $ — $ (6,825) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | For the year ended July 31, 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 $ (22,872) Cost of product sold- propane and other gas liquids sales $ (35,315) $ — $ (22,872) $ (35,315) $ — For the year ended July 31, 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 $ (48,184) Cost of product sold- propane and other gas liquids sales $ (12,868) $ — $ (48,184) $ (12,868) $ — For the year ended July 31, 2018 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 $ 30,231 Cost of sales-propane and other gas liquids sales $ 24,714 $ — Interest rate swap agreements — (395) — $ 30,231 $ 24,319 $ — |
Derivatives not designated as hedging instruments effect on earnings | For the year ended July 31, 2018 Amount of Gain (Loss) Location of Gain (Loss) Derivatives Not Designated as Hedging Instruments Recognized in Income Reclassified in Income Commodity derivatives - crude oil $ (3,470) Cost of sales - midstream operations |
Changes in Derivatives Included in Accumulated Other Comprehensive Income | For the year ended July 31, Gains and losses on derivatives included in AOCI 2020 2019 2018 Beginning balance $ (14,756) $ 20,560 $ 14,648 Change in value of risk management commodity derivatives (22,872) (48,184) 30,231 Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 35,315 12,868 (24,714) Reclassification of losses on interest rate hedges to interest expense — — 395 Ending balance $ (2,313) $ (14,756) $ 20,560 |
Changes in Derivative Value Effect on Other Comprehensive Income Loss, pre-adoption | For the year ended July 31, Gains and losses on derivatives included in AOCI 2020 2019 2018 Beginning balance $ (14,756) $ 20,560 $ 14,648 Change in value of risk management commodity derivatives (22,872) (48,184) 30,231 Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 35,315 12,868 (24,714) Reclassification of losses on interest rate hedges to interest expense — — 395 Ending balance $ (2,313) $ (14,756) $ 20,560 |
Ferrellgas, L.P. [Member] | |
Fair Value of Financial Derivatives Balance Sheet Locations | Final July 31, 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 $ 2,846 Other current liabilities $ 5,029 Commodity derivatives-propane Other assets, net 266 Other liabilities 396 Total $ 3,112 Total $ 5,425 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] | July 31, 2020 Assets Liabilities Description Location Amount Location Amount Margin Balances Prepaid expense and other current assets $ 14,398 Other current liabilities $ 510 Other assets, net 1,433 Other liabilities — $ 15,831 $ 510 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 |
Fair Value Hedge Derivative Effect on Earnings | Amount of Interest Expense Location of Gain Amount of Gain Recognized on Recognized on Fixed-Rated Debt Recognized on Derivative (Related Hedged Item) Derivative Instrument Derivative For the year ended July 31, For the year ended July 31, 2020 2019 2018 2020 2019 2018 Interest rate swap agreements Interest expense $ — $ — $ 266 $ — $ — $ (6,825) |
Cash Flow Hedge Derivative Effect on Comprehensive Income | For the year ended July 31, 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 $ (22,872) Cost of product sold- propane and other gas liquids sales $ (35,315) $ — $ (22,872) $ (35,315) $ — For the year ended July 31, 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 $ (48,184) Cost of product sold- propane and other gas liquids sales $ (12,868) $ — $ (48,184) $ (12,868) $ — For the year ended July 31, 2018 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 $ 30,231 Cost of sales-propane and other gas liquids sales $ 24,714 $ — Interest rate swap agreements — (395) $ 30,231 $ 24,319 $ — |
Derivatives not designated as hedging instruments effect on earnings | For the year ended July 31, 2018 Amount of Gain (Loss) Location of Gain (Loss) Derivatives Not Designated as Hedging Instruments Recognized in Income Reclassified in Income Commodity derivatives - crude oil $ (3,470) Cost of sales - midstream operations |
Changes in Derivatives Included in Accumulated Other Comprehensive Income | For the year ended July 31, Gains and losses on derivatives included in AOCI 2020 2019 2018 Beginning balance $ (14,756) $ 20,560 $ 14,648 Change in value of risk management commodity derivatives (22,872) (48,184) 30,231 Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 35,315 12,868 (24,714) Reclassification of losses on interest rate hedges to interest expense — — 395 Ending balance $ (2,313) $ (14,756) $ 20,560 |
Changes in Derivative Value Effect on Other Comprehensive Income Loss, pre-adoption | For the year ended July 31, Gains and losses on derivatives included in AOCI 2020 2019 2018 Beginning balance $ (14,756) $ 20,560 $ 14,648 Change in value of risk management commodity derivatives (22,872) (48,184) 30,231 Reclassification of (gains) losses on commodity hedges to cost of sales - propane and other gas liquids sales, net 35,315 12,868 (24,714) Reclassification of losses on interest rate hedges to interest expense — — 395 Ending balance $ (2,313) $ (14,756) $ 20,560 |
Transactions With Related Par_2
Transactions With Related Parties (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Related Party Transaction [Line Items] | |
Allocation Of Transactions With Related Parties | For the year ended July 31, 2020 2019 2018 Operating expense $ 260,427 $ 256,190 $ 243,407 General and administrative expense $ 29,859 $ 25,368 $ 28,282 |
Ferrellgas, L.P. [Member] | |
Related Party Transaction [Line Items] | |
Allocation Of Transactions With Related Parties | For the year ended July 31, 2020 2019 2018 Operating expense $ 260,427 $ 256,190 $ 243,407 General and administrative expense $ 29,859 $ 25,368 $ 28,282 |
Net Earnings (Loss) Per Commo_2
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) | 12 Months Ended |
Jul. 31, 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 year ended July 31, 2020 2019 2018 Common unitholders’ interest in net loss $ (81,674) $ (63,605) $ (252,035) Weighted average common units outstanding (in thousands) 97,152.7 97,152.7 97,152.7 Basic and diluted net loss per common unit $ (0.84) $ (0.65) $ (2.59) |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Jul. 31, 2020 | |
Interim Period, Costs Not Allocable [Line Items] | |
Summarized Unaudited Quarterly Data | For the year ended July 31, 2020 First quarter Second quarter Third quarter Fourth quarter Revenues $ 293,214 $ 510,833 $ 412,130 $ 281,649 Gross margin from propane and other gas liquids sales (a) 139,357 247,404 215,480 140,497 Net earnings (loss) (b) (45,717) 48,791 (15,471) (70,605) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (45,344) 48,207 (15,393) (69,969) Common unitholders’ interest in net earnings (loss) (44,891) 47,725 (15,239) (69,269) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.46) $ 0.49 $ (0.16) $ (0.71) For the year ended July 31, 2019 First quarter Second quarter Third quarter Fourth quarter Revenues $ 352,309 $ 573,377 $ 479,625 $ 279,081 Gross margin from propane and other gas liquids sales (a) 130,830 238,581 209,167 127,764 Net earnings (loss) (57,508) 43,875 20,760 (71,672) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (57,015) 43,344 20,461 (71,037) Common unitholders’ interest in net earnings (loss) (56,445) 42,911 20,256 (70,327) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.58) $ 0.44 $ 0.21 $ (0.72) For the year ended July 31, 2018 First quarter Second quarter Third quarter Fourth quarter Revenues $ 454,655 $ 755,156 $ 515,810 $ 347,521 Gross margin from propane and other gas liquids sales (a) 123,243 229,321 190,883 126,115 Gross margin from midstream operations (c) 12,635 10,209 8,077 (4,161) Net earnings (loss) (d) (48,316) (1,774) 11,062 (217,797) Net earnings (loss) attributable to Ferrellgas Partners, L.P. (47,915) (1,843) 10,861 (215,684) Common unitholders’ interest in net earnings (loss) (47,436) (1,824) 10,752 (213,527) Basic and diluted net earnings (loss) per common unitholders’ interest $ (0.49) $ (0.02) $ 0.11 $ (2.20) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Includes loss on extinguishment of debt of $37.4 million in the third quarter of fiscal 2020. (c) Gross margin from “Midstream operations” represents “Revenues - midstream operations” less “Cost of sales - midstream operations.” Includes asset impairment charges of $10.0 million in the second quarter of fiscal 2018. |
Ferrellgas, L.P. [Member] | |
Interim Period, Costs Not Allocable [Line Items] | |
Summarized Unaudited Quarterly Data | . For the year ended July 31, 2020 First quarter Second quarter Third quarter Fourth quarter Revenues $ 293,214 $ 510,833 $ 412,130 $ 281,649 Gross margin from propane and other gas liquids sales (a) 139,357 247,404 215,480 140,497 Net earnings (loss) (b) $ (36,898) $ 57,756 $ (7,720) $ (62,902) For the year ended July 31, 2019 First quarter Second quarter Third quarter Fourth quarter Revenues $ 352,309 $ 573,377 $ 479,625 $ 279,081 Gross margin from propane and other gas liquids sales (a) 130,830 238,581 209,167 127,764 Net earnings (loss) $ (48,814) $ 52,617 $ 29,554 $ (62,874) For the year ended July 31, 2018 First quarter Second quarter Third quarter Fourth quarter Revenues $ 454,655 $ 755,156 $ 515,810 $ 347,521 Gross margin from propane and other gas liquids sales (a) 123,243 229,321 190,883 126,115 Gross margin from midstream operations (c) 12,635 10,209 8,077 (4,161) Net earnings (loss) (d) $ (39,699) $ 6,847 $ 19,840 $ (209,134) (a) Gross margin from “Propane and other gas liquids sales” represents “Revenues - propane and other gas liquids sales” less “Cost of sales – propane and other gas liquids sales.” (b) Includes loss on extinguishment of debt of $37.4 million in the third quarter of fiscal 2020. (c) Gross margin from “Midstream operations” represents “Revenues - midstream operations” less “Cost of sales - midstream operations.” Includes asset impairment charges of $10.0 million in the second quarter of fiscal 2018. |
Guarantor financial informati_2
Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] | 12 Months Ended |
Jul. 31, 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 July 31, 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 $ 332,244 $ 1 $ — $ 1,510 $ — $ 333,755 Accounts and notes receivable, net 11,879 — 24 89,535 — 101,438 Intercompany receivables 69,980 — — — (69,980) — Inventories 72,664 — — — — 72,664 Prepaid expenses and other current assets 35,897 — — — — 35,897 Total current assets 522,664 1 24 91,045 (69,980) 543,754 Property, plant and equipment, net 591,042 — — — — 591,042 Goodwill, net 247,195 — — — — 247,195 Intangible assets, net 104,049 — — — — 104,049 Investments in consolidated subsidiaries 37,662 — — — (37,662) — Operating lease right-of-use assets 107,349 — — — — 107,349 Other assets, net 72,137 — 2,255 356 — 74,748 Total assets $ 1,682,098 $ 1 $ 2,279 $ 91,401 $ (107,642) $ 1,668,137 LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) Current liabilities: Accounts payable $ 33,944 $ — $ — $ — $ — $ 33,944 Intercompany payables — — — 69,980 (69,980) — Current portion of long-term debt 502,095 — — — — 502,095 Current operating lease liabilities 29,345 — — — — 29,345 Other current liabilities 162,097 — — (13,961) — 148,136 Total current liabilities 727,481 — — 56,019 (69,980) 713,520 Long-term debt 1,646,396 — — — — 1,646,396 Operating lease liabilities 89,022 — — — — 89,022 Other liabilities 51,190 — — — — 51,190 Contingencies and commitments Partners' capital (deficit): Partners' equity (829,678) 1 2,279 35,382 (37,662) (829,678) Accumulated other comprehensive loss (2,313) — — — — (2,313) Total partners' capital (deficit) (831,991) 1 2,279 35,382 (37,662) (831,991) Total liabilities and partners' capital (deficit) $ 1,682,098 $ 1 $ 2,279 $ 91,401 $ (107,642) $ 1,668,137 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] | For the year ended July 31, 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 $ 1,415,791 $ — $ — $ — $ — $ 1,415,791 Other 82,035 — — — — 82,035 Total revenues 1,497,826 — — — — 1,497,826 Costs and expenses: Cost of sales - propane and other gas liquids sales 673,053 — — — — 673,053 Cost of sales - other 13,003 — — — — 13,003 Operating expense - personnel, vehicle, plant and other 493,055 — — 3,950 (3,950) 493,055 Operating expense - equipment lease expense 33,017 — — — — 33,017 Depreciation and amortization expense 80,025 — — 456 — 80,481 General and administrative expense 45,630 6 — — — 45,636 Non-cash employee stock ownership plan compensation charge 2,871 — — — — 2,871 Loss on asset sales and disposals 7,924 — — — — 7,924 Operating income (loss) 149,248 (6) — (4,406) 3,950 148,786 Interest expense (156,286) — — (3,603) — (159,889) Loss on extinguishment of debt (37,399) — — — — (37,399) Other income (expense), net (360) — (100) 5,671 (5,671) (460) Earnings (loss) before income taxes (44,797) (6) (100) (2,338) (1,721) (48,962) Income tax expense 802 — — — — 802 Equity in earnings (loss) of subsidiary (2,444) — — — 2,444 — Net earnings (loss) (48,043) (6) (100) (2,338) 723 (49,764) Other comprehensive loss 12,334 — — — — 12,334 Comprehensive income (loss) $ (35,709) $ (6) $ (100) $ (2,338) $ 723 $ (37,430) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 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 $ 1,608,858 $ — $ — $ — $ — $ 1,608,858 Other 75,485 — 49 — — 75,534 Total revenues 1,684,343 — 49 — — 1,684,392 Costs and expenses: Cost of sales - propane and other gas liquids sales 902,516 — — — — 902,516 Cost of sales - other 11,292 — 114 — — 11,406 Operating expense - personnel, vehicle, plant and other 469,652 — 37 3,589 (4,410) 468,868 Operating expense - equipment lease expense 33,073 — — — — 33,073 Depreciation and amortization expense 78,400 — — 446 — 78,846 General and administrative expense 59,974 6 — — — 59,980 Non-cash employee stock ownership plan compensation charge 5,693 — — — — 5,693 Loss on asset sales and disposals 8,289 — 2,679 — — 10,968 Operating income (loss) 115,454 (6) (2,781) (4,035) 4,410 113,042 Interest expense (132,929) — (38) (9,668) — (142,635) Other income (expense), net 428 — (59) 4,410 (4,410) 369 Earnings (loss) before income taxes (17,047) (6) (2,878) (9,293) — (29,224) Income tax expense (benefit) 105 — 188 — — 293 Equity in earnings (loss) of subsidiary (12,365) — — — 12,365 — Net earnings (loss) (29,517) (6) (3,066) (9,293) 12,365 (29,517) Other comprehensive loss (35,380) — — — — (35,380) Comprehensive income (loss) $ (64,897) $ (6) $ (3,066) $ (9,293) $ 12,365 $ (64,897) FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (in thousands) For the year ended July 31, 2018 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 $ 1,642,155 $ — $ 821 $ — $ — $ 1,642,976 Midstream operations — — 282,319 — — 282,319 Other 72,954 — 74,893 — — 147,847 Total revenues 1,715,109 — 358,033 — — 2,073,142 Costs and expenses: Cost of sales - propane and other gas liquids sales 972,467 — 947 — — 973,414 Cost of sales - midstream operations — — 255,559 — — 255,559 Cost of sales - other 10,111 — 58,543 — — 68,654 Operating expense - personnel, vehicle, plant and other 436,962 — 37,617 4,755 (7,586) 471,748 Operating expense - equipment lease expense 27,939 — 333 — — 28,272 Depreciation and amortization expense 75,163 — 26,317 315 — 101,795 General and administrative expense 48,337 5 5,922 — — 54,264 Non-cash employee stock ownership plan compensation charge 13,859 — — — — 13,859 Asset impairments — — 10,005 — — 10,005 Loss on asset sales and disposals 8,978 — 178,421 — — 187,399 Operating income (loss) 121,293 (5) (215,631) (5,070) 7,586 (91,827) Interest expense (86,646) — (43,247) (4,053) — (133,946) Other income (expense), net (234) — 1,162 7,586 (7,586) 928 Earnings (loss) before income taxes 34,413 (5) (257,716) (1,537) — (224,845) Income tax expense 222 — (2,921) — — (2,699) Equity in earnings (loss) of subsidiaries (256,337) — — — 256,337 — Net earnings (loss) (222,146) (5) (254,795) (1,537) 256,337 (222,146) Other comprehensive loss 5,969 — — — — 5,969 Comprehensive income (loss) $ (216,177) $ (5) $ (254,795) $ (1,537) $ 256,337 $ (216,177) |
Condensed Cash Flow Statement [Table Text Block] | For the year ended July 31, 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 $ 75,882 $ (6) $ 425 $ (11,480) $ 63,510 $ 128,331 Cash flows from investing activities: Business acquisitions, net of cash acquired (10,195) — — — — (10,195) Capital expenditures (70,455) — — — — (70,455) Proceeds from sale of assets 4,472 — — — — 4,472 Cash collected for purchase of interest in accounts receivable — — — 841,142 (841,142) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (777,632) 777,632 — Intercompany loan to affiliate (11,061) — — — 11,061 — Cash payments to construct assets in connection with future lease transactions (37,042) — — — — (37,042) Cash receipts in connection with leased vehicles 41,924 — — — — 41,924 Net cash provided by (used in) investing activities (82,357) — — 63,510 (52,449) (71,296) Cash flows from financing activities: Distributions (15,654) — — — — (15,654) Proceeds from increase in long-term debt 703,750 — — — — 703,750 Payments on long-term debt (285,857) — — — — (285,857) Net reductions to short-term borrowings (43,000) — — — — (43,000) Net reduction in collateralized short-term borrowings — — — (62,000) — (62,000) Net changes in advances with consolidated entities — 6 (425) 11,480 (11,061) — Cash paid for financing costs (29,449) — — — — (29,449) Cash payments for principal portion of finance lease liability (2,116) — — — — (2,116) Net cash provided by (used in) financing activities 327,674 6 (425) (50,520) (11,061) 265,674 Net change in cash and cash equivalents 321,199 — — 1,510 — 322,709 Cash and cash equivalents - beginning of year 11,045 1 — — — 11,046 Cash, cash equivalents and restricted cash - end of year $ 332,244 $ 1 $ — $ 1,510 $ — $ 333,755 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 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 $ 25,796 $ (6) $ 24,889 $ (717) $ (4,000) $ 45,962 Cash flows from investing activities: Business acquisitions, net of cash acquired (13,551) — — — — (13,551) Capital expenditures (108,822) — — — — (108,822) Proceeds from sale of assets 5,699 — — — — 5,699 Cash collected for purchase of interest in accounts receivable — — — 1,258,050 (1,258,050) — Cash remitted to Ferrellgas, L.P. for accounts receivable — — — (1,262,050) 1,262,050 — Net changes in advances with consolidated entities — — — — — — Intercompany loan to affiliate 24,328 — — — (24,328) — Cash payment to construct assets in connection with future lease transactions (9,934) — — — — (9,934) Cash receipts in connection with leased vehicles 862 — — — — 862 Other 1,419 — — — — 1,419 Net cash provided by (used in) investing activities (99,999) — — (4,000) (20,328) (124,327) Cash flows from financing activities: Distributions (41,121) — — — — (41,121) Payments on long-term debt (2,428) — — — — (2,428) Net additions in short-term borrowings 10,200 — — — — 10,200 Net additions to collateralized short-term borrowings — — — 4,000 — 4,000 Net changes in advances with consolidated entries — 6 (25,063) 729 24,328 — Cash paid for financing costs (536) — — (12) — (548) Net cash provided by (used in) financing activities (33,885) 6 (25,063) 4,717 24,328 (29,897) Net change in cash and cash equivalents (108,088) — (174) — — (108,262) Cash and cash equivalents - beginning of year 119,133 1 174 — — 119,308 Cash and cash equivalents - end of year $ 11,045 $ 1 $ — $ — $ — $ 11,046 FERRELLGAS, L.P. AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in thousands) For the year ended July 31, 2018 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 $ 139,294 $ (5) $ (48,708) $ 3,573 $ 11,000 $ 105,154 Cash flows from investing activities: Business acquisitions, net of cash acquired (18,141) — — — — (18,141) Capital expenditures (81,114) — (3,805) — — (84,919) Proceeds from sale of assets 7,327 — 145,260 — — 152,587 Cash collected for purchase of interest in accounts receivable — — — 1,226,211 (1,226,211) — Cash remitted to Ferrellgas, L.P for accounts receivable — — — (1,215,211) 1,215,211 — Net changes in advances with consolidated entities 96,514 — — — (96,514) — Net cash provided by (used in) investing activities 4,586 — 141,455 11,000 (107,514) 49,527 Cash flows from financing activities: Distributions (70,962) — — — — (70,962) Proceeds from increase of long-term debt 323,680 — — — — 323,680 Payments on long-term debt (212,920) — — — — (212,920) Net reductions to short-term borrowings (51,379) — — — — (51,379) Net additions in collateralized short-term borrowings — — — (11,000) — (11,000) Net changes in advances with parent — 5 (92,946) (3,573) 96,514 — Cash paid for financing costs (18,493) — — — — (18,493) Net cash provided by (used in) financing activities (30,074) 5 (92,946) (14,573) 96,514 (41,074) Net change in cash and cash equivalents 113,806 — (199) — — 113,607 Cash and cash equivalents - beginning of year 5,327 1 373 — — 5,701 Cash and cash equivalents - end of year $ 119,133 $ 1 $ 174 $ — $ — $ 119,308 |
Partnership Organization And _2
Partnership Organization And Formation (Details) | Apr. 24, 2020item | Jul. 31, 2020USD ($)employeestateitemsubsidiaryshares | Jul. 31, 2019shares | Jan. 31, 2017USD ($) | Nov. 30, 2010USD ($) | Apr. 30, 2010USD ($) |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Number of subsidiaries | subsidiary | 2 | |||||
Number of states in which entity operates | state | 50 | |||||
Number of employees | employee | 0 | |||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 357,000,000 | $ 175,000,000 | $ 280,000,000 | |||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 500,000,000 | |||||
Ferrellgas Partners LP [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
General partner ownership interest | 2.00% | 2.00% | ||||
Ferrellgas, L.P. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Number of general partners | item | 3 | |||||
Ferrellgas Partners LP [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 500,000,000 | |||||
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% | |||||
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 general partners | item | 3 | |||||
Number of states in which entity operates | state | 50 | |||||
Number of employees | employee | 0 | |||||
Number of additional general partners | item | 2 | |||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 500,000,000 | $ 500,000,000 | ||||
Ferrellgas, L.P. [Member] | Ferrellgas [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Ownership percentage | 100.00% | |||||
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 | ||||
Corporation formation proceeds from partnership | $ 1,000 | |||||
Corporation formation shares granted to partnership | shares | 1,000 | |||||
Number of employees | employee | 0 | |||||
Ferrellgas Finance Corp. [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Common stock shares outstanding | shares | 1,000 | 1,000 | ||||
Corporation formation proceeds from partnership | $ 1,000 | |||||
Corporation formation shares granted to partnership | shares | 1,000 | |||||
Number of employees | employee | 0 | |||||
Ferrellgas Finance Corp. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||
Aggregate principal amount | $ 500,000,000 |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2018USD ($) | Jul. 31, 2020USD ($)subsidiaryitemshares | Jul. 31, 2019USD ($) | Jul. 31, 2018USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Asset impairments | $ 10,000,000 | $ 0 | $ 0 | $ 10,005,000 |
Number of reporting units | item | 2 | |||
Number of reporting units subject to assessment | item | 1 | |||
Goodwill impairment recognized | $ 0 | |||
Accounts receivable collection period | 30 days | |||
Revenue recognized over a straight-line basis, term | 1 year | |||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||||
Number of taxable subsidiaries | subsidiary | 1 | |||
Ferrellgas Partners LP [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
General partner ownership interest | 2.00% | 2.00% | ||
Ferrellgas Partners LP [Member] | Non-Controlling Interest [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
General partner ownership interest | 1.00% | |||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 2 years | |||
Intangible asset useful life | 2 years | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 30 years | |||
Intangible asset useful life | 15 years | |||
Ferrell Companies, Inc. Incentive Compensation Plan [Member] | ||||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||||
Non-cash stock and unit-based compensation charge | $ 0 | $ 0 | 0 | |
Awards granted during the period | shares | 0 | |||
Awards outstanding, fair value | $ 0 | |||
Number of shares authorized to be issued | shares | 9,250,000 | |||
Stock options, percent to vest upon event | 100.00% | |||
Retirement age | 65 | |||
Award expiration period | 10 years | |||
Ferrell Companies, Inc. Incentive Compensation Plan [Member] | Minimum [Member] | ||||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||||
Award vesting period | 0 years | |||
Ferrell Companies, Inc. Incentive Compensation Plan [Member] | Maximum [Member] | ||||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||||
Award vesting period | 10 years | |||
Ferrellgas, L.P. [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Number of reporting units | item | 2 | |||
Number of reporting units subject to assessment | item | 1 | |||
Ferrellgas, L.P. [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Asset impairments | $ 10,000,000 | 10,005,000 | ||
Goodwill impairment recognized | $ 0 | |||
Accounts receivable collection period | 30 days | |||
Revenue recognized over a straight-line basis, term | 1 year | |||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||||
Number of taxable subsidiaries | subsidiary | 3 | |||
Ferrellgas, L.P. [Member] | Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 2 years | |||
Intangible asset useful life | 2 years | |||
Ferrellgas, L.P. [Member] | Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment useful life | 30 years | |||
Intangible asset useful life | 15 years | |||
Ferrellgas, L.P. [Member] | Ferrell Companies, Inc. Incentive Compensation Plan [Member] | ||||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||||
Non-cash stock and unit-based compensation charge | $ 0 | $ 0 | $ 0 | |
Awards granted during the period | shares | 0 | |||
Awards outstanding, fair value | $ 0 | |||
Number of shares authorized to be issued | shares | 9,250,000 | |||
Stock options, percent to vest upon event | 100.00% | |||
Retirement age | 65 | |||
Ferrellgas, L.P. [Member] | Ferrell Companies, Inc. Incentive Compensation Plan [Member] | Minimum [Member] | ||||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||||
Award vesting period | 0 years | |||
Award expiration period | 10 years | |||
Ferrellgas, L.P. [Member] | Ferrell Companies, Inc. Incentive Compensation Plan [Member] | Maximum [Member] | ||||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | ||||
Award vesting period | 10 years |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Summary Of Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Significant Accounting Policies [Line Items] | |||
Current expense | $ 297 | $ 180 | $ 1,140 |
Deferred expense | 554 | 143 | (3,818) |
Income tax expense | 851 | 323 | (2,678) |
Ferrellgas, L.P. [Member] | |||
Significant Accounting Policies [Line Items] | |||
Current expense | 248 | 150 | 1,119 |
Deferred expense | 554 | 143 | (3,818) |
Income tax expense | $ 802 | $ 293 | $ (2,699) |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Deferred Taxes Assets And Liabilities) (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Significant Accounting Policies [Line Items] | ||
Deferred tax assets | $ 4 | $ 631 |
Deferred tax liabilities | (3) | (76) |
Net deferred tax liability | 1 | 555 |
Ferrellgas, L.P. [Member] | ||
Significant Accounting Policies [Line Items] | ||
Deferred tax assets | 4 | 631 |
Deferred tax liabilities | (3) | (76) |
Net deferred tax liability | $ 1 | $ 555 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (New Accounting Standards) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Significant Accounting Policies [Line Items] | ||
Operating Lease, Liability | $ 118,367 | |
Operating Lease, Right-of-Use Asset | $ 107,349 | |
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 Partners LP [Member] | ||
Significant Accounting Policies [Line Items] | ||
General partner ownership interest | 2.00% | 2.00% |
Ferrellgas Inc., General Partner [Member] | Ferrellgas Partners LP [Member] | ||
Significant Accounting Policies [Line Items] | ||
General partner ownership interest | 1.00% | |
Ferrellgas, L.P. [Member] | ||
Significant Accounting Policies [Line Items] | ||
Operating Lease, Liability | $ 118,367 | |
Operating Lease, Right-of-Use Asset | $ 107,349 | |
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 | Jul. 31, 2020USD ($) |
Assets and Liabilities, Lessee [Abstract] | |
Operating Lease, Right-of-Use Asset | $ 107,349 |
Finance Lease, Right-of-Use Asset | $ 41,426 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent |
Total leased assets | $ 148,775 |
Operating Lease, Liability, Current | 29,345 |
Finance Lease, Liability, Current | $ 6,955 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current |
Operating Lease, Liability, Noncurrent | $ 89,022 |
Finance Lease, Liability, Noncurrent | $ 33,473 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent |
Total leased liabilities | $ 158,795 |
Ferrellgas, L.P. [Member] | |
Assets and Liabilities, Lessee [Abstract] | |
Operating Lease, Right-of-Use Asset | 107,349 |
Finance Lease, Right-of-Use Asset | $ 41,426 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent |
Total leased assets | $ 148,775 |
Operating Lease, Liability, Current | 29,345 |
Finance Lease, Liability, Current | $ 6,955 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other Liabilities, Current |
Operating Lease, Liability, Noncurrent | $ 89,022 |
Finance Lease, Liability, Noncurrent | $ 33,473 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent |
Total leased liabilities | $ 158,795 |
Leases - Lease Expenses (Detail
Leases - Lease Expenses (Details) $ in Thousands | 12 Months Ended |
Jul. 31, 2020USD ($) | |
Lease, Cost [Abstract] | |
Operating lease expense | $ 41,487 |
Short-term expense | 7,690 |
Variable lease expense | 4,525 |
Total finance lease expense | 3,673 |
Total lease expense | 57,375 |
Midstream Operations [Member] | |
Lease, Cost [Abstract] | |
Total lease expense | 500 |
Operating expenses - personnel, vehicle, plant and other | |
Lease, Cost [Abstract] | |
Operating lease expense | 7,450 |
Short-term expense | 7,188 |
Variable lease expense | 2,883 |
Operating expense - equipment lease expense | |
Lease, Cost [Abstract] | |
Operating lease expense | 30,994 |
Variable lease expense | 1,642 |
Cost of Sales [Member] | |
Lease, Cost [Abstract] | |
Operating lease expense | 1,553 |
General and Administrative Expense [Member] | |
Lease, Cost [Abstract] | |
Operating lease expense | 1,490 |
Short-term expense | 502 |
Depreciation And Amortization Expense [Member] | |
Lease, Cost [Abstract] | |
Amortization of leased assets | 2,613 |
Interest Expense [Member] | |
Lease, Cost [Abstract] | |
Interest on lease liabilities | 1,060 |
Ferrellgas, L.P. [Member] | |
Lease, Cost [Abstract] | |
Operating lease expense | 41,487 |
Short-term expense | 7,690 |
Variable lease expense | 4,525 |
Total finance lease expense | 3,673 |
Total lease expense | 57,375 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | |
Lease, Cost [Abstract] | |
Total lease expense | 500 |
Ferrellgas, L.P. [Member] | Operating expenses - personnel, vehicle, plant and other | |
Lease, Cost [Abstract] | |
Operating lease expense | 7,450 |
Short-term expense | 7,188 |
Variable lease expense | 2,883 |
Ferrellgas, L.P. [Member] | Operating expense - equipment lease expense | |
Lease, Cost [Abstract] | |
Operating lease expense | 30,994 |
Variable lease expense | 1,642 |
Ferrellgas, L.P. [Member] | Cost of Sales [Member] | |
Lease, Cost [Abstract] | |
Operating lease expense | 1,553 |
Ferrellgas, L.P. [Member] | General and Administrative Expense [Member] | |
Lease, Cost [Abstract] | |
Operating lease expense | 1,490 |
Short-term expense | 502 |
Ferrellgas, L.P. [Member] | Depreciation And Amortization Expense [Member] | |
Lease, Cost [Abstract] | |
Amortization of leased assets | 2,613 |
Ferrellgas, L.P. [Member] | Interest Expense [Member] | |
Lease, Cost [Abstract] | |
Interest on lease liabilities | $ 1,060 |
Leases - Maturity (Details)
Leases - Maturity (Details) $ in Thousands | Jul. 31, 2020USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 | $ 34,686 |
2022 | 27,006 |
2023 | 35,712 |
2024 | 17,999 |
2025 | 12,701 |
Thereafter | 21,396 |
Total lease payments, Operating Leases | 149,500 |
Less: Imputed interest | 31,133 |
Present value of lease liabilities, Operating Leases | 118,367 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2021 | 10,205 |
2022 | 9,580 |
2023 | 7,646 |
2024 | 7,076 |
2025 | 7,085 |
Thereafter | 10,453 |
Total lease payments, Finance Leases | 52,045 |
Less: Imputed interest | 11,617 |
Present value of lease liabilities, Finance Leases | 40,428 |
Operating And Finance Lease Liabilities Payments Due [Abstract] | |
2021 | 44,891 |
2022 | 36,586 |
2023 | 43,358 |
2024 | 25,075 |
2025 | 19,786 |
Thereafter | 31,849 |
Total lease payments | 201,545 |
Less: Imputed interest | 42,750 |
Present value of lease liabilities | 158,795 |
Ferrellgas, L.P. [Member] | |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2021 | 34,686 |
2022 | 27,006 |
2023 | 35,712 |
2024 | 17,999 |
2025 | 12,701 |
Thereafter | 21,396 |
Total lease payments, Operating Leases | 149,500 |
Less: Imputed interest | 31,133 |
Present value of lease liabilities, Operating Leases | 118,367 |
Finance Lease, Liability, Payment, Due [Abstract] | |
2021 | 10,205 |
2022 | 9,580 |
2023 | 7,646 |
2024 | 7,076 |
2025 | 7,085 |
Thereafter | 10,453 |
Total lease payments, Finance Leases | 52,045 |
Less: Imputed interest | 11,617 |
Present value of lease liabilities, Finance Leases | 40,428 |
Operating And Finance Lease Liabilities Payments Due [Abstract] | |
2021 | 44,891 |
2022 | 36,586 |
2023 | 43,358 |
2024 | 25,075 |
2025 | 19,786 |
Thereafter | 31,849 |
Total lease payments | 201,545 |
Less: Imputed interest | 42,750 |
Present value of lease liabilities | $ 158,795 |
Leases - Assumptions (Details)
Leases - Assumptions (Details) | Jul. 31, 2020 |
Lessee Disclosure [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 2 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 10 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 8.20% |
Finance Lease, Weighted Average Discount Rate, Percent | 8.70% |
Ferrellgas, L.P. [Member] | |
Lessee Disclosure [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 2 months 12 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 10 months 24 days |
Operating Lease, Weighted Average Discount Rate, Percent | 8.20% |
Finance Lease, Weighted Average Discount Rate, Percent | 8.70% |
Leases - Cash Flow (Details)
Leases - Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Operating cash flows, operating leases | $ 41,636 | ||
Operating cash flows, financing leases | 1,060 | ||
Financing cash flows, financing leases | 2,116 | $ 0 | $ 0 |
Ferrellgas, L.P. [Member] | |||
Operating cash flows, operating leases | 41,636 | ||
Operating cash flows, financing leases | 1,060 | ||
Financing cash flows, financing leases | $ 2,116 |
Leases - Comparative Informatio
Leases - Comparative Information - Contractual Operating Lease Commitments And Buyout Maturities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Operating Leased Assets [Line Items] | ||
Rental expense | $ 53,800 | $ 50,700 |
Operating Lease Obligations [Member] | ||
Operating Leased Assets [Line Items] | ||
2020 | 44,392 | |
2021 | 36,134 | |
2022 | 26,312 | |
2023 | 20,432 | |
2024 | 17,196 | |
Thereafter | 17,414 | |
Operating Lease Buyouts [Member] | ||
Operating Leased Assets [Line Items] | ||
2020 | 3,073 | |
2021 | 4,371 | |
2022 | 6,421 | |
2023 | 3,527 | |
2024 | 1,238 | |
Thereafter | 14,433 | |
Ferrellgas, L.P. [Member] | ||
Operating Leased Assets [Line Items] | ||
Rental expense | 53,800 | $ 50,700 |
Ferrellgas, L.P. [Member] | Operating Lease Obligations [Member] | ||
Operating Leased Assets [Line Items] | ||
2020 | 44,392 | |
2021 | 36,134 | |
2022 | 26,312 | |
2023 | 20,432 | |
2024 | 17,196 | |
Thereafter | 17,414 | |
Ferrellgas, L.P. [Member] | Operating Lease Buyouts [Member] | ||
Operating Leased Assets [Line Items] | ||
2020 | 3,073 | |
2021 | 4,371 | |
2022 | 6,421 | |
2023 | 3,527 | |
2024 | 1,238 | |
Thereafter | $ 14,433 |
Leases - Comparative Informat_2
Leases - Comparative Information - Exit costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Business Exit Costs | $ 0 | $ 0 | $ 11,804 |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | $ 11,450 | 11,804 | |
Accretion | 448 | ||
Cash payments and other | (802) | ||
Restructuring Reserve, Ending Balance | 11,450 | 11,804 | |
Ferrellgas, L.P. [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Business Exit Costs | 11,804 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Beginning Balance | 11,804 | ||
Accretion | 448 | ||
Cash payments and other | $ (802) | ||
Restructuring Reserve, Ending Balance | $ 11,804 |
Acquisitions, dispositions an_3
Acquisitions, dispositions and other significant transactions - Acquisitions Funding (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Business Acquisition [Line Items] | |||
Aggregate fair value of transactions | $ 11,200 | $ 15,200 | $ 20,600 |
Propane and related equipment sales [Member] | |||
Business Acquisition [Line Items] | |||
Cash payments, net of cash acquired | 10,195 | 13,551 | 18,141 |
Issuance of liabilities and other costs and considerations | 975 | 1,650 | 2,426 |
Aggregate fair value of transactions | 11,170 | 15,201 | 20,567 |
Ferrellgas, L.P. [Member] | |||
Business Acquisition [Line Items] | |||
Aggregate fair value of transactions | 11,200 | 15,200 | 20,600 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | |||
Business Acquisition [Line Items] | |||
Cash payments, net of cash acquired | 10,195 | 13,551 | 18,141 |
Issuance of liabilities and other costs and considerations | 975 | 1,650 | 2,426 |
Aggregate fair value of transactions | $ 11,170 | $ 15,201 | $ 20,567 |
Acquisitions, dispositions an_4
Acquisitions, dispositions and other significant transactions - Fair Value Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Goodwill | $ 247,195 | $ 247,195 | |
Propane and related equipment sales [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | 31 | $ 758 | |
Customer tanks, buildings, land, salt water disposal wells, and other | 6,598 | 11,560 | 10,022 |
Goodwill | 247,195 | 247,195 | 246,098 |
Aggregate fair value of transactions | 11,170 | 15,201 | 20,567 |
Propane and related equipment sales [Member] | Customer Lists [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Finite-lived Intangible Assets Acquired | 738 | 1,272 | 7,758 |
Propane and related equipment sales [Member] | Non-Compete Agreements [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Finite-lived Intangible Assets Acquired | 3,834 | 928 | 2,029 |
Series of Individually Immaterial Business Acquisitions [Member] | Propane and related equipment sales [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Goodwill | 1,410 | ||
Ferrellgas, L.P. [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Goodwill | 247,195 | 247,195 | |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Working capital | 31 | 758 | |
Customer tanks, buildings, land, salt water disposal wells, and other | 6,598 | 11,560 | 10,022 |
Goodwill | 247,195 | 247,195 | 246,098 |
Aggregate fair value of transactions | 11,170 | 15,201 | 20,567 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | Customer Lists [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Finite-lived Intangible Assets Acquired | 738 | 1,272 | 7,758 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | Non-Compete Agreements [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Finite-lived Intangible Assets Acquired | $ 3,834 | 928 | $ 2,029 |
Ferrellgas, L.P. [Member] | Series of Individually Immaterial Business Acquisitions [Member] | Propane and related equipment sales [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract] | |||
Goodwill | $ 1,410 |
Acquisitions, dispositions an_5
Acquisitions, dispositions and other significant transactions - Dispositions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2018USD ($)item | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) | Jul. 31, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on asset sales and disposals | $ 7,924 | $ 10,968 | $ 187,399 | |
Number of terminals sold | item | 2 | |||
Proceeds from sale of assets | 4,472 | 5,699 | 152,587 | |
Promissory note | 5,330 | 16,216 | ||
Bridger Environmental LLC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on asset sales and disposals | 0 | 0 | 4,002 | |
Propane and related equipment sales [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses | $ 26,600 | |||
Loss on asset sales and disposals | 0 | 0 | 15,194 | |
Midstream Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of assets | 8,000 | |||
Promissory note | 8,500 | 8,500 | ||
Losses before tax | 55,400 | |||
Losses before tax to parent | 54,800 | |||
Trucking Water Disposal And Terminal Assets [Member] | Midstream Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses | $ 57,000 | |||
Loss on asset sales and disposals | 0 | 2,679 | 120,240 | |
Other | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on asset sales and disposals | 7,924 | 8,289 | 11,201 | |
Rail cars [Member] | Midstream Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on asset sales and disposals | 0 | 0 | 36,762 | |
Proceeds from sale of assets | $ 51,300 | |||
Number of rail cars sold | 1,292 | 1,292 | ||
Ferrellgas, L.P. [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on asset sales and disposals | 7,924 | 10,968 | $ 187,399 | |
Number of terminals sold | item | 2 | |||
Proceeds from sale of assets | 4,472 | 5,699 | 152,587 | |
Promissory note | 5,330 | 16,216 | ||
Ferrellgas, L.P. [Member] | Bridger Environmental LLC [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on asset sales and disposals | 0 | 0 | 4,002 | |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses | $ 26,600 | |||
Loss on asset sales and disposals | 0 | 0 | 15,194 | |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of assets | 8,000 | |||
Promissory note | 8,500 | 8,500 | ||
Losses before tax | 55,400 | |||
Losses before tax to parent | 54,800 | |||
Ferrellgas, L.P. [Member] | Trucking Water Disposal And Terminal Assets [Member] | Midstream Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses | $ 57,000 | |||
Loss on asset sales and disposals | 0 | 2,679 | 120,240 | |
Ferrellgas, L.P. [Member] | Other | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on asset sales and disposals | 7,924 | 8,289 | 11,201 | |
Ferrellgas, L.P. [Member] | Rail cars [Member] | Midstream Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss on asset sales and disposals | $ 0 | $ 0 | 36,762 | |
Proceeds from sale of assets | $ 51,300 | |||
Number of rail cars sold | 1,292 | 1,292 |
Quarterly Distributions Of Av_2
Quarterly Distributions Of Available Cash (Details) | 12 Months Ended |
Jul. 31, 2020item | |
Earnings Distribution Allocation [Line Items] | |
Cash reserve for distributions, number of quarters provided | 4 |
Maximum days after end of quarter to make distributions | 45 days |
Cash distributions available | 100.00% |
Ferrellgas, L.P. [Member] | |
Earnings Distribution Allocation [Line Items] | |
Cash reserve for distributions, number of quarters provided | 4 |
Maximum days after end of quarter to make distributions | 45 days |
Cash distributions available | 100.00% |
Cash distributions to Ferrellgas Partners | 99.00% |
Cash distributions to general partner | 1.00% |
Supplemental Information - Inve
Supplemental Information - Inventories (Details) $ in Thousands, gal in Millions | 12 Months Ended | |
Jul. 31, 2020USD ($)gal | Jul. 31, 2019USD ($) | |
Supplemental Financial Statement Information [Line Items] | ||
Propane gas and related products | $ 58,733 | $ 66,001 |
Appliances, parts and supplies | 13,931 | 14,453 |
Inventories | $ 72,664 | 80,454 |
Supply procurement contract duration | 36 months | |
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 1 | |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Propane gas and related products | $ 58,733 | 66,001 |
Appliances, parts and supplies | 13,931 | 14,453 |
Inventories | $ 72,664 | $ 80,454 |
Supply procurement contract duration | 36 months | |
Net procurement of fixed priced propane by Ferrellgas in gallons | gal | 1 |
Supplemental Information - Prop
Supplemental Information - Property, Plant And Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,263,072 | $ 1,255,518 | |
Less: accumulated depreciation | 672,030 | 658,795 | |
Property, plant and equipment, net | 591,042 | 596,723 | |
Depreciation | 64,500 | 60,700 | $ 67,100 |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 39,585 | 35,165 | |
Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 14,998 | 14,149 | |
Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Property, plant and equipment, gross | $ 88,349 | 86,444 | |
Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 105,184 | 111,283 | |
Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 111,019 | 109,751 | |
Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 784,466 | 779,827 | |
Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 112,582 | 111,838 | |
Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 6,889 | 7,061 | |
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Minimum [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Minimum [Member] | Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 8 years | ||
Minimum [Member] | Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Minimum [Member] | Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Minimum [Member] | Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Maximum [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Maximum [Member] | Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Maximum [Member] | Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Maximum [Member] | Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Maximum [Member] | Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Ferrellgas, L.P. [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,263,072 | 1,255,518 | |
Less: accumulated depreciation | 672,030 | 658,795 | |
Property, plant and equipment, net | 591,042 | 596,723 | |
Depreciation | 64,500 | 60,700 | $ 67,100 |
Ferrellgas, L.P. [Member] | Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 39,585 | 35,165 | |
Ferrellgas, L.P. [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 14,998 | 14,149 | |
Ferrellgas, L.P. [Member] | Buildings And Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Property, plant and equipment, gross | $ 88,349 | 86,444 | |
Ferrellgas, L.P. [Member] | Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 105,184 | 111,283 | |
Ferrellgas, L.P. [Member] | Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 111,019 | 109,751 | |
Ferrellgas, L.P. [Member] | Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 784,466 | 779,827 | |
Ferrellgas, L.P. [Member] | Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 112,582 | 111,838 | |
Ferrellgas, L.P. [Member] | Construction In Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 6,889 | $ 7,061 | |
Ferrellgas, L.P. [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 8 years | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Ferrellgas, L.P. [Member] | Minimum [Member] | Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 2 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | Land Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | Vehicles, Including Transport Trailers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 20 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | Bulk Equipment And District Facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | Tanks, Cylinders And Customer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 30 years | ||
Ferrellgas, L.P. [Member] | Maximum [Member] | Computer And Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives | 5 years |
Supplemental Information - Prep
Supplemental Information - Prepaids and Other Assets (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Supplemental Financial Statement Information [Line Items] | ||
Broker margin deposit assets | $ 14,398 | $ 25,028 |
Other assets, net | 21,546 | 17,247 |
Prepaid expenses and other current assets | 35,944 | 42,275 |
Notes receivable, less current portion and allowance | 5,330 | 16,216 |
Finance lease right-of-use assets | 41,426 | |
Other | 27,992 | 52,889 |
Other assets, net | 74,748 | 69,105 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Broker margin deposit assets | 14,398 | 25,028 |
Other assets, net | 21,499 | 17,129 |
Prepaid expenses and other current assets | 35,897 | 42,157 |
Notes receivable, less current portion and allowance | 5,330 | 16,216 |
Finance lease right-of-use assets | 41,426 | |
Other | 27,992 | 52,889 |
Other assets, net | $ 74,748 | $ 69,105 |
Supplemental Information - Othe
Supplemental Information - Other Current Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Supplemental Financial Statement Information [Line Items] | ||
Accrued interest | $ 53,841 | $ 20,484 |
Customer deposits and advances | 32,257 | 24,686 |
Accrued payroll | 18,375 | 17,356 |
Accrued insurance | 14,796 | 18,524 |
Price risk management liabilities | 5,029 | 14,198 |
Other | 43,168 | 42,989 |
Other current liabilities | 167,466 | 138,237 |
Ferrellgas, L.P. [Member] | ||
Supplemental Financial Statement Information [Line Items] | ||
Accrued interest | 34,511 | 16,550 |
Customer deposits and advances | 32,257 | 24,686 |
Accrued payroll | 18,375 | 17,356 |
Accrued insurance | 14,796 | 18,524 |
Price risk management liabilities | 5,029 | 14,198 |
Other | 43,168 | 42,989 |
Other current liabilities | $ 148,136 | $ 134,303 |
Supplemental Information - Ship
Supplemental Information - Shipping and Handling (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Supplemental Financial Statement Information [Line Items] | |||
Operating expense - personnel, vehicle, plant and other | $ 493,055 | $ 468,868 | $ 471,748 |
Depreciation and amortization expense | 80,481 | 78,846 | 101,795 |
Operating expense - equipment lease expense | 33,017 | ||
Equipment lease expense, preadoption | 33,073 | 28,272 | |
Shipping and Handling [Member] | |||
Supplemental Financial Statement Information [Line Items] | |||
Operating expense - personnel, vehicle, plant and other | 219,598 | 215,780 | 195,646 |
Depreciation and amortization expense | 9,857 | 6,375 | 4,947 |
Operating expense - equipment lease expense | 32,518 | ||
Equipment lease expense, preadoption | 30,759 | 25,765 | |
Costs and Expenses, Total | 261,973 | 252,914 | 226,358 |
Ferrellgas, L.P. [Member] | |||
Supplemental Financial Statement Information [Line Items] | |||
Operating expense - personnel, vehicle, plant and other | 493,055 | 468,868 | 471,748 |
Depreciation and amortization expense | 80,481 | 78,846 | 101,795 |
Operating expense - equipment lease expense | 33,017 | ||
Equipment lease expense, preadoption | 33,073 | 28,272 | |
Ferrellgas, L.P. [Member] | Shipping and Handling [Member] | |||
Supplemental Financial Statement Information [Line Items] | |||
Operating expense - personnel, vehicle, plant and other | 219,598 | 215,780 | 195,646 |
Depreciation and amortization expense | 9,857 | 6,375 | 4,947 |
Operating expense - equipment lease expense | 32,518 | ||
Equipment lease expense, preadoption | 30,759 | 25,765 | |
Costs and Expenses, Total | $ 261,973 | $ 252,914 | $ 226,358 |
Supplemental Information - Cash
Supplemental Information - Cash (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2017 | |
Supplemental Financial Statement Information [Line Items] | ||||
Cash and cash equivalents | $ 238,002 | $ 11,054 | ||
Restricted cash | 95,759 | |||
Cash pledged as collateral for letters of credit | 78,200 | |||
Cash deposit against contingencies | 11,500 | |||
Additional pledged collateral | 6,100 | |||
Cash and cash equivalents and restricted cash | 333,761 | 11,054 | $ 119,311 | $ 5,760 |
Cash paid for interest | 147,402 | 166,897 | 159,271 | |
Income taxes | 289 | 141 | (291) | |
Noncash Investing and Financing Items [Abstract] | ||||
Liability incurred in connection with Term Loan amendment | 8,863 | |||
Liabilities incurred in connection with acquisitions | 975 | 1,650 | 1,993 | |
Change in accruals for property, plant and equipment additions | 216 | 1,132 | 264 | |
Lease liabilities arising from operating right-of-use assets | 14,938 | |||
Lease liabilities arising from finance right-of-use assets | 45,455 | |||
Ferrellgas, L.P. [Member] | ||||
Supplemental Financial Statement Information [Line Items] | ||||
Cash and cash equivalents | 237,996 | 11,046 | ||
Restricted cash | 95,759 | |||
Cash pledged as collateral for letters of credit | 78,200 | |||
Cash deposit against contingencies | 11,500 | |||
Additional pledged collateral | 6,100 | |||
Cash and cash equivalents and restricted cash | 333,755 | 11,046 | 119,308 | $ 5,701 |
Cash paid for interest | 132,006 | 136,106 | 128,479 | |
Income taxes | 241 | 111 | (311) | |
Noncash Investing and Financing Items [Abstract] | ||||
Liability incurred in connection with Term Loan amendment | 8,863 | |||
Liabilities incurred in connection with acquisitions | 975 | 1,650 | 1,993 | |
Change in accruals for property, plant and equipment additions | 216 | $ 1,132 | $ 264 | |
Lease liabilities arising from operating right-of-use assets | 14,938 | |||
Lease liabilities arising from finance right-of-use assets | $ 45,455 |
Accounts And Notes Receivable_3
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Details) - USD ($) | Jul. 31, 2020 | Jul. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | $ 103,703,000 | $ 106,145,000 |
Accounts receivable, not pledged as collateral (including other reserves) | (825,000) | 1,218,000 |
Notes receivable, current portion | 12,648,000 | 2,660,000 |
Other | 36,000 | 36,000 |
Less: Allowance for doubtful accounts | (14,124,000) | (2,463,000) |
Accounts and notes receivable, net | 101,438,000 | 107,596,000 |
Ferrellgas, L.P. [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable pledged as collateral | 103,703,000 | 106,145,000 |
Accounts receivable, not pledged as collateral (including other reserves) | (825,000) | 1,218,000 |
Notes receivable, current portion | 12,648,000 | 2,660,000 |
Other | 36,000 | 36,000 |
Less: Allowance for doubtful accounts | (14,124,000) | (2,463,000) |
Accounts and notes receivable, net | $ 101,438,000 | $ 107,596,000 |
Accounts And Notes Receivable_4
Accounts And Notes Receivable, Net And Accounts Receivable Securitization - Additional information (Details) | Jul. 01, 2020USD ($) | Apr. 10, 2020 | Apr. 09, 2020 | Jun. 25, 2018USD ($) | Jul. 31, 2020USD ($) | Jul. 31, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable pledged as collateral | $ 103,703,000 | $ 106,145,000 | ||||
Accounts Receivable Securitization [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable pledged as collateral | 103,700,000 | 106,100,000 | ||||
Total receipts to date | 0 | 62,000,000 | ||||
Available proceeds from additional trade accounts receivable | $ 11,000,000 | 0 | ||||
Increase in interest rate (as a percent) | 0.50% | |||||
Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Required leverage ratio | 5.5 | |||||
Maximum [Member] | Accounts Receivable Securitization [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Margin added to variable rate (as a percent) | 4.50% | |||||
Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Required fixed charge coverage ratio | 175.00% | |||||
Minimum [Member] | Accounts Receivable Securitization [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Margin added to variable rate (as a percent) | 2.50% | |||||
Jamex Marketing, LLC [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Note receivable, original principal amount | $ 18,300,000 | |||||
Notes receivable, payment due | $ 2,500,000 | |||||
Notes receivable, amount reserved | $ 17,300,000 | |||||
Notes receivable, current | 12,500,000 | |||||
Accounts Receivable Securitization Facility [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Collateralized notes payable | $ 0 | $ 62,000,000 | ||||
Weighted average interest rate of debt | 5.50% | |||||
Margin added to variable rate (as a percent) | 1.00% | 0.00% | ||||
Agreement extension period | 3 years | |||||
Accounts Receivable Securitization Facility [Member] | Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Required leverage ratio | 3 | |||||
Accounts Receivable Securitization Facility [Member] | Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Required fixed charge coverage ratio | 100.00% | |||||
Ferrellgas, L.P. [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable pledged as collateral | $ 103,703,000 | $ 106,145,000 | ||||
Ferrellgas, L.P. [Member] | Accounts Receivable Securitization [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable pledged as collateral | 103,700,000 | 106,100,000 | ||||
Total receipts to date | 0 | 62,000,000 | ||||
Available proceeds from additional trade accounts receivable | $ 11,000,000 | 0 | ||||
Increase in interest rate (as a percent) | 0.50% | |||||
Ferrellgas, L.P. [Member] | Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Required leverage ratio | 5.5 | |||||
Ferrellgas, L.P. [Member] | Maximum [Member] | Accounts Receivable Securitization [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Margin added to variable rate (as a percent) | 4.50% | |||||
Ferrellgas, L.P. [Member] | Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Required fixed charge coverage ratio | 175.00% | |||||
Senior secured leverage ratio | 5.5 | |||||
Ferrellgas, L.P. [Member] | Minimum [Member] | Accounts Receivable Securitization [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Margin added to variable rate (as a percent) | 2.50% | |||||
Ferrellgas, L.P. [Member] | Jamex Marketing, LLC [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Note receivable, original principal amount | $ 18,300,000 | |||||
Notes receivable, payment due | $ 2,500,000 | |||||
Notes receivable, amount reserved | $ 17,300,000 | |||||
Notes receivable, current | 12,500,000 | |||||
Ferrellgas, L.P. [Member] | Accounts Receivable Securitization Facility [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Collateralized notes payable | $ 0 | $ 62,000,000 | ||||
Weighted average interest rate of debt | 5.50% | |||||
Margin added to variable rate (as a percent) | 1.00% | 0.00% | ||||
Agreement extension period | 3 years | |||||
Ferrellgas, L.P. [Member] | Accounts Receivable Securitization Facility [Member] | Maximum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Required leverage ratio | 3 | |||||
Ferrellgas, L.P. [Member] | Accounts Receivable Securitization Facility [Member] | Minimum [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Required fixed charge coverage ratio | 100.00% |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets, Net - Components (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Goodwill, gross carrying amount | $ 247,195 | $ 247,195 |
Goodwill, net | 247,195 | 247,195 |
Amortizable intangible assets, gross carrying amount | 476,318 | 471,747 |
Amortizable intangible assets, accumulated amortization | (423,290) | (414,210) |
Amortizable intangible assets, net | 53,028 | 57,537 |
Intangible assets gross excluding goodwill | 527,339 | 522,767 |
Intangible assets amortization and impairment net excluding goodwill | (423,290) | (414,210) |
Intangible assets net excluding goodwill | 104,049 | 108,557 |
Trade Names And Trademarks [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite-lived intangible assets (excluding goodwill) | 51,021 | 51,020 |
Customer Lists [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 446,486 | 442,652 |
Amortizable intangible assets, accumulated amortization | (397,843) | (390,052) |
Amortizable intangible assets, net | 48,643 | 52,600 |
Non-Compete Agreements [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 26,319 | 25,582 |
Amortizable intangible assets, accumulated amortization | (21,934) | (20,645) |
Amortizable intangible assets, net | 4,385 | 4,937 |
Other Intangible Assets [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 3,513 | 3,513 |
Amortizable intangible assets, accumulated amortization | (3,513) | (3,513) |
Amortizable intangible assets, net | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Goodwill, gross carrying amount | 247,195 | 247,195 |
Goodwill, net | 247,195 | 247,195 |
Amortizable intangible assets, gross carrying amount | 476,318 | 471,747 |
Amortizable intangible assets, accumulated amortization | (423,290) | (414,210) |
Amortizable intangible assets, net | 53,028 | 57,537 |
Intangible assets gross excluding goodwill | 527,339 | 522,767 |
Intangible assets amortization and impairment net excluding goodwill | (423,290) | (414,210) |
Intangible assets net excluding goodwill | 104,049 | 108,557 |
Ferrellgas, L.P. [Member] | Trade Names And Trademarks [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Indefinite-lived intangible assets (excluding goodwill) | 51,021 | 51,020 |
Ferrellgas, L.P. [Member] | Customer Lists [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 446,486 | 442,652 |
Amortizable intangible assets, accumulated amortization | (397,843) | (390,052) |
Amortizable intangible assets, net | 48,643 | 52,600 |
Ferrellgas, L.P. [Member] | Non-Compete Agreements [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 26,319 | 25,582 |
Amortizable intangible assets, accumulated amortization | (21,934) | (20,645) |
Amortizable intangible assets, net | 4,385 | 4,937 |
Ferrellgas, L.P. [Member] | Other Intangible Assets [Member] | ||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | ||
Amortizable intangible assets, gross carrying amount | 3,513 | 3,513 |
Amortizable intangible assets, accumulated amortization | (3,513) | (3,513) |
Amortizable intangible assets, net | $ 0 | $ 0 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets, Net - Goodwill Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 247,195 | |
Impairment | 0 | |
Goodwill, ending balance | 247,195 | $ 247,195 |
Propane and related equipment sales [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 247,195 | 246,098 |
Goodwill acquisitions | 1,410 | |
Other | (313) | |
Goodwill, ending balance | 247,195 | 247,195 |
Ferrellgas, L.P. [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 247,195 | |
Impairment | 0 | |
Goodwill, ending balance | 247,195 | 247,195 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 247,195 | 246,098 |
Goodwill acquisitions | 1,410 | |
Other | (313) | |
Goodwill, ending balance | $ 247,195 | $ 247,195 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets, Net - Lives (Details) | 12 Months Ended |
Jul. 31, 2020 | |
Minimum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 2 years |
Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 15 years |
Customer Lists [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset, weighted average useful life | 15 years |
Customer Lists [Member] | Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 15 years |
Non Compete Agreements And Other Intangible Assets [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset, weighted average useful life | 10 years |
Non Compete Agreements And Other Intangible Assets [Member] | Minimum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 5 years |
Non Compete Agreements And Other Intangible Assets [Member] | Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 10 years |
Ferrellgas, L.P. [Member] | Minimum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 2 years |
Ferrellgas, L.P. [Member] | Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 15 years |
Ferrellgas, L.P. [Member] | Customer Lists [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 15 years |
Intangible asset, weighted average useful life | 15 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset, weighted average useful life | 10 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | Minimum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 5 years |
Ferrellgas, L.P. [Member] | Non Compete Agreements And Other Intangible Assets [Member] | Maximum [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
Intangible asset useful life | 10 years |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets, Net - Aggregate Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Aggregate amortization expense | $ 9,079 | $ 14,581 | $ 31,345 |
Ferrellgas, L.P. [Member] | |||
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |||
Aggregate amortization expense | $ 9,079 | $ 14,581 | $ 31,345 |
Goodwill And Intangible Asset_7
Goodwill And Intangible Assets, Net - Estimated Amortization Expense (Details) $ in Thousands | Jul. 31, 2020USD ($) |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
2021 | $ 8,711 |
2022 | 7,322 |
2023 | 6,995 |
2024 | 6,720 |
2025 | 4,719 |
Ferrellgas, L.P. [Member] | |
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items] | |
2021 | 8,711 |
2022 | 7,322 |
2023 | 6,995 |
2024 | 6,720 |
2025 | $ 4,719 |
Debt - Short-Term Borrowings (D
Debt - Short-Term Borrowings (Details) - USD ($) $ in Thousands | Jul. 31, 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 | Jul. 31, 2020 | Jun. 07, 2020 | Apr. 30, 2020 | Apr. 16, 2020 | Jul. 31, 2019 | Jan. 31, 2017 | Jun. 30, 2015 | Jul. 31, 2014 | Nov. 30, 2010 |
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Total long-term debt | $ 2,541,074 | $ 2,113,276 | |||||||
Unamortized debt issuance expense | 35,583 | 24,516 | |||||||
Less: current portion of long-term debt | 859,095 | 631,756 | |||||||
Long-term debt | 1,646,396 | 1,457,004 | |||||||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 500,000 | $ 500,000 | |||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | ||||||
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 500,000 | $ 500,000 | |||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 475,937 | $ 476,633 | |||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||
Unamortized premium | $ 937 | $ 1,633 | |||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 357,000 | $ 355,681 | |||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | 8.625% | |||||
Unamortized discount | $ 0 | $ 1,319 | |||||||
Fixed rate 10.00% Due 2025 | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Senior secured debt | $ 703,573 | ||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | ||||||
Unamortized premium | $ 3,573 | ||||||||
Two Thousand and Twenty Three Term Loan [Member] | |||||||||
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 | 4,564 | 5,962 | |||||||
Unamortized discount | $ 537 | $ 711 | |||||||
Debt, Weighted Average Interest Rate | 9.40% | 10.70% | |||||||
Ferrellgas, L.P. [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Total long-term debt | $ 2,184,074 | $ 1,757,595 | |||||||
Unamortized debt issuance expense | 35,583 | 23,562 | |||||||
Less: current portion of long-term debt | 502,095 | 277,029 | |||||||
Long-term debt | 1,646,396 | 1,457,004 | |||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 500,000 | 500,000 | |||||||
Interest rate, as a percent | 6.50% | 6.50% | |||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 500,000 | 500,000 | |||||||
Interest rate, as a percent | 6.75% | 6.75% | |||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 475,937 | 476,633 | |||||||
Interest rate, as a percent | 6.75% | 6.75% | |||||||
Unamortized premium | $ 937 | 1,633 | |||||||
Ferrellgas, L.P. [Member] | Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Unsecured senior notes | $ 357,000 | ||||||||
Interest rate, as a percent | 8.625% | 8.625% | |||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Senior secured debt | $ 703,573 | ||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | ||||||
Unamortized premium | $ 3,573 | ||||||||
Ferrellgas, L.P. [Member] | Two Thousand and Twenty Three Term Loan [Member] | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Senior secured debt | 0 | 275,000 | |||||||
Ferrellgas, L.P. [Member] | Notes payable Due 2020 to 2029 | |||||||||
Schedule of Capitalization, Long-term Debt [Line Items] | |||||||||
Notes payable | 4,564 | 5,962 | |||||||
Unamortized discount | $ 537 | $ 711 | |||||||
Debt, Weighted Average Interest Rate | 9.40% | 10.70% |
Debt - Long-Term Debt Activity
Debt - Long-Term Debt Activity (Details) - USD ($) $ in Thousands | Apr. 16, 2020 | Apr. 30, 2020 | Jan. 31, 2017 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2014 | Jun. 07, 2020 | Jun. 30, 2015 | Mar. 31, 2011 | Nov. 30, 2010 | Apr. 30, 2010 |
Debt Instrument [Line Items] | ||||||||||||
Cash deposit against contingencies | $ 11,500 | |||||||||||
Non-cash write-offs of unamortized debt discount and related capitalized debt costs | $ 19,883 | $ 0 | $ 0 | |||||||||
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 6.50% | 6.50% | 6.50% | |||||||||
Issuance price as percent of par | 96.00% | |||||||||||
Aggregate principal amount | $ 500,000 | |||||||||||
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | |||||||||
Aggregate principal amount | $ 500,000 | |||||||||||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | |||||||||
Aggregate principal amount | $ 475,000 | |||||||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | 8.625% | ||||||||
Net proceeds | $ 166,100 | |||||||||||
Aggregate principal amount | $ 175,000 | $ 357,000 | $ 280,000 | |||||||||
Amount redeemed | $ 98,000 | |||||||||||
Fixed rate 10.00% Due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | |||||||||
Aggregate principal amount | $ 700,000 | $ 700,000 | ||||||||||
Senior Secured Credit Facility May 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding borrowing repaid | 283,900 | 283,900 | ||||||||||
Accrued interest paid | 3,100 | 3,100 | ||||||||||
Cash deposit against contingencies | 11,500 | 11,500 | ||||||||||
Prepayment premium paid | $ 17,500 | 17,500 | ||||||||||
Non-cash write-offs of unamortized debt discount and related capitalized debt costs | 19,900 | |||||||||||
Debt Instrument Issued At Par [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
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 | |||||||||||
Debt Instrument Issued At Other Than Par [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
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 | |||||||||||
Ferrellgas, L.P. [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Cash deposit against contingencies | $ 11,500 | |||||||||||
Non-cash write-offs of unamortized debt discount and related capitalized debt costs | $ 19,883 | |||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 6.50% | 6.50% | ||||||||||
Aggregate principal amount | $ 500,000 | $ 500,000 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 6.75% | 6.75% | ||||||||||
Aggregate principal amount | $ 500,000 | $ 500,000 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 6.75% | 6.75% | ||||||||||
Aggregate principal amount | $ 475,000 | |||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 8.625% | 8.625% | ||||||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | |||||||||
Aggregate principal amount | $ 700,000 | $ 700,000 | ||||||||||
Ferrellgas, L.P. [Member] | Senior Secured Credit Facility May 2018 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Outstanding borrowing repaid | 283,900 | 283,900 | ||||||||||
Accrued interest paid | 3,100 | 3,100 | ||||||||||
Cash deposit against contingencies | 11,500 | 11,500 | ||||||||||
Prepayment premium paid | $ 17,500 | 17,500 | ||||||||||
Non-cash write-offs of unamortized debt discount and related capitalized debt costs | 19,900 | |||||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Par [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
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 | |||||||||||
Ferrellgas, L.P. [Member] | Debt Instrument Issued At Other Than Par [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | ||||||||||||
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 |
Debt Maturities (Details)
Debt Maturities (Details) $ in Thousands | Jul. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 859,120 |
2022 | 476,435 |
2023 | 500,999 |
2024 | 329 |
2025 | 700,199 |
Thereafter | 19 |
Total long-term debt | 2,537,101 |
Ferrellgas, L.P. [Member] | |
Debt Instrument [Line Items] | |
2021 | 502,120 |
2022 | 476,435 |
2023 | 500,999 |
2024 | 329 |
2025 | 700,199 |
Thereafter | 19 |
Total long-term debt | $ 2,180,101 |
Debt - Secured Senior Note and
Debt - Secured Senior Note and Credit Facility (Details) - USD ($) $ in Thousands | Apr. 16, 2020 | Apr. 10, 2020 | Apr. 09, 2020 | Apr. 30, 2020 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | Jun. 07, 2020 | Jan. 31, 2017 | Jul. 31, 2014 | Apr. 30, 2010 |
Debt Instrument [Line Items] | |||||||||||
Cash deposit against contingencies | $ 11,500 | ||||||||||
Short-term borrowings | 0 | $ 43,000 | |||||||||
Letters of credit outstanding | 126,000 | 101,900 | |||||||||
Cash pledged as collateral for letters of credit | 78,200 | ||||||||||
Line of credit facility, commitment fee | 500 | 1,000 | $ 700 | ||||||||
Accounts Receivable Securitization Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | 0 | $ 62,000 | |||||||||
Margin added to variable rate (as a percent) | 1.00% | 0.00% | |||||||||
Interest rate at period end | 5.50% | ||||||||||
Letters of credit outstanding | 50,000 | ||||||||||
Senior Secured Credit Facility May 2018 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding borrowing repaid | $ 283,900 | $ 283,900 | |||||||||
Accrued interest paid | 3,100 | 3,100 | |||||||||
Prepayment premium paid | 17,500 | 17,500 | |||||||||
Cash deposit against contingencies | 11,500 | 11,500 | |||||||||
Revolving Credit Facility [Member] | |||||||||||
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 | ||||||||||
Cash pledged as collateral for letters of credit | $ 78,200 | ||||||||||
Two Thousand and Twenty Three Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term Loan, current | 275,000 | ||||||||||
Secured Debt | $ 275,000 | ||||||||||
Interest rate at period end | 8.16% | ||||||||||
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 475,000 | ||||||||||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% | ||||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 357,000 | $ 175,000 | $ 280,000 | ||||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | 8.625% | |||||||
Fixed rate 10.00% Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 700,000 | $ 700,000 | |||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | ||||||||
Secured Debt | $ 703,573 | ||||||||||
Ferrellgas, L.P. [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Cash deposit against contingencies | 11,500 | ||||||||||
Short-term borrowings | 0 | $ 43,000 | |||||||||
Letters of credit outstanding | 126,000 | 101,900 | |||||||||
Cash pledged as collateral for letters of credit | 78,200 | ||||||||||
Line of credit facility, commitment fee | 500 | 1,000 | $ 700 | ||||||||
Ferrellgas, L.P. [Member] | Accounts Receivable Securitization Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | 0 | $ 62,000 | |||||||||
Margin added to variable rate (as a percent) | 1.00% | 0.00% | |||||||||
Interest rate at period end | 5.50% | ||||||||||
Letters of credit outstanding | 50,000 | ||||||||||
Ferrellgas, L.P. [Member] | Senior Secured Credit Facility May 2018 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Outstanding borrowing repaid | $ 283,900 | $ 283,900 | |||||||||
Accrued interest paid | 3,100 | 3,100 | |||||||||
Prepayment premium paid | 17,500 | 17,500 | |||||||||
Cash deposit against contingencies | 11,500 | 11,500 | |||||||||
Ferrellgas, L.P. [Member] | Revolving Credit Facility [Member] | |||||||||||
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 | ||||||||||
Ferrellgas, L.P. [Member] | Two Thousand and Twenty Three Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term Loan, current | 275,000 | ||||||||||
Secured Debt | $ 0 | $ 275,000 | |||||||||
Interest rate at period end | 8.16% | ||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 475,000 | ||||||||||
Interest rate, as a percent | 6.75% | 6.75% | |||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest rate, as a percent | 8.625% | 8.625% | |||||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 700,000 | $ 700,000 | |||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | ||||||||
Secured Debt | $ 703,573 |
Debt - Forbearance and Covenant
Debt - Forbearance and Covenants (Details) | Jun. 07, 2020 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jul. 31, 2020USD ($) | Jul. 31, 2020USD ($)item | Apr. 30, 2020 | Apr. 16, 2020 | Jul. 31, 2019USD ($) | Jan. 31, 2017 |
Debt Instrument [Line Items] | ||||||||||||
Dividends allowed | $ 0 | |||||||||||
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | 8.625% | 8.625% | |||||||
Aggregate principal percentage under forbearance | 77.00% | |||||||||||
Unsecured senior notes | $ 357,000,000 | $ 357,000,000 | $ 355,681,000 | |||||||||
Fixed rate 10.00% Due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | 10.00% | ||||||||
Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current fixed charge coverage ratio | 175.00% | 175.00% | 175.00% | 175.00% | 175.00% | |||||||
Required leverage ratio | 5.5 | |||||||||||
Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required fixed charge coverage ratio | 175.00% | |||||||||||
Ferrellgas Partners LP [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of quarters for required fixed charge coverage ratio | item | 4 | |||||||||||
Maximum restricted payments | $ 50,000,000 | |||||||||||
Number of quarters for restricted payments | item | 16 | |||||||||||
Current fixed charge coverage ratio | 140.00% | |||||||||||
Ferrellgas Partners LP [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required fixed charge coverage ratio | 175.00% | |||||||||||
Ferrellgas, L.P. [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of quarters for required fixed charge coverage ratio | 4 | |||||||||||
Number of quarters for restricted payments | item | 4 | |||||||||||
Current fixed charge coverage ratio | 170.00% | |||||||||||
Ferrellgas, L.P. [Member] | Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 8.625% | 8.625% | 8.625% | |||||||||
Aggregate principal percentage under forbearance | 77.00% | |||||||||||
Unsecured senior notes | $ 357,000,000 | $ 357,000,000 | ||||||||||
Ferrellgas, L.P. [Member] | Fixed rate 10.00% Due 2025 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Interest rate, as a percent | 10.00% | 10.00% | 10.00% | 10.00% | ||||||||
Ferrellgas, L.P. [Member] | Maximum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required leverage ratio | 5.5 | |||||||||||
Ferrellgas, L.P. [Member] | Minimum [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Required fixed charge coverage ratio | 175.00% | |||||||||||
Current fixed charge coverage ratio | 550.00% | |||||||||||
Senior secured leverage ratio | 5.5 | 5.5 |
Partners' Deficit - Limited Par
Partners' Deficit - Limited Partner Units (Details) - shares | Jul. 31, 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 | 12 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 97,152,665 | 97,152,665 |
Minimum percentage ownership of outstanding common units resulting in non voting of owners | 20.00% | |
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] | ||
Capital Unit [Line Items] | ||
Limited partner ownership interest | 98.00% | |
General partner ownership interest | 2.00% | 2.00% |
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] | Ferrell Companies [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 195,686 | |
Ferrell Propane, Inc. [Member] | Ferrell Companies [Member] | ||
Capital Unit [Line Items] | ||
Common unitholders, units outstanding | 51,204 | |
JEF Capital Management [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] | ||
General partner ownership interest | 1.0101% | 1.0101% |
Partners' Deficit - Paid Distri
Partners' Deficit - Paid Distributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | $ 158 | $ 10,229 | $ 39,970 |
Parent [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 0 | 9,814 | 39,254 |
Parent [Member] | Ferrell Companies [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 2,253 | 9,012 | |
Parent [Member] | FCI Trading Corp. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 20 | 80 | |
Parent [Member] | Ferrell Propane, Inc. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 5 | 20 | |
Parent [Member] | James E. Ferrell [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 476 | 1,904 | |
Parent [Member] | Ferrellgas Inc., General Partner [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 98 | 392 | |
Common Unitholders [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 9,716 | 38,862 | |
Public Common Unitholders [Member] | Parent [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 6,962 | 27,846 | |
General Partner [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 98 | 392 | |
Ferrellgas, L.P. [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 15,654 | 41,121 | 70,962 |
Ferrellgas, L.P. [Member] | Ferrellgas Inc., General Partner [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 158 | 415 | 716 |
Ferrellgas, L.P. [Member] | Ferrellgas Partners LP [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 15,496 | 40,706 | 70,246 |
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | 15,496 | 40,706 | 70,246 |
Ferrellgas, L.P. [Member] | General Partner [Member] | |||
Limited Partners' Capital Account [Line Items] | |||
Distributions paid | $ 158 | $ 415 | $ 716 |
Partners' Deficit - Contributio
Partners' Deficit - Contributions and AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | $ 2,871 | $ 5,693 | $ 13,859 |
Ferrellgas Partners LP [Member] | |||
Capital Unit [Line Items] | |||
General partner ownership interest | 2.00% | 2.00% | |
Common Unitholders [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | $ 2,814 | $ 5,579 | 13,582 |
General Partner [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 28 | 56 | 137 |
Ferrellgas, L.P. [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 2,871 | 5,693 | 13,859 |
Ferrellgas, L.P. [Member] | Common Unitholders [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 2,842 | 5,635 | 13,719 |
Ferrellgas, L.P. [Member] | General Partner [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 29 | 58 | $ 140 |
Ferrellgas Inc., General Partner [Member] | |||
Capital Unit [Line Items] | |||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | $ 57,000 | $ 100 | |
Ferrellgas Inc., General Partner [Member] | Ferrellgas, L.P. [Member] | |||
Capital Unit [Line Items] | |||
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% |
Revenue from contracts with c_3
Revenue from contracts with customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
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 | $ 281,649 | $ 412,130 | $ 510,833 | $ 293,214 | $ 279,081 | $ 479,625 | $ 573,377 | $ 352,309 | $ 347,521 | $ 515,810 | $ 755,156 | $ 454,655 | $ 1,497,826 | $ 1,684,392 | $ 2,073,142 |
Contract assets and liabilities | |||||||||||||||
Accounts receivable | 108,483 | 96,450 | 108,483 | 96,450 | |||||||||||
Contract assets | 7,079 | 13,609 | 7,079 | 13,609 | |||||||||||
Contract liabilities | |||||||||||||||
Deferred revenue | $ 42,911 | 31,974 | 42,911 | 31,974 | |||||||||||
Deferred revenue recognized | $ 29,800 | ||||||||||||||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-01 | |||||||||||||||
Contract liabilities | |||||||||||||||
Remaining performance obligation recognition period | 1 year | 1 year | |||||||||||||
Propane And Related Equipment [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | $ 1,497,826 | ||||||||||||||
Retail Sales To End Users [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 964,087 | ||||||||||||||
Wholesale Sales To Resellers [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 430,435 | ||||||||||||||
Other Gas Sales [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 21,269 | ||||||||||||||
Other Revenues | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | $ 82,035 | 75,534 | 147,847 | ||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Propane And Related Equipment [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 1,684,392 | 1,790,823 | |||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Retail Sales To End Users [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 1,128,991 | 1,082,046 | |||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Wholesale Sales To Resellers [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 419,349 | 448,943 | |||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Gas Sales [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 60,518 | 111,987 | |||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Revenues | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 75,534 | 147,847 | |||||||||||||
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 | $ 281,649 | $ 412,130 | $ 510,833 | $ 293,214 | 279,081 | $ 479,625 | $ 573,377 | $ 352,309 | $ 347,521 | $ 515,810 | $ 755,156 | $ 454,655 | $ 1,497,826 | 1,684,392 | 2,073,142 |
Contract assets and liabilities | |||||||||||||||
Accounts receivable | 108,483 | 96,450 | 108,483 | 96,450 | |||||||||||
Contract assets | 7,079 | 13,609 | 7,079 | 13,609 | |||||||||||
Contract liabilities | |||||||||||||||
Deferred revenue | $ 42,911 | $ 31,974 | 42,911 | 31,974 | |||||||||||
Deferred revenue recognized | $ 29,800 | ||||||||||||||
Ferrellgas, L.P. [Member] | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-01 | |||||||||||||||
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 | $ 1,497,826 | ||||||||||||||
Ferrellgas, L.P. [Member] | Retail Sales To End Users [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 964,087 | ||||||||||||||
Ferrellgas, L.P. [Member] | Wholesale Sales To Resellers [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 430,435 | ||||||||||||||
Ferrellgas, L.P. [Member] | Other Gas Sales [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 21,269 | ||||||||||||||
Ferrellgas, L.P. [Member] | Other Revenues | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | $ 82,035 | 75,534 | 147,847 | ||||||||||||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 2,073,142 | ||||||||||||||
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 | 1,684,392 | 1,790,823 | |||||||||||||
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 | 1,128,991 | 1,082,046 | |||||||||||||
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 | 419,349 | 448,943 | |||||||||||||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Gas Sales [Member] | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | 60,518 | 111,987 | |||||||||||||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Revenues | |||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||
Revenues | $ 75,534 | $ 147,847 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | $ 3,112 | $ 1,259 |
Commodity derivatives propane swap liabilities | (5,425) | (16,015) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 0 | 0 |
Commodity derivatives propane swap liabilities | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 3,112 | 1,259 |
Commodity derivatives propane swap liabilities | (5,425) | (16,015) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 0 | 0 |
Commodity derivatives propane swap liabilities | 0 | 0 |
Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 3,112 | 1,259 |
Commodity derivatives propane swap liabilities | (5,425) | (16,015) |
Ferrellgas, L.P. [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 0 | 0 |
Commodity derivatives propane swap liabilities | 0 | 0 |
Ferrellgas, L.P. [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 3,112 | 1,259 |
Commodity derivatives propane swap liabilities | (5,425) | (16,015) |
Ferrellgas, L.P. [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity derivatives propane swap assets | 0 | 0 |
Commodity derivatives propane swap liabilities | $ 0 | $ 0 |
Fair Value Measurements - Other
Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions | Jul. 31, 2020 | Jul. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 2,177.1 | $ 1,824.6 |
Ferrellgas, L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 2,054.4 | $ 1,562.2 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Derivatives, Fair Value [Line Items] | ||
Gain (loss) recognized due to ineffectiveness | $ 0 | |
Gain (loss) recognized due to ineffectiveness, pre-adoption | $ 0 | |
Commodity derivatives propane swap assets | 3,112,000 | 1,259,000 |
Derivative Asset, Fair Value, Gross Asset | 3,112,000 | 1,259,000 |
Commodity derivatives propane swap liabilities | 5,425,000 | 16,015,000 |
Derivative Liability, Fair Value, Gross Liability | 5,425,000 | 16,015,000 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap assets | 2,846,000 | 910,000 |
Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap liabilities | 5,029,000 | 14,198,000 |
Other Assets, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap assets | 266,000 | 349,000 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap liabilities | 396,000 | 1,817,000 |
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 | |
Commodity derivatives propane swap assets | 3,112,000 | 1,259,000 |
Derivative Asset, Fair Value, Gross Asset | 3,112,000 | 1,259,000 |
Commodity derivatives propane swap liabilities | 5,425,000 | 16,015,000 |
Derivative Liability, Fair Value, Gross Liability | 5,425,000 | 16,015,000 |
Ferrellgas, L.P. [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap assets | 2,846,000 | 910,000 |
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap liabilities | 5,029,000 | 14,198,000 |
Ferrellgas, L.P. [Member] | Other Assets, Net [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap assets | 266,000 | 349,000 |
Ferrellgas, L.P. [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Commodity derivatives propane swap liabilities | $ 396,000 | $ 1,817,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Derivative Collateral (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | $ 15,831 | $ 27,997 |
Derivative Liability, Fair Value of Collateral | 510 | 1,217 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 14,398 | 25,028 |
Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 510 | 1,217 |
Other Assets, Net [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 1,433 | 2,969 |
Ferrellgas, L.P. [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 15,831 | 27,997 |
Derivative Liability, Fair Value of Collateral | 510 | 1,217 |
Ferrellgas, L.P. [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | 14,398 | 25,028 |
Ferrellgas, L.P. [Member] | Other Current Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liability, Fair Value of Collateral | 510 | 1,217 |
Ferrellgas, L.P. [Member] | Other Assets, Net [Member] | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value of Collateral | $ 1,433 | $ 2,969 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect on Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Derivative [Line Items] | |||
Swap Termination Payment | $ 4,200 | ||
Interest expense | $ (192,962) | $ (177,619) | (168,467) |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Amount of Gain Recognized | 266 | ||
Interest expense | (6,825) | ||
Ferrellgas, L.P. [Member] | |||
Derivative [Line Items] | |||
Swap Termination Payment | 4,200 | ||
Interest expense | $ (159,889) | $ (142,635) | (133,946) |
Ferrellgas, L.P. [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Amount of Gain Recognized | 266 | ||
Interest expense | $ (6,825) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effect on Comprehensive Income and Change in FV (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Derivative [Line Items] | |||
Amount of gain (loss) recognized in AOCI on derivative | $ (22,872,000) | ||
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | $ (48,184,000) | $ 30,231,000 | |
Amount of gain (loss) reclassified from AOCI into income | (35,315,000) | ||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (12,868,000) | 24,319,000 | |
Amount of gain (loss) reclassified, ineffective portion | 0 | 0 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | |
Commodity Derivatives Propane [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in AOCI on derivative | (22,872,000) | ||
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | (48,184,000) | 30,231,000 | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (395,000) | ||
Amount of gain (loss) reclassified, ineffective portion | 0 | ||
Cost of Sales [Member] | Commodity Derivatives Propane [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from AOCI into income | (35,315,000) | ||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (12,868,000) | 24,714,000 | |
Amount of gain (loss) reclassified, ineffective portion | 0 | 0 | 0 |
Midstream Operations [Member] | Cost of Sales [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (3,470,000) | ||
Ferrellgas, L.P. [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in AOCI on derivative | (22,872,000) | ||
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | (48,184,000) | 30,231,000 | |
Amount of gain (loss) reclassified from AOCI into income | (35,315,000) | ||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (12,868,000) | 24,319,000 | |
Amount of gain (loss) reclassified, ineffective portion | 0 | 0 | 0 |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 0 | |
Ferrellgas, L.P. [Member] | Commodity Derivatives Propane [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in AOCI on derivative | (22,872,000) | ||
Amount of gain (loss) recognized in AOCI on derivative, pre-adoption | (48,184,000) | 30,231,000 | |
Ferrellgas, L.P. [Member] | Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (395,000) | ||
Ferrellgas, L.P. [Member] | Cost of Sales [Member] | Commodity Derivatives Propane [Member] | |||
Derivative [Line Items] | |||
Amount of gain (loss) reclassified from AOCI into income | (35,315,000) | ||
Amount of gain (loss) reclassified from AOCI into income, pre-adoption | (12,868,000) | 24,714,000 | |
Amount of gain (loss) reclassified, ineffective portion | $ 0 | $ 0 | 0 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | Cost of Sales [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (3,470,000) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - AOCI Rollforward (Details) | 12 Months Ended | 36 Months Ended | ||
Jul. 31, 2020USD ($)MMBbls | Jul. 31, 2019USD ($) | Jul. 31, 2018USD ($) | Jul. 31, 2020USD ($) | |
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ (1,138,938,000) | $ (1,034,477,000) | $ (757,510,000) | $ (757,510,000) |
Change in value of derivative | (22,872,000) | |||
Change in value of derivative, pre-adoption | (48,184,000) | 30,231,000 | ||
Reclassification of losses on derivatives to earnings, net | 35,315,000 | |||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 12,868,000 | (24,319,000) | ||
Partners' capital balance, ending | (1,208,268,000) | (1,138,938,000) | (1,034,477,000) | (1,208,268,000) |
Reclassification of net losses to earnings during next 12 months | $ (2,200,000) | |||
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | 0 | |||
Number of barrels of propane covered by cash flow hedges | MMBbls | 4 | |||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | $ (14,756,000) | |||
Partners' capital balance, ending | (2,313,000) | (14,756,000) | (2,313,000) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | (14,756,000) | 20,560,000 | 14,648,000 | 14,648,000 |
Partners' capital balance, ending | (14,756,000) | 20,560,000 | ||
Commodity Derivatives Propane [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Change in value of derivative | (22,872,000) | |||
Reclassification of losses on derivatives to earnings, net | 35,315,000 | |||
Commodity Derivatives Propane [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | ||||
Derivative [Line Items] | ||||
Change in value of derivative, pre-adoption | (48,184,000) | 30,231,000 | ||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 12,868,000 | (24,714,000) | ||
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | ||||
Derivative [Line Items] | ||||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 395,000 | |||
Ferrellgas, L.P. [Member] | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | (780,403,000) | (680,078,000) | (406,798,000) | (406,798,000) |
Change in value of derivative | (22,872,000) | |||
Change in value of derivative, pre-adoption | (48,184,000) | 30,231,000 | ||
Reclassification of losses on derivatives to earnings, net | 35,315,000 | |||
Reclassification of losses on derivatives to earnings, net, pre-adoption | 12,868,000 | (24,319,000) | ||
Partners' capital balance, ending | (831,991,000) | (780,403,000) | (680,078,000) | (831,991,000) |
Reclassification of net losses to earnings during next 12 months | (2,200,000) | |||
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net | $ 0 | 0 | 0 | |
Number of barrels of propane covered by cash flow hedges | MMBbls | 4 | |||
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 | (2,313,000) | (14,756,000) | (2,313,000) | |
Ferrellgas, L.P. [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | ||||
Derivative [Line Items] | ||||
Partners' capital balance, beginning | (14,756,000) | 20,560,000 | 14,648,000 | $ 14,648,000 |
Partners' capital balance, ending | (14,756,000) | 20,560,000 | ||
Ferrellgas, L.P. [Member] | Commodity Derivatives Propane [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | ||||
Derivative [Line Items] | ||||
Change in value of derivative | (22,872,000) | |||
Reclassification of losses on derivatives to earnings, net | $ 35,315,000 | |||
Ferrellgas, L.P. [Member] | Commodity Derivatives Propane [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | ||||
Derivative [Line Items] | ||||
Change in value of derivative, pre-adoption | (48,184,000) | 30,231,000 | ||
Reclassification of losses on derivatives to earnings, net, pre-adoption | $ 12,868,000 | (24,714,000) | ||
Ferrellgas, L.P. [Member] | Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges, pre-adoption | ||||
Derivative [Line Items] | ||||
Reclassification of losses on derivatives to earnings, net, pre-adoption | $ 395,000 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Credit Risk (Details) $ in Millions | Jul. 31, 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 | 12 Months Ended | ||
Jul. 31, 2020USD ($)employee | Jul. 31, 2019USD ($) | Jul. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | |||
Entity Number of Employees | employee | 0 | ||
Operating Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses reimbursed to related party | $ | $ 260,427 | $ 256,190 | $ 243,407 |
General and Administrative Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses reimbursed to related party | $ | $ 29,859 | 25,368 | 28,282 |
Ferrellgas, L.P. [Member] | |||
Related Party Transaction [Line Items] | |||
Entity Number of Employees | employee | 0 | ||
Ferrellgas, L.P. [Member] | Operating Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses reimbursed to related party | $ | $ 260,427 | 256,190 | 243,407 |
Ferrellgas, L.P. [Member] | General and Administrative Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses reimbursed to related party | $ | $ 29,859 | $ 25,368 | $ 28,282 |
Ferrellgas Finance Corp. [Member] | |||
Related Party Transaction [Line Items] | |||
Entity Number of Employees | employee | 0 | ||
Ferrellgas Partners Finance Corp. [Member] | |||
Related Party Transaction [Line Items] | |||
Entity Number of Employees | employee | 0 |
Contingencies And Commitments (
Contingencies And Commitments (Details) $ in Thousands | Feb. 02, 2017item | Aug. 31, 2019USD ($)item | Jul. 31, 2020USD ($)item |
Class Action Related To Cylinder Fill Level [Member] | |||
Loss Contingencies [Line Items] | |||
Settlement paid | $ | $ 6,250 | ||
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] | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | $ | $ 357,000 | ||
Ferrellgas Finance Corp. [Member] | Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member] | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | $ | 500,000 | ||
Ferrellgas Finance Corp. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | $ | 500,000 | ||
Ferrellgas Finance Corp. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member] | |||
Loss Contingencies [Line Items] | |||
Liability as co-issuer | $ | $ 475,000 | ||
Ferrellgas, L.P. [Member] | Class Action Related To Cylinder Fill Level [Member] | |||
Loss Contingencies [Line Items] | |||
Settlement paid | $ | $ 6,250 | ||
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 |
Employee Benefits (Details)
Employee Benefits (Details) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2020USD ($)employee | Jul. 31, 2019USD ($) | Jul. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of employees | employee | 0 | ||
Non-cash employee stock ownership plan compensation charge | $ 2,871 | $ 5,693 | $ 13,859 |
Contributions to defined contribution plan | 4,800 | 4,600 | 3,700 |
Defined benefit plan adjustments to other comprehensive income and other liabilities | $ (100) | (100) | 100 |
Ferrellgas, L.P. [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of employees | employee | 0 | ||
Non-cash employee stock ownership plan compensation charge | $ 2,871 | 5,693 | 13,859 |
Contributions to defined contribution plan | 4,800 | 4,600 | 3,700 |
Defined benefit plan adjustments to other comprehensive income and other liabilities | $ (100) | $ (100) | $ 100 |
Net Earnings (Loss) Per Commo_3
Net Earnings (Loss) Per Common Unitholders' Interest (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Value of dilutive securities | $ 0 | $ 0 | $ 0 | ||||||||||||
Common unitholders' interest in net earnings (loss) | $ (69,269,000) | $ (15,239,000) | $ 47,725,000 | $ (44,891,000) | $ (70,327,000) | $ 20,256,000 | $ 42,911,000 | $ (56,445,000) | $ (213,527,000) | $ 10,752,000 | $ (1,824,000) | $ (47,436,000) | $ (81,674,000) | $ (63,605,000) | $ (252,035,000) |
Weighted average common units outstanding, basic and diluted | 97,152,700 | 97,152,700 | 97,152,700 | ||||||||||||
Basic and diluted net loss per common unit | $ (0.71) | $ (0.16) | $ 0.49 | $ (0.46) | $ (0.72) | $ 0.21 | $ 0.44 | $ (0.58) | $ (2.20) | $ 0.11 | $ (0.02) | $ (0.49) | $ (0.84) | $ (0.65) | $ (2.59) |
Upper Range [Member] | Common Unitholders [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Ratio of total distributions payable | 51.50% | ||||||||||||||
Upper Range [Member] | General Partner [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Ratio of total distributions payable | 48.50% | ||||||||||||||
Middle Range [Member] | Common Unitholders [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Ratio of total distributions payable | 76.80% | ||||||||||||||
Middle Range [Member] | General Partner [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Ratio of total distributions payable | 23.20% | ||||||||||||||
Lower Range [Member] | Common Unitholders [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Ratio of total distributions payable | 86.90% | ||||||||||||||
Lower Range [Member] | General Partner [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Ratio of total distributions payable | 13.10% | ||||||||||||||
Minimum [Member] | Upper Range [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Earnings Per Share, Basic, Distributed | $ 0.83 | ||||||||||||||
Minimum [Member] | Middle Range [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Earnings Per Share, Basic, Distributed | 0.64 | ||||||||||||||
Minimum [Member] | Lower Range [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Earnings Per Share, Basic, Distributed | 0.56 | ||||||||||||||
Maximum [Member] | Middle Range [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Earnings Per Share, Basic, Distributed | 0.82 | ||||||||||||||
Maximum [Member] | Lower Range [Member] | |||||||||||||||
Earnings Distribution Allocation [Line Items] | |||||||||||||||
Earnings Per Share, Basic, Distributed | $ 0.63 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Income Tax Disclosure [Line Items] | |||
Deferred income tax expense (benefit) | $ 554,000 | $ 143,000 | $ (3,818,000) |
Deferred tax assets | 4,000 | 631,000 | |
Ferrellgas Partners Finance Corp. [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, operating loss carryforwards | 7,606 | ||
Net operating loss carryforward | 36,221 | ||
Valuation allowance provided for deferred tax asset | 7,606 | ||
Deferred income tax expense (benefit) | 0 | 0 | 0 |
Deferred tax assets | 0 | 0 | 0 |
Ferrellgas Finance Corp. [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax assets, operating loss carryforwards | 17,426 | ||
Net operating loss carryforward | 82,979 | ||
Valuation allowance provided for deferred tax asset | 17,426 | ||
Deferred income tax expense (benefit) | 0 | 0 | $ 0 |
Deferred tax assets | $ 0 | $ 0 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Goodwill, Impairment Loss | $ 0 | ||||||||||||||
Revenues | $ 281,649 | $ 412,130 | $ 510,833 | $ 293,214 | $ 279,081 | $ 479,625 | $ 573,377 | $ 352,309 | $ 347,521 | $ 515,810 | $ 755,156 | $ 454,655 | 1,497,826 | $ 1,684,392 | $ 2,073,142 |
Net loss | (70,605) | (15,471) | 48,791 | (45,717) | (217,797) | 11,062 | (1,774) | (48,316) | (83,002) | (64,545) | (256,825) | ||||
Net earnings (loss) | (69,969) | (15,393) | 48,207 | (45,344) | (71,037) | 20,461 | 43,344 | (57,015) | (215,684) | 10,861 | (1,843) | (47,915) | (82,499) | (64,247) | (254,581) |
Common unitholders' interest in net earnings (loss) | $ (69,269) | $ (15,239) | $ 47,725 | $ (44,891) | $ (70,327) | $ 20,256 | $ 42,911 | $ (56,445) | $ (213,527) | $ 10,752 | $ (1,824) | $ (47,436) | $ (81,674) | $ (63,605) | $ (252,035) |
Basic and diluted net loss per common unit | $ (0.71) | $ (0.16) | $ 0.49 | $ (0.46) | $ (0.72) | $ 0.21 | $ 0.44 | $ (0.58) | $ (2.20) | $ 0.11 | $ (0.02) | $ (0.49) | $ (0.84) | $ (0.65) | $ (2.59) |
Loss on extinguishment of debt | $ 37,400 | $ 37,399 | |||||||||||||
Asset impairments | $ 10,000 | 0 | $ 0 | $ 10,005 | |||||||||||
Propane and related equipment sales [Member] | |||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Gross margin from propane and other gas liquids sales (a) | $ 140,497 | 215,480 | $ 247,404 | $ 139,357 | $ 127,764 | $ 209,167 | $ 238,581 | $ 130,830 | $ 126,115 | $ 190,883 | 229,321 | $ 123,243 | |||
Consolidated Midstream Operations [Member] | |||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Gross margin from propane and other gas liquids sales (a) | (4,161) | 8,077 | 10,209 | 12,635 | |||||||||||
Net loss | (71,672) | 20,760 | 43,875 | (57,508) | |||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Goodwill, Impairment Loss | 0 | ||||||||||||||
Revenues | 281,649 | 412,130 | 510,833 | 293,214 | 279,081 | 479,625 | 573,377 | 352,309 | 347,521 | 515,810 | 755,156 | 454,655 | 1,497,826 | 1,684,392 | 2,073,142 |
Net loss | (62,902) | (7,720) | 57,756 | (36,898) | (62,874) | 29,554 | 52,617 | (48,814) | (209,134) | 19,840 | 6,847 | (39,699) | (49,764) | $ (29,517) | (222,146) |
Loss on extinguishment of debt | 37,400 | $ 37,399 | |||||||||||||
Asset impairments | 10,000 | $ 10,005 | |||||||||||||
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | |||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Gross margin from propane and other gas liquids sales (a) | $ 140,497 | $ 215,480 | $ 247,404 | $ 139,357 | $ 127,764 | $ 209,167 | $ 238,581 | $ 130,830 | 126,115 | 190,883 | 229,321 | 123,243 | |||
Ferrellgas, L.P. [Member] | Consolidated Midstream Operations [Member] | |||||||||||||||
Interim Period, Costs Not Allocable [Line Items] | |||||||||||||||
Gross margin from propane and other gas liquids sales (a) | $ (4,161) | $ 8,077 | $ 10,209 | $ 12,635 |
Guarantor financial informati_3
Guarantor financial information (Details) - USD ($) $ in Millions | Jul. 31, 2020 | Jul. 31, 2019 | Jun. 30, 2015 |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Aggregate principal amount | $ 500 | ||
Interest rate, as a percent | 6.75% | 6.75% | 6.75% |
Ferrellgas, L.P. [Member] | Ferrellgas [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Ownership percentage | 100.00% | ||
Ferrellgas, L.P. [Member] | Ferrellgas Finance Corp. [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Ownership percentage | 100.00% | ||
Ferrellgas, L.P. [Member] | Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Aggregate principal amount | $ 500 | $ 500 | |
Interest rate, as a percent | 6.75% | 6.75% |
Guarantor financial informati_4
Guarantor financial information - Balance Sheets (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2017 |
Current assets: | ||||
Cash and cash equivalents | $ 333,761 | $ 11,054 | $ 119,311 | $ 5,760 |
Accounts and notes receivable, net | 101,438 | 107,596 | ||
Inventories | 72,664 | 80,454 | ||
Prepaid expenses and other current assets | 35,944 | 42,275 | ||
Total current assets | 543,807 | 241,379 | ||
Property, plant and equipment, net | 591,042 | 596,723 | ||
Goodwill, net | 247,195 | 247,195 | ||
Intangible assets, net | 104,049 | 108,557 | ||
Operating lease, right-of-use assets | 107,349 | |||
Other assets, net | 74,748 | 69,105 | ||
Total assets | 1,668,190 | 1,262,959 | ||
Current liabilities: | ||||
Accounts payable | 33,944 | 33,364 | ||
Short-term borrowings | 0 | 43,000 | ||
Collateralized note payable | 62,000 | |||
Current portion of long-term debt | 859,095 | 631,756 | ||
Current operating lease liabilities | 29,345 | |||
Other current liabilities | 167,466 | 138,237 | ||
Total current liabilities | 1,089,850 | 908,357 | ||
Long-term debt | 1,646,396 | 1,457,004 | ||
Operating lease liabilities | 89,022 | |||
Other liabilities | 51,190 | 36,536 | ||
Contingencies and commitments | 0 | 0 | ||
Partners' capital (deficit) | ||||
Accumulated other comprehensive income (loss) | (2,303) | (14,512) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (1,200,042) | (1,131,233) | ||
Total liabilities and partners' capital (deficit) | 1,668,190 | 1,262,959 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 6 | 8 | 3 | 59 |
Prepaid expenses and other current assets | 22 | 57 | ||
Total assets | 28 | 65 | ||
Current liabilities: | ||||
Current portion of long-term debt | 357,000 | 354,727 | ||
Other current liabilities | 19,305 | 3,873 | ||
Partners' capital (deficit) | ||||
Accumulated other comprehensive income (loss) | (2,303) | (14,512) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (1,200,042) | (1,131,233) | ||
Total liabilities and partners' capital (deficit) | 28 | 65 | ||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 332,244 | 11,045 | 119,133 | 5,327 |
Accounts and notes receivable, net | 11,879 | (3,912) | ||
Intercompany Receivables, Current | 69,980 | (5,650) | ||
Inventories | 72,664 | 80,454 | ||
Prepaid expenses and other current assets | 35,897 | 42,158 | ||
Total current assets | 522,664 | 124,095 | ||
Property, plant and equipment, net | 591,042 | 596,724 | ||
Goodwill, net | 247,195 | 247,195 | ||
Intangible assets, net | 104,049 | 108,557 | ||
Investment in Ferrellgas, L.P. | 37,662 | 52,999 | ||
Operating lease, right-of-use assets | 107,349 | |||
Other assets, net | 72,137 | 65,447 | ||
Total assets | 1,682,098 | 1,195,017 | ||
Current liabilities: | ||||
Accounts payable | 33,944 | 33,252 | ||
Short-term borrowings | 43,000 | |||
Collateralized note payable | 0 | |||
Intercompany Payables | 0 | 0 | ||
Current portion of long-term debt | 502,095 | 277,029 | ||
Current operating lease liabilities | 29,345 | |||
Other current liabilities | 162,097 | 128,666 | ||
Total current liabilities | 727,481 | 481,947 | ||
Long-term debt | 1,646,396 | 1,457,004 | ||
Operating lease liabilities | 89,022 | |||
Other liabilities | 51,190 | 36,469 | ||
Partners' capital (deficit) | ||||
Partners' equity | (829,678) | (765,756) | ||
Accumulated other comprehensive income (loss) | (2,313) | (14,647) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (831,991) | (780,403) | ||
Total liabilities and partners' capital (deficit) | 1,682,098 | 1,195,017 | ||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Accounts and notes receivable, net | 0 | 0 | ||
Intercompany Receivables, Current | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 1 | 1 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investment in Ferrellgas, L.P. | 0 | 0 | ||
Other assets, net | 0 | 0 | ||
Total assets | 1 | 1 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | |||
Collateralized note payable | 0 | |||
Intercompany Payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Partners' capital (deficit) | ||||
Partners' equity | 1 | 1 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 1 | 1 | ||
Total liabilities and partners' capital (deficit) | 1 | 1 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 174 | 373 |
Accounts and notes receivable, net | 24 | 35 | ||
Intercompany Receivables, Current | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | (1) | ||
Total current assets | 24 | 34 | ||
Property, plant and equipment, net | 0 | (1) | ||
Goodwill, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investment in Ferrellgas, L.P. | 0 | 0 | ||
Other assets, net | 2,255 | 2,875 | ||
Total assets | 2,279 | 2,908 | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | |||
Collateralized note payable | 0 | |||
Intercompany Payables | 0 | (192) | ||
Other current liabilities | 0 | 20 | ||
Total current liabilities | 0 | (172) | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 67 | ||
Partners' capital (deficit) | ||||
Partners' equity | 2,279 | 3,013 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 2,279 | 3,013 | ||
Total liabilities and partners' capital (deficit) | 2,279 | 2,908 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1,510 | 0 | 0 | 0 |
Accounts and notes receivable, net | 89,535 | 111,473 | ||
Intercompany Receivables, Current | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | 91,045 | 111,473 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investment in Ferrellgas, L.P. | 0 | 0 | ||
Other assets, net | 356 | 783 | ||
Total assets | 91,401 | 112,256 | ||
Current liabilities: | ||||
Accounts payable | 0 | 112 | ||
Short-term borrowings | 0 | |||
Collateralized note payable | 62,000 | |||
Intercompany Payables | 69,980 | (5,458) | ||
Other current liabilities | (13,961) | 5,617 | ||
Total current liabilities | 56,019 | 62,271 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Partners' capital (deficit) | ||||
Partners' equity | 35,382 | 49,985 | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total Ferrellgas Partners, L.P. partners' deficit | 35,382 | 49,985 | ||
Total liabilities and partners' capital (deficit) | 91,401 | 112,256 | ||
Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts and notes receivable, net | 0 | 0 | ||
Intercompany Receivables, Current | (69,980) | 5,650 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Total current assets | (69,980) | 5,650 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill, net | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investment in Ferrellgas, L.P. | (37,662) | (52,999) | ||
Other assets, net | 0 | 0 | ||
Total assets | (107,642) | (47,349) | ||
Current liabilities: | ||||
Accounts payable | 0 | 0 | ||
Short-term borrowings | 0 | |||
Collateralized note payable | 0 | |||
Intercompany Payables | (69,980) | 5,650 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (69,980) | 5,650 | ||
Long-term debt | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Partners' capital (deficit) | ||||
Partners' equity | (37,662) | (52,999) | ||
Accumulated other comprehensive income (loss) | 0 | 0 | ||
Total Ferrellgas Partners, L.P. partners' deficit | (37,662) | (52,999) | ||
Total liabilities and partners' capital (deficit) | (107,642) | (47,349) | ||
Ferrellgas, L.P. [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 333,755 | 11,046 | $ 119,308 | $ 5,701 |
Accounts and notes receivable, net | 101,438 | 107,596 | ||
Intercompany Receivables, Current | 0 | 0 | ||
Inventories | 72,664 | 80,454 | ||
Prepaid expenses and other current assets | 35,897 | 42,157 | ||
Total current assets | 543,754 | 241,253 | ||
Property, plant and equipment, net | 591,042 | 596,723 | ||
Goodwill, net | 247,195 | 247,195 | ||
Intangible assets, net | 104,049 | 108,557 | ||
Investment in Ferrellgas, L.P. | 0 | 0 | ||
Operating lease, right-of-use assets | 107,349 | |||
Other assets, net | 74,748 | 69,105 | ||
Total assets | 1,668,137 | 1,262,833 | ||
Current liabilities: | ||||
Accounts payable | 33,944 | 33,364 | ||
Short-term borrowings | 0 | 43,000 | ||
Collateralized note payable | 62,000 | |||
Intercompany Payables | 0 | 0 | ||
Current portion of long-term debt | 502,095 | 277,029 | ||
Current operating lease liabilities | 29,345 | |||
Other current liabilities | 148,136 | 134,303 | ||
Total current liabilities | 713,520 | 549,696 | ||
Long-term debt | 1,646,396 | 1,457,004 | ||
Operating lease liabilities | 89,022 | |||
Other liabilities | 51,190 | 36,536 | ||
Contingencies and commitments | 0 | 0 | ||
Partners' capital (deficit) | ||||
Partners' equity | (829,678) | (765,756) | ||
Accumulated other comprehensive income (loss) | (2,313) | (14,647) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (831,991) | (780,403) | ||
Total liabilities and partners' capital (deficit) | $ 1,668,137 | $ 1,262,833 |
Guarantor financial informati_5
Guarantor financial information - Statements of Earnings (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Revenues: | |||||||||||||||
Revenues | $ 281,649 | $ 412,130 | $ 510,833 | $ 293,214 | $ 279,081 | $ 479,625 | $ 573,377 | $ 352,309 | $ 347,521 | $ 515,810 | $ 755,156 | $ 454,655 | $ 1,497,826 | $ 1,684,392 | $ 2,073,142 |
Costs and expenses: | |||||||||||||||
Operating expense - personnel, vehicle, plant and other | 493,055 | 468,868 | 471,748 | ||||||||||||
Operating expense - equipment lease expense | 33,017 | ||||||||||||||
Equipment lease expense, preadoption | 33,073 | 28,272 | |||||||||||||
Depreciation and amortization expense | 80,481 | 78,846 | 101,795 | ||||||||||||
General and administrative expense | 45,752 | 59,994 | 54,401 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 2,871 | 5,693 | 13,859 | ||||||||||||
Asset impairments | 10,000 | 0 | 0 | 10,005 | |||||||||||
Loss on asset sales and disposals | 7,924 | 10,968 | 187,399 | ||||||||||||
Operating income | 148,670 | 113,028 | (91,964) | ||||||||||||
Interest expense | (192,962) | (177,619) | (168,467) | ||||||||||||
Loss on extinguishment of debt | (37,400) | (37,399) | |||||||||||||
Other income (expense), net | (460) | 369 | 928 | ||||||||||||
Loss before income taxes | (82,151) | (64,222) | (259,503) | ||||||||||||
Income tax expense (benefit) | 851 | 323 | (2,678) | ||||||||||||
Net loss | (70,605) | (15,471) | 48,791 | (45,717) | (217,797) | 11,062 | (1,774) | (48,316) | (83,002) | (64,545) | (256,825) | ||||
Other comprehensive income (loss) | 12,334 | (35,380) | 5,969 | ||||||||||||
Comprehensive loss | (70,668) | (99,925) | (250,856) | ||||||||||||
Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 1,415,791 | 1,608,858 | 1,642,976 | ||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 673,053 | 902,516 | 973,414 | ||||||||||||
Midstream Operations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 282,319 | ||||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 255,559 | ||||||||||||||
Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 82,035 | 75,534 | 147,847 | ||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 13,003 | 11,406 | 68,654 | ||||||||||||
Parent Company [Member] | |||||||||||||||
Costs and expenses: | |||||||||||||||
General and administrative expense | 116 | 14 | 137 | ||||||||||||
Operating income | (49,377) | (29,233) | (220,039) | ||||||||||||
Interest expense | (33,073) | (34,984) | (34,521) | ||||||||||||
Income tax expense (benefit) | 49 | 30 | 21 | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | (49,261) | (29,219) | (219,902) | ||||||||||||
Net loss | (82,499) | (64,247) | (254,581) | ||||||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 1,497,826 | 1,684,343 | |||||||||||||
Costs and expenses: | |||||||||||||||
Operating expense - personnel, vehicle, plant and other | 493,055 | 469,652 | 436,962 | ||||||||||||
Operating expense - equipment lease expense | 33,017 | ||||||||||||||
Equipment lease expense, preadoption | 33,073 | 27,939 | |||||||||||||
Depreciation and amortization expense | 80,025 | 78,400 | 75,163 | ||||||||||||
General and administrative expense | 45,630 | 59,974 | 48,337 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 2,871 | 5,693 | 13,859 | ||||||||||||
Asset impairments | 0 | ||||||||||||||
Loss on asset sales and disposals | 7,924 | 8,289 | 8,978 | ||||||||||||
Operating income | 149,248 | 115,454 | 121,293 | ||||||||||||
Interest expense | (156,286) | (132,929) | (86,646) | ||||||||||||
Loss on extinguishment of debt | (37,399) | ||||||||||||||
Other income (expense), net | (360) | 428 | (234) | ||||||||||||
Loss before income taxes | (44,797) | (17,047) | 34,413 | ||||||||||||
Income tax expense (benefit) | 802 | 105 | 222 | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | (2,444) | (12,365) | (256,337) | ||||||||||||
Net loss | (48,043) | (29,517) | (222,146) | ||||||||||||
Other comprehensive income (loss) | 12,334 | (35,380) | 5,969 | ||||||||||||
Comprehensive loss | (35,709) | (64,897) | (216,177) | ||||||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 1,415,791 | 1,608,858 | |||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 673,053 | 902,516 | 972,467 | ||||||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | Midstream Operations [Member] | |||||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | ||||||||||||||
Reportable Legal Entities [Member] | Parent Company [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 82,035 | 75,485 | |||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 13,003 | 11,292 | 10,111 | ||||||||||||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 0 | |||||||||||||
Costs and expenses: | |||||||||||||||
Operating expense - personnel, vehicle, plant and other | 0 | 0 | 0 | ||||||||||||
Operating expense - equipment lease expense | 0 | ||||||||||||||
Equipment lease expense, preadoption | 0 | 0 | |||||||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||||||
General and administrative expense | 6 | 6 | 5 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | ||||||||||||
Asset impairments | 0 | ||||||||||||||
Loss on asset sales and disposals | 0 | 0 | 0 | ||||||||||||
Operating income | (6) | (6) | (5) | ||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||
Loss on extinguishment of debt | 0 | ||||||||||||||
Other income (expense), net | 0 | 0 | 0 | ||||||||||||
Loss before income taxes | (6) | (6) | (5) | ||||||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 0 | 0 | 0 | ||||||||||||
Net loss | (6) | (6) | (5) | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Comprehensive loss | (6) | (6) | (5) | ||||||||||||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 0 | |||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||||||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | Midstream Operations [Member] | |||||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | ||||||||||||||
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 0 | |||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 49 | |||||||||||||
Costs and expenses: | |||||||||||||||
Operating expense - personnel, vehicle, plant and other | 0 | 37 | 37,617 | ||||||||||||
Operating expense - equipment lease expense | 0 | ||||||||||||||
Equipment lease expense, preadoption | 0 | 333 | |||||||||||||
Depreciation and amortization expense | 0 | 0 | 26,317 | ||||||||||||
General and administrative expense | 0 | 0 | 5,922 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | ||||||||||||
Asset impairments | 10,005 | ||||||||||||||
Loss on asset sales and disposals | 0 | 2,679 | 178,421 | ||||||||||||
Operating income | 0 | (2,781) | (215,631) | ||||||||||||
Interest expense | 0 | (38) | (43,247) | ||||||||||||
Loss on extinguishment of debt | 0 | ||||||||||||||
Other income (expense), net | (100) | (59) | 1,162 | ||||||||||||
Loss before income taxes | (100) | (2,878) | (257,716) | ||||||||||||
Income tax expense (benefit) | 0 | 188 | (2,921) | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 0 | 0 | 0 | ||||||||||||
Net loss | (100) | (3,066) | (254,795) | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Comprehensive loss | (100) | (3,066) | (254,795) | ||||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 0 | |||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | 0 | 947 | ||||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Midstream Operations [Member] | |||||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 255,559 | ||||||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 49 | |||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | 114 | 58,543 | ||||||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 0 | |||||||||||||
Costs and expenses: | |||||||||||||||
Operating expense - personnel, vehicle, plant and other | 3,950 | 3,589 | 4,755 | ||||||||||||
Operating expense - equipment lease expense | 0 | ||||||||||||||
Equipment lease expense, preadoption | 0 | 0 | |||||||||||||
Depreciation and amortization expense | 456 | 446 | 315 | ||||||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | ||||||||||||
Asset impairments | 0 | ||||||||||||||
Loss on asset sales and disposals | 0 | 0 | 0 | ||||||||||||
Operating income | (4,406) | (4,035) | (5,070) | ||||||||||||
Interest expense | (3,603) | (9,668) | (4,053) | ||||||||||||
Loss on extinguishment of debt | 0 | ||||||||||||||
Other income (expense), net | 5,671 | 4,410 | 7,586 | ||||||||||||
Loss before income taxes | (2,338) | (9,293) | (1,537) | ||||||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 0 | 0 | 0 | ||||||||||||
Net loss | (2,338) | (9,293) | (1,537) | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Comprehensive loss | (2,338) | (9,293) | (1,537) | ||||||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 0 | |||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Midstream Operations [Member] | |||||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | ||||||||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 0 | |||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||||||
Eliminations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 0 | |||||||||||||
Costs and expenses: | |||||||||||||||
Operating expense - personnel, vehicle, plant and other | (3,950) | (4,410) | (7,586) | ||||||||||||
Operating expense - equipment lease expense | 0 | ||||||||||||||
Equipment lease expense, preadoption | 0 | 0 | |||||||||||||
Depreciation and amortization expense | 0 | 0 | 0 | ||||||||||||
General and administrative expense | 0 | 0 | 0 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 0 | 0 | 0 | ||||||||||||
Asset impairments | 0 | ||||||||||||||
Loss on asset sales and disposals | 0 | 0 | 0 | ||||||||||||
Operating income | 3,950 | 4,410 | 7,586 | ||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||
Loss on extinguishment of debt | 0 | ||||||||||||||
Other income (expense), net | (5,671) | (4,410) | (7,586) | ||||||||||||
Loss before income taxes | (1,721) | 0 | 0 | ||||||||||||
Income tax expense (benefit) | 0 | 0 | 0 | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 2,444 | 12,365 | 256,337 | ||||||||||||
Net loss | 723 | 12,365 | 256,337 | ||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||||||||
Comprehensive loss | 723 | 12,365 | 256,337 | ||||||||||||
Eliminations [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 0 | |||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||||||
Eliminations [Member] | Midstream Operations [Member] | |||||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | ||||||||||||||
Eliminations [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | 0 | |||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 0 | 0 | 0 | ||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 75,534 | 147,847 | |||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 1,715,109 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 1,642,155 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | Midstream Operations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Parent Company [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 72,954 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | Midstream Operations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 358,033 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 821 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Midstream Operations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 282,319 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 74,893 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Midstream Operations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Eliminations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Eliminations [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Eliminations [Member] | Midstream Operations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Eliminations [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 0 | ||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 281,649 | 412,130 | 510,833 | 293,214 | 279,081 | 479,625 | 573,377 | 352,309 | 347,521 | 515,810 | 755,156 | 454,655 | 1,497,826 | 1,684,392 | 2,073,142 |
Costs and expenses: | |||||||||||||||
Operating expense - personnel, vehicle, plant and other | 493,055 | 468,868 | 471,748 | ||||||||||||
Operating expense - equipment lease expense | 33,017 | ||||||||||||||
Equipment lease expense, preadoption | 33,073 | 28,272 | |||||||||||||
Depreciation and amortization expense | 80,481 | 78,846 | 101,795 | ||||||||||||
General and administrative expense | 45,636 | 59,980 | 54,264 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 2,871 | 5,693 | 13,859 | ||||||||||||
Asset impairments | 10,000 | 10,005 | |||||||||||||
Loss on asset sales and disposals | 7,924 | 10,968 | 187,399 | ||||||||||||
Operating income | 148,786 | 113,042 | (91,827) | ||||||||||||
Interest expense | (159,889) | (142,635) | (133,946) | ||||||||||||
Loss on extinguishment of debt | (37,400) | (37,399) | |||||||||||||
Other income (expense), net | (460) | 369 | 928 | ||||||||||||
Loss before income taxes | (48,962) | (29,224) | (224,845) | ||||||||||||
Income tax expense (benefit) | 802 | 293 | (2,699) | ||||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | 0 | 0 | 0 | ||||||||||||
Net loss | $ (62,902) | $ (7,720) | $ 57,756 | $ (36,898) | $ (62,874) | $ 29,554 | $ 52,617 | $ (48,814) | $ (209,134) | $ 19,840 | $ 6,847 | $ (39,699) | (49,764) | (29,517) | (222,146) |
Other comprehensive income (loss) | 12,334 | (35,380) | 5,969 | ||||||||||||
Comprehensive loss | (37,430) | (64,897) | (216,177) | ||||||||||||
Ferrellgas, L.P. [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 1,415,791 | 1,608,858 | 1,642,976 | ||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 673,053 | 902,516 | 973,414 | ||||||||||||
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 282,319 | ||||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | 255,559 | ||||||||||||||
Ferrellgas, L.P. [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 82,035 | 75,534 | 147,847 | ||||||||||||
Costs and expenses: | |||||||||||||||
Cost of sales | $ 13,003 | 11,406 | 68,654 | ||||||||||||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 2,073,142 | ||||||||||||||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Propane [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 1,642,976 | ||||||||||||||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Midstream Operations [Member] | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | 282,319 | ||||||||||||||
Ferrellgas, L.P. [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Other Revenues | |||||||||||||||
Revenues: | |||||||||||||||
Revenues | $ 75,534 | $ 147,847 |
Guarantor financial informati_6
Guarantor financial information - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | $ 112,842 | $ 15,075 | $ 74,148 | |
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | (10,195) | (13,551) | (18,141) | |
Capital expenditures | (70,455) | (108,822) | (84,919) | |
Proceeds from sale of assets | 4,472 | 5,699 | 152,587 | |
Cash payments to construct assets in connection with future lease transactions | (37,042) | (9,934) | 0 | |
Cash receipts in connection with leased vehicles | 41,924 | 862 | 0 | |
Other | 0 | 1,419 | 0 | |
Net cash provided by (used in) investing activities | (71,296) | (124,327) | 49,527 | |
Cash flows from financing activities: | ||||
Distributions | 0 | (9,814) | (39,254) | |
Proceeds from issuance of long-term debt | 703,750 | 0 | 323,680 | |
Reductions on long-term debt | (285,857) | (2,428) | (212,920) | |
Net additions to (reductions in) short-term borrowings | (43,000) | 10,200 | (51,379) | |
Net additions to (reductions in) collateralized short-term borrowings | (62,000) | 4,000 | (11,000) | |
Cash paid for financing costs and other | (29,458) | (548) | (18,535) | |
Cash payments for principal portion of lease liability | (2,116) | 0 | 0 | |
Net cash provided by (used in) financing activities | 281,161 | 995 | (10,124) | |
Increase (decrease) in cash and cash equivalents | 322,707 | (108,257) | 113,551 | |
Cash and cash equivalents | 333,761 | 11,054 | 119,311 | $ 5,760 |
Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (15,489) | (30,887) | (31,006) | |
Cash flows from investing activities: | ||||
Net cash provided by (used in) investing activities | 15,496 | 40,706 | 70,246 | |
Cash flows from financing activities: | ||||
Distributions | (9,814) | (39,254) | ||
Cash paid for financing costs and other | (9) | (42) | ||
Net cash provided by (used in) financing activities | (9) | (9,814) | (39,296) | |
Increase (decrease) in cash and cash equivalents | (2) | 5 | (56) | |
Cash and cash equivalents | 6 | 8 | 3 | 59 |
Reportable Legal Entities [Member] | Parent Company [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 75,882 | 25,796 | 139,294 | |
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | (10,195) | (13,551) | (18,141) | |
Capital expenditures | (70,455) | (108,822) | (81,114) | |
Proceeds from sale of assets | 4,472 | 5,699 | 7,327 | |
Cash payments to construct assets in connection with future lease transactions | (37,042) | (9,934) | ||
Cash receipts in connection with leased vehicles | 41,924 | 862 | ||
Cash collected from securitization of accounts receivable | 0 | 0 | 0 | |
Cash remitted for accounts receivable | 0 | 0 | 0 | |
Net changes in advances with consolidated entities | 0 | 96,514 | ||
Intercompany loan to affiliate | (11,061) | 24,328 | ||
Other | 1,419 | |||
Net cash provided by (used in) investing activities | (82,357) | (99,999) | 4,586 | |
Cash flows from financing activities: | ||||
Distributions | (15,654) | (41,121) | (70,962) | |
Proceeds from issuance of long-term debt | 703,750 | (2,428) | 323,680 | |
Reductions on long-term debt | (285,857) | (212,920) | ||
Net additions to (reductions in) short-term borrowings | (43,000) | 10,200 | (51,379) | |
Net additions to (reductions in) collateralized short-term borrowings | 0 | 0 | 0 | |
Net changes in advances with consolidated entities | 0 | 0 | 0 | |
Cash paid for financing costs and other | (29,449) | (536) | (18,493) | |
Cash payments for principal portion of lease liability | (2,116) | |||
Net cash provided by (used in) financing activities | 327,674 | (33,885) | (30,074) | |
Increase (decrease) in cash and cash equivalents | 321,199 | (108,088) | 113,806 | |
Cash and cash equivalents | 332,244 | 11,045 | 119,133 | 5,327 |
Reportable Legal Entities [Member] | Subsidiary Issuer [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (6) | (6) | (5) | |
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | 0 | |
Cash payments to construct assets in connection with future lease transactions | 0 | 0 | ||
Cash receipts in connection with leased vehicles | 0 | 0 | ||
Cash collected from securitization of accounts receivable | 0 | 0 | 0 | |
Cash remitted for accounts receivable | 0 | 0 | 0 | |
Net changes in advances with consolidated entities | 0 | 0 | ||
Intercompany loan to affiliate | 0 | 0 | ||
Other | 0 | |||
Net cash provided by (used in) investing activities | 0 | 0 | 0 | |
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | 0 | |
Proceeds from issuance of long-term debt | 0 | 0 | ||
Reductions on long-term debt | 0 | 0 | 0 | |
Net additions to (reductions in) short-term borrowings | 0 | 0 | 0 | |
Net additions to (reductions in) collateralized short-term borrowings | 0 | 0 | 0 | |
Net changes in advances with consolidated entities | 6 | 6 | 5 | |
Cash paid for financing costs and other | 0 | 0 | 0 | |
Cash payments for principal portion of lease liability | 0 | |||
Net cash provided by (used in) financing activities | 6 | 6 | 5 | |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents | 1 | 1 | 1 | 1 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 425 | 24,889 | (48,708) | |
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | (3,805) | |
Proceeds from sale of assets | 0 | 0 | 145,260 | |
Cash payments to construct assets in connection with future lease transactions | 0 | 0 | ||
Cash receipts in connection with leased vehicles | 0 | 0 | ||
Cash collected from securitization of accounts receivable | 0 | 0 | 0 | |
Cash remitted for accounts receivable | 0 | 0 | 0 | |
Net changes in advances with consolidated entities | 0 | 0 | ||
Intercompany loan to affiliate | 0 | 0 | ||
Other | 0 | |||
Net cash provided by (used in) investing activities | 0 | 0 | 141,455 | |
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | 0 | |
Proceeds from issuance of long-term debt | 0 | 0 | ||
Reductions on long-term debt | 0 | 0 | 0 | |
Net additions to (reductions in) short-term borrowings | 0 | 0 | 0 | |
Net additions to (reductions in) collateralized short-term borrowings | 0 | 0 | 0 | |
Net changes in advances with consolidated entities | (425) | (25,063) | (92,946) | |
Cash paid for financing costs and other | 0 | 0 | 0 | |
Cash payments for principal portion of lease liability | 0 | |||
Net cash provided by (used in) financing activities | (425) | (25,063) | (92,946) | |
Increase (decrease) in cash and cash equivalents | 0 | (174) | (199) | |
Cash and cash equivalents | 0 | 0 | 174 | 373 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | (11,480) | (717) | 3,573 | |
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | 0 | |
Cash payments to construct assets in connection with future lease transactions | 0 | 0 | ||
Cash receipts in connection with leased vehicles | 0 | 0 | ||
Cash collected from securitization of accounts receivable | 841,142 | 1,258,050 | 1,226,211 | |
Cash remitted for accounts receivable | (777,632) | (1,262,050) | (1,215,211) | |
Net changes in advances with consolidated entities | 0 | 0 | ||
Intercompany loan to affiliate | 0 | 0 | ||
Other | 0 | |||
Net cash provided by (used in) investing activities | 63,510 | (4,000) | 11,000 | |
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | 0 | |
Proceeds from issuance of long-term debt | 0 | 0 | ||
Reductions on long-term debt | 0 | 0 | 0 | |
Net additions to (reductions in) short-term borrowings | 0 | 0 | 0 | |
Net additions to (reductions in) collateralized short-term borrowings | (62,000) | 4,000 | (11,000) | |
Net changes in advances with consolidated entities | 11,480 | 729 | (3,573) | |
Cash paid for financing costs and other | 0 | (12) | 0 | |
Cash payments for principal portion of lease liability | 0 | |||
Net cash provided by (used in) financing activities | (50,520) | 4,717 | (14,573) | |
Increase (decrease) in cash and cash equivalents | 1,510 | 0 | 0 | |
Cash and cash equivalents | 1,510 | 0 | 0 | 0 |
Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 63,510 | (4,000) | 11,000 | |
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | 0 | 0 | 0 | |
Capital expenditures | 0 | 0 | 0 | |
Proceeds from sale of assets | 0 | 0 | 0 | |
Cash payments to construct assets in connection with future lease transactions | 0 | 0 | ||
Cash receipts in connection with leased vehicles | 0 | 0 | ||
Cash collected from securitization of accounts receivable | (841,142) | (1,258,050) | (1,226,211) | |
Cash remitted for accounts receivable | 777,632 | 1,262,050 | 1,215,211 | |
Net changes in advances with consolidated entities | 0 | (96,514) | ||
Intercompany loan to affiliate | 11,061 | (24,328) | ||
Other | 0 | |||
Net cash provided by (used in) investing activities | (52,449) | (20,328) | (107,514) | |
Cash flows from financing activities: | ||||
Distributions | 0 | 0 | 0 | |
Proceeds from issuance of long-term debt | 0 | 0 | ||
Reductions on long-term debt | 0 | 0 | 0 | |
Net additions to (reductions in) short-term borrowings | 0 | 0 | 0 | |
Net additions to (reductions in) collateralized short-term borrowings | 0 | 0 | 0 | |
Net changes in advances with consolidated entities | (11,061) | 24,328 | 96,514 | |
Cash paid for financing costs and other | 0 | 0 | 0 | |
Cash payments for principal portion of lease liability | 0 | |||
Net cash provided by (used in) financing activities | (11,061) | 24,328 | 96,514 | |
Increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Ferrellgas, L.P. [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net cash provided by (used in) operating activities | 128,331 | 45,962 | 105,154 | |
Cash flows from investing activities: | ||||
Business acquisitions, net of cash acquired | (10,195) | (13,551) | (18,141) | |
Capital expenditures | (70,455) | (108,822) | (84,919) | |
Proceeds from sale of assets | 4,472 | 5,699 | 152,587 | |
Cash payments to construct assets in connection with future lease transactions | (37,042) | (9,934) | ||
Cash receipts in connection with leased vehicles | 41,924 | 862 | ||
Cash collected from securitization of accounts receivable | 0 | 0 | 0 | |
Cash remitted for accounts receivable | 0 | 0 | 0 | |
Net changes in advances with consolidated entities | 0 | 0 | ||
Intercompany loan to affiliate | 0 | 0 | ||
Other | 1,419 | |||
Net cash provided by (used in) investing activities | (71,296) | (124,327) | 49,527 | |
Cash flows from financing activities: | ||||
Distributions | (15,654) | (41,121) | (70,962) | |
Proceeds from issuance of long-term debt | 703,750 | 323,680 | ||
Reductions on long-term debt | (285,857) | (2,428) | (212,920) | |
Net additions to (reductions in) short-term borrowings | (43,000) | 10,200 | (51,379) | |
Net additions to (reductions in) collateralized short-term borrowings | (62,000) | 4,000 | (11,000) | |
Net changes in advances with consolidated entities | 0 | 0 | 0 | |
Cash paid for financing costs and other | (29,449) | (548) | (18,493) | |
Cash payments for principal portion of lease liability | (2,116) | |||
Net cash provided by (used in) financing activities | 265,674 | (29,897) | (41,074) | |
Increase (decrease) in cash and cash equivalents | 322,709 | (108,262) | 113,607 | |
Cash and cash equivalents | $ 333,755 | $ 11,046 | $ 119,308 | $ 5,701 |
Schedule I Parent Only Balanc_2
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Balance Sheets) (Details) - USD ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2017 |
ASSETS | ||||
Cash and cash equivalents | $ 333,761 | $ 11,054 | $ 119,311 | $ 5,760 |
Prepaid expenses and other current assets | 35,944 | 42,275 | ||
Other assets, net | 74,748 | 69,105 | ||
Total assets | 1,668,190 | 1,262,959 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Current portion of long-term debt | 859,095 | 631,756 | ||
Other current liabilities | 167,466 | 138,237 | ||
Long-term debt | 1,646,396 | 1,457,004 | ||
Partners' capital (deficit) | ||||
Common unitholders | (1,126,452) | (1,046,245) | ||
General partner unitholder | (71,287) | (70,476) | ||
Accumulated other comprehensive income (loss) | (2,303) | (14,512) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (1,200,042) | (1,131,233) | ||
Total liabilities and partners' capital (deficit) | $ 1,668,190 | $ 1,262,959 | ||
Common unitholders, units outstanding | 97,152,665 | 97,152,665 | ||
General partner unitholder, units outstanding | 989,926 | 989,926 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | $ 6 | $ 8 | 3 | 59 |
Prepaid expenses and other current assets | 22 | 57 | ||
Total assets | 28 | 65 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Current portion of long-term debt | 357,000 | 354,727 | ||
Other current liabilities | 19,305 | 3,873 | ||
Investment in Ferrellgas, L.P. | 823,765 | 772,698 | ||
Partners' capital (deficit) | ||||
Common unitholders | (1,126,452) | (1,046,245) | ||
General partner unitholder | (71,287) | (70,476) | ||
Accumulated other comprehensive income (loss) | (2,303) | (14,512) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (1,200,042) | (1,131,233) | ||
Total liabilities and partners' capital (deficit) | $ 28 | $ 65 | ||
Common unitholders, units outstanding | 97,152,665 | 97,152,665 | ||
General partner unitholder, units outstanding | 989,926 | 989,926 | ||
Parent Company [Member] | Reportable Legal Entities [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | $ 332,244 | $ 11,045 | $ 119,133 | $ 5,327 |
Prepaid expenses and other current assets | 35,897 | 42,158 | ||
Investment in Ferrellgas, L.P. | 37,662 | 52,999 | ||
Other assets, net | 72,137 | 65,447 | ||
Total assets | 1,682,098 | 1,195,017 | ||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | ||||
Current portion of long-term debt | 502,095 | 277,029 | ||
Other current liabilities | 162,097 | 128,666 | ||
Long-term debt | 1,646,396 | 1,457,004 | ||
Partners' capital (deficit) | ||||
Accumulated other comprehensive income (loss) | (2,313) | (14,647) | ||
Total Ferrellgas Partners, L.P. partners' deficit | (831,991) | (780,403) | ||
Total liabilities and partners' capital (deficit) | $ 1,682,098 | $ 1,195,017 |
Schedule I Parent Only Statemen
Schedule I Parent Only Statements - Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
General and administrative expense | $ 45,752 | $ 59,994 | $ 54,401 | ||||||||
Operating income | 148,670 | 113,028 | (91,964) | ||||||||
Interest expense | (192,962) | (177,619) | (168,467) | ||||||||
Other income (expense), net | (460) | 369 | 928 | ||||||||
Income tax expense (benefit) | 851 | 323 | (2,678) | ||||||||
Net loss | $ (70,605) | $ (15,471) | $ 48,791 | $ (45,717) | $ (217,797) | $ 11,062 | $ (1,774) | $ (48,316) | (83,002) | (64,545) | (256,825) |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Equity in earnings (loss) of Ferrellgas, L.P. | (49,261) | (29,219) | (219,902) | ||||||||
General and administrative expense | 116 | 14 | 137 | ||||||||
Operating income | (49,377) | (29,233) | (220,039) | ||||||||
Interest expense | (33,073) | (34,984) | (34,521) | ||||||||
Income tax expense (benefit) | 49 | 30 | 21 | ||||||||
Net loss | $ (82,499) | $ (64,247) | $ (254,581) |
Schedule I Parent Only Balanc_3
Schedule I Parent Only Balance Sheets, Statements Of Earnings And Cash Flows (Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2018 | Jan. 31, 2018 | Oct. 31, 2017 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 | |
Cash flows from operating activities: | |||||||||||
Net loss | $ (70,605) | $ (15,471) | $ 48,791 | $ (45,717) | $ (217,797) | $ 11,062 | $ (1,774) | $ (48,316) | $ (83,002) | $ (64,545) | $ (256,825) |
Reconciliation of net earnings to net cash used in operating activities: | |||||||||||
Other | 12,583 | 12,696 | 9,997 | ||||||||
Net cash provided by (used in) operating activities | 112,842 | 15,075 | 74,148 | ||||||||
Cash flows from investing activities: | |||||||||||
Payments to Acquire Businesses, Net of Cash Acquired | (10,195) | (13,551) | (18,141) | ||||||||
Net cash used in investing activities | (71,296) | (124,327) | 49,527 | ||||||||
Cash flows from financing activities: | |||||||||||
Distributions | 0 | (9,814) | (39,254) | ||||||||
Cash paid for financing costs and other | (29,458) | (548) | (18,535) | ||||||||
Proceeds from issuance of long-term debt | 703,750 | 0 | 323,680 | ||||||||
Payments on long-term debt | (285,857) | (2,428) | (212,920) | ||||||||
Net cash provided by (used in) financing activities | 281,161 | 995 | (10,124) | ||||||||
Increase (decrease) in cash and cash equivalents | 322,707 | (108,257) | 113,551 | ||||||||
Cash and cash equivalents - beginning of year | 11,054 | 5,760 | 11,054 | 119,311 | 5,760 | ||||||
Cash, cash equivalents and restricted cash - end of year | 333,761 | 119,311 | 333,761 | 11,054 | 119,311 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | (82,499) | (64,247) | (254,581) | ||||||||
Reconciliation of net earnings to net cash used in operating activities: | |||||||||||
Other | 17,749 | 4,141 | 3,673 | ||||||||
Equity in (earnings) loss of Ferrellgas, L.P. | 49,261 | 29,219 | 219,902 | ||||||||
Net cash provided by (used in) operating activities | (15,489) | (30,887) | (31,006) | ||||||||
Cash flows from investing activities: | |||||||||||
Distributions received from Ferrellgas, L.P. | 15,496 | 40,706 | 70,246 | ||||||||
Net cash used in investing activities | 15,496 | 40,706 | 70,246 | ||||||||
Cash flows from financing activities: | |||||||||||
Distributions | (9,814) | (39,254) | |||||||||
Cash paid for financing costs and other | (9) | (42) | |||||||||
Net cash provided by (used in) financing activities | (9) | (9,814) | (39,296) | ||||||||
Increase (decrease) in cash and cash equivalents | (2) | 5 | (56) | ||||||||
Cash and cash equivalents - beginning of year | $ 8 | $ 59 | 8 | 3 | 59 | ||||||
Cash, cash equivalents and restricted cash - end of year | $ 6 | $ 3 | $ 6 | $ 8 | $ 3 |
Schedule II Valuation And Qua_2
Schedule II Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | Jul. 01, 2020 | Jun. 25, 2018 | Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2018 |
Jamex Marketing, LLC [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Note receivable, original principal amount | $ 18,300 | ||||
Notes receivable, payment due | $ 2,500 | ||||
Notes receivable, amount reserved | $ 17,300 | ||||
Notes receivable, current | 12,500 | ||||
Allowance For Doubtful Accounts [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at beginning of period | 2,463 | $ 2,455 | $ 1,976 | ||
Charged to cost / expenses | 2,279 | 1,525 | 1,778 | ||
Other | 9,382 | (1,517) | (1,299) | ||
Balance at end of period | 14,124 | 2,463 | 2,455 | ||
Ferrellgas, L.P. [Member] | Jamex Marketing, LLC [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Note receivable, original principal amount | $ 18,300 | ||||
Notes receivable, payment due | $ 2,500 | ||||
Notes receivable, amount reserved | 17,300 | ||||
Notes receivable, current | 12,500 | ||||
Ferrellgas, L.P. [Member] | Allowance For Doubtful Accounts [Member] | |||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at beginning of period | 2,463 | 2,455 | 1,976 | ||
Charged to cost / expenses | 2,279 | 1,525 | 1,778 | ||
Other | 9,382 | (1,517) | (1,299) | ||
Balance at end of period | $ 14,124 | $ 2,463 | $ 2,455 |