Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Jul. 31, 2014

Fair Value of Financial Derivatives Balance Sheet Locations

The following tables provide a summary of fair value derivatives that were designated as hedging instruments in Ferrellgas’ consolidated balance sheets as of July 31, 2014 and 2013:  

	July 31, 2014
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Propane commodity derivatives	Prepaid expenses and other current assets	$	5,301	Other current liabilities	$	83
Propane commodity derivatives	Other assets, net	1,705		Other liabilities	—
Interest rate swap agreements, current portion	Prepaid expenses and other current assets	2,101		Other current liabilities	—
Interest rate swap agreements, noncurrent portion	Other assets, net	—		Other liabilities	5,075
	Total	$	9,107	Total	$	5,158
	July 31, 2013
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Propane commodity derivatives	Prepaid expenses and other current assets	$	1,400	Other current liabilities	$	569
Propane commodity derivatives	Other assets, net	1,132		Other liabilities	338
Interest rate swap agreements, current portion	Prepaid expenses and other current assets	3,341		Other current liabilities	—
Interest rate swap agreements, noncurrent portion	Other assets, net	442		Other liabilities	4,998
	Total	$	6,315	Total	$	5,905

Fair Value Hedge Derivative Effect on Earnings

The following table provides a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2014 and 2013 of derivatives accounted for under ASC 815-25, Derivatives and Hedging – Fair Value Hedges, that were designated as hedging instruments:  

		Amount of Gain Recognized on Derivative				Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item)
Derivative Instrument	Location of Gain Recognized on Derivative	For the year ended July 31,				For the year ended July 31,
		2014		2013		2014			2013
Interest rate swap agreements	Interest expense	$	2,520	$	3,205	$	(11,985	)	$	(21,875	)

Cash Flow Hedge Derivative Effect on Comprehensive Income

The following tables provide a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2014 and 2013 of the effective portion of derivatives accounted for under ASC 815-30, Derivatives and Hedging – CashFlow Hedges that were designated as hedging instruments:

	For the year ended July 31, 2014
Derivative Instrument	Amount of Gain (Loss) Recognized in AOCI on Derivative			Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
Commodity derivatives propane swaps	$	15,473		Cost of product sold- propane and other gas liquids sales	$	10,175
Interest rate swap agreements	(881		)	Interest expense	—
	$	14,592			$	10,175

	For the year ended July 31, 2013
Derivative Instrument	Amount of Gain (Loss) Recognized in AOCI on Derivative		Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
Commodity derivatives propane swaps	$	2,032	Cost of product sold- propane and other gas liquids sales	$	(10,613	)
Interest rate swap agreements	2,220		Interest expense	—
	$	4,252		$	(10,613	)

Changes in Derivative Value Effect on Other Comprehensive Income Loss

The changes in derivatives included in accumulated other comprehensive income (loss) (“AOCI”) for the years ended July 31, 2014, 2013 and 2012 were as follows:  

	For the year ended July 31,
Gains and losses on derivatives included in AOCI	2014			2013			2012
Beginning balance	$	2,066		$	(12,799	)	$	5,161
Change in value on risk management commodity derivatives	15,473			2,032			(23,290		)
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales	(10,175		)	10,613			7,108
Change in value on risk management interest rate derivatives	(881		)	2,220			(1,778		)
Ending balance	$	6,483		$	2,066		$	(12,799	)

Ferrellgas, L.P. [Member]

Fair Value of Financial Derivatives Balance Sheet Locations

The following tables provide a summary of the fair value derivatives that were designated as hedging instruments in Ferrellgas, L.P.’s consolidated balance sheets as of July 31, 2014 and 2013: 

	July 31, 2014
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Propane commodity derivatives	Prepaid expenses and other current assets	$	5,301	Other current liabilities	$	83
Propane commodity derivatives	Other assets, net	1,705		Other liabilities	—
Interest rate swap agreements, current portion	Prepaid expenses and other current assets	2,101		Other current liabilities	—
Interest rate swap agreements, noncurrent portion	Other assets, net	—		Other liabilities	5,075
	Total	$	9,107	Total	$	5,158
	July 31, 2013
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Propane commodity derivatives	Prepaid expenses and other current assets	$	1,400	Other current liabilities	$	569
Propane commodity derivatives	Other assets, net	1,132		Other liabilities	338
Interest rate swap agreements, current portion	Prepaid expenses and other current assets	3,341		Other current liabilities	—
Interest rate swap agreements, noncurrent portion	Other assets, net	442		Other liabilities	4,998
	Total	$	6,315	Total	$	5,905

Fair Value Hedge Derivative Effect on Earnings

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, 2014 and 2013 of derivatives accounted for under ASC 815-25, Derivatives and Hedging – Fair Value Hedges, that were designated as hedging instruments:  

		Amount of Gain Recognized on Derivative				Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item)
Derivative Instrument	Location of Gain Recognized on Derivative	For the year ended July 31,				For the year ended July 31,
		2014		2013		2014			2013
Interest rate swap agreements	Interest expense	$	2,520	$	3,205	$	(11,985	)	$	(21,875	)

Cash Flow Hedge Derivative Effect on Comprehensive Income

The following tables provide a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income for the years ended July 31, 2014 and 2013 of the effective portion of derivatives accounted for under ASC 815-30, Derivatives and Hedging – Cash Flow Hedges, that were designated as hedging instruments:  

	For the year ended July 31, 2014
Derivative Instrument	Amount of Gain (Loss) Recognized in AOCI on Derivative			Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
Commodity derivatives propane swaps	$	15,473		Cost of product sold- propane and other gas liquids sales	$	10,175
Interest rate swap agreements	(881		)	Interest expense	—
	$	14,592			$	10,175
	For the year ended July 31, 2013
Derivative Instrument	Amount of Gain (Loss) Recognized in AOCI on Derivative			Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
Commodity derivatives propane swaps	$	2,032		Cost of product sold- propane and other gas liquids sales	$	(10,613	)
Interest rate swap agreements	2,220			Interest expense	—
	$	4,252			$	(10,613	)

Changes in Derivative Value Effect on Other Comprehensive Income Loss

The changes in derivatives included in accumulated other comprehensive income (loss) (“AOCI”) for the years ended July 31, 2014, 2013 and 2012 were as follows: 

	For the year ended July 31,
Gains and losses on derivatives included in AOCI	2014			2013			2012
Beginning balance	$	2,066		$	(12,799	)	$	5,161
Change in value on risk management commodity derivatives	15,473			2,032			(23,290		)
Reclassification of gains and losses of commodity hedges to cost of product sold - propane and other gas liquids sales	(10,175		)	10,613			7,108
Change in value on risk management interest rate derivatives	(881		)	2,220			(1,778		)
Ending balance	$	6,483		$	2,066		$	(12,799	)