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

3 Months Ended

Oct. 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’ condensed consolidated balance sheets as of October 31, 2014 and July 31, 2014:  

	October 31, 2014
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Propane commodity derivatives	Prepaid expenses and other current assets	$	1,042	Other current liabilities	$	6,229
Propane commodity derivatives	Other assets, net	236		Other liabilities	2,012
Interest rate swap agreements	Prepaid expenses and other current assets	2,138		Other current liabilities	407
Interest rate swap agreements	Other assets, net	—		Other liabilities	4,440
	Total	$	3,416	Total	$	13,088
	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	Prepaid expenses and other current assets	2,101		Other current liabilities	—
Interest rate swap agreements	Other assets, net	—		Other liabilities	5,075
	Total	$	9,107	Total	$	5,158

Schedule of Derivative Collateral [Table Text Block]

The following table provides a summary of cash margin deposit balances as of October 31, 2014 and July 31, 2014:

	October 31, 2014			July 31, 2014
Description	Location	Amount		Location	Amount
Margin Deposits	Prepaid expenses and other current assets	$	7,831	Prepaid expenses and other current assets	$	156
	Other assets, net	3,207		Other assets, net	189
		$	11,038		$	345

Fair Value Hedge Derivative Effect on Earnings

The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of earnings for the three months endedOctober 31, 2014 and 2013 due to derivatives designated as fair value hedging instruments:  

		Amount of Gain Recognized on Derivative				Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item)
Derivative Instrument	Location of Gain Recognized on Derivative	For the three months ended October 31,				For the three months ended October 31,
		2014		2013		2014			2013
Interest rate swap agreements	Interest expense	$	457	$	832	$	(2,275	)	$	(5,365	)

Cash Flow Hedge Derivative Effect on Comprehensive Income

The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income for the three months endedOctober 31, 2014 and 2013 due to the effective portion of derivatives designated as cash flow hedging instruments:

	For the three months ended October 31, 2014
Derivative Instrument	Amount of Gain (Loss) Recognized in AOCI			Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
Propane commodity derivatives	$	(12,758	)	Cost of product sold- propane and other gas liquids sales	$	(1,128	)
Interest rate swap agreements	(1,139		)	Interest expense	—
	$	(13,897	)		$	(1,128	)

	For the three months ended October 31, 2013
Derivative Instrument	Amount of Gain (Loss) Recognized in AOCI			Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
Propane commodity derivatives	$	11,617		Cost of product sold- propane and other gas liquids sales	$	929
Interest rate swap agreements	(1,013		)	Interest expense	—
	$	10,604			$	929

Changes in Derivative Value Effect on Other Comprehensive Income (Loss)

The changes in derivatives included in AOCI for the three months endedOctober 31, 2014 and 2013 were as follows:  

	For the three months ended October 31,
Gains and losses on derivatives included in AOCI	2014			2013
Beginning balance	$	6,483		$	2,066
Change in value of risk management commodity derivatives	(12,758		)	11,617
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales, net	(1,128		)	(929		)
Change in value of risk management interest rate derivatives	(1,139		)	(1,013		)
Ending balance	$	(8,542	)	$	11,741

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 condensed consolidated balance sheets as of October 31, 2014 and July 31, 2014: 

	October 31, 2014
	Asset Derivatives			Liability Derivatives
Derivative Instrument	Location	Fair value		Location	Fair value
Propane commodity derivatives	Prepaid expenses and other current assets	$	1,042	Other current liabilities	$	6,229
Propane commodity derivatives	Other assets, net	236		Other liabilities	2,012
Interest rate swap agreements	Prepaid expenses and other current assets	2,138		Other current liabilities	407
Interest rate swap agreements	Other assets, net	—		Other liabilities	4,440
	Total	$	3,416	Total	$	13,088
	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	Prepaid expenses and other current assets	2,101		Other current liabilities	—
Interest rate swap agreements	Other assets, net	—		Other liabilities	5,075
	Total	$	9,107	Total	$	5,158

Schedule of Derivative Collateral [Table Text Block]

The following table provides a summary of cash margin deposit balances as of October 31, 2014 and July 31, 2014:

	October 31, 2014			July 31, 2014
Description	Location	Amount		Location	Amount
Margin Deposits	Prepaid expenses and other current assets	$	7,831	Prepaid expenses and other current assets	$	156
	Other assets, net	3,207		Other assets, net	189
		$	11,038		$	345

Fair Value Hedge Derivative Effect on Earnings

The following table provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of earnings for the three months endedOctober 31, 2014 and 2013 due to derivatives designated as fair value hedging instruments:  

		Amount of Gain Recognized on Derivative				Amount of Interest Expense Recognized on Fixed-Rated Debt (Related Hedged Item)
Derivative Instrument	Location of Gain Recognized on Derivative	For the three months ended October 31,				For the three months ended October 31,
		2014		2013		2014			2013
Interest rate swap agreements	Interest expense	$	457	$	832	$	(2,275	)	$	(5,365	)

Cash Flow Hedge Derivative Effect on Comprehensive Income

The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income for the three months endedOctober 31, 2014 and 2013 due to the effective portion of derivatives designated as cash flow hedging instruments:  

	For the three months ended October 31, 2014
Derivative Instrument	Amount of Gain (Loss) Recognized in AOCI			Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
Propane commodity derivatives	$	(12,758	)	Cost of product sold- propane and other gas liquids sales	$	1,128
Interest rate swap agreements	(1,139		)	Interest expense	—
	$	(13,897	)		$	1,128
	For the three months ended October 31, 2013
Derivative Instrument	Amount of Gain (Loss) Recognized in AOCI			Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
Propane commodity derivatives	$	11,617		Cost of product sold- propane and other gas liquids sales	$	929
Interest rate swap agreements	(1,013		)	Interest expense	—
	$	10,604			$	929

Changes in Derivative Value Effect on Other Comprehensive Income (Loss)

The changes in derivatives included in AOCI for the three months endedOctober 31, 2014 and 2013 were as follows: 

	For the three months ended October 31,
Gains and losses on derivatives included in AOCI	2014			2013
Beginning balance	$	6,483		$	2,066
Change in value of risk management commodity derivatives	(12,758		)	11,617
Reclassification of gains and losses on commodity hedges to cost of product sold - propane and other gas liquids sales, net	(1,128		)	(929		)
Change in value of risk management interest rate derivatives	(1,139		)	(1,013		)
Ending balance	$	(8,542	)	$	11,741