Fair Value Measurements

9 Months Ended

Apr. 30, 2014

Fair Value Measurements

Fair value measurements

Derivative Financial Instruments

The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2014 and July 31, 2013:

	Asset (Liability)
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)		Total
April 30, 2014:
Assets:
Derivative financial instruments:
Interest rate swap agreements	$	—	$	2,382		$	—	$	2,382
Propane commodity derivatives	$	—	$	10,283		$	—	$	10,283
Liabilities:
Derivative financial instruments:
Interest rate swap agreements	$	—	$	(6,254	)	$	—	$	(6,254	)
July 31, 2013:
Assets:
Derivative financial instruments:
Interest rate swap agreements	$	—	$	3,783		$	—	$	3,783
Propane commodity derivatives	$	—	$	2,532		$	—	$	2,532
Liabilities:
Derivative financial instruments:
Interest rate swap agreements	$	—	$	(4,998	)	$	—	$	(4,998	)
Propane commodity derivatives	$	—	$	(907	)	$	—	$	(907	)

The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions.

Ferrellgas, L.P. [Member]

Fair Value Measurements

Fair value measurements

Derivative Financial Instruments

The following table presents Ferrellgas, L.P.’s financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2014 and July 31, 2013:

	Asset (Liability)
	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Unobservable Inputs (Level 3)		Total
April 30, 2014:
Assets:
Derivative financial instruments:
Interest rate swap agreements	$	—	$	2,382		$	—	$	2,382
Propane commodity derivatives	$	—	$	10,283		$	—	$	10,283
Liabilities:
Derivative financial instruments:
Interest rate swap agreements	$	—	$	(6,254	)	$	—	$	(6,254	)
July 31, 2013:
Assets:
Derivative financial instruments:
Interest rate swap agreements	$	—	$	3,783		$	—	$	3,783
Propane commodity derivatives	$	—	$	2,532		$	—	$	2,532
Liabilities:
Derivative financial instruments:
Interest rate swap agreements	$	—	$	(4,998	)	$	—	$	(4,998	)
Propane commodity derivatives	$	—	$	(907	)	$	—	$	(907	)

The fair values of Ferrellgas, L.P.’s non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions.