x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended April 30, 2018 | |
or | |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
Delaware Delaware Delaware Delaware | 43-1698480 43-1742520 43-1698481 14-1866671 | |
(States or other jurisdictions of incorporation or organization) | (I.R.S. Employer Identification Nos.) | |
7500 College Boulevard, Suite 1000, Overland Park, Kansas | 66210 | |
(Address of principal executive office) | (Zip Code) |
Ferrellgas Partners, L.P.: | ||||||
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o (do not check if a smaller reporting company) | Smaller reporting company o | |||
Emerging growth company ☐ |
Ferrellgas Partners Finance Corp, Ferrellgas, L.P. and Ferrellgas Finance Corp.: | ||||||
Large accelerated filer o | Accelerated filer o | Non-accelerated filer x (do not check if a smaller reporting company) | Smaller reporting company o | |||
Emerging growth company ☐ |
Ferrellgas Partners, L.P. | 97,152,665 | Common Units | ||
Ferrellgas Partners Finance Corp. | 1,000 | Common Stock | ||
Ferrellgas, L.P. | n/a | n/a | ||
Ferrellgas Finance Corp. | 1,000 | Common Stock |
Page | ||||
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
(in thousands, except unit data) | ||||||||
(unaudited) | ||||||||
April 30, 2018 | July 31, 2017 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 9,499 | $ | 5,760 | ||||
Accounts and notes receivable, net (including $182,486 and $109,407 of accounts receivable pledged as collateral at April 30, 2018 and July 31, 2017, respectively) | 202,727 | 165,084 | ||||||
Inventories | 85,062 | 92,552 | ||||||
Prepaid expenses and other current assets | 44,090 | 33,388 | ||||||
Total current assets | 341,378 | 296,784 | ||||||
Property, plant and equipment, net | 637,688 | 731,923 | ||||||
Goodwill, net | 246,098 | 256,103 | ||||||
Intangible assets (net of accumulated amortization of $460,011 and $436,428 at April 30, 2018 and July 31, 2017, respectively) | 235,318 | 251,102 | ||||||
Other assets, net | 72,094 | 74,057 | ||||||
Total assets | $ | 1,532,576 | $ | 1,609,969 | ||||
LIABILITIES AND PARTNERS' DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 52,472 | $ | 85,561 | ||||
Short-term borrowings | — | 59,781 | ||||||
Collateralized note payable | 104,000 | 69,000 | ||||||
Other current liabilities | 158,875 | 126,224 | ||||||
Total current liabilities | 315,347 | 340,566 | ||||||
Long-term debt | 1,995,608 | 1,995,795 | ||||||
Other liabilities | 34,225 | 31,118 | ||||||
Contingencies and commitments (Note J) | ||||||||
Partners' deficit: | ||||||||
Common unitholders (97,152,665 units outstanding at April 30, 2018 and July 31, 2017) | (758,325 | ) | (701,188 | ) | ||||
General partner unitholder (989,926 units outstanding at April 30, 2018 and July 31, 2017) | (67,568 | ) | (66,991 | ) | ||||
Accumulated other comprehensive income | 17,672 | 14,601 | ||||||
Total Ferrellgas Partners, L.P. partners' deficit | (808,221 | ) | (753,578 | ) | ||||
Noncontrolling interest | (4,383 | ) | (3,932 | ) | ||||
Total partners' deficit | (812,604 | ) | (757,510 | ) | ||||
Total liabilities and partners' deficit | $ | 1,532,576 | $ | 1,609,969 | ||||
See notes to condensed consolidated financial statements. |
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(in thousands, except unit data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues: | ||||||||||||||||
Propane and other gas liquids sales | $ | 451,302 | $ | 369,437 | $ | 1,346,299 | $ | 1,049,211 | ||||||||
Midstream operations | 22,595 | 126,676 | 260,631 | 331,507 | ||||||||||||
Other | 41,913 | 41,996 | 118,691 | 116,183 | ||||||||||||
Total revenues | 515,810 | 538,109 | 1,725,621 | 1,496,901 | ||||||||||||
Costs and expenses: | ||||||||||||||||
Cost of sales - propane and other gas liquids sales | 260,419 | 197,487 | 802,852 | 551,728 | ||||||||||||
Cost of sales - midstream operations | 14,518 | 118,767 | 229,710 | 300,433 | ||||||||||||
Cost of sales - other | 19,850 | 20,810 | 54,339 | 53,213 | ||||||||||||
Operating expense | 116,579 | 104,773 | 350,757 | 322,935 | ||||||||||||
Depreciation and amortization expense | 25,348 | 25,737 | 76,565 | 77,546 | ||||||||||||
General and administrative expense | 11,678 | 9,978 | 39,733 | 36,526 | ||||||||||||
Equipment lease expense | 7,133 | 7,270 | 20,828 | 22,035 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 2,738 | 4,697 | 10,731 | 11,396 | ||||||||||||
Asset impairments | — | — | 10,005 | — | ||||||||||||
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 | ||||||||||||
Operating income | 51,277 | 46,197 | 83,687 | 112,228 | ||||||||||||
Interest expense | (40,375 | ) | (39,860 | ) | (123,855 | ) | (112,107 | ) | ||||||||
Other income, net | 227 | 162 | 1,422 | 1,433 | ||||||||||||
Earnings (loss) before income taxes | 11,129 | 6,499 | (38,746 | ) | 1,554 | |||||||||||
Income tax expense (benefit) | 67 | (192 | ) | 282 | (194 | ) | ||||||||||
Net earnings (loss) | 11,062 | 6,691 | (39,028 | ) | 1,748 | |||||||||||
Net earnings (loss) attributable to noncontrolling interest | 201 | 155 | (131 | ) | 187 | |||||||||||
Net earnings (loss) attributable to Ferrellgas Partners, L.P. | 10,861 | 6,536 | (38,897 | ) | 1,561 | |||||||||||
Less: General partner's interest in net earnings (loss) | 109 | 66 | (389 | ) | 16 | |||||||||||
Common unitholders' interest in net earnings (loss) | $ | 10,752 | $ | 6,470 | $ | (38,508 | ) | $ | 1,545 | |||||||
Basic and diluted net earnings (loss) per common unit | $ | 0.11 | $ | 0.07 | $ | (0.40 | ) | $ | 0.02 | |||||||
Cash distributions declared per common unit | $ | 0.10 | $ | 0.10 | $ | 0.30 | $ | 0.30 | ||||||||
See notes to condensed consolidated financial statements. |
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Net earnings (loss) | $ | 11,062 | $ | 6,691 | $ | (39,028 | ) | $ | 1,748 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||
Change in value of risk management derivatives | (159 | ) | (6,496 | ) | 23,362 | 13,904 | |||||||||||
Reclassification of (gains) losses on derivatives to earnings, net | (6,568 | ) | (1,933 | ) | (20,260 | ) | 2,819 | ||||||||||
Other comprehensive income (loss) | (6,727 | ) | (8,429 | ) | 3,102 | 16,723 | |||||||||||
Comprehensive income (loss) | 4,335 | (1,738 | ) | (35,926 | ) | 18,471 | |||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 134 | 70 | (100 | ) | 356 | ||||||||||||
Comprehensive income (loss) attributable to Ferrellgas Partners, L.P. | $ | 4,201 | $ | (1,808 | ) | $ | (35,826 | ) | $ | 18,115 | |||||||
See notes to condensed consolidated financial statements. |
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES | |||||||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' DEFICIT | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||
Number of units | Accumulated other comprehensive income | Total Ferrellgas Partners, L.P. partners' deficit | Total partners' deficit | ||||||||||||||||||||||||||
Common unitholders | General partner unitholder | Common unitholders | General partner unitholder | Non-controlling interest | |||||||||||||||||||||||||
Balance at July 31, 2017 | 97,152.7 | 989.9 | $ | (701,188 | ) | $ | (66,991 | ) | $ | 14,601 | $ | (753,578 | ) | $ | (3,932 | ) | $ | (757,510 | ) | ||||||||||
Contributions in connection with non-cash ESOP and stock-based compensation charges | — | — | 10,517 | 106 | — | 10,623 | 108 | 10,731 | |||||||||||||||||||||
Distributions | — | — | (29,146 | ) | (294 | ) | — | (29,440 | ) | (459 | ) | (29,899 | ) | ||||||||||||||||
Net loss | — | — | (38,508 | ) | (389 | ) | — | (38,897 | ) | (131 | ) | (39,028 | ) | ||||||||||||||||
Other comprehensive income | — | — | — | — | 3,071 | 3,071 | 31 | 3,102 | |||||||||||||||||||||
Balance at April 30, 2018 | 97,152.7 | 989.9 | $ | (758,325 | ) | $ | (67,568 | ) | $ | 17,672 | $ | (808,221 | ) | $ | (4,383 | ) | $ | (812,604 | ) | ||||||||||
See notes to condensed consolidated financial statements. |
FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
For the nine months ended April 30, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net earnings (loss) | $ | (39,028 | ) | $ | 1,748 | ||
Reconciliation of net earnings (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization expense | 76,565 | 77,546 | |||||
Non-cash employee stock ownership plan compensation charge | 10,731 | 11,396 | |||||
Non-cash stock-based compensation charge | — | 3,298 | |||||
Asset impairments | 10,005 | — | |||||
Loss on asset sales and disposals | 46,414 | 8,861 | |||||
Unrealized gain on derivative instruments | (91 | ) | (3,888 | ) | |||
Provision for doubtful accounts | 1,906 | 39 | |||||
Deferred income tax expense | 423 | 45 | |||||
Other | 6,712 | 5,250 | |||||
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||||||
Accounts and notes receivable, net of securitization | (46,771 | ) | (58,923 | ) | |||
Inventories | 7,755 | (2,163 | ) | ||||
Prepaid expenses and other current assets | (4,070 | ) | 12,115 | ||||
Accounts payable | (18,429 | ) | 18,830 | ||||
Accrued interest expense | 31,915 | 34,054 | |||||
Other current liabilities | (1,084 | ) | 5,053 | ||||
Other assets and liabilities | (4,642 | ) | 5,070 | ||||
Net cash provided by operating activities | 78,311 | 118,331 | |||||
Cash flows from investing activities: | |||||||
Business acquisitions, net of cash acquired | (14,862 | ) | (3,539 | ) | |||
Capital expenditures | (58,961 | ) | (35,412 | ) | |||
Proceeds from sale of assets | 57,802 | 4,721 | |||||
Other | — | (37 | ) | ||||
Net cash used in investing activities | (16,021 | ) | (34,267 | ) | |||
Cash flows from financing activities: | |||||||
Distributions | (29,440 | ) | (69,920 | ) | |||
Proceeds from issuance of long-term debt | 23,580 | 220,354 | |||||
Payments on long-term debt | (1,892 | ) | (173,471 | ) | |||
Net reductions in short-term borrowings | (84,179 | ) | (62,902 | ) | |||
Net additions to collateralized short-term borrowings | 35,000 | 27,000 | |||||
Cash paid for financing costs | (1,161 | ) | (5,633 | ) | |||
Noncontrolling interest activity | (459 | ) | 900 | ||||
Repurchase of common units | — | (15,851 | ) | ||||
Net cash used in financing activities | (58,551 | ) | (79,523 | ) | |||
Net change in cash and cash equivalents | 3,739 | 4,541 | |||||
Cash and cash equivalents - beginning of period | 5,760 | 4,965 | |||||
Cash and cash equivalents - end of period | $ | 9,499 | $ | 9,506 | |||
See notes to condensed consolidated financial statements. |
• | Propane operations and related equipment sales consists of the distribution of propane and related equipment and supplies. 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. |
• | Midstream operations consists of crude oil logistics and water solutions. Crude oil logistics primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Water solutions generates income primarily through the operation of salt water disposal wells in the Eagle Ford shale region of south Texas. |
April 30, 2018 | July 31, 2017 | |||||||
Propane gas and related products | $ | 58,142 | $ | 67,049 | ||||
Appliances, parts and supplies, and other | 26,920 | 25,503 | ||||||
Inventories | $ | 85,062 | $ | 92,552 |
April 30, 2018 | July 31, 2017 | |||||||
Notes receivable, less current portion | $ | 33,962 | $ | 32,500 | ||||
Other | 38,132 | 41,557 | ||||||
Other assets, net | $ | 72,094 | $ | 74,057 |
April 30, 2018 | July 31, 2017 | |||||||
Accrued interest | $ | 50,586 | $ | 18,671 | ||||
Customer deposits and advances | 18,956 | 25,541 | ||||||
Other | 89,333 | 82,012 | ||||||
Other current liabilities | $ | 158,875 | $ | 126,224 |
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operating expense | $ | 48,351 | $ | 44,309 | $ | 146,279 | $ | 134,090 | ||||||||
Depreciation and amortization expense | 1,340 | 957 | 3,575 | 2,979 | ||||||||||||
Equipment lease expense | 6,507 | 6,564 | 18,872 | 19,882 | ||||||||||||
Total shipping and handling expenses | $ | 56,198 | $ | 51,830 | $ | 168,726 | $ | 156,951 |
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Loss on sale of assets classified as held for sale | $ | 1,237 | $ | — | $ | 36,752 | $ | — | ||||||||
Loss on sale of assets and other | 5,033 | 2,393 | 9,662 | 8,861 | ||||||||||||
Loss on asset sales and disposals | $ | 6,270 | $ | 2,393 | $ | 46,414 | $ | 8,861 |
For the nine months ended April 30, | ||||||||
2018 | 2017 | |||||||
Cash paid (refunded) for: | ||||||||
Interest | $ | 85,171 | $ | 73,276 | ||||
Income taxes | $ | (458 | ) | $ | 28 | |||
Non-cash investing and financing activities: | ||||||||
Liabilities incurred in connection with acquisitions | $ | 1,508 | $ | 856 | ||||
Change in accruals for property, plant and equipment additions | $ | 386 | $ | (111 | ) |
April 30, 2018 | July 31, 2017 | |||||||
Accounts receivable pledged as collateral | $ | 182,486 | $ | 109,407 | ||||
Accounts receivable | 13,131 | 47,346 | ||||||
Note receivable - current portion | 10,000 | 10,000 | ||||||
Other | 232 | 307 | ||||||
Less: Allowance for doubtful accounts | (3,122 | ) | (1,976 | ) | ||||
Accounts and notes receivable, net | $ | 202,727 | $ | 165,084 |
April 30, 2018 | July 31, 2017 | |||||
Public common unitholders | 69,612,939 | 69,612,939 | ||||
Ferrell Companies (1) | 22,529,361 | 22,529,361 | ||||
FCI Trading Corp. (2) | 195,686 | 195,686 | ||||
Ferrell Propane, Inc. (3) | 51,204 | 51,204 | ||||
James E. Ferrell (4) | 4,763,475 | 4,763,475 |
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Public common unitholders | $ | 6,961 | $ | 6,961 | $ | 20,884 | $ | 49,600 | ||||||||
Ferrell Companies | 2,253 | 2,253 | 6,759 | 16,052 | ||||||||||||
FCI Trading Corp. | 20 | 20 | 60 | 140 | ||||||||||||
Ferrell Propane, Inc. | 5 | 5 | 15 | 36 | ||||||||||||
James E. Ferrell | 476 | 476 | 1,428 | 3,393 | ||||||||||||
General partner | 98 | 98 | 294 | 699 | ||||||||||||
$ | 9,813 | $ | 9,813 | $ | 29,440 | $ | 69,920 |
Ferrell Companies | $ | 2,253 | ||
FCI Trading Corp. | 20 | |||
Ferrell Propane, Inc. | 5 | |||
James E. Ferrell | 476 | |||
General partner | 98 |
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, 2018: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | 41 | $ | — | $ | 41 | ||||||||
Commodity derivatives | $ | — | $ | 19,750 | $ | — | $ | 19,750 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | (3,222 | ) | $ | — | $ | (3,222 | ) | ||||||
Commodity derivatives | $ | — | $ | (2,239 | ) | $ | — | $ | (2,239 | ) | ||||||
July 31, 2017: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | 583 | $ | — | $ | 583 | ||||||||
Commodity derivatives | $ | — | $ | 16,212 | $ | — | $ | 16,212 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | (707 | ) | $ | — | $ | (707 | ) | ||||||
Commodity derivatives | $ | — | $ | (1,258 | ) | $ | — | $ | (1,258 | ) |
April 30, 2018 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | ||||||||
Derivatives designated as hedging instruments | ||||||||||||
Commodity derivatives-propane | Prepaid expenses and other current assets | $ | 14,449 | Other current liabilities | $ | 2,207 | ||||||
Commodity derivatives-propane | Other assets, net | 5,301 | Other liabilities | 32 | ||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 41 | Other current liabilities | 738 | ||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 2,484 | ||||||||
Total | $ | 19,791 | Total | $ | 5,461 | |||||||
July 31, 2017 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | ||||||||
Derivatives designated as hedging instruments | ||||||||||||
Commodity derivatives-propane | Prepaid expenses and other current assets | $ | 11,061 | Other current liabilities | $ | 415 | ||||||
Commodity derivatives-propane | Other assets, net | 4,413 | Other liabilities | 15 | ||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 583 | Other current liabilities | 595 | ||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 112 | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||
Commodity derivatives-crude oil | Prepaid expenses and other current assets | 738 | Other current liabilities | 828 | ||||||||
Total | $ | 16,795 | Total | $ | 1,965 |
April 30, 2018 | ||||||||||||
Assets | Liabilities | |||||||||||
Description | Location | Amount | Location | Amount | ||||||||
Margin Balances | Prepaid expenses and other current assets | $ | 1,623 | Other current liabilities | $ | 8,434 | ||||||
Other assets, net | 1,405 | Other liabilities | 3,631 | |||||||||
$ | 3,028 | $ | 12,065 |
July 31, 2017 | ||||||||||||
Assets | Liabilities | |||||||||||
Description | Location | Amount | Location | Amount | ||||||||
Margin Balances | Prepaid expenses and other current assets | $ | 1,778 | Other current liabilities | $ | 7,729 | ||||||
Other assets, net | 1,631 | Other liabilities | 3,073 | |||||||||
$ | 3,409 | $ | 10,802 |
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) | |||||||||||||||||
Derivative Instrument | Location of Amounts Recognized on Derivative | For the three months ended April 30, | For the three months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Interest rate swap agreements | Interest expense | $ | 40 | $ | 323 | $ | (2,275 | ) | $ | (2,275 | ) | |||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) | |||||||||||||||||
Derivative Instrument | Location of Amounts Recognized on Derivative | For the nine months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Interest rate swap agreements | Interest expense | $ | 266 | $ | 1,071 | $ | (6,825 | ) | $ | (6,825 | ) | |||||||
For the three months ended April 30, 2018 | ||||||||||||||
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 | |||||||||||
Effective portion | Ineffective portion | |||||||||||||
Commodity derivatives | $ | (169 | ) | Cost of sales-propane and other gas liquids sales | $ | 6,628 | $ | — | ||||||
Interest rate swap agreements | 10 | Interest expense | (60 | ) | — | |||||||||
$ | (159 | ) | $ | 6,568 | $ | — | ||||||||
For the three months ended April 30, 2017 | ||||||||||||||
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 | |||||||||||
Effective portion | Ineffective portion | |||||||||||||
Commodity derivatives | $ | (6,642 | ) | Cost of sales-propane and other gas liquids sales | $ | 2,411 | $ | — | ||||||
Interest rate swap agreements | 146 | Interest expense | (478 | ) | — | |||||||||
$ | (6,496 | ) | $ | 1,933 | $ | — | ||||||||
For the nine months ended April 30, 2018 | ||||||||||||||
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 | |||||||||||
Effective portion | Ineffective portion | |||||||||||||
Commodity derivatives | $ | 23,114 | Cost of sales-propane and other gas liquids sales | $ | 20,646 | $ | — | |||||||
Interest rate swap agreements | 248 | Interest expense | (386 | ) | — | |||||||||
$ | 23,362 | $ | 20,260 | $ | — | |||||||||
For the nine months ended April 30, 2017 | ||||||||||||||
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 | |||||||||||
Effective portion | Ineffective portion | |||||||||||||
Commodity derivatives | $ | 12,930 | Cost of sales-propane and other gas liquids sales | $ | (1,112 | ) | $ | — | ||||||
Interest rate swap agreements | 974 | Interest expense | (1,707 | ) | — | |||||||||
$ | 13,904 | $ | (2,819 | ) | $ | — |
For the three months ended April 30, 2018 | ||||||
Derivatives Not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||
Commodity derivatives - crude oil | $ | — | Cost of sales - midstream operations | |||
For the three months ended April 30, 2017 | ||||||
Derivatives Not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||
Commodity derivatives - crude oil | $ | 1,464 | Cost of sales - midstream operations | |||
Commodity derivatives - vehicle fuel | $ | (393 | ) | Operating expense | ||
For the nine months ended April 30, 2018 | ||||||
Derivatives Not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||
Commodity derivatives - crude oil | $ | (3,470 | ) | Cost of sales - midstream operations | ||
For the nine months ended April 30, 2017 | ||||||
Derivatives Not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||
Commodity derivatives - crude oil | $ | (784 | ) | Cost of sales - midstream operations | ||
Commodity derivatives - vehicle fuel | $ | 1,123 | Operating expense |
For the nine months ended April 30, | ||||||||
Gains and losses on derivatives included in AOCI | 2018 | 2017 | ||||||
Beginning balance | $ | 14,648 | $ | (9,815 | ) | |||
Change in value of risk management commodity derivatives | 23,114 | 12,930 | ||||||
Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net | (20,646 | ) | 1,112 | |||||
Change in value of risk management interest rate derivatives | 248 | 974 | ||||||
Reclassification of losses on interest rate hedges to interest expense | 386 | 1,707 | ||||||
Ending balance | $ | 17,750 | $ | 6,908 |
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operating expense | $ | 58,842 | $ | 53,747 | $ | 181,484 | $ | 170,953 | ||||||||
General and administrative expense | $ | 5,707 | $ | 6,913 | $ | 21,637 | $ | 23,713 |
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 | % |
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(in thousands, except per common unit amounts) | ||||||||||||||||
Common unitholders’ interest in net earnings (loss) | $ | 10,752 | $ | 6,470 | $ | (38,508 | ) | $ | 1,545 | |||||||
Weighted average common units outstanding - basic and diluted | 97,152.7 | 97,152.7 | 97,152.7 | 97,255.4 | ||||||||||||
Basic and diluted net earnings (loss) per common unit | $ | 0.11 | $ | 0.07 | $ | (0.40 | ) | $ | 0.02 |
Three months ended April 30, 2018 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Segment revenues | $ | 493,215 | $ | 22,595 | $ | — | $ | 515,810 | ||||||||
Direct costs (1) | 397,568 | 21,593 | 9,727 | 428,888 | ||||||||||||
Adjusted EBITDA | $ | 95,647 | $ | 1,002 | $ | (9,727 | ) | $ | 86,922 | |||||||
Three months ended April 30, 2017 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Segment revenues | $ | 411,433 | $ | 126,676 | $ | — | $ | 538,109 | ||||||||
Direct costs (1) | 324,442 | 127,223 | 9,654 | 461,319 | ||||||||||||
Adjusted EBITDA | $ | 86,991 | $ | (547 | ) | $ | (9,654 | ) | $ | 76,790 | ||||||
Nine months ended April 30, 2018 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Segment revenues | $ | 1,464,990 | $ | 260,631 | $ | — | $ | 1,725,621 | ||||||||
Direct costs (1) | 1,208,283 | 250,423 | 33,150 | 1,491,856 | ||||||||||||
Adjusted EBITDA | $ | 256,707 | $ | 10,208 | $ | (33,150 | ) | $ | 233,765 | |||||||
Nine months ended April 30, 2017 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Segment revenues | $ | 1,165,394 | $ | 331,507 | $ | — | $ | 1,496,901 | ||||||||
Direct costs (1) | 931,631 | 323,714 | 30,717 | 1,286,062 | ||||||||||||
Adjusted EBITDA | $ | 233,763 | $ | 7,793 | $ | (30,717 | ) | $ | 210,839 | |||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net earnings (loss) attributable to Ferrellgas Partners, L.P. | $ | 10,861 | $ | 6,536 | $ | (38,897 | ) | $ | 1,561 | |||||||
Income tax expense (benefit) | 67 | (192 | ) | 282 | (194 | ) | ||||||||||
Interest expense | 40,375 | 39,860 | 123,855 | 112,107 | ||||||||||||
Depreciation and amortization expense | 25,348 | 25,737 | 76,565 | 77,546 | ||||||||||||
EBITDA | 76,651 | 71,941 | 161,805 | 191,020 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 2,738 | 4,697 | 10,731 | 11,396 | ||||||||||||
Non-cash stock-based compensation charge | — | — | — | 3,298 | ||||||||||||
Asset impairments | — | — | 10,005 | — | ||||||||||||
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 | ||||||||||||
Other income, net | (227 | ) | (162 | ) | (1,422 | ) | (1,433 | ) | ||||||||
Severance costs | — | — | 1,663 | 1,959 | ||||||||||||
Professional fees | 1,289 | — | 3,407 | — | ||||||||||||
Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments | — | (2,234 | ) | 1,293 | (4,449 | ) | ||||||||||
Net earnings (loss) attributable to noncontrolling interest | 201 | 155 | (131 | ) | 187 | |||||||||||
Adjusted EBITDA | $ | 86,922 | $ | 76,790 | $ | 233,765 | $ | 210,839 |
Assets | April 30, 2018 | July 31, 2017 | ||||||
Propane operations and related equipment sales | $ | 1,274,360 | $ | 1,194,905 | ||||
Midstream operations | 244,523 | 399,356 | ||||||
Corporate | 13,693 | 15,708 | ||||||
Total consolidated assets | $ | 1,532,576 | $ | 1,609,969 |
Nine months ended April 30, 2018 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Capital expenditures: | ||||||||||||||||
Maintenance | $ | 17,556 | $ | 210 | $ | 1,492 | $ | 19,258 | ||||||||
Growth | 34,784 | 1,265 | — | 36,049 | ||||||||||||
Total | $ | 52,340 | $ | 1,475 | $ | 1,492 | $ | 55,307 | ||||||||
Nine months ended April 30, 2017 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Capital expenditures: | ||||||||||||||||
Maintenance | $ | 8,533 | $ | 241 | $ | 1,905 | $ | 10,679 | ||||||||
Growth | 21,246 | — | — | 21,246 | ||||||||||||
Total | $ | 29,779 | $ | 241 | $ | 1,905 | $ | 31,925 |
FERRELLGAS PARTNERS FINANCE CORP. | |||||||
(a wholly-owned subsidiary of Ferrellgas Partners, L.P.) | |||||||
CONDENSED BALANCE SHEETS | |||||||
(unaudited) | |||||||
April 30, 2018 | July 31, 2017 | ||||||
ASSETS | |||||||
Cash | $ | 1,000 | $ | 1,000 | |||
Total assets | $ | 1,000 | $ | 1,000 | |||
Contingencies and commitments (Note B) | |||||||
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 | 27,170 | 25,055 | |||||
Accumulated deficit | (27,170 | ) | (25,055 | ) | |||
Total stockholder's equity | $ | 1,000 | $ | 1,000 | |||
See notes to condensed financial statements. |
FERRELLGAS PARTNERS FINANCE CORP. | |||||||||||||||
(a wholly-owned subsidiary of Ferrellgas Partners, L.P.) | |||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||||
(unaudited) | |||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
General and administrative expense | $ | 1,840 | $ | 3,225 | $ | 2,115 | $ | 3,317 | |||||||
Net loss | $ | (1,840 | ) | $ | (3,225 | ) | $ | (2,115 | ) | $ | (3,317 | ) | |||
See notes to condensed financial statements. |
FERRELLGAS PARTNERS FINANCE CORP. | |||||||
(a wholly-owned subsidiary of Ferrellgas Partners, L.P.) | |||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||
(unaudited) | |||||||
For the nine months ended April 30, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (2,115 | ) | $ | (3,317 | ) | |
Cash used in operating activities | (2,115 | ) | (3,317 | ) | |||
Cash flows from financing activities: | |||||||
Capital contribution | 2,115 | 3,317 | |||||
Cash provided by financing activities | 2,115 | 3,317 | |||||
Net change in cash | — | — | |||||
Cash - beginning of period | 1,000 | 1,000 | |||||
Cash - end of period | $ | 1,000 | $ | 1,000 | |||
See notes to condensed financial statements. |
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
April 30, 2018 | July 31, 2017 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 9,491 | $ | 5,701 | |||
Accounts and notes receivable, net (including $182,486 and $109,407 of accounts receivable pledged as collateral at April 30, 2018 and July 31, 2017, respectively) | 202,727 | 165,084 | |||||
Inventories | 85,062 | 92,552 | |||||
Prepaid expenses and other current assets | 44,059 | 33,426 | |||||
Total current assets | 341,339 | 296,763 | |||||
Property, plant and equipment, net | 637,688 | 731,923 | |||||
Goodwill, net | 246,098 | 256,103 | |||||
Intangible assets (net of accumulated amortization of $460,011 and $436,428 at April 30, 2018 and July 31, 2017, respectively) | 235,318 | 251,102 | |||||
Other assets, net | 72,094 | 74,057 | |||||
Total assets | $ | 1,532,537 | $ | 1,609,948 | |||
LIABILITIES AND PARTNERS' DEFICIT | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 52,472 | $ | 85,561 | |||
Short-term borrowings | — | 59,781 | |||||
Collateralized note payable | 104,000 | 69,000 | |||||
Other current liabilities | 147,243 | 122,016 | |||||
Total current liabilities | 303,715 | 336,358 | |||||
Long-term debt | 1,646,069 | 1,649,270 | |||||
Other liabilities | 34,225 | 31,118 | |||||
Contingencies and commitments (Note J) | |||||||
Partners' deficit: | |||||||
Limited partner | (464,761 | ) | (417,467 | ) | |||
General partner | (4,577 | ) | (4,095 | ) | |||
Accumulated other comprehensive income | 17,866 | 14,764 | |||||
Total partners' deficit | (451,472 | ) | (406,798 | ) | |||
Total liabilities and partners' deficit | $ | 1,532,537 | $ | 1,609,948 | |||
See notes to condensed consolidated financial statements. |
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Revenues: | |||||||||||||||||
Propane and other gas liquids sales | $ | 451,302 | $ | 369,437 | $ | 1,346,299 | $ | 1,049,211 | |||||||||
Midstream operations | 22,595 | 126,676 | 260,631 | 331,507 | |||||||||||||
Other | 41,913 | 41,996 | 118,691 | 116,183 | |||||||||||||
Total revenues | 515,810 | 538,109 | 1,725,621 | 1,496,901 | |||||||||||||
Costs and expenses: | |||||||||||||||||
Cost of sales - propane and other gas liquids sales | 260,419 | 197,487 | 802,852 | 551,728 | |||||||||||||
Cost of sales - midstream operations | 14,518 | 118,767 | 229,710 | 300,433 | |||||||||||||
Cost of sales - other | 19,850 | 20,810 | 54,339 | 53,213 | |||||||||||||
Operating expense | 116,579 | 104,773 | 350,757 | 322,935 | |||||||||||||
Depreciation and amortization expense | 25,348 | 25,737 | 76,565 | 77,546 | |||||||||||||
General and administrative expense | 11,546 | 9,869 | 39,600 | 36,416 | |||||||||||||
Equipment lease expense | 7,133 | 7,270 | 20,828 | 22,035 | |||||||||||||
Non-cash employee stock ownership plan compensation charge | 2,738 | 4,697 | 10,731 | 11,396 | |||||||||||||
Asset impairments | — | — | 10,005 | — | |||||||||||||
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 | |||||||||||||
Operating income | 51,409 | 46,306 | 83,820 | 112,338 | |||||||||||||
Interest expense | (31,739 | ) | (31,270 | ) | (97,993 | ) | (95,416 | ) | |||||||||
Other income, net | 227 | 162 | 1,422 | 1,433 | |||||||||||||
Earnings (loss) before income taxes | 19,897 | 15,198 | (12,751 | ) | 18,355 | ||||||||||||
Income tax expense (benefit) | 57 | (197 | ) | 261 | (200 | ) | |||||||||||
Net earnings (loss) | $ | 19,840 | $ | 15,395 | $ | (13,012 | ) | $ | 18,555 | ||||||||
See notes to condensed consolidated financial statements. |
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||
(in thousands) | |||||||||||||||||
(unaudited) | |||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Net earnings (loss) | $ | 19,840 | $ | 15,395 | $ | (13,012 | ) | $ | 18,555 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||
Change in value of risk management derivatives | (159 | ) | (6,496 | ) | 23,362 | 13,904 | |||||||||||
Reclassification of (gains) losses on derivatives to earnings, net | (6,568 | ) | (1,933 | ) | (20,260 | ) | 2,819 | ||||||||||
Other comprehensive income (loss) | (6,727 | ) | (8,429 | ) | 3,102 | 16,723 | |||||||||||
Comprehensive income (loss) | $ | 13,113 | $ | 6,966 | $ | (9,910 | ) | $ | 35,278 | ||||||||
See notes to condensed consolidated financial statements. |
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF PARTNERS' DEFICIT | |||||||||||||||
(in thousands) | |||||||||||||||
(unaudited) | |||||||||||||||
Accumulated | |||||||||||||||
other | Total | ||||||||||||||
Limited | General | comprehensive | partners' | ||||||||||||
partner | partner | income | deficit | ||||||||||||
Balance at July 31, 2017 | $ | (417,467 | ) | $ | (4,095 | ) | $ | 14,764 | $ | (406,798 | ) | ||||
Contributions in connection with non-cash ESOP and stock-based compensation charges | 10,623 | 108 | — | 10,731 | |||||||||||
Distributions | (45,036 | ) | (459 | ) | — | (45,495 | ) | ||||||||
Net loss | (12,881 | ) | (131 | ) | — | (13,012 | ) | ||||||||
Other comprehensive income | — | — | 3,102 | 3,102 | |||||||||||
Balance at April 30, 2018 | $ | (464,761 | ) | $ | (4,577 | ) | $ | 17,866 | $ | (451,472 | ) | ||||
See notes to condensed consolidated financial statements. |
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
For the nine months ended April 30, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net earnings (loss) | $ | (13,012 | ) | $ | 18,555 | ||
Reconciliation of net earnings (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization expense | 76,565 | 77,546 | |||||
Non-cash employee stock ownership plan compensation charge | 10,731 | 11,396 | |||||
Non-cash stock-based compensation charge | — | 3,298 | |||||
Asset impairments | 10,005 | — | |||||
Loss on asset sales and disposals | 46,414 | 8,861 | |||||
Unrealized gain on derivative instruments | (91 | ) | (3,888 | ) | |||
Provision for doubtful accounts | 1,906 | 39 | |||||
Deferred income tax expense | 423 | 45 | |||||
Other | 3,987 | 4,147 | |||||
Changes in operating assets and liabilities, net of effects from business acquisitions: | |||||||
Accounts and notes receivable, net of securitization | (46,771 | ) | (58,923 | ) | |||
Inventories | 7,755 | (2,163 | ) | ||||
Prepaid expenses and other current assets | (4,001 | ) | 12,111 | ||||
Accounts payable | (18,429 | ) | 18,830 | ||||
Accrued interest expense | 24,217 | 24,428 | |||||
Other current liabilities | (809 | ) | 5,047 | ||||
Other assets and liabilities | (4,944 | ) | 5,070 | ||||
Net cash provided by operating activities | 93,946 | 124,399 | |||||
Cash flows from investing activities: | |||||||
Business acquisitions, net of cash acquired | (14,862 | ) | (3,539 | ) | |||
Capital expenditures | (58,961 | ) | (35,412 | ) | |||
Proceeds from sale of assets | 57,802 | 4,721 | |||||
Other | — | (37 | ) | ||||
Net cash used in investing activities | (16,021 | ) | (34,267 | ) | |||
Cash flows from financing activities: | |||||||
Distributions | (45,495 | ) | (94,413 | ) | |||
Contributions from partners | — | 167,640 | |||||
Proceeds from issuance of long-term debt | 23,580 | 52,354 | |||||
Payments on long-term debt | (1,892 | ) | (173,471 | ) | |||
Net reductions in short-term borrowings | (84,179 | ) | (62,902 | ) | |||
Net additions to collateralized short-term borrowings | 35,000 | 27,000 | |||||
Cash paid for financing costs | (1,149 | ) | (2,064 | ) | |||
Net cash used in financing activities | (74,135 | ) | (85,856 | ) | |||
Net change in cash and cash equivalents | 3,790 | 4,276 | |||||
Cash and cash equivalents - beginning of period | 5,701 | 4,890 | |||||
Cash and cash equivalents - end of period | $ | 9,491 | $ | 9,166 | |||
See notes to condensed consolidated financial statements. |
• | Propane operations and related equipment sales consists of the distribution of propane and related equipment and supplies. 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. |
• | Midstream operations consists of crude oil logistics and water solutions. Crude oil logistics primarily generates income by providing crude oil transportation and logistics services on behalf of producers and end-users of crude oil. Water solutions generates income primarily through the operation of salt water disposal wells in the Eagle Ford shale region of south Texas. |
April 30, 2018 | July 31, 2017 | |||||||
Propane gas and related products | $ | 58,142 | $ | 67,049 | ||||
Appliances, parts and supplies, and other | 26,920 | 25,503 | ||||||
Inventories | $ | 85,062 | $ | 92,552 |
April 30, 2018 | July 31, 2017 | |||||||
Notes receivable, less current portion | $ | 33,962 | $ | 32,500 | ||||
Other | 38,132 | 41,557 | ||||||
Other assets, net | $ | 72,094 | $ | 74,057 |
April 30, 2018 | July 31, 2017 | |||||||
Accrued interest | $ | 38,954 | $ | 14,737 | ||||
Customer deposits and advances | 18,956 | 25,541 | ||||||
Other | 89,333 | 81,738 | ||||||
Other current liabilities | $ | 147,243 | $ | 122,016 |
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operating expense | $ | 48,351 | $ | 44,309 | $ | 146,279 | $ | 134,090 | ||||||||
Depreciation and amortization expense | 1,340 | 957 | 3,575 | 2,979 | ||||||||||||
Equipment lease expense | 6,507 | 6,564 | 18,872 | 19,882 | ||||||||||||
Total shipping and handling expenses | $ | 56,198 | $ | 51,830 | $ | 168,726 | $ | 156,951 |
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Loss on sale of assets classified as held for sale | $ | 1,237 | $ | — | $ | 36,752 | $ | — | ||||||||
Loss on sale of assets and other | 5,033 | 2,393 | 9,662 | 8,861 | ||||||||||||
Loss on asset sales and disposals | $ | 6,270 | $ | 2,393 | $ | 46,414 | $ | 8,861 |
For the nine months ended April 30, | ||||||||
2018 | 2017 | |||||||
Cash paid (refunded) for: | ||||||||
Interest | $ | 69,775 | $ | 67,314 | ||||
Income taxes | $ | (479 | ) | $ | 23 | |||
Non-cash investing and financing activities: | ||||||||
Liabilities incurred in connection with acquisitions | $ | 1,508 | $ | 856 | ||||
Change in accruals for property, plant and equipment additions | $ | 386 | $ | (111 | ) |
April 30, 2018 | July 31, 2017 | |||||||
Accounts receivable pledged as collateral | $ | 182,486 | $ | 109,407 | ||||
Accounts receivable | 13,131 | 47,346 | ||||||
Note receivable - current portion | 10,000 | 10,000 | ||||||
Other | 232 | 307 | ||||||
Less: Allowance for doubtful accounts | (3,122 | ) | (1,976 | ) | ||||
Accounts and notes receivable, net | $ | 202,727 | $ | 165,084 |
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Ferrellgas Partners | $ | 10,013 | $ | 9,813 | $ | 45,036 | $ | 93,620 | ||||||||
General partner | 102 | 100 | 459 | 793 | ||||||||||||
$ | 10,115 | $ | 9,913 | $ | 45,495 | $ | 94,413 |
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, 2018: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | 41 | $ | — | $ | 41 | ||||||||
Commodity derivatives | $ | — | $ | 19,750 | $ | — | $ | 19,750 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | (3,222 | ) | $ | — | $ | (3,222 | ) | ||||||
Commodity derivatives | $ | — | $ | (2,239 | ) | $ | — | $ | (2,239 | ) | ||||||
July 31, 2017: | ||||||||||||||||
Assets: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | 583 | $ | — | $ | 583 | ||||||||
Commodity derivatives | $ | — | $ | 16,212 | $ | — | $ | 16,212 | ||||||||
Liabilities: | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||
Interest rate swap agreements | $ | — | $ | (707 | ) | $ | — | $ | (707 | ) | ||||||
Commodity derivatives | $ | — | $ | (1,258 | ) | $ | — | $ | (1,258 | ) |
April 30, 2018 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | ||||||||
Derivatives designated as hedging instruments | ||||||||||||
Commodity derivatives-propane | Prepaid expenses and other current assets | $ | 14,449 | Other current liabilities | $ | 2,207 | ||||||
Commodity derivatives-propane | Other assets, net | 5,301 | Other liabilities | 32 | ||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 41 | Other current liabilities | 738 | ||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 2,484 | ||||||||
Total | $ | 19,791 | Total | $ | 5,461 | |||||||
July 31, 2017 | ||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||
Derivative Instrument | Location | Fair value | Location | Fair value | ||||||||
Derivatives designated as hedging instruments | ||||||||||||
Commodity derivatives-propane | Prepaid expenses and other current assets | $ | 11,061 | Other current liabilities | $ | 415 | ||||||
Commodity derivatives-propane | Other assets, net | 4,413 | Other liabilities | 15 | ||||||||
Interest rate swap agreements | Prepaid expenses and other current assets | 583 | Other current liabilities | 595 | ||||||||
Interest rate swap agreements | Other assets, net | — | Other liabilities | 112 | ||||||||
Derivatives not designated as hedging instruments | ||||||||||||
Commodity derivatives-crude oil | Prepaid expenses and other current assets | 738 | Other current liabilities | 828 | ||||||||
Total | $ | 16,795 | Total | $ | 1,965 |
April 30, 2018 | ||||||||||||
Assets | Liabilities | |||||||||||
Description | Location | Amount | Location | Amount | ||||||||
Margin Balances | Prepaid expenses and other current assets | $ | 1,623 | Other current liabilities | $ | 8,434 | ||||||
Other assets, net | 1,405 | Other liabilities | 3,631 | |||||||||
$ | 3,028 | $ | 12,065 |
July 31, 2017 | ||||||||||||
Assets | Liabilities | |||||||||||
Description | Location | Amount | Location | Amount | ||||||||
Margin Balances | Prepaid expenses and other current assets | $ | 1,778 | Other current liabilities | $ | 7,729 | ||||||
Other assets, net | 1,631 | Other liabilities | 3,073 | |||||||||
$ | 3,409 | $ | 10,802 |
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) | |||||||||||||||||
Derivative Instrument | Location of Amounts Recognized on Derivative | For the three months ended April 30, | For the three months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Interest rate swap agreements | Interest expense | $ | 40 | $ | 323 | $ | (2,275 | ) | $ | (2,275 | ) | |||||||
Amount of Gain Recognized on Derivative | Amount of Interest Expense Recognized on Fixed-Rate Debt (Related Hedged Item) | |||||||||||||||||
Derivative Instrument | Location of Amounts Recognized on Derivative | For the nine months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||
Interest rate swap agreements | Interest expense | $ | 266 | $ | 1,071 | $ | (6,825 | ) | $ | (6,825 | ) |
For the three months ended April 30, 2018 | ||||||||||||||
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 | |||||||||||
Effective portion | Ineffective portion | |||||||||||||
Commodity derivatives | $ | (169 | ) | Cost of sales-propane and other gas liquids sales | $ | 6,628 | $ | — | ||||||
Interest rate swap agreements | 10 | Interest expense | (60 | ) | — | |||||||||
$ | (159 | ) | $ | 6,568 | $ | — | ||||||||
For the three months ended April 30, 2017 | ||||||||||||||
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 | |||||||||||
Effective portion | Ineffective portion | |||||||||||||
Commodity derivatives | $ | (6,642 | ) | Cost of sales-propane and other gas liquids sales | $ | 2,411 | $ | — | ||||||
Interest rate swap agreements | 146 | Interest expense | (478 | ) | — | |||||||||
$ | (6,496 | ) | $ | 1,933 | $ | — | ||||||||
For the nine months ended April 30, 2018 | ||||||||||||||
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 | |||||||||||
Effective portion | Ineffective portion | |||||||||||||
Commodity derivatives | $ | 23,114 | Cost of sales-propane and other gas liquids sales | $ | 20,646 | $ | — | |||||||
Interest rate swap agreements | 248 | Interest expense | (386 | ) | — | |||||||||
$ | 23,362 | $ | 20,260 | $ | — | |||||||||
For the nine months ended April 30, 2017 | ||||||||||||||
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 | |||||||||||
Effective portion | Ineffective portion | |||||||||||||
Commodity derivatives | $ | 12,930 | Cost of sales-propane and other gas liquids sales | $ | (1,112 | ) | $ | — | ||||||
Interest rate swap agreements | 974 | Interest expense | (1,707 | ) | — | |||||||||
$ | 13,904 | $ | (2,819 | ) | $ | — |
For the three months ended April 30, 2018 | ||||||
Derivatives Not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||
Commodity derivatives - crude oil | $ | — | Cost of sales - midstream operations | |||
For the three months ended April 30, 2017 | ||||||
Derivatives Not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||
Commodity derivatives - crude oil | $ | 1,464 | Cost of sales - midstream operations | |||
Commodity derivatives - vehicle fuel | $ | (393 | ) | Operating expense | ||
For the nine months ended April 30, 2018 | ||||||
Derivatives Not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||
Commodity derivatives - crude oil | $ | (3,470 | ) | Cost of sales - midstream operations | ||
For the nine months ended April 30, 2017 | ||||||
Derivatives Not Designated as Hedging Instruments | Amount of Gain (Loss) Recognized in Income | Location of Gain (Loss) Recognized in Income | ||||
Commodity derivatives - crude oil | $ | (784 | ) | Cost of sales - midstream operations | ||
Commodity derivatives - vehicle fuel | $ | 1,123 | Operating expense |
For the nine months ended April 30, | ||||||||
Gains and losses on derivatives included in AOCI | 2018 | 2017 | ||||||
Beginning balance | $ | 14,648 | $ | (9,815 | ) | |||
Change in value of risk management commodity derivatives | 23,114 | 12,930 | ||||||
Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net | (20,646 | ) | 1,112 | |||||
Change in value of risk management interest rate derivatives | 248 | 974 | ||||||
Reclassification of losses on interest rate hedges to interest expense | 386 | 1,707 | ||||||
Ending balance | $ | 17,750 | $ | 6,908 |
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Operating expense | $ | 58,842 | $ | 53,747 | $ | 181,484 | $ | 170,953 | ||||||||
General and administrative expense | $ | 5,707 | $ | 6,913 | $ | 21,637 | $ | 23,713 |
Three months ended April 30, 2018 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Segment revenues | $ | 493,215 | $ | 22,595 | $ | — | $ | 515,810 | ||||||||
Direct costs (1) | 397,568 | 21,593 | 9,595 | 428,756 | ||||||||||||
Adjusted EBITDA | $ | 95,647 | $ | 1,002 | $ | (9,595 | ) | $ | 87,054 | |||||||
Three months ended April 30, 2017 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Segment revenues | $ | 411,433 | $ | 126,676 | $ | — | $ | 538,109 | ||||||||
Direct costs (1) | 324,442 | 127,223 | 9,545 | 461,210 | ||||||||||||
Adjusted EBITDA | $ | 86,991 | $ | (547 | ) | $ | (9,545 | ) | $ | 76,899 | ||||||
Nine months ended April 30, 2018 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Segment revenues | $ | 1,464,990 | $ | 260,631 | $ | — | $ | 1,725,621 | ||||||||
Direct costs (1) | 1,208,283 | 250,423 | 33,017 | 1,491,723 | ||||||||||||
Adjusted EBITDA | $ | 256,707 | $ | 10,208 | $ | (33,017 | ) | $ | 233,898 | |||||||
Nine months ended April 30, 2017 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Segment revenues | $ | 1,165,394 | $ | 331,507 | $ | — | $ | 1,496,901 | ||||||||
Direct costs (1) | 931,631 | 323,714 | 30,607 | 1,285,952 | ||||||||||||
Adjusted EBITDA | $ | 233,763 | $ | 7,793 | $ | (30,607 | ) | $ | 210,949 | |||||||
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Net earnings (loss) | $ | 19,840 | $ | 15,395 | $ | (13,012 | ) | $ | 18,555 | |||||||
Income tax expense (benefit) | 57 | (197 | ) | 261 | (200 | ) | ||||||||||
Interest expense | 31,739 | 31,270 | 97,993 | 95,416 | ||||||||||||
Depreciation and amortization expense | 25,348 | 25,737 | 76,565 | 77,546 | ||||||||||||
EBITDA | 76,984 | 72,205 | 161,807 | 191,317 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 2,738 | 4,697 | 10,731 | 11,396 | ||||||||||||
Non-cash stock-based compensation charge | — | — | — | 3,298 | ||||||||||||
Asset impairments | — | — | 10,005 | — | ||||||||||||
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 | ||||||||||||
Other income, net | (227 | ) | (162 | ) | (1,422 | ) | (1,433 | ) | ||||||||
Severance costs | — | — | 1,663 | 1,959 | ||||||||||||
Professional fees | 1,289 | — | 3,407 | — | ||||||||||||
Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments | — | (2,234 | ) | 1,293 | (4,449 | ) | ||||||||||
Adjusted EBITDA | $ | 87,054 | $ | 76,899 | $ | 233,898 | $ | 210,949 |
Assets | April 30, 2018 | July 31, 2017 | ||||||
Propane operations and related equipment sales | $ | 1,274,360 | $ | 1,194,905 | ||||
Midstream operations | 244,523 | 399,356 | ||||||
Corporate | 13,654 | 15,687 | ||||||
Total consolidated assets | $ | 1,532,537 | $ | 1,609,948 |
Nine months ended April 30, 2018 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Capital expenditures: | ||||||||||||||||
Maintenance | $ | 17,556 | $ | 210 | $ | 1,492 | $ | 19,258 | ||||||||
Growth | 34,784 | 1,265 | — | 36,049 | ||||||||||||
Total | $ | 52,340 | $ | 1,475 | $ | 1,492 | $ | 55,307 | ||||||||
Nine months ended April 30, 2017 | ||||||||||||||||
Propane operations and related equipment sales | Midstream operations | Corporate | Total | |||||||||||||
Capital expenditures: | ||||||||||||||||
Maintenance | $ | 8,533 | $ | 241 | $ | 1,905 | $ | 10,679 | ||||||||
Growth | 21,246 | — | — | 21,246 | ||||||||||||
Total | $ | 29,779 | $ | 241 | $ | 1,905 | $ | 31,925 |
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
As of April 30, 2018 | |||||||||||||||||||||||
Ferrellgas, L.P. (Parent and Co-Issuer) | Ferrellgas Finance Corp. (Co-Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 9,126 | $ | 1 | $ | 364 | $ | — | $ | — | $ | 9,491 | |||||||||||
Accounts and notes receivable, net | (3,346 | ) | — | 23,493 | 182,580 | — | 202,727 | ||||||||||||||||
Intercompany receivables | 65,801 | — | — | — | (65,801 | ) | — | ||||||||||||||||
Inventories | 70,893 | — | 14,169 | — | — | 85,062 | |||||||||||||||||
Prepaid expenses and other current assets | 31,167 | — | 12,890 | 2 | — | 44,059 | |||||||||||||||||
Total current assets | 173,641 | 1 | 50,916 | 182,582 | (65,801 | ) | 341,339 | ||||||||||||||||
Property, plant and equipment, net | 552,551 | — | 85,137 | — | — | 637,688 | |||||||||||||||||
Goodwill, net | 246,098 | — | — | — | — | 246,098 | |||||||||||||||||
Intangible assets, net | 123,177 | — | 112,141 | — | — | 235,318 | |||||||||||||||||
Intercompany receivables | 450,000 | — | — | — | (450,000 | ) | — | ||||||||||||||||
Investments in consolidated subsidiaries | (164,031 | ) | — | — | — | 164,031 | — | ||||||||||||||||
Other assets, net | 36,744 | — | 34,987 | 363 | — | 72,094 | |||||||||||||||||
Total assets | $ | 1,418,180 | $ | 1 | $ | 283,181 | $ | 182,945 | $ | (351,770 | ) | $ | 1,532,537 | ||||||||||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Accounts payable | $ | 50,164 | $ | — | $ | 2,221 | $ | 87 | $ | — | $ | 52,472 | |||||||||||
Short-term borrowings | — | — | — | — | — | — | |||||||||||||||||
Collateralized note payable | — | — | — | 104,000 | — | 104,000 | |||||||||||||||||
Intercompany payables | — | — | 45,554 | 20,247 | (65,801 | ) | — | ||||||||||||||||
Other current liabilities | 143,804 | — | 3,041 | 398 | — | 147,243 | |||||||||||||||||
Total current liabilities | 193,968 | — | 50,816 | 124,732 | (65,801 | ) | 303,715 | ||||||||||||||||
Long-term debt | 1,646,069 | — | 450,000 | — | (450,000 | ) | 1,646,069 | ||||||||||||||||
Other liabilities | 29,615 | — | 4,610 | — | — | 34,225 | |||||||||||||||||
Contingencies and commitments | |||||||||||||||||||||||
Partners' capital (deficit): | |||||||||||||||||||||||
Partners' equity | (469,338 | ) | 1 | (222,245 | ) | 58,213 | 164,031 | (469,338 | ) | ||||||||||||||
Accumulated other comprehensive income | 17,866 | — | — | — | — | 17,866 | |||||||||||||||||
Total partners' capital (deficit) | (451,472 | ) | 1 | (222,245 | ) | 58,213 | 164,031 | (451,472 | ) | ||||||||||||||
Total liabilities and partners' capital (deficit) | $ | 1,418,180 | $ | 1 | $ | 283,181 | $ | 182,945 | $ | (351,770 | ) | $ | 1,532,537 | ||||||||||
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING BALANCE SHEETS | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
As of July 31, 2017 | |||||||||||||||||||||||
Ferrellgas, L.P. (Parent and Co-Issuer) | Ferrellgas Finance Corp. (Co-Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 5,327 | $ | 1 | $ | 373 | $ | — | $ | — | $ | 5,701 | |||||||||||
Accounts and notes receivable, net | (3,132 | ) | — | 58,618 | 109,598 | — | 165,084 | ||||||||||||||||
Intercompany receivables | 39,877 | — | — | — | (39,877 | ) | — | ||||||||||||||||
Inventories | 78,963 | — | 13,589 | — | — | 92,552 | |||||||||||||||||
Prepaid expenses and other current assets | 26,106 | — | 7,314 | 6 | — | 33,426 | |||||||||||||||||
Total current assets | 147,141 | 1 | 79,894 | 109,604 | (39,877 | ) | 296,763 | ||||||||||||||||
Property, plant and equipment, net | 537,582 | — | 194,341 | — | — | 731,923 | |||||||||||||||||
Goodwill, net | 246,098 | — | 10,005 | — | — | 256,103 | |||||||||||||||||
Intangible assets, net | 128,209 | — | 122,893 | — | — | 251,102 | |||||||||||||||||
Intercompany receivables | 450,000 | — | — | — | (450,000 | ) | — | ||||||||||||||||
Investments in consolidated subsidiaries | (53,915 | ) | — | — | — | 53,915 | — | ||||||||||||||||
Other assets, net | 35,862 | — | 37,618 | 577 | — | 74,057 | |||||||||||||||||
Total assets | $ | 1,490,977 | $ | 1 | $ | 444,751 | $ | 110,181 | $ | (435,962 | ) | $ | 1,609,948 | ||||||||||
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT) | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Accounts payable | $ | 44,026 | $ | — | $ | 41,345 | $ | 190 | $ | — | $ | 85,561 | |||||||||||
Short-term borrowings | 59,781 | — | — | — | — | 59,781 | |||||||||||||||||
Collateralized note payable | — | — | — | 69,000 | — | 69,000 | |||||||||||||||||
Intercompany payables | — | — | 41,645 | (1,768 | ) | (39,877 | ) | — | |||||||||||||||
Other current liabilities | 118,039 | — | 3,776 | 201 | — | 122,016 | |||||||||||||||||
Total current liabilities | 221,846 | — | 86,766 | 67,623 | (39,877 | ) | 336,358 | ||||||||||||||||
Long-term debt | 1,649,139 | — | 450,131 | — | (450,000 | ) | 1,649,270 | ||||||||||||||||
Other liabilities | 26,790 | — | 4,300 | 28 | — | 31,118 | |||||||||||||||||
Contingencies and commitments | |||||||||||||||||||||||
Partners' capital (deficit): | |||||||||||||||||||||||
Partners' equity | (421,562 | ) | 1 | (96,446 | ) | 42,530 | 53,915 | (421,562 | ) | ||||||||||||||
Accumulated other comprehensive income | 14,764 | — | — | — | — | 14,764 | |||||||||||||||||
Total partners' capital (deficit) | (406,798 | ) | 1 | (96,446 | ) | 42,530 | 53,915 | (406,798 | ) | ||||||||||||||
Total liabilities and partners' capital (deficit) | $ | 1,490,977 | $ | 1 | $ | 444,751 | $ | 110,181 | $ | (435,962 | ) | $ | 1,609,948 | ||||||||||
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the three months ended April 30, 2018 | |||||||||||||||||||||||
Ferrellgas, L.P. (Parent and Co-Issuer) | Ferrellgas Finance Corp. (Co-Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Propane and other gas liquids sales | $ | 451,212 | $ | — | $ | 90 | $ | — | $ | — | $ | 451,302 | |||||||||||
Midstream operations | — | — | 22,595 | — | — | 22,595 | |||||||||||||||||
Other | 19,701 | — | 22,212 | — | — | 41,913 | |||||||||||||||||
Total revenues | 470,913 | — | 44,897 | — | — | 515,810 | |||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of sales - propane and other gas liquids sales | 260,317 | — | 102 | — | — | 260,419 | |||||||||||||||||
Cost of sales - midstream operations | — | — | 14,518 | — | — | 14,518 | |||||||||||||||||
Cost of sales - other | 2,328 | — | 17,522 | — | — | 19,850 | |||||||||||||||||
Operating expense | 108,291 | — | 9,262 | 1,459 | (2,433 | ) | 116,579 | ||||||||||||||||
Depreciation and amortization expense | 19,105 | — | 6,171 | 72 | — | 25,348 | |||||||||||||||||
General and administrative expense | 10,460 | — | 1,086 | — | — | 11,546 | |||||||||||||||||
Equipment lease expense | 7,045 | — | 88 | — | — | 7,133 | |||||||||||||||||
Non-cash employee stock ownership plan compensation charge | 2,738 | — | — | — | — | 2,738 | |||||||||||||||||
Loss on asset sales and disposals | 2,243 | — | 4,027 | — | — | 6,270 | |||||||||||||||||
Operating income (loss) | 58,386 | — | (7,879 | ) | (1,531 | ) | 2,433 | 51,409 | |||||||||||||||
Interest expense | (20,297 | ) | — | (10,104 | ) | (1,338 | ) | — | (31,739 | ) | |||||||||||||
Other income (expense), net | (133 | ) | — | 360 | 2,433 | (2,433 | ) | 227 | |||||||||||||||
Earnings (loss) before income taxes | 37,956 | — | (17,623 | ) | (436 | ) | — | 19,897 | |||||||||||||||
Income tax expense (benefit) | 102 | — | (45 | ) | — | — | 57 | ||||||||||||||||
Equity in earnings (loss) of subsidiary | (18,014 | ) | — | — | — | 18,014 | — | ||||||||||||||||
Net earnings (loss) | 19,840 | — | (17,578 | ) | (436 | ) | 18,014 | 19,840 | |||||||||||||||
Other comprehensive loss | (6,727 | ) | — | — | — | — | (6,727 | ) | |||||||||||||||
Comprehensive income (loss) | $ | 13,113 | $ | — | $ | (17,578 | ) | $ | (436 | ) | $ | 18,014 | $ | 13,113 | |||||||||
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the three months ended April 30, 2017 | |||||||||||||||||||||||
Ferrellgas, L.P. (Parent and Co-Issuer) | Ferrellgas Finance Corp. (Co-Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Propane and other gas liquids sales | $ | 369,437 | $ | — | $ | — | $ | — | $ | — | $ | 369,437 | |||||||||||
Midstream operations | — | — | 126,676 | — | — | 126,676 | |||||||||||||||||
Other | 17,850 | — | 24,146 | — | — | 41,996 | |||||||||||||||||
Total revenues | 387,287 | — | 150,822 | — | — | 538,109 | |||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of sales - propane and other gas liquids sales | 197,487 | — | — | — | — | 197,487 | |||||||||||||||||
Cost of sales - midstream operations | — | — | 118,767 | — | — | 118,767 | |||||||||||||||||
Cost of sales - other | 1,992 | — | 18,818 | — | — | 20,810 | |||||||||||||||||
Operating expense | 96,264 | — | 8,594 | 1,315 | (1,400 | ) | 104,773 | ||||||||||||||||
Depreciation and amortization expense | 18,261 | — | 7,418 | 58 | — | 25,737 | |||||||||||||||||
General and administrative expense | 8,930 | — | 939 | — | — | 9,869 | |||||||||||||||||
Equipment lease expense | 7,108 | — | 162 | — | — | 7,270 | |||||||||||||||||
Non-cash employee stock ownership plan compensation charge | 4,697 | — | — | — | — | 4,697 | |||||||||||||||||
Loss on asset sales and disposals | 2,146 | — | 247 | — | — | 2,393 | |||||||||||||||||
Operating income (loss) | 50,402 | — | (4,123 | ) | (1,373 | ) | 1,400 | 46,306 | |||||||||||||||
Interest expense | (19,452 | ) | — | (11,019 | ) | (799 | ) | — | (31,270 | ) | |||||||||||||
Other income (expense), net | (157 | ) | — | 319 | 1,400 | (1,400 | ) | 162 | |||||||||||||||
Earnings (loss) before income taxes | 30,793 | — | (14,823 | ) | (772 | ) | — | 15,198 | |||||||||||||||
Income tax expense (benefit) | 97 | — | (294 | ) | — | — | (197 | ) | |||||||||||||||
Equity in earnings (loss) of subsidiary | (15,301 | ) | — | — | — | 15,301 | — | ||||||||||||||||
Net earnings (loss) | 15,395 | — | (14,529 | ) | (772 | ) | 15,301 | 15,395 | |||||||||||||||
Other comprehensive income | (8,429 | ) | — | — | — | — | (8,429 | ) | |||||||||||||||
Comprehensive income (loss) | $ | 6,966 | $ | — | $ | (14,529 | ) | $ | (772 | ) | $ | 15,301 | $ | 6,966 | |||||||||
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the nine months ended April 30, 2018 | |||||||||||||||||||||||
Ferrellgas, L.P. (Parent and Co-Issuer) | Ferrellgas Finance Corp. (Co-Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Propane and other gas liquids sales | $ | 1,345,604 | $ | — | $ | 695 | $ | — | $ | — | $ | 1,346,299 | |||||||||||
Midstream operations | — | — | 260,631 | — | — | 260,631 | |||||||||||||||||
Other | 59,085 | — | 59,606 | — | — | 118,691 | |||||||||||||||||
Total revenues | 1,404,689 | — | 320,932 | — | — | 1,725,621 | |||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of sales - propane and other gas liquids sales | 802,063 | — | 789 | — | — | 802,852 | |||||||||||||||||
Cost of sales - midstream operations | — | — | 229,710 | — | — | 229,710 | |||||||||||||||||
Cost of sales - other | 7,890 | — | 46,449 | — | — | 54,339 | |||||||||||||||||
Operating expense | 323,619 | — | 28,320 | 4,474 | (5,656 | ) | 350,757 | ||||||||||||||||
Depreciation and amortization expense | 55,973 | — | 20,377 | 215 | — | 76,565 | |||||||||||||||||
General and administrative expense | 35,048 | 5 | 4,547 | — | — | 39,600 | |||||||||||||||||
Equipment lease expense | 20,555 | — | 273 | — | — | 20,828 | |||||||||||||||||
Non-cash employee stock ownership plan compensation charge | 10,731 | — | — | — | — | 10,731 | |||||||||||||||||
Asset impairments | — | — | 10,005 | — | — | 10,005 | |||||||||||||||||
Loss on asset sales and disposals | 3,706 | — | 42,708 | — | — | 46,414 | |||||||||||||||||
Operating income (loss) | 145,104 | (5 | ) | (62,246 | ) | (4,689 | ) | 5,656 | 83,820 | ||||||||||||||
Interest expense | (61,903 | ) | — | (33,028 | ) | (3,062 | ) | — | (97,993 | ) | |||||||||||||
Other income (expense), net | 490 | — | 932 | 5,656 | (5,656 | ) | 1,422 | ||||||||||||||||
Earnings (loss) before income taxes | 83,691 | (5 | ) | (94,342 | ) | (2,095 | ) | — | (12,751 | ) | |||||||||||||
Income tax expense | 174 | — | 87 | — | — | 261 | |||||||||||||||||
Equity in earnings (loss) of subsidiary | (96,529 | ) | — | — | — | 96,529 | — | ||||||||||||||||
Net earnings (loss) | (13,012 | ) | (5 | ) | (94,429 | ) | (2,095 | ) | 96,529 | (13,012 | ) | ||||||||||||
Other comprehensive income | 3,102 | — | — | — | — | 3,102 | |||||||||||||||||
Comprehensive income (loss) | $ | (9,910 | ) | $ | (5 | ) | $ | (94,429 | ) | $ | (2,095 | ) | $ | 96,529 | $ | (9,910 | ) | ||||||
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the nine months ended April 30, 2017 | |||||||||||||||||||||||
Ferrellgas, L.P. (Parent and Co-Issuer) | Ferrellgas Finance Corp. (Co-Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Propane and other gas liquids sales | $ | 1,049,211 | $ | — | $ | — | $ | — | $ | — | $ | 1,049,211 | |||||||||||
Midstream operations | — | — | 331,507 | — | — | 331,507 | |||||||||||||||||
Other | 56,785 | — | 59,398 | — | — | 116,183 | |||||||||||||||||
Total revenues | 1,105,996 | — | 390,905 | — | — | 1,496,901 | |||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of sales - propane and other gas liquids sales | 551,728 | — | — | — | — | 551,728 | |||||||||||||||||
Cost of sales - midstream operations | — | — | 300,433 | — | — | 300,433 | |||||||||||||||||
Cost of sales - other | 6,993 | — | 46,220 | — | — | 53,213 | |||||||||||||||||
Operating expense | 297,905 | — | 28,482 | (251 | ) | (3,201 | ) | 322,935 | |||||||||||||||
Depreciation and amortization expense | 54,552 | — | 22,817 | 177 | — | 77,546 | |||||||||||||||||
General and administrative expense | 32,886 | 5 | 3,525 | — | — | 36,416 | |||||||||||||||||
Equipment lease expense | 21,585 | — | 450 | — | — | 22,035 | |||||||||||||||||
Non-cash employee stock ownership plan compensation charge | 11,396 | — | — | — | — | 11,396 | |||||||||||||||||
Loss on asset sales and disposals | 3,666 | — | 5,195 | — | — | 8,861 | |||||||||||||||||
Operating income (loss) | 125,285 | (5 | ) | (16,217 | ) | 74 | 3,201 | 112,338 | |||||||||||||||
Interest expense | (60,893 | ) | — | (32,694 | ) | (1,826 | ) | (3 | ) | (95,416 | ) | ||||||||||||
Other income (expense), net | 100 | — | 1,333 | 3,198 | (3,198 | ) | 1,433 | ||||||||||||||||
Earnings (loss) before income taxes | 64,492 | (5 | ) | (47,578 | ) | 1,446 | — | 18,355 | |||||||||||||||
Income tax expense (benefit) | 171 | — | (371 | ) | — | — | (200 | ) | |||||||||||||||
Equity in earnings (loss) of subsidiary | (45,766 | ) | — | — | — | 45,766 | — | ||||||||||||||||
Net earnings (loss) | 18,555 | (5 | ) | (47,207 | ) | 1,446 | 45,766 | 18,555 | |||||||||||||||
Other comprehensive income | 16,723 | — | — | — | — | 16,723 | |||||||||||||||||
Comprehensive income (loss) | $ | 35,278 | $ | (5 | ) | $ | (47,207 | ) | $ | 1,446 | $ | 45,766 | $ | 35,278 | |||||||||
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the nine months ended April 30, 2018 | |||||||||||||||||||||||
Ferrellgas, L.P. (Parent and Co-Issuer) | Ferrellgas Finance Corp. (Co-Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 65,604 | $ | (5 | ) | $ | (3,531 | ) | $ | 66,878 | $ | (35,000 | ) | $ | 93,946 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Business acquisitions, net of cash acquired | (14,862 | ) | — | — | — | — | (14,862 | ) | |||||||||||||||
Capital expenditures | (57,158 | ) | — | (1,803 | ) | — | — | (58,961 | ) | ||||||||||||||
Proceeds from sale of assets | 2,479 | — | 55,323 | — | — | 57,802 | |||||||||||||||||
Cash collected for purchase of interest in accounts receivable | — | — | — | 985,084 | (985,084 | ) | — | ||||||||||||||||
Cash remitted to Ferrellgas, L.P. for accounts receivable | — | — | — | (1,020,084 | ) | 1,020,084 | — | ||||||||||||||||
Net changes in advances with consolidated entities | 116,871 | — | — | — | (116,871 | ) | — | ||||||||||||||||
Net cash provided by (used in) investing activities | 47,330 | — | 53,520 | (35,000 | ) | (81,871 | ) | (16,021 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Distributions | (45,495 | ) | — | — | — | — | (45,495 | ) | |||||||||||||||
Proceeds from increase in long-term debt | 23,580 | — | — | — | — | 23,580 | |||||||||||||||||
Payments on long-term debt | (1,892 | ) | — | — | — | — | (1,892 | ) | |||||||||||||||
Net reductions in short-term borrowings | (84,179 | ) | — | — | — | — | (84,179 | ) | |||||||||||||||
Net additions to collateralized short-term borrowings | — | — | — | 35,000 | — | 35,000 | |||||||||||||||||
Net changes in advances with parent | — | 5 | (49,998 | ) | (66,878 | ) | 116,871 | — | |||||||||||||||
Cash paid for financing costs | (1,149 | ) | — | — | — | — | (1,149 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | (109,135 | ) | 5 | (49,998 | ) | (31,878 | ) | 116,871 | (74,135 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | 3,799 | — | (9 | ) | — | — | 3,790 | ||||||||||||||||
Cash and cash equivalents - beginning of year | 5,327 | 1 | 373 | — | — | 5,701 | |||||||||||||||||
Cash and cash equivalents - end of year | $ | 9,126 | $ | 1 | $ | 364 | $ | — | $ | — | $ | 9,491 | |||||||||||
FERRELLGAS, L.P. AND SUBSIDIARIES | |||||||||||||||||||||||
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
For the nine months ended April 30, 2017 | |||||||||||||||||||||||
Ferrellgas, L.P. (Parent and Co-Issuer) | Ferrellgas Finance Corp. (Co-Issuer) | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | ||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 186,530 | $ | (5 | ) | $ | (73,168 | ) | $ | 38,042 | $ | (27,000 | ) | $ | 124,399 | ||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Business acquisitions, net of cash acquired | (3,539 | ) | — | — | — | — | (3,539 | ) | |||||||||||||||
Capital expenditures | (35,116 | ) | — | (296 | ) | — | — | (35,412 | ) | ||||||||||||||
Proceeds from sale of assets | 4,721 | — | — | — | — | 4,721 | |||||||||||||||||
Cash collected for purchase of interest in accounts receivable | — | — | — | 803,109 | (803,109 | ) | — | ||||||||||||||||
Cash remitted to Ferrellgas, L.P. for accounts receivable | — | — | — | (830,109 | ) | 830,109 | — | ||||||||||||||||
Net changes in advances with consolidated entities | (35,476 | ) | — | — | 244 | 35,232 | — | ||||||||||||||||
Other | (37 | ) | — | — | — | — | (37 | ) | |||||||||||||||
Net cash provided by (used in) investing activities | (69,447 | ) | — | (296 | ) | (26,756 | ) | 62,232 | (34,267 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Distributions | (94,413 | ) | — | — | — | — | (94,413 | ) | |||||||||||||||
Contributions from Partners | 167,640 | — | — | — | — | 167,640 | |||||||||||||||||
Proceeds from increase in long-term debt | 52,354 | — | — | — | — | 52,354 | |||||||||||||||||
Payments on long-term debt | (173,471 | ) | — | — | — | — | (173,471 | ) | |||||||||||||||
Net reductions in short-term borrowings | (62,902 | ) | — | — | — | — | (62,902 | ) | |||||||||||||||
Net additions to collateralized short-term borrowings | — | — | — | 27,000 | — | 27,000 | |||||||||||||||||
Net changes in advances with parent | — | 5 | 73,269 | (38,042 | ) | (35,232 | ) | — | |||||||||||||||
Cash paid for financing costs | (1,820 | ) | — | — | (244 | ) | — | (2,064 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | (112,612 | ) | 5 | 73,269 | (11,286 | ) | (35,232 | ) | (85,856 | ) | |||||||||||||
Increase (decrease) in cash and cash equivalents | 4,471 | — | (195 | ) | — | — | 4,276 | ||||||||||||||||
Cash and cash equivalents - beginning of year | 4,472 | 1 | 417 | — | — | 4,890 | |||||||||||||||||
Cash and cash equivalents - end of year | $ | 8,943 | $ | 1 | $ | 222 | $ | — | $ | — | $ | 9,166 | |||||||||||
FERRELLGAS FINANCE CORP. | |||||||
(a wholly-owned subsidiary of Ferrellgas, L.P.) | |||||||
CONDENSED BALANCE SHEETS | |||||||
(unaudited) | |||||||
April 30, 2018 | July 31, 2017 | ||||||
ASSETS | |||||||
Cash | $ | 1,100 | $ | 1,100 | |||
Other current assets | — | 1,500 | |||||
Total assets | $ | 1,100 | $ | 2,600 | |||
Contingencies and commitments (Note B) | |||||||
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 | 71,052 | 67,336 | |||||
Accumulated deficit | (70,952 | ) | (65,736 | ) | |||
Total stockholder's equity | $ | 1,100 | $ | 2,600 | |||
See notes to condensed financial statements. |
FERRELLGAS FINANCE CORP. | ||||||||||||||||
(a wholly-owned subsidiary of Ferrellgas, L.P.) | ||||||||||||||||
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||||||
(unaudited) | ||||||||||||||||
For the three months ended April 30, | For the nine months ended April 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
General and administrative expense | $ | — | $ | 225 | $ | 5,216 | $ | 5,175 | ||||||||
Net loss | $ | — | $ | (225 | ) | $ | (5,216 | ) | $ | (5,175 | ) | |||||
See notes to condensed financial statements. |
FERRELLGAS FINANCE CORP. | |||||||
(a wholly-owned subsidiary of Ferrellgas, L.P.) | |||||||
CONDENSED STATEMENTS OF CASH FLOWS | |||||||
(unaudited) | |||||||
For the nine months ended April 30, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (5,216 | ) | $ | (5,175 | ) | |
Changes in operating assets and liabilities: | |||||||
Other current assets | 1,500 | 1,500 | |||||
Cash used in operating activities | (3,716 | ) | (3,675 | ) | |||
Cash flows from financing activities: | |||||||
Capital contribution | 3,716 | 3,675 | |||||
Cash provided by financing activities | 3,716 | 3,675 | |||||
Net change in cash | — | — | |||||
Cash - beginning of period | 1,100 | 1,100 | |||||
Cash - end of period | $ | 1,100 | $ | 1,100 | |||
See notes to condensed financial statements. |
ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | “us,” “we,” “our,” “ours,” “consolidated,” or "Ferrellgas" are references exclusively to Ferrellgas Partners, L.P. together with its consolidated subsidiaries, including Ferrellgas Partners Finance Corp., Ferrellgas, L.P. and Ferrellgas Finance Corp., except when used in connection with “common units,” in which case these terms refer to Ferrellgas Partners, L.P. without its consolidated subsidiaries; |
• | “Ferrellgas Partners” refers to Ferrellgas Partners, L.P. itself, without its consolidated subsidiaries; |
• | the “operating partnership” refers to Ferrellgas, L.P., together with its consolidated subsidiaries, including Ferrellgas Finance Corp.; |
• | our “general partner” refers to Ferrellgas, Inc.; |
• | “Ferrell Companies” refers to Ferrell Companies, Inc., the sole shareholder of our general partner; |
• | “unitholders” refers to holders of common units of Ferrellgas Partners; |
• | "GAAP" refers to accounting principles generally accepted in the United States; |
• | “retail sales” refers to Propane and other gas liquid sales: Retail - Sales to End Users or the volume of propane sold primarily to our residential, industrial/commercial and agricultural customers; |
• | “wholesale sales” refers to Propane and other gas liquid sales: Wholesale - Sales to Resellers or the volume of propane sold primarily to our portable tank exchange customers and bulk propane sold to wholesale customers; |
• | “other gas sales” refers to Propane and other gas liquid sales: Other Gas Sales or the volume of bulk propane sold to other third party propane distributors or marketers and the volume of refined fuel sold; |
• | “propane sales volume” refers to the volume of propane sold to our retail sales and wholesale sales customers; |
• | “water solutions revenues” refers to fees charged for the processing and disposal of salt water as well as the sale of skimming oil; |
• | "crude oil logistics revenues" refers to fees charged for crude oil transportation and logistics services on behalf of producers and end-users of crude oil; |
• | "crude oil sales" refers to crude oil purchased and sold in connection with crude oil transportation and logistics services on behalf of producers and end-users of crude oil; |
• | "crude oil hauled" refers to the crude oil volume in barrels transported through our operation of a fleet of trucks, tank trailers, rail cars and a barge; |
• | "Jamex" refers to Jamex Marketing, LLC; |
• | “salt water volume” refers to the number of barrels of salt water processed at our disposal sites; |
• | “skimming oil” refers to the oil collected from the process used at our salt water disposal wells through a combination of gravity and chemicals to separate crude oil that is dissolved in the salt water; |
• | “Notes” refers to the notes of the condensed consolidated financial statements of Ferrellgas Partners or the operating partnership, as applicable; |
• | "MBbls/d" refers to one thousand barrels per day; and |
• | because Ferrellgas Partners has outstanding $357.0 million in aggregate principal amount of 8.625% senior notes due fiscal 2020, the two partnerships incur different amounts of interest expense on their outstanding indebtedness; see the statements of operations in their respective condensed consolidated financial statements; and |
• | Ferrellgas Partners repurchased common units in fiscal 2017. |
• | Ferrellgas’ ability to cure the limitation on distributions under the fixed charge covenant ratio related to the Ferrellgas Partners 2020 8.625% senior notes; |
• | the effect of weather conditions on the demand for propane; |
• | the prices of wholesale propane, motor fuel and crude oil; |
• | disruptions to the supply of propane; |
• | competition from other industry participants and other energy sources; |
• | energy efficiency and technology advances; |
• | adverse changes in our relationships with our national tank exchange customers; |
• | significant delays in the collection of, or uncollectibility of, accounts or notes receivable; |
• | customer, counterparty, supplier or vendor defaults; |
• | changes in demand for, and production of, hydrocarbon products; |
• | capacity overbuild of midstream energy infrastructure in our midstream operational areas; |
• | increased trucking regulations; |
• | cost increases that exceed contractual rate increases for our logistics services; |
• | inherent operating and litigation risks in gathering, transporting, handling and storing propane and crude oil; |
• | our inability to complete acquisitions or to successfully integrate acquired operations; |
• | costs of complying with, or liabilities imposed under, environmental, health and safety laws; |
• | the impact of pending and future legal proceedings; |
• | the interruption, disruption, failure or malfunction of our information technology systems including due to cyber attack; |
• | the impact of changes in tax law that could adversely affect the tax treatment of Ferrellgas Partners for federal income tax purposes; |
• | economic and political instability, particularly in areas of the world tied to the energy industry; and |
• | disruptions in the capital and credit markets. |
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
(amounts in thousands) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Total revenues | $ | 515,810 | $ | 538,109 | $ | 1,725,621 | $ | 1,496,901 | ||||||||
Total cost of sales | 294,787 | 337,064 | 1,086,901 | 905,374 | ||||||||||||
Operating expense | 116,579 | 104,773 | 350,757 | 322,935 | ||||||||||||
Depreciation and amortization expense | 25,348 | 25,737 | 76,565 | 77,546 | ||||||||||||
General and administrative expense | 11,678 | 9,978 | 39,733 | 36,526 | ||||||||||||
Equipment lease expense | 7,133 | 7,270 | 20,828 | 22,035 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 2,738 | 4,697 | 10,731 | 11,396 | ||||||||||||
Asset impairments | — | — | 10,005 | — | ||||||||||||
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 | ||||||||||||
Operating income | 51,277 | 46,197 | 83,687 | 112,228 | ||||||||||||
Interest expense | (40,375 | ) | (39,860 | ) | (123,855 | ) | (112,107 | ) | ||||||||
Other income, net | 227 | 162 | 1,422 | 1,433 | ||||||||||||
Earnings (loss) before income taxes | 11,129 | 6,499 | (38,746 | ) | 1,554 | |||||||||||
Income tax expense (benefit) | 67 | (192 | ) | 282 | (194 | ) | ||||||||||
Net earnings (loss) | 11,062 | 6,691 | (39,028 | ) | 1,748 | |||||||||||
Net earnings (loss) attributable to noncontrolling interest | 201 | 155 | (131 | ) | 187 | |||||||||||
Net earnings (loss) attributable to Ferrellgas Partners, L.P. | 10,861 | 6,536 | (38,897 | ) | 1,561 | |||||||||||
Less: General partner's interest in net earnings (loss) | 109 | 66 | (389 | ) | 16 | |||||||||||
Common unitholders' interest in net earnings (loss) | $ | 10,752 | $ | 6,470 | $ | (38,508 | ) | $ | 1,545 |
Three months ended April 30, | Nine months ended April 30, | |||||||||||||||
(amounts in thousands) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Net earnings (loss) attributable to Ferrellgas Partners, L.P. | $ | 10,861 | $ | 6,536 | $ | (38,897 | ) | $ | 1,561 | |||||||
Income tax expense (benefit) | 67 | (192 | ) | 282 | (194 | ) | ||||||||||
Interest expense | 40,375 | 39,860 | 123,855 | 112,107 | ||||||||||||
Depreciation and amortization expense | 25,348 | 25,737 | 76,565 | 77,546 | ||||||||||||
EBITDA | 76,651 | 71,941 | 161,805 | 191,020 | ||||||||||||
Non-cash employee stock ownership plan compensation charge | 2,738 | 4,697 | 10,731 | 11,396 | ||||||||||||
Non-cash stock-based compensation charge | — | — | — | 3,298 | ||||||||||||
Asset impairments | — | — | 10,005 | — | ||||||||||||
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 | ||||||||||||
Other income, net | (227 | ) | (162 | ) | (1,422 | ) | (1,433 | ) | ||||||||
Severance costs | — | — | 1,663 | 1,959 | ||||||||||||
Professional fees (d) | 1,289 | — | 3,407 | — | ||||||||||||
Unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments | — | (2,234 | ) | 1,293 | (4,449 | ) | ||||||||||
Net earnings (loss) attributable to noncontrolling interest | 201 | 155 | (131 | ) | 187 | |||||||||||
Adjusted EBITDA | 86,922 | 76,790 | 233,765 | 210,839 | ||||||||||||
Net cash interest expense (a) | (37,873 | ) | (37,140 | ) | (115,664 | ) | (105,470 | ) | ||||||||
Maintenance capital expenditures (b) | (5,741 | ) | (3,442 | ) | (19,085 | ) | (10,518 | ) | ||||||||
Cash paid (refund) for taxes | 470 | (2 | ) | 458 | (28 | ) | ||||||||||
Proceeds from asset sales | 148 | 130 | 4,355 | 4,163 | ||||||||||||
Distributable cash flow attributable to equity investors | 43,926 | 36,336 | 103,829 | 98,986 | ||||||||||||
Distributable cash flow attributable to general partner and non-controlling interest | 879 | 727 | 2,077 | 1,980 | ||||||||||||
Distributable cash flow attributable to common unitholders | 43,047 | 35,609 | 101,752 | 97,006 | ||||||||||||
Less: Distributions paid to common unitholders | 9,715 | 9,715 | 29,146 | 69,221 | ||||||||||||
Distributable cash flow excess (c) | $ | 33,332 | $ | 25,894 | $ | 72,606 | $ | 27,785 |
(a) | Net cash interest expense is the sum of interest expense less non-cash interest expense and other income (expense), net. This amount includes interest expense related to the accounts receivable securitization facility. |
(b) | Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment. |
(c) | Distributable cash flow excess is retained to establish reserves for future distributions, reduce debt, fund capital expenditures and for other partnership purposes. Distributable cash flow shortages are funded from previously established reserves, cash on hand or borrowings under our secured credit facility or accounts receivable securitization facility. |
(d) | Professional fees incurred related to a lawsuit. |
(amounts in thousands) | |||||||||||||||
Three months ended April 30, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Propane sales volumes (gallons): | |||||||||||||||
Retail - Sales to End Users | 189,183 | 160,326 | 28,857 | 18 | % | ||||||||||
Wholesale - Sales to Resellers | 57,121 | 51,891 | 5,230 | 10 | % | ||||||||||
246,304 | 212,217 | 34,087 | 16 | % | |||||||||||
Revenues - | |||||||||||||||
Propane and other gas liquids sales: | |||||||||||||||
Retail - Sales to End Users | $ | 330,320 | $ | 258,292 | $ | 72,028 | 28 | % | |||||||
Wholesale - Sales to Resellers | 97,689 | 90,313 | 7,376 | 8 | % | ||||||||||
Other Gas Sales (a) | 23,293 | 20,832 | 2,461 | 12 | % | ||||||||||
Other (b) | 41,913 | 41,996 | (83 | ) | — | % | |||||||||
Propane and related equipment revenues | $ | 493,215 | $ | 411,433 | $ | 81,782 | 20 | % | |||||||
Gross Margin - | |||||||||||||||
Propane and other gas liquids sales: (c) | |||||||||||||||
Retail - Sales to End Users (a) | $ | 151,084 | $ | 130,057 | $ | 21,027 | 16 | % | |||||||
Wholesale - Sales to Resellers (a) | 39,799 | 41,893 | (2,094 | ) | (5 | )% | |||||||||
Other (b) | 22,063 | 21,186 | 877 | 4 | % | ||||||||||
Propane and related equipment gross margin | $ | 212,946 | $ | 193,136 | $ | 19,810 | 10 | % | |||||||
Operating, general and administrative expense (d) | $ | 110,673 | $ | 99,416 | $ | 11,257 | 11 | % | |||||||
Equipment lease expense | 6,626 | 6,503 | 123 | 2 | % | ||||||||||
Operating income | $ | 74,479 | $ | 67,119 | $ | 7,360 | 11 | % | |||||||
Depreciation and amortization expense | 18,880 | 17,953 | 927 | 5 | % | ||||||||||
Loss on asset sales and disposals | 2,288 | 2,146 | 142 | 7 | % | ||||||||||
Unrealized (non-cash) gains on changes in fair value of derivatives not designated as hedging instruments | — | (227 | ) | 227 | 100 | % | |||||||||
Adjusted EBITDA | $ | 95,647 | $ | 86,991 | $ | 8,656 | 10 | % |
(amounts in thousands) | |||||||||||||||
Three months ended April 30, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Volumes (barrels): | |||||||||||||||
Crude oil hauled | 11,640 | 12,280 | (640 | ) | (5 | )% | |||||||||
Crude oil sold | 27 | 2,110 | (2,083 | ) | (99 | )% | |||||||||
Salt water volume processed | 4,761 | 4,635 | 126 | 3 | % | ||||||||||
Revenues - | |||||||||||||||
Crude oil and other logistics | $ | 17,500 | $ | 22,135 | $ | (4,635 | ) | (21 | )% | ||||||
Crude oil sales | 1,619 | 100,957 | (99,338 | ) | (98 | )% | |||||||||
Other | 3,476 | 3,584 | (108 | ) | (3 | )% | |||||||||
$ | 22,595 | $ | 126,676 | $ | (104,081 | ) | (82 | )% | |||||||
Gross margin - (a) | |||||||||||||||
Crude oil and other logistics | $ | 5,540 | $ | 1,676 | $ | 3,864 | 231 | % | |||||||
Crude oil sales | 1,400 | 4,163 | (2,763 | ) | (66 | )% | |||||||||
Other | 1,137 | 2,070 | (933 | ) | (45 | )% | |||||||||
$ | 8,077 | $ | 7,909 | $ | 168 | 2 | % | ||||||||
Operating, general, and administrative expenses (b) | $ | 6,692 | $ | 6,296 | $ | 396 | 6 | % | |||||||
Equipment lease expense | 83 | 153 | (70 | ) | (46 | )% | |||||||||
Operating loss | $ | (8,540 | ) | $ | (5,704 | ) | $ | (2,836 | ) | (50 | )% | ||||
Depreciation and amortization expense | 5,560 | 6,917 | (1,357 | ) | (20 | )% | |||||||||
Loss on asset sales and disposals | 3,982 | 247 | 3,735 | NM | |||||||||||
Unrealized (non-cash) gain on changes in fair value of derivatives not designated as hedging instruments | — | (2,007 | ) | 2,007 | NM | ||||||||||
Adjusted EBITDA | $ | 1,002 | $ | (547 | ) | $ | 1,549 | NM |
(amounts in thousands) | |||||||||||||||
Three months ended April 30, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Operating, general and administrative expense (a) | $ | 10,592 | $ | 9,039 | $ | 1,553 | 17 | % | |||||||
Equipment lease expense | 424 | 614 | (190 | ) | (31 | )% | |||||||||
Operating loss | $ | (14,662 | ) | $ | (15,218 | ) | $ | 556 | 4 | % | |||||
Depreciation and amortization expense | 908 | 867 | 41 | 5 | % | ||||||||||
Non-cash employee stock ownership plan compensation charge | 2,738 | 4,697 | (1,959 | ) | (42 | )% | |||||||||
Professional fees (b) | 1,289 | — | 1,289 | NM | |||||||||||
Adjusted EBITDA | $ | (9,727 | ) | $ | (9,654 | ) | $ | (73 | ) | (1 | )% |
(amounts in thousands) | |||||||||||||||
Nine months ended April 30, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Propane sales volumes (gallons): | |||||||||||||||
Retail - Sales to End Users | 543,548 | 473,094 | 70,454 | 15 | % | ||||||||||
Wholesale - Sales to Resellers | 185,492 | 170,033 | 15,459 | 9 | % | ||||||||||
729,040 | 643,127 | 85,913 | 13 | % | |||||||||||
Revenues - | |||||||||||||||
Propane and other gas liquids sales: | |||||||||||||||
Retail - Sales to End Users | $ | 931,495 | $ | 720,078 | $ | 211,417 | 29 | % | |||||||
Wholesale - Sales to Resellers | 324,863 | 277,755 | 47,108 | 17 | % | ||||||||||
Other Gas Sales (a) | 89,941 | 51,378 | 38,563 | 75 | % | ||||||||||
Other (b) | 118,691 | 116,183 | 2,508 | 2 | % | ||||||||||
Propane and related equipment other revenues | $ | 1,464,990 | $ | 1,165,394 | $ | 299,596 | 26 | % | |||||||
Gross Margin - | |||||||||||||||
Propane and other gas liquids sales: (c) | |||||||||||||||
Retail - Sales to End Users (a) | $ | 411,644 | $ | 369,811 | $ | 41,833 | 11 | % | |||||||
Wholesale - Sales to Resellers (a) | 131,803 | 127,672 | 4,131 | 3 | % | ||||||||||
Other (b) | 64,352 | 62,970 | 1,382 | 2 | % | ||||||||||
Propane and related equipment gross margin | $ | 607,799 | $ | 560,453 | $ | 47,346 | 8 | % | |||||||
Operating, general and administrative expense (d) | $ | 332,244 | $ | 303,926 | $ | 28,318 | 9 | % | |||||||
Equipment lease expense | 19,206 | 19,780 | (574 | ) | (3 | )% | |||||||||
Operating income | $ | 187,458 | $ | 178,979 | $ | 8,479 | 5 | % | |||||||
Depreciation and amortization expense | 55,135 | 54,103 | 1,032 | 2 | % | ||||||||||
Loss on asset sales and disposals | 3,751 | 3,666 | 85 | 2 | % | ||||||||||
Asset impairments | 10,005 | — | 10,005 | NM | |||||||||||
Severance costs | 358 | 253 | 105 | 42 | % | ||||||||||
Unrealized (non-cash) gains on changes in fair value of derivatives not designated as hedging instruments | — | (3,238 | ) | 3,238 | NM | ||||||||||
Adjusted EBITDA | $ | 256,707 | $ | 233,763 | $ | 22,944 | 10 | % |
(amounts in thousands) | |||||||||||||||
Nine months ended April 30, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Volumes (barrels): | |||||||||||||||
Crude oil hauled | 34,855 | 36,549 | (1,694 | ) | (5 | )% | |||||||||
Crude oil sold | 3,412 | 5,228 | (1,816 | ) | (35 | )% | |||||||||
Salt water volume processed | 14,552 | 12,340 | 2,212 | 18 | % | ||||||||||
Revenues - | |||||||||||||||
Crude oil logistics | $ | 50,727 | $ | 62,750 | $ | (12,023 | ) | (19 | )% | ||||||
Crude oil sales | 198,283 | 258,724 | (60,441 | ) | (23 | )% | |||||||||
Other | 11,620 | 10,033 | 1,587 | 16 | % | ||||||||||
$ | 260,630 | $ | 331,507 | $ | (70,877 | ) | (21 | )% | |||||||
Gross margin (a) | |||||||||||||||
Crude oil logistics | $ | 23,046 | $ | 12,671 | $ | 10,375 | 82 | % | |||||||
Crude oil sales | 4,414 | 11,835 | (7,421 | ) | (63 | )% | |||||||||
Other | 3,461 | 6,568 | (3,107 | ) | (47 | )% | |||||||||
$ | 30,921 | $ | 31,074 | $ | (153 | ) | — | % | |||||||
Operating, general, and administrative expenses (b) | $ | 23,060 | $ | 21,888 | $ | 1,172 | 5 | % | |||||||
Equipment lease expense | 251 | 423 | (172 | ) | (41 | )% | |||||||||
Operating loss | $ | (53,593 | ) | $ | (17,651 | ) | $ | (35,942 | ) | (204 | )% | ||||
Depreciation and amortization expense | 18,540 | 21,233 | (2,693 | ) | (13 | )% | |||||||||
Loss on asset sales and disposals | 42,663 | 5,195 | 37,468 | 721 | % | ||||||||||
Severance costs | 1,305 | 227 | 1,078 | 475 | % | ||||||||||
Unrealized (non-cash) (gain) loss on changes in fair value of derivatives not designated as hedging instruments | 1,293 | (1,211 | ) | 2,504 | NM | ||||||||||
Adjusted EBITDA | $ | 10,208 | $ | 7,793 | $ | 2,415 | 31 | % |
(amounts in thousands) | |||||||||||||||
Nine months ended April 30, | 2018 | 2017 | Increase (Decrease) | ||||||||||||
Operating, general and administrative expense (a) | $ | 35,186 | $ | 33,660 | $ | 1,526 | 5 | % | |||||||
Equipment lease expense | 1,371 | 1,832 | (461 | ) | (25 | )% | |||||||||
Operating loss | $ | (50,178 | ) | $ | (49,100 | ) | $ | (1,078 | ) | (2 | )% | ||||
Depreciation and amortization expense | 2,890 | 2,210 | 680 | 31 | % | ||||||||||
Non-cash employee stock ownership plan compensation charge | 10,731 | 11,396 | (665 | ) | (6 | )% | |||||||||
Non-cash stock based compensation charge | — | 3,298 | (3,298 | ) | NM | ||||||||||
Severance costs | — | 1,479 | (1,479 | ) | NM | ||||||||||
Professional fees (b) | 3,407 | — | 3,407 | NM | |||||||||||
Adjusted EBITDA | $ | (33,150 | ) | $ | (30,717 | ) | $ | (2,433 | ) | (8 | )% |
• | significantly warmer than normal temperatures during the winter heating season; |
• | significant and sustained increases in the wholesale cost of propane that we are unable to pass along to our customers; |
• | a more volatile energy commodity cost environment; |
• | an unexpected downturn in business operations; |
• | a significant delay in the collection of accounts or notes receivable; |
• | a failure to execute our debt and interest expense reduction initiatives; |
• | a change in customer retention or purchasing patterns due to economic or other factors in the United States; |
• | a material downturn in the credit and/or equity markets; or |
• | a large uninsured, unfavorable lawsuit judgment or settlement. |
Distributable Cash Flow to equity investors | Cash reserves (deficiency) approved by our General Partner | Cash distributions paid to equity investors | DCF ratio | |||||||||||
Nine months ended April 30, 2018 | $ | 103,829 | $ | 73,930 | $ | 29,899 | ||||||||
For the year ended July 31, 2017 | 77,182 | (3,601 | ) | 80,783 | ||||||||||
Less: Nine months ended April 30, 2017 | 98,986 | 28,273 | 70,713 | |||||||||||
Twelve months ended April 30, 2018 | $ | 82,025 | $ | 42,056 | $ | 39,969 | 2.05 | |||||||
Twelve months ended January 31, 2018 | 74,435 | 34,468 | 39,967 | 1.86 | ||||||||||
Change | $ | 7,590 | $ | 7,588 | $ | 2 | 0.19 |
• | Maintenance capital expenditures. These capital expenditures include expenditures for betterment and replacement of property, plant and equipment rather than to generate incremental distributable cash flow. Examples of maintenance |
• | Growth capital expenditures. These expenditures are undertaken primarily to generate incremental distributable cash flow. Examples include expenditures for purchases of both bulk and portable propane tanks and other equipment to facilitate expansion of our customer base and operating capacity. |
• | for Base Rate Loans or Swing Line Loans, the Base Rate, which is defined as the higher of (i) the federal funds rate plus 0.50%, (ii) Bank of America’s prime rate; or (iii) the Eurodollar Rate plus 1.00%; plus a margin varying from 0.75% to 3.00%; or |
• | for Eurodollar Rate Loans, the Eurodollar Rate, which is defined as the LIBOR Rate plus a margin varying from 1.75% to 4.00%. |
Common unit ownership at | Distributions (in thousands) paid during the nine months ended | ||||||
April 30, 2018 | April 30, 2018 | ||||||
Ferrell Companies (1) | 22,529,361 | $ | 6,759 | ||||
FCI Trading Corp. (2) | 195,686 | 60 | |||||
Ferrell Propane, Inc. (3) | 51,204 | 15 | |||||
James E. Ferrell (4) | 4,763,475 | 1,428 |
Payment or settlement due by fiscal year | ||||||||||||||||||||||||||||
(in thousands) | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | |||||||||||||||||||||
Long-term debt, including current portion (1) | $ | 794 | $ | 2,380 | $ | 358,557 | $ | 501,392 | $ | 475,707 | $ | 775,624 | $ | 2,114,454 |
(1) | We have long and short-term payment obligations under agreements such as our senior notes and our new senior secured credit facility. Amounts shown in the table represent our scheduled future maturities of long-term debt (including current maturities thereof) for the periods indicated. For additional information regarding our debt obligations, please see “Liquidity and Capital Resources – Financing Activities.” |
Payment or settlement due by fiscal year | ||||||||||||||||||||||||||||
(in thousands) | 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | |||||||||||||||||||||
Long-term debt, including current portion (1) | $ | 794 | $ | 2,380 | $ | 1,557 | $ | 501,392 | $ | 475,707 | $ | 775,624 | $ | 1,757,454 |
(1) | We have long and short-term payment obligations under agreements such as our senior notes and our new senior secured credit facility. Amounts shown in the table represent our scheduled future maturities of long-term debt (including current maturities thereof) for the periods indicated. For additional information regarding our debt obligations, please see “Liquidity and Capital Resources – Financing Activities.” |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Exhibit Number | Description | |||
3.1 | ||||
3.2 | ||||
3.3 | ||||
3.4 | ||||
3.5 | ||||
3.6 | ||||
3.7 | ||||
3.8 | ||||
3.9 | ||||
3.10 | ||||
3.11 | ||||
3.12 | ||||
3.13 | ||||
* | 3.14 | |||
4.1 | ||||
4.2 | ||||
4.3 | ||||
4.4 | ||||
4.5 | ||||
4.6 |
4.7 | ||||
4.8 | ||||
4.9 | ||||
4.10 | ||||
4.11 | ||||
4.12 | ||||
4.13 | ||||
4.14 | ||||
10.1 | ||||
10.2 | ||||
10.3 | ||||
10.4 | ||||
10.5 | ||||
10.6 | ||||
10.7 | ||||
10.8 | ||||
10.9 | ||||
10.10 | ||||
# | 10.11 | |||
# | 10.12 | |||
# | 10.13 |
# | 10.14 | |||
# | 10.15 | |||
# | 10.16 | |||
# | 10.17 | |||
# | 10.18 | |||
# | 10.19 | . | ||
# | 10.20 | |||
# | 10.21 | |||
10.22 | ||||
# | 10.23 | |||
# | 10.24 | |||
+ | 10.25 | |||
10.26 | ||||
10.27 | ||||
10.28 | ||||
10.29 | ||||
10.30 | ||||
10.31 | ||||
10.32 | ||||
10.33 | ||||
10.34 | ||||
10.35 | ||||
10.36 | ||||
10.37 | ||||
10.38 |
# | 10.39 | |||
# | 10.40 | |||
10.41 | ||||
10.42 | ||||
10.43 | ||||
# | 10.44 | |||
# | 10.45 | |||
* | 31.1 | |||
* | 31.2 | |||
* | 31.3 | |||
* | 31.4 | |||
* | 32.1 | |||
* | 32.2 | |||
* | 32.3 | |||
* | 32.4 | |||
* | 101.INS | XBRL Instance Document. | ||
* | 101.SCH | XBRL Taxonomy Extension Schema Document. | ||
* | 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||
* | 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||
* | 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | ||
* | 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||
* | Filed herewith | |||
# | Management contracts or compensatory plans. | |||
+ | Confidential treatment has been granted with respect to certain portions of this exhibit. Omitted portions have been filed separately with the SEC. |
FERRELLGAS PARTNERS, L.P. | |||
By Ferrellgas, Inc. (General Partner) | |||
Date: | June 7, 2018 | By | /s/ Doran N. Schwartz |
Doran N. Schwartz | |||
Senior Vice President; Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer) | |||
FERRELLGAS PARTNERS FINANCE CORP. | |||
Date: | June 7, 2018 | By | /s/ Doran N. Schwartz |
Doran N. Schwartz | |||
Chief Financial Officer and Sole Director | |||
FERRELLGAS, L.P. | |||
By Ferrellgas, Inc. (General Partner) | |||
Date: | June 7, 2018 | By | /s/ Doran N. Schwartz |
Doran N. Schwartz | |||
Senior Vice President; Chief Financial Officer; Treasurer (Principal Financial and Accounting Officer) | |||
FERRELLGAS FINANCE CORP. | |||
Date: | June 7, 2018 | By | /s/ Doran N. Schwartz |
Doran N. Schwartz | |||
Chief Financial Officer and Sole Director |
Article I | |||
ORGANIZATIONAL MATTERS | |||
Section 1.1 | Formation and Continuation | ||
Section 1.2 | Name | ||
Section 1.3 | Registered Office; Principal Office | ||
Section 1.4 | Power of Attorney | ||
Section 1.5 | Term | ||
Section 1.6 | Possible Restrictions on Transfer | ||
Article II | |||
DEFINITIONS | |||
Article III | |||
PURPOSE | |||
Section 3.1 | Purpose and Business | ||
Section 3.2 | Powers | ||
Article IV | |||
CAPITAL CONTRIBUTIONS | |||
Section 4.1 | Initial Contributions | ||
Section 4.2 | Contributions by the General Partner and the Initial Limited Partners; Contributions on the WNGL Closing Date and issuance of General Partner Units | ||
Section 4.3 | Issuances of Additional Units and Other Securities | ||
Section 4.4 | Limited Preemptive Rights | ||
Section 4.5 | Capital Accounts | ||
Section 4.6 | Interest | ||
Section 4.7 | No Withdrawal | ||
Section 4.8 | Loans from Partners | ||
Section 4.9 | No Fractional Units | ||
Section 4.10 | Splits and Combinations | ||
Article V | |||
ALLOCATIONS AND DISTRIBUTIONS | |||
Section 5.1 | Allocations for Capital Account Purposes | ||
Section 5.2 | Allocations for Tax Purposes | ||
Section 5.3 | Requirement and Characterization of Distributions | ||
Section 5.4 | Distributions of Cash from Operations and Additional Senior Units | ||
Section 5.5 | Distributions of Cash from Interim Capital Transactions | ||
Section 5.6 | Adjustment of Senior Unit Liquidation Preference, Senior Unit Distribution, Minimum Quarterly Distribution and Target Distribution Levels |
Section 5.7 | Special Provisions Relating to the Senior Units | ||
Section 5.8 | Special Provisions Relating to the Special Limited Partners | ||
Section 5.9 | Special Provision Relating to FCI Common Units | ||
Article VI | |||
MANAGEMENT AND OPERATION OF BUSINESS | |||
Section 6.1 | Management | ||
Section 6.2 | Certificate of Limited Partnership | ||
Section 6.3 | Restrictions on General Partner’s Authority | ||
Section 6.4 | Reimbursement of the General Partner | ||
Section 6.5 | Outside Activities | ||
Section 6.6 | Loans to and from the General Partner; Contracts with Affiliates | ||
Section 6.7 | Indemnification | ||
Section 6.8 | Liability of Indemnitees | ||
Section 6.9 | Resolution of Conflicts of Interest | ||
Section 6.10 | Other Matters Concerning the General Partner | ||
Section 6.11 | Title to Partnership Assets | ||
Section 6.12 | Purchase or Sale of Units | ||
Section 6.13 | Registration Rights of Ferrellgas and its Affiliates | ||
Section 6.14 | Reliance by Third Parties | ||
Article VII | |||
RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS | |||
Section 7.1 | Limitation of Liability | ||
Section 7.2 | Management of Business | ||
Section 7.3 | Outside Activities | ||
Section 7.4 | Return of Capital | ||
Section 7.5 | Rights of Limited Partners Relating to the Partnership | ||
Article VIII | |||
BOOKS, RECORDS, ACCOUNTING AND REPORTS | |||
Section 8.1 | Records and Accounting | ||
Section 8.2 | Fiscal Year | ||
Section 8.3 | Reports | ||
Article IX | |||
TAX MATTERS | |||
Section 9.1 | Preparation of Tax Returns | ||
Section 9.2 | Tax Elections | ||
Section 9.3 | Tax Controversies | ||
Section 9.4 | Organizational Expenses | ||
Section 9.5 | Withholding |
Section 9.6 | Entity Level Taxation | ||
Section 9.7 | Entity Level Arrearage Collections | ||
Section 9.8 | Opinions of Counsel | ||
Article X | |||
CERTIFICATES | |||
Section 10.1 | Certificates | ||
Section 10.2 | Registration, Registration of Transfer and Exchange | ||
Section 10.3 | Mutilated, Destroyed, Lost or Stolen Certificates | ||
Section 10.4 | Record Holder | ||
Article XI | |||
TRANSFER OF INTERESTS | |||
Section 11.1 | Transfer | ||
Section 11.2 | Transfer of the General Partner Interest | ||
Section 11.3 | Transfer of Units (other than General Partner Units) | ||
Section 11.4 | Restrictions on Transfers | ||
Section 11.5 | Citizenship Certificates; Non-citizen Assignees | ||
Section 11.6 | Redemption of Interests | ||
Section 11.7 | Transfer of IDRs | ||
Article XII | |||
ADMISSION OF PARTNERS | |||
Section 12.1 | Admission of Initial Limited Partners | ||
Section 12.2 | Admission of Substituted Limited Partners | ||
Section 12.3 | Admission of Successor General Partner | ||
Section 12.4 | Admission of Additional Limited Partners | ||
Section 12.5 | Amendment of Agreement and Certificate of Limited Partnership | ||
Article XIII | |||
WITHDRAWAL OR REMOVAL OF PARTNERS | |||
Section 13.1 | Withdrawal of the General Partner | ||
Section 13.2 | Removal of the General Partner | ||
Section 13.3 | Interest of Departing Partner and Successor General Partner | ||
Section 13.4 | Withdrawal of Limited Partners | ||
Article XIV | |||
DISSOLUTION AND LIQUIDATION | |||
Section 14.1 | Dissolution | ||
Section 14.2 | Continuation of the Business of the Partnership after Dissolution | ||
Section 14.3 | Liquidation | ||
Section 14.4 | Distributions in Kind | ||
Section 14.5 | Cancellation of Certificate of Limited Partnership |
Section 14.6 | Reasonable Time for Winding Up | ||
Section 14.7 | Return of Capital Contributions | ||
Section 14.8 | Capital Account Restoration | ||
Section 14.9 | Waiver of Partition | ||
Article XV | |||
AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS; RECORD DATE | |||
Section 15.1 | Amendment to be Adopted Solely by General Partner | ||
Section 15.2 | Amendment Procedures | ||
Section 15.3 | Amendment Requirements | ||
Section 15.4 | Meetings | ||
Section 15.5 | Notice of a Meeting | ||
Section 15.6 | Record Date | ||
Section 15.7 | Adjournment | ||
Section 15.8 | Waiver of Notice; Approval of Meeting; Approval of Minutes | ||
Section 15.9 | Quorum | ||
Section 15.10 | Conduct of Meeting | ||
Section 15.11 | Action Without a Meeting | ||
Section 15.12 | Voting and Other Rights | ||
Section 15.13 | Voting Rights of Senior Units | ||
Section 15.14 | Amendment of Arrearage Requirements | ||
Article XVI | |||
MERGER | |||
Section 16.1 | Authority | ||
Section 16.2 | Procedure for Merger or Consolidation | ||
Section 16.3 | Approval by Holders of Common Units of Merger or Consolidation | ||
Section 16.4 | Certificate of Merger | ||
Section 16.5 | Effect of Merger | ||
Article XVII | |||
RIGHT TO ACQUIRE UNITS | |||
Section 17.1 | Right to Acquire Units | ||
Section 17.2 | Right to Acquire Senior Units | ||
Article XVIII | |||
GENERAL PROVISIONS | |||
Section 18.1 | Addresses and Notices | ||
Section 18.2 | References | ||
Section 18.3 | Pronouns and Plurals | ||
Section 18.4 | Further Action |
By: | /s/ Doran Schwartz | |
Name: Doran Schwartz | ||
Title: Senior Vice President; Chief Financial | ||
Officer; Treasurer (Principal Financial and Accounting Officer) |
By: | /s/ Doran Schwartz | |
Name: Doran Schwartz | ||
Title: Senior Vice President; Chief Financial | ||
Officer; Treasurer (Principal Financial and Accounting Officer) |
Countersigned and Registered by: | FERRELLGAS, INC., as General Partner |
Transfer Agent and Registrar | By: President |
Authorized Signature | By: Secretary |
TEN COM | - | as tenants in common | UNIF GIFT MIN ACT- |
TEN ENT | - | as tenants by the entireties | ……Custodian…… |
JT TEN | - | as joint tenants with right of survivorship and not as tenants in common | (Cust) (Minor) under Uniform Gifts to Minors Act …………………………….. State |
(Please print or typewrite name and address of Assignee) | (Please insert Social Security or other identifying number of Assignee) |
Date: | NOTE: The signature to any endorsement hereon must correspond with the name as written upon the face of this Certificate in every particular, without alteration, enlargement or change. |
SIGNATURE(S) MUST BE GUARANTEED BY A MEMBER FIRM OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. OR BY A COMMERCIAL BANK OR TRUST COMPANY | (Signature) (Signature) |
Date: | Signature of Assignee |
Social Security or other identifying number of Assignee | Name and Address of Assignee |
Purchase Price including commissions, if any |
_____ Individual | _____ Partnership | _____ Corporation |
_____ Trust | _____ Other (specify) | __________________ |
3. | The interest-holder’s office address and place of incorporation (if applicable) is |
TEN COM | - | as tenants in common | UNIF GIFT MIN ACT- |
TEN ENT | - | as tenants by the entireties | …….Custodian…… |
JT TEN | - | as joint tenants with right of survivorship and not as tenants in common | (Cust) (Minor) under Uniform Gifts to Minors Act …………………………… State |
(Please print or typewrite name and address of Assignee) | (Please insert Social Security or other identifying number of Assignee) |
Date: | NOTE: The signature to any endorsement hereon must correspond with the name as written upon the face of this Certificate in every particular, without alteration, enlargement or change. |
(Signature) |
Date: | Signature of Assignee |
Social Security or other identifying number of Assignee | Name and Address of Assignee |
Purchase Price including commissions, if any |
_____ Individual | _____ Partnership | _____ Corporation |
_____ Trust | _____ Other (specify) | __________________ |
_____ U.S. Citizen, Resident or Domestic Entity |
_____ Foreign Corporation, or _____ Non-resident alien |
3. | The interest-holder’s office address and place of incorporation (if applicable) is |
Dated: Number of Senior Units to be converted: _____________ | |
Signature (for conversion only) If Common Units are to be issued and registered otherwise than to the registered Holder named above, please print or typewrite name and address, including zip code, and social security or other taxpayer identification number. | |
1. | I have reviewed this report on Form 10-Q for the period ended April 30, 2018 of Ferrellgas Partners, L.P. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
1. | I have reviewed this report on Form 10-Q for the period ended April 30, 2018 of Ferrellgas Partners, L.P. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
1. | I have reviewed this report on Form 10-Q for the period ended April 30, 2018 of Ferrellgas Partners Finance Corp. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
1. | I have reviewed this report on Form 10-Q for the period ended April 30, 2018 of Ferrellgas Partners Finance Corp. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
1. | I have reviewed this report on Form 10-Q for the period ended April 30, 2018 of Ferrellgas, L.P. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
1. | I have reviewed this report on Form 10-Q for the period ended April 30, 2018 of Ferrellgas, L.P. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
1. | I have reviewed this report on Form 10-Q for the period ended April 30, 2018 of Ferrellgas Finance Corp. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5. | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
1. | I have reviewed this report on Form 10-Q for the period ended April 30, 2018 of Ferrellgas Finance Corp. (the “Registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and |
5) | The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting. |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Apr. 30, 2018 |
Jul. 31, 2017 |
---|---|---|
Accounts receivable pledged as collateral | $ 182,486 | $ 109,407 |
Intangible assets accumulated amortization | $ 460,011 | $ 436,428 |
Limited Partners' Capital Account, 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 | $ 1.00 | $ 1.00 |
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] | ||
Accounts receivable pledged as collateral | $ 182,486 | $ 109,407 |
Intangible assets accumulated amortization | $ 460,011 | $ 436,428 |
Ferrellgas Finance Corp. [Member] | ||
Common stock, par value | $ 1.00 | $ 1.00 |
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 Earnings - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2018 |
Apr. 30, 2017 |
Apr. 30, 2018 |
Apr. 30, 2017 |
|
Revenues: | ||||
Propane and other gas liquids sales | $ 451,302,000 | $ 369,437,000 | $ 1,346,299,000 | $ 1,049,211,000 |
Midstream operations | 22,595,000 | 126,676,000 | 260,631,000 | 331,507,000 |
Other | 41,913,000 | 41,996,000 | 118,691,000 | 116,183,000 |
Total revenues | 515,810,000 | 538,109,000 | 1,725,621,000 | 1,496,901,000 |
Costs and expenses: | ||||
Cost of sales - propane and other gas liquids sales | 260,419,000 | 197,487,000 | 802,852,000 | 551,728,000 |
Cost of sales - midstream operations | 14,518,000 | 118,767,000 | 229,710,000 | 300,433,000 |
Cost of sales - other | 19,850,000 | 20,810,000 | 54,339,000 | 53,213,000 |
Operating expense | 116,579,000 | 104,773,000 | 350,757,000 | 322,935,000 |
Depreciation and amortization expense | 25,348,000 | 25,737,000 | 76,565,000 | 77,546,000 |
General and administrative expense | 11,678,000 | 9,978,000 | 39,733,000 | 36,526,000 |
Equipment lease expense | 7,133,000 | 7,270,000 | 20,828,000 | 22,035,000 |
Non-cash employee stock ownership plan compensation charge | 2,738,000 | 4,697,000 | 10,731,000 | 11,396,000 |
Asset Impairment Charges | 0 | 0 | 10,005,000 | 0 |
Loss on asset sales and disposals | 6,270,000 | 2,393,000 | 46,414,000 | 8,861,000 |
Operating income (loss) | 51,277,000 | 46,197,000 | 83,687,000 | 112,228,000 |
Interest expense | (40,375,000) | (39,860,000) | (123,855,000) | (112,107,000) |
Other income, net | 227,000 | 162,000 | 1,422,000 | 1,433,000 |
Earnings (loss) before income taxes | 11,129,000 | 6,499,000 | (38,746,000) | 1,554,000 |
Income tax expense (benefit) | 67,000 | (192,000) | 282,000 | (194,000) |
Net earnings (loss) | 11,062,000 | 6,691,000 | (39,028,000) | 1,748,000 |
Net earnings attributable to noncontrolling interest | 201,000 | 155,000 | (131,000) | 187,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | 10,861,000 | 6,536,000 | (38,897,000) | 1,561,000 |
Less: General partner's interest in net earnings | 109,000 | 66,000 | (389,000) | 16,000 |
Common unitholders' interest in net earnings (loss) | $ 10,752,000 | $ 6,470,000 | $ (38,508,000) | $ 1,545,000 |
Basic and diluted net earnings per common unitholders' interest | $ 0.11 | $ 0.07 | $ (0.40) | $ 0.02 |
Cash distributions declared per common unit | $ 0.10 | $ 0.10 | $ 0.30 | $ 0.30 |
Ferrellgas Partners Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | $ 1,840 | $ 3,225 | $ 2,115 | $ 3,317 |
Net earnings (loss) | (1,840) | (3,225) | (2,115) | (3,317) |
Ferrellgas, L.P. [Member] | ||||
Revenues: | ||||
Propane and other gas liquids sales | 451,302,000 | 369,437,000 | 1,346,299,000 | 1,049,211,000 |
Midstream operations | 22,595,000 | 126,676,000 | 260,631,000 | 331,507,000 |
Other | 41,913,000 | 41,996,000 | 118,691,000 | 116,183,000 |
Total revenues | 515,810,000 | 538,109,000 | 1,725,621,000 | 1,496,901,000 |
Costs and expenses: | ||||
Cost of sales - propane and other gas liquids sales | 260,419,000 | 197,487,000 | 802,852,000 | 551,728,000 |
Cost of sales - midstream operations | 14,518,000 | 118,767,000 | 229,710,000 | 300,433,000 |
Cost of sales - other | 19,850,000 | 20,810,000 | 54,339,000 | 53,213,000 |
Operating expense | 116,579,000 | 104,773,000 | 350,757,000 | 322,935,000 |
Depreciation and amortization expense | 25,348,000 | 25,737,000 | 76,565,000 | 77,546,000 |
General and administrative expense | 11,546,000 | 9,869,000 | 39,600,000 | 36,416,000 |
Equipment lease expense | 7,133,000 | 7,270,000 | 20,828,000 | 22,035,000 |
Non-cash employee stock ownership plan compensation charge | 2,738,000 | 4,697,000 | 10,731,000 | 11,396,000 |
Asset Impairment Charges | 0 | 0 | 10,005,000 | 0 |
Loss on asset sales and disposals | 6,270,000 | 2,393,000 | 46,414,000 | 8,861,000 |
Operating income (loss) | 51,409,000 | 46,306,000 | 83,820,000 | 112,338,000 |
Interest expense | (31,739,000) | (31,270,000) | (97,993,000) | (95,416,000) |
Other income, net | 227,000 | 162,000 | 1,422,000 | 1,433,000 |
Earnings (loss) before income taxes | 19,897,000 | 15,198,000 | (12,751,000) | 18,355,000 |
Income tax expense (benefit) | 57,000 | (197,000) | 261,000 | (200,000) |
Net earnings (loss) | 19,840,000 | 15,395,000 | (13,012,000) | 18,555,000 |
Net earnings attributable to Ferrellgas Partners, L.P. | 19,840,000 | 15,395,000 | (13,012,000) | 18,555,000 |
Ferrellgas Finance Corp. [Member] | ||||
Costs and expenses: | ||||
General and administrative expense | 0 | 225 | 5,216 | 5,175 |
Net earnings (loss) | $ 0 | $ (225) | $ (5,216) | $ (5,175) |
Consolidated Statements Of Partners' Capital (Deficit) - 9 months ended Apr. 30, 2018 - USD ($) $ in Thousands |
Total |
Accumulated Other Comprehensive Income (Loss) |
Total Ferrellgas Partners, L.P. Partners' Capital (Deficit) [Member] |
Noncontrolling Interest [Member] |
Common Unitholders [Member] |
General Partner Unitholder [Member] |
Ferrellgas, L.P. [Member] |
Ferrellgas, L.P. [Member]
Accumulated Other Comprehensive Income (Loss)
|
Ferrellgas, L.P. [Member]
Common Unitholders [Member]
|
Ferrellgas, L.P. [Member]
General Partner Unitholder [Member]
|
---|---|---|---|---|---|---|---|---|---|---|
Partners' capital balance (in units) at Jul. 31, 2017 | 97,152,700 | 989,900 | ||||||||
Partners' capital balance at Jul. 31, 2017 | $ (757,510) | $ 14,601 | $ (753,578) | $ (3,932) | $ (701,188) | $ (66,991) | $ (406,798) | $ 14,764 | $ (417,467) | $ (4,095) |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Contributions in connection with non-cash ESOP and stock and unit-based compensation charges | 10,731 | 0 | 10,623 | 108 | 10,517 | 106 | 10,731 | 0 | 10,623 | 108 |
Distributions | (29,899) | 0 | (29,440) | (459) | (29,146) | (294) | (45,495) | 0 | (45,036) | (459) |
Net loss | (39,028) | 0 | (38,897) | (131) | $ (38,508) | $ (389) | (13,012) | 0 | (12,881) | (131) |
Other comprehensive income (loss) | 3,102 | 3,071 | 3,071 | 31 | 3,102 | 3,102 | 0 | 0 | ||
Partners' capital balance (in units) at Apr. 30, 2018 | 97,152,700 | 989,900 | ||||||||
Partners' capital balance at Apr. 30, 2018 | $ (812,604) | $ 17,672 | $ (808,221) | $ (4,383) | $ (758,325) | $ (67,568) | $ (451,472) | $ 17,866 | $ (464,761) | $ (4,577) |
Partnership Organization And Formation |
9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||
Partnership Organization And Formation | Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed April 19, 1994, and is a publicly traded limited partnership, owning an approximate 99% limited partner interest in Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. As of April 30, 2018, Ferrell Companies, Inc. ("Ferrell Companies") beneficially owns 22.8 million Ferrellgas Partners common units. Ferrellgas, Inc. (the "general partner"), a wholly-owned subsidiary of Ferrell Companies, has retained an approximate 1% general partner interest in Ferrellgas Partners and also holds an approximate 1% general partner interest in the operating partnership, representing an effective 2% general partner interest in Ferrellgas on a combined basis. As general partner, it performs all management functions required by Ferrellgas. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. Ferrellgas Partners is a holding entity that conducts no operations and has two subsidiaries, Ferrellgas Partners Finance Corp. and the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt issued by Ferrellgas Partners. The operating partnership is the only operating subsidiary of Ferrellgas Partners. Ferrellgas is engaged in the following primary businesses:
Due to seasonality, the results of operations for the nine months ended April 30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2018. The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas' Annual Report on Form 10-K for fiscal 2017. |
||||||||
Ferrellgas Partners Finance Corp. [Member] | |||||||||
Partnership Organization And Formation | Formation Ferrellgas Partners Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
||||||||
Ferrellgas, L.P. [Member] | |||||||||
Partnership Organization And Formation | Partnership organization and formation Ferrellgas, L.P. is a limited partnership that owns and operates propane distribution and related assets, crude oil transportation and logistics related assets and salt water disposal wells in south Texas. 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. (the “general partner”), a wholly-owned subsidiary of Ferrell Companies, Inc. (“Ferrell Companies”), holds an approximate 1% general partner interest in Ferrellgas, L.P. and performs all management functions required by Ferrellgas, L.P. 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 engaged in the following primary businesses:
Due to seasonality, the results of operations for the nine months ended April 30, 2018 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2018. The condensed consolidated financial statements of Ferrellgas, L.P. and subsidiaries reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. Certain prior period amounts have been reclassified to conform to the current period presentation. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas, L.P.’s Annual Report on Form 10-K for fiscal 2017. |
||||||||
Ferrellgas Finance Corp. [Member] | |||||||||
Partnership Organization And Formation | Formation Ferrellgas Finance Corp. (the “Finance Corp.”), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the “Partnership”). The condensed financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed financial statements were of a normal recurring nature. The Finance Corp. has nominal assets, does not conduct any operations and has no employees. |
Summary Of Significant Accounting Policies |
9 Months Ended |
---|---|
Apr. 30, 2018 | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | 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 assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas has completed the assessment of a significant number of its contracts with customers under the new guidance. Although Ferrellgas has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. Ferrellgas expects to utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard, effective August 1, 2018. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. 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 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has formed an implementation team, completed training on the new standard, and is working on an initial assessment. 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 is currently evaluating the impact of its pending adoption of this standard 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 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
Summary Of Significant Accounting Policies | 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 assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. (2) New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas, L.P. has completed the assessment of a significant number of its contracts with customers under the new guidance. Although Ferrellgas, L.P. has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. Ferrellgas, L.P. expects to utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard, effective August 1, 2018. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. 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 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard 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 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Supplemental Financial Statement Information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following:
In addition to inventories on hand, Ferrellgas enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2018, Ferrellgas had committed, for supply procurement purposes, to take delivery of approximately 70.7 million gallons of propane at fixed prices. Other assets, net consist of the following:
Other current liabilities consist of the following:
Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items:
During the quarter ended January 31, 2018, Ferrellgas committed to a plan to dispose of all of its rail cars utilized in the Midstream operations segment and recognized a loss on assets held for sale of $35.5 million. During the quarter ended April 30, 2018, Ferrellgas completed the sale of all 1,292 rail cars and received approximately $51.3 million in cash. For the nine months ended April 30, 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' secured credit facility. During the quarter ended January 31, 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. For the nine months ended April 30, 2018, "Loss on asset sales and disposals" includes a loss of $3.8 million related to this sale. "Loss on asset sales and disposals" during the three and nine months ended April 30, 2018 and 2017 consists of:
Certain cash flow and significant non-cash activities are presented below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Statement Information | Supplemental financial statement information Inventories consist of the following:
In addition to inventories on hand, Ferrellgas, L.P. enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2018, Ferrellgas, L.P. had committed, for supply procurement purposes, to take delivery of approximately 70.7 million gallons of propane at fixed prices. Other assets, net consist of the following:
Other current liabilities consist of the following:
Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items:
During the quarter ended January 31, 2018, Ferrellgas, L.P. committed to a plan to dispose of all of its rail cars utilized in the Midstream operations segment and recognized a loss on assets held for sale of $35.5 million. During the quarter ended April 30, 2018, Ferrellgas, L.P. completed the sale of all 1,292 of these rail cars and received approximately $51.3 million in cash. For the nine months ended April 30, 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 secured credit facility. During the quarter ended January 31, 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. For the nine months ended April 30, 2018, "Loss on asset sales and disposals" includes a loss of $3.8 million related to this sale. "Loss on asset sales and disposals" during the three and nine months ended April 30, 2018 and 2017 consists of:
Certain cash flow and significant non-cash activities are presented below:
|
Accounts And Notes Receivable, Net And Accounts Receivable Securitization |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization As discussed further in Note M - Subsequent events, on May 14, 2018, the operating partnership entered into an amendment which extended the maturity date of its accounts receivable securitization facility by three years and increased the maximum borrowing capacity from $225.0 million to $250.0 million. The accounts receivable securitization facility disclosures below pertain to the facility that was in place as of April 30, 2018. Accounts and notes receivable, net consist of the following:
At April 30, 2018, $182.5 million of trade accounts receivable were pledged as collateral against $104.0 million of collateralized notes payable due to the commercial paper conduit. At July 31, 2017, $109.4 million of trade accounts receivable were pledged as collateral against $69.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from the operating partnership. The operating partnership does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of April 30, 2018, Ferrellgas had received cash proceeds of $104.0 million from trade accounts receivables securitized, with $19.0 million of remaining capacity to receive additional proceeds. As of July 31, 2017, Ferrellgas had received cash proceeds of $69.0 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 4.2% and 4.0% as of April 30, 2018 and July 31, 2017, respectively. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts And Notes Receivable, Net And Accounts Receivable Securitization | Accounts and notes receivable, net and accounts receivable securitization As discussed further in Note M - Subsequent events, on May 14, 2018, Ferrellgas, L.P. entered into an amendment which extended the maturity date of its accounts receivable securitization facility by three years and increased the maximum borrowing capacity from $225.0 million to $250.0 million. The accounts receivable securitization facility disclosures below pertain to the facility that was in place as of April 30, 2018. Accounts and notes receivable, net consist of the following:
At April 30, 2018, $182.5 million of trade accounts receivable were pledged as collateral against $104.0 million of collateralized notes payable due to a commercial paper conduit. At July 31, 2017, $109.4 million of trade accounts receivable were pledged as collateral against $69.0 million of collateralized notes payable due to the commercial paper conduit. These accounts receivable pledged as collateral are bankruptcy remote from Ferrellgas, L.P. Ferrellgas, L.P. does not provide any guarantee or similar support to the collectability of these accounts receivable pledged as collateral. As of April 30, 2018, Ferrellgas, L.P. had received cash proceeds of $104.0 million from trade accounts receivables securitized, with $19.0 million of remaining capacity to receive additional proceeds. As of July 31, 2017, Ferrellgas, L.P. had received cash proceeds of $69.0 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 4.2% and 4.0% as of April 30, 2018 and July 31, 2017, respectively. |
Debt |
9 Months Ended |
---|---|
Apr. 30, 2018 | |
Debt | Debt As discussed further in Note M - Subsequent events, on May 4, 2018, the operating partnership entered into a new $575.0 million senior secured credit facility, which replaced the $575.0 million secured credit facility that was scheduled to mature in October 2018. Credit facility disclosures below pertain to the secured credit facility that was in place as of April 30, 2018. Short-term borrowings Ferrellgas classifies as short-term the portion of its secured credit facility borrowings that were used to fund working capital needs and that management intends to pay down within the 12 month period following the balance sheet date. As of April 30, 2018, there were no amounts classified as short-term borrowings because all amounts outstanding were refinanced on May 4, 2018 under the five-year term loan discussed in Note M - Subsequent events. As of July 31, 2017, $59.8 million was classified as short-term borrowings. For further discussion see the senior secured credit facility section below. 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 its subsidiaries to, among other things, make restricted payments and incur additional indebtedness. The general partner believes that the most restrictive of these covenants is the consolidated fixed charge coverage ratio, as defined in the indenture governing the outstanding notes of Ferrellgas Partners. Consolidated fixed charge coverage ratio Before a restricted payment (as defined in the Ferrellgas Partners indenture) can be made by Ferrellgas Partners, Ferrellgas Partners must be in compliance with the consolidated fixed charge coverage ratio covenant under the Ferrellgas Partners indenture. If Ferrellgas Partners is unable to make restricted payments, Ferrellgas Partners will not have the ability to make distributions to Ferrellgas Partners common unitholders. This covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of Ferrellgas Partners be at least 1.75x before a restricted payment (as defined in the indenture) can be made by Ferrellgas Partners. If this ratio were to drop below 1.75x, the indenture allows Ferrellgas Partners to make restricted payments of up to $50.0 million in total over a 16 quarter period while below this ratio. As of April 30, 2018, the ratio was 1.56x. As a result, the $9.8 million distribution to be paid to common unitholders on June 14, 2018 will be taken from the $50.0 million restricted payment limitation, which after considering the $9.8 million deductions taken as a result of the distributions paid in September 2017, December 2017 and March 2018, leaves $10.8 million for future restricted payments. Unless the indenture governing the outstanding notes is amended or refinanced, if our consolidated fixed charge coverage ratio does not improve to at least 1.75x and we continue our current quarterly distribution rate of $0.10 per common unit, this covenant will not allow us to make common unit distributions for our quarter ending October 31, 2018 and beyond. Ferrellgas Partners is presently considering potential solutions to cure the limitation on distributions under the consolidated fixed charge covenant ratio related to the outstanding unsecured bonds due in June 2020. The potential solutions, among others, include a refinancing or a transaction to exchange new bonds for some or all of the bonds due June 2020. Debt and interest expense reduction strategy Ferrellgas continues to execute on a strategy to further reduce its debt and interest expense. This strategy included amending our secured credit facility and accounts receivable securitization facility, as discussed in Note M - Subsequent events, as well as certain asset sales executed to date, and may include refinancing existing debt agreements, additional asset sales, a reduction in Ferrellgas Partners' annual distribution rate or the issuance of equity. Ferrellgas believes any debt and interest expense reduction strategies would remain in effect until Ferrellgas' consolidated leverage ratio reaches 4.5x or a level Ferrellgas deems appropriate for its business. Senior secured credit facility As of April 30, 2018, Ferrellgas had total borrowings outstanding under its secured credit facility of $184.9 million, all of which was classified as long-term debt. Ferrellgas had $252.3 million of capacity under the secured credit facility as of April 30, 2018. As of July 31, 2017, Ferrellgas had total borrowings outstanding under its secured credit facility of $245.5 million, of which $185.7 million was classified as long-term debt. Ferrellgas had $190.3 million of capacity under the secured credit facility as of July 31, 2017. Borrowings outstanding at April 30, 2018 and July 31, 2017 under the secured credit facility had weighted average interest rates of 6.7% and 6.0%, respectively. Letters of credit outstanding at April 30, 2018 totaled $111.8 million and were used to secure commodity hedges, product purchases, and insurance arrangements. Letters of credit outstanding at July 31, 2017 totaled $139.2 million and were used to secure commodity hedges, product purchases, and insurance arrangements. At April 30, 2018, Ferrellgas had remaining letter of credit capacity of $88.2 million. At July 31, 2017, Ferrellgas had remaining letter of credit capacity of $60.8 million. |
Ferrellgas, L.P. [Member] | |
Debt | Debt As discussed further in Note M - Subsequent events, on May 4, 2018, Ferrellgas, L.P. entered into a new $575.0 million senior secured credit facility, which replaced the $575.0 million secured credit facility that was scheduled to mature in October 2018. Credit facility disclosures below pertain to the secured credit facility that was in place as of April 30, 2018. Short-term borrowings Ferrellgas, L.P. classifies as short-term the portion of its secured credit facility borrowings that were used to fund working capital needs and that management intends to pay down within the 12 month period following the balance sheet date. As of April 30, 2018, there were no amounts classified as short-term borrowings because all amounts outstanding were refinanced on May 4, 2018 under the five-year term loan discussed in Note M - Subsequent events. As of July 31, 2017, $59.8 million was classified as short-term borrowings. For further discussion see the senior secured credit facility section below. Debt and interest expense reduction strategy Ferrellgas, L.P. continues to execute on a strategy to further reduce its debt and interest expense. This strategy included amending our secured credit facility and accounts receivable securitization facility, as discussed in Note M - Subsequent events, as well as certain asset sales executed to date, and may include refinancing existing debt agreements, additional asset sales, a reduction in Ferrellgas Partners' annual distribution rate or the issuance of equity. Ferrellgas, L.P. believes any debt and interest expense reduction strategies would remain in effect until Ferrellgas, L.P.'s consolidated leverage ratio reaches 4.5x or a level Ferrellgas, L.P. deems appropriate for its business. Senior secured credit facility As of April 30, 2018, Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $184.9 million, all of which was classified as long-term. Ferrellgas, L.P. had $252.3 million of capacity under the secured credit facility as of April 30, 2018. As of July 31, 2017, Ferrellgas, L.P. had total borrowings outstanding under its secured credit facility of $245.5 million, of which $185.7 million was classified as long-term debt. Ferrellgas, L.P. had $190.3 million of capacity under our secured credit facility as of July 31, 2017. Borrowings outstanding at April 30, 2018 and July 31, 2017 under the secured credit facility had weighted average interest rates of 6.7% and 6.0%, respectively. Letters of credit outstanding at April 30, 2018 totaled $111.8 million and were used to secure commodity hedges, product purchases, and insurance arrangements. Letters of credit outstanding at July 31, 2017 totaled $139.2 million and were used to secure commodity hedges, product purchases, and insurance arrangements. At April 30, 2018, Ferrellgas, L.P. had remaining letter of credit capacity of $88.2 million. At July 31, 2017, Ferrellgas, L.P. had remaining letter of credit capacity of $60.8 million. |
Partners' Capital |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital | Partners' deficit As of April 30, 2018 and July 31, 2017, Ferrellgas Partners limited partner units, which are listed on the New York Stock Exchange under the symbol “FGP,” were beneficially owned by the following:
(1) Ferrell Companies is the owner of the general partner and is an approximate 23% direct owner of Ferrellgas Partners' common units and thus a related party. Ferrell Companies also beneficially owns 195,686 and 51,204 common units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies' beneficial ownership to 23.4% at April 30, 2018. (2) FCI Trading is an affiliate of the general partner and thus a related party. (3) Ferrell Propane is controlled by the general partner and thus a related party. (4) James E. Ferrell is the Interim Chief Executive Officer and President of the general partner; and is Chairman of the Board of Directors of the general partner and thus a related party. JEF Capital Management owns 4,758,859 of these common units and is wholly-owned by the James E. Ferrell Revocable Trust Two for which James E. Ferrell is the trustee and sole beneficiary. The remaining 4,616 common units are held by Ferrell Resources Holding, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary. Partnership distributions paid Ferrellgas Partners has paid the following distributions:
On May 24, 2018, Ferrellgas Partners declared a cash distribution of $0.10 per common unit for the three months ended April 30, 2018, which is expected to be paid on June 14, 2018. Included in this cash distribution are the following amounts to be paid to related parties:
See additional discussions about transactions with related parties in Note I – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note H – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2018 and 2017. 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 the nine months ended April 30, 2018, the general partner made non-cash contributions of $0.2 million to Ferrellgas to maintain its effective 2% general partner interest. During the nine months ended April 30, 2017, the general partner made cash contributions of $1.7 million and non-cash contributions of $0.3 million to Ferrellgas to maintain its effective 2% general partner interest. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital | Partners’ deficit Partnership distributions paid Ferrellgas, L.P. has paid the following distributions:
On May 24, 2018, Ferrellgas, L.P. declared distributions for the three months ended April 30, 2018 to Ferrellgas Partners and the general partner of $25.3 million and $0.3 million, respectively, which are expected to be paid on June 14, 2018. See additional discussions about transactions with related parties in Note I – Transactions with related parties. Accumulated other comprehensive income (loss) (“AOCI”) See Note H – Derivative instruments and hedging activities – for details regarding changes in the fair value of risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2018 and 2017. 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 the nine months ended April 30, 2018, the general partner made non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. During the nine months ended April 30, 2017, the general partner made cash contributions of $1.7 million and non-cash contributions of $0.1 million to Ferrellgas, L.P. to maintain its 1.0101% general partner interest. |
Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2018 and July 31, 2017:
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. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of various note receivable financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $29.3 million, or $4.7 million less than their carrying amount as of April 30, 2018. The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At April 30, 2018 and July 31, 2017, the estimated fair value of Ferrellgas’ long-term debt instruments was $1,890.1 million and $1,966.6 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of our consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities. Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value 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, 2018 and July 31, 2017:
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. The fair values of interest rate swap contracts are based upon third-party quotes or indicative values based on recent market transactions. Other financial instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. The estimated fair value of various note receivable financial instruments classified in "Other assets, net" on the condensed consolidated balance sheets, are approximately $29.3 million, or $4.7 million less than their carrying amount as of April 30, 2018. The estimated fair values of these notes receivable were calculated using a discounted cash flow method which relied on significant unobservable inputs. At April 30, 2018 and July 31, 2017, the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,560.8 million and $1,645.3 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 Hedging Activities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | 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. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments were neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the nine months ended April 30, 2018 and 2017, Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2018 and July 31, 2017:
Ferrellgas' exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of April 30, 2018 and July 31, 2017, respectively:
The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as fair value hedging instruments:
The following tables provide a summary of the effect on Ferrellgas’ condensed consolidated statements of comprehensive income (loss) for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as cash flow hedging instruments:
The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments:
The changes in derivatives included in AOCI for the nine months ended April 30, 2018 and 2017 were as follows:
Ferrellgas expects to reclassify net gains related to the risk management commodity derivatives of approximately $12.2 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sales exception. During the nine months ended April 30, 2018 and 2017, Ferrellgas had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of April 30, 2018, Ferrellgas had financial derivative contracts covering 2.3 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 reduces its overall credit risk. These policies include evaluating and monitoring its counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parent guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at April 30, 2018, the maximum amount of loss due to credit risk that Ferrellgas would incur is $5.7 million, which is based upon the gross fair values of the derivative financial instruments. From time to time Ferrellgas enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas' debt rating. There were no open derivative contracts with credit-risk-related contingent features as of April 30, 2018. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | 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. Prior to the sale of Bridger Energy, LLC in January 2018, all other commodity derivative instruments were neither qualified nor were designated as cash flow hedges, therefore, changes in their fair value were recorded currently in earnings. Ferrellgas, L.P. also periodically utilizes derivative instruments to manage its exposure to fluctuations in interest rates. Derivative instruments and hedging activity During the nine months ended April 30, 2018 and 2017, Ferrellgas, L.P. did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges. The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of April 30, 2018 and July 31, 2017:
Ferrellgas, L.P.'s exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas, L.P. for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of April 30, 2018 and July 31, 2017, respectively:
The following tables provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as fair value hedging instruments:
The following tables provide a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of comprehensive income (loss) for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as cash flow hedging instruments:
The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments:
The changes in derivatives included in AOCI for the nine months ended April 30, 2018 and 2017 were as follows:
Ferrellgas, L.P. expects to reclassify net gains related to the risk management commodity derivatives of approximately $12.2 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas, L.P. has with its customers that qualify for the normal purchase normal sales exception. During the nine months ended April 30, 2018 and 2017, Ferrellgas, L.P. had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship. As of April 30, 2018, Ferrellgas, L.P. had financial derivative contracts covering 2.3 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 reduces 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 April 30, 2018, the maximum amount of loss due to credit risk that Ferrellgas, L.P. would incur is $5.7 million, which is based upon the gross fair values of the derivative financial instruments. From time to time Ferrellgas, L.P. enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas, L.P.’s debt rating. There were no open derivative contracts with credit-risk-related contingent features as of April 30, 2018. |
Transactions With Related Parties |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions With Related Parties | Transactions with related parties Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by the general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of operations as follows:
See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions With Related Parties | Transactions with related parties Ferrellgas, L.P. has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas, L.P.’s partnership agreement, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas, L.P. and all other necessary or appropriate expenses allocable to Ferrellgas, L.P. or otherwise reasonably incurred by the general partner in connection with operating Ferrellgas, L.P.’s business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of operations as follows:
See additional discussions about transactions with the general partner and related parties in Note F – Partners’ deficit. |
Contingencies And Commitments |
9 Months Ended |
---|---|
Apr. 30, 2018 | |
Contingencies And Commitments | 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 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 consolidated into one case by a 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 remains pending. Ferrellgas believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuit. Ferrellgas has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas and several current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas believes that it has defenses and will vigorously defend these cases. Ferrellgas does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions. Ferrellgas and Bridger Logistics, LLC, 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 or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“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 under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. 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. The Third-Party Defendants have filed motions to dismiss the third-party complaint for alleged lack of personal jurisdiction, failure to state claim, and forum non-conveniens. Ferrellgas is vigorously opposing these motions. |
Ferrellgas Partners Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The indenture governing the senior unsecured notes contains various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. As of April 30, 2018, the Partnership is in compliance with all requirements, tests, limitations and covenants related to this debt agreement, except for the consolidated fixed charge coverage ratio. The indenture governing the outstanding notes of the Partnership includes a consolidated fixed charge coverage ratio test for the incurrence of debt and the making of restricted payments. This covenant requires that the ratio of trailing four quarters EBITDA to interest expense (both as adjusted for certain, specified items) of the Partnership be at least 1.75x before a restricted payment (as defined in the indenture) can be made by the Partnership. If this ratio were to drop below 1.75x, the indenture allows the Partnership to make restricted payments of up to $50.0 million in total over a 16 quarter period while below this ratio. As of April 30, 2018, the ratio was 1.56x. As a result, the $9.8 million distribution to be paid to common unitholders on June 14, 2018 will be taken from the $50.0 million restricted payment limitation, which after considering the $9.8 million deductions taken as a result of the distributions paid in September 2017, December 2017 and March 2018, leaves $10.8 million for future restricted payments. Unless the indenture governing the outstanding notes is amended or refinanced, if the Partnership's consolidated fixed charge coverage ratio does not improve to at least 1.75x and the Partnership continues its current quarterly distribution rate of $0.10 per common unit, this covenant will not allow the Partnership to make common unit distributions for the quarter ending October 31, 2018 and beyond. The Partnership is presently considering potential solutions to cure the limitation on distributions under the consolidated fixed charge covenant ratio related to the outstanding unsecured bonds due in June 2020. The potential solutions, among others, include a refinancing or a transaction to exchange new bonds for some or all of the bonds due June 2020. |
Ferrellgas, L.P. [Member] | |
Contingencies And Commitments | 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 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, L.P. 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 consolidated into one case by a 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 remains pending. Ferrellgas, L.P. believes it has strong defenses to the claims and intends to vigorously defend against the consolidated case. 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. has been named, along with several current and former officers, in several class action lawsuits alleging violations of certain securities laws based on alleged materially false and misleading statements in certain of our public disclosures. The lawsuits, the first of which was filed on October 6, 2016 in the Southern District of New York, seek unspecified compensatory damages. Derivative lawsuits with similar allegations have been filed naming Ferrellgas, L.P. and several current and former officers and directors as defendants. On April 2, 2018, the securities class action lawsuits were dismissed with prejudice. On April 30, 2018, the plaintiffs filed a notice of appeal to the United States Court of Appeals for the Second Circuit. At this time the derivative lawsuits remain stayed by agreement. Ferrellgas, L.P. believes that it has defenses and will vigorously defend these cases. Ferrellgas, L.P. does not believe loss is probable or reasonably estimable at this time related to the putative class action lawsuits or the derivative actions. Ferrellgas, L.P. and Bridger Logistics, LLC, 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 or settled an arbitration against Jamex Transfer Services (“JTS”), then named Bridger Transfer Services, a former subsidiary of Bridger Logistics, LLC (“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, L.P. 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 under the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas. Ferrellgas, L.P. believes that Ferrellgas, L.P. and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS on the contract claim. The lawsuit does not specify a specific amount of damages that Eddystone is seeking; however, Ferrellgas, L.P. believes that the amount of such damage claims, if ultimately owed to Eddystone, could be material to Ferrellgas, L.P. Ferrellgas, L.P. intends to vigorously defend this claim. The lawsuit is in its early stages; as such, management does not currently believe a loss is probable or reasonably estimable at this time. On August 24, 2017, Ferrellgas, L.P. 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. The Third-Party Defendants have filed motions to dismiss the third-party complaint for alleged lack of personal jurisdiction, failure to state claim, and forum non-conveniens. Ferrellgas, L.P. is vigorously opposing these motions. |
Ferrellgas Finance Corp. [Member] | |
Contingencies And Commitments | Contingencies and commitments The Finance Corp. serves as co-issuer and co-obligor for debt securities of the Partnership. The indentures governing the senior notes agreements contains various restrictive covenants applicable to the Partnership and its subsidiaries, the most restrictive relating to additional indebtedness and restricted payments. As of April 30, 2018, the Partnership is in compliance with all requirements, tests, limitations and covenants related to these debt agreements. |
Net Earnings (Loss) Per Common Unitholders' Interest |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earning Per Common Unitholders' Interest | Net earnings (loss) per common unit Below is a calculation of the basic and diluted net earnings (loss) per common unit in the condensed consolidated statements of operations for the periods indicated. Ferrellgas calculates net earnings (loss) per common unit for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed according to the incentive distribution rights in the Ferrellgas partnership agreement. Due to the seasonality of the propane business, the dilutive effect of the two-class method typically impacts only the three months ending January 31. In periods with undistributed earnings above certain levels, the calculation according to the two-class method results in an increased allocation of undistributed earnings to the general partner and a dilution of the earnings to the limited partners as follows:
There was no dilutive effect resulting from this method based on basic and diluted net earnings (loss) per common unit for the three and nine months ended April 30, 2018 or 2017. In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, there are no dilutive securities in periods with net losses.
|
Segment Reporting Segment Reporting |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure | Segment reporting Ferrellgas has two primary operations that result in two reportable operating segments: propane operations and related equipment sales and midstream operations. During the quarter ended January 31, 2018, Ferrellgas recorded a goodwill impairment of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. Following is a summary of segment information for the three and nine months ended April 30, 2018 and 2017:
(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net earnings (loss):
Following are total assets by segment:
Following are capital expenditures by segment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure | Segment reporting Ferrellgas, L.P. has two primary operations that result in two reportable operating segments: Propane operations and related equipment sales and Midstream operations. During the quarter ended January 31, 2018, Ferrellgas, L.P. recorded a goodwill impairment of $10.0 million related to a decline in future expected cash flows of an immaterial reporting unit of our Propane operations and related equipment sales segment. Following is a summary of segment information for the three and nine months ended April 30, 2018 and 2017:
(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net earnings (loss):
Following are total assets by segment:
Following are capital expenditures by segment:
|
Guarantor financial information |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor financial information | Guarantor financial information The $500.0 million aggregate principal amount of 6.75% senior notes due 2023 co-issued by Ferrellgas, L.P. and Ferrellgas Finance Corp. are fully and unconditionally and jointly and severally guaranteed by all of Ferrellgas, L.P.’s 100% owned subsidiaries except: (i) Ferrellgas Finance Corp; (ii) certain special purposes subsidiaries formed for use in connection with our accounts receivable securitization; and (iii) foreign subsidiaries. Guarantees of these senior notes will be released under certain circumstances, including (i) in connection with any sale or other disposition of (a) all or substantially all of the assets of a guarantor or (b) all of the capital stock of such guarantor (including by way of merger or consolidation), in each case, to a person that is not Ferrellgas, L.P. or a restricted subsidiary of Ferrellgas, L.P., (ii) if Ferrellgas, L.P. designates any restricted subsidiary that is a guarantor as an unrestricted subsidiary, (iii) upon defeasance or discharge of the notes, (iv) upon the liquidation or dissolution of such guarantor, or (v) at such time as such guarantor ceases to guarantee any other indebtedness of either of the issuers and any other guarantor. The guarantor financial information discloses in separate columns the financial position, results of operations and the cash flows of Ferrellgas, L.P. (Parent), Ferrellgas Finance Corp. (co-issuer), Ferrellgas, L.P.’s guarantor subsidiaries on a combined basis, and Ferrellgas, L.P.’s non-guarantor subsidiaries on a combined basis. The dates and the periods presented in the guarantor financial information are consistent with the periods presented in Ferrellgas, L.P.’s condensed consolidated financial statements.
|
Subsequent Events |
9 Months Ended |
---|---|
Apr. 30, 2018 | |
Subsequent Events | Subsequent events Ferrellgas evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas' condensed consolidated financial statements were issued and concluded that, other than as discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. New $575.0 million senior secured credit facility On May 4, 2018, the operating partnership entered into a new $575.0 million senior secured credit facility to replace its previous $575.0 million senior secured credit facility that was scheduled to mature in October 2018. This new facility consists of a $300.0 million revolving line of credit as well as a $275.0 million term loan, both priced at LIBOR + 5.75% and maturing May 4, 2023. The revolving line of credit includes a $125.0 million sublimit for the issuance of letters of credit. Borrowings under this facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness and acquisitions. At closing, the following transactions occurred: 1) the proceeds of the term loan were used to repay and terminate the operating partnership’s then existing credit facility, thus, no revolving credit loans were outstanding, 2) approximately $100 million of letters of credit were issued to replace the letters of credit under the operating partnership's then existing credit facility, and 3) the operating partnership held approximately $75 million of surplus cash. The term loan does not include any scheduled principal payments and the revolving credit facility does not have any scheduled commitment reductions before maturity; however, the credit facility requires prepayments pursuant to the following: 1) certain asset sales, 2) 50% of any excess cash flow, as defined in the credit agreement, in any fiscal year beginning with fiscal year 2019, 3) certain insurance proceeds, and 4) certain tax refunds. This new senior secured credit facility is secured with substantially all of the assets of the operating partnership and its subsidiaries, and Ferrellgas Partners’ and the general partner’s partnership interests in the operating partnership, and contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments. Amended accounts receivable securitization facility On May 14, 2018, the operating partnership entered into a seventh amendment to its accounts receivable securitization facility which extends the maturity date by three years, as well as increases the size of the facility from a maximum borrowing capacity of $225.0 million to $250.0 million at a discount rate of LIBOR plus 200 basis points. The amended accounts receivable securitization facility also includes provisions for the issuance of letters of credit with a $50.0 million sublimit. The facility continues to contain provisions where maximum purchase levels are reduced during periods of the year when working capital requirements are lower to efficiently reduce unused capacity fees. |
Ferrellgas, L.P. [Member] | |
Subsequent Events | Subsequent events Ferrellgas, L.P. evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas L.P.'s condensed consolidated financial statements were issued and concluded that, other than as discussed below, there were no events or transactions occurring during this period that require recognition or disclosure in its condensed consolidated financial statements. New $575.0 million senior secured credit facility On May 4, 2018, Ferrellgas, L.P. entered into a new $575.0 million senior secured credit facility to replace its previous $575.0 million senior secured credit facility that was scheduled to mature in October 2018. This new facility consists of a $300.0 million revolving line of credit as well as a $275.0 million term loan, both priced at LIBOR + 5.75% and maturing May 4, 2023. The revolving line of credit includes a $125.0 million sublimit for the issuance of letters of credit. Borrowings under this facility are available for working capital needs, capital expenditures and other general partnership purposes, including the refinancing of existing indebtedness and acquisitions. At closing, the following transactions occurred: 1) the proceeds of the term loan were used to repay and terminate Ferrellgas, L.P.’s then existing credit facility, thus, no revolving credit loans were outstanding, 2) approximately $100 million of letters of credit were issued to replace the letters of credit under the operating partnership's then existing credit facility, and 3) Ferrellgas, L.P. held approximately $75 million of surplus cash. The term loan does not include any scheduled principal payments and the revolving credit facility does not have any scheduled commitment reductions before maturity; however, the credit facility requires prepayments pursuant to the following: 1) certain asset sales, 2) 50% of any excess cash flow, as defined in the credit agreement, in any fiscal year beginning with fiscal year 2019, 3) certain insurance proceeds, and 4) certain tax refunds. This new senior secured credit facility is secured with substantially all of the assets of Ferrellgas, L.P. and its subsidiaries, and Ferrellgas Partners’ and the general partner’s partnership interests in Ferrellgas, L.P., and contains various affirmative and negative covenants and default provisions, as well as requirements with respect to the maintenance of specified financial ratios and limitations on the making of loans and investments. Amended accounts receivable securitization facility On May 14, 2018, Ferrellgas, L.P. entered into a seventh amendment to its accounts receivable securitization facility which extends the maturity date by three years, as well as increases the size of the facility from a maximum borrowing capacity of $225.0 million to $250.0 million at a discount rate of LIBOR plus 200 basis points. The amended accounts receivable securitization facility also includes provisions for the issuance of letters of credit with a $50.0 million sublimit. The facility continues to contain provisions where maximum purchase levels are reduced during periods of the year when working capital requirements are lower to efficiently reduce unused capacity fees. |
Summary Of Significant Accounting Policies (Policy) |
9 Months Ended |
---|---|
Apr. 30, 2018 | |
Significant Accounting Policies [Line Items] | |
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 assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas has completed the assessment of a significant number of its contracts with customers under the new guidance. Although Ferrellgas has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. Ferrellgas expects to utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard, effective August 1, 2018. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. 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 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas has formed an implementation team, completed training on the new standard, and is working on an initial assessment. 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 is currently evaluating the impact of its pending adoption of this standard 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 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Ferrellgas, L.P. [Member] | |
Significant Accounting Policies [Line Items] | |
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 assets, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for doubtful accounts, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, fair values of derivative contracts and stock-based compensation calculations. |
New Accounting Pronouncements | New accounting standards: FASB Accounting Standard Update No. 2014-09 In May 2014, the Financial Accounting Standards Board, ("FASB") issued Accounting Standard Update ("ASU") 2014-09, Revenue from Contracts with Customers. The issuance is part of a joint effort by the FASB and the International Accounting Standards Board ("IASB") to enhance financial reporting by creating common revenue recognition guidance for U.S. GAAP and International Financial Reporting Standards ("IFRS") and, thereby, improving the consistency of requirements, comparability of practices and usefulness of disclosures. The new standard will supersede much of the existing authoritative literature for revenue recognition. The standard and related amendments will be effective for Ferrellgas, L.P. for its annual reporting period beginning August 1, 2018, including interim periods within that reporting period. Entities are allowed to transition to the new standard by either recasting prior periods or recognizing the cumulative effect. Ferrellgas, L.P. is in the final stages of analyzing the impact of the new guidance using an integrated approach which includes evaluating differences in the amount and timing of revenue recognition from applying the requirements of the new guidance, reviewing its accounting policies and practices, and assessing the need for changes to its processes, accounting systems and design of internal controls. Ferrellgas, L.P. has completed the assessment of a significant number of its contracts with customers under the new guidance. Although Ferrellgas, L.P. has not completed its assessment of the impact of the new guidance, it does not expect its adoption will have a material impact on its consolidated financial statements. Ferrellgas, L.P. expects to utilize the modified retrospective transition method, which recognizes the cumulative effect upon adoption, when it adopts the new standard, effective August 1, 2018. FASB Accounting Standard Update No. 2015-11 In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) - Simplifying the Measurement of Inventory, which requires that inventory within the scope of the guidance be measured at the lower of cost or net realizable value. We adopted ASU 2015-11 effective August 1, 2017. The adoption of this standard did not materially impact our consolidated financial statements. 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 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of our pending adoption of ASU 2016-02 on the consolidated financial statements. Ferrellgas, L.P. has formed an implementation team, completed training on the new standard, and is working on an initial assessment. FASB Accounting Standard Update No. 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard 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 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Ferrellgas, L.P. is currently evaluating the impact of its pending adoption of this standard on the consolidated financial statements. |
Supplemental Financial Statement Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets Disclosure [Text Block] | Other assets, net consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other current liabilities consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on asset sales and disposals [Table Text Block] | "Loss on asset sales and disposals" during the three and nine months ended April 30, 2018 and 2017 consists of:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets Disclosure [Text Block] | Other assets, net consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other current liabilities consist of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shipping And Handling Expenses | Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on asset sales and disposals [Table Text Block] | "Loss on asset sales and disposals" during the three and nine months ended April 30, 2018 and 2017 consists of:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Certain cash flow and significant non-cash activities are presented below:
|
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts And Notes Receivable, Net | Accounts and notes receivable, net consist of the following:
|
Partners' Capital (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Limited Partners' Capital Account by Class [Table Text Block] | As of April 30, 2018 and July 31, 2017, Ferrellgas Partners limited partner units, which are listed on the New York Stock Exchange under the symbol “FGP,” were beneficially owned by the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions | Ferrellgas Partners has paid the following distributions:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends expected to be paid to related parties | Included in this cash distribution are the following amounts to be paid to related parties:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash distributions | Ferrellgas, L.P. has paid the following distributions:
|
Fair Value Measurement (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value assets and liabilities | 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, 2018 and July 31, 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value assets and liabilities | 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, 2018 and July 31, 2017:
|
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas’ condensed consolidated balance sheets as of April 30, 2018 and July 31, 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of April 30, 2018 and July 31, 2017, respectively:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hedge Derivative Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as fair value hedging instruments:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (loss) for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as cash flow hedging instruments:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the nine months ended April 30, 2018 and 2017 were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Derivatives Balance Sheet Locations | The following tables provide a summary of the fair value of derivatives in Ferrellgas, L.P.’s condensed consolidated balance sheets as of April 30, 2018 and July 31, 2017:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Collateral | The following tables provide a summary of cash margin balances as of April 30, 2018 and July 31, 2017, respectively:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Hedge Derivative Effect on Earnings | The following tables provides a summary of the effect on Ferrellgas, L.P.’s condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as fair value hedging instruments:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 (loss) for the three and nine months ended April 30, 2018 and 2017 due to derivatives designated as cash flow hedging instruments:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging, Effect on Earnings | The following tables provide a summary of the effect on Ferrellgas, L.P.'s condensed consolidated statements of operations for the three and nine months ended April 30, 2018 and 2017 due to the change in fair value of derivatives not designated as hedging instruments:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Derivative Value Effect on Other Comprehensive Income (Loss) | The changes in derivatives included in AOCI for the nine months ended April 30, 2018 and 2017 were as follows:
|
Transactions With Related Parties (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the condensed consolidated statements of operations as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Transactions With Related Parties | These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas, L.P.’s behalf and are reported in the condensed consolidated statements of operations as follows:
|
Net Earnings (Loss) Per Common Unitholders' Interest (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Distribution Allocation | 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share | Additionally, there are no dilutive securities in periods with net losses.
|
Segment Reporting Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas' total segment performance measure to condensed consolidated net earnings (loss):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Profit Measure [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three and nine months ended April 30, 2018 and 2017:
(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Expenditures [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Following is a reconciliation of Ferrellgas, L.P.'s total segment performance measure to condensed consolidated net earnings (loss):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated | Following are total assets by segment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | Profit Measure [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Following is a summary of segment information for the three and nine months ended April 30, 2018 and 2017:
(1) Direct costs are comprised of "cost of sales-propane and other gas liquids sales", "cost of products sold-midstream operations", "cost of products sold-other", "operating expense", "general and administrative expense", and "equipment lease expense" less , "severance charge", "professional fees", and "unrealized (non-cash) loss (gain) on changes in fair value of derivatives not designated as hedging instruments". |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ferrellgas, L.P. [Member] | Capital Expenditures [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Following are capital expenditures by segment:
|
Guarantor financial information (Tables) - Ferrellgas, L.P. [Member] |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Balance Sheets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Earnings |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows |
|
Supplemental Financial Statement Information (Schedule Of Inventories) (Details) - USD ($) $ in Thousands |
Apr. 30, 2018 |
Jul. 31, 2017 |
---|---|---|
Propane gas and related products | $ 58,142 | $ 67,049 |
Appliances, parts and supplies | 26,920 | 25,503 |
Inventories | 85,062 | 92,552 |
Ferrellgas, L.P. [Member] | ||
Propane gas and related products | 58,142 | 67,049 |
Appliances, parts and supplies | 26,920 | 25,503 |
Inventories | $ 85,062 | $ 92,552 |
Supplemental Financial Statement Information Supplemental Financial Statement Information (Other Assets) (Details) - USD ($) $ in Thousands |
Apr. 30, 2018 |
Jul. 31, 2017 |
---|---|---|
Accounts Receivable, Related Parties, Noncurrent | $ 33,962 | $ 32,500 |
Other Assets | 38,132 | 41,557 |
Other Assets, Noncurrent | 72,094 | 74,057 |
Ferrellgas, L.P. [Member] | ||
Accounts Receivable, Related Parties, Noncurrent | 33,962 | 32,500 |
Other Assets | 38,132 | 41,557 |
Other Assets, Noncurrent | $ 72,094 | $ 74,057 |
Supplemental Financial Statement Information (Other Current Liabilities) (Details) - USD ($) $ in Thousands |
Apr. 30, 2018 |
Jul. 31, 2017 |
---|---|---|
Accrued interest | $ 50,586 | $ 18,671 |
Customer deposits and advances | 18,956 | 25,541 |
Other | 89,333 | 82,012 |
Other current liabilities | 158,875 | 126,224 |
Ferrellgas, L.P. [Member] | ||
Accrued interest | 38,954 | 14,737 |
Customer deposits and advances | 18,956 | 25,541 |
Other | 89,333 | 81,738 |
Other current liabilities | $ 147,243 | $ 122,016 |
Supplemental Financial Statement Information Supplemental Financial Statement Information (Loss on asset sales and disposals) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2018 |
Apr. 30, 2017 |
Apr. 30, 2018 |
Apr. 30, 2017 |
|
Loss on asset sales and disposals [Line Items] | ||||
Loss on sale of assets classified as held for sale | $ 1,237 | $ 0 | $ 36,752 | $ 0 |
Loss on sale of assets and other | 5,033 | 2,393 | 9,662 | 8,861 |
Loss on asset sales and disposals | 6,270 | 2,393 | 46,414 | 8,861 |
Ferrellgas, L.P. [Member] | ||||
Loss on asset sales and disposals [Line Items] | ||||
Loss on sale of assets classified as held for sale | 1,237 | 0 | 36,752 | 0 |
Loss on sale of assets and other | 5,033 | 2,393 | 9,662 | 8,861 |
Loss on asset sales and disposals | $ 6,270 | $ 2,393 | $ 46,414 | $ 8,861 |
Supplemental Financial Statement Information Supplemental financial statement information (Significant Cash and Non-Cash Activities) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Apr. 30, 2018 |
Apr. 30, 2017 |
|
Interest Paid | $ 85,171 | $ 73,276 |
Proceeds from Income Tax Refunds | (458) | |
Income Taxes Paid | 28 | |
Noncash Investing and Financing Items [Abstract] | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,508 | 856 |
Change In Capital Expenditures Incurred But Not Yet Paid | 386 | (111) |
Ferrellgas, L.P. [Member] | ||
Interest Paid | 69,775 | 67,314 |
Proceeds from Income Tax Refunds | (479) | |
Income Taxes Paid | 23 | |
Noncash Investing and Financing Items [Abstract] | ||
Noncash or Part Noncash Acquisition, Value of Liabilities Assumed | 1,508 | 856 |
Change In Capital Expenditures Incurred But Not Yet Paid | $ 386 | $ (111) |
Accounts And Notes Receivable, Net And Accounts Receivable Securitization (Accounts And Notes Receivable) (Details) - USD ($) $ in Thousands |
Apr. 30, 2018 |
Jul. 31, 2017 |
---|---|---|
Accounts receivable pledged as collateral | $ 182,486 | $ 109,407 |
Accounts receivable | 13,131 | 47,346 |
Notes Receivable, Related Parties, Current | 10,000 | 10,000 |
Other | 232 | 307 |
Less: Allowance for doubtful accounts | (3,122) | (1,976) |
Accounts and notes receivable, net | 202,727 | 165,084 |
Ferrellgas, L.P. [Member] | ||
Accounts receivable pledged as collateral | 182,486 | 109,407 |
Accounts receivable | 13,131 | 47,346 |
Notes Receivable, Related Parties, Current | 10,000 | 10,000 |
Other | 232 | 307 |
Less: Allowance for doubtful accounts | (3,122) | (1,976) |
Accounts and notes receivable, net | $ 202,727 | $ 165,084 |
Debt (Short-Term Borrowings Narrative) (Details) - USD ($) |
Apr. 30, 2018 |
Jul. 31, 2017 |
---|---|---|
Short-term borrowings | $ 0 | $ 59,781,000 |
Ferrellgas, L.P. [Member] | ||
Short-term borrowings | 0 | 59,781,000 |
Two Thousand and Eighteen Credit Facility [Member] | ||
Short-term borrowings | 0 | 59,800,000 |
Two Thousand and Eighteen Credit Facility [Member] | Ferrellgas, L.P. [Member] | ||
Short-term borrowings | $ 0 | $ 59,800,000 |
Debt Debt (Fixed Charge Coverage Ratio) (Details) - $ / shares |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
May 24, 2018 |
Apr. 30, 2018 |
Apr. 30, 2018 |
|
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | ||
Required fixed charge coverage ratio | 175.00% | ||
Current fixed charge coverage ratio | 156.00% | ||
Subsequent Event [Member] | |||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | ||
Fixed Charge Coverage Covenant [Member] | |||
Debt Instrument, Covenant Description | 10.8 | ||
Debt Instrument, Restrictive Covenants | 50.0 | ||
Debt Instrument, Covenant Compliance | 9.8 |
Partners' Capital (Deficit) Partners' Capital (Limited Partner Units) (Details) - shares |
Apr. 30, 2018 |
Jul. 31, 2017 |
---|---|---|
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 97,152,665 | 97,152,665 |
Public Common Unitholders [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 69,612,939 | 69,612,939 |
FCI Trading Corp. [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 195,686 | 195,686 |
Subsidiary of Common Parent [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 22,529,361 | 22,529,361 |
Ferrell Propane, Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 51,204 | 51,204 |
James E. Ferrell [Member] | ||
Related Party Transaction [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 4,763,475 | 4,763,475 |
Fair Value Measurements Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Apr. 30, 2018 |
Jul. 31, 2017 |
|
Notes Receivable, Fair Value Disclosure | $ 29.3 | |
Increase (Decrease) in Notes Receivables | 4.7 | |
Long-term Debt, Fair Value | 1,890.1 | $ 1,966.6 |
Ferrellgas, L.P. [Member] | ||
Notes Receivable, Fair Value Disclosure | 29.3 | |
Increase (Decrease) in Notes Receivables | 4.7 | |
Long-term Debt, Fair Value | $ 1,560.8 | $ 1,645.3 |
Derivative Instruments and Hedging Activities (Fair Value Hedge Derivative Effect on Earnings) (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2018 |
Apr. 30, 2017 |
Apr. 30, 2018 |
Apr. 30, 2017 |
|
Derivative, Gain (Loss) on Derivative, Net | $ 40 | $ 323 | $ 266 | $ 1,071 |
Interest expense recognized on fixed-rate debt | (2,275) | (2,275) | (6,825) | (6,825) |
Ferrellgas, L.P. [Member] | ||||
Derivative, Gain (Loss) on Derivative, Net | 40 | 323 | 266 | 1,071 |
Interest expense recognized on fixed-rate debt | $ (2,275) | $ (2,275) | $ (6,825) | $ (6,825) |
Derivative Instruments and Hedging Activities Derivative Instruments and Hedging Activities (Derivatives Not Designated as Hedging Effect on Earnings) (Details) - Operating Expense [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2018 |
Apr. 30, 2017 |
Apr. 30, 2018 |
Apr. 30, 2017 |
|
Propane and related equipment sales [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (393) | $ 1,123 | ||
Propane and related equipment sales [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (393) | 1,123 | ||
Midstream - Crude Oil Logistics [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | 1,464 | $ (3,470) | (784) |
Midstream - Crude Oil Logistics [Member] | Ferrellgas, L.P. [Member] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 0 | $ 1,464 | $ (3,470) | $ (784) |
Transactions With Related Parties (Narrative) (Details) |
Apr. 30, 2018
employee
|
---|---|
Number of employees | 0 |
Ferrellgas, L.P. [Member] | |
Number of employees | 0 |
Transactions With Related Parties (Schedule Of Transactions With Related Parties) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2018 |
Apr. 30, 2017 |
Apr. 30, 2018 |
Apr. 30, 2017 |
|
Related Party Transaction [Line Items] | ||||
General and administrative expense | $ 11,678 | $ 9,978 | $ 39,733 | $ 36,526 |
Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expense | 11,546 | 9,869 | 39,600 | 36,416 |
Compensation And Benefits [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expense | 58,842 | 53,747 | 181,484 | 170,953 |
General and administrative expense | 5,707 | 6,913 | 21,637 | 23,713 |
Compensation And Benefits [Member] | Ferrellgas, L.P. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Operating expense | 58,842 | 53,747 | 181,484 | 170,953 |
General and administrative expense | $ 5,707 | $ 6,913 | $ 21,637 | $ 23,713 |
Contingencies And Commitments (Narrative) (Details) - $ / shares |
3 Months Ended | 9 Months Ended |
---|---|---|
Apr. 30, 2018 |
Apr. 30, 2018 |
|
Required fixed charge coverage ratio | 175.00% | |
Current fixed charge coverage ratio | 156.00% | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 | |
Ferrellgas Partners Finance Corp. [Member] | ||
Required fixed charge coverage ratio | 175.00% | |
Debt Instrument, Restrictive Covenants | 50.0 | |
Current fixed charge coverage ratio | 156.00% | |
Debt Instrument, Covenant Compliance | 9.8 | |
Debt Instrument, Covenant Description | 10.8 | |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.10 |
Net Earnings Per Common Unitholders' Interest Net Earnings (Loss) Per Common Unitholders' Interest (Narrative) (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Apr. 30, 2018 |
Apr. 30, 2017 |
|
Earnings Per Share [Abstract] | ||
Dilutive effect on earnings per share | $ 0 | $ 0 |
Net Earnings (Loss) Per Common Unitholders' Interest (Schedule of Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2018 |
Apr. 30, 2017 |
Apr. 30, 2018 |
Apr. 30, 2017 |
|
Common unitholders' interest in net earnings | $ 10,752 | $ 6,470 | $ (38,508) | $ 1,545 |
Weighted average common units outstanding - diluted | 97,152,700 | 97,152,700 | 97,152,700 | 97,255,400 |
Basic and diluted net earnings per common unitholders' interest | $ 0.11 | $ 0.07 | $ (0.40) | $ 0.02 |
Segment Reporting Segment Reporting (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2018 |
Apr. 30, 2017 |
Apr. 30, 2018 |
Apr. 30, 2017 |
|
Goodwill [Line Items] | ||||
Asset Impairment Charges | $ 0 | $ 0 | $ 10,005 | $ 0 |
Ferrellgas, L.P. [Member] | ||||
Goodwill [Line Items] | ||||
Asset Impairment Charges | $ 0 | $ 0 | $ 10,005 | $ 0 |
Segment Reporting Segment Reporting (Schedule of Segment Reporting Information, by Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Apr. 30, 2018 |
Apr. 30, 2017 |
Apr. 30, 2018 |
Apr. 30, 2017 |
|
Segment Reporting Information | ||||
Revenues | $ 515,810 | $ 538,109 | $ 1,725,621 | $ 1,496,901 |
Costs and Expenses | 428,888 | 461,319 | 1,491,856 | 1,286,062 |
Adjusted EBITDA | 86,922 | 76,790 | 233,765 | 210,839 |
Propane and related equipment sales [Member] | ||||
Segment Reporting Information | ||||
Revenues | 493,215 | 411,433 | 1,464,990 | 1,165,394 |
Costs and Expenses | 397,568 | 324,442 | 1,208,283 | 931,631 |
Adjusted EBITDA | 95,647 | 86,991 | 256,707 | 233,763 |
Midstream Operations [Member] | ||||
Segment Reporting Information | ||||
Revenues | 22,595 | 126,676 | 260,631 | 331,507 |
Costs and Expenses | 21,593 | 127,223 | 250,423 | 323,714 |
Adjusted EBITDA | 1,002 | (547) | 10,208 | 7,793 |
Corporate Segment [Member] | ||||
Segment Reporting Information | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 9,727 | 9,654 | 33,150 | 30,717 |
Adjusted EBITDA | (9,727) | (9,654) | (33,150) | (30,717) |
Ferrellgas, L.P. [Member] | ||||
Segment Reporting Information | ||||
Revenues | 515,810 | 538,109 | 1,725,621 | 1,496,901 |
Costs and Expenses | 428,756 | 461,210 | 1,491,723 | 1,285,952 |
Adjusted EBITDA | 87,054 | 76,899 | 233,898 | 210,949 |
Ferrellgas, L.P. [Member] | Propane and related equipment sales [Member] | ||||
Segment Reporting Information | ||||
Revenues | 493,215 | 411,433 | 1,464,990 | 1,165,394 |
Costs and Expenses | 397,568 | 324,442 | 1,208,283 | 931,631 |
Adjusted EBITDA | 95,647 | 86,991 | 256,707 | 233,763 |
Ferrellgas, L.P. [Member] | Midstream Operations [Member] | ||||
Segment Reporting Information | ||||
Revenues | 22,595 | 126,676 | 260,631 | 331,507 |
Costs and Expenses | 21,593 | 127,223 | 250,423 | 323,714 |
Adjusted EBITDA | 1,002 | (547) | 10,208 | 7,793 |
Ferrellgas, L.P. [Member] | Corporate Segment [Member] | ||||
Segment Reporting Information | ||||
Revenues | 0 | 0 | 0 | 0 |
Costs and Expenses | 9,595 | 9,545 | 33,017 | 30,607 |
Adjusted EBITDA | $ (9,595) | $ (9,545) | $ (33,017) | $ (30,607) |
Guarantor financial information - Narrative (Details) - Ferrellgas, L.P. [Member] $ in Millions |
9 Months Ended |
---|---|
Apr. 30, 2018
USD ($)
| |
Condensed Financial Statements, Captions [Line Items] | |
Ownership interest in subsidiaries | 100.00% |
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt issuance principal amount | $ 500.0 |
Debt interest rate | 6.75% |
Debt maturity year | 2023 |