XML 45 R29.htm IDEA: XBRL DOCUMENT v3.19.2
Derivative Instruments and Hedging Activities (Tables)
9 Months Ended
Apr. 30, 2019
Fair Value of Financial Derivatives Balance Sheet Locations

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2019

 

 

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

 

$

5,049

 

Other current liabilities

 

$

5,726

Commodity derivatives-propane

 

Other assets, net

 

 

440

 

Other liabilities

 

 

776

 

 

Total

 

$

5,489

 

Total

 

$

6,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

July 31, 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

 

$

17,123

 

Other current liabilities

 

$

1,832

Commodity derivatives-propane

 

Other assets, net

 

 

5,347

 

Other liabilities

 

 

78

 

 

Total

 

$

22,470

 

Total

 

$

1,910

 

Offsetting Assets And Liabilities [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2019

 

 

Assets

 

Liabilities

Description

    

Location

    

Amount

    

Location

    

Amount

Margin Balances

 

Prepaid expense and other current assets

 

$

6,493

 

Other current liabilities

 

$

1,339

 

 

Other assets, net

 

 

1,728

 

Other liabilities

 

 

 —

 

 

 

 

$

8,221

 

  

 

$

1,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

July 31, 2018

 

 

Assets

 

Liabilities

Description

    

Location

    

Amount

    

Location

    

Amount

Margin Balances

 

Prepaid expense and other current assets

 

$

2,851

 

Other current liabilities

 

$

12,308

 

 

Other assets, net

 

 

927

 

Other liabilities

 

 

4,235

 

 

 

 

$

3,778

 

  

 

$

16,543

 

Fair Value Hedge Derivative Effect on Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Interest Expense

 

 

 

 

Amount of Gain Recognized on

 

Recognized on Fixed-Rated Debt

 

 

Location of Gain

 

Derivative

 

(Related Hedged Item)

 

    

Recognized on

    

For the three months ended April 30, 

 

For the three months ended April 30, 

Derivative Instrument

    

Derivative

    

2019

    

2018

    

2019

    

2018

Interest rate swap agreements

 

Interest expense

 

$

 —

 

$

40

 

$

 —

 

$

(2,275)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Interest Expense

 

 

 

 

Amount of Gain Recognized on

 

Recognized on Fixed-Rated Debt

 

 

Location of Amounts

 

Derivative

 

(Related Hedged Item)

 

    

Recognized on

    

For the nine months ended April 30, 

 

For the nine months ended April 30, 

Derivative Instrument

    

Derivative

    

2019

    

2018

    

2019

    

2018

Interest rate swap agreements

 

Interest expense

 

$

 —

 

$

266

 

$

 —

 

$

(6,825)

 

Cash Flow Hedge Derivative Effect on Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended April 30, 2019

 

    

 

 

    

 

    

Amount of Gain (Loss) 

 

 

Amount of Gain

 

Location of Gain (Loss)

 

Reclassified from

 

 

(Loss) Recognized in

 

Reclassified from 

 

AOCI into Income

Derivative Instrument

    

AOCI

    

AOCI into Income

    

Effective portion

    

Ineffective portion

Commodity derivatives

 

$

1,870

 

Cost of product sold- propane and other gas liquids sales

 

$

(6,416)

 

$

 —

 

 

$

1,870

 

 

 

$

(6,416)

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended April 30, 2018

 

 

 

 

 

 

Amount of Gain (Loss)

 

 

Amount of Gain (Loss)

 

Location of Gain (Loss)

 

Reclassified from

 

 

Recognized in

 

Reclassified from

 

AOCI into Income

Derivative Instrument

    

AOCI

    

AOCI into Income

    

Effective portion

    

Ineffective portion

Commodity derivatives

 

$

(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 nine months ended April 30, 2019

 

 

 

 

 

 

Amount of Gain (Loss)

 

 

Amount of Gain (Loss)

 

Location of Gain (Loss)

 

Reclassified from

 

 

Recognized in

 

Reclassified from 

 

AOCI into Income

Derivative Instrument

    

AOCI

    

AOCI into Income

    

Effective portion

    

Ineffective portion

Commodity derivatives

 

$

(27,364)

 

Cost of sales-propane and other gas liquids sales

 

$

(5,790)

 

$

 —

 

 

$

(27,364)

 

 

 

$

(5,790)

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended April 30, 2018

 

 

 

 

 

 

Amount of Gain (Loss)

 

 

Amount of Gain (Loss)

 

Location of Gain (Loss)

 

Reclassified from

 

 

Recognized in

 

Reclassified from

 

AOCI into Income

Derivative Instrument

    

AOCI

    

AOCI into Income

    

Effective portion

    

Ineffective portion

Commodity derivatives

 

$

23,114

 

Cost of product sold- propane and other gas liquids sales

 

$

20,646

 

$

 —

Interest rate swap agreements

 

 

248

 

Interest expense

 

 

(386)

 

 

 —

 

 

$

23,362

 

 

 

$

20,260

 

$

 —

 

Derivatives not designated as hedging instruments effect on earnings

 

 

 

 

 

 

 

 

For the nine months ended April 30, 2018

 

    

Amount of Gain (Loss)

    

Location of Gain (Loss) 

Derivatives Not Designated as Hedging Instruments

 

Recognized in Income

 

Reclassified in Income

Commodity derivatives - crude oil

 

$

(3,470)

 

Cost of sales - midstream operations

 

Changes in Derivative Value Effect on Other Comprehensive Income Loss

 

 

 

 

 

 

 

 

 

For the nine months ended April 30, 

Gains and losses on derivatives included in AOCI

    

2019

    

2018

Beginning balance

 

$

20,560

 

$

14,648

Change in value of risk management commodity derivatives

 

 

(27,364)

 

 

23,114

Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net

 

 

5,790

 

 

(20,646)

Change in value of risk management interest rate derivatives

 

 

 —

 

 

248

Reclassification of losses on interest rate hedges to interest expense

 

 

 —

 

 

386

Ending balance

 

$

(1,014)

 

$

17,750

 

Ferrellgas, L.P. [Member]  
Fair Value of Financial Derivatives Balance Sheet Locations

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2019

 

 

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

 

$

5,049

 

Other current liabilities

 

$

5,726

Commodity derivatives-propane

 

Other assets, net

 

 

440

 

Other liabilities

 

 

776

 

 

Total

 

$

5,489

 

Total

 

$

6,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

July 31, 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

 

$

17,123

 

Other current liabilities

 

$

1,832

Commodity derivatives-propane

 

Other assets, net

 

 

5,347

 

Other liabilities

 

 

78

 

 

Total

 

$

22,470

 

Total

 

$

1,910

 

Offsetting Assets And Liabilities [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2019

 

 

Assets

 

Liabilities

Description

    

Location

    

Amount

    

Location

    

Amount

Margin Balances

 

Prepaid expense and other current assets

 

$

6,493

 

Other current liabilities

 

$

1,339

 

 

Other assets, net

 

 

1,728

 

Other liabilities

 

 

 —

 

 

 

 

$

8,221

 

  

 

$

1,339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

July 31, 2018

 

 

Assets

 

Liabilities

Description

    

Location

    

Amount

    

Location

    

Amount

Margin Balances

 

Prepaid expense and other current assets

 

$

2,851

 

Other current liabilities

 

$

12,308

 

 

Other assets, net

 

 

927

 

Other liabilities

 

 

4,235

 

 

 

 

$

3,778

 

  

 

$

16,543

 

Fair Value Hedge Derivative Effect on Earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Interest Expense

 

 

Location of Amounts

 

Amount of Gain Recognized on

 

Recognized on Fixed-Rated Debt

 

 

Recognized on

 

Derivative

 

(Related Hedged Item)

Derivative Instrument

 

Derivative

 

For the three months ended April 30, 

 

For the three months ended April 30, 

 

    

 

    

2019

    

2018

    

2019

    

2018

Interest rate swap agreements

 

Interest expense

 

$

 —

 

$

40

 

$

 —

 

$

(2,275)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of Interest Expense

 

 

Location of Gain

 

Amount of Gain Recognized on

 

Recognized on Fixed-Rated Debt

 

 

Recognized on

 

Derivative

 

(Related Hedged Item)

Derivative Instrument

 

Derivative

 

For the nine months ended April 30, 

 

For the nine months ended April 30, 

 

    

 

    

2019

    

2018

    

2019

    

2018

Interest rate swap agreements

 

Interest expense

 

$

 —

 

$

266

 

$

 —

 

$

(6,825)

 

Cash Flow Hedge Derivative Effect on Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended April 30, 2019

 

 

 

 

 

 

 

Amount of Gain (Loss)

 

 

 

 

 

Location of Gain (Loss)

 

Reclassified from

 

 

Amount of Gain (Loss)

 

Reclassified from AOCI

 

AOCI into Income

Derivative Instrument

    

Recognized in AOCI

    

into Income

    

Effective portion

    

Ineffective portion

Commodity derivatives

 

$

1,870

    

Cost of product sold- propane and other gas liquids sales

 

$

(6,416)

 

$

 —

 

 

$

1,870

 

  

 

$

(6,416)

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended April 30, 2018

 

 

 

 

 

 

 

Amount of Gain (Loss)

 

 

 

 

 

Location of Gain (Loss)

 

Reclassified from

 

 

Amount of Gain (Loss)

 

Reclassified from AOCI

 

AOCI into Income

Derivative Instrument

    

Recognized in AOCI

    

into Income

    

Effective portion

    

Ineffective portion

Commodity derivatives

 

$

(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 nine months ended April 30, 2019

 

 

 

 

 

 

 

Amount of Gain (Loss)

 

 

 

 

 

Location of Gain (Loss)

 

Reclassified from

 

 

Amount of Gain (Loss)

 

Reclassified from AOCI

 

AOCI into Income

Derivative Instrument

    

Recognized in AOCI

    

into Income

    

Effective portion

    

Ineffective portion

Commodity derivatives

 

$

(27,364)

 

Cost of sales-propane and other gas liquids sales

 

$

(5,790)

 

$

 —

 

 

$

(27,364)

 

 

 

$

(5,790)

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended April 30, 2018

 

 

 

 

 

 

 

Amount of Gain (Loss)

 

 

 

 

 

Location of Gain (Loss)

 

Reclassified from

 

 

Amount of Gain (Loss)

 

Reclassified from AOCI

 

AOCI into Income

Derivative Instrument

    

Recognized in AOCI

    

into Income

    

Effective portion

    

Ineffective portion

Commodity derivatives

 

$

23,114

 

Cost of product sold- propane and other gas liquids sales

 

$

20,646

 

$

 —

Interest rate swap agreements

 

 

248

 

Interest expense

 

 

(386)

 

 

 —

 

 

$

23,362

 

 

 

$

20,260

 

$

 —

 

Derivatives not designated as hedging instruments effect on earnings

 

 

 

 

 

 

 

 

For the nine months ended April 30, 2018

 

 

Amount of Gain (Loss)

 

Location of Gain (Loss)

Derivatives Not Designated as Hedging Instruments

    

Recognized in Income

    

Reclassified in Income

Commodity derivatives - crude oil

 

$

(3,470)

 

Cost of sales - midstream operations

 

Changes in Derivative Value Effect on Other Comprehensive Income Loss

 

 

 

 

 

 

 

 

 

For the nine months ended April 30, 

Gains and losses on derivatives included in AOCI

    

2019

    

2018

Beginning balance

 

$

20,560

 

$

14,648

Change in value of risk management commodity derivatives

 

 

(27,364)

 

 

23,114

Reclassification of (gains) and losses on commodity hedges to cost of sales - propane and other gas liquids sales, net

 

 

5,790

 

 

(20,646)

Change in value of risk management interest rate derivatives

 

 

 —

 

 

248

Reclassification of losses on interest rate hedges to interest expense

 

 

 —

 

 

386

Ending balance

 

$

(1,014)

 

$

17,750