Supplemental financial statement information

12 Months Ended

Jul. 31, 2025

Supplemental financial statement information

Supplemental financial statement information

E.        Supplemental financial statement information

Inventories

Inventories consist of the following:

	July 31, 2025		July 31, 2024
Propane gas and related products	$	66,052	$	74,122
Appliances, parts and supplies, and other		21,755		21,910
Inventories	$	87,807	$	96,032

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 July 31, 2025, Ferrellgas had committed, for supply procurement purposes, to deliver approximately 3.0 million gallons of propane at fixed prices, net of contracts to deliver.

Property, plant and equipment, net

Property, plant and equipment, net consist of the following:

	Estimated useful lives	July 31, 2025		July 31, 2024
Land	Indefinite	$	43,318	$	42,698
Land improvements	2-20		16,986		16,470
Buildings and improvements	20		90,945		91,092
Vehicles, including transport trailers (1)	8-20		137,032		125,751
Bulk equipment and district facilities	5-30		123,306		121,327
Tanks, cylinders and customer equipment	2-30		857,142		848,551
Computer and office equipment	2-5		95,140		96,568
Construction in progress	n/a		14,206		16,003
			1,378,075		1,358,460
Less: accumulated depreciation			775,383		753,506
Property, plant and equipment, net		$	602,692	$	604,954

(1) Includes 35 and 11 vehicles under failed sale-leaseback transactions as of July 31, 2025 and 2024, respectively. See the Certain cash flow and non-cash activities section in Note E “Supplemental financial statement information” and Note K “Leases” for additional information.

Depreciation expense totaled $74.5 million, $76.7 million and $72.0 million for fiscal 2025, 2024 and 2023, respectively.

Prepaid expenses and other current assets

Ferrellgas Partners

Prepaid expenses and other current assets consist of the following:

	July 31, 2025		July 31, 2024
Broker margin deposit assets	$	6,222	$	6,911
Price risk management asset		3,244		5,925
Other prepaid expenses		13,458		13,748
Other		7,547		7,799
Prepaid expenses and other current assets	$	30,471	$	34,383

The operating partnership

Prepaid expenses and other current assets consist of the following:

	July 31, 2025		July 31, 2024
Broker margin deposit assets	$	6,222	$	6,911
Price risk management asset		3,244		5,925
Other prepaid expenses		13,458		13,748
Other		7,465		7,779
Prepaid expenses and other current assets	$	30,389	$	34,363

Other assets, net

Other assets, net consist of the following:

	July 31, 2025		July 31, 2024
Finance lease ROU assets	$	37,803	$	24,789
Other		30,899		37,024
Other assets, net	$	68,702	$	61,813

Other current liabilities

Ferrellgas Partners

Other current liabilities consist of the following:

	July 31, 2025		July 31, 2024
Accrued interest	$	28,318	$	29,392
Customer deposits and advances		31,640		34,500
Accrued payroll		31,072		27,054
Accrued insurance		15,314		15,307
Broker margin deposit liability		2,193		3,111
Accrued senior preferred units distributions		17,280		17,538
Accrued miscellaneous		47,578		11,048
Other		41,759		46,071
Other current liabilities	$	215,154	$	184,021

The operating partnership

Other current liabilities consist of the following:

	July 31, 2025		July 31, 2024
Accrued interest	$	28,318	$	29,392
Customer deposits and advances		31,640		34,500
Accrued payroll		31,072		27,054
Accrued insurance		15,314		15,307
Broker margin deposit liability		2,193		3,111
Accrued senior preferred units distributions		17,280		17,538
Accrued miscellaneous		47,578		11,048
Other		41,167		45,946
Other current liabilities	$	214,562	$	183,896

Shipping and handling expenses

Shipping and handling expenses are classified in the following consolidated statements of operations line items:

	For the year ended July 31,
	2025		2024		2023
Operating expense - personnel, vehicle, plant and other	$	295,763	$	283,627	$	291,268
Depreciation and amortization expense		16,662		13,231		15,807
Operating expense - equipment lease expense		10,410		13,775		13,165
Shipping and handling expenses	$	322,835	$	310,633	$	320,240

Cash, cash equivalents and restricted cash

Ferrellgas maintains its cash and cash equivalents in various bank accounts that, at times, may exceed federally insured limits. Ferrellgas’ cash and cash equivalent accounts have been placed with high credit quality financial institutions. For purposes of the consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Restricted cash in the tables below as of July 31, 2024 consists of the balance of a cash deposit made with the administrative agent under the operating partnership’s senior secured credit facility that was terminated in April 2020, which was used by the administrative agent to pay contingent obligations arising under the financing agreement that governed the terminated senior secured credit facility. In January 2025, the Company settled its outstanding litigation. As a result, the administrative agent released the restricted cash deposit at that time.

Ferrellgas Partners

Cash, cash equivalents and restricted cash consist of the following:

	July 31, 2025		July 31, 2024
Cash and cash equivalents	$	96,883	$	113,482
Restricted cash		—		10,678
Cash, cash equivalents and restricted cash	$	96,883	$	124,160

The operating partnership

Cash, cash equivalents and restricted cash consist of the following:

	July 31, 2025		July 31, 2024
Cash and cash equivalents	$	96,582	$	113,054
Restricted cash		—		10,678
Cash, cash equivalents and restricted cash	$	96,582	$	123,732

Certain cash flow and non-cash activities

Ferrellgas Partners

Certain cash flow and significant non-cash activities are presented below:

	For the year ended July 31,
	2025		2024		2023
Cash paid for:
Interest	$	96,072	$	89,151	$	90,349
Income taxes	$	1,345	$	699	$	1,092
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	635	$	1,585	$	3,435
Change in accruals for property, plant and equipment additions	$	(274)	$	1,168	$	80
Lease liabilities arising from operating ROU assets	$	13,415	$	14,204	$	10,189
Lease liabilities arising from finance ROU assets	$	23,371	$	5,356	$	671
Accrued senior preferred units distributions	$	17,280	$	17,538	$	17,452
Acquisition of assets in failed sale-leaseback	$	5,032	$	2,496	$	—
Liability in connection with failed sale-leaseback	$	3,946	$	2,353	$	—

The operating partnership

Certain cash flow and significant non-cash activities are presented below:

	For the year ended July 31,
	2025		2024		2023
Cash paid for:
Interest	$	96,072	$	89,151	$	90,349
Income taxes	$	1,291	$	647	$	1,087
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	635	$	1,585	$	3,435
Change in accruals for property, plant and equipment additions	$	(274)	$	1,168	$	80
Lease liabilities arising from operating ROU assets	$	13,415	$	14,204	$	10,189
Lease liabilities arising from finance ROU assets	$	23,371	$	5,356	$	671
Accrued senior preferred units distributions	$	17,280	$	17,538	$	17,452
Acquisition of assets in failed sale-leaseback	$	5,032	$	2,496	$	—
Liability in connection with failed sale-leaseback	$	3,946	$	2,353	$	—