Income Taxes

12 Months Ended

Jul. 31, 2025

Ferrellgas Partners Finance Corp

Income Tax Disclosure [Line Items]

Income Taxes

C.      Income taxes

Income taxes have been computed separately as the Partners Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities.

Due to the inability of the Partners Finance Corp. to utilize the deferred tax benefit of $8,594 associated with the net operating loss carryforward of $40,926 generated during and prior to fiscal 2025, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2025 or 2024, and there is no net deferred tax asset as of July 31, 2025 and 2024. The net operating loss carryforwards generated after July 31, 2018 are carried forward indefinitely, but are limited to 80% of the taxable income in any one period. The net operating losses generated as of or prior to July 31, 2018 are still subject to prior tax law and will expire at various dates through July 31, 2038.

Ferrellgas Finance Corp

Income Tax Disclosure [Line Items]

Income Taxes

C.     Income taxes

Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities.

Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $22,107 associated with the net operating loss carryforward of $105,271 generated during and prior to fiscal 2025, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2025 or 2024, and there is no net deferred tax asset as of July 31, 2025 and 2024. The net operating loss carryforwards generated after July 31, 2018 are carried forward indefinitely, but are limited to 80% of the taxable income in any one period. The net operating losses generated as of or prior to July 31, 2018 are still subject to prior tax law and will expire at various dates through July 31, 2038.