0001558370-22-003365 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jan. 31, 2022	Jul. 31, 2021
Current assets:
Cash and cash equivalents	$ 95	$ 1,100
Accounts and notes receivable, net	253,885,000	131,574,000
Inventories	118,143,000	88,379,000
Price risk management asset	93,827,000	78,001,000
Loan receivable - Ferrellgas Partners, L.P.	18,326,000
Prepaid expenses and other current assets	47,484,000	39,073,000
Total current assets	731,060,000	618,715,000
Property, plant and equipment, net	586,819,000	582,118,000
Goodwill, net	251,065,000	246,946,000
Intangible assets (net of accumulated amortization of $436,177 and $432,032 at January 31, 2022 and July 31, 2021, respectively)	101,267,000	100,743,000
Operating lease right-of-use assets	82,046,000	87,611,000
Loan receivable - Ferrellgas Partners, L.P.		17,001,000
Other assets, net	85,862,000	93,228,000
Total assets	95	1,100
Current liabilities:
Accounts payable	113,337,000	47,913,000
Broker margin deposit liability	86,596,000	79,178,000
Current portion of long-term debt	1,979,000	1,670,000
Current operating lease liabilities	26,048,000	25,363,000
Other current liabilities	410	166,604,000
Total current liabilities	410	320,728,000
Long-term debt	1,447,926,000	1,444,890,000
Operating lease liabilities	55,708,000	74,349,000
Other liabilities	55,812,000	61,189,000
Contingencies and commitments
Mezzanine equity:
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at January 31, 2022 and July 31, 2021)	651,349,000	651,349,000
Equity (Deficit):
Limited partners	(867,497,000)	(887,043,000)
General partner	(8,176,000)	(8,886,000)
Accumulated other comprehensive income	92,038,000	89,786,000
Total Ferrellgas Partners, L.P. partners' deficit	(783,635,000)	(806,143,000)
Noncontrolling interest	(7,234,000)	(7,966,000)
Total deficit	(315)	1,100
Total liabilities, mezzanine and deficit	95	1,100
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	102,681	102,628
Accumulated deficit	(103,996)	(102,528)
Total stockholder's equity	(415,000)	1,000,000
Class A Limited Partner Units
Equity (Deficit):
Limited partners	(1,197,371,000)	(1,214,813,000)
Class B Limited Partner Units
Equity (Deficit):
Limited partners	$ 383,012,000	$ 383,012,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2022	Jul. 31, 2021
Restricted cash	$ 11,267	$ 11,500
Amortizable intangible assets, accumulated amortization	$ 436,177	$ 432,032
Senior preferred units, units outstanding	700,000	700,000
General partner unitholder, units outstanding	49,496	49,496
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
Class A Limited Partner Units
Limited partner unitholders, units outstanding	4,857,605	4,857,605
Class B Limited Partner Units
Limited partner unitholders, units outstanding	1,300,000	1,300,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended		14 Months Ended	17 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Dec. 31, 2022	Dec. 31, 2022
Revenues:
Revenues	$ 684,936,000	$ 553,560,000	$ 1,079,442,000	$ 854,454,000
Costs and expenses:
Operating expense - personnel, vehicle, plant and other	128,013,000	115,247,000	245,125,000	224,274,000
Operating expense - equipment lease expense	6,022,000	6,862,000	11,712,000	13,692,000
Depreciation and amortization expense	21,944,000	21,249,000	42,239,000	42,639,000
General and administrative expense	1,468	250	1,468	1,803	$ 1,415	$ 1,415
Non-cash employee stock ownership plan compensation charge	751,000	762,000	1,660,000	1,470,000
(Gain) Loss on asset sales and disposals	(9,275,000)	80,000	(7,865,000)	893,000
Operating income	134,933,000	114,825,000	147,300,000	122,581,000
Interest expense	(25,139,000)	(46,522,000)	(50,534,000)	(93,050,000)
Other income, net	772,000	3,759,000	5,729,000	3,867,000
Reorganization expense - professional fees		(1,200,000)		(1,200,000)
Earnings before income taxes	110,566,000	72,062,000	102,495,000	33,398,000
Income tax expense	481,000	312,000	577,000	399,000
Net earnings	(1,468)	(250)	(1,468)	(1,803)	$ (1,415)	$ (1,415)
Net earnings attributable to noncontrolling interest	947,000	724,000	693,000	333,000
Net earnings (loss)	108,405,000	63,267,000	99,799,000	17,205,000
Limited partner unitholders' interest in net earnings (loss)	$ 13,001,000	$ 62,634,000	$ 9,354,000	$ 17,033,000
Class A Limited Partner Units
Costs and expenses:
Basic and diluted net earnings (loss) per limited partner unit	$ 2.68	$ 12.89	$ 1.93	$ 3.51
Propane [Member]
Revenues:
Revenues	$ 657,504,000	$ 528,434,000	$ 1,030,208,000	$ 809,483,000
Costs and expenses:
Cost of sales	383,213,000	270,777,000	603,751,000	408,404,000
Other Revenues
Revenues:
Revenues	27,432,000	25,126,000	49,234,000	44,971,000
Costs and expenses:
Cost of sales	$ 3,557,000	$ 3,504,000	$ 7,167,000	$ 7,171,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Comprehensive income (loss):
Net earnings (loss)	$ (1,468)	$ (250)	$ (1,468)	$ (1,803)
Other comprehensive income (loss):
Change in value of risk management derivatives	(17,860,000)	36,957,000	55,072,000	42,724,000
Reclassification of (gains) losses on derivatives to earnings, net	(30,210,000)	(8,441,000)	(52,820,000)	(6,291,000)
Other comprehensive income (loss)	(48,070,000)	28,516,000	2,252,000	36,433,000
Comprehensive income	61,282,000	92,507,000	102,744,000	53,971,000
Comprehensive (income) loss attributable to noncontrolling interest	487,000	(288,000)	(22,000)	(368,000)
Comprehensive income	$ 62,015,000	$ 100,266,000	$ 104,170,000	$ 69,432,000

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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CONDENSED CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) - USD ($)	Limited Partner Unitholders Class A Limited Partner Units	Limited Partner Unitholders Class B Limited Partner Units	Limited Partner Unitholders	General Partner [Member]	Accumulated Other Comprehensive Income (Loss)	Parent [Member]	Non-Controlling Interest [Member]	Total
Partners' capital balance (in shares) at Jul. 31, 2020	4,857,600			49,500
Partners' capital balance, beginning at Jul. 31, 2020	$ (1,126,452,000)		$ (821,462,000)	$ (8,216,000)	$ (2,313,000)	$ (1,200,042,000)	$ (8,226,000)	$ (831,991,000)
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges	694,000		701,000	7,000		701,000	7,000	708,000
Net income (loss)	(45,601,000)		(38,360,000)	(391,000)		(46,062,000)	(391,000)	(38,751,000)
Other comprehensive income (loss)					7,917,000	7,837,000	80,000	7,917,000
Partners' capital balance, ending at Oct. 31, 2020	$ (1,171,359,000)		(859,121,000)	$ (8,600,000)	5,604,000	(1,237,566,000)	(8,530,000)	(862,117,000)
Partners' capital balance (in shares) at Oct. 31, 2020	4,857,600			49,500
Partners' capital balance (in shares) at Jul. 31, 2020	4,857,600			49,500
Partners' capital balance, beginning at Jul. 31, 2020	$ (1,126,452,000)		(821,462,000)	$ (8,216,000)	(2,313,000)	(1,200,042,000)	(8,226,000)	(831,991,000)
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges				15,000.0
Contributions from partners				30,000.0
Net income (loss)								(1,803)
Other comprehensive income (loss)								36,433,000
Partners' capital balance, ending at Jan. 31, 2021	$ (1,107,979,000)		(787,341,000)	$ (7,868,000)	34,120,000	(1,145,317,000)	(7,510,000)	(761,089,000)
Partners' capital balance (in shares) at Jan. 31, 2021	4,857,600			49,500
Partners' capital balance (in shares) at Oct. 31, 2020	4,857,600			49,500
Partners' capital balance, beginning at Oct. 31, 2020	$ (1,171,359,000)		(859,121,000)	$ (8,600,000)	5,604,000	(1,237,566,000)	(8,530,000)	(862,117,000)
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges	746,000		754,000	8,000		754,000	8,000	762,000
Net income (loss)	62,634,000		71,026,000	724,000		63,267,000	724,000	(250)
Other comprehensive income (loss)					28,516,000	28,228,000	288,000	28,516,000
Partners' capital balance, ending at Jan. 31, 2021	$ (1,107,979,000)		(787,341,000)	$ (7,868,000)	34,120,000	(1,145,317,000)	(7,510,000)	(761,089,000)
Partners' capital balance (in shares) at Jan. 31, 2021	4,857,600			49,500
Partners' capital balance (in shares) at Jul. 31, 2021	4,857,600	1,300,000.0		49,500
Partners' capital balance, beginning at Jul. 31, 2021	$ (1,214,813,000)	$ 383,012,000	(887,043,000)	$ (8,886,000)	89,786,000	(815,113,000)	(7,966,000)	1,100
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges	892,000		900,000	9,000		900,000	9,000	909,000
Distributions		(49,998,000)	(50,000,000)			(49,998,000)		(50,000,000)
Net earnings allocated to preferred units	(16,835,000)		(17,005,000)	(170,000)		(17,005,000)		(17,005,000)
Net income (loss)	(8,520,000)		(7,913,000)	(254,000)		(8,606,000)	(254,000)	(8,167,000)
Other comprehensive income (loss)					50,322,000	49,813,000	509,000	50,322,000
Partners' capital balance, ending at Oct. 31, 2021	$ (1,239,276,000)	$ 333,014,000	(961,061,000)	$ (9,131,000)	140,108,000	(840,009,000)	(7,702,000)	(830,084,000)
Partners' capital balance (in shares) at Oct. 31, 2021	4,857,600	1,300,000.0		49,500
Partners' capital balance (in shares) at Jul. 31, 2021	4,857,600	1,300,000.0		49,500
Partners' capital balance, beginning at Jul. 31, 2021	$ (1,214,813,000)	$ 383,012,000	(887,043,000)	$ (8,886,000)	89,786,000	(815,113,000)	(7,966,000)	1,100
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges				17,000.0
Contributions from partners				32,000.0
Net income (loss)								(1,468)
Other comprehensive income (loss)								2,252,000
Partners' capital balance, ending at Jan. 31, 2022	$ (1,197,371,000)	$ 383,012,000	(867,497,000)	$ (8,176,000)	92,038,000	(794,761,000)	(7,234,000)	(315)
Partners' capital balance (in shares) at Jan. 31, 2022	4,857,600	1,300,000.0		49,500
Partners' capital balance (in shares) at Oct. 31, 2021	4,857,600	1,300,000.0		49,500
Partners' capital balance, beginning at Oct. 31, 2021	$ (1,239,276,000)	$ 333,014,000	(961,061,000)	$ (9,131,000)	140,108,000	(840,009,000)	(7,702,000)	(830,084,000)
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges	736,000		743,000	8,000		743,000	8,000	751,000
Net earnings allocated to preferred units	(16,154,000)		(16,317,000)	(163,000)		(16,317,000)		(16,317,000)
Net income (loss)	57,323,000	49,998,000	109,138,000	947,000		108,405,000	947,000	(1,468)
Other comprehensive income (loss)					(48,070,000)	(47,583,000)	(487,000)	(48,070,000)
Partners' capital balance, ending at Jan. 31, 2022	$ (1,197,371,000)	$ 383,012,000	$ (867,497,000)	$ (8,176,000)	$ 92,038,000	$ (794,761,000)	$ (7,234,000)	$ (315)
Partners' capital balance (in shares) at Jan. 31, 2022	4,857,600	1,300,000.0		49,500

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021
Cash flows from operating activities:
Net earnings (loss)	$ (1,468)	$ (1,803)
Reconciliation of net earnings to net cash provided by operating activities:
Depreciation and amortization expense	42,239,000	42,639,000
Non-cash employee stock ownership plan compensation charge	1,660,000	1,470,000
(Gain) Loss on asset sales and disposals	(7,865,000)	893,000
Provision for expected credit losses	1,041,000	2,166,000
Deferred income tax expense	3,000
Other	3,701,000	3,996,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts and notes receivable, net of securitization	(123,352,000)	(107,008,000)
Inventories	(29,764,000)	(17,809,000)
Prepaid expenses and other current assets	(8,412,000)	(3,750)
Accounts payable	64,770,000	45,380,000
Accrued interest expense	751,000	72,000
Other current liabilities	410	43,861,000
Other assets and liabilities	(8,182,000)	3,327,000
Net cash provided by operating activities	(1,058)	(5,553)
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(9,609,000)
Capital expenditures	(40,599,000)	(35,333,000)
Proceeds from sale of assets	1,527,000	3,144,000
Loan to Ferrellgas Partners, L.P.		(19,900,000)
Net cash used in investing activities	(48,681,000)	(52,089,000)
Cash flows from financing activities:
Preferred unit distributions	(31,151,000)
Distributions	(50,000,000)
Capital contribution	53	5,553
Payments on long-term debt	(876,000)	(1,120,000)
Cash paid for financing costs	(337,000)	(14,960,000)
Cash payments for principal portion of lease liability	(2,795,000)	(3,460,000)
Net cash used in financing activities	53	5,553
Net change in cash, cash equivalents and restricted cash	(1,005)	(27,178,000)
Cash, cash equivalents and restricted cash - beginning of period	1,100	1,100
Cash, cash equivalents and restricted cash - end of period	$ 95	$ 1,100

Partnership Organization And Formation

6 Months Ended

Jan. 31, 2022

Subsidiary of Limited Liability Company or Limited Partnership [Line Items]

Organization And Formation

A. 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 Partnership contributed $1,000 to the Finance Corp. on January 24, 2003 in exchange for 1,000 shares of common stock.

The Finance Corp. has nominal assets, does not conduct any operations and has no employees.

Summary Of Significant Accounting Policies

6 Months Ended

Jan. 31, 2022

Significant Accounting Policies

Summary Of Significant Accounting Policies

B. 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 condensed 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, 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 expected credit losses, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use asset and lease liability, fair values of derivative contracts and stock-based compensation calculations.

(2) Goodwill, net: The operating partnership tests goodwill for impairment annually during the second fiscal quarter or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. During the most recent impairment testing conducted during the fiscal quarter ended January 31, 2022, the operating partnership determined that goodwill was not impaired.

(3) New accounting standards:

No new accounting standards were adopted during the six months ended January 31, 2022.

Supplemental Financial Statement Information

6 Months Ended

Jan. 31, 2022

Supplemental Financial Statement Information [Line Items]

Supplemental Financial Statement Information

C. Supplemental financial statement information

Inventories consist of the following:


	January 31, 2022		July 31, 2021
Propane gas and related products	$	104,688	$	75,848
Appliances, parts and supplies, and other		13,455		12,531
Inventories	$	118,143	$	88,379

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 January 31, 2022, Ferrellgas, L.P. had committed, for supply procurement purposes, to deliver approximately 376,000 gallons of propane at fixed prices, net of contracts to take delivery.

Prepaid expenses and other current assets consist of the following:


	January 31, 2022		July 31, 2021
Broker margin deposit assets	$	21,403	$	21,068
Other		26,081		18,005
Prepaid expenses and other current assets	$	47,484	$	39,073

Other current liabilities consist of the following:


	January 31, 2022		July 31, 2021
Accrued interest	$	29,846	$	29,095
Customer deposits and advances		39,713		35,734
Accrued payroll		25,608		11,104
Accrued insurance		8,786		28,143
Accrued senior preferred units distributions		17,738		16,013
Other		61,308		46,515
Other current liabilities	$	182,999	$	166,604

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


	For the three months ended January 31,				For the six months ended January 31,
	2022		2021		2022		2021
Operating expense - personnel, vehicle, plant and other	$	58,194	$	56,723	$	112,641	$	104,253
Depreciation and amortization expense		3,801		1,958		6,336		6,481
Operating expense - equipment lease expense		3,132		5,793		7,667		11,676
	$	65,127	$	64,474	$	126,644	$	122,410

Cash and cash equivalents consist of the following:


	January 31, 2022		July 31, 2021
Cash and cash equivalents	$	188,128	$	270,188
Restricted cash (1)		11,267		11,500
Cash, cash equivalents and restricted cash	$	199,395	$	281,688

(1)

As of January 31, 2022 and July 31, 2021, restricted cash consists of an $11.3 million and $11.5 million cash deposit made with the administrative agent under the operating partnership’s senior secured credit facility that was terminated in April 2020, which may be used by the administrative agent to pay contingent obligations arising under the financing agreement that governed the terminated senior secured credit facility.

For purposes of the condensed consolidated statements of cash flows, Ferrellgas, L.P. considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Certain cash flow and significant non-cash activities are presented below:


	For the six months ended January 31,
	2022		2021
Cash paid for:
Interest	$	46,020	$	88,107
Income taxes	$	407	$	290
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	644	$	—
Change in accruals for property, plant and equipment additions	$	1,140	$	(178)
Lease liabilities arising from operating right-of-use assets	$	9,045	$	4,262
Lease liabilities arising from finance right-of-use assets	$	872	$	972
Accrued senior preferred units distributions	$	17,738	$	—

Accounts And Notes Receivable, Net

6 Months Ended

Jan. 31, 2022

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts and notes receivable, net

D. Accounts and notes receivable, net

Accounts and notes receivable, net consist of the following:


	January 31, 2022		July 31, 2021
Accounts receivable	$	258,017	$	135,182
Note receivable		2,648		13,648
Less: Allowance for expected credit losses		(6,780)		(17,256)
Accounts and notes receivable, net	$	253,885	$	131,574

Debt

6 Months Ended

Jan. 31, 2022

Debt Instrument [Line Items]

Debt Disclosure [Text Block]

E. Debt

Long-term debt

Long-term debt consists of the following:


	January 31, 2022		July 31, 2021
Unsecured senior notes
Fixed rate, 5.375%, due 2026 (1)	$	650,000	$	650,000
Fixed rate, 5.875%, due 2029 (1)		825,000		825,000

Notes payable
9.0% and 8.8% weighted average interest rate at January 31, 2022 and July 31, 2021, respectively, due 2022 to 2029, net of unamortized discount of $570 and $573 at January 31, 2022 and July 31, 2021, respectively		4,978		3,882
Total debt, excluding unamortized debt issuance and other costs		1,479,978		1,478,882
Unamortized debt issuance and other costs		(30,073)		(32,322)
Less: current portion of long-term debt		1,979		1,670
Long-term debt	$	1,447,926	$	1,444,890

(1)

On March 30, 2021 (the “Effective Date”), two wholly-owned subsidiaries of the operating partnership (referred to herein as the Escrow Issuers) issued $650.0 million aggregate principal amount of 5.375% senior notes due 2026 (referred to herein as the “2026 Notes”) and $825.0 million aggregate principal amount of 5.875% senior notes due 2029 (referred to herein as the “2029 Notes”). On the Effective Date and immediately after the issuance of the 2026 Notes and 2029 Notes by the Escrow Issuers, (i) the Escrow Issuers were merged into the operating partnership and Ferrellgas Finance Corp., respectively, and the operating partnership and Ferrellgas Finance Corp. assumed the obligations of the Escrow Issuers as co-issuers of the 2026 Notes and the 2029 Notes, and (ii) the general partner and certain subsidiaries of the operating partnership guaranteed the 2026 Notes and the 2029 Notes. The 2026 Notes and 2029 Notes bear interest from the date of issuance, payable semi-annually in arrears on October 1 and April 1 of each year. The 2026 Notes will mature on April 1, 2026, and the 2029 Notes will mature on April 1, 2029. See “–Senior unsecured notes” below for additional discussion.

Senior secured revolving credit facility

On the Effective Date, the operating partnership, the general partner and certain of the operating partnership’s subsidiaries entered into a credit agreement (the “Credit Agreement”), which provides for a four-year revolving credit facility (the “Credit Facility”) in an aggregate principal amount of up to $350.0 million, including a sublimit not to exceed $225.0 million for the issuance of letters of credit for a period of 60 days after March 30, 2021, reducing to $200.0 million thereafter.

All borrowings under the Credit Facility are guaranteed by the general partner and the direct and indirect subsidiaries of the operating partnership (other than Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC) and a limited-recourse guaranty from Ferrellgas Partners (limited to its equity interests in the operating partnership). Additionally, all borrowings are secured, on a first priority basis, by substantially all of the assets of the operating partnership and its subsidiaries and all of the equity interests in the operating partnership held by the general partner and Ferrellgas Partners.

Availability under the Credit Facility is, at any time, an amount equal to (a) the lesser of the revolving commitment (initially $350.0 million) and the Borrowing Base (as defined below) minus (b) the sum of the aggregate outstanding amount of borrowings under the Credit Facility plus the undrawn amount of outstanding letters of credit under the Credit Facility plus unreimbursed drawings in respect of letters of credit (unless otherwise converted into revolving loans). The "Borrowing Base" equals the sum of: (a) $200.0 million, plus (b) 80% of the eligible accounts receivable of the operating partnership and its subsidiaries, plus (c) 70% of the eligible propane inventory of the operating partnership and its subsidiaries, valued at weighted average cost, less (d) certain reserves, as determined and subject to certain modifications by the administrative agent in its permitted discretion.

Amounts borrowed under the Credit Facility bear interest, at the operating partnership's option, at either (a) for base rate loans, (i) a base rate determined by reference to the highest of (A) the rate of interest last quoted by The Wall Street Journal in the U.S. as the prime rate in effect, (B) the NYFRB Rate from time to time plus 0.50% per annum and (C) the Adjusted LIBO Rate for a one-month interest period plus 1.00% per annum plus (ii) a margin of 1.50% to 2.00% per annum depending on total net leverage or (b) for Eurodollar rate loans, (i) a rate determined by reference to the Adjusted LIBO Rate plus (ii) a margin of 2.50% to 3.00% per annum depending on total net leverage. The operating partnership is required to pay an undrawn fee to the lenders on the average daily unused amount of the Credit Facility at a rate of 0.375% to 0.50% per annum depending on total net leverage.

The Credit Agreement contains customary representations, warranties, covenants and events of default.

The financial covenants in the Credit Agreement require the operating partnership to maintain: (1) a minimum interest coverage ratio (defined generally as the ratio of adjusted EBITDA to cash interest expense) of 2.50 to 1.00, (2) a maximum secured leverage ratio (defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA) of 2.50 to 1.00, and (3) a maximum total net leverage ratio (defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA) of 5.50 to 1.00 initially. The maximum total net leverage ratio adjusts to 5.25 to 1.00 starting with the quarter ending April 30, 2022, 5.00 to 1.00 starting with the quarter ending October 31, 2022, and 4.75 to 1.00 starting with the quarter ending April 30, 2023.

In addition to the financial covenants, the Credit Agreement includes covenants that may (or if not met will) restrict the ability of the operating partnership to, among other things: incur indebtedness or liens; effect certain fundamental changes, including mergers, consolidations, liquidations, dissolutions and changes in line of business; make certain restricted payments, including distributions to holders of Preferred Units, Ferrellgas Partners and the general partner and redemptions of Preferred Units; make investments, loans or advances; dispose of assets; effect sale and leaseback transactions; enter into swap agreements; make optional payments and modifications of subordinated and other debt instruments; enter into transactions with affiliates; agree to negative pledge clauses and burdensome agreements; and effect amendments to organizational documents.

On June 11, 2021, the operating partnership, the general partner and certain of the operating partnership’s subsidiaries entered into a First Amendment to the Credit Agreement (the “Credit Agreement Amendment”), with an effective date of April 30, 2021. Among other matters, the Credit Agreement Amendment amended the minimum-interest-coverage-ratio covenant described above by (i) waiving compliance with the covenant for the trailing four fiscal quarters ended April 30, 2021 and (ii) annualizing the cash interest expense component of the covenant for (a) the fiscal quarter ended on July 31, 2021, (b) the two fiscal quarters ending October 31, 2021, and (c) the three fiscal quarters ending January 31, 2022.

Senior unsecured notes

On the Effective Date, (i) the Escrow Issuers issued $650.0 million aggregate principal amount of 2026 Notes and $825.0 million aggregate principal amount of 2029 Notes, and (ii) the operating partnership and Ferrellgas Finance Corp. assumed the obligations of the Escrow Issuers as co-issuers of the 2026 Notes and the 2029 Notes upon the merger of the Escrow Issuers into the operating partnership and Ferrellgas Finance Corp., respectively. The operating partnership received aggregate net proceeds from the issuance and sale of the 2026 Notes and the 2029 Notes of approximately $1,441.2 million, after deducting the initial purchasers’ discount and estimated offering expenses. The operating partnership used such net proceeds, together with the net proceeds of the issuance and sale of the Preferred Units, as discussed in Note F – Preferred units, and cash on hand, (i) to redeem (or satisfy and discharge the indentures governing and subsequently redeem) all of the issued and outstanding 6.50% senior unsecured notes due 2021 (the “2021 Notes”), 6.75% senior unsecured notes due 2022 (the “2022 Notes”), 6.75% senior unsecured notes due 2023 (the “2023 Notes”) and 10.00% senior secured notes due 2025 (the “2025 Notes”), in the aggregate combined principal amount for all such notes of $2,175.0 million, and (ii) to repay all outstanding obligations under the agreement governing the accounts receivable securitization facility (the “Accounts Receivables Facility”) in connection with the termination of that facility.

The 2026 Notes and 2029 Notes are the senior unsecured obligations of the operating partnership and Ferrellgas Finance Corp. and are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the general partner and all domestic subsidiaries of the operating partnership other than Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC.

The 2026 Notes may be redeemed prior to April 1, 2023 and the 2029 Notes may be redeemed prior to April 1, 2024 at the issuers’ option, in whole or in part, at a redemption price of par plus the applicable make-whole premium and accrued and unpaid interest. On and after April 1, 2023 and April 1, 2024, the 2026 Notes and the 2029 Notes, respectively, may be redeemed at the issuers’ option, in whole or in part, at the redemption prices set forth in the respective indenture governing such notes, plus accrued and unpaid interest. Beginning on April 1, 2025 and April 1, 2026, the 2026 Notes and 2029 Notes, respectively, may be redeemed at par plus accrued and unpaid interest.

The indentures governing the 2026 Notes and 2029 Notes contain customary affirmative and negative covenants restricting, among other things, the ability of the operating partnership and its restricted subsidiaries to: incur additional indebtedness and guarantee indebtedness; pay dividends or make other distributions (including distributions to holders of Preferred Units, Ferrellgas Partners and the general partner) or repurchase or redeem their equity interests (including redemptions of Preferred Units); repurchase or redeem certain debt; make certain other restricted payments or investments; sell assets, incur liens, enter into transactions with affiliates, enter into agreements restricting the operating partnership’s subsidiaries’ ability to pay dividends; and consolidate, merge or sell all or substantially all of their assets. The indentures also restrict the ability of the general partner to engage in certain activities.

In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, Ferrellgas Partners and the general partner, redemptions of Preferred Units and other restricted payments (i) only in limited amounts specified in the indentures and (ii) only if the operating partnership’s net leverage ratio (defined generally to mean the ratio of consolidated total net debt to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is not greater than 5.0 to 1.0, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. Further, if the operating partnership’s consolidated fixed charge coverage ratio (defined generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated fixed charges, both as adjusted for certain, specified items) is equal to or less than 1.75 to 1.00 (on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events), the amount of distributions and other restricted payments the operating partnership is permitted to make under the indentures is further limited. As of January 31, 2022, the operating partnership is in compliance with the total net leverage ratio and fixed charge coverage ratio requirements.

The scheduled annual principal payments on long-term debt are as follows:


Payment due by fiscal year	Scheduled principal payments
2022	$	793
2023		1,709
2024		1,139
2025		930
2026		650,710
Thereafter		825,267
Total	$	1,480,548

Letters of credit outstanding at January 31, 2022 and July 31, 2021 totaled $91.2 million and $107.7 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. As of January 31, 2022, Ferrellgas, L.P. had available borrowing capacity under its Credit Facility of $258.8 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1B
-Subparagraph (h)
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Preferred Units

6 Months Ended

Jan. 31, 2022

Temporary Equity [Line Items]

Preferred units

F. Preferred units

On the Effective Date, pursuant to an Investment Agreement with certain purchasers named therein, the operating partnership issued and sold an aggregate of 700,000 Preferred Units (the “Preferred Units”), having an aggregate initial liquidation preference of $700.0 million. The purchase price per Preferred Unit was $1,000 less a 3.0% purchase price discount, for an aggregate purchase price of $679.0 million. The operating partnership received net proceeds from the issuance and sale of the Preferred Units of approximately $651.3 million, after deduction of the purchase price discount and certain expenses.

The operating partnership used such net proceeds, together with the net proceeds of the issuance and sale of the 2026 Notes and the 2029 Notes and cash on hand, (i) to redeem (or satisfy and discharge the indentures governing and subsequently redeem) all of the issued and outstanding 2021 Notes, 2022 Notes, 2023 Notes and 2025 Notes, as described in Note E - Debt, and (ii) to repay all outstanding obligations under the Accounts Receivable Facility in connection with the termination of that facility.

Redemption of the Preferred Units in the near term is not probable because of the high redemption price in the first three to five years. As described in greater detail under “Issuer Redemption Right” below, the Redemption Price for the Preferred Units is based upon the greater of the amount that would result in a 1.47x MOIC (defined below) and the amount that would result in a 12.25% internal rate of return. If the Preferred Units were redeemed at any time during the first three to four years after issuance, the 1.47x MOIC would require a large premium payment and that large premium payment would result in an internal rate of return far in excess of the minimum 12.25%. Consequently, it is unlikely that Ferrellgas would be able to achieve any savings in its cost of capital by redeeming the Preferred Units during the first three to four years after issuance.

“MOIC” means, with respect to a Preferred Unit, a multiple on invested capital equal to the quotient determined by dividing (A) the sum of (x) the aggregate amount of all distributions made in cash with respect to such Preferred Unit prior to the applicable date of determination, with certain exclusions, plus (y) each Redemption Price paid in cash in respect of such Preferred Unit, on or prior to the applicable date of determination, by (B) the Purchase Price (defined below) of such Preferred Unit.

On the Effective Date the general partner entered into (i) the Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P. (the “Amended OpCo LPA”), which amended and restated in its entirety the Fourth Amended and Restated Agreement of Limited Partnership of Ferrellgas L.P., and (ii) the First Amendment to the Amended OpCo LPA (the “OpCo LPA Amendment”), which sets forth the preferences, rights, privileges and other terms of the Preferred Units.

Issuer Redemption Right

The operating partnership has the right to redeem all or a portion of the Preferred Units for cash, pro rata and at any time and from time to time, including in connection with a Change of Control (as defined in the OpCo LPA Amendment), at an amount per Preferred Unit (the “Redemption Price”) equal to, without duplication, the sum of (a) the greater of (i) the amount necessary to result in a MOIC of 1.47x in respect of the purchase price, before discount, of such Preferred Unit, which is $1,000 per Preferred Unit (the “Purchase Price”), and (ii) the amount necessary to result in the applicable internal rate of return equal to 12.25%, which is increased by 150 basis points if the operating partnership has elected to pay more than four Quarterly Distributions (as defined below) in PIK Units (as defined below) and (b) the accumulated but unpaid Quarterly Distributions to the date of redemption, if any. A partial redemption of the Preferred Units is permitted only in the event the aggregate amount to be paid in respect of all Preferred Units included in such partial redemption is at least $25.0 million.

Investor Redemption Right

In the event that (i) any Class B Units are outstanding, or (ii) (x) no Class B Units are outstanding and (y) no more than 233,300 Preferred Units are outstanding, at any time on and after the tenth anniversary of the Effective Date the Required Holders may elect, by delivery of written notice, to have the operating partnership fully redeem each remaining outstanding Preferred Unit for an amount in cash equal to the Redemption Price. “Required Holders” refers to both (i) holders owning at least 33.3% of the total Preferred Units outstanding at any time and (ii) certain initial affiliated purchasers, for so long as such initial affiliated purchasers collectively own at least 25% of the Preferred Units outstanding at such time.

In the event that (i) no Class B Units are outstanding and (ii) more than 233,300 Preferred Units are outstanding, the Required Holders will have the right to trigger a sale of the operating partnership after the tenth anniversary of the Effective Date. If the operating partnership fails to consummate a sale that would pay the Redemption Price in full within 180 days of written notice requiring such sale, the Required Holders will have the right to appoint a majority of the members of the Board of Directors of the general partner and initiate a sale of the operating partnership.

Change of Control

Upon a Change of Control (as defined in the OpCo LPA Amendment), the Required Holders will have the option to require the redemption of all or a portion of the Preferred Units in cash in an amount equal to the Redemption Price; provided, that such Redemption Price shall not be payable unless the operating partnership shall have first made any required change of control offer pursuant to the indentures governing the 2026 Notes and the 2029 Notes and purchased all such 2026 Notes and 2029 Notes tendered pursuant to such offer (unless otherwise waived by such noteholders); provided, further that the Redemption Price shall be paid immediately following the purchase of such tendered Notes (if any).

Fair Value of Embedded Derivatives

Ferrellgas identified the investor redemption right and the change in control option as embedded derivatives that require bifurcation as they are not clearly and closely related to the debt host contract and has concluded that the fair values at issuance and at January 31, 2022, are immaterial to the financial statements.

Distributions

Pursuant to the OpCo LPA Amendment, the operating partnership is required to pay to the holders of each Preferred Unit a cumulative, quarterly distribution (the "Quarterly Distribution") at the Distribution Rate (as defined below) on the Purchase Price.

"Distribution Rate" means, for the first five years after March 30, 2021, a rate per annum equal to 8.956%, with certain increases in the Distribution Rate on each of the 5^th, 6^th and 7^th anniversaries of March 30, 2021, subject to a maximum rate of 11.125% and certain other adjustments and exceptions.

The Quarterly Distribution may be paid in cash or, at the election of the operating partnership, "in kind" through the issuance of additional Preferred Units ("PIK Units") at the quarterly Distribution Rate plus an applicable premium that escalates each year from 75 bps to 300 bps so long as the Preferred Units remain outstanding. In the event the operating partnership fails to make any Quarterly Distribution in cash, such Quarterly Distribution will automatically be paid in PIK Units.

The Distribution Rate on the Preferred Units will increase upon violation of certain protective provisions for the benefit of Preferred Unit holders notwithstanding the cap mentioned above.

As of January 31, 2022, the Quarterly Distribution accrued was $17.7 million. On February 15, 2022, $15.4 million of the Quarterly Distribution was paid in cash to holders of Preferred Units. The remaining Quarterly Distribution accrual of $2.3 million represents additional amounts payable to certain holders of Preferred Units pursuant to the side letters outlined in the OpCo LPA Amendment.

Tax Distributions

For any quarter in which the operating partnership makes a Quarterly Distribution in PIK Units in lieu of cash, it will be required to make a subsequent cash tax distribution for such quarter in an amount equal to the (i) the lesser of (x) 25% and (y) the highest combined federal, state and local tax rate applicable for corporations organized in New York, multiplied by (ii) the excess (if any) of (A) one-fourth (1/4th) of the estimated taxable income to be allocated to the holders of Preferred Units for the year in which the Quarterly Tax Payment Date (which refers to certain specified dates that next follow a Quarterly Distribution date on which PIK Units were issued) occurs, over (B) any cash paid on the Quarterly Distribution date immediately preceding the Quarterly Tax Payment Date on which a quarterly tax amount would otherwise be paid (such amount, the "Tax Distribution"). Tax Distributions are treated as advances against, and reduce, future cash distributions for any reason, including payments in redemption of Preferred Units or PIK Units, or payments to the holders in their capacity as such pursuant to any side letter or other agreement.

Additional Amounts for Certain Purchasers

The operating partnership is required to pay certain additional amounts of cash (the “Additional Amounts”) as necessary to certain holders of Preferred Units that hold their interests through a “blocker,” which is a U.S. entity that is owned and organized by certain original purchasers of Preferred Units who are non-U.S. persons or tax exempt for U.S. tax purposes and is treated as a corporation for U.S. tax purposes. Only certain original purchasers of Preferred Units who hold their Preferred Units through such blockers are, and none of their transferees is, entitled to Additional Amounts. Additional Amounts are capped at the lesser of: (a) the product of 20% multiplied by taxable income allocated to a “blocker” (as defined) divided by 0.8, and (b) the actual taxes payable by the “blocker” as a result of holding Senior Preferred Units.

Board Rights

For so long as at least 140,000 Preferred Units remain outstanding, holders of the Preferred Units have the right to designate one director to the Board of the general partner, subject to approval by the general partner.

Protective Provisions

The OpCo LPA Amendment and the Sixth Amended and Restated Agreement of Limited Partnership of Ferrellgas Partners, L.P. include, among other things, certain covenants for the benefit of holders of Preferred Units applicable to the operating partnership and, in certain instances, Ferrellgas Partners, for so long as at least $35,000,000 of Preferred Units and PIK Units remain outstanding. These covenants include, among other things, limitations on (i) effecting a Change of Control, (ii) amending organizational documents, (iii) issuing certain equity securities, (iv) issuing Preferred Units, (v) filing for bankruptcy, (vi) non-ordinary course investments, and (vii) incurring certain levels of indebtedness.

Ranking and Liquidation Preference

The Preferred Units rank senior to any other class or series of equity interests of the operating partnership (including the partnership interests held by Ferrellgas Partners and the general partner). Upon a liquidation, dissolution or winding up of the operating partnership, each holder of Preferred Units will be entitled to receive, prior and in preference to any distribution of any assets of the operating partnership to the holders of any other class or series of equity interests in the operating partnership (including Ferrellgas Partners and the general partner), an amount per Preferred Unit equal to the Redemption Price.

Restrictions on Cash Distributions to Ferrellgas Partners and the General Partner

The operating partnership is permitted to make distributions of Available Cash (as defined in the Amended OpCo LPA) to Ferrellgas Partners only if (i) the operating partnership has made all required Quarterly Distributions (in cash or PIK Units), Tax Distributions and payments of Additional Amounts, (ii) the operating partnership has redeemed all PIK Units issued, (iii) the operating partnership’s consolidated net leverage (defined generally to mean the ratio of the operating partnership’s consolidated total net debt (including the total redemption price of all outstanding Preferred Units and PIK Units but excluding certain letters of credit and capital lease obligations) as of each Quarterly Distribution Date to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is below 7.25x through May 15, 2022 and 7.00x thereafter, net of cash, immediately before and after giving effect to such distribution, (iv) the operating partnership has at least $100 million of liquidity, consisting of unrestricted cash on hand and available capacity under the Credit Agreement or any replacement thereof, and (v) the operating partnership is in compliance with the other protective provisions in the OpCo LPA Amendment.

Equity (Deficit)

6 Months Ended

Jan. 31, 2022

Limited Partners' Capital Account [Line Items]

Equity (Deficit)

G. Equity (Deficit)

Partnership distributions

Ferrellgas, L.P. has recognized the following distributions:


	For the three months ended January 31,				For the six months ended January 31,
	2022		2021		2022		2021
Ferrellgas Partners	$	—	$	—	$	50,000	$	—
General partner		—		—		—		—

See additional discussions about transactions with related parties in Note L – Transactions with related parties.

Accumulated other comprehensive income (loss) (“AOCI”)

See Note K – Derivative instruments and hedging activities for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the three and six months ended January 31, 2022 and 2021.

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 (excluding the interest attributable to the Preferred Units) concurrent with the issuance of other additional equity.

During the six months ended January 31, 2022, the general partner made non-cash contributions of $17.0 thousand to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

During the six months ended January 31, 2021, the general partner made non-cash contributions of $15.0 thousand to Ferrellgas, L.P. to maintain its 1.0101% general partner interest.

Leases

6 Months Ended

Jan. 31, 2022

Leases

H. Leases

The following table provides the operating and financing right-of-use assets and lease liabilities as of January 31, 2022 and July 31, 2021:


Leases	Classification		January 31, 2022		July 31, 2021
Assets
Operating lease assets	Operating lease right-of-use assets	$	82,046	$	87,611
Financing lease assets	Other assets, net		33,564		34,858
Total leased assets		$	115,610	$	122,469

Liabilities
Current
Operating	Current operating lease liabilities	$	26,048	$	25,363
Financing	Other current liabilities		6,262		7,479
Noncurrent
Operating	Operating lease liabilities		55,708		74,349
Financing	Other liabilities		27,427		28,029
Total leased liabilities		$	115,445	$	135,220

The following table provides the lease expenses for the three and six months ended January 31, 2022 and 2021:


		For the three months ended January 31,				For the six months ended January 31,
Leases expense	Classification	2022		2021		2022		2021
Operating lease expense	Operating expense - personnel, vehicle, plant and other	$	1,729	$	1,497	$	3,438	$	3,280
	Operating expense - equipment lease expense		5,228		6,513		10,460		12,955
	Cost of sales - propane and other gas liquids sales		352		492		792		1,018
	General and administrative expense		599		194		1,072		476
Total operating lease expense			7,908		8,696		15,762		17,729

Short-term expense	Operating expense - personnel, vehicle, plant and other		1,673		1,873		3,481		3,905
	General and administrative expense		78		123		164		364
Total short-term expense			1,751		1,996		3,645		4,269

Variable lease expense	Operating expense - personnel, vehicle, plant and other		770		798		1,540		1,544
	Operating expense - equipment lease expense		506		349		964		737
Total variable lease expense			1,276		1,147		2,504		2,281

Finance lease expense:
Amortization of leased assets	Depreciation and amortization expense		1,933		2,189		2,784		4,354
Interest on lease liabilities	Interest expense		672		963		1,610		1,908
Total finance lease expense			2,605		3,152		4,394		6,262

Total lease expense		$	13,540	$	14,991	$	26,305	$	30,541

Minimum annual payments under existing operating and finance lease liabilities as of January 31, 2022 are as follows:


Maturities of lease liabilities		Operating leases		Finance leases		Total
2022	$	15,158	$	4,522	$	19,680
2023		27,224		8,482		35,706
2024		21,216		8,215		29,431
2025		14,907		8,109		23,016
2026		5,727		7,259		12,986
Thereafter		17,660		5,112		22,772
Total lease payments	$	101,892	$	41,699	$	143,591
Less: Imputed interest		20,136		8,010		28,146
Present value of lease liabilities	$	81,756	$	33,689	$	115,445

The following table represents the weighted-average remaining lease term and discount rate as of January 31, 2022:


	As of January 31, 2022
Lease type	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	5.0	7.7%
Finance leases	4.8	8.4%

Cash flow information is presented below:


	For the six months ended January 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities for operating leases:
Operating cash flows	$	16,415	$	17,546

Cash paid for amounts included in the measurement of lease liabilities for financing leases:
Operating cash flows	$	1,500	$	1,729
Financing cash flows	$	2,795	$	3,460

Revenue from contracts with customers

6 Months Ended

Jan. 31, 2022

Disaggregation of Revenue [Line Items]

Revenue from Contract with Customer [Text Block]

I. Revenue from contracts with customers

Disaggregation of revenue

Ferrellgas, L.P. disaggregates revenues based upon the type of customer and on the type of revenue. The following table presents retail propane revenues, wholesale propane revenues and other revenues. Retail revenues result from sales to end use customers, wholesale revenues result from sales to or through resellers and all other revenues include sales of appliances and other materials, other fees charged to customers and equipment rental charges.


	For the three months ended January 31,				For the six months ended January 31,
	2022		2021		2022		2021
Retail - Sales to End Users	$	496,745	$	378,350	$	749,255	$	552,995
Wholesale - Sales to Resellers		154,594		138,730		268,565		241,342
Other Gas Sales		6,165		11,354		12,388		15,146
Other		27,432		25,126		49,234		44,971
Propane and related equipment revenues	$	684,936	$	553,560	$	1,079,442	$	854,454

Contract assets and liabilities

Ferrellgas, L.P.’s performance obligations are generally limited to the delivery of propane for our retail and wholesale contracts. Ferrellgas, L.P.’s performance obligations with respect to sales of appliances and other materials and other revenues are limited to the delivery of the agreed upon good or service. Ferrellgas, L.P. does not have material performance obligations that are delivered over time, thus all of our revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas, L.P. offers “even pay” billing programs that can create customer deposits or advances, depending on whether Ferrellgas, L.P. has delivered more propane than the customer has paid for or whether the customer has paid for more propane than what has been delivered. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. The advance or deposit is considered to be a contract asset or liability. Additionally, from time to time, we have customers that pay in advance for goods or services, and such amounts result in contract liabilities.

Ferrellgas, L.P. incurs incremental commissions directly related to the acquisition or renewal of customer contracts. The commissions are calculated and paid based upon the number of gallons sold to the acquired or renewed customer. The total amount of commissions that we incur is not material, and the commissions are expensed commensurate with the deliveries to which they relate; therefore, Ferrellgas, L.P. does not capitalize these costs.

The following table presents the opening and closing balances of our receivables, contract assets, and contract liabilities:


	January 31, 2022		July 31, 2021
Accounts receivable	$	247,162	$	138,757
Contract assets	$	13,503	$	10,074
Contract liabilities
Deferred revenue (1)	$	53,397	$	49,354

(1)	Of the beginning balance of deferred revenue, $13.3 million was recognized as revenue during the six months ended January 31, 2022.

Remaining performance obligations

Ferrellgas, L.P.’s remaining performance obligations are generally limited to situations where its customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in Ferrellgas, L.P.’s even pay billing programs and Ferrellgas expects that these balances will be recognized within a year or less as the customer takes delivery of propane.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements

6 Months Ended

Jan. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value Measurements

J. 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 January 31, 2022 and July 31, 2021:


	Asset (Liability)
	Quoted Prices in Active
	Markets for Identical		Significant Other
	Assets and Liabilities		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
January 31, 2022:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	105,536	$	—	$	105,536
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(13,498)	$	—	$	(13,498)

July 31, 2021:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	94,244	$	—	$	94,244
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(4,458)	$	—	$	(4,458)

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.

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. At January 31, 2022 and July 31, 2021, the estimated fair value of Ferrellgas, L.P.’s long-term debt instruments was $1,375.0 million and $1,466.4 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments and Hedging Activities

6 Months Ended

Jan. 31, 2022

Derivative [Line Items]

Derivative Instruments and Hedging Activities

K. 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.

Derivative instruments and hedging activity

During the six months ended January 31, 2022 and 2021, 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 within Ferrellgas, L.P.’s condensed consolidated balance sheets as of January 31, 2022 and July 31, 2021:


	Final	January 31, 2022
	Maturity	Asset Derivatives			Liability Derivatives
Derivative Instrument	Date	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments	December 2024
Commodity derivatives-propane		Price risk management asset	$	93,827	Other current liabilities	$	13,139
Commodity derivatives-propane		Other assets, net		11,709	Other liabilities		359
		Total	$	105,536	Total	$	13,498


	Final	July 31, 2021
	Maturity	Asset Derivatives			Liability Derivatives
Derivative Instrument	Date	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments	December 2023
Commodity derivatives-propane		Price risk management asset	$	78,001	Other current liabilities	$	3,429
Commodity derivatives-propane		Other assets, net		16,243	Other liabilities		1,029
		Total	$	94,244	Total	$	4,458

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 January 31, 2022 and July 31, 2021, respectively:


	January 31, 2022
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	21,403	Other current liabilities	$	86,596
	Other assets, net		4,910	Other liabilities		11,355
		$	26,313		$	97,951


	July 31, 2021
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	21,068	Other current liabilities	$	79,178
	Other assets, net		3,036	Other liabilities		15,489
		$	24,104		$	94,667

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 six months ended January 31, 2022 and 2021 due to derivatives designated as cash flow hedging instruments:


	For the three months ended January 31, 2022
				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	$	(17,860)	Cost of sales-propane and other gas liquids sales	$	30,210	$	—
	$	(17,860)		$	30,210	$	—


	For the three months ended January 31, 2021
				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	$	36,957	Cost of sales-propane and other gas liquids sales	$	8,441	$	—
	$	36,957		$	8,441	$	—


	For the six months ended January 31, 2022
				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	$	55,072	Cost of product sold- propane and other gas liquids sales	$	52,820	$	—
	$	55,072		$	52,820	$	—


	For the six months ended January 31, 2021
				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	$	42,724	Cost of product sold- propane and other gas liquids sales	$	6,291	$	—
	$	42,724		$	6,291	$	—

The changes in derivatives included in AOCI for the six months ended January 31, 2022 and 2021 were as follows:


	For the six months ended January 31,
Gains and losses on derivatives included in AOCI	2022		2021
Beginning balance	$	89,786	$	(2,313)
Change in value of risk management commodity derivatives		55,072		42,724
Reclassification of gains on commodity hedges to cost of sales - propane and other gas liquids sales, net		(52,820)		(6,291)
Ending balance	$	92,038	$	34,120

Ferrellgas, L.P. expects to reclassify net gains of approximately $80.7 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 sale exception.

During the six months ended January 31, 2022 and 2021, 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 January 31, 2022, Ferrellgas, L.P. had financial derivative contracts covering 5.0 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 reduce 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 January 31, 2022, the maximum amount of loss due to credit risk that Ferrellgas, L.P. would incur based upon the gross fair values of the derivative financial instruments is zero.

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 January 31, 2022.

Transactions With Related Parties

6 Months Ended

Jan. 31, 2022

L. 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 its 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:


	For the three months ended January 31,				For the six months ended January 31,
	2022		2021		2022		2021
Operating expense	$	71,803	$	70,655	$	136,752	$	131,635

General and administrative expense	$	8,786	$	10,375	$	15,015	$	17,094

See additional discussions about transactions with the general partner and related parties in Note G – Equity (Deficit).

Term loan credit agreement with Ferrellgas Partners, L.P.

On January 8, 2021, Ferrellgas, L.P. entered into a term loan credit agreement pursuant to which Ferrellgas, L.P. extended to Ferrellgas Partners, L.P. an unsecured, non-amortizing term loan in the aggregate principal amount of $19.9 million. The term loan bears interest at a rate of 20% per annum, and all interest on the term loan will be added to the outstanding principal amount of the term loan. The term loan will mature on July 1, 2022. During July 2021, Ferrellgas Partners made an optional principal prepayment of $9.0 million on the term loan. The outstanding principal and accrued interest at January 31, 2022 was $14.5 million.

Contingencies And Commitments

6 Months Ended

Jan. 31, 2022

Loss Contingencies [Line Items]

Contingencies And Commitments

B. Contingencies and commitments

The Finance Corp. serves as co-issuer and co-obligor for debt securities of the operating partnership. At July 31, 2020, the Finance Corp. was liable as co-issuer and co-obligor for the operating partnership’s (i) $500 million aggregate principal amount of unsecured senior notes due 2021, (ii) $475 million aggregate principal amount of unsecured senior notes due 2022, (iii) $500 million aggregate principal amount of unsecured senior notes due 2023, and (iv) $700 million aggregate principal amount of senior secured notes due 2025, which obligations were only reported on the operating partnership’s condensed consolidated balance sheet. The senior notes due 2021, senior notes due 2022 and senior notes due 2023 were redeemed on April 5, 2021, and the senior secured notes due 2025 were redeemed on March 30, 2021. As of January 31, 2022, the Finance Corp. was liable as co-issuer and co-obligor for the operating partnership’s (i) $650 million aggregate principal amount of unsecured senior notes due 2026 and (ii) $825 million aggregate principal amount of unsecured senior notes due 2029, each of which were issued on March 30, 2021 and which obligations are only reported on the operating partnership’s condensed consolidated balance sheet.

Net Earnings Per Unitholders' Interest

6 Months Ended

Jan. 31, 2022

Earnings Per Share [Abstract]

Net Earnings Per Unitholders' Interest

N. Net earnings per unitholders’ interest

Below is a calculation of the basic and diluted net earnings per Class A Unitholders’ interest in the condensed consolidated statements of operations for the periods indicated:


	For the three months ended January 31,				For the six months ended January 31,
	2022		2021		2022		2021

	(in thousands, except per common unit amounts)
Net earnings attributable to Ferrellgas Partners, L.P.	$	108,405	$	63,267	$	99,799	$	17,205
Less: Distributions to preferred unitholders		16,317		—		33,322		—
Less: Distribution to Class B unitholders		—		—		49,998		—
Less: Allocation of undistributed net earnings to Class B units		78,003		—		6,127		—
Less: General partner's interest in net earnings		1,084		633		998		172
Undistributed net earnings attributable to Class A unitholders		13,001		62,634		9,354		17,033
Weighted average Class A Units outstanding (in thousands)		4,857.6		4,857.6		4,857.6		4,857.6
Basic and diluted undistributed net earnings per Class A Unit	$	2.68	$	12.89	$	1.93	$	3.51

Class B Units considerations

The Class B Units meet the definition of a participating security and the two-class method is required. For any periods in which earnings are recognized, the earnings will first be allocated 100% to the Class B Units until the allocation equals the cumulative amount of all distributions paid to the Class B Units. Any remaining undistributed net earnings will be allocated between the Class B Units and the Class A Units on a six-to-one basis as if all undistributed earnings had been distributed to each class of units in accordance with their distribution rights. For any periods in which losses are recognized, no effect is given to the Class B Units as they do not contractually participate in the losses of Ferrellgas.

In addition, Ferrellgas has the option to redeem all, but not less than all, of the Class B Units outstanding at any time on or prior to the fifth anniversary of the Effective Date for cash. This call option does not impact the dilutive effect of net loss per Class A Unit due to the cash-only redemption provision, which is assumed, and therefore there would be no dilutive effect.

Subsequent Events

6 Months Ended

Jan. 31, 2022

Subsequent Event [Line Items]

Subsequent Events

C. Subsequent events

The Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’s condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its condensed consolidated financial statements.

Summary Of Significant Accounting Policies (Policy)	6 Months Ended
Summary Of Significant Accounting Policies (Policy)	Jan. 31, 2022
Significant Accounting Policies
Accounting estimates	(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 condensed 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, 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 expected credit losses, fair value of reporting units, recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use asset and lease liability, fair values of derivative contracts and stock-based compensation calculations.
Goodwill, net	(2) Goodwill, net: The operating partnership tests goodwill for impairment annually during the second fiscal quarter or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. During the most recent impairment testing conducted during the fiscal quarter ended January 31, 2022, the operating partnership determined that goodwill was not impaired.
New accounting standards	(3) New accounting standards: No new accounting standards were adopted during the six months ended January 31, 2022.

Supplemental Financial Statement Information (Tables)

6 Months Ended

Jan. 31, 2022

Supplemental Financial Statement Information [Line Items]

Schedule Of Inventories


	January 31, 2022		July 31, 2021
Propane gas and related products	$	104,688	$	75,848
Appliances, parts and supplies, and other		13,455		12,531
Inventories	$	118,143	$	88,379

Prepaid Expenses and Other Current Assets


	January 31, 2022		July 31, 2021
Broker margin deposit assets	$	21,403	$	21,068
Other		26,081		18,005
Prepaid expenses and other current assets	$	47,484	$	39,073

Other Current Liabilities


	January 31, 2022		July 31, 2021
Accrued interest	$	29,846	$	29,095
Customer deposits and advances		39,713		35,734
Accrued payroll		25,608		11,104
Accrued insurance		8,786		28,143
Accrued senior preferred units distributions		17,738		16,013
Other		61,308		46,515
Other current liabilities	$	182,999	$	166,604

Shipping And Handling Expenses


	For the three months ended January 31,				For the six months ended January 31,
	2022		2021		2022		2021
Operating expense - personnel, vehicle, plant and other	$	58,194	$	56,723	$	112,641	$	104,253
Depreciation and amortization expense		3,801		1,958		6,336		6,481
Operating expense - equipment lease expense		3,132		5,793		7,667		11,676
	$	65,127	$	64,474	$	126,644	$	122,410

Cash and Cash Equivalents


	January 31, 2022		July 31, 2021
Cash and cash equivalents	$	188,128	$	270,188
Restricted cash (1)		11,267		11,500
Cash, cash equivalents and restricted cash	$	199,395	$	281,688

(1)

Cash Flow Supplemental Disclosures


	For the six months ended January 31,
	2022		2021
Cash paid for:
Interest	$	46,020	$	88,107
Income taxes	$	407	$	290
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	644	$	—
Change in accruals for property, plant and equipment additions	$	1,140	$	(178)
Lease liabilities arising from operating right-of-use assets	$	9,045	$	4,262
Lease liabilities arising from finance right-of-use assets	$	872	$	972
Accrued senior preferred units distributions	$	17,738	$	—

Accounts And Notes Receivable, Net (Tables)

6 Months Ended

Jan. 31, 2022

Accounts, Notes, Loans and Financing Receivable [Line Items]

Accounts And Notes Receivable


	January 31, 2022		July 31, 2021
Accounts receivable	$	258,017	$	135,182
Note receivable		2,648		13,648
Less: Allowance for expected credit losses		(6,780)		(17,256)
Accounts and notes receivable, net	$	253,885	$	131,574

Debt (Tables)

6 Months Ended

Jan. 31, 2022

Debt Instrument [Line Items]

Schedule of Debt Components


	January 31, 2022		July 31, 2021
Unsecured senior notes
Fixed rate, 5.375%, due 2026 (1)	$	650,000	$	650,000
Fixed rate, 5.875%, due 2029 (1)		825,000		825,000

Notes payable
9.0% and 8.8% weighted average interest rate at January 31, 2022 and July 31, 2021, respectively, due 2022 to 2029, net of unamortized discount of $570 and $573 at January 31, 2022 and July 31, 2021, respectively		4,978		3,882
Total debt, excluding unamortized debt issuance and other costs		1,479,978		1,478,882
Unamortized debt issuance and other costs		(30,073)		(32,322)
Less: current portion of long-term debt		1,979		1,670
Long-term debt	$	1,447,926	$	1,444,890

(1)

Scheduled Annual Principal Payments On Long-term Debt


Payment due by fiscal year	Scheduled principal payments
2022	$	793
2023		1,709
2024		1,139
2025		930
2026		650,710
Thereafter		825,267
Total	$	1,480,548

Equity (Deficit) (Tables)

6 Months Ended

Jan. 31, 2022

Limited Partners' Capital Account [Line Items]

Schedule of units conversion


Year Post-Emergence	Conversion Factor
Year 1	1.75x
Year 2	2.00x
Year 3	3.50x
Year 4	4.00x
Year 5	5.00x
Year 6	6.00x
Year 7	7.00x
Year 8	10.00x
Year 9	12.00x
Year 10	25.00x

Limited Partner Units


	January 31, 2022	July 31, 2021
Public Class A Unitholders (1)	3,480,621	3,480,621
Ferrell Companies (2)	1,126,468	1,126,468
FCI Trading Corp. (3)	9,784	9,784
Ferrell Propane, Inc. (4)	2,560	2,560
James E. Ferrell (5)	238,172	238,172

(1)	These Class A Units are traded on the OTC Pink Market under the symbol “FGPR”.

(2)

Ferrell Companies is the owner of the general partner and an approximate 23% direct owner of Ferrellgas Partners’ Class A Units and thus a related party. Ferrell Companies also beneficially owns 9,784 and 2,560 Class A Units of Ferrellgas Partners held by FCI Trading Corp. (“FCI Trading”) and Ferrell Propane, Inc. ("Ferrell Propane"), respectively, bringing Ferrell Companies’ total beneficial ownership of Class A Units to 23.4%.

(3)	FCI Trading is an affiliate of the general partner and thus a related party.

(4)	Ferrell Propane is controlled by the general partner and thus a related party.

(5)

James E. Ferrell is the Chief Executive Officer and President of our general partner; and is the Chairman of the Board of Directors of our general partner and a related party. JEF Capital Management owns 237,942 of these Class A Units and is owned by the James E. Ferrell Revocable Trust Two and other family trusts, all of which James E. Ferrell and/or his family members are the trustees and beneficiaries. James E. Ferrell holds all voting common stock of JEF Capital Management. The remaining 230 Class A Units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary.

Ferrellgas Recognized Cash Distributions


	For the three months ended January 31,				For the six months ended January 31,
	2022		2021		2022		2021
Ferrellgas Partners	$	—	$	—	$	50,000	$	—
General partner		—		—		—		—

Leases (Tables)

6 Months Ended

Jan. 31, 2022

Schedule of Lease Assets and Liabilities


Leases	Classification		January 31, 2022		July 31, 2021
Assets
Operating lease assets	Operating lease right-of-use assets	$	82,046	$	87,611
Financing lease assets	Other assets, net		33,564		34,858
Total leased assets		$	115,610	$	122,469

Liabilities
Current
Operating	Current operating lease liabilities	$	26,048	$	25,363
Financing	Other current liabilities		6,262		7,479
Noncurrent
Operating	Operating lease liabilities		55,708		74,349
Financing	Other liabilities		27,427		28,029
Total leased liabilities		$	115,445	$	135,220

Schedule of Lease Costs


		For the three months ended January 31,				For the six months ended January 31,
Leases expense	Classification	2022		2021		2022		2021
Operating lease expense	Operating expense - personnel, vehicle, plant and other	$	1,729	$	1,497	$	3,438	$	3,280
	Operating expense - equipment lease expense		5,228		6,513		10,460		12,955
	Cost of sales - propane and other gas liquids sales		352		492		792		1,018
	General and administrative expense		599		194		1,072		476
Total operating lease expense			7,908		8,696		15,762		17,729

Short-term expense	Operating expense - personnel, vehicle, plant and other		1,673		1,873		3,481		3,905
	General and administrative expense		78		123		164		364
Total short-term expense			1,751		1,996		3,645		4,269

Variable lease expense	Operating expense - personnel, vehicle, plant and other		770		798		1,540		1,544
	Operating expense - equipment lease expense		506		349		964		737
Total variable lease expense			1,276		1,147		2,504		2,281

Finance lease expense:
Amortization of leased assets	Depreciation and amortization expense		1,933		2,189		2,784		4,354
Interest on lease liabilities	Interest expense		672		963		1,610		1,908
Total finance lease expense			2,605		3,152		4,394		6,262

Total lease expense		$	13,540	$	14,991	$	26,305	$	30,541

Schedule of Minimum Annual Payments Under Existing Operating Leases


Maturities of lease liabilities		Operating leases		Finance leases		Total
2022	$	15,158	$	4,522	$	19,680
2023		27,224		8,482		35,706
2024		21,216		8,215		29,431
2025		14,907		8,109		23,016
2026		5,727		7,259		12,986
Thereafter		17,660		5,112		22,772
Total lease payments	$	101,892	$	41,699	$	143,591
Less: Imputed interest		20,136		8,010		28,146
Present value of lease liabilities	$	81,756	$	33,689	$	115,445

Schedule of Minimum Annual Payments Under Existing Finance Leases

Minimum annual payments under existing operating and finance lease liabilities as of January 31, 2022 are as follows:


Maturities of lease liabilities		Operating leases		Finance leases		Total
2022	$	15,158	$	4,522	$	19,680
2023		27,224		8,482		35,706
2024		21,216		8,215		29,431
2025		14,907		8,109		23,016
2026		5,727		7,259		12,986
Thereafter		17,660		5,112		22,772
Total lease payments	$	101,892	$	41,699	$	143,591
Less: Imputed interest		20,136		8,010		28,146
Present value of lease liabilities	$	81,756	$	33,689	$	115,445

Schedule of Operating and Finance Lease Assumptions


	As of January 31, 2022
Lease type	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	5.0	7.7%
Finance leases	4.8	8.4%

Schedule of Cash Flow Information


	For the six months ended January 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities for operating leases:
Operating cash flows	$	16,415	$	17,546

Cash paid for amounts included in the measurement of lease liabilities for financing leases:
Operating cash flows	$	1,500	$	1,729
Financing cash flows	$	2,795	$	3,460

Revenue from contracts with customers (Tables)

6 Months Ended

Jan. 31, 2022

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]


	For the three months ended January 31,				For the six months ended January 31,
	2022		2021		2022		2021
Retail - Sales to End Users	$	496,745	$	378,350	$	749,255	$	552,995
Wholesale - Sales to Resellers		154,594		138,730		268,565		241,342
Other Gas Sales		6,165		11,354		12,388		15,146
Other		27,432		25,126		49,234		44,971
Propane and related equipment revenues	$	684,936	$	553,560	$	1,079,442	$	854,454

Contract with Customer, Asset and Liability [Table Text Block]


	January 31, 2022		July 31, 2021
Accounts receivable	$	247,162	$	138,757
Contract assets	$	13,503	$	10,074
Contract liabilities
Deferred revenue (1)	$	53,397	$	49,354

(1)	Of the beginning balance of deferred revenue, $13.3 million was recognized as revenue during the six months ended January 31, 2022.

Fair Value Measurement (Tables)

6 Months Ended

Jan. 31, 2022

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets and Liabilities Fair Value Hierarchy


	Asset (Liability)
	Quoted Prices in Active
	Markets for Identical		Significant Other
	Assets and Liabilities		Observable Inputs		Unobservable Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
January 31, 2022:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	105,536	$	—	$	105,536
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(13,498)	$	—	$	(13,498)

July 31, 2021:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	94,244	$	—	$	94,244
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(4,458)	$	—	$	(4,458)

Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jan. 31, 2022

Fair Value of Financial Derivatives Balance Sheet Locations


	Final	January 31, 2022
	Maturity	Asset Derivatives			Liability Derivatives
Derivative Instrument	Date	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments	December 2024
Commodity derivatives-propane		Price risk management asset	$	93,827	Other current liabilities	$	13,139
Commodity derivatives-propane		Other assets, net		11,709	Other liabilities		359
		Total	$	105,536	Total	$	13,498


	Final	July 31, 2021
	Maturity	Asset Derivatives			Liability Derivatives
Derivative Instrument	Date	Location	Fair value		Location	Fair value
Derivatives designated as hedging instruments	December 2023
Commodity derivatives-propane		Price risk management asset	$	78,001	Other current liabilities	$	3,429
Commodity derivatives-propane		Other assets, net		16,243	Other liabilities		1,029
		Total	$	94,244	Total	$	4,458

Offsetting Assets And Liabilities [Table Text Block]


	January 31, 2022
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	21,403	Other current liabilities	$	86,596
	Other assets, net		4,910	Other liabilities		11,355
		$	26,313		$	97,951


	July 31, 2021
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	21,068	Other current liabilities	$	79,178
	Other assets, net		3,036	Other liabilities		15,489
		$	24,104		$	94,667

Cash Flow Hedge Derivative Effect on Comprehensive Income


	For the three months ended January 31, 2022
				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	$	(17,860)	Cost of sales-propane and other gas liquids sales	$	30,210	$	—
	$	(17,860)		$	30,210	$	—


	For the three months ended January 31, 2021
				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	$	36,957	Cost of sales-propane and other gas liquids sales	$	8,441	$	—
	$	36,957		$	8,441	$	—


	For the six months ended January 31, 2022
				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	$	55,072	Cost of product sold- propane and other gas liquids sales	$	52,820	$	—
	$	55,072		$	52,820	$	—


	For the six months ended January 31, 2021
				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	$	42,724	Cost of product sold- propane and other gas liquids sales	$	6,291	$	—
	$	42,724		$	6,291	$	—

Changes in Derivatives Included in Accumulated Other Comprehensive Income


	For the six months ended January 31,
Gains and losses on derivatives included in AOCI	2022		2021
Beginning balance	$	89,786	$	(2,313)
Change in value of risk management commodity derivatives		55,072		42,724
Reclassification of gains on commodity hedges to cost of sales - propane and other gas liquids sales, net		(52,820)		(6,291)
Ending balance	$	92,038	$	34,120

Transactions With Related Parties (Tables)

6 Months Ended

Jan. 31, 2022

Allocation Of Transactions With Related Parties


	For the three months ended January 31,				For the six months ended January 31,
	2022		2021		2022		2021
Operating expense	$	71,803	$	70,655	$	136,752	$	131,635

General and administrative expense	$	8,786	$	10,375	$	15,015	$	17,094

Net Earnings Per Unitholders' Interest (Tables)

6 Months Ended

Jan. 31, 2022

Earnings Per Share [Abstract]

Basic And Diluted Net Earnings Per Unitholders' Interest


	For the three months ended January 31,				For the six months ended January 31,
	2022		2021		2022		2021

	(in thousands, except per common unit amounts)
Net earnings attributable to Ferrellgas Partners, L.P.	$	108,405	$	63,267	$	99,799	$	17,205
Less: Distributions to preferred unitholders		16,317		—		33,322		—
Less: Distribution to Class B unitholders		—		—		49,998		—
Less: Allocation of undistributed net earnings to Class B units		78,003		—		6,127		—
Less: General partner's interest in net earnings		1,084		633		998		172
Undistributed net earnings attributable to Class A unitholders		13,001		62,634		9,354		17,033
Weighted average Class A Units outstanding (in thousands)		4,857.6		4,857.6		4,857.6		4,857.6
Basic and diluted undistributed net earnings per Class A Unit	$	2.68	$	12.89	$	1.93	$	3.51

Partnership Organization And Formation (Details)		6 Months Ended
Partnership Organization And Formation (Details)	Mar. 30, 2021 USD ($) item	Jan. 31, 2022 shares	Jan. 31, 2021	Jan. 31, 2022 USD ($)	Jan. 31, 2022	Jan. 31, 2022 item	Jan. 31, 2022 subsidiary	Jul. 31, 2021 USD ($) shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Common stock shares outstanding \| shares		1,000						1,000
Number of subsidiaries \| subsidiary							2
Number of states in which entity operates					50	50
Senior preferred units, units outstanding \| shares		700,000						700,000
Preferred Units aggregate initial liquidation preference	$ 700,000,000.0
Senior preferred units, carrying amount				$ 651,349,000				$ 651,349,000
Aggregate redemption price	$ 2,175,000,000.0
Corporation formation proceeds from partnership				$ 1,000
Corporation formation shares granted to partnership \| shares		1,000,000
Class A Limited Partner Units
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Conversion ratio	0.05
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Aggregate principal amount	$ 357,000,000.0
Interest rate, as a percent	8.625%
Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of subsidiaries \| item	2
Proceeds from issuance of long-term debt	$ 1,441,200,000
Senior Notes 5.375 Percent Due 2026 [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Aggregate principal amount	$ 650,000,000.0
Interest rate, as a percent	5.375%				5.375%			5.375%
Senior Notes 5.875 Percent Due 2029 [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Aggregate principal amount	$ 825,000,000.0
Interest rate, as a percent	5.875%				5.875%			5.875%
Fixed rate 10.00% Due 2025
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Interest rate, as a percent	10.00%
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Interest rate, as a percent	6.50%
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Interest rate, as a percent	6.75%
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Interest rate, as a percent	6.75%
Revolving Credit Facility [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Debt Instrument, Term	4 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 350,000,000.0
Sublimit, initial period	$ 225,000,000.0
Duration of initial period for sublimit	60 days
Sublimit, after initial period	$ 200,000,000.0
Ferrellgas [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest		2.00%	2.00%
Ferrellgas Partners LP [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest		1.00%
Ferrellgas Partners LP [Member] \| Class A Limited Partner Units
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership percentage					23.40%
Ferrellgas, L.P. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partner interest		99.00%
General partner ownership interest		1.0101%	1.0101%
Ferrellgas Partners Finance Corp. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership percentage					100.00%
Ferrellgas Finance Corp. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership percentage					100.00%
Ferrell Companies [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership percentage					100.00%

Supplemental Information - Inventories (Details) $ in Thousands	6 Months Ended
	Jan. 31, 2022 USD ($) gal	Jul. 31, 2021 USD ($)
Supplemental Financial Statement Information [Line Items]
Propane gas and related products	$ 104,688	$ 75,848
Appliances, parts and supplies, and other	13,455	12,531
Inventories	$ 118,143	$ 88,379
Supply procurement contract duration	36 months
Net procurement of fixed priced propane by Ferrellgas in gallons \| gal	376,000

Supplemental Information - Prepaids and Other Assets (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jul. 31, 2021
Supplemental Financial Statement Information [Line Items]
Broker margin deposit assets	$ 21,403	$ 21,068
Other assets	26,081	18,005
Prepaid expenses and other current assets	$ 47,484	$ 39,073

Supplemental Information - Other Current Liabilities (Details) - USD ($)	Jan. 31, 2022	Jul. 31, 2021
Supplemental Financial Statement Information [Line Items]
Accrued interest	$ 29,846,000	$ 29,095,000
Customer deposits and advances	39,713,000	35,734,000
Accrued payroll	25,608,000	11,104,000
Accrued insurance	8,786,000	28,143,000
Accrued senior preferred units distributions	17,738,000	16,013,000
Other	61,308,000	46,515,000
Other current liabilities	$ 410	$ 166,604,000

Supplemental Information - Shipping and Handling (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Supplemental Financial Statement Information [Line Items]
Operating expense - personnel, vehicle, plant and other	$ 128,013	$ 115,247	$ 245,125	$ 224,274
Depreciation and amortization expense	21,944	21,249	42,239	42,639
Operating expense - equipment lease expense	6,022	6,862	11,712	13,692
Shipping and Handling [Member]
Supplemental Financial Statement Information [Line Items]
Operating expense - personnel, vehicle, plant and other	58,194	56,723	112,641	104,253
Depreciation and amortization expense	3,801	1,958	6,336	6,481
Operating expense - equipment lease expense	3,132	5,793	7,667	11,676
Costs and Expenses, Total	$ 65,127	$ 64,474	$ 126,644	$ 122,410

Supplemental Information - Cash (Details) - USD ($)	6 Months Ended
Supplemental Information - Cash (Details) - USD ($)	Jan. 31, 2022	Jan. 31, 2021	Jul. 31, 2021	Jul. 31, 2020
Supplemental Financial Statement Information [Line Items]
Cash and cash equivalents	$ 188,128,000		$ 270,188,000
Restricted cash	11,267,000		11,500,000
Cash deposit against contingencies	11,300,000		11,500,000
Cash and cash equivalents and restricted cash	95	$ 1,100	$ 1,100	$ 1,100
Cash paid for interest	46,020,000	88,107,000
Income taxes	407,000	290,000
Noncash Investing and Financing Items [Abstract]
Liabilities incurred in connection with acquisitions	644,000
Change in accruals for property, plant and equipment additions	1,140,000	(178,000)
Lease liabilities arising from operating right-of-use assets	9,045,000	4,262,000
Lease liabilities arising from finance right-of-use assets	872,000	$ 972,000
Accrued senior preferred units distributions	$ 17,738,000

Accounts And Notes Receivable, Net (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jul. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 258,017	$ 135,182
Notes receivable	2,648	13,648
Less: Allowance for expected credit losses	(6,780)	(17,256)
Accounts and notes receivable, net	$ 253,885	$ 131,574

Debt - Components Of Long-Term Debt (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jul. 31, 2021	Mar. 30, 2021
Schedule of Capitalization, Long-term Debt [Line Items]
Total long-term debt	$ 1,479,978	$ 1,478,882
Unamortized debt issuance and other costs	(30,073)	(32,322)
Less: current portion of long-term debt	1,979	1,670
Long-term debt	1,447,926	1,444,890
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate, as a percent			6.50%
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate, as a percent			6.75%
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate, as a percent			6.75%
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate, as a percent			8.625%
Senior Notes 5.375 Percent Due 2026 [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Unsecured senior notes	$ 650,000	$ 650,000
Interest rate, as a percent	5.375%	5.375%	5.375%
Senior Notes 5.875 Percent Due 2029 [Member]
Schedule of Capitalization, Long-term Debt [Line Items]
Unsecured senior notes	$ 825,000	$ 825,000
Interest rate, as a percent	5.875%	5.875%	5.875%
Fixed rate 10.00% Due 2025
Schedule of Capitalization, Long-term Debt [Line Items]
Interest rate, as a percent			10.00%
Notes payable Due 2022 to 2029
Schedule of Capitalization, Long-term Debt [Line Items]
Notes payable	$ 4,978	$ 3,882
Unamortized discount	$ 570	$ 573
Debt, Weighted Average Interest Rate	9.00%	8.80%

Debt - Long-Term Debt Activity (Details) $ in Millions	Mar. 30, 2021 USD ($) item	Jan. 31, 2022 subsidiary	Jul. 31, 2021
Debt Instrument [Line Items]
Aggregate redemption price	$ 2,175.0
Number Of Entity Subsidiaries \| subsidiary		2
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member]
Debt Instrument [Line Items]
Interest rate, as a percent	6.50%
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member]
Debt Instrument [Line Items]
Interest rate, as a percent	6.75%
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member]
Debt Instrument [Line Items]
Interest rate, as a percent	6.75%
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 357.0
Interest rate, as a percent	8.625%
Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member]
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt	$ 1,441.2
Number Of Entity Subsidiaries \| item	2
Senior Notes 5.375 Percent Due 2026 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 650.0
Interest rate, as a percent	5.375%	5.375%	5.375%
Senior Notes 5.875 Percent Due 2029 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 825.0
Interest rate, as a percent	5.875%	5.875%	5.875%
Fixed rate 10.00% Due 2025
Debt Instrument [Line Items]
Interest rate, as a percent	10.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Term	4 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 350.0
Sublimit, after initial period	$ 200.0
Duration of initial period for sublimit	60 days
Sublimit, initial period	$ 225.0
Borrowing base, fixed portion	$ 200.0
Additional capacity, percentage applied to accounts receivable	80.00%
Additional capacity, percentage applied to inventory	70.00%
Revolving Credit Facility [Member] \| Base Rate [Member]
Debt Instrument [Line Items]
Interest rate, as a percent	0.50%
Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest rate, as a percent	1.00%
Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Undrawn funds fee (as a percent)	0.50%
Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Undrawn funds fee (as a percent)	0.375%
Eurodollar Loans [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Margin added to variable rate (as a percent)	3.00%
Eurodollar Loans [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Margin added to variable rate (as a percent)	2.50%
Non-Eurodollar Loans [Member] \| Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Margin added to variable rate (as a percent)	2.00%
Non-Eurodollar Loans [Member] \| Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Margin added to variable rate (as a percent)	1.50%

Debt - Covenants and Loss on Extinguishment (Details) $ in Millions	Mar. 30, 2021 USD ($) item
Debt Instrument [Line Items]
Outstanding borrowing repaid	$ 2,175.0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Available capacity necessary for cash distributions	$ 50.0
Available capacity as percentage of Borrowing Base, necessary for cash distributions	15.00%
Debt Instrument, Term	4 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 350.0
Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member]
Debt Instrument [Line Items]
Number of quarters for required fixed charge coverage ratio \| item	4
Proceeds from issuance of long-term debt	$ 1,441.2
Senior Notes 5.375 Percent Due 2026 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	650.0
Senior Notes 5.875 Percent Due 2029 [Member]
Debt Instrument [Line Items]
Aggregate principal amount	825.0
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 357.0
Maximum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Secured leverage ratio	2.50
Maximum [Member] \| Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029 [Member]
Debt Instrument [Line Items]
Total net leverage ratio	5.0
Required fixed charge coverage ratio	1.75%
Maximum [Member] \| Debt Covenant, First Specified Period [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total net leverage ratio	5.50
Maximum [Member] \| Debt Covenant, Second Specified Period [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total net leverage ratio	5.25
Maximum [Member] \| Debt Covenant, Third Specified Period [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total net leverage ratio	5.00
Maximum [Member] \| Debt Covenant, Fourth Specified Period [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total net leverage ratio	4.75
Minimum [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Interest coverage ratio	2.50
Available capacity necessary for cash distributions	$ 50.0
Available capacity as percentage of Borrowing Base, necessary for cash distributions	15.00%

Debt Maturities (Details) $ in Thousands	Jan. 31, 2022 USD ($)
Debt Instrument [Line Items]
2022	$ 793
2023	1,709
2024	1,139
2025	930
2026	650,710
Thereafter	825,267
Total long-term debt	$ 1,480,548

Debt - Security (Details) - USD ($) $ in Millions	Jan. 31, 2022	Jul. 31, 2021
Debt Instrument [Line Items]
Letters of credit outstanding	$ 91.2	$ 107.7
Available borrowing capacity	258.8
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Available borrowing capacity	$ 258.8

Preferred Units - Issuance (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 30, 2021	Jan. 31, 2022	Jul. 31, 2021
Temporary Equity [Line Items]
Preferred units issued (in shares)	700,000
Preferred Units aggregate initial liquidation preference	$ 700.0
Purchase price per Preferred Units	$ 1,000
Purchase price discount	3.00%
Aggregate purchase price	$ 679.0
Net proceeds from the issuance and sale of the Preferred Units	$ 651.3
Senior preferred units, units outstanding		700,000	700,000

Preferred Units - Issuer Redemption Right (Details) $ / shares in Units, $ in Millions	Mar. 30, 2021 USD ($) $ / shares
Temporary Equity [Line Items]
Redemption right price percentage MOIC	1.47
Purchase price per Preferred Units \| $ / shares	$ 1,000
Redemption right price percentage of IRR	12.25%
Basis point added	150
Partial redemption minimum amount \| $	$ 25.0

Preferred Units - Investor Redemption Right (Details)	Mar. 30, 2021 D shares
Temporary Equity [Line Items]
Percentage of preferred units held	33.30%
Percentage of preferred units held by initial affiliated purchasers	25.00%
Days for consummation of sale and payment of redemption price in full \| D	180
Class B Limited Partner Units
Temporary Equity [Line Items]
Threshold units outstanding for right to fully redeem outstanding units in cash	0
Threshold units outstanding for right to trigger sale	0
Preferred Units [Member]
Temporary Equity [Line Items]
Threshold units outstanding for right to trigger sale	233,300
Preferred Units [Member] \| Maximum [Member]
Temporary Equity [Line Items]
Threshold units outstanding for right to fully redeem outstanding units in cash	233,300

Preferred Units - Distributions (Details) - USD ($) $ in Thousands			6 Months Ended
	Feb. 15, 2022	Mar. 30, 2021	Jan. 31, 2022
Temporary Equity [Line Items]
Quarterly Distribution accrued			$ 17,700
Cash distribution			$ 31,151
Cash tax distribution rate			25.00%
Tax rate multiplied by estimated taxable income percentage			0.25%
Additional distribution, percentage of taxable income			20.00%
Additional distribution, divisor			0.8
Subsequent Event [Member]
Temporary Equity [Line Items]
Quarterly Distribution accrued	$ 2,300
Cash distribution	$ 15,400
Minimum [Member]
Temporary Equity [Line Items]
Applicable premium distribution rate		0.75
Maximum [Member]
Temporary Equity [Line Items]
Applicable premium distribution rate		3
First Five Years After March 30, 2021 [Member] \| Minimum [Member]
Temporary Equity [Line Items]
Preferred units distribution rate		8.956%
First Five Years After March 30, 2021 [Member] \| Maximum [Member]
Temporary Equity [Line Items]
Preferred units distribution rate		11.125%

Preferred Units - Board Rights, Protective Provisions (Details)	Mar. 30, 2021 director shares
Temporary Equity [Line Items]
Minimum preferred units outstanding to designate director to board by unit holders	140,000
Number of director to the Board permitted to designate by unit holders \| director	1
Minimum preferred units outstanding for covenant applicability	35,000,000

Preferred Units - Restrictions on Cash Distributions (Details) $ in Millions	Mar. 30, 2021 USD ($)
Temporary Equity [Line Items]
Minimum liquidity	$ 100
Period Through May 15, 2022 [Member]
Temporary Equity [Line Items]
Consolidated net leverage ratio	7.25
Period Thereafter [Member]
Temporary Equity [Line Items]
Consolidated net leverage ratio	7.00

Equity (Deficit) - Reverse Unit Split (Details)	Mar. 30, 2021 shares	Jan. 31, 2022 shares	Jul. 31, 2021 shares
Limited Partners' Capital Account [Line Items]
Limited partner unitholders, units outstanding	97,152,665
Class A Limited Partner Units
Limited Partners' Capital Account [Line Items]
Conversion ratio	0.05
Limited partner unitholders, units outstanding	4,857,605	4,857,605	4,857,605

Equity (Deficit) - Units Issued and Redemption (Details) $ / shares in Units, shares in Millions, $ in Millions	Mar. 30, 2021 USD ($) director $ / shares shares
Limited Partners' Capital Account [Line Items]
Total internal rate of return for redemption	15.85%
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member]
Limited Partners' Capital Account [Line Items]
Aggregate principal amount	$ 357.0
Interest rate, as a percent	8.625%
Class B Limited Partner Units
Limited Partners' Capital Account [Line Items]
Units issued \| shares	1.3
Distribution ratio	6
Aggregate distributions before conversion	$ 357.0
Distribution amount	$ 356.0
Units redemption option (in years)	5 years
Basis points of internal rate of return for price determination of units redemption	300
Minimum redemption price per unit \| $ / shares	$ 302.08
Option to hold cash period	6 months
Number of independent director to the Board permitted to designate by unit holders \| director	1
Initial Majority Holder of Class B Units Holds At Least 50% of Class B Units [Member] \| Class B Limited Partner Units
Limited Partners' Capital Account [Line Items]
Additional units issued percentage of requisite units held	50.00%
Initial Majority Holder of Class B Units Holds Less Than 50% of Class B Units [Member] \| Class B Limited Partner Units
Limited Partners' Capital Account [Line Items]
Additional units issued percentage of requisite units held	0.33%

Equity (Deficit) - Conversion Factor (Details)	Mar. 30, 2021
Post Emergence Year One [Member]
Limited Partners' Capital Account [Line Items]
Conversion factor	1.75
Post Emergence Year Two [Member]
Limited Partners' Capital Account [Line Items]
Conversion factor	2.00
Post Emergence Year Three [Member]
Limited Partners' Capital Account [Line Items]
Conversion factor	3.50
Post Emergence Year Four [Member]
Limited Partners' Capital Account [Line Items]
Conversion factor	4.00
Post Emergence Year Five [Member]
Limited Partners' Capital Account [Line Items]
Conversion factor	5.00
Post Emergence Year Six [Member]
Limited Partners' Capital Account [Line Items]
Conversion factor	6.00
Post Emergence Year Seven [Member]
Limited Partners' Capital Account [Line Items]
Conversion factor	7.00
Post Emergence Year Eight [Member]
Limited Partners' Capital Account [Line Items]
Conversion factor	10.00
Post Emergence Year Nine [Member]
Limited Partners' Capital Account [Line Items]
Conversion factor	12.00
Post Emergence Year Ten [Member]
Limited Partners' Capital Account [Line Items]
Conversion factor	25.00

Equity (Deficit) - Limited Partner Units (Details) - shares	Jan. 31, 2022	Jul. 31, 2021	Mar. 30, 2021
Capital Unit [Line Items]
Limited partner unitholders, units outstanding			97,152,665
Ferrell Companies [Member]
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	1,126,468	1,126,468
FCI Trading Corp. [Member]
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	9,784	9,784
Ferrell Propane, Inc. [Member]
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	2,560	2,560
James E. Ferrell [Member]
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	238,172	238,172
Public Common Unitholders [Member]
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	3,480,621	3,480,621

Equity (Deficit) - Ownership (Details) - shares	6 Months Ended
Equity (Deficit) - Ownership (Details) - shares	Jan. 31, 2022	Jan. 31, 2021	Jul. 31, 2021	Mar. 30, 2021
Capital Unit [Line Items]
Limited partner unitholders, units outstanding				97,152,665
Minimum percentage ownership of outstanding common units resulting in non voting of owners	20.00%
Ferrell Companies [Member]
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	1,126,468		1,126,468
James E. Ferrell [Member]
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	238,172		238,172
Ferrellgas Partners LP [Member]
Capital Unit [Line Items]
Limited partner ownership interest	23.00%
General partner ownership interest	1.00%
Ferrellgas Partners LP [Member] \| Ferrell Companies [Member]
Capital Unit [Line Items]
Limited partner ownership interest	23.40%
Limited partner unitholders, units outstanding	2,560
Ferrellgas Partners LP [Member] \| James E. Ferrell [Member]
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	230
Ferrellgas, L.P. [Member]
Capital Unit [Line Items]
Limited partner ownership interest	1.0101%
General partner ownership interest	1.0101%	1.0101%

Equity (Deficit) - Paid Distributions (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Oct. 08, 2021	Oct. 31, 2021	Jan. 31, 2022
Limited Partners' Capital Account [Line Items]
Distributions paid		$ 50,000
Ferrellgas Partners LP [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid			$ 50,000
Parent [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid		49,998
Common Unitholders [Member]
Limited Partners' Capital Account [Line Items]
Distributions paid	$ 49,900	$ 50,000

Equity (Deficit) - Contributions and AOCI (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jan. 31, 2022	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020	Jan. 31, 2022	Jan. 31, 2021
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	$ 751,000	$ 909,000	$ 762,000	$ 708,000
Ferrellgas, L.P. [Member]
Capital Unit [Line Items]
General partner ownership interest					1.0101%	1.0101%
Ferrellgas Partners LP [Member]
Capital Unit [Line Items]
General partner ownership interest					1.00%
Common Unitholders [Member]
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	743,000	900,000	754,000	701,000
General Partner [Member]
Capital Unit [Line Items]
Non-cash contribution					$ 32,000.0	$ 30,000.0
Contributions in connection with non-cash ESOP compensation charges	$ 8,000	$ 9,000	$ 8,000	$ 7,000	$ 17,000.0	$ 15,000.0

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jul. 31, 2021
Assets and Liabilities, Lessee [Abstract]
Operating Lease, Right-of-Use Asset	$ 82,046	$ 87,611
Finance Lease, Right-of-Use Asset	$ 33,564	$ 34,858
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Total leased assets	$ 115,610	$ 122,469
Operating Lease, Liability, Current	26,048	25,363
Finance Lease, Liability, Current	$ 6,262	$ 7,479
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Operating Lease, Liability, Noncurrent	$ 55,708	$ 74,349
Finance Lease, Liability, Noncurrent	$ 27,427	$ 28,029
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total leased liabilities	$ 115,445	$ 135,220

Leases - Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Expenses (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Lease, Cost [Abstract]
Operating lease expense, net	$ 7,908	$ 8,696	$ 15,762	$ 17,729
Short-term expense	1,751	1,996	3,645	4,269
Variable lease expense	1,276	1,147	2,504	2,281
Total finance lease expense	2,605	3,152	4,394	6,262
Total lease expense	13,540	14,991	26,305	30,541
Operating expenses - personnel, vehicle, plant and other
Lease, Cost [Abstract]
Operating lease expense, net	1,729	1,497	3,438	3,280
Short-term expense	1,673	1,873	3,481	3,905
Variable lease expense	770	798	1,540	1,544
Operating expense - equipment lease expense
Lease, Cost [Abstract]
Operating lease expense, net	5,228	6,513	10,460	12,955
Variable lease expense	506	349	964	737
Cost of Sales [Member]
Lease, Cost [Abstract]
Operating lease expense, net	352	492	792	1,018
General and Administrative Expense [Member]
Lease, Cost [Abstract]
Operating lease expense, net	599	194	1,072	476
Short-term expense	78	123	164	364
Depreciation And Amortization Expense [Member]
Lease, Cost [Abstract]
Amortization of leased assets	1,933	2,189	2,784	4,354
Interest Expense [Member]
Lease, Cost [Abstract]
Interest on lease liabilities	$ 672	$ 963	$ 1,610	$ 1,908

Leases - Maturity (Details) $ in Thousands	Jan. 31, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 15,158
2023	27,224
2024	21,216
2025	14,907
2026	5,727
Thereafter	17,660
Total lease payments, Operating Leases	101,892
Less: Imputed interest	20,136
Present value of lease liabilities, Operating Leases	81,756
Finance Lease, Liability, Payment, Due [Abstract]
2022	4,522
2023	8,482
2024	8,215
2025	8,109
2026	7,259
Thereafter	5,112
Total lease payments, Finance Leases	41,699
Less: Imputed interest	8,010
Present value of lease liabilities, Finance Leases	33,689
Operating And Finance Lease Liabilities Payments Due [Abstract]
2022	19,680
2023	35,706
2024	29,431
2025	23,016
2026	12,986
Thereafter	22,772
Total lease payments	143,591
Less: Imputed interest	28,146
Present value of lease liabilities	$ 115,445

Leases - Assumptions (Details)	Jan. 31, 2022
Lessee Disclosure [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	5 years
Finance Lease, Weighted Average Remaining Lease Term	4 years 9 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	7.70%
Finance Lease, Weighted Average Discount Rate, Percent	8.40%

Leases - Cash Flow (Details) - USD ($) $ in Thousands	6 Months Ended
Leases - Cash Flow (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jan. 31, 2021
Operating cash flows, operating leases	$ 16,415	$ 17,546
Operating cash flows, financing leases	1,500	1,729
Financing cash flows, financing leases	$ 2,795	$ 3,460

Revenue from contracts with customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Jul. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 684,936	$ 553,560	$ 1,079,442	$ 854,454
Contract assets and liabilities
Accounts receivable	247,162		247,162		$ 138,757
Contract assets	13,503		13,503		10,074
Contract liabilities
Deferred revenue	$ 53,397		53,397		$ 49,354
Deferred revenue recognized			$ 13,300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-11-01
Contract liabilities
Remaining performance obligation recognition period	1 year		1 year
Maximum [Member] \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-11-01
Contract liabilities
Remaining performance obligation recognition period	1 year		1 year
Propane And Related Equipment [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 684,936	553,560	$ 1,079,442	854,454
Retail Sales To End Users [Member]
Disaggregation of Revenue [Line Items]
Revenues	496,745	378,350	749,255	552,995
Wholesale Sales To Resellers [Member]
Disaggregation of Revenue [Line Items]
Revenues	154,594	138,730	268,565	241,342
Other Gas Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues	6,165	11,354	12,388	15,146
Other Revenues
Disaggregation of Revenue [Line Items]
Revenues	$ 27,432	$ 25,126	$ 49,234	$ 44,971

Fair Value Measurements - Assets and Liabilities (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jan. 31, 2022	Jul. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives propane swap assets	$ 105,536	$ 94,244
Commodity derivatives propane swap liabilities	(13,498)	(4,458)
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives propane swap assets	105,536	94,244
Commodity derivatives propane swap liabilities	$ (13,498)	$ (4,458)

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Jan. 31, 2022	Jul. 31, 2021
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 1,375.0	$ 1,466.4

Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($)	6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jul. 31, 2021
Derivatives, Fair Value [Line Items]
Gain (loss) recognized due to ineffectiveness	$ 0	$ 0
Derivative Asset, Fair Value, Gross Asset	105,536,000		$ 94,244,000
Derivative Liability, Fair Value, Gross Liability	13,498,000		4,458,000
Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap assets	93,827,000		78,001,000
Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap liabilities	13,139,000		3,429,000
Other Assets, Net [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap assets	11,709,000		16,243,000
Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap liabilities	$ 359,000		$ 1,029,000

Derivative Instruments and Hedging Activities - Margin Balances (Details) - USD ($) $ in Thousands	Jan. 31, 2022	Jul. 31, 2021
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	$ 26,313	$ 24,104
Derivative Liability, Fair Value of Collateral	97,951	94,667
Prepaid Expenses and Other Current Assets [Member]
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	21,403	21,068
Other Current Liabilities [Member]
Derivative [Line Items]
Derivative Liability, Fair Value of Collateral	86,596	79,178
Other Assets, Net [Member]
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	4,910	3,036
Other Liabilities [Member]
Derivative [Line Items]
Derivative Liability, Fair Value of Collateral	$ 11,355	$ 15,489

Derivative Instruments and Hedging Activities - Effect on Comprehensive Income and Change in FV (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivative	$ (17,860)	$ 36,957	$ 55,072	$ 42,724
Amount of gain (loss) reclassified from AOCI into income	30,210	8,441	52,820	6,291
Commodity Derivatives Propane [Member]
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivative	(17,860)	36,957	55,072	42,724
Cost of Sales [Member] \| Commodity Derivatives Propane [Member]
Derivative [Line Items]
Amount of gain (loss) reclassified from AOCI into income	$ 30,210	$ 8,441	$ 52,820	$ 6,291

Derivative Instruments and Hedging Activities - AOCI Rollforward (Details) gal in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2022 USD ($)	Jan. 31, 2021 USD ($)	Jan. 31, 2022 USD ($) gal	Jan. 31, 2021 USD ($)
Derivative [Line Items]
Partners' capital balance, beginning	$ (830,084,000)	$ (862,117,000)	$ 1,100	$ (831,991,000)
Change in value of risk management derivatives	(17,860,000)	36,957,000	55,072,000	42,724,000
Reclassification of (gains) losses on derivatives to earnings, net	(30,210,000)	(8,441,000)	(52,820,000)	(6,291,000)
Partners' capital balance, ending	(315)	(761,089,000)	(315)	(761,089,000)
Reclassification of net gain to earnings during next 12 months			80,700,000
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net			$ 0	0
Number of barrels of propane covered by cash flow hedges \| gal			5.0
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Derivative [Line Items]
Partners' capital balance, beginning			$ 89,786,000	(2,313,000)
Change in value of risk management derivatives			55,072,000	42,724,000
Reclassification of (gains) losses on derivatives to earnings, net			(52,820,000)	(6,291,000)
Partners' capital balance, ending	92,038,000	34,120,000	92,038,000	34,120,000
Non-Controlling Interest [Member]
Derivative [Line Items]
Partners' capital balance, beginning	(7,702,000)	(8,530,000)	(7,966,000)	(8,226,000)
Partners' capital balance, ending	(7,234,000)	(7,510,000)	(7,234,000)	(7,510,000)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member]
Derivative [Line Items]
Partners' capital balance, beginning			900,000	10,000.0
Partners' capital balance, ending	$ 900,000	$ 400,000	$ 900,000	$ 400,000

Derivative Instruments and Hedging Activities - Credit Risk (Details)	Jan. 31, 2022 USD ($)
Derivative [Line Items]
Maximum loss due to credit risk	$ 0
Open derivative contracts with credit risk features	$ 0

Transactions With Related Parties (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Jan. 08, 2021
Ferrellgas Inc., General Partner [Member] \| Operating Expense [Member]
Related Party Transaction [Line Items]
Expenses reimbursed to related party		$ 71,803	$ 70,655	$ 136,752	$ 131,635
Ferrellgas Inc., General Partner [Member] \| General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Expenses reimbursed to related party		$ 8,786	$ 10,375	$ 15,015	$ 17,094
Ferrellgas Partners LP [Member] \| Related Party Term Loan Credit Agreement [Member]
Related Party Transaction [Line Items]
Aggregate principal amount						$ 19,900
Interest rate, as a percent		20.00%		20.00%
Note payable		$ 14,500		$ 14,500
Prepayment	$ 9,000
Ferrellgas, L.P. [Member] \| Related Party Term Loan Credit Agreement [Member]
Related Party Transaction [Line Items]
Aggregate principal amount						$ 19,900
Interest rate, as a percent		20.00%		20.00%
Note payable		$ 14,500		$ 14,500
Prepayment	$ 9,000

Contingencies And Commitments (Details) shares in Millions, $ in Millions	6 Months Ended
	Jan. 31, 2022 USD ($) item	Mar. 30, 2021 shares	Jul. 31, 2020 USD ($)
Loss Contingencies [Line Items]
debt securities outstanding	$ 0.0
Class B Limited Partner Units
Loss Contingencies [Line Items]
Units issued \| shares		1.3
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty [Member]
Loss Contingencies [Line Items]
Liability as co-issuer			$ 357.0
Fixed Rate Six Point Five Zero Due Two Thousand Twenty One [Member]
Loss Contingencies [Line Items]
Liability as co-issuer			500.0
Fixed Rate Six Point Seven Five Due Two Thousand Twenty Three [Member]
Loss Contingencies [Line Items]
Liability as co-issuer			500.0
Fixed Rate Six Point Seven Five Due Two Thousand twenty Two [Member]
Loss Contingencies [Line Items]
Liability as co-issuer			475.0
Fixed rate 10.00% Due 2025
Loss Contingencies [Line Items]
Liability as co-issuer			$ 700.0
Senior Notes 5.375 Percent Due 2026 [Member]
Loss Contingencies [Line Items]
Liability as co-issuer	650.0
Senior Notes 5.875 Percent Due 2029 [Member]
Loss Contingencies [Line Items]
Liability as co-issuer	$ 825.0
Lawsuit Related To Sale Of Jamex Transfer Services [Member]
Loss Contingencies [Line Items]
Number of former officers \| item	2

Net Earnings Per Unitholders' Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Earnings Distribution Allocation [Line Items]
Net earnings attributable to Ferrellgas Partners, L.P.	$ 108,405	$ 63,267	$ 99,799	$ 17,205
Less: General partner's interest in net earnings	1,084	633	998	172
Limited partner unitholders' interest in net earnings (loss)	13,001	$ 62,634	$ 9,354	$ 17,033
Allocation of earnings to Class B units relative to allocation to Class A units			6
Preferred Units
Earnings Distribution Allocation [Line Items]
Less: Distributions	$ 16,317		$ 33,322
Class A Limited Partner Units
Earnings Distribution Allocation [Line Items]
Weighted average common units outstanding, basic and diluted	4,857,600	4,857,600	4,857,600	4,857,600
Basic and diluted net earnings (loss) per limited partner unit	$ 2.68	$ 12.89	$ 1.93	$ 3.51
Class B Limited Partner Units
Earnings Distribution Allocation [Line Items]
Less: Distributions			$ 49,998
Less: Allocation of undistributed net earnings to Class B units	$ 78,003		$ 6,127
Percentage of allocated earnings			100.00%

Subsequent events (Details)	17 Months Ended
Subsequent events (Details)	Dec. 31, 2022
Subsequent Event [Line Items]
events or transactions	no