0001558370-23-016157 | 10-K | XBRL Viewer

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Equity (Deficit) - Units Issued and Redemption (Details) $ / shares in Units, $ in Thousands, shares in Millions		12 Months Ended
	Mar. 30, 2021 USD ($) $ / shares shares	Jul. 31, 2023 USD ($) director	Jul. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Limited Partners' Capital Account [Line Items]
Total internal rate of return for redemption	15.85%
Notes fair value					$ 385,000
Gain on extinguishment of debt		$ 0	$ 0	$ (104,834)
Fair value of Class B Units in excess of carrying value				$ (5,101)
Fixed Rate Eight Point Six Two Five Due Two Thousand Twenty
Limited Partners' Capital Account [Line Items]
Aggregate principal amount	$ 357,000
Interest rate, as a percent	8.625%
Class A Limited Partner Units
Limited Partners' Capital Account [Line Items]
Conversion ratio	0.05
Class B Limited Partner Units
Limited Partners' Capital Account [Line Items]
Units issued \| shares	1.3
Distribution ratio	6
Aggregate distributions before conversion	$ 357,000
Distribution amount	$ 356,000
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 \| 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 \| Class B Limited Partner Units
Limited Partners' Capital Account [Line Items]
Additional units issued percentage of requisite units held	0.33%

Debt - Short-Term Borrowings (Details) $ in Millions	Jul. 31, 2023 USD ($)
Revolving Credit Facility
Debt Instrument [Line Items]
Short term borrowing	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Supplemental financial statement information - Property, Plant And Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,342,132	$ 1,317,436
Less: accumulated depreciation	726,958	714,288
Property, plant and equipment, net	615,174	603,148
Depreciation	72,000	71,000	$ 64,100
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	42,711	41,814
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,046	15,560
Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Property, plant and equipment, gross	$ 90,356	88,970
Vehicles, including transport trailers
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	121,772	117,746
Bulk equipment and district facilities
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	121,158	115,927
Tanks, cylinders and customer equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	834,775	825,361
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	103,703	104,364
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,611	$ 7,694
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minimum \| Land improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minimum \| Vehicles, including transport trailers
Property, Plant and Equipment [Line Items]
Estimated useful lives	8 years
Minimum \| Bulk equipment and district facilities
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Minimum \| Tanks, cylinders and customer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Minimum \| Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Maximum \| Land improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Maximum \| Vehicles, including transport trailers
Property, Plant and Equipment [Line Items]
Estimated useful lives	20 years
Maximum \| Bulk equipment and district facilities
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Maximum \| Tanks, cylinders and customer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Maximum \| Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years

Summary of significant accounting policies - Summary Of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Significant Accounting Policies [Line Items]
Current expense	$ 984	$ 974	$ 739
Deferred (benefit) expense	(3)	7	2
Income tax expense	981	981	741
Ferrellgas, L.P
Significant Accounting Policies [Line Items]
Current expense	979	969	725
Deferred (benefit) expense	(3)	7	2
Income tax expense	$ 976	$ 976	$ 727

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Quarterly distribution of available cash

12 Months Ended

Jul. 31, 2023

Quarterly distribution of available cash

Quarterly distribution of available cash

D. Quarterly distribution of available cash

Ferrellgas is required by its partnership agreements to make quarterly cash distributions of all of its “available cash.” Available cash is defined in its partnership agreements as, generally, the sum of its consolidated cash receipts less consolidated cash disbursements and net changes in reserves established by the general partner for future requirements.

Ferrellgas Partners

Reserves may be established in order to provide for the proper conduct of Ferrellgas Partners’ business, to comply with any contractual obligations and restrictions, and to provide funds for distributions with respect to any one or more of the next four fiscal quarters. To the extent Ferrellgas Partners has available cash for a particular fiscal quarter, distributions of such cash are required to be made within 45 days after the end of such fiscal quarter to holders of record on the applicable record date, subject to the terms and preferences of the Class B Units. To the extent distributions are made in respect of the Class A Units, pro rata distributions are also made to the general partner. See Note J “Equity (Deficit)” for further discussion.

The operating partnership

Reserves may be established in order to provide for the proper conduct of the operating partnership’s business, to comply with contractual obligations and restrictions, including the restrictions on distributions in the indentures governing the $650.0 million aggregate principal amount of 5.375% senior notes due 2026 (the “2026 Notes”) and the $825.0 million aggregate principal amount of 5.875% senior notes due 2029 (the “2029 Notes”), the credit agreement entered into on March 30, 2021 by the operating partnership, the general partner and certain of the operating partnership’s subsidiaries (the “Credit Agreement”) and the First Amendment to the Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P., executed on March 30, 2021 (the “OpCo LPA Amendment”), and to provide funds for distributions with respect to any one or more of the next four fiscal quarters. To the extent the operating partnership has available cash for a particular fiscal quarter, distributions of such cash are required to be made within 45 days after the end of such fiscal quarter, subject to the terms of the OpCo LPA Amendment.

While any Preferred Units remain outstanding, after giving effect to required payments and distributions in respect of the Preferred Units, distributions by the operating partnership of its available cash will be made solely to Ferrellgas Partners. If and when there are no longer any Preferred Units outstanding, distributions by the operating partnership of its available cash will be made approximately 99% to Ferrellgas Partners and approximately 1% to the general partner.

Accounts and notes receivable, net (Tables)

12 Months Ended

Jul. 31, 2023

Accounts and notes receivable, net

Schedule of accounts and notes receivable


	July 31, 2023		July 31, 2022
Accounts receivable	$	163,537	$	154,570
Note receivable		2,500		2,517
Allowance for expected credit losses		(6,658)		(6,692)
Accounts and notes receivable, net	$	159,379	$	150,395

Derivative Instruments and Hedging Activities

12 Months Ended

Jul. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

N. Derivative instruments and hedging activities

Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges.

Derivative instruments and hedging activity

During the years ended July 31, 2023 and 2022, Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges.

The following tables provide a summary of the fair value of derivatives within Ferrellgas’ consolidated balance sheets as of July 31, 2023 and 2022:


	Final	July 31, 2023
	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	$	11,966	Other current liabilities	$	9,554
Commodity derivatives-propane		Other assets, net		199	Other liabilities		1,528
		Total	$	12,165	Total	$	11,082


	Final	July 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	$	43,015	Other current liabilities	$	11,840
Commodity derivatives-propane		Other assets, net		8,252	Other liabilities		1,120
		Total	$	51,267	Total	$	12,960

Ferrellgas’ exchange traded commodity derivative contracts require cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of July 31, 2023 and July 31, 2022, respectively:


	July 31, 2023
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	11,939	Broker margin deposit liability	$	6,972
	Other assets, net		1,965	Other liabilities		—
	Total	$	13,904	Total	$	6,972


	July 31, 2022
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	12,338	Broker margin deposit liability	$	32,805
	Other assets, net		4,797	Other liabilities		7,110
	Total	$	17,135	Total	$	39,915

The following tables provide a summary of the effect on Ferrellgas’ consolidated statements of comprehensive income (loss) for the years ended July 31, 2023, 2022 and 2021 due to derivatives designated as cash flow hedging instruments:


	For the year ended July 31, 2023
				Amount of Loss
	Amount of Loss		Location of Loss	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(48,034)	Cost of sales - propane and other gas liquids sales	$	(10,810)	$	—


	For the year ended July 31, 2022
				Amount of Gain
	Amount of Gain		Location of Gain	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	68,950	Cost of sales - propane and other gas liquids sales	$	120,429	$	—


	For the year ended July 31, 2021
				Amount of Gain
	Amount of Gain		Location of Gain	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	136,351	Cost of sales - propane and other gas liquids sales	$	44,252	$	—

Accumulated other comprehensive income (loss)

Ferrellgas partners

The changes in derivatives included in AOCI for the years ended July 31, 2023, 2022 and 2021 were as follows:


	For the year ended July 31,
Gains and losses on derivatives included in AOCI	2023		2022		2021
Beginning balance attributable to Ferrellgas Partners, L.P.	$	37,907	$	88,866	$	(2,303)
Change in value of risk management commodity derivatives		(48,034)		68,950		136,351
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net		10,810		(120,429)		(44,252)
Less: amount attributable to noncontrolling interests		376		520		(930)
Ending balance attributable to Ferrellgas Partners, L.P.	$	1,059	$	37,907	$	88,866

The operating partnership

The changes in derivatives included in AOCI for the years ended July 31, 2023, 2022 and 2021 were as follows:


	For the year ended July 31,
Gains and losses on derivatives included in AOCI	2023		2022		2021
Beginning balance	$	38,307	$	89,786	$	(2,313)
Change in value of risk management commodity derivatives		(48,034)		68,950		136,351
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net		10,810		(120,429)		(44,252)
Ending balance	$	1,083	$	38,307	$	89,786

Ferrellgas expects to reclassify net gains of approximately $2.4 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sale exception.

During the years ended July 31, 2023, 2022 and 2021, Ferrellgas had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship.

As of July 31, 2023, Ferrellgas had financial derivative contracts covering 2.9 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane.

Derivative financial instruments credit risk

Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas’ counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parent guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at July 31, 2023, the maximum amount of loss due to credit risk that Ferrellgas would incur based upon the gross fair values of the derivative financial instruments is zero.

From time to time Ferrellgas enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas’ debt rating. There were no open derivative contracts with credit-risk-related contingent features as of July 31, 2023.

Revenue from contracts with customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Disaggregation of Revenue [Line Items]
Accounts receivable collection period	30 days
Residential customer, annual cost spread period	12 months
Rental income recognition period	1 year
Total revenues	$ 2,026,465	$ 2,114,540	$ 1,754,310
Contract assets and liabilities
Contract assets	10,263	11,935
Contract liabilities
Deferred revenue	51,516	47,929
Deferred revenue recognized	37,900
Propane And Related Equipment
Disaggregation of Revenue [Line Items]
Total revenues	2,026,465	2,114,540	1,754,310
Retail Sales To End Users
Disaggregation of Revenue [Line Items]
Total revenues	1,374,089	1,446,857	1,123,956
Wholesale Sales To Resellers
Disaggregation of Revenue [Line Items]
Total revenues	525,529	549,058	516,599
Other Gas Sales
Disaggregation of Revenue [Line Items]
Total revenues	17,274	21,964	28,297
Other Revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ 109,573	$ 96,661	$ 85,458

Goodwill and intangible assets, net - Aggregate Amortization Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Goodwill and intangible assets, net
Aggregate amortization expense	$ 8,553	$ 8,089	$ 8,742

Preferred units - Issuer Redemption Right (Details) $ / shares in Units, $ in Millions	Jul. 31, 2023 USD ($) $ / shares	Mar. 30, 2021 $ / shares
Preferred units
Redemption right price percentage MOIC	1.47
Purchase price per Preferred Units \| $ / shares	$ 1,000	$ 1,000
Redemption right price percentage of IRR	12.25%
Basis point added	150
Partial redemption minimum amount \| $	$ 25.0

Equity (Deficit)

12 Months Ended

Jul. 31, 2023

Equity (Deficit)

Equity (Deficit)

J. Equity (Deficit)

Ferrellgas Partners

Class A Units

On March 30, 2021, Ferrellgas Partners effected a 1-for-20 reverse unit split in which holders of its then-outstanding common units received one Class A Unit for every 20 common units held. No fractional Class A Units were issued in connection with the reverse unit split. If, as a result of the reverse unit split, a unitholder would otherwise have been entitled to a fractional Class A Unit, the number of Class A Units such unitholder received was rounded up or down to the nearest whole Class A Unit, with a fraction of one-half or less being rounded down. The reverse unit split resulted in a reduction of our previously outstanding common units from 97,152,665 common units to 4,857,605 Class A Units.

Class B Units

On March 30, 2021, Ferrellgas Partners issued 1.3 million Class B Units to the holders of the $357.0 million aggregate principal amount of its 8.625% senior secured notes due June 2020 (the “Ferrellgas Partners Notes”) in exchange for such holders’ contribution of the Ferrellgas Partners Notes to Ferrellgas Partners as a capital contribution and in satisfaction of such holders’ claims in respect of the Ferrellgas Partners Notes. The terms of the Class B Units are set forth in the Amended Ferrellgas Partners LPA entered into by the general partner on March 30, 2021.

Ferrellgas Partners may, subject to certain conditions, issue additional Class A Units to such parties as determined at the discretion of Ferrellgas Partners, upon consent by the holders of the requisite percentage of Class B Units as specified in the Amended Ferrellgas Partners LPA (the “Requisite Class B Units”), which refers to: (i) if the initial majority holder of Class B Units holds at least 50% of Class B Units, holders of at least 50% of the outstanding Class B Units, or (ii) if the initial majority holder of Class B Units holds less than 50% of Class B Units, holders of at least one-third of the outstanding Class B Units.

Pursuant to the Amended Ferrellgas Partners LPA, while any Class B Units remain outstanding, any distributions by Ferrellgas Partners to its partners must be made such that the ratio of (i) the amount of distributions made to holders of Class B Units to (ii) the amount of distributions made to holders of Class A Units and the general partner is not less than 6:1.

Once holders of Class B Units receive distributions in the aggregate amount of $357.0 million (which was the outstanding principal amount of the Ferrellgas Partners Notes), the Class B Units will be (i) convertible into Class A Units at the option of Ferrellgas Partners, if that distribution threshold is reached prior to March 30, 2026, the fifth anniversary post-emergence, or (ii) converted automatically into Class A Units, if the distribution threshold is reached on or after March 30, 2026, in each case at the applicable conversion rate set forth in the following table:


Period	Conversion Factor
March 31, 2023 through March 30, 2024	3.50x
March 31, 2024 through March 30, 2025	4.00x
March 31, 2025 through March 30, 2026	5.00x
March 31, 2026 through March 30, 2027	6.00x
March 31, 2027 through March 30, 2028	7.00x
March 31, 2028 through March 30, 2029	10.00x
March 31, 2029 through March 30, 2030	12.00x
March 31, 2030 through March 30, 2031	25.00x

Ferrellgas Partners may redeem the Class B Units through March 30, 2026, in full, at a price equal to an amount that will result in an internal rate of return with respect to the Class B Units equal to the sum of (i) 300 basis points and (ii) the internal rate of return for the Preferred Units as specified in the Amended Ferrellgas Partners LPA, subject to the minimum redemption price of $302.08 per unit. The total internal rate of return required to redeem the Class B Units is 15.85%, but that amount increases under certain circumstances, including if the operating partnership paid distributions on the Preferred Units in-kind rather than in cash for a certain number of quarters. There have not been any in-kind distributions through July 31, 2023.

During the period through March 30, 2026, after Ferrellgas Partners has distributed $356 million in distributions to holders of the Class B Units, Ferrellgas Partners will have the option to hold cash for six months at either Ferrellgas Partners or Ferrellgas Partners Finance Corp. for the sole purpose of redeeming the Class B Units. However, if the funds held are not used to redeem the Class B Units, the funds must either be distributed to holders of the Class B Units and, if applicable, holders of the Class A Units and the general partner or returned to the operating partnership.

Ferrellgas Partners will only be able to redeem the Class B Units to the extent it receives sufficient distributions from the operating partnership, and the operating partnership is limited in its ability to make distributions by the indentures that govern the 2026 Notes and the 2029 Notes, the Credit Agreement and the OpCo LPA Amendment governing the Preferred Units.

The holders of Class B Units will have the right to acquire the general partner interests in Ferrellgas Partners and the operating partnership, without the approval of the general partner, Ferrellgas Partners, the holders of the Class A Units or the operating partnership, if the Class B Units are still outstanding and have not been converted to Class A Units by the earlier of (i) a material breach of the covenants in favor of the Class B Units under the Amended Ferrellgas Partners LPA or the Amended OpCo LPA that is not cured within the time period specified therein and (ii) March 30, 2031.

Board Rights

The holders of Class B Units will be permitted to designate one independent director to the Board of the general partner in accordance with a voting agreement among the general partner, Ferrell Companies, Inc. (“FCI”), the sole stockholder of the general partner, and the holders of the Class B Units and the general partner’s bylaws.

Fair Value

The fair value of Class B Units approximates the carrying value of the principal and interest of the Ferrellgas Partners Notes of $385.0 million as of March 31, 2021. During the year ended July 31, 2021, a $5.1 million gain on extinguishment was recognized in connection with the difference between the book value and fair value of the Class B Units as of July 31, 2021.

Class A Units

As of July 31, 2023 and 2022, Class A Units were beneficially owned by the following:


	July 31, 2023	July 31, 2022
Public Class A Unitholders ⁽¹⁾	3,480,621	3,480,621
James E. Ferrell ⁽²⁾	238,172	238,172
Ferrell Companies⁽³⁾	1,126,468	1,126,468
FCI Trading Corp. ⁽⁴⁾	9,784	9,784
Ferrell Propane, Inc.⁽⁵⁾	2,560	2,560
Total	4,857,605	4,857,605

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

(2)

James E. Ferrell was the Chief Executive Officer and President of our general partner and Chairman of the Board of Directors of our general partner through July 31, 2023. Effective August 1, 2023, he is the Executive Chairman of our general partner and the Board of Directors of our general partner. He is 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.

(3)

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%.

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

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

Together these Class A Units represent (i) a 99% limited partner economic interest in Ferrellgas Partners, excluding the economic interest attributable to the Class B Units, and (ii) an effective 98% economic interest in the operating partnership, excluding the economic interests attributable to the Class B Units and the Preferred Units. In liquidation, allocations and distributions will be made in accordance with each Class A Unitholder’s positive capital account.

The Class A Units of Ferrellgas Partners represent limited partner interests in Ferrellgas Partners, which give the holders thereof the right to participate in distributions made by Ferrellgas Partners, subject to the rights of holders of Class B Units, and to exercise the other rights or privileges available to such holders under the Amended Ferrellgas Partners LPA. Under the terms of the Amended Ferrellgas Partners LPA, holders of Class A Units have limited voting rights on matters affecting the business of Ferrellgas Partners. Generally, persons or groups owning 20% or more of Ferrellgas Partners’ outstanding Class A Units cannot vote any of their Class A Units in excess of the 20% threshold. However, this limitation does not apply under certain circumstances and does not apply to Class A Units owned by Ferrell Companies, our general partner and its affiliates, and this limitation expires on the later of (a) March 30, 2026 and (b) the conversion of the Class B Units to Class A Units.

The Amended Ferrellgas Partners LPA allows the general partner to issue an unlimited number of additional general and limited partner interests of Ferrellgas Partners for such consideration and on such terms and conditions as shall be established by the general partner without the approval of any Class A Unitholders.

Partnership distributions

Ferrellgas Partners did not declare or pay any distributions to its Class A Unitholders or the general partner during the years ended July 31, 2023, 2022 and 2021. Ferrellgas Partners made aggregate cash distributions of approximately $49.9 million and $100.0 million to its Class B Unitholders during the years ended July 31, 2023 and 2022, respectively. See Note R “Net earnings (loss) per unitholders’ interest” for additional information.

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

See Note N “Derivative instruments and hedging activities” for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the years ended July 31, 2023 and 2022.

Ferrellgas Partners

General partner’s commitment to maintain its capital account

Ferrellgas’ partnership agreements allow the general partner to have an option to maintain its effective 2% general partner interest (excluding the interest attributable to the Class B Units and the Preferred Units) concurrent with the issuance of other additional equity.

During fiscal 2023, the general partner made non-cash contributions of $59.0 thousand and $63.0 thousand, respectively, to Ferrellgas to maintain its effective 2% general partner interest.

The operating partnership

Partnership distributions:

The operating partnership has recognized the following distributions:


	For the year ended July 31,
	2023		2022		2021
Ferrellgas Partners	$	50,000	$	119,216	$	—
General partner		—		—		—

See additional discussions about transactions with related parties in Note O “Transactions with related parties.”

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

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 fiscal 2023, the general partner made non-cash contributions of $30.0 thousand and $32.0 thousand, respectively, to the operating partnership to maintain its 1.0101% general partner interest.

Net earnings (loss) per Unitholders' interest (Details)	12 Months Ended
Net earnings (loss) per Unitholders' interest (Details)	Jul. 31, 2023 USD ($) $ / shares shares	Jul. 31, 2022 USD ($) $ / shares shares	Jul. 31, 2021 USD ($) $ / shares shares
Earnings Distribution Allocation [Line Items]
Net earnings attributable to Ferrellgas Partners, L.P.	$ 136,881,000	$ 147,993,000	$ (68,411,000)
Less: Allocation of undistributed net earnings to Class B units	11,030,000
Less: General partner's interest in net earnings (loss)	1,368,000	1,480,000	(684,000)
Value of dilutive securities	$ 0
Allocation of earnings to Class B units relative to allocation to Class A units	6
Preferred Units
Earnings Distribution Allocation [Line Items]
Less: Distributions to preferred unitholders	$ 64,314,000	65,287,000	24,024,000
Class A Limited Partner Units
Earnings Distribution Allocation [Line Items]
Undistributed net earnings (loss) attributable to Class A unitholders	$ 10,171,000	$ (18,770,000)	$ (91,751,000)
Weighted Average Number of Shares Outstanding, Basic \| shares	4,857,600	4,857,600	4,857,600
Weighted average Class A Units outstanding (in thousands) \| shares	4,857,600	4,857,600	4,857,600
Basic and diluted net earnings (loss) per Class A Unit \| $ / shares	$ 2.09	$ (3.86)	$ (18.89)
Class B Limited Partner Units
Earnings Distribution Allocation [Line Items]
Less: Distributions to preferred unitholders	$ 49,998,000	$ 99,996,000

Goodwill and intangible assets, net (Tables)

12 Months Ended

Jul. 31, 2023

Goodwill and intangible assets, net

Schedule of goodwill and intangible assets, net


	July 31, 2023						July 31, 2022
	Gross Carrying		Accumulated				Gross Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Goodwill, net	$	257,006	$	—	$	257,006	$	257,099	$	—	$	257,099

Intangible assets, net
Amortized intangible assets
Customer-related	$	376,571	$	(324,578)	$	51,993	$	456,181	$	(412,548)	$	43,633
Non-compete agreements		28,637		(25,036)		3,601		27,044		(24,060)		2,984
Other		—		—		—		3,513		(3,513)		—
		405,208		(349,614)		55,594		486,738		(440,121)		46,617

Unamortized intangible assets
Trade names & trademarks		51,021		—		51,021		51,021		—		51,021
Total intangible assets, net	$	456,229	$	(349,614)	$	106,615	$	537,759	$	(440,121)	$	97,638

Schedule of Goodwill Rollforward


	Propane operations and
	related equipment sales
Balance July 31, 2021	$	246,946
Acquisitions		10,153
Balance July 31, 2022		257,099
Other		(93)
Balance July 31, 2023	$	257,006

Schedule of aggregate amortization expense


For the year ended July 31,
2023	$	8,553
2022		8,089
2021		8,742

Schedule of estimated amortization expense


For the year ended July 31,
2024	$	8,734
2025		6,791
2026		6,230
2027		5,840
2028		5,365

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes (Details) - USD ($)	12 Months Ended
Income Taxes (Details) - USD ($)	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Income Tax Disclosure [Line Items]
Deferred income tax expense (benefit)	$ (3,000)	$ 7,000	$ 2,000
Deferred tax assets (included in Other assets, net)	4,000	4,000
Ferrellgas Partners Finance Corp
Income Tax Disclosure [Line Items]
Deferred tax assets, operating loss carryforwards		8,556,000
Net operating loss carryforward		40,743,000
Valuation allowance provided for deferred tax asset	8,556,000
Deferred income tax expense (benefit)	0	0
Deferred tax assets (included in Other assets, net)	0	0
Ferrellgas Finance Corp
Income Tax Disclosure [Line Items]
Deferred tax assets, operating loss carryforwards		22,071,000
Net operating loss carryforward		105,099,000
Valuation allowance provided for deferred tax asset	22,071,000
Deferred income tax expense (benefit)	0	0
Deferred tax assets (included in Other assets, net)	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Jul. 31, 2023	Jul. 31, 2022
Current assets:
Cash and cash equivalents (including $11,126 and $11,208 of restricted cash at July 31, 2023 and 2022, respectively)	$ 137,347,000	$ 158,737,000
Accounts and notes receivable, net	159,379,000	150,395,000
Inventories	98,104,000	115,187,000
Price risk management asset	11,966,000	43,015,000
Prepaid expenses and other current assets	29,135,000	30,764,000
Total current assets	435,931,000	498,098,000
Property, plant and equipment, net	615,174,000	603,148,000
Goodwill, net	257,006,000	257,099,000
Intangible assets (net of accumulated amortization of $349,614 and $440,121 at July 31, 2023 and 2022, respectively)	106,615,000	97,638,000
Operating lease right-of-use assets	57,839,000	72,888,000
Other assets, net	58,838,000	79,244,000
Total assets	1,531,403,000	1,608,115,000
Current liabilities:
Accounts payable	35,115,000	57,586,000
Current portion of long-term debt	2,597,000	1,792,000
Current operating lease liabilities	24,600,000	25,824,000
Other current liabilities	197,030,000	218,610,000
Total current liabilities	259,342,000	303,812,000
Long-term debt	1,456,184,000	1,450,016,000
Operating lease liabilities	34,235,000	47,231,000
Other liabilities	29,084,000	43,518,000
Contingencies and commitments
Mezzanine equity:
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at July 31, 2023 and 2022)	651,349,000	651,349,000
Equity (Deficit):
General partner unitholder	(70,566,000)	(71,320,000)
Accumulated other comprehensive income	1,059,000	37,907,000
Total Ferrellgas Partners, L.P. deficit	(891,598,000)	(880,224,000)
Noncontrolling interest	(7,193,000)	(7,587,000)
Total deficit	(898,791,000)	(887,811,000)
STOCKHOLDER'S EQUITY (DEFICIT)
Total liabilities, mezzanine and deficit	1,531,403,000	1,608,115,000
Class A Limited Partner Units
Equity (Deficit):
Limited partner unitholders	(1,205,103,000)	(1,229,823,000)
Class B Limited Partner Units
Equity (Deficit):
Limited partner unitholders	383,012,000	383,012,000
Ferrellgas, L.P
Current assets:
Cash and cash equivalents (including $11,126 and $11,208 of restricted cash at July 31, 2023 and 2022, respectively)	137,245,000	158,466,000
Accounts and notes receivable, net	159,379,000	150,395,000
Inventories	98,104,000	115,187,000
Price risk management asset	11,966,000	43,015,000
Prepaid expenses and other current assets	29,113,000	30,743,000
Total current assets	435,807,000	497,806,000
Property, plant and equipment, net	615,174,000	603,148,000
Goodwill, net	257,006,000	257,099,000
Intangible assets (net of accumulated amortization of $349,614 and $440,121 at July 31, 2023 and 2022, respectively)	106,615,000	97,638,000
Operating lease right-of-use assets	57,839,000	72,888,000
Other assets, net	58,838,000	79,244,000
Total assets	1,531,279,000	1,607,823,000
Current liabilities:
Accounts payable	35,115,000	57,586,000
Current portion of long-term debt	2,597,000	1,792,000
Current operating lease liabilities	24,600,000	25,824,000
Other current liabilities	196,966,000	218,333,000
Total current liabilities	259,278,000	303,535,000
Long-term debt	1,456,184,000	1,450,016,000
Operating lease liabilities	34,235,000	47,231,000
Other liabilities	29,084,000	43,518,000
Contingencies and commitments
Mezzanine equity:
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at July 31, 2023 and 2022)	651,349,000	651,349,000
Equity (Deficit):
Limited partner unitholders	(892,717,000)	(918,146,000)
General partner unitholder	(7,217,000)	(7,987,000)
Accumulated other comprehensive income	1,083,000	38,307,000
Total deficit	(898,851,000)	(887,826,000)
STOCKHOLDER'S EQUITY (DEFICIT)
Total liabilities, mezzanine and deficit	1,531,279,000	1,607,823,000
Ferrellgas Partners Finance Corp
Current liabilities:
Other current liabilities		1,706
Total current liabilities		1,706
Contingencies and commitments
STOCKHOLDER'S EQUITY (DEFICIT)
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	1,000	1,000
Additional paid in capital	42,207	39,486
Accumulated deficit	(43,207)	(42,192)
Total stockholder's equity (deficit)		(1,706)
Ferrellgas Finance Corp
Current liabilities:
Contingencies and commitments
STOCKHOLDER'S EQUITY (DEFICIT)
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	1,000	1,000
Additional paid in capital	104,564	103,928
Accumulated deficit	$ (105,564)	$ (104,928)

Debt - Components Of Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Schedule of Capitalization, Long-term Debt [Line Items]
Total long-term debt	$ 1,481,615	$ 1,479,539
Unamortized debt issuance and other costs	(22,834)	(27,731)
Less: current portion of long-term debt	2,597	1,792
Long-term debt	1,456,184	1,450,016
Senior Notes 5.375 Percent Due 2026
Schedule of Capitalization, Long-term Debt [Line Items]
Unsecured senior notes	$ 650,000	$ 650,000
Interest rate, as a percent	5.375%	5.375%
Senior Notes 5.875 Percent Due 2029
Schedule of Capitalization, Long-term Debt [Line Items]
Unsecured senior notes	$ 825,000	$ 825,000
Interest rate, as a percent	5.875%	5.875%
Notes payable Due 2024 to 2028
Schedule of Capitalization, Long-term Debt [Line Items]
Notes payable	$ 6,615	$ 4,539
Unamortized discount	$ 1,040	$ 465
Weighted average interest rate (as a percent)	8.30%	8.90%

Fair Value Measurements - Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives propane swap assets	$ 12,165	$ 51,267
Commodity derivatives propane swap liabilities	(11,082)	(12,960)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives propane swap assets	0	0
Commodity derivatives propane swap liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives propane swap assets	12,165	51,267
Commodity derivatives propane swap liabilities	(11,082)	(12,960)
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity derivatives propane swap assets	0	0
Commodity derivatives propane swap liabilities	$ 0	$ 0

Contingencies and commitments (Details) $ in Millions	12 Months Ended
Contingencies and commitments (Details) $ in Millions	Jul. 31, 2023 USD ($) item	Jul. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Number of completed bench trial segments \| item	3
Lawsuit Related To Sale Of Jamex Transfer Services
Loss Contingencies [Line Items]
Number of former officers \| item	2
Ferrellgas Partners Finance Corp
Loss Contingencies [Line Items]
Debt securities outstanding	$ 0.0	$ 0.0
Ferrellgas Finance Corp \| Senior Notes 5.375 Percent Due 2026
Loss Contingencies [Line Items]
Liability as co-issuer	650.0
Ferrellgas Finance Corp \| Senior Notes 5.875 Percent Due 2029
Loss Contingencies [Line Items]
Liability as co-issuer	$ 825.0

Supplemental financial statement information - Inventories (Details) $ in Thousands, gal in Millions	12 Months Ended
	Jul. 31, 2023 USD ($) gal	Jul. 31, 2022 USD ($)
Supplemental financial statement information
Propane gas and related products	$ 76,996	$ 96,679
Appliances, parts and supplies, and other	21,108	18,508
Inventories	$ 98,104	$ 115,187
Supply procurement contract duration	36 months
Net procurement of fixed priced propane by Ferrellgas in gallons \| gal	2.9

Income Taxes	12 Months Ended
Income Taxes	Jul. 31, 2023
Ferrellgas Partners Finance Corp
Income Tax Disclosure [Line Items]
Income Taxes	Income taxes have been computed separately as the Partners Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Due to the inability of the Partners Finance Corp. to utilize the deferred tax benefit of $8,556 associated with the net operating loss carryforward of $40,743 generated during and prior to fiscal 2023, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2023 or 2022, and there is no net deferred tax asset as of July 31, 2023 and 2022. The net operating loss carryforwards generated after July 31, 2018 are carried forward indefinitely, but are limited to 80% of the taxable income in any one period. The net operating losses generated as of or prior to July 31, 2018 are still subject to prior tax law and will expire at various dates through July 31, 2038.
Ferrellgas Finance Corp
Income Tax Disclosure [Line Items]
Income Taxes	C. Income taxes Income taxes have been computed separately as the Finance Corp. files its own income tax return. Deferred income taxes are provided as a result of temporary differences between financial and tax reporting using the asset/liability method. Deferred income taxes are recognized for the tax consequences of temporary differences between the financial statement carrying amounts and tax basis of existing assets and liabilities. Due to the inability of the Finance Corp. to utilize the deferred tax benefit of $22,071 associated with the net operating loss carryforward of $105,099 generated during and prior to fiscal 2023, a valuation allowance has been provided on the full amount of the deferred tax asset. Accordingly, there is no net deferred tax benefit for fiscal 2023 or 2022, and there is no net deferred tax asset as of July 31, 2023 and 2022. The net operating loss carryforwards generated after July 31, 2018 are carried forward indefinitely, but are limited to 80% of the taxable income in any one period. The net operating losses generated as of or prior to July 31, 2018 are still subject to prior tax law and will expire at various dates through July 31, 2038.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Derivative Instruments and Hedging Activities - Credit Risk (Details) $ in Millions	Jul. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maximum loss due to credit risk	$ 0.0
Open derivative contracts with credit risk features	$ 0.0

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Restricted cash	$ 11,126	$ 11,208
Amortizable intangible assets, accumulated amortization	$ 349,614	$ 440,121
Senior preferred units, units outstanding	700,000	700,000
General partner unitholder, units outstanding	49,496	49,496
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
Ferrellgas, L.P
Restricted cash	$ 11,126	$ 11,208
Amortizable intangible assets, accumulated amortization	$ 349,614	$ 440,121
Senior preferred units, units outstanding	700,000	700,000
Ferrellgas Partners Finance Corp
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares authorized	2,000	2,000
Common stock, shares issued	1,000	1,000
Common stock, shares outstanding	1,000	1,000
Ferrellgas Finance Corp
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

Debt (Tables)

12 Months Ended

Jul. 31, 2023

Debt Instrument [Line Items]

Schedule of debt components


	July 31, 2023		July 31, 2022
Unsecured senior notes
Fixed rate, 5.375%, due 2026	$	650,000	$	650,000
Fixed rate, 5.875%, due 2029		825,000		825,000

Notes payable
8.3% and 8.9% weighted average interest rate at July 31, 2023 and 2022, respectively, due 2024 to 2028, net of unamortized discount of $1,040 and $465 at July 31, 2023 and 2022, respectively		6,615		4,539
Total debt, excluding unamortized debt issuance and other costs		1,481,615		1,479,539
Unamortized debt issuance and other costs		(22,834)		(27,731)
Less: current portion of long-term debt		2,597		1,792
Long-term debt	$	1,456,184	$	1,450,016

Schedule of financial covenant ratio


Financial Covenant		Ratio
Minimum interest coverage ratio ⁽¹⁾		2.50x
Maximum secured leverage ratio ⁽²⁾		2.50x
Maximum total net leverage ratio ^{(3) (4)}		4.75x

(1)	Defined generally as the ratio of adjusted EBITDA to cash interest expense.

(2)	Defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA.

(3)	Defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA.

(4)	Was 5.25x immediately prior to the quarter ended October 31, 2022 and 5.00x immediately prior to the quarter ended April 30, 2023.

Schedule of components of loss on extinguishment of debt


	For the year ended
	July 31, 2021
Payment of redemption premium on debt extinguishment	$	83,072
Fair value of Class B units in excess of current value		(5,101)
Make-whole payments		1,964
Unamortized deferred financing costs		24,899
Total loss on extinguishment of debt	$	104,834

Schedule of annual principal payments on long-term debt


	Scheduled
Payment due by fiscal year	principal payments
2024	$	2,597
2025		2,110
2026		651,729
2027		810
2028		825,409
Thereafter		—
Total	$	1,482,655

Ferrellgas, L.P

Debt Instrument [Line Items]

Schedule of components of loss on extinguishment of debt


	For the year ended
	July 31, 2021
Payment of redemption premium on debt extinguishment	$	83,072
Unamortized deferred financing costs		24,899
Total loss on extinguishment of debt	$	107,971

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Partnership organization and formation	12 Months Ended
Partnership organization and formation	Jul. 31, 2023
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Partnership organization and formation	A. Partnership organization and formation Ferrellgas Partners Ferrellgas Partners, L.P. (“Ferrellgas Partners”) was formed on April 19, 1994, and is a publicly traded limited partnership. Ferrellgas Partners is a holding entity that conducts no operations and has two direct subsidiaries, Ferrellgas Partners Finance Corp. and Ferrellgas, L.P. (the “operating partnership”). Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of any debt securities issued by Ferrellgas Partners. Our activities are primarily conducted through the operating partnership. Ferrellgas Partners and the operating partnership, collectively referred to as “Ferrellgas,” are both Delaware limited partnerships and are governed by their respective partnership agreements. These agreements contain specific provisions for the allocation of net earnings and loss to each of the partners for purposes of maintaining the partner capital accounts. Ferrellgas, Inc. (the “general partner”), a Delaware corporation and a wholly-owned subsidiary of Ferrell Companies, is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to Ferrellgas Partners’ Class B Units and the operating partnership’s Preferred Units, owns an approximate 1% general partner economic interest in each, and, therefore, an effective 2% general partner economic interest in the operating partnership. Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate 99% limited partner interest in the operating partnership. Our general partner performs all management functions for us. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. As of July 31, 2023, Ferrell Companies Inc., a Kansas corporation (“Ferrell Companies”), the parent company of our general partner, beneficially owns approximately 23.4% of Ferrellgas Partners’ outstanding Class A Units. Ferrell Companies is owned 100% by an employee stock ownership trust. The operating partnership The operating partnership was formed on April 22, 1994, and accounts for substantially all of our consolidated assets, sales and operating earnings. The operating partnership is a limited partnership that owns and operates propane distribution and related assets. Ferrellgas Partners and the holders of the Preferred Units (as defined in Note I “Preferred units”) are the only limited partners of the operating partnership. The operating partnership owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt securities issued by the operating partnership. The operating partnership is primarily engaged in the retail distribution of propane and related equipment sales. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico.
Ferrellgas Partners Finance Corp
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Partnership organization and formation	A. Formation Ferrellgas Partners Finance Corp. (the “Partners Finance Corp.”), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. (“Ferrellgas Partners”). Ferrellgas Partners contributed $1,000 to the Partners Finance Corp. on April 8, 1996 in exchange for 1,000 shares of common stock. Partners Finance Corp. has nominal assets, does not conduct any operations and has no employees.
Ferrellgas Finance Corp
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Partnership 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 Finance Corp. on January 24, 2003 in exchange for 1,000 shares of common stock. Finance Corp. has nominal assets, does not conduct any operations and has no employees.

Derivative Instruments and Hedging Activities - Effect on Comprehensive Income and Change in FV (Details) - Commodity Derivatives Propane - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivative	$ (48,034)	$ 68,950	$ 136,351
Cost of Sales
Derivative [Line Items]
Amount of gain (loss) reclassified from AOCI into income	(10,810)	120,429	44,252
Amount of gain (loss) reclassified, ineffective portion	$ 0	$ 0	$ 0

Transactions with related parties (Details) $ in Thousands		1 Months Ended	12 Months Ended
Transactions with related parties (Details) $ in Thousands	May 16, 2022 USD ($)	Jul. 31, 2021 USD ($)	Jul. 31, 2023 USD ($) employee	Jul. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)	Jan. 08, 2021 USD ($)
Related Party Transaction [Line Items]
Operating expense			$ 310,652	$ 275,326	$ 260,831
General and administrative expense			$ 32,168	$ 28,943	34,899
Number of employees \| employee			0
Ferrellgas, L.P \| Related Party Term Loan Credit Agreement [Member]
Related Party Transaction [Line Items]
Aggregate principal amount						$ 19,900
Interest rate, as a percent						20.00%
Prepayment	$ 15,300	$ 9,000
Current intercompany receivables		$ 3,900			$ 3,900

Summary of significant accounting policies (Tables)

12 Months Ended

Jul. 31, 2023

Significant Accounting Policies [Line Items]

Summary of income tax expense


	For the year ended July 31,
	2023		2022		2021
Current expense	$	984	$	974	$	739
Deferred (benefit) expense		(3)		7		2
Income tax expense	$	981	$	981	$	741

Summary of deferred tax assets and liabilities


	July 31,
	2023		2022
Deferred tax assets (included in Other assets, net)	$	4	$	4
Deferred tax liabilities (included in Other liabilities)		(6)		(9)
Net deferred tax liability	$	(2)	$	(5)

Ferrellgas, L.P

Significant Accounting Policies [Line Items]

Summary of income tax expense


	For the year ended July 31,
	2023		2022		2021
Current expense	$	979	$	969	$	725
Deferred (benefit) expense		(3)		7		2
Income tax expense	$	976	$	976	$	727

Summary of deferred tax assets and liabilities


	July 31,
	2023		2022
Deferred tax assets (included in Other assets, net)	$	4	$	4
Deferred tax liabilities (included in Other liabilities)		(6)		(9)
Net deferred tax liability	$	(2)	$	(5)

Fair Value Measurements

12 Months Ended

Jul. 31, 2023

Fair value measurements

Fair Value Measurements

M. Fair value measurements

Derivative financial instruments

The following table presents Ferrellgas’ financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of July 31, 2023 and 2022


	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
July 31, 2023:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	12,165	$	—	$	12,165
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(11,082)	$	—	$	(11,082)

July 31, 2022:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	51,267	$	—	$	51,267
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(12,960)	$	—	$	(12,960)

Methodology

The fair values of Ferrellgas’ non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. There were no transfers between Levels 1, 2, or 3 during the years ended July 31, 2023 and 2022.

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 July 31, 2023 and July 31, 2022, the estimated fair value of Ferrellgas’ long-term debt instruments was $1,318.9 million and $1,327.8 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of Ferrellgas’ consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.

Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets.

- 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

Supplemental financial statement information - Shipping and Handling (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Supplemental Financial Statement Information [Line Items]
Operating expense - personnel, vehicle, plant and other	$ 577,520	$ 520,603	$ 465,816
Depreciation and amortization expense	93,370	89,897	85,382
Operating expense - equipment lease expense	23,252	23,094	27,062
Shipping and Handling
Supplemental Financial Statement Information [Line Items]
Operating expense - personnel, vehicle, plant and other	291,268	244,022	217,292
Depreciation and amortization expense	15,807	14,370	13,691
Operating expense - equipment lease expense	13,165	18,874	22,609
Costs and Expenses, Total	$ 320,240	$ 277,266	$ 253,592

Debt - Covenants and Loss on Extinguishment (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Apr. 30, 2023	Oct. 31, 2022	Jul. 31, 2023 USD ($) item	Jul. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total loss on extinguishment of debt			$ 0	$ 0	$ 104,834
Payment of redemption premium on debt extinguishment					83,072
Fair value of Class B Units in excess of carrying value					(5,101)
Make-whole payments					1,964
Unamortized deferred financing costs					24,899
Revolving Credit Facility
Debt Instrument [Line Items]
Total net leverage ratio	5.00	5.25
Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029
Debt Instrument [Line Items]
Number of quarters for required fixed charge coverage ratio \| item			4
Senior Notes 5.375 Percent Due 2026
Debt Instrument [Line Items]
Number of quarters for required fixed charge coverage ratio \| item			4
Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest coverage ratio			2.50
Available capacity necessary for cash distributions			$ 50,000
Available capacity as percentage of Borrowing Base, necessary for cash distributions			15.00%
Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Secured leverage ratio			2.50
Maximum \| Senior Notes 5.375 Percent Due 2026 And Senior Notes 5.875 Percent Due 2029
Debt Instrument [Line Items]
Total net leverage ratio			5.0
Maximum \| Senior Notes 5.375 Percent Due 2026
Debt Instrument [Line Items]
Required fixed charge coverage ratio			1.75%
Maximum \| Debt Covenant, First Specified Period \| Revolving Credit Facility
Debt Instrument [Line Items]
Total net leverage ratio			4.75
Maximum \| Debt Covenant, Fourth Specified Period \| Revolving Credit Facility
Debt Instrument [Line Items]
Total net leverage ratio			4.75
Ferrellgas, L.P
Debt Instrument [Line Items]
Total loss on extinguishment of debt					107,971
Payment of redemption premium on debt extinguishment					83,072
Unamortized deferred financing costs					$ 24,899

Acquisitions and dispositions - Dispositions (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on asset sales and disposals	$ (5,691)	$ 6,618	$ (1,831)
Ferrellgas, L.P
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on asset sales and disposals	$ (5,691)	$ 6,618	$ (1,831)

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Jul. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of financial derivatives balance sheet locations


	Final	July 31, 2023
	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	$	11,966	Other current liabilities	$	9,554
Commodity derivatives-propane		Other assets, net		199	Other liabilities		1,528
		Total	$	12,165	Total	$	11,082


	Final	July 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	$	43,015	Other current liabilities	$	11,840
Commodity derivatives-propane		Other assets, net		8,252	Other liabilities		1,120
		Total	$	51,267	Total	$	12,960

Schedule of offsetting assets and liabilities


	July 31, 2023
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	11,939	Broker margin deposit liability	$	6,972
	Other assets, net		1,965	Other liabilities		—
	Total	$	13,904	Total	$	6,972


	July 31, 2022
	Assets			Liabilities
Description	Location	Amount		Location	Amount
Margin Balances	Prepaid expense and other current assets	$	12,338	Broker margin deposit liability	$	32,805
	Other assets, net		4,797	Other liabilities		7,110
	Total	$	17,135	Total	$	39,915

Schedule of cash flow hedge derivative effect on comprehensive income


	For the year ended July 31, 2023
				Amount of Loss
	Amount of Loss		Location of Loss	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	(48,034)	Cost of sales - propane and other gas liquids sales	$	(10,810)	$	—


	For the year ended July 31, 2022
				Amount of Gain
	Amount of Gain		Location of Gain	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	68,950	Cost of sales - propane and other gas liquids sales	$	120,429	$	—


	For the year ended July 31, 2021
				Amount of Gain
	Amount of Gain		Location of Gain	Reclassified from
	Recognized in		Reclassified from	AOCI into Income
Derivative Instrument	AOCI		AOCI into Income	Effective portion		Ineffective portion
Commodity derivatives	$	136,351	Cost of sales - propane and other gas liquids sales	$	44,252	$	—

Schedule of changes in derivatives included in accumulated other comprehensive income


	For the year ended July 31,
Gains and losses on derivatives included in AOCI	2023		2022		2021
Beginning balance attributable to Ferrellgas Partners, L.P.	$	37,907	$	88,866	$	(2,303)
Change in value of risk management commodity derivatives		(48,034)		68,950		136,351
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net		10,810		(120,429)		(44,252)
Less: amount attributable to noncontrolling interests		376		520		(930)
Ending balance attributable to Ferrellgas Partners, L.P.	$	1,059	$	37,907	$	88,866


	For the year ended July 31,
Gains and losses on derivatives included in AOCI	2023		2022		2021
Beginning balance	$	38,307	$	89,786	$	(2,313)
Change in value of risk management commodity derivatives		(48,034)		68,950		136,351
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net		10,810		(120,429)		(44,252)
Ending balance	$	1,083	$	38,307	$	89,786

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Jul. 31, 2023	Aug. 31, 2023	Jan. 31, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jul. 31, 2023
Current Fiscal Year End Date	--07-31
Document Transition Report	false
Entity File Number	001-11331
Entity Registrant Name	Ferrellgas Partners L P
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-1698480
Entity Address, Address Line One	One Liberty Plaza
Entity Address, City or Town	Liberty
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64068
City Area Code	816
Local Phone Number	792-1600
Title of 12(b) Security	N/A
No Trading Symbol Flag	true
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 30,233,779
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Kansas City, Missouri
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000922358
Amendment Flag	false
Class A Limited Partner Units
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,857,605
Class B Limited Partner Units
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,300,000
Ferrellgas, L.P
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Jul. 31, 2023
Current Fiscal Year End Date	--07-31
Entity File Number	000-50182
Entity Registrant Name	FERRELLGAS L P
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-1698481
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Kansas City, Missouri
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000922359
Amendment Flag	false
Ferrellgas Partners Finance Corp
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Jul. 31, 2023
Current Fiscal Year End Date	--07-31
Entity File Number	333-06693-02
Entity Registrant Name	Ferrellgas Partners Finance Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	43-1742520
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		1,000
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Kansas City, Missouri
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001012493
Amendment Flag	false
Ferrellgas Finance Corp
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Jul. 31, 2023
Current Fiscal Year End Date	--07-31
Entity File Number	000-50183
Entity Registrant Name	FERRELLGAS FINANCE CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	14-1866671
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		1,000
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Kansas City, Missouri
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000922360
Amendment Flag	false

Schedule I Parent Only Statements - Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Cash flows from operating activities:
Net earnings (loss)	$ 137,621	$ 148,860	$ (69,113)
Reconciliation of net earnings (loss) to net cash provided by operating activities:
Other	8,119	6,855	8,683
Loss on extinguishment of debt	0	0	104,834
Net cash used in operating activities	212,258	160,465	206,428
Cash flows from investing activities:
Payments to Acquire Businesses, Net of Cash Acquired	(24,123)	(19,679)	(6,567)
Net cash provided by investing activities	(110,774)	(111,776)	(60,953)
Cash flows from financing activities:
Distributions to Class B unitholders	(49,998)	(99,996)	0
Cash paid for financing costs	0	(337)	(44,290)
Fees in connection with Class B Unit exchange	0	0	(1,988)
Make-whole payments	0	0	(1,964)
Proceeds from issuance of long-term debt	0	0	1,475,000
Payments on long-term debt	(1,836)	(1,670)	(2,120)
Net cash used in financing activities	(122,874)	(171,904)	(197,284)
Increase (decrease) in cash and cash equivalents	(21,390)	(123,215)	(51,809)
Cash, cash equivalents and restricted cash - beginning of period	158,737	281,952	333,761
Cash, cash equivalents and restricted cash - end of period	137,347	158,737	281,952
Parent Company [Member]
Cash flows from operating activities:
Net earnings (loss)	136,881	147,993	(68,411)
Reconciliation of net earnings (loss) to net cash provided by operating activities:
Other	(214)	(16,944)	16,208
Loss on extinguishment of debt			(3,137)
Equity in (earnings) loss of Ferrellgas, L.P.	(136,838)	(150,262)	44,740
Net cash used in operating activities	(171)	(19,213)	(10,600)
Cash flows from investing activities:
Distributions received from Ferrellgas, L.P.	50,000	119,216
Loan from Ferrellgas L.P.			14,810
Net cash provided by investing activities	50,000	119,216	14,810
Cash flows from financing activities:
Distributions to Class B unitholders	(49,998)	(99,996)
Fees in connection with Class B Unit exchange			(1,988)
Make-whole payments			(1,964)
Net cash used in financing activities	(49,998)	(99,996)	(3,952)
Increase (decrease) in cash and cash equivalents	(169)	7	258
Cash, cash equivalents and restricted cash - beginning of period	271	264	6
Cash, cash equivalents and restricted cash - end of period	$ 102	$ 271	$ 264

Derivative Instruments and Hedging Activities - Balance Sheet (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Derivatives, Fair Value [Line Items]
Gain (loss) recognized due to ineffectiveness	$ 0	$ 0
Derivative Asset, Fair Value, Gross Asset	12,165	51,267
Derivative Liability, Fair Value, Gross Liability	11,082	12,960
Price risk management asset
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap assets	11,966	43,015
Other Current Liabilities
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap liabilities	9,554	11,840
Other Assets, Net
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap assets	199	8,252
Other Liabilities
Derivatives, Fair Value [Line Items]
Commodity derivatives propane swap liabilities	$ 1,528	$ 1,120

Preferred units - Investor Redemption Right (Details)	Jul. 31, 2023 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
Temporary Equity [Line Items]
Threshold units outstanding for right to trigger sale	233,300
Preferred Units \| Maximum
Temporary Equity [Line Items]
Threshold units outstanding for right to fully redeem outstanding units in cash	233,300

Subsequent events (Details)	12 Months Ended
Subsequent events (Details)	Jul. 31, 2023
Subsequent Event [Line Items]
Events or transactions	0
Ferrellgas Partners Finance Corp
Subsequent Event [Line Items]
Events or transactions	0
Ferrellgas Finance Corp
Subsequent Event [Line Items]
Events or transactions	0

Leases - Assumptions (Details)	Jul. 31, 2023	Jul. 31, 2022
Lessee Disclosure [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	4 years 8 months 12 days	4 years 10 months 24 days
Finance Lease, Weighted Average Remaining Lease Term	3 years 4 months 24 days	4 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	7.70%	7.60%
Finance Lease, Weighted Average Discount Rate, Percent	8.30%	8.30%

Equity (Deficit) - Reverse Unit Split (Details)	Mar. 30, 2021 shares	Jul. 31, 2023 shares	Jul. 31, 2022 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

Acquisitions and dispositions

12 Months Ended

Jul. 31, 2023

Acquisitions and dispositions

Acquisitions and dispositions

C. Acquisitions and dispositions

Acquisitions

Business combinations are accounted for under the acquisition method of accounting and the assets acquired and liabilities assumed are recorded at their estimated fair market values as of the acquisition dates. The results of operations are included in the consolidated statements of operations from the date of acquisition. The pro forma effect of these transactions was not material to Ferrellgas’ consolidated balance sheets or results of operations.

Propane operations and related equipment sales

During fiscal 2023, Ferrellgas acquired propane distribution assets, primarily of four independent distributors, with an aggregate value of $27.6 million in the following transactions:

●

Brown’s Gas, based in California, acquired in August 2022;

●

Dubben Gas Service, based in New York, acquired in October 2022;

●

Rez-Bear Propane, based in New York, acquired in November 2022; and

●

Apollo Propane, Inc., based in Ohio, acquired in March 2023.

During fiscal 2022, Ferrellgas acquired propane distribution assets, primarily of two independent distributors and a third-party distributor, with an aggregate value of $21.7 million in the following transactions:

●

North Cascades Propane Service, based in Washington, acquired in August 2021;

●

Starlite Propane Gas Corporation, based in New York, acquired in August 2021; and

●

Renovex, Inc., based in Pennsylvania, acquired in June 2022.

During fiscal 2021, Ferrellgas acquired propane distribution assets, primarily of an independent distributor, with an aggregate value of $7.9 million in the following transaction:

●

Proflame, Inc., based in New York, acquired in July 2021.

These acquisitions were funded as follows on their dates of acquisition:


	For the year ended July 31,
	2023		2022		2021
Cash payments, net of cash acquired	$	24,123	$	19,679	$	6,567
Issuance of liabilities and other costs and considerations		3,435		2,022		1,344
Aggregate fair value of transactions	$	27,558	$	21,701	$	7,911

The aggregate fair values, for the acquisitions in propane operations and related equipment sales reporting segment, were allocated as follows, including any adjustments identified during the measurement period:


	For the year ended July 31,
	2023		2022		2021
Customer tanks, buildings, land and other	$	10,027	$	6,564	$	2,607
Goodwill		—		10,153		—
Customer lists		15,938		4,259		4,973
Non-compete agreements		1,593		725		331
Aggregate fair value of net assets acquired	$	27,558	$	21,701	$	7,911

The estimated fair values and useful lives of assets acquired during fiscal 2023 are based on a preliminary valuation and are subject to final valuation adjustments. Ferrellgas intends to continue its analysis of the net assets of these transactions to determine the final allocation of the total purchase price to the various assets and liabilities acquired. The estimated fair values and useful lives of assets acquired during fiscal 2022 and 2021 are based on internal valuations and included only minor adjustments during the 12-month period after the date of acquisition. Due to the immateriality of these adjustments, Ferrellgas did not retrospectively adjust the consolidated statements of operations for those measurement period adjustments.

Dispositions

We incurred a loss on asset sales and disposals of $5.7 million and $1.8 million in fiscal 2023 and 2021, We had a $6.6 million gain on asset sales and disposals in fiscal 2022.

Goodwill and intangible assets, net

12 Months Ended

Jul. 31, 2023

Goodwill and intangible assets, net

Goodwill and intangible assets, net

G. Goodwill and intangible assets, net

Goodwill and intangible assets, net consist of the following:


	July 31, 2023						July 31, 2022
	Gross Carrying		Accumulated				Gross Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Goodwill, net	$	257,006	$	—	$	257,006	$	257,099	$	—	$	257,099

Intangible assets, net
Amortized intangible assets
Customer-related	$	376,571	$	(324,578)	$	51,993	$	456,181	$	(412,548)	$	43,633
Non-compete agreements		28,637		(25,036)		3,601		27,044		(24,060)		2,984
Other		—		—		—		3,513		(3,513)		—
		405,208		(349,614)		55,594		486,738		(440,121)		46,617

Unamortized intangible assets
Trade names & trademarks		51,021		—		51,021		51,021		—		51,021
Total intangible assets, net	$	456,229	$	(349,614)	$	106,615	$	537,759	$	(440,121)	$	97,638

Changes in the carrying amount of goodwill are as follows:


	Propane operations and
	related equipment sales
Balance July 31, 2021	$	246,946
Acquisitions		10,153
Balance July 31, 2022		257,099
Other		(93)
Balance July 31, 2023	$	257,006

Customer related intangible assets have estimated lives of 15 years and non-compete agreements and other intangible assets have estimated lives ranging from 5 to 10 years. Ferrellgas intends to utilize all acquired trademarks and trade names and does not believe there are any legal, regulatory, contractual, competitive, economical or other factors that would limit their useful lives. Therefore, trademarks and trade names have indefinite useful lives. Customer related intangibles carry a weighted average life of 15 years, and non-compete agreements and other intangibles carry a weighted average life of 9 years.

Aggregate amortization expense related to intangible assets, net:


For the year ended July 31,
2023	$	8,553
2022		8,089
2021		8,742

Estimated amortization expense:


For the year ended July 31,
2024	$	8,734
2025		6,791
2026		6,230
2027		5,840
2028		5,365

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Jul. 31, 2023	Jul. 31, 2022
Fair value measurements
Long-term debt, fair value	$ 1,318.9	$ 1,327.8

Employee benefits

12 Months Ended

Jul. 31, 2023

Employee benefits

Employee Benefits

Q. Employee benefits

Ferrellgas has no employees and is managed and controlled by its general partner. Ferrellgas assumes all liabilities, which include specific liabilities related to the following employee benefit plans for the benefit of the officers and employees of the general partner.

Ferrell Companies makes contributions to the employee stock ownership trust (the “Trust”), which causes a portion of the shares of Ferrell Companies owned by the Trust to be allocated to employees’ accounts over time. The allocation of Ferrell Companies’ shares to employee accounts causes a non-cash compensation charge to be incurred by Ferrellgas, equivalent to the fair value of such shares allocated. This non-cash compensation charge is reported separately in Ferrellgas’ consolidated statements of operations and thus is excluded from operating and general and administrative expenses. The non-cash compensation charges were $2.9 million, $3.2 million and $3.2 million during fiscal 2023, 2022 and 2021, respectively. Ferrellgas is not obligated to fund or make contributions to the Trust.

The general partner and its parent, Ferrell Companies, have a defined contribution 401(k) investment plan which covers substantially all employees. The plan, which qualifies under section 401(k) of the Internal Revenue Code, also provides for matching contributions under a cash or deferred arrangement based upon participant salaries and employee contributions to the plan. Matching contributions, net of forfeitures, for fiscal 2023, 2022 and 2021 were $4.9 million, $5.4 million and $4.0 million, respectively.

Contingencies and commitments	12 Months Ended
Contingencies and commitments	Jul. 31, 2023
Loss Contingencies [Line Items]
Contingencies and commitments	P. Contingencies and commitments Litigation Ferrellgas’ operations are subject to all operating hazards and risks normally incidental to handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane and, prior to the sales of midstream operations in fiscal 2018, crude oil. As a result, at any given time, we can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. Other than as discussed below, we are not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on our consolidated financial condition, results of operations and cash flows. Ferrellgas and Bridger Logistics, LLC (“Bridger”), were named, along with two former officers (“Rios and Gamboa”), in a lawsuit (the “EDPA Lawsuit”) filed by Eddystone Rail Company (“Eddystone”) on February 2, 2017 in the U.S. District Court for the Eastern District of Pennsylvania (the “Court”). On December 10, 2021, the Court dismissed Eddystone’s claims against Rios and Gamboa, pursuant to a settlement agreement with Eddystone. Eddystone indicated that it has prevailed in or settled an arbitration against Jamex Transfer Services (“JTS”), previously named Bridger Transfer Services, a former subsidiary of Bridger. The arbitration involved a claim against JTS for money due for deficiency payments under a contract for the use of an Eddystone facility used to offload crude from rail onto barges. Eddystone alleges that Ferrellgas transferred assets out of JTS prior to the sale of the membership interest in JTS to Jamex Transfer Holdings, and that those transfers should be avoided so that the assets can be used to satisfy the amount owed by JTS to Eddystone as a result of the arbitration. Eddystone also alleges that JTS was an “alter ego” of Bridger and Ferrellgas and that Bridger and Ferrellgas breached both an implicit contract as well as fiduciary duties allegedly owed to Eddystone as a creditor of JTS. Ferrellgas believes that Ferrellgas and Bridger have valid defenses to these claims and to Eddystone’s primary claim against JTS for breach of contract. If Eddystone ultimately prevails, however, Ferrellgas believes that the amount of damages awarded could be material to Ferrellgas. Ferrellgas intends to vigorously defend this claim. The Court decided summary judgment motions in March 2022 and the three segments of the bench trial were completed in September 2022, December 2022 and February 2023, respectively. The Court set a briefing schedule through May 2023 and closing arguments for August 2023. Management does not currently believe a loss is probable or reasonably estimable at this time. However, we may enter into settlement discussions at any time. Long-term debt-related commitments Ferrellgas has long and short-term payment obligations under agreements such as the indentures governing our senior notes. See Note H “Debt” for a description of these debt obligations and a schedule of future maturities.
Ferrellgas Partners Finance Corp
Loss Contingencies [Line Items]
Contingencies and commitments	B. Contingencies and commitments Partners Finance Corp. serves as co-issuer and co-obligor for debt securities of Ferrellgas Partners. As of July 31, 2023 and 2022, Ferrellgas Partners had no debt securities outstanding, and Partners Finance Corp. therefore was not liable as co-issuer for any such debt securities.
Ferrellgas Finance Corp
Loss Contingencies [Line Items]
Contingencies and commitments	B. Contingencies and commitments Finance Corp. serves as co-issuer and co-obligor for debt securities of the operating partnership. As of July 31, 2023 and 2022, 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.

Summary of significant accounting policies - Deferred Taxes Assets And Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Significant Accounting Policies [Line Items]
Deferred tax assets (included in Other assets, net)	$ 4	$ 4
Deferred tax liabilities (included in Other liabilities)	(6)	(9)
Net deferred tax liability	(2)	(5)
Ferrellgas, L.P
Significant Accounting Policies [Line Items]
Deferred tax assets (included in Other assets, net)	4	4
Deferred tax liabilities (included in Other liabilities)	(6)	(9)
Net deferred tax liability	$ (2)	$ (5)

Net earnings (loss) per Unitholders' interest

12 Months Ended

Jul. 31, 2023

Net earnings (loss) per Unitholders' interest

Net earnings (loss) per Unitholders' interest

R. Net earnings (loss) per Unitholders’ interest

Below is a calculation of the basic and diluted net earnings (loss) per Class A Unitholders’ interest in the consolidated statements of operations for the periods indicated. In accordance with guidance issued by the FASB regarding participating securities and the two-class method, Ferrellgas calculates net earnings (loss) per Class A Unitholders’ interest for each period presented according to distributions declared and participation rights in undistributed earnings, as if all of the earnings or loss for the period had been distributed. Due to the seasonality of Ferrellgas’ business, the dilutive effect of the two-class method typically impacts only the three months ended January 31.

There was not a dilutive effect resulting from this guidance on basic and diluted net earnings (loss) per Class A Unitholders’ interest for fiscal 2023, 2022 and 2021.

In periods with net losses, the allocation of the net losses to the limited partners and the general partner will be determined based on the same allocation basis specified in Ferrellgas Partners’ partnership agreement that would apply to periods in which there were no undistributed earnings. Additionally, in periods with net losses, there are no dilutive securities.

Calculation of basic and diluted net earnings (loss) per Class A Units


	For the year ended July 31,
	2023		2022		2021

Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$	136,881	$	147,993	$	(68,411)
Less: Distributions to preferred unitholders		64,314		65,287		24,024
Less: Distributions to Class B unitholders		49,998		99,996		—
Less: Allocation of undistributed net earnings to Class B units		11,030		—		—
Less: General partner’s interest in net earnings (loss)		1,368		1,480		(684)
Undistributed net earnings (loss) attributable to Class A unitholders	$	10,171	$	(18,770)	$	(91,751)
Weighted average Class A Units outstanding (in thousands)		4,857.6		4,857.6		4,857.6
Basic and diluted net earnings (loss) per Class A Unit	$	2.09	$	(3.86)	$	(18.89)

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 be allocated between the Class B Units and the Class A Units on a six-to-one basis. 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 March 30, 2026 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.

Summary of significant accounting policies

12 Months Ended

Jul. 31, 2023

Summary of 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 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 unit, fair value at issuance of Class B units (related to Ferrellgas Partners), recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use assets (“ROU assets”) and lease liability and fair values of derivative contracts.

(2) Principles of consolidation and basis of presentation

Certain prior-year amounts have been reclassified to conform to the current-year presentation.

Ferrellgas Partners

The consolidated financial statements present the consolidated financial position, results of operations and cash flows of Ferrellgas Partners, its wholly-owned subsidiary, Ferrellgas Partners Finance Corp., and the operating partnership, its majority-owned subsidiary, after elimination of all intercompany accounts and transactions. We have determined that the operating partnership is a variable interest entity for whom Ferrellgas Partners has no ability through voting rights or similar rights to make decisions and thus does not have the power to direct the activities of the operating partnership that most significantly impact economic performance. However, we have determined that the accounts of Ferrellgas Partners’ majority-owned subsidiary should be included because Ferrellgas Partners is most closely associated with the operations of the operating partnership due to the fact that Ferrellgas Partners has the obligation to absorb the losses of and the right to receive benefits from the operating partnership that are significant to the operating partnership and substantially all the assets and liabilities of Ferrellgas Partners consist of the operating partnership. The operating partnership includes the accounts of its wholly-owned subsidiaries. The general partner’s approximate 1% general partner interest in the operating partnership is accounted for as a noncontrolling interest.

The operating partnership

The consolidated financial statements present the consolidated financial position, results of operations and cash flows of the operating partnership and its subsidiaries after elimination of all intercompany accounts and transactions. The operating partnership consolidates the following wholly-owned entities: Bridger Logistics, LLC, Blue Rhino Global Sourcing, Inc., FNA Canada, Inc., Ferrellgas Finance Corp, and Ferrellgas Receivables, LLC.

(3) Fair value measurements

Ferrellgas measures certain of its assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants – in either the principal market or the most advantageous market. The principal market is the market with the greatest level of activity and volume for the asset or liability.

The common framework for measuring fair value utilizes a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest.

●

Level 1: Quoted prices in active markets for identical assets or liabilities.

●

Level 2: Quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

●

Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

(4) Accounts receivable

Accounts receivable are reported on the consolidated balance sheets at the gross outstanding amount adjusted for an allowance for expected credit losses. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. Provisions for uncollectible accounts are established based upon our collection experience and the assessment of the collectability of specific amounts. Accounts receivable are written off in the period in which the receivable is deemed uncollectible.

(5) Inventories

Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods.

(6) Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation. Expenditures for maintenance and routine repairs are expensed as incurred. Ferrellgas capitalizes computer software, equipment replacement and betterment expenditures that upgrade, replace or completely rebuild major mechanical components and extend the original useful life of the equipment. Depreciation is calculated using the straight-line method based on the estimated useful lives of the assets ranging from 2 to 30 years. Depreciation expense on delivery vehicles Ferrellgas owns are classified within “Depreciation and amortization expense.” Long-lived assets are tested for impairment, using Ferrellgas’ best estimates based on reasonable and supportable assumptions and projections, whenever events or changes in circumstances indicate that the carrying amount of its assets or asset groups might not be recoverable. The recoverability tests for property, plant and equipment are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group.

(7) Goodwill

Ferrellgas records goodwill as the excess of the cost of acquisitions over the fair value of the related net assets at the date of acquisition. Goodwill is tested 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. Ferrellgas has determined that it has one reporting unit for goodwill impairment testing purposes. As of July 31, 2023, this reporting unit contains goodwill that is subject to at least an annual assessment for impairment by applying a fair-value-based test. Under this test, the carrying value of the reporting unit is determined by assigning the assets and liabilities, including the existing goodwill and intangible assets, to the reporting unit as of the date of the evaluation on a specific identification basis. To the extent the reporting unit’s carrying value exceeds its fair value, the reporting unit’s goodwill is impaired. The amount of impairment would be equal to the lesser of the excess of reporting unit carrying value over its fair value and the reporting unit’s recorded amount of goodwill. Ferrellgas completed its most recent annual goodwill impairment test on January 31, 2023 and did not incur an impairment loss. The estimated fair value of the reporting unit exceeded its carrying value by approximately 33% in fiscal 2023.

(8) Intangible assets

Intangible assets with finite useful lives, consisting primarily of customer related assets and non-compete agreements, permits, favorable lease arrangements and patented technology are stated at cost, net of accumulated amortization calculated using the straight-line method over periods ranging from 2 to 15 years. When necessary, intangible assets’ useful lives are revised and the impact on amortization reflected on a prospective basis. Trade names and trademarks have indefinite lives, are not amortized, and are stated at cost. Ferrellgas tests finite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of these assets or asset groups might not be recoverable. Indefinite-lived intangible assets are tested for impairment annually on January 31 or more frequently if circumstances dictate. The recoverability tests for definite-lived intangible assets are performed at the asset group level that represents the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The recoverability test is performed by determining the carrying value of the asset group and comparing it to the estimated expected undiscounted future cash flows of the asset group. The expected future cash flows are estimated based on management’s plans. If the carrying value exceeds the expected undiscounted future cash flows, an impairment loss is recognized for the difference between the estimated fair market value and the carrying value of the asset group.

(9) Derivative instruments and hedging activities

Commodity Price Risk.

Ferrellgas’ overall objective for entering into commodity based derivative contracts, including commodity options and swaps, is to hedge a portion of its exposure to market fluctuations in propane prices.

Ferrellgas’ risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies on a short-term basis. Ferrellgas attempts to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts.

Ferrellgas’ risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to Ferrellgas’ positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when Ferrellgas’ gains or losses in the physical product markets are offset by its losses or gains in the forward or financial markets. The propane related financial derivatives are designated as cash flow hedges.

Ferrellgas’ risk management activities may include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. We enter into these financial derivative instruments primarily with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. All of our financial derivative instruments are reported on the consolidated balance sheets at fair value.

Ferrellgas also enters into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on Ferrellgas’ consolidated financial statements until settled.

On the date that derivative contracts are entered into, other than those designated as normal purchases or normal sales, Ferrellgas makes a determination as to whether the derivative instrument qualifies for designation as a hedge. These financial instruments are formally designated as a hedge of a specific underlying exposure, and that designation as well as the risk management objectives and strategies for undertaking the hedge transaction are documented. Because of the high degree of correlation between the hedging instrument and the underlying exposure being hedged, fluctuations in the value of the derivative instrument are generally offset by changes in the anticipated cash flows of the underlying exposure being hedged. Since the fair value of these derivatives fluctuates over their contractual lives, their fair value amounts should not be viewed in isolation, but rather in relation to the anticipated cash flows of the underlying hedged transaction and the overall reduction in Ferrellgas’ risk relating to adverse fluctuations in propane prices. Ferrellgas formally assesses, both at inception and at least quarterly thereafter, whether the financial instruments that are used in hedging transactions are effective at offsetting changes in the anticipated cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is recognized in “Cost of sales - propane and other gas liquids sales” in the consolidated statements of operations. Financial instruments formally designated and documented as a hedge of a specific underlying exposure are recorded gross at fair value as either “Prepaid expenses and other current assets,” “Other assets, net,” “Other current liabilities,” or “Other liabilities” on the consolidated balance sheets with changes in fair value reported in other comprehensive income.

Interest Rate Risk.

Fluctuations in interest rates subject the operating partnership to interest rate risk. Decreases in interest rates increase the fair value of the operating partnership’s fixed rate debt, while increases in interest rates subject the operating partnership to the risk of increased interest expense related to its variable rate borrowings.

The operating partnership may enter into fair value hedges to help reduce its fixed interest rate risk. Interest rate swaps may be used to hedge the exposure to changes in the fair value of fixed rate debt due to changes in interest rates. Fixed rate debt that has been designated as being hedged is adjusted to offset the change in the fair value of interest rate derivatives that are fair value hedges, which are classified as “Prepaid expenses and other current assets,” “Other assets, net,” “Other current liabilities” or as “Other liabilities” on the consolidated balance sheets. Changes in the fair value of fixed rate debt and any related fair value hedges are recognized as they occur in “Interest expense” on the consolidated statements of operations.

The operating partnership may enter into cash flow hedges to help reduce its variable interest rate risk. Interest rate swaps are used to hedge the risk associated with rising interest rates and their effect on forecasted interest payments related to variable rate borrowings. These interest rate swaps are designated as cash flow hedges. Thus, the effective portions of changes in the fair value of the hedges are recorded in “Prepaid expenses and other current assets,” “Other assets, net,” “Other current liabilities” or as “Other liabilities” with an offsetting entry to “Other comprehensive income” at interim periods and are subsequently recognized as interest expense in the consolidated statement of operations when the forecasted transaction impacts earnings. Changes in the fair value of any cash flow hedges that are considered ineffective are recognized as interest expense on the consolidated statements of operations as they occur.

(10) Leases

Ferrellgas uses the short-term lease recognition exemption for all leases with a lease term of 12 months or less at inception, meaning it does not recognize ROU assets or lease liabilities for those leases. Ferrellgas also does not separate lease and non-lease components for its most significant leasing activity, which includes vehicle and real estate leases.

Ferrellgas determines if an arrangement is a lease or contains a lease at inception. Ferrellgas leases certain transportation and computer equipment and real estate, predominantly through operating leases. Ferrellgas has an immaterial amount of leases in which it is the lessor. Operating lease rentals are expensed on a straight-line basis over the life of the lease beginning on the lease commencement date. Ferrellgas determines the lease term by assuming the exercise of renewal options that are reasonably certain. The lease term is used to determine whether a lease is finance or operating and is used to calculate rent expense. Additionally, the depreciable life of leased assets and leasehold improvements is limited by the expected lease term. Operating lease balances are classified as operating lease ROU assets, and current and long-term operating lease liabilities on Ferrellgas’ consolidated balance sheet. Finance leases are classified in “Other assets, net,” “Other current liabilities,” and “Other liabilities” on the consolidated balance sheet. Delivery vehicles and distribution technology under operating leases by Ferrellgas are classified within “Operating expense – equipment lease expense.” Delivery vehicles and distribution technology under finance leases are classified within “Depreciation and amortization expense.”

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of Ferrellgas’ leases do not provide an implicit discount rate, Ferrellgas uses its incremental borrowing rate adjusted for the lease term to represent the rate it would have to pay to borrow on a collateralized basis based on the information available at the commencement date in determining the present value of lease payments. Lease terms may include options to extend or terminate the lease and Ferrellgas adjusts the life of the lease when it is reasonably certain that it will exercise an option.

(11) Revenue recognition

Revenues from Ferrellgas’ propane operations and related equipment sales segment are recognized at the time product is delivered with payments generally due 30 days after receipt. Amounts are considered past due after 30 days. Accounts receivable allowances are determined based on management’s assessment of the creditworthiness of the customers and other collection actions. Ferrellgas offers “even pay” and other billing programs that can create customer deposits or advances. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. Other revenues, which include revenue from the sale of propane appliances and equipment, is recognized at the time of delivery or installation. Shipping and handling revenues and expenses for sales of propane, appliances and equipment are recognized at the time of delivery or installation. Shipping and handling revenues are included in the price of propane charged to customers, and are classified as revenue. Revenues from annually billed, non-refundable propane tank rentals are recognized in “Revenues: other” on a straight-line basis over one year.

(12) Shipping and handling expenses

Shipping and handling expenses related to delivery personnel, vehicle repair and maintenance and general liability expenses are classified within “Operating expense – personnel, vehicle, plant and other” in the consolidated statements of operations. See Note E “Supplemental financial statement information” for the financial statement presentation of shipping and handling expenses.

(13) Cost of sales

“Cost of sales – propane and other gas liquids sales” includes all costs to acquire propane and other gas liquids, the costs of storing and transporting inventory prior to delivery to Ferrellgas’ customers, the results from risk management activities to hedge related price risk and the costs of materials related to the refurbishment of Ferrellgas’ portable propane tanks. “Cost of sales – other” primarily includes costs related to the sale of propane appliances and equipment.

(14) Operating expense

“Operating expense – personnel, vehicle, plant and other” primarily includes the personnel, vehicle, delivery, handling, plant, office, selling, marketing, credit and collections and other expenses.

(15) General and administrative expense

“General and administrative expense” primarily includes personnel and incentive expense related to executives and employees, as well as other overhead expenses related to centralized corporate functions.

(16) Income taxes

Ferrellgas Partners

Ferrellgas Partners is a publicly-traded master limited partnership with one subsidiary that is a taxable corporation. Partnerships are generally not subject to federal income tax, although publicly-traded partnerships are treated as corporations for federal income tax purposes and therefore subject to federal income tax unless a qualifying income test is satisfied. If this qualifying income test is satisfied, the publicly-traded partnership will be treated as a partnership for Federal income tax purposes. Based on Ferrellgas’ calculations, Ferrellgas Partners satisfies the qualifying income test. As a result, except for the taxable corporations, Ferrellgas Partners’ earnings or losses for Federal income tax purposes are included in the tax returns of the individual partners, Ferrellgas Partners’ unitholders. Accordingly, the consolidated financial statements of Ferrellgas Partners reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to Ferrellgas Partners unitholders as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas Partners’ partnership agreement and differences between Ferrellgas Partners’ financial reporting fiscal year end and its calendar tax year end.

Income tax expense consisted of the following:


	For the year ended July 31,
	2023		2022		2021
Current expense	$	984	$	974	$	739
Deferred (benefit) expense		(3)		7		2
Income tax expense	$	981	$	981	$	741

Deferred taxes consisted of the following:


	July 31,
	2023		2022
Deferred tax assets (included in Other assets, net)	$	4	$	4
Deferred tax liabilities (included in Other liabilities)		(6)		(9)
Net deferred tax liability	$	(2)	$	(5)

The operating partnership

The operating partnership is a limited partnership and owns three subsidiaries that are taxable corporations. As a result, except for the taxable corporations, the operating partnership’s earnings or losses for federal income tax purposes are included in the tax returns of the individual partners. Accordingly, the consolidated financial statements of the operating partnership reflect federal income taxes related to the above mentioned taxable corporations and certain states that allow for income taxation of partnerships. Net earnings for financial statement purposes may differ significantly from taxable income reportable to partners as a result of differences between the tax basis and financial reporting basis of assets and liabilities, the taxable income allocation requirements under Ferrellgas, L.P.’s partnership agreement and differences between the operating partnership’s financial reporting fiscal year end and limited partners’ tax year end.

Income tax expense consisted of the following:


	For the year ended July 31,
	2023		2022		2021
Current expense	$	979	$	969	$	725
Deferred (benefit) expense		(3)		7		2
Income tax expense	$	976	$	976	$	727

Deferred taxes consisted of the following:


	July 31,
	2023		2022
Deferred tax assets (included in Other assets, net)	$	4	$	4
Deferred tax liabilities (included in Other liabilities)		(6)		(9)
Net deferred tax liability	$	(2)	$	(5)

(17) Sales taxes

Ferrellgas accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations.

(18) Net earnings (loss) per Class A Unitholders’ interest

Net earnings (loss) per Class A unitholders’ interest for Ferrellgas Partners is computed by dividing “Net earnings (loss) attributable to Ferrellgas Partners, L.P.,” after deducting the general partner’s approximate 1% interest, by the weighted average number of outstanding Class A Units and the dilutive effect, if any, of outstanding unit options. See Note R “Net earnings (loss) per Class A Unitholders’ interest” for further discussion about these calculations.

(19) Loss contingencies

In the normal course of business, Ferrellgas is involved in various claims and legal proceedings. A liability is recorded for such matters when it is probable that a loss has been incurred and the amounts can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. Legal costs associated with loss contingencies are expensed as incurred.

(20) Class B Units Valuation

The Class B Units are classified in equity and are an equity host instrument. Based on Ferrellgas’ determination that the Class B Units are an equity host, Ferrellgas determined that all features of the Class B Units were either clearly and closely related to the equity host or did not meet the definition of a derivative, and therefore did not require bifurcation as a derivative. The Class B Units were recognized at their fair value at issuance. The fair value of the Class B Units was estimated based on a valuation model, including the use of Monte Carlo simulations of operating results and available cash flow for a Class B paydown. The significant assumptions in the forecasted operating results and forecasted available cash flow for Class B paydown included forecasted adjusted EBITDA, maintenance and growth capital expenditures, and debt service charges. The significant assumptions used in the Monte Carlo simulations included the cash flow volatility, equity volatility, forecasted available cash flow for Class B paydown, and the discount rates. See Note J “Equity (Deficit)” for further discussion.

(21) New accounting standards

Recently adopted accounting pronouncements

No new accounting standards were adopted during the year ended July 31, 2023.

Recently issued accounting pronouncements not yet adopted

There were no recently issued accounting standards that could have a material impact to our financial position, results of operations, cash flows, or notes to the consolidated financial statements upon their adoption.

Schedule II Valuation And Qualifying Accounts (Details) - Allowance For Doubtful Accounts [Member] - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	$ 6,692	$ 17,256	$ 14,124
Charged to cost and expenses	1,228	1,847	2,323
Other	(1,262)	(12,411)	809
Balance at end of period	6,658	6,692	17,256
Ferrellgas, L.P
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at beginning of period	6,692	17,256	14,124
Charged to cost and expenses	1,228	1,847	2,323
Other	(1,262)	(12,411)	809
Balance at end of period	$ 6,658	$ 6,692	$ 17,256

Summary of significant accounting policies (Details) $ in Thousands	12 Months Ended
	Jul. 31, 2023 USD ($) item subsidiary
Significant Accounting Policies [Line Items]
Number of reporting units \| item	1
Goodwill impairment recognized \| $	$ 0
Accounts receivable collection period	30 days
Revenue recognized over a straight-line basis, term	1 year
Number of taxable subsidiaries	1
Reporting unit, percentage of fair value in excess of carrying amount	33.00%
Ferrellgas Partners LP
Significant Accounting Policies [Line Items]
General partner ownership interest	2.00%
Ferrellgas Partners LP \| Non-Controlling Interest [Member]
Significant Accounting Policies [Line Items]
General partner ownership interest	1.00%
Minimum
Significant Accounting Policies [Line Items]
Property, plant and equipment useful life	2 years
Intangible asset useful life	2 years
Maximum
Significant Accounting Policies [Line Items]
Property, plant and equipment useful life	30 years
Intangible asset useful life	15 years
Ferrellgas, L.P
Significant Accounting Policies [Line Items]
Number of taxable subsidiaries	3

CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY (DEFICIT) - USD ($)	Ferrellgas Partners Finance Corp Common Stock	Ferrellgas Partners Finance Corp Additional Paid-in Capital	Ferrellgas Partners Finance Corp Accumulated deficit	Ferrellgas Partners Finance Corp	Ferrellgas Finance Corp Common Stock	Ferrellgas Finance Corp Additional Paid-in Capital	Ferrellgas Finance Corp Accumulated deficit	Ferrellgas Finance Corp	Total
Stockholders' equity balance at Jul. 31, 2020	$ 1,000	$ 38,846	$ (36,996)	$ 2,850	$ 1,000	$ 84,187	$ (82,587)	$ 2,600
Stockholders' equity balance (in shares) at Jul. 31, 2020	1,000				1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution		640		640		18,441	0	18,441
Net earnings (loss)			(2,490)	(2,490)		0	(19,941)	(19,941)	$ (69,113,000)
Stockholders' equity balance at Jul. 31, 2021	$ 1,000	39,486	(39,486)	1,000	$ 1,000	102,628	(102,528)	1,100
Stockholders' equity balance (in shares) at Jul. 31, 2021	1,000				1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution						1,300	0	1,300
Net earnings (loss)			(2,706)	(2,706)		0	(2,400)	(2,400)	148,860,000
Stockholders' equity balance at Jul. 31, 2022	$ 1,000	39,486	(42,192)	(1,706)	$ 1,000	103,928	(104,928)
Stockholders' equity balance (in shares) at Jul. 31, 2022	1,000				1,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital contribution		2,721		2,721		636	0	636
Net earnings (loss)			(1,015)	$ (1,015)		0	(636)	$ (636)	$ 137,621,000
Stockholders' equity balance at Jul. 31, 2023	$ 1,000	$ 42,207	$ (43,207)		$ 1,000	$ 104,564	$ (105,564)
Stockholders' equity balance (in shares) at Jul. 31, 2023	1,000				1,000

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Revenue from contracts with customers (Tables)

12 Months Ended

Jul. 31, 2023

Revenue from contracts with customers

Schedule of disaggregation of revenue


	For the year ended July 31,
	2023		2022		2021
Retail - Sales to End Users	$	1,374,089	$	1,446,857	$	1,123,956
Wholesale - Sales to Resellers		525,529		549,058		516,599
Other Gas Sales		17,274		21,964		28,297
Other		109,573		96,661		85,458
Propane and related equipment revenues	$	2,026,465	$	2,114,540	$	1,754,310

Schedule of receivables, contract assets, and contract liabilities


	July 31, 2023		July 31, 2022
Contract assets	$	10,263	$	11,935
Contract liabilities
Deferred revenue⁽¹⁾	$	51,516	$	47,929

(1)	Of the beginning balance of deferred revenue, $37.9 million was recognized as revenue during the year ended July 31, 2023.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Cash flows from operating activities:
Net earnings (loss)	$ 137,621,000	$ 148,860,000	$ (69,113,000)
Reconciliation of net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization expense	93,370,000	89,897,000	85,382,000
Non-cash employee stock ownership plan compensation charge	2,935,000	3,170,000	3,215,000
Loss (gain) on asset sales and disposals	5,691,000	(6,618,000)	1,831,000
Loss on extinguishment of debt	0	0	104,834,000
Provision for expected credit losses	1,228,000	1,847,000	2,323,000
Other	8,119,000	6,855,000	8,683,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts and notes receivable	(10,212,000)	(20,668,000)	(32,459,000)
Inventories	17,083,000	(26,808,000)	(15,715,000)
Prepaid expenses and other current assets	1,630,000	8,329,000	(5,995,000)
Accounts payable	(22,551,000)	9,223,000	13,789,000
Accrued interest expense	(692,000)	608,000	8,355,000
Other current liabilities	(21,619,000)	(39,769,000)	84,014,000
Other assets and liabilities	(345,000)	(14,461,000)	17,284,000
Net cash provided by operating activities	212,258,000	160,465,000	206,428,000
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(24,123,000)	(19,679,000)	(6,567,000)
Capital expenditures	(88,915,000)	(95,249,000)	(59,442,000)
Proceeds from sale of assets	2,264,000	2,914,000	5,295,000
Cash payments to construct assets in connection with future lease transactions	0	(1,425,000)	(1,715,000)
Cash receipts in connection with leased vehicles	0	1,663,000	1,476,000
Net cash used in investing activities	(110,774,000)	(111,776,000)	(60,953,000)
Cash flows from financing activities:
Preferred unit distributions	(64,368,000)	(63,356,000)	(8,011,000)
Distributions to Class B unitholders	(49,998,000)	(99,996,000)	0
Proceeds from sale of preferred units, net of issue discount and offering cost	0	0	651,349,000
Fees in connection with Class B Unit exchange	0	0	(1,988,000)
Proceeds from issuance of long-term debt	0	0	1,475,000,000
Payments on long-term debt	(1,836,000)	(1,670,000)	(2,120,000)
Payment for settlement and early extinguishment of liabilities	0	0	(2,175,000,000)
Proceeds from short-term borrowings	45,000,000	0	0
Repayments of short-term borrowings	(45,000,000)	0	0
Payment of redemption premium on debt extinguishment	0	0	(83,072,000)
Make-whole payments	0	0	(1,964,000)
Cash paid for financing costs	0	(337,000)	(44,290,000)
Cash payments for principal portion of lease liability	(6,672,000)	(6,545,000)	(7,188,000)
Net cash used in financing activities	(122,874,000)	(171,904,000)	(197,284,000)
Net change in cash, cash equivalents and restricted cash	(21,390,000)	(123,215,000)	(51,809,000)
Cash, cash equivalents and restricted cash - beginning of period	158,737,000	281,952,000	333,761,000
Cash, cash equivalents and restricted cash - end of period	137,347,000	158,737,000	281,952,000
Ferrellgas, L.P
Cash flows from operating activities:
Net earnings (loss)	137,578,000	151,129,000	(45,442,000)
Reconciliation of net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization expense	93,370,000	89,897,000	85,382,000
Non-cash employee stock ownership plan compensation charge	2,935,000	3,170,000	3,215,000
Loss (gain) on asset sales and disposals	5,691,000	(6,618,000)	1,831,000
Loss on extinguishment of debt			107,971,000
Provision for expected credit losses	1,228,000	1,847,000	2,323,000
Other	8,120,000	6,857,000	8,682,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts and notes receivable	(10,212,000)	(20,668,000)	(32,459,000)
Inventories	17,083,000	(26,808,000)	(15,715,000)
Prepaid expenses and other current assets	1,631,000	8,330,000	(6,022,000)
Accounts payable	(22,551,000)	9,223,000	13,789,000
Accrued interest expense	(692,000)	608,000	(5,416,000)
Other current liabilities	(21,406,000)	(39,828,000)	83,796,000
Other assets and liabilities	(346,000)	2,539,000	15,093,000
Net cash provided by operating activities	212,429,000	179,678,000	217,028,000
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(24,123,000)	(19,679,000)	(6,567,000)
Capital expenditures	(88,915,000)	(95,249,000)	(59,442,000)
Proceeds from sale of assets	2,264,000	2,914,000	5,295,000
Cash payments to construct assets in connection with future lease transactions		(1,425,000)	(1,715,000)
Cash receipts in connection with leased vehicles		1,663,000	1,476,000
Loan to Ferrellgas Partners, L.P.			(14,810,000)
Net cash used in investing activities	(110,774,000)	(111,776,000)	(75,763,000)
Cash flows from financing activities:
Preferred unit distributions	(64,368,000)	(63,356,000)	(8,011,000)
Distributions to Class B unitholders	(50,000,000)	(119,216,000)
Proceeds from sale of preferred units, net of issue discount and offering cost			651,349,000
Proceeds from issuance of long-term debt			1,475,000,000
Payments on long-term debt	(1,836,000)	(1,670,000)	(2,120,000)
Payment for settlement and early extinguishment of liabilities			(2,175,000,000)
Proceeds from short-term borrowings	45,000,000
Repayments of short-term borrowings	(45,000,000)
Payment of redemption premium on debt extinguishment			(83,072,000)
Cash paid for financing costs		(337,000)	(44,290,000)
Cash payments for principal portion of lease liability	(6,672,000)	(6,545,000)	(7,188,000)
Net cash used in financing activities	(122,876,000)	(191,124,000)	(193,332,000)
Net change in cash, cash equivalents and restricted cash	(21,221,000)	(123,222,000)	(52,067,000)
Cash, cash equivalents and restricted cash - beginning of period	158,466,000	281,688,000	333,755,000
Cash, cash equivalents and restricted cash - end of period	137,245,000	158,466,000	281,688,000
Ferrellgas Partners Finance Corp
Cash flows from operating activities:
Net earnings (loss)	(1,015)	(2,706)	(2,490)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Prepaid expenses and other current assets			1,850
Other current liabilities	(1,706)	1,706
Net cash provided by operating activities	(2,721)	(1,000)	(640)
Cash flows from financing activities:
Capital contribution	2,721		640
Net cash used in financing activities	2,721		640
Net change in cash, cash equivalents and restricted cash	0	(1,000)	0
Cash, cash equivalents and restricted cash - beginning of period		1,000	1,000
Cash, cash equivalents and restricted cash - end of period			1,000
Ferrellgas Finance Corp
Cash flows from operating activities:
Net earnings (loss)	(636)	(2,400)	(19,941)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Prepaid expenses and other current assets	0	0	1,500
Net cash provided by operating activities	(636)	(2,400)	(18,441)
Cash flows from financing activities:
Capital contribution	636	1,300	18,441
Net cash used in financing activities	636	1,300	18,441
Net change in cash, cash equivalents and restricted cash	$ 0	(1,100)	0
Cash, cash equivalents and restricted cash - beginning of period		$ 1,100	1,100
Cash, cash equivalents and restricted cash - end of period			$ 1,100

CONSOLIDATED STATEMENT OF EQUITY (DEFICIT) - USD ($)	Ferrellgas, L.P Limited Partner Unitholders	Ferrellgas, L.P General Partner	Ferrellgas, L.P Accumulated Other Comprehensive Income (Loss)	Ferrellgas, L.P	Ferrellgas Partners Finance Corp	Limited Partner Unitholders Class A Limited Partner Units	Limited Partner Unitholders Class B Limited Partner Units	Limited Partner Unitholders	General Partner	Accumulated Other Comprehensive Income (Loss)	Parent	Non-Controlling Interest	Total
Partners' capital balance (in shares) at Jul. 31, 2020						4,857,600			49,500
Partners' capital balance, beginning at Jul. 31, 2020	$ (821,462,000)	$ (8,216,000)	$ (2,313,000)	$ (831,991,000)		$ (1,126,452,000)			$ (71,287,000)	$ (2,303,000)	$ (1,200,042,000)	$ (8,226,000)	$ (1,208,268,000)
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges	3,183,000	32,000		3,215,000		3,150,000			33,000		3,183,000	32,000	3,215,000
Issuance of Class B Units, net of offering costs							$ 383,012,000				383,012,000	0	383,012,000
Issuance of Class B Units (in shares)							1,300,000.0
Net earnings allocated to preferred units	(24,024,000)			(24,024,000)		(23,784,000)			(240,000)		(24,024,000)	0	(24,024,000)
Net earnings (loss)	(44,740,000)	(702,000)		(45,442,000)	$ (2,490)	(67,727,000)			(684,000)		(68,411,000)	(702,000)	(69,113,000)
Other comprehensive income (loss)			92,099,000	92,099,000						91,169,000	91,169,000	930,000	92,099,000
Partners' capital balance, ending at Jul. 31, 2021	(887,043,000)	(8,886,000)	89,786,000	(806,143,000)		$ (1,214,813,000)	$ 383,012,000		$ (72,178,000)	88,866,000	(815,113,000)	(7,966,000)	(823,079,000)
Partners' capital balance (in shares) at Jul. 31, 2021						4,857,600	1,300,000.0		49,500
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges	3,138,000	32,000.0		3,170,000		$ 3,107,000			$ 31,000		3,138,000	32,000	3,170,000
Distributions	(119,216,000)			(119,216,000)				$ (100,000,000.0)
Distributions to Class B unitholders							$ (99,996,000)				(99,996,000)	0	(99,996,000)
Net earnings allocated to Class B Units						(99,996,000)	99,996,000				0	0
Net earnings allocated to preferred units	(65,287,000)			(65,287,000)		(64,634,000)			(653,000)		(65,287,000)	0	(65,287,000)
Net earnings (loss)	150,262,000	867,000		151,129,000	(2,706)	146,513,000			1,480,000		147,993,000	867,000	148,860,000
Other comprehensive income (loss)			(51,479,000)	(51,479,000)						(50,959,000)	(50,959,000)	(520,000)	(51,479,000)
Partners' capital balance, ending at Jul. 31, 2022	(918,146,000)	(7,987,000)	38,307,000	(887,826,000)		$ (1,229,823,000)	$ 383,012,000		$ (71,320,000)	37,907,000	(880,224,000)	(7,587,000)	(887,811,000)
Partners' capital balance (in shares) at Jul. 31, 2022						4,857,600	1,300,000.0		49,500
Increase (Decrease) in Partners' Capital [Roll Forward]
Contributions in connection with non-cash ESOP compensation charges	2,905,000	30,000.0		2,935,000		$ 2,876,000			$ 29,000		2,905,000	30,000	2,935,000
Distributions	(50,000,000)			(50,000,000)				$ (49,900,000)
Distributions to Class B unitholders							$ (49,998,000)				(49,998,000)	0	(49,998,000)
Net earnings allocated to Class B Units						(49,998,000)	49,998,000				0	0
Net earnings allocated to preferred units	(64,314,000)			(64,314,000)		(63,671,000)			(643,000)		(64,314,000)	0	(64,314,000)
Net earnings (loss)	136,838,000	740,000		137,578,000	$ (1,015)	135,513,000			1,368,000		136,881,000	740,000	137,621,000
Other comprehensive income (loss)			(37,224,000)	(37,224,000)						(36,848,000)	(36,848,000)	(376,000)	(37,224,000)
Partners' capital balance, ending at Jul. 31, 2023	$ (892,717,000)	$ (7,217,000)	$ 1,083,000	$ (898,851,000)		$ (1,205,103,000)	$ 383,012,000		$ (70,566,000)	$ 1,059,000	$ (891,598,000)	$ (7,193,000)	$ (898,791,000)
Partners' capital balance (in shares) at Jul. 31, 2023						4,857,600	1,300,000.0		49,500

Fair Value Measurement (Tables)

12 Months Ended

Jul. 31, 2023

Fair value measurements

Schedule of 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
July 31, 2023:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	12,165	$	—	$	12,165
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(11,082)	$	—	$	(11,082)

July 31, 2022:
Assets:
Derivative financial instruments:
Commodity derivatives	$	—	$	51,267	$	—	$	51,267
Liabilities:
Derivative financial instruments:
Commodity derivatives	$	—	$	(12,960)	$	—	$	(12,960)

Leases (Tables)

12 Months Ended

Jul. 31, 2023

Leases

Schedule of Lease Assets and Liabilities


Leases	Classification		July 31, 2023		July 31, 2022
Assets
Operating lease assets	Operating lease ROU assets	$	57,839	$	72,888
Financing lease assets	Other assets, net		24,506		31,421
Total leased assets		$	82,345	$	104,309

Liabilities
Current
Operating	Current operating lease liabilities	$	24,600	$	25,824
Financing	Other current liabilities		6,224		6,581
Noncurrent
Operating	Operating lease liabilities		34,235		47,231
Financing	Other liabilities		19,623		25,309
Total leased liabilities		$	84,682	$	104,945

Schedule of Lease Costs



Leases expense	Classification	2023		2022		2021
Operating lease expense	Operating expense - personnel, vehicle, plant and other	$	7,194	$	6,832	$	7,695
	Operating expense - equipment lease expense		19,724		20,291		26,127
	Cost of sales - propane and other gas liquids sales		990		1,630		1,911
	General and administrative expense		1,605		1,587		437
Total operating lease expense			29,513		30,340		36,170

Short-term expense	Operating expense - personnel, vehicle, plant and other		10,654		9,231		8,151
	General and administrative expense		342		271		576
Total short-term expense			10,996		9,502		8,727

Variable lease expense	Operating expense - personnel, vehicle, plant and other		3,032		3,096		2,328
	Operating expense - equipment lease expense		2,588		2,162		1,547
Total variable lease expense			5,620		5,258		3,875

Finance lease expense:
Amortization of leased assets	Depreciation and amortization expense		7,540		6,660		8,878
Interest on lease liabilities	Interest expense		2,514		2,905		3,755
Total finance lease expense			10,054		9,565		12,633

Total lease expense		$	56,183	$	54,665	$	61,405

Schedule of Minimum Annual Payments Under Existing Operating Leases


Maturities of lease liabilities		Operating leases		Finance leases		Total
2024	$	17,950	$	16,655	$	34,605
2025		14,258		13,071		27,329
2026		11,252		4,580		15,832
2027		7,271		1,512		8,783
2028		2,361		182		2,543
Thereafter		13,655		11		13,666
Total lease payments	$	66,747	$	36,011	$	102,758
Less: Imputed interest		(7,912)		(10,164)		(18,076)
Present value of lease liabilities	$	58,835	$	25,847	$	84,682

Schedule of Minimum Annual Payments Under Existing Finance Leases


Maturities of lease liabilities		Operating leases		Finance leases		Total
2024	$	17,950	$	16,655	$	34,605
2025		14,258		13,071		27,329
2026		11,252		4,580		15,832
2027		7,271		1,512		8,783
2028		2,361		182		2,543
Thereafter		13,655		11		13,666
Total lease payments	$	66,747	$	36,011	$	102,758
Less: Imputed interest		(7,912)		(10,164)		(18,076)
Present value of lease liabilities	$	58,835	$	25,847	$	84,682

Schedule of Operating and Finance Lease Assumptions


	As of July 31, 2023		As of July 31, 2022
Lease type	Weighted-average remaining lease term (years)	Weighted-average discount rate	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	4.7	7.7%	4.9	7.6%
Finance leases	3.4	8.3%	4.3	8.3%

Schedule of Cash Flow Information


	For the year ended July 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities for operating leases:
Operating cash flows	$	29,251	$	32,699	$	34,895

Cash paid for amounts included in the measurement of lease liabilities for financing leases:
Operating cash flows	$	9,117	$	9,475	$	3,396
Financing cash flows	$	6,672	$	6,545	$	7,188

Supplemental financial statement information - Other Current Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Supplemental Financial Statement Information [Line Items]
Accrued interest	$ 29,011	$ 29,703
Customer deposits and advances	36,226	33,189
Accrued payroll	35,075	29,717
Accrued insurance	15,256	16,114
Broker margin deposit liability	6,972	32,805
Accrued senior preferred units distributions	17,452	17,466
Other	57,038	59,616
Other current liabilities	197,030	218,610
Ferrellgas, L.P
Supplemental Financial Statement Information [Line Items]
Accrued interest	29,011	29,703
Customer deposits and advances	36,226	33,189
Accrued payroll	35,075	29,717
Accrued insurance	15,256	16,114
Broker margin deposit liability	6,972	32,805
Accrued senior preferred units distributions	17,452	17,466
Other	56,974	59,339
Other current liabilities	$ 196,966	$ 218,333

Goodwill and intangible assets, net - Lives (Details)	12 Months Ended
Goodwill and intangible assets, net - Lives (Details)	Jul. 31, 2023
Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible asset useful life	2 years
Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible asset useful life	15 years
Customer Lists [Member]
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible asset, weighted average useful life	15 years
Customer Lists [Member] \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible asset useful life	15 years
Non Compete Agreements And Other Intangible Assets [Member]
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible asset, weighted average useful life	9 years
Non Compete Agreements And Other Intangible Assets [Member] \| Minimum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible asset useful life	5 years
Non Compete Agreements And Other Intangible Assets [Member] \| Maximum
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Intangible asset useful life	10 years

Schedule I Parent Only Statements - Balance Sheets (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021	Mar. 30, 2021	Jul. 31, 2020
Assets [Abstract]
Cash and cash equivalents	$ 137,347	$ 158,737	$ 281,952		$ 333,761
Prepaid expenses and other current assets	29,135	30,764
Total assets	1,531,403	1,608,115
Liabilities and Equity [Abstract]
Other current liabilities	197,030	218,610
Partners' deficit
General partner unitholder	(70,566)	(71,320)
Accumulated other comprehensive income	1,059	37,907
Total Ferrellgas Partners, L.P. deficit	(891,598)	(880,224)
Total liabilities and partners' deficit	$ 1,531,403	$ 1,608,115
Limited partner unitholders, units outstanding				97,152,665
General partner unitholder, units outstanding	49,496	49,496
Class A Limited Partner Units
Partners' deficit
Limited partner unitholders	$ (1,205,103)	$ (1,229,823)
Limited partner unitholders, units outstanding	4,857,605	4,857,605		4,857,605
Class B Limited Partner Units
Partners' deficit
Limited partner unitholders	$ 383,012	$ 383,012
Limited partner unitholders, units outstanding	1,300,000	1,300,000
Parent Company [Member]
Assets [Abstract]
Cash and cash equivalents	$ 102	$ 271	$ 264		$ 6
Prepaid expenses and other current assets	22	21
Total assets	124	292
Liabilities and Equity [Abstract]
Other current liabilities	64	277
Investment in Ferrellgas, L.P.	891,658	880,239
Partners' deficit
General partner unitholder	(70,566)	(71,320)
Accumulated other comprehensive income	1,059	37,907
Total Ferrellgas Partners, L.P. deficit	(891,598)	(880,224)
Total liabilities and partners' deficit	$ 124	$ 292
General partner unitholder, units outstanding	49,496	49,496
Parent Company [Member] \| Class A Limited Partner Units
Partners' deficit
Limited partner unitholders	$ (1,205,103)	$ (1,229,823)
Limited partner unitholders, units outstanding	4,857,605	4,857,605
Parent Company [Member] \| Class B Limited Partner Units
Partners' deficit
Limited partner unitholders	$ 383,012	$ 383,012
Limited partner unitholders, units outstanding	1,300,000	1,300,000

Leases - Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Expenses (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Lease, Cost [Abstract]
Operating lease expense	$ 29,513	$ 30,340	$ 36,170
Short-term expense	10,996	9,502	8,727
Variable lease expense	5,620	5,258	3,875
Total finance lease expense	10,054	9,565	12,633
Total lease expense	56,183	54,665	61,405
Operating expense - personnel, vehicle, plant and other
Lease, Cost [Abstract]
Operating lease expense	7,194	6,832	7,695
Short-term expense	10,654	9,231	8,151
Variable lease expense	3,032	3,096	2,328
Operating expense - equipment lease expense
Lease, Cost [Abstract]
Operating lease expense	19,724	20,291	26,127
Variable lease expense	2,588	2,162	1,547
Cost of Sales
Lease, Cost [Abstract]
Operating lease expense	990	1,630	1,911
General and administrative expense
Lease, Cost [Abstract]
Operating lease expense	1,605	1,587	437
Short-term expense	342	271	576
Depreciation And Amortization Expense
Lease, Cost [Abstract]
Amortization of leased assets	7,540	6,660	8,878
Interest Expense
Lease, Cost [Abstract]
Interest on lease liabilities	$ 2,514	$ 2,905	$ 3,755

Equity (Deficit) (Tables)

12 Months Ended

Jul. 31, 2023

Limited Partners' Capital Account [Line Items]

Schedule of units conversion


Period	Conversion Factor
March 31, 2023 through March 30, 2024	3.50x
March 31, 2024 through March 30, 2025	4.00x
March 31, 2025 through March 30, 2026	5.00x
March 31, 2026 through March 30, 2027	6.00x
March 31, 2027 through March 30, 2028	7.00x
March 31, 2028 through March 30, 2029	10.00x
March 31, 2029 through March 30, 2030	12.00x
March 31, 2030 through March 30, 2031	25.00x

Schedule of limited partner units


	July 31, 2023	July 31, 2022
Public Class A Unitholders ⁽¹⁾	3,480,621	3,480,621
James E. Ferrell ⁽²⁾	238,172	238,172
Ferrell Companies⁽³⁾	1,126,468	1,126,468
FCI Trading Corp. ⁽⁴⁾	9,784	9,784
Ferrell Propane, Inc.⁽⁵⁾	2,560	2,560
Total	4,857,605	4,857,605

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

(2)

(3)

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

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

Ferrellgas, L.P

Limited Partners' Capital Account [Line Items]

Schedule of Ferrellgas recognized cash distributions


	For the year ended July 31,
	2023		2022		2021
Ferrellgas Partners	$	50,000	$	119,216	$	—
General partner		—		—		—

Transactions with related parties (Tables)

12 Months Ended

Jul. 31, 2023

Transactions with related parties

Schedule of allocation of transactions with related parties


	For the year ended July 31,
	2023		2022		2021
Operating expense	$	310,652	$	275,326	$	260,831

General and administrative expense	$	32,168	$	28,943	$	34,899

Subsequent events	12 Months Ended
Subsequent events	Jul. 31, 2023
Subsequent Event [Line Items]
Subsequent events	S. Subsequent events Ferrellgas has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas’ 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 consolidated financial statements.
Ferrellgas Partners Finance Corp
Subsequent Event [Line Items]
Subsequent events	D. Subsequent events Partners Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Partners Finance Corp.’s 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 financial statements.
Ferrellgas Finance Corp
Subsequent Event [Line Items]
Subsequent events	D. Subsequent events Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date the Finance Corp.’s 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 financial statements.

Equity (Deficit) - Contributions and AOCI (Details) - USD ($)	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	$ 2,935,000	$ 3,170,000	$ 3,215,000
Ferrellgas Partners LP
Capital Unit [Line Items]
General partner ownership interest	2.00%
General Partner
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	$ 29,000	31,000	33,000
Ferrellgas, L.P
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	2,935,000	3,170,000	3,215,000
Ferrellgas, L.P \| General Partner
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	30,000.0	32,000.0	$ 32,000
Ferrellgas Inc., General Partner
Capital Unit [Line Items]
Contributions in connection with non-cash ESOP compensation charges	$ 59,000.0	$ 63,000.0
Ferrellgas Inc., General Partner \| Ferrellgas, L.P
Capital Unit [Line Items]
General partner ownership interest	1.0101%
Ferrellgas Inc., General Partner \| Ferrellgas Partners LP
Capital Unit [Line Items]
General partner ownership interest	1.00%

Supplemental financial statement information - Cash, Cash Equivalents And Restricted Cash (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021	Jul. 31, 2020
Supplemental Financial Statement Information [Line Items]
Cash and cash equivalents	$ 126,221	$ 147,529
Restricted cash	11,126	11,208
Cash, cash equivalents and restricted cash	137,347	158,737	$ 281,952	$ 333,761
Cash paid for interest	90,349	91,897	156,449
Cash paid for income taxes	1,092	1,018	706
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	3,435	2,022	1,344
Change in accruals for property, plant and equipment additions	80	450	(386)
Lease liabilities arising from operating ROU assets	10,189	12,748	8,374
Lease liabilities arising from finance ROU assets	671	2,209	2,310
Accrued senior preferred units distributions	17,452	17,466	16,013
Ferrellgas, L.P
Supplemental Financial Statement Information [Line Items]
Cash and cash equivalents	126,119	147,258
Restricted cash	11,126	11,208
Cash, cash equivalents and restricted cash	137,245	158,466	281,688	$ 333,755
Cash paid for interest	90,349	91,897	156,449
Cash paid for income taxes	1,087	1,014	693
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	3,435	2,022	1,344
Change in accruals for property, plant and equipment additions	80	450	(386)
Lease liabilities arising from operating ROU assets	10,189	12,748	8,374
Lease liabilities arising from finance ROU assets	671	2,209	2,310
Accrued senior preferred units distributions	$ 17,452	$ 17,466	$ 16,013

Equity (Deficit) - Limited Partner Units (Details) - shares	Jul. 31, 2023	Jul. 31, 2022	Mar. 30, 2021
Capital Unit [Line Items]
Limited partner unitholders, units outstanding			97,152,665
Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	4,857,605	4,857,605	4,857,605
James E. Ferrell \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	238,172	238,172
Ferrell Companies \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	1,126,468	1,126,468
FCI Trading Corp. \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	9,784	9,784
Ferrell Propane, Inc. \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	2,560	2,560
Public Common Unitholders \| Class A Limited Partner Units
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	3,480,621	3,480,621

Accounts and notes receivable, net

12 Months Ended

Jul. 31, 2023

Accounts and notes receivable, net

Accounts and notes receivable, net

F. Accounts and notes receivable, net

Accounts and notes receivable, net consist of the following:


	July 31, 2023		July 31, 2022
Accounts receivable	$	163,537	$	154,570
Note receivable		2,500		2,517
Allowance for expected credit losses		(6,658)		(6,692)
Accounts and notes receivable, net	$	159,379	$	150,395

Net earnings (loss) per Unitholders' interest (Tables)

12 Months Ended

Jul. 31, 2023

Net earnings (loss) per Unitholders' interest

Schedule of basic and diluted net earnings per unitholders' interest


	For the year ended July 31,
	2023		2022		2021

Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$	136,881	$	147,993	$	(68,411)
Less: Distributions to preferred unitholders		64,314		65,287		24,024
Less: Distributions to Class B unitholders		49,998		99,996		—
Less: Allocation of undistributed net earnings to Class B units		11,030		—		—
Less: General partner’s interest in net earnings (loss)		1,368		1,480		(684)
Undistributed net earnings (loss) attributable to Class A unitholders	$	10,171	$	(18,770)	$	(91,751)
Weighted average Class A Units outstanding (in thousands)		4,857.6		4,857.6		4,857.6
Basic and diluted net earnings (loss) per Class A Unit	$	2.09	$	(3.86)	$	(18.89)

Equity (Deficit) - Ownership (Details) - shares	12 Months Ended
Equity (Deficit) - Ownership (Details) - shares	Jul. 31, 2023	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%
Ferrellgas Partners LP \| Ferrell Companies
Capital Unit [Line Items]
Limited partner ownership interest	23.40%
Ferrellgas, L.P
Capital Unit [Line Items]
Limited partner ownership interest	98.00%
Ferrell Companies \| Ferrellgas Partners LP
Capital Unit [Line Items]
Limited partner ownership interest	23.00%
FCI Trading Corp. \| Ferrell Companies
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	9,784
Ferrell Propane, Inc. \| Ferrell Companies
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	2,560
JEF Capital Management \| James E. Ferrell
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	237,942
Ferrell Resources Holdings, Inc. \| Ferrellgas Partners LP \| James E. Ferrell
Capital Unit [Line Items]
Limited partner unitholders, units outstanding	230
Ferrellgas Partners LP \| Ferrellgas, L.P
Capital Unit [Line Items]
Limited partner ownership interest	99.00%

Derivative Instruments and Hedging Activities - AOCI Rollforward (Details) $ in Thousands, MMBbls in Millions	12 Months Ended
	Jul. 31, 2023 USD ($) MMBbls	Jul. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)
Derivative [Line Items]
Partners' capital balance, beginning	$ (887,811)	$ (823,079)	$ (1,208,268)
Change in value of risk management commodity derivatives	(48,034)	68,950	136,351
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net	10,810	(120,429)	(44,252)
Partners' capital balance, ending	(898,791)	(887,811)	(823,079)
Reclassification of net gain to earnings during next 12 months	2,400
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net	$ 0	0	0
Number of barrels of propane covered by cash flow hedges \| MMBbls	2.9
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Derivative [Line Items]
Partners' capital balance, beginning	$ 37,907	88,866	(2,303)
Less: amount attributable to noncontrolling interests	376	520	(930)
Partners' capital balance, ending	1,059	37,907	88,866
Commodity Derivatives Propane [Member] \| Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Derivative [Line Items]
Change in value of risk management commodity derivatives	(48,034)	68,950	136,351
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net	10,810	(120,429)	(44,252)
Ferrellgas, L.P
Derivative [Line Items]
Partners' capital balance, beginning	(887,826)	(806,143)	(831,991)
Change in value of risk management commodity derivatives	(48,034)	68,950	136,351
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net	10,810	(120,429)	(44,252)
Partners' capital balance, ending	(898,851)	(887,826)	(806,143)
Ferrellgas, L.P \| Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Derivative [Line Items]
Partners' capital balance, beginning	38,307	89,786	(2,313)
Partners' capital balance, ending	1,083	38,307	89,786
Ferrellgas, L.P \| Commodity Derivatives Propane [Member] \| Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member]
Derivative [Line Items]
Change in value of risk management commodity derivatives	(48,034)	68,950	136,351
Reclassification of losses (gains) on commodity hedges to cost of sales - propane and other gas liquids sales, net	$ 10,810	$ (120,429)	$ (44,252)

Goodwill and intangible assets, net - Components (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Goodwill, gross carrying amount	$ 257,006	$ 257,099
Goodwill, net	257,006	257,099	$ 246,946
Amortizable intangible assets, gross carrying amount	405,208	486,738
Amortizable intangible assets, accumulated amortization	(349,614)	(440,121)
Amortizable intangible assets, net	55,594	46,617
Intangible assets gross excluding goodwill	456,229	537,759
Intangible assets amortization and impairment net excluding goodwill	(349,614)	(440,121)
Intangible assets net excluding goodwill	106,615	97,638
Trade Names And Trademarks [Member]
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Indefinite-lived intangible assets (excluding goodwill)	51,021	51,021
Customer Lists [Member]
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortizable intangible assets, gross carrying amount	376,571	456,181
Amortizable intangible assets, accumulated amortization	(324,578)	(412,548)
Amortizable intangible assets, net	51,993	43,633
Non-Compete Agreements [Member]
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortizable intangible assets, gross carrying amount	28,637	27,044
Amortizable intangible assets, accumulated amortization	(25,036)	(24,060)
Amortizable intangible assets, net	3,601	2,984
Other Intangible Assets [Member]
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]
Amortizable intangible assets, gross carrying amount	0	3,513
Amortizable intangible assets, accumulated amortization	0	(3,513)
Amortizable intangible assets, net	$ 0	$ 0

Equity (Deficit) - Paid Distributions (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Common Unitholders
Limited Partners' Capital Account [Line Items]
Distributions paid	$ 49,900	$ 100,000
Ferrellgas, L.P
Limited Partners' Capital Account [Line Items]
Distributions paid	50,000	119,216
Ferrellgas, L.P \| Ferrellgas Partners LP
Limited Partners' Capital Account [Line Items]
Distributions paid	50,000	119,216
Ferrellgas, L.P \| Common Unitholders
Limited Partners' Capital Account [Line Items]
Distributions paid	$ 50,000	$ 119,216

Schedule I Parent Only Statements - Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Condensed Income Statements, Captions [Line Items]
Operating, general and administrative expense	$ (70,738)	$ (52,780)	$ (60,065)
Operating income	233,689	245,101	216,275
Interest expense	(97,712)	(100,093)	(173,616)
Gain on extinguishment of debt	0	0	(104,834)
Other income (expense), net	2,625	4,833	4,246
Reorganization expense - professional fees			(10,443)
Income tax expense	981	981	741
Net earnings (loss)	137,621	148,860	(69,113)
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	136,881	147,993	(68,411)
Parent Company [Member]
Condensed Income Statements, Captions [Line Items]
Equity in earnings (loss) of Ferrellgas, L.P.	136,838	150,262	(44,740)
Operating, general and administrative expense	(89)	(13)	(389)
Operating income	136,749	150,249	(45,129)
Interest expense			(13,771)
Gain on extinguishment of debt			3,137
Other income (expense), net	137	(2,251)	(2,191)
Reorganization expense - professional fees			(10,443)
Income tax expense	(5)	(5)	(14)
Net earnings (loss)	136,881	147,993	(68,411)
Less: Distribution to Class B Unitholders	49,998	99,996
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	$ 86,883	$ 47,997	$ (68,411)

Revenue from contracts with customers

12 Months Ended

Jul. 31, 2023

Revenue from contracts with customers

Revenue from contracts with customers

L.Revenue from contracts with customers

Ferrellgas earns revenue from contracts with customers primarily through the distribution of propane, as well as through the sale of propane related equipment and supplies. Revenues from propane and other gas liquids sales are comprised of revenue earned from the delivery of propane to tanks on customers’ premises, from the delivery of propane filled cylinders to customers, or from the sale of portable propane tanks to nationwide and local retailers and end use customers. Other revenues primarily include sales of appliances and other materials as well as other fees charged to customers.

Contracts with customers

Ferrellgas’ contracts with customers are principally for the bulk delivery of propane to tanks, delivery of propane filled cylinders or the delivery of portable propane tanks to retailers. Ferrellgas sells propane to a wide variety of customers, including residential, industrial/commercial, portable tank exchange, agricultural, wholesale and others. Ferrellgas’ performance obligations in these contracts are generally limited to the delivery of propane, and therefore revenues from these contracts are earned at the time product is delivered or, in the case of some of Ferrellgas’ portable tank exchange retailers who have consignment agreements, at the time the tanks are sold to the end use customer. Payment is generally due within 30 days. Revenues from sales of propane are included in Propane and other gas liquids sales on the consolidated statements of operations.

Typically, customers are billed upon delivery and payment is generally due within 30 days. With residential customers, Ferrellgas offers customers the ability to spread their annual heating costs over a longer period, typically twelve months. Customers who opt to spread their heating costs over a longer period are referred to as “even-pay” customers.

Ferrellgas charges other amounts to customers associated with the delivery of propane including hazardous materials fees and fuel surcharge fees. In some regions, Ferrellgas also sells appliances and related parts and fittings as well as other retail propane related services. Ferrellgas charges, on an annual basis, tank and equipment rental charges for customers that are using our equipment to store propane. Other revenues associated with deliveries of propane are earned at the time product is delivered. Revenues associated with sales of appliances and other materials or services are earned at the time of delivery or installation. Revenues associated with tank and equipment rentals are generally recognized on a straight-line basis over one year.

Accounting estimates related to recognition of revenue require that Ferrellgas makes estimates and assumptions about various factors including credits issued for completed sales, future returns and total consideration payable in instances where we have customer incentives payable to the customer.

Disaggregation of revenue

Ferrellgas 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 year ended July 31,
	2023		2022		2021
Retail - Sales to End Users	$	1,374,089	$	1,446,857	$	1,123,956
Wholesale - Sales to Resellers		525,529		549,058		516,599
Other Gas Sales		17,274		21,964		28,297
Other		109,573		96,661		85,458
Propane and related equipment revenues	$	2,026,465	$	2,114,540	$	1,754,310

Contract assets and liabilities

Ferrellgas’ performance obligations are generally limited to the delivery of propane for its retail and wholesale contracts. Ferrellgas’ 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 does not have material performance obligations that are delivered over time, thus all of its revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas offers “even pay” and other billing programs that can create customer deposits or advances, depending on whether Ferrellgas 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 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, we do not capitalize these costs.

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


	July 31, 2023		July 31, 2022
Contract assets	$	10,263	$	11,935
Contract liabilities
Deferred revenue⁽¹⁾	$	51,516	$	47,929

(1)	Of the beginning balance of deferred revenue, $37.9 million was recognized as revenue during the year ended July 31, 2023.

Remaining performance obligations

Ferrellgas’ remaining performance obligations are generally limited to situations where customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//606/tableOfContent

+ Details

Acquisitions and dispositions (Tables)

12 Months Ended

Jul. 31, 2023

Acquisitions and dispositions

Schedule of funding of acquisitions


	For the year ended July 31,
	2023		2022		2021
Cash payments, net of cash acquired	$	24,123	$	19,679	$	6,567
Issuance of liabilities and other costs and considerations		3,435		2,022		1,344
Aggregate fair value of transactions	$	27,558	$	21,701	$	7,911

Schedule of aggregate fair value of transaction


	For the year ended July 31,
	2023		2022		2021
Customer tanks, buildings, land and other	$	10,027	$	6,564	$	2,607
Goodwill		—		10,153		—
Customer lists		15,938		4,259		4,973
Non-compete agreements		1,593		725		331
Aggregate fair value of net assets acquired	$	27,558	$	21,701	$	7,911

Preferred units - Distributions (Details) - USD ($) $ in Thousands				12 Months Ended
	Aug. 15, 2023	Aug. 15, 2022	Aug. 16, 2021	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021	Apr. 30, 2021
Temporary Equity [Line Items]
Quarterly distribution accrued				$ 17,500	$ 17,500	$ 16,000	$ 8,000
Cash distribution		$ 15,400	$ 15,700	64,368	63,356	$ 8,011
Preferred units additional quarterly distribution				1,700	900
Preferred units additional quarterly distribution accrued				$ 2,100	$ 2,100
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
Minimum
Temporary Equity [Line Items]
Applicable premium distribution rate				0.75
Maximum
Temporary Equity [Line Items]
Applicable premium distribution rate				3
Subsequent Event
Temporary Equity [Line Items]
Cash distribution	$ 15,400
First Five Years After March 30, 2021 \| Minimum
Temporary Equity [Line Items]
Preferred units distribution rate				8.956%
First Five Years After March 30, 2021 \| Maximum
Temporary Equity [Line Items]
Preferred units distribution rate				11.125%

Leases - Maturity (Details) $ in Thousands	Jul. 31, 2023 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 17,950
2025	14,258
2026	11,252
2027	7,271
2028	2,361
Thereafter	13,655
Total lease payments, Operating Leases	66,747
Less: Imputed interest	(7,912)
Present value of lease liabilities, Operating Leases	58,835
Finance Lease, Liability, Payment, Due [Abstract]
2024	16,655
2025	13,071
2026	4,580
2027	1,512
2028	182
Thereafter	11
Total lease payments, Finance Leases	36,011
Less: Imputed interest	(10,164)
Present value of lease liabilities, Finance Leases	25,847
Operating And Finance Lease Liabilities Payments Due [Abstract]
2024	34,605
2025	27,329
2026	15,832
2027	8,783
2028	2,543
Thereafter	13,666
Total lease payments	102,758
Less: Imputed interest	(18,076)
Present value of lease liabilities	$ 84,682

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Comprehensive income (loss):
Net earnings (loss)	$ 137,621	$ 148,860	$ (69,113)
Other comprehensive (loss) income:
Change in value of risk management derivatives	(48,034)	68,950	136,351
Reclassification of losses (gains) on derivatives to earnings, net	10,810	(120,429)	(44,252)
Other comprehensive (loss) income	(37,224)	(51,479)	92,099
Comprehensive income	100,397	97,381	22,986
Comprehensive income attributable to noncontrolling interest	(364)	(347)	(228)
Comprehensive income attributable to Ferrellgas Partners, L.P.	100,033	97,034	22,758
Ferrellgas, L.P
Comprehensive income (loss):
Net earnings (loss)	137,578	151,129	(45,442)
Other comprehensive (loss) income:
Change in value of risk management derivatives	(48,034)	68,950	136,351
Reclassification of losses (gains) on derivatives to earnings, net	10,810	(120,429)	(44,252)
Other comprehensive (loss) income	(37,224)	(51,479)	92,099
Comprehensive income	$ 100,354	$ 99,650	$ 46,657

Employee benefits (Details) $ in Thousands	12 Months Ended
Employee benefits (Details) $ in Thousands	Jul. 31, 2023 USD ($) employee	Jul. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees \| employee	0
Non-cash employee stock ownership plan compensation charge	$ 2,935	$ 3,170	$ 3,215
Contributions to defined contribution plan	4,900	5,400	4,000
Ferrellgas, L.P
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-cash employee stock ownership plan compensation charge	$ 2,935	$ 3,170	$ 3,215

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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+ Details

Derivative Instruments and Hedging Activities - Margin Balances (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	$ 13,904	$ 17,135
Derivative Liability, Fair Value of Collateral	6,972	39,915
Prepaid Expenses and Other Current Assets
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	11,939	12,338
Other Current Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value of Collateral	6,972	32,805
Other Assets, Net
Derivative [Line Items]
Derivative Asset, Fair Value of Collateral	$ 1,965	4,797
Other Liabilities
Derivative [Line Items]
Derivative Liability, Fair Value of Collateral		$ 7,110

Goodwill and intangible assets, net - Estimated Amortization Expense (Details) $ in Thousands	Jul. 31, 2023 USD ($)
Goodwill and intangible assets, net
2024	$ 8,734
2025	6,791
2026	6,230
2027	5,840
2028	$ 5,365

Accounts and notes receivable, net (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Accounts and notes receivable, net
Accounts receivable	$ 163,537	$ 154,570
Notes receivable	2,500	2,517
Allowance for expected credit losses	(6,658)	(6,692)
Accounts and notes receivable, net	$ 159,379	$ 150,395

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

Preferred units - Restrictions on Cash Distributions (Details) $ in Millions	Jul. 31, 2023 USD ($)
Temporary Equity [Line Items]
Minimum liquidity	$ 100
Period Through May 15, 2022
Temporary Equity [Line Items]
Consolidated net leverage ratio	7.25
Period Thereafter
Temporary Equity [Line Items]
Consolidated net leverage ratio	7.00

Acquisitions and dispositions - Fair Value Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract]
Goodwill, Name of Segment [Extensible List]		Propane and related equipment sales [Member]
Goodwill	$ 257,006	$ 257,099	$ 246,946
Series of Individually Immaterial Business Acquisitions [Member] \| Propane and related equipment sales [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract]
Customer tanks, buildings, land and other	10,027	6,564	2,607
Goodwill		10,153
Aggregate fair value of net assets acquired	27,558	21,701	7,911
Series of Individually Immaterial Business Acquisitions [Member] \| Propane and related equipment sales [Member] \| Customer Lists [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract]
Finite-lived Intangible Assets Acquired	15,938	4,259	4,973
Series of Individually Immaterial Business Acquisitions [Member] \| Propane and related equipment sales [Member] \| Non-Compete Agreements [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract]
Finite-lived Intangible Assets Acquired	1,593	725	$ 331
Ferrellgas, L.P
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets [Abstract]
Goodwill	$ 257,006	$ 257,099

Preferred units - Issuance (Details) - USD ($) $ in Millions	Mar. 30, 2021	Jul. 31, 2023	Jul. 31, 2022
Preferred units
Preferred units issued (in shares)	700,000
Preferred Units aggregate initial liquidation preference	$ 700.0
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

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Revenues:
Total revenues	$ 2,026,465,000	$ 2,114,540,000	$ 1,754,310,000
Costs and expenses:
Operating expense - personnel, vehicle, plant and other	577,520,000	520,603,000	465,816,000
Operating expense - equipment lease expense	23,252,000	23,094,000	27,062,000
Depreciation and amortization expense	93,370,000	89,897,000	85,382,000
General and administrative expense	70,738,000	52,780,000	60,065,000
Non-cash employee stock ownership plan compensation charge	2,935,000	3,170,000	3,215,000
Loss (gain) on asset sales and disposals	5,691,000	(6,618,000)	1,831,000
Operating income	233,689,000	245,101,000	216,275,000
Interest expense	(97,712,000)	(100,093,000)	(173,616,000)
Loss on extinguishment of debt	0	0	(104,834,000)
Other income, net	2,625,000	4,833,000	4,246,000
Reorganization expense - professional fees			(10,443,000)
Earnings (loss) before income taxes	138,602,000	149,841,000	(68,372,000)
Income tax expense	981,000	981,000	741,000
Net earnings (loss)	137,621,000	148,860,000	(69,113,000)
Net earnings (loss) attributable to noncontrolling interest	740,000	867,000	(702,000)
Net earnings (loss) attributable to Ferrellgas Partners, L.P.	136,881,000	147,993,000	(68,411,000)
Class A Limited Partner Units
Costs and expenses:
Class A unitholders' interest in net earnings (loss) (Note R)	$ 10,171,000	$ (18,770,000)	$ (91,751,000)
Basic and diluted net earnings (loss) per Class A Unit (Note R)	$ 2.09	$ (3.86)	$ (18.89)
Propane
Revenues:
Total revenues	$ 1,916,892,000	$ 2,017,879,000	$ 1,668,852,000
Costs and expenses:
Cost of sales	1,003,357,000	1,174,004,000	881,936,000
Other Revenues
Revenues:
Total revenues	109,573,000	96,661,000	85,458,000
Costs and expenses:
Cost of sales	15,913,000	12,509,000	12,728,000
Ferrellgas, L.P
Revenues:
Total revenues	2,026,465,000	2,114,540,000	1,754,310,000
Costs and expenses:
Operating expense - personnel, vehicle, plant and other	577,520,000	520,603,000	465,816,000
Operating expense - equipment lease expense	23,252,000	23,094,000	27,062,000
Depreciation and amortization expense	93,370,000	89,897,000	85,382,000
General and administrative expense	70,649,000	52,767,000	59,676,000
Non-cash employee stock ownership plan compensation charge	2,935,000	3,170,000	3,215,000
Loss (gain) on asset sales and disposals	5,691,000	(6,618,000)	1,831,000
Operating income	233,778,000	245,114,000	216,664,000
Interest expense	(97,712,000)	(100,093,000)	(159,845,000)
Loss on extinguishment of debt			(107,971,000)
Other income, net	2,488,000	7,084,000	6,437,000
Earnings (loss) before income taxes	138,554,000	152,105,000	(44,715,000)
Income tax expense	976,000	976,000	727,000
Net earnings (loss)	137,578,000	151,129,000	(45,442,000)
Ferrellgas, L.P \| Propane
Revenues:
Total revenues	1,916,892,000	2,017,879,000	1,668,852,000
Costs and expenses:
Cost of sales	1,003,357,000	1,174,004,000	881,936,000
Ferrellgas, L.P \| Other Revenues
Revenues:
Total revenues	109,573,000	96,661,000	85,458,000
Costs and expenses:
Cost of sales	15,913,000	12,509,000	12,728,000
Ferrellgas Partners Finance Corp
Costs and expenses:
General and administrative expense	1,015	2,706	2,490
Net earnings (loss)	(1,015)	(2,706)	(2,490)
Ferrellgas Finance Corp
Costs and expenses:
General and administrative expense	636	2,400	19,941
Net earnings (loss)	$ (636)	$ (2,400)	$ (19,941)

Debt - Maturities (Details) $ in Thousands	Jul. 31, 2023 USD ($)
Debt
2024	$ 2,597
2025	2,110
2026	651,729
2027	810
2028	825,409
Total long-term debt	$ 1,482,655

Preferred units - Board Rights, Protective Provisions (Details)	Jul. 31, 2023 USD ($) director shares
Preferred units
Minimum preferred units outstanding to designate director to board by unit holders \| shares	140,000
Number of director to the Board permitted to designate by unit holders \| director	1
Minimum value outstanding for director appointment \| $	$ 35,000,000

Leases

12 Months Ended

Jul. 31, 2023

Leases

Leases

K. Leases

Ferrellgas has lease agreements with lease and non-lease components, which are generally accounted for as a single lease component. Variable lease components include lease payments with payment escalation based on the Consumer Price Index, and other variable items, such as common area maintenance and taxes.

Key assumptions include the discount rate, the impact of purchase options and renewal options on Ferrellgas’ lease term, as well as the assessment of residual value guarantees.

Ferrellgas’ transportation equipment leases generally have purchase options. However, in most circumstances Ferrellgas is not certain if it will exercise the purchase option at lease inception. As circumstances dictate, it may instead return the existing equipment to the lessor and sign a new lease. Ferrellgas’ transportation equipment leases often contain residual value guarantees, but they are not reflected in Ferrellgas’ lease liabilities as its lease rates are such that residual value guarantees are not expected to be owed at the end of its leases.

Ferrellgas’ real estate leases will often have an option to extend the lease, but it is typically not reasonably certain of exercising extension options. As customer demand changes over time, Ferrellgas typically maintains the ability to move to more advantageous locations, relocate to other leased and owned locations, or discontinue service from particular locations.

The following table provides the operating and financing ROU assets and lease liabilities as of July 31, 2023 and 2022:


Leases	Classification		July 31, 2023		July 31, 2022
Assets
Operating lease assets	Operating lease ROU assets	$	57,839	$	72,888
Financing lease assets	Other assets, net		24,506		31,421
Total leased assets		$	82,345	$	104,309

Liabilities
Current
Operating	Current operating lease liabilities	$	24,600	$	25,824
Financing	Other current liabilities		6,224		6,581
Noncurrent
Operating	Operating lease liabilities		34,235		47,231
Financing	Other liabilities		19,623		25,309
Total leased liabilities		$	84,682	$	104,945

The following table provides the lease expenses for the years ended July 31, 2023, 2022 and 2021:



Leases expense	Classification	2023		2022		2021
Operating lease expense	Operating expense - personnel, vehicle, plant and other	$	7,194	$	6,832	$	7,695
	Operating expense - equipment lease expense		19,724		20,291		26,127
	Cost of sales - propane and other gas liquids sales		990		1,630		1,911
	General and administrative expense		1,605		1,587		437
Total operating lease expense			29,513		30,340		36,170

Short-term expense	Operating expense - personnel, vehicle, plant and other		10,654		9,231		8,151
	General and administrative expense		342		271		576
Total short-term expense			10,996		9,502		8,727

Variable lease expense	Operating expense - personnel, vehicle, plant and other		3,032		3,096		2,328
	Operating expense - equipment lease expense		2,588		2,162		1,547
Total variable lease expense			5,620		5,258		3,875

Finance lease expense:
Amortization of leased assets	Depreciation and amortization expense		7,540		6,660		8,878
Interest on lease liabilities	Interest expense		2,514		2,905		3,755
Total finance lease expense			10,054		9,565		12,633

Total lease expense		$	56,183	$	54,665	$	61,405

Minimum annual payments under existing operating and finance lease liabilities as of July 31, 2023 are as follows:


Maturities of lease liabilities		Operating leases		Finance leases		Total
2024	$	17,950	$	16,655	$	34,605
2025		14,258		13,071		27,329
2026		11,252		4,580		15,832
2027		7,271		1,512		8,783
2028		2,361		182		2,543
Thereafter		13,655		11		13,666
Total lease payments	$	66,747	$	36,011	$	102,758
Less: Imputed interest		(7,912)		(10,164)		(18,076)
Present value of lease liabilities	$	58,835	$	25,847	$	84,682

The following table represents the weighted-average remaining lease term and discount rate as of July 31, 2023:


	As of July 31, 2023		As of July 31, 2022
Lease type	Weighted-average remaining lease term (years)	Weighted-average discount rate	Weighted-average remaining lease term (years)	Weighted-average discount rate
Operating leases	4.7	7.7%	4.9	7.6%
Finance leases	3.4	8.3%	4.3	8.3%

Cash flow information is presented below:


	For the year ended July 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities for operating leases:
Operating cash flows	$	29,251	$	32,699	$	34,895

Cash paid for amounts included in the measurement of lease liabilities for financing leases:
Operating cash flows	$	9,117	$	9,475	$	3,396
Financing cash flows	$	6,672	$	6,545	$	7,188

Debt - Security (Details) - USD ($) $ in Millions	12 Months Ended
Debt - Security (Details) - USD ($) $ in Millions	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Debt Instrument [Line Items]
Letters of credit outstanding	$ 74.0	$ 87.6
Commitment fees	1.3	$ 1.1	$ 0.1
Revolving Credit Facility
Debt Instrument [Line Items]
Available borrowing capacity	$ 262.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Schedule II Valuation And Qualifying Accounts

12 Months Ended

Jul. 31, 2023

Valuation and Qualifying Accounts Disclosure [Line Items]

Schedule II Valuation And Qualifying Accounts

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


	Balance at		Charged to					Balance
	beginning		cost and					at end
Description	of period		expenses		Other			of period
Year ended July 31, 2023
Allowance for doubtful accounts	$	6,692	$	1,228	$	(1,262)	⁽¹⁾	$	6,658
Year ended July 31, 2022
Allowance for doubtful accounts	$	17,256	$	1,847	$	(12,411)	⁽¹⁾	$	6,692
Year ended July 31, 2021
Allowance for doubtful accounts	$	14,124	$	2,323	$	809	⁽¹⁾	$	17,256

(1)	Uncollectible accounts written off, net of recoveries.

Ferrellgas, L.P

Valuation and Qualifying Accounts Disclosure [Line Items]

Schedule II Valuation And Qualifying Accounts

FERRELLGAS, L.P. AND SUBSIDIARIES

VALUATION AND QUALIFYING ACCOUNTS

(in thousands)


	Balance at		Charged to					Balance
	beginning		cost and					at end
Description	of period		expenses		Other			of period
Year ended July 31, 2023
Allowance for doubtful accounts	$	6,692	$	1,228	$	(1,262)	⁽¹⁾	$	6,658
Year ended July 31, 2022
Allowance for doubtful accounts	$	17,256	$	1,847	$	(12,411)	⁽¹⁾	$	6,692
Year ended July 31, 2021
Allowance for doubtful accounts	$	14,124	$	2,323	$	809	⁽¹⁾	$	17,256

(1)	Uncollectible accounts written off, net of recoveries.

Supplemental financial statement information (Tables)

12 Months Ended

Jul. 31, 2023

Supplemental Financial Statement Information [Line Items]

Schedule of inventories


	July 31, 2023		July 31, 2022
Propane gas and related products	$	76,996	$	96,679
Appliances, parts and supplies, and other		21,108		18,508
Inventories	$	98,104	$	115,187

Schedule of property, plant and equipment, net


	Estimated useful lives	July 31, 2023		July 31, 2022
Land	Indefinite	$	42,711	$	41,814
Land improvements	2-20		16,046		15,560
Buildings and improvements	20		90,356		88,970
Vehicles, including transport trailers	8-20		121,772		117,746
Bulk equipment and district facilities	5-30		121,158		115,927
Tanks, cylinders and customer equipment	2-30		834,775		825,361
Computer and office equipment	2-5		103,703		104,364
Construction in progress	n/a		11,611		7,694
			1,342,132		1,317,436
Less: accumulated depreciation			726,958		714,288
Property, plant and equipment, net		$	615,174	$	603,148

Schedule of prepaid expenses and other current assets


	July 31, 2023		July 31, 2022
Broker margin deposit assets	$	11,939	$	12,338
Other		17,196		18,426
Prepaid expenses and other current assets	$	29,135	$	30,764

Schedule of other assets, net


	July 31, 2023		July 31, 2022
Finance lease ROU assets	$	24,506	$	31,421
Other		34,332		47,823
Other assets, net	$	58,838	$	79,244

Schedule of other current liabilities


	July 31, 2023		July 31, 2022
Accrued interest	$	29,011	$	29,703
Customer deposits and advances		36,226		33,189
Accrued payroll		35,075		29,717
Accrued insurance		15,256		16,114
Broker margin deposit liability		6,972		32,805
Accrued senior preferred units distributions		17,452		17,466
Other		57,038		59,616
Other current liabilities	$	197,030	$	218,610

Schedule of shipping and handling expenses


	For the year ended July 31,
	2023		2022		2021
Operating expense - personnel, vehicle, plant and other	$	291,268	$	244,022	$	217,292
Depreciation and amortization expense		15,807		14,370		13,691
Operating expense - equipment lease expense		13,165		18,874		22,609
Shipping and handling expenses	$	320,240	$	277,266	$	253,592

Schedule of cash, cash equivalents and restricted cash


	July 31, 2023		July 31, 2022
Cash and cash equivalents	$	126,221	$	147,529
Restricted cash		11,126		11,208
Cash, cash equivalents and restricted cash	$	137,347	$	158,737

Schedule of cash flow supplemental disclosures


	For the year ended July 31,
	2023		2022		2021
Cash paid for:
Interest	$	90,349	$	91,897	$	156,449
Income taxes	$	1,092	$	1,018	$	706
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	3,435	$	2,022	$	1,344
Change in accruals for property, plant and equipment additions	$	80	$	450	$	(386)
Lease liabilities arising from operating ROU assets	$	10,189	$	12,748	$	8,374
Lease liabilities arising from finance ROU assets	$	671	$	2,209	$	2,310
Accrued senior preferred units distributions	$	17,452	$	17,466	$	16,013

Ferrellgas, L.P

Supplemental Financial Statement Information [Line Items]

Schedule of prepaid expenses and other current assets


	July 31, 2023		July 31, 2022
Broker margin deposit assets	$	11,939	$	12,338
Other		17,174		18,405
Prepaid expenses and other current assets	$	29,113	$	30,743

Schedule of other current liabilities


	July 31, 2023		July 31, 2022
Accrued interest	$	29,011	$	29,703
Customer deposits and advances		36,226		33,189
Accrued payroll		35,075		29,717
Accrued insurance		15,256		16,114
Broker margin deposit liability		6,972		32,805
Accrued senior preferred units distributions		17,452		17,466
Other		56,974		59,339
Other current liabilities	$	196,966	$	218,333

Schedule of cash, cash equivalents and restricted cash


	July 31, 2023		July 31, 2022
Cash and cash equivalents	$	126,119	$	147,258
Restricted cash		11,126		11,208
Cash, cash equivalents and restricted cash	$	137,245	$	158,466

Schedule of cash flow supplemental disclosures


	For the year ended July 31,
	2023		2022		2021
Cash paid for:
Interest	$	90,349	$	91,897	$	156,449
Income taxes	$	1,087	$	1,014	$	693
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	3,435	$	2,022	$	1,344
Change in accruals for property, plant and equipment additions	$	80	$	450	$	(386)
Lease liabilities arising from operating ROU assets	$	10,189	$	12,748	$	8,374
Lease liabilities arising from finance ROU assets	$	671	$	2,209	$	2,310
Accrued senior preferred units distributions	$	17,452	$	17,466	$	16,013

Quarterly distribution of available cash (Details) $ in Millions	12 Months Ended
	Jul. 31, 2023 item	Jul. 31, 2022	Mar. 30, 2021 USD ($)
Earnings Distribution Allocation [Line Items]
Cash reserve for distributions, number of quarters provided \| item	4
Maximum days after end of quarter to make distributions	45 days
Senior Notes 5.375 Percent Due 2026
Earnings Distribution Allocation [Line Items]
Interest rate, as a percent	5.375%	5.375%
Senior Notes 5.875 Percent Due 2029
Earnings Distribution Allocation [Line Items]
Interest rate, as a percent	5.875%	5.875%
Ferrellgas, L.P
Earnings Distribution Allocation [Line Items]
Cash reserve for distributions, number of quarters provided \| item	4
Maximum days after end of quarter to make distributions	45 days
Cash distributions to Ferrellgas Partners	99.00%
Cash distributions to general partner	1.00%
Ferrellgas, L.P \| Senior Notes 5.375 Percent Due 2026
Earnings Distribution Allocation [Line Items]
Aggregate principal amount \| $			$ 650.0
Interest rate, as a percent			5.375%
Ferrellgas, L.P \| Senior Notes 5.875 Percent Due 2029
Earnings Distribution Allocation [Line Items]
Aggregate principal amount \| $			$ 825.0
Interest rate, as a percent			5.875%

Goodwill and intangible assets, net - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Jul. 31, 2023	Jul. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 257,099	$ 246,946
Goodwill acquisitions		10,153
Other	(93)
Goodwill, ending balance	$ 257,006	$ 257,099

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Supplemental financial statement information - Prepaids and Other Assets Net (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Supplemental Financial Statement Information [Line Items]
Broker margin deposit assets	$ 11,939	$ 12,338
Other	17,196	18,426
Prepaid expenses and other current assets	29,135	30,764
Finance lease ROU assets	24,506	31,421
Other	34,332	47,823
Other assets, net	58,838	79,244
Ferrellgas, L.P
Supplemental Financial Statement Information [Line Items]
Broker margin deposit assets	11,939	12,338
Other	17,174	18,405
Prepaid expenses and other current assets	29,113	30,743
Other assets, net	$ 58,838	$ 79,244

Acquisitions and dispositions - Acquisitions Funding (Details) $ in Thousands	12 Months Ended
	Jul. 31, 2023 USD ($) item	Jul. 31, 2022 USD ($) item	Jul. 31, 2021 USD ($)
Business Acquisition [Line Items]
Cash payments, net of cash acquired	$ 24,123	$ 19,679	$ 6,567
Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Cash payments, net of cash acquired	24,123	19,679	6,567
Issuance of liabilities and other costs and considerations	3,435	2,022	1,344
Aggregate fair value of transactions	$ 27,558	$ 21,701	7,911
Propane and related equipment sales [Member] \| Series of Individually Immaterial Business Acquisitions [Member]
Business Acquisition [Line Items]
Number of independent distributors \| item	4	2
Aggregate fair value of transactions	$ 27,600	$ 21,700	7,900
Ferrellgas, L.P
Business Acquisition [Line Items]
Cash payments, net of cash acquired	$ 24,123	$ 19,679	$ 6,567

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022
Assets and Liabilities, Lessee [Abstract]
Operating Lease, Right-of-Use Asset	$ 57,839	$ 72,888
Finance Lease, Right-of-Use Asset	$ 24,506	$ 31,421
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Total leased assets	$ 82,345	$ 104,309
Operating Lease, Liability, Current	24,600	25,824
Finance Lease, Liability, Current	$ 6,224	$ 6,581
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Operating Lease, Liability, Noncurrent	$ 34,235	$ 47,231
Finance Lease, Liability, Noncurrent	$ 19,623	$ 25,309
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total leased liabilities	$ 84,682	$ 104,945

Supplemental financial statement information

12 Months Ended

Jul. 31, 2023

Supplemental financial statement information

Supplemental financial statement information

E. Supplemental financial statement information

Inventories

Inventories consist of the following:


	July 31, 2023		July 31, 2022
Propane gas and related products	$	76,996	$	96,679
Appliances, parts and supplies, and other		21,108		18,508
Inventories	$	98,104	$	115,187

In addition to inventories on hand, Ferrellgas enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of July 31, 2023, Ferrellgas had committed, for supply procurement purposes, to deliver approximately 2.9 million gallons of propane at fixed prices, net of contracts to deliver.

Property, plant and equipment, net

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


	Estimated useful lives	July 31, 2023		July 31, 2022
Land	Indefinite	$	42,711	$	41,814
Land improvements	2-20		16,046		15,560
Buildings and improvements	20		90,356		88,970
Vehicles, including transport trailers	8-20		121,772		117,746
Bulk equipment and district facilities	5-30		121,158		115,927
Tanks, cylinders and customer equipment	2-30		834,775		825,361
Computer and office equipment	2-5		103,703		104,364
Construction in progress	n/a		11,611		7,694
			1,342,132		1,317,436
Less: accumulated depreciation			726,958		714,288
Property, plant and equipment, net		$	615,174	$	603,148

Depreciation expense totaled $72.0 million, $71.0 million and $64.1 million for fiscal 2023, 2022 and 2021, respectively.

Prepaid expenses and other current assets

Ferrellgas Partners

Prepaid expenses and other current assets consist of the following:


	July 31, 2023		July 31, 2022
Broker margin deposit assets	$	11,939	$	12,338
Other		17,196		18,426
Prepaid expenses and other current assets	$	29,135	$	30,764

The operating partnership

Prepaid expenses and other current assets consist of the following:


	July 31, 2023		July 31, 2022
Broker margin deposit assets	$	11,939	$	12,338
Other		17,174		18,405
Prepaid expenses and other current assets	$	29,113	$	30,743

Other assets, net

Other assets, net consist of the following:


	July 31, 2023		July 31, 2022
Finance lease ROU assets	$	24,506	$	31,421
Other		34,332		47,823
Other assets, net	$	58,838	$	79,244

Other current liabilities

Ferrellgas Partners

Other current liabilities consist of the following:


	July 31, 2023		July 31, 2022
Accrued interest	$	29,011	$	29,703
Customer deposits and advances		36,226		33,189
Accrued payroll		35,075		29,717
Accrued insurance		15,256		16,114
Broker margin deposit liability		6,972		32,805
Accrued senior preferred units distributions		17,452		17,466
Other		57,038		59,616
Other current liabilities	$	197,030	$	218,610

The operating partnership

Other current liabilities consist of the following:


	July 31, 2023		July 31, 2022
Accrued interest	$	29,011	$	29,703
Customer deposits and advances		36,226		33,189
Accrued payroll		35,075		29,717
Accrued insurance		15,256		16,114
Broker margin deposit liability		6,972		32,805
Accrued senior preferred units distributions		17,452		17,466
Other		56,974		59,339
Other current liabilities	$	196,966	$	218,333

Shipping and handling expenses

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


	For the year ended July 31,
	2023		2022		2021
Operating expense - personnel, vehicle, plant and other	$	291,268	$	244,022	$	217,292
Depreciation and amortization expense		15,807		14,370		13,691
Operating expense - equipment lease expense		13,165		18,874		22,609
Shipping and handling expenses	$	320,240	$	277,266	$	253,592

Cash, cash equivalents and restricted cash

Ferrellgas maintains its cash and cash equivalents in various bank accounts that, at times, may exceed federally insured limits. Ferrellgas’ cash and cash equivalent accounts have been placed with high credit quality financial institutions. For purposes of the consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Restricted cash in the tables below as of July 31, 2023 and 2022 consists of the balance of a cash deposit made with the administrative agent under the operating partnership’s senior secured credit facility that was terminated in April 2020, which may be used by the administrative agent to pay contingent obligations arising under the financing agreement that governed the terminated senior secured credit facility.

Ferrellgas Partners

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


	July 31, 2023		July 31, 2022
Cash and cash equivalents	$	126,221	$	147,529
Restricted cash		11,126		11,208
Cash, cash equivalents and restricted cash	$	137,347	$	158,737

The operating partnership

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


	July 31, 2023		July 31, 2022
Cash and cash equivalents	$	126,119	$	147,258
Restricted cash		11,126		11,208
Cash, cash equivalents and restricted cash	$	137,245	$	158,466

Certain cash flow and non-cash activities

Ferrellgas Partners

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


	For the year ended July 31,
	2023		2022		2021
Cash paid for:
Interest	$	90,349	$	91,897	$	156,449
Income taxes	$	1,092	$	1,018	$	706
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	3,435	$	2,022	$	1,344
Change in accruals for property, plant and equipment additions	$	80	$	450	$	(386)
Lease liabilities arising from operating ROU assets	$	10,189	$	12,748	$	8,374
Lease liabilities arising from finance ROU assets	$	671	$	2,209	$	2,310
Accrued senior preferred units distributions	$	17,452	$	17,466	$	16,013

The operating partnership

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


	For the year ended July 31,
	2023		2022		2021
Cash paid for:
Interest	$	90,349	$	91,897	$	156,449
Income taxes	$	1,087	$	1,014	$	693
Non-cash investing and financing activities:
Liabilities incurred in connection with acquisitions	$	3,435	$	2,022	$	1,344
Change in accruals for property, plant and equipment additions	$	80	$	450	$	(386)
Lease liabilities arising from operating ROU assets	$	10,189	$	12,748	$	8,374
Lease liabilities arising from finance ROU assets	$	671	$	2,209	$	2,310
Accrued senior preferred units distributions	$	17,452	$	17,466	$	16,013

Preferred units

12 Months Ended

Jul. 31, 2023

Preferred units

Preferred units

I. Preferred units

On March 30, 2021, pursuant to an Investment Agreement, the operating partnership issued 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. As of July 31, 2023 and 2022, these 700,000 Preferred Units are classified in the “Mezzanine Equity” section of the consolidated balance sheets.

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, 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 four 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 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.

The preferences, rights, privileges and other terms of the Preferred Units are set forth in the OpCo LPA Amendment entered into by the general partner on March 30, 2021 (along with the Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P. (the “Amended OpCo LPA”)) and are described below.

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 (as defined above) 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 March 30, 2031, 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 March 30, 2031. 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 July 31, 2023 and 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.

During fiscal 2023, quarterly distributions aggregating to $64.4 million were paid in cash to holders of Preferred Units. This included $1.7 million of Additional Amounts (as defined below) payable to certain holders of Preferred Units related to the side letters outlined in the OpCo LPA Amendment. As of July 31, 2023, the Quarterly Distribution accrued was $17.5 million with $15.4 million paid in cash to holders of Preferred Units on August 15, 2023. The remaining Quarterly Distribution accrual of $2.1 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to side letters.

During fiscal 2022, quarterly distributions aggregating to $63.4 million were paid in cash to holders of Preferred Units. This included $0.9 million of Additional Amounts payable to certain holders of Preferred Units related to the side letters outlined in the OpCo LPA Amendment. As of July 31, 2022, the Quarterly Distribution accrued was $17.5 million with $15.4 million paid in cash to holders of Preferred Units on August 15, 2022. The remaining Quarterly Distribution accrual of $2.1 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to side letters.

During fiscal 2021, the Quarterly Distribution accrued was $8.0 million, reflecting a prorated distribution for the period from March 30, 2021 to April 30, 2021 and the Quarterly Distribution in that amount was paid in cash to holders of Preferred Units on May 17, 2021. As of July 31, 2021, the aggregate Quarterly Distribution and Additional Amounts accrued was $16.0 million, and $15.7 million of that amount was paid in cash to holders of Preferred Units on August 16, 2021.

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. (the “Amended Ferrellgas Partners LPA”) 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.

Debt - Long-Term Debt Activity (Details) - USD ($) $ in Millions		12 Months Ended
	Mar. 30, 2021	Jul. 31, 2023
Revolving Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Term	4 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 350.0
Sublimit, after initial period	$ 300.0
Amount borrowed		$ 45.0
Weighted average interest rate (as a percent)		6.875%
Payments on line of credit facility		$ 45.0
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 \| Base Rate
Debt Instrument [Line Items]
Interest rate, as a percent		0.50%
Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Interest rate, as a percent		1.00%
Revolving Credit Facility \| Minimum \| SOFR
Debt Instrument [Line Items]
Undrawn funds fee (as a percent)		0.375%
Revolving Credit Facility \| Maximum \| SOFR
Debt Instrument [Line Items]
Undrawn funds fee (as a percent)		0.50%
Eurodollar Loans \| Minimum \| SOFR
Debt Instrument [Line Items]
Margin added to variable rate (as a percent)		2.50%
Eurodollar Loans \| Maximum \| SOFR
Debt Instrument [Line Items]
Margin added to variable rate (as a percent)		3.00%
Non-Eurodollar Loans \| Minimum \| SOFR
Debt Instrument [Line Items]
Margin added to variable rate (as a percent)		1.50%
Non-Eurodollar Loans \| Maximum \| SOFR
Debt Instrument [Line Items]
Margin added to variable rate (as a percent)		2.00%

Debt

12 Months Ended

Jul. 31, 2023

Debt

Debt

H. Debt

Short-term borrowings

Ferrellgas classifies borrowings under its Credit Facility (as defined below) as short-term because they are primarily used to fund working capital needs that management intends to pay down within the twelve month period following the balance sheet date. As of July 31, 2023, we did not have any short-term borrowings. For further discussion, see the “Senior secured revolving credit facility” section below.

Long-term debt

Long-term debt consists of the following:


	July 31, 2023		July 31, 2022
Unsecured senior notes
Fixed rate, 5.375%, due 2026	$	650,000	$	650,000
Fixed rate, 5.875%, due 2029		825,000		825,000

Notes payable
8.3% and 8.9% weighted average interest rate at July 31, 2023 and 2022, respectively, due 2024 to 2028, net of unamortized discount of $1,040 and $465 at July 31, 2023 and 2022, respectively		6,615		4,539
Total debt, excluding unamortized debt issuance and other costs		1,481,615		1,479,539
Unamortized debt issuance and other costs		(22,834)		(27,731)
Less: current portion of long-term debt		2,597		1,792
Long-term debt	$	1,456,184	$	1,450,016

Senior secured revolving credit facility

On March 30, 2021, the operating partnership, the general partner and certain of the operating partnership’s subsidiaries entered into 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. The Credit Agreement includes a sublimit not to exceed $300.0 million for the issuance of letters of credit. During the year ended July 31, 2023, the operating partnership borrowed $45.0 million under the Credit Facility at a weighted-average interest rate of 6.875% and repaid $45.0 million of these borrowings during the year ended July 31, 2023. As of July 31, 2023, the operating partnership had no short-term borrowings.

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 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 term Secured Overnight Financing Rate (“SOFR”) 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 term SOFR plus (ii) a margin of 2.50% to 3.00% per annum depending on total net leverage. The operating partnership will be 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 and requires the operating partnership to maintain the following covenants:


Financial Covenant		Ratio
Minimum interest coverage ratio ⁽¹⁾		2.50x
Maximum secured leverage ratio ⁽²⁾		2.50x
Maximum total net leverage ratio ^{(3) (4)}		4.75x

(1)	Defined generally as the ratio of adjusted EBITDA to cash interest expense.

(2)	Defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA.

(3)	Defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA.

(4)	Was 5.25x immediately prior to the quarter ended October 31, 2022 and 5.00x immediately prior to the quarter ended 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 take certain actions. 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 Credit Agreement and (ii) only if availability under the Credit Facility exceeds the greater of $50.0 million and 15% of the Borrowing Base and the operating partnership’s total net leverage ratio is not greater than 4.75 to 1.0. As of July 31, 2023, the operating partnership is in compliance with all of its debt covenants.

Senior unsecured notes

On March 30, 2021, the 2026 Notes and the 2029 Notes were issued. 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 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 take certain actions. 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 July 31, 2023, the operating partnership is in compliance with all of its debt covenants.

Loss on extinguishment of debt

Proceeds from the issuance of the Preferred Units, the 2026 Notes and the 2029 Notes were used to redeem (or satisfy and discharge and subsequently redeem) all of the operating partnership’s previously issued and outstanding notes.

Ferrellgas Partners

The Class B Units were issued to holders of the Ferrellgas Partners Notes in satisfaction of their claims in respect of the Ferrellgas Partners Notes. The effects of these transactions resulted in a loss on extinguishment of debt, with the components presented below:


	For the year ended
	July 31, 2021
Payment of redemption premium on debt extinguishment	$	83,072
Fair value of Class B units in excess of current value		(5,101)
Make-whole payments		1,964
Unamortized deferred financing costs		24,899
Total loss on extinguishment of debt	$	104,834

The operating partnership

The effects of these transactions resulted in a loss on extinguishment of debt, with the components presented below:


	For the year ended
	July 31, 2021
Payment of redemption premium on debt extinguishment	$	83,072
Unamortized deferred financing costs		24,899
Total loss on extinguishment of debt	$	107,971

Scheduled annual principal payments

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


	Scheduled
Payment due by fiscal year	principal payments
2024	$	2,597
2025		2,110
2026		651,729
2027		810
2028		825,409
Thereafter		—
Total	$	1,482,655

Letters of credit outstanding at July 31, 2023 and 2022 totaled $74.0 million and $87.6 million, respectively, and were used to secure insurance arrangements, product purchases and commodity hedges. At July 31, 2023, Ferrellgas had an available borrowing capacity under its Credit Facility of $262.1 million. During fiscal 2023 and fiscal 2022, Ferrellgas incurred undrawn and commitment fees of $1.3 million and $1.1 million, respectively. Ferrellgas incurred commitment fees of $0.1 million in fiscal 2021.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Schedule I Parent Only Balance Sheets, Statements Of Operations And Cash Flows

12 Months Ended

Jul. 31, 2023

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent only financial information

Schedule I

FERRELLGAS PARTNERS, L.P.
PARENT ONLY
BALANCE SHEETS
(in thousands, except unit data)


	July 31,		July 31,
	2023		2022
ASSETS

Cash and cash equivalents	$	102	$	271
Prepaid expenses and other current assets		22		21
Total assets	$	124	$	292

LIABILITIES AND PARTNERS’ DEFICIT

Other current liabilities	$	64	$	277
Investment in Ferrellgas, L.P.		891,658		880,239

Partners’ deficit
Class A (4,857,605 units outstanding at 2023 and 2022)		(1,205,103)		(1,229,823)
Class B (1,300,000 units outstanding at 2023 and 2022)		383,012		383,012
General partner unitholder (49,496 units outstanding at 2023 and 2022)		(70,566)		(71,320)
Accumulated other comprehensive income		1,059		37,907
Total Ferrellgas Partners, L.P. partners’ deficit		(891,598)		(880,224)
Total liabilities and partners’ deficit	$	124	$	292

FERRELLGAS PARTNERS, L.P.

PARENT ONLY

STATEMENTS OF OPERATIONS

(in thousands)


	For the year ended July 31,
	2023		2022		2021
Equity in earnings (loss) of Ferrellgas, L.P.	$	136,838	$	150,262	$	(44,740)
Operating, general and administrative expense		(89)		(13)		(389)

Operating income (loss)		136,749		150,249		(45,129)

Interest expense		—		—		(13,771)
Gain on extinguishment of debt		—		—		3,137
Other income (expense), net		137		(2,251)		(2,191)
Reorganization expense - professional fees		—		—		(10,443)
Income tax expense		(5)		(5)		(14)

Net earnings (loss)		136,881		147,993		(68,411)

Less: Distribution to Class B Unitholders		49,998		99,996		—

Net earnings (loss) attributable to Ferrellgas, L.P.	$	86,883	$	47,997	$	(68,411)

FERRELLGAS PARTNERS, L.P.

PARENT ONLY

STATEMENTS OF CASH FLOWS

(in thousands)


	For the year ended July 31,
	2023		2022		2021

Cash flows from operating activities:
Net earnings (loss)	$	136,881	$	147,993	$	(68,411)
Reconciliation of net earnings (loss) to net cash used in operating activities:
Other		(214)		(16,944)		16,208
Gain on extinguishment of debt		—		—		(3,137)
Equity in (earnings) loss of Ferrellgas, L.P.		(136,838)		(150,262)		44,740
Net cash used in operating activities		(171)		(19,213)		(10,600)

Cash flows from investing activities:
Distributions received from Ferrellgas, L.P.		50,000		119,216		—
Loan from Ferrellgas, L.P.		—		—		14,810
Net cash provided by investing activities		50,000		119,216		14,810

Cash flows from financing activities:
Distributions paid to Class B unitholders		(49,998)		(99,996)		—
Fees in connection with Class B unit exchange		—		—		(1,988)
Make-whole payments		—		—		(1,964)
Net cash used in financing activities		(49,998)		(99,996)		(3,952)

Net (decrease) increase in cash and cash equivalents		(169)		7		258
Cash and cash equivalents - beginning of year		271		264		6
Cash and cash equivalents - end of year	$	102	$	271	$	264

Partnership organization and formation (Details)	12 Months Ended
Partnership organization and formation (Details)	Jul. 31, 2023 USD ($) employee state subsidiary shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of subsidiaries \| subsidiary	2
Number of employees	0
Ferrellgas Partners LP
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest	2.00%
Ferrellgas, L.P
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of states in which entity operates \| state	50
Ferrellgas Partners LP \| Ferrellgas, L.P
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partner interest	99.00%
Ferrellgas Partners LP \| Ferrellgas Partners Finance Corp
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership percentage	100.00%
Ferrell Companies \| Ferrellgas Partners LP \| Class A Limited Partner Units
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership percentage	23.40%
Ferrellgas Inc., General Partner \| Ferrellgas
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest	2.00%
Ferrellgas Inc., General Partner \| Ferrellgas Partners LP
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest	1.00%
Ferrellgas Inc., General Partner \| Ferrellgas, L.P
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
General partner ownership interest	1.0101%
Ferrellgas, L.P \| Ferrellgas Finance Corp
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership percentage	100.00%
Ferrellgas Partners Finance Corp
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Corporation formation proceeds from partnership \| $	$ 1,000
Corporation formation shares granted to partnership \| shares	1,000
Number of employees	0
Ferrellgas Finance Corp
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Corporation formation proceeds from partnership \| $	$ 1,000
Corporation formation shares granted to partnership \| shares	1,000
Number of employees	0
Ferrellgas Employee Stock Ownership Trust \| Ferrell Companies
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ownership percentage	100.00%

Summary of significant accounting policies (Policy)

12 Months Ended

Jul. 31, 2023

Summary of significant accounting policies

Accounting estimates

(1) Accounting estimates

Principles of consolidation and basis of presentation

(2) Principles of consolidation and basis of presentation

Certain prior-year amounts have been reclassified to conform to the current-year presentation.

Ferrellgas Partners

The operating partnership

Fair value measurements

(3) Fair value measurements

●

Level 1: Quoted prices in active markets for identical assets or liabilities.

●

Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable.

Accounts receivable

(4) Accounts receivable

Inventories

(5) Inventories

Inventories are stated at the lower of cost or net realizable value using weighted average cost and actual cost methods.

Property, plant and equipment

(6) Property, plant and equipment

Goodwill

(7) Goodwill

Intangible assets

(8) Intangible assets

Derivative instruments and hedging activities

(9) Derivative instruments and hedging activities

Commodity Price Risk.

Interest Rate Risk.

Leases

(10) Leases

Revenue recognition

(11) Revenue recognition

Shipping and handling expenses and Cost of sales

(12) Shipping and handling expenses

(13) Cost of sales

Operating expense

(14) Operating expense

General and administrative expense

(15) General and administrative expense

Income taxes

(16) Income taxes

Ferrellgas Partners

Income tax expense consisted of the following:


	For the year ended July 31,
	2023		2022		2021
Current expense	$	984	$	974	$	739
Deferred (benefit) expense		(3)		7		2
Income tax expense	$	981	$	981	$	741

Deferred taxes consisted of the following:


	July 31,
	2023		2022
Deferred tax assets (included in Other assets, net)	$	4	$	4
Deferred tax liabilities (included in Other liabilities)		(6)		(9)
Net deferred tax liability	$	(2)	$	(5)

The operating partnership

Income tax expense consisted of the following:


	For the year ended July 31,
	2023		2022		2021
Current expense	$	979	$	969	$	725
Deferred (benefit) expense		(3)		7		2
Income tax expense	$	976	$	976	$	727

Deferred taxes consisted of the following:


	July 31,
	2023		2022
Deferred tax assets (included in Other assets, net)	$	4	$	4
Deferred tax liabilities (included in Other liabilities)		(6)		(9)
Net deferred tax liability	$	(2)	$	(5)

Sales taxes

(17) Sales taxes

Ferrellgas accounts for the collection and remittance of sales tax on a net tax basis. As a result, these amounts are not reflected in the consolidated statements of operations.

Net earnings (loss) per Class A Unitholders' interest

(18) Net earnings (loss) per Class A Unitholders’ interest

Loss contingencies

(19) Loss contingencies

Class B Units Valuation

(20) Class B Units Valuation

New accounting standards

(21) New accounting standards

Recently adopted accounting pronouncements

No new accounting standards were adopted during the year ended July 31, 2023.

Recently issued accounting pronouncements not yet adopted

Transactions with related parties

12 Months Ended

Jul. 31, 2023

Transactions with related parties

Transactions with related parties

O. Transactions with related parties

Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas’ partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas’ business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas’ behalf and are reported in the consolidated statements of operations as follows:


	For the year ended July 31,
	2023		2022		2021
Operating expense	$	310,652	$	275,326	$	260,831

General and administrative expense	$	32,168	$	28,943	$	34,899

See additional discussions about transactions with the general partner and related parties in Note J “Equity (Deficit).”

Term loan credit agreement between Ferrellgas Partners and the operating partnership

On January 8, 2021, Ferrellgas Partners entered into a term loan credit agreement with the operating partnership, pursuant to which the operating partnership extended to Ferrellgas Partners an unsecured, non-amortizing term loan in the aggregate principal amount of $19.9 million. The term loan bore interest at a rate of 20% per annum, and all interest on the term loan was added to the outstanding principal amount of the term loan. The term loan was scheduled to mature on July 1, 2022. During July 2021, Ferrellgas Partners made an optional prepayment of $9.0 million principal amount of the term loan. On May 16, 2022, Ferrellgas Partners repaid the operating partnership the full amount of the term loan of $15.3 million, which represented the outstanding principal and accrued interest. Additionally, Ferrellgas Partners paid the operating partnership $3.9 million for separate intercompany receivables related to expenses incurred during the 2021 debt transactions.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Leases - Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Cash Flow (Details) - USD ($) $ in Thousands	Jul. 31, 2023	Jul. 31, 2022	Jul. 31, 2021
Leases
Operating cash flows, operating leases	$ 29,251	$ 32,699	$ 34,895
Operating cash flows, financing leases	9,117	9,475	3,396
Financing cash flows, financing leases	$ 6,672	$ 6,545	$ 7,188